C. Investments in Securities

Investments in securities at December 31, 2018 and 2017 consisted of the following (in thousands):

	2018					2017
	Cost		Fair Value			Cost		Fair Value
Securities carried at FVTNI:					Trading securities:
Common stocks	$	38,865	$	32,414	Common stocks	$	26	$	34
Closed-end funds		1,414		1,337	Closed-end funds		-		-
Mutual funds		44		38	Mutual funds		11		11
Total securities at FVTNI		40,323		33,789	Total trading securities		37		45

					Available for sale securities:
					Common stocks		17,441		36,637
					Closed-end funds		99		108
					Total available for sale securities		17,540		36,745

Total investments in securities	$	40,323	$	33,789	Total investments in securities	$	17,577	$	36,790

There were no securities sold, not yet purchased at December 31, 2018 and 2017.

Effective January 1, 2018, the Company adopted ASU 2016-01, which changed the accounting for equity securities and resulted in the reclassification of $12.1 million, net of tax, out of accumulated comprehensive income and into retained earnings in the condensed consolidated statement of financial condition. As a result, for the year ended December 31, 2018, the Company carries all investments in equity securities at fair value through net income (“FVTNI”) which approximates market value and all changes in the fair value of the Company’s entire investment portfolio are now recorded in the net gain/(loss) from investments line in the consolidated statements of income rather than through other comprehensive income. For the year ended December 31, 2018, the Company recorded an unrealized loss of $25.0 million related to equity securities still held at December 31, 2018.

The following table identifies all reclassifications out of accumulated other comprehensive income and into net income for the year ended December 31, 2017 (in thousands):

Amount				Affected Line Item in	Reason for
Reclassified				in the Statements	Reclassification
from AOCI				Of Income	from AOCI
For the year ended
December 31, 2017

	$	62		Net gain from investments	Realized gain on sale of AFS securities
		3,063		Other operating expenses	Donation of AFS securities
		3,125		Income before income taxes
		(1,156	)	Income tax provision
	$	1,969		Net income

The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of investments in securities as of December 31, 2017:

	December 31, 2017
				Gross			Gross
				Unrealized			Unrealized			Fair
	Cost			Gains			Losses			Value
	(In thousands)
Common stocks		$	17,441		$	19,196		$	-		$	36,637
Closed-end funds			99			9			-			108
Total available for sale securities		$	17,540		$	19,205		$	-		$	36,745

Increases in unrealized gains, net of taxes, for AFS securities for the years ended December 31, 2017 and 2016 of $0.5 million and $2.3 million have been included in other comprehensive income at December 31, 2017 and 2016, respectively. The amount reclassified from other comprehensive income for the years ended December 31, 2017 and 2016 was $2.0 million and $0.8 million, respectively. Proceeds from sales of investments available for sale were approximately $4.2 million and $0.4 million for the years ended December 31, 2017 and 2016, respectively. For the years ended December 31, 2017 and 2016, gross gains on the sale of investments available for sale amounted to $62,000 and $4,000, respectively, and were reclassed from other comprehensive income into the consolidated statements of income. There were no losses on the sale of investments available for sale for the years ended December 31, 2017 and 2016. The basis on which the cost of a security sold is determined is specific identification. For 2017, accumulated other comprehensive income on the consolidated statements of equity is primarily comprised of unrealized gains/losses, net of taxes, for AFS securities.

Prior to the adoption of ASU 2016-01, GBL had an established accounting policy and methodology to determine other-than-temporary impairment on available for sale securities. Under this policy, available for sale securities were evaluated for other than temporary impairments and any impairment charges were recorded in net gain/(loss) from investments on the consolidated statements of income. Management reviewed all available for sale securities whose cost exceeds their market value to determine if the impairment was other than temporary. Management used qualitative factors such as diversification of the investment, the amount of time that the investment had been impaired, the intent to sell and the severity of the decline in determining whether the impairment was other than temporary.

For the years ended December 31, 2017 and 2016 there were no losses on available for sale securities that were deemed to be other than temporary.