5. Other Assets

Investments reflected in other assets, net in the consolidated balance sheets at June 30, 2012 and December 31, 2011 were $1,288 and $30,113, respectively. These investments in equity securities have been classified as available-for-sale.

The cost, gross unrealized gains, gross unrealized losses and fair value of the Company’s available-for-sale investments were as follows:


	June 30, 2012
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale equity securities	$	1,151	$	137	$	—	$	1,288


	December 31, 2011
	Cost		Gross Unrealized Gains		Gross Unrealized Losses ⁽¹⁾			Fair Value
Available-for-sale equity securities	$	28,265	$	1,981	$	(133	)	$	30,113

(1)	All unrealized loss positions were held at a loss for less than 12 months.

As of June 30, 2012 and December 31, 2011, unrealized gains of $88 and $1,185, respectively, net of income tax expense of $49 and $663, respectively, were recorded in accumulated other comprehensive income. See Note 9 for the fair value hierarchy of the Company’s available-for-sale equity securities.

The proceeds from sales of available-for-sale equity securities and the gross realized gains included in the consolidated statements of operations are reflected in the table below. The cost of securities sold was determined using the specific identification method.


	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Proceeds from sales of available-for-sale equity securities	$	46,027	$	—	$	46,027	$	—
Gross realized gains	$	15,952	$	—	$	15,952	$	—

Amortization expense on other assets of $5,795 and $5,737 is included in the consolidated statements of operations for the three months ended June 30, 2012 and 2011, respectively. Amortization expense on other assets of $11,419 and $11,446 is included in the consolidated statements of operations for the six months ended June 30, 2012 and 2011, respectively.