LONG-TERM INVESTMENTS

Long-term investments accounted for at cost:



	September 30, 2012				December 31, 2011
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Investment partnerships	$	15,541	$	16,317	$	4,776	$	6,199
Real estate partnership	827		1,388		899		1,293
Investments accounted for at cost	$	16,368	$	17,705	$	5,675	$	7,492

The Company received a distribution of $207 in June 2012 from a real estate partnership. The Company recognized a gain of $135 in June 2012 related to the distribution. The Company received distributions of $3,971 and $66,190 for the three and nine months ended September 30, 2011, respectively, primarily from the liquidation of two long-term investments. The Company recognized a gain of $2,221 and $25,832 for the three and nine months ended September 30, 2011, respectively.

Long-term investment partnerships accounted for under the equity method:



	September 30, 2012		December 31, 2011
Investment partnerships	$	6,152	$	16,499

In January 2012, the Company invested $5,000 in an investment partnership with an underlying investment in a hedge fund. In April 2011, the Company invested $10,000 in an investment partnership with an underlying investment in a hedge fund. The Company accounted for these investments and an investment in another limited partnership under the equity method. During the second quarter 2012 the Company's ownership percentages fell below the percentage required for equity method accounting for the two investment partnerships and are now accounted for under the cost method.

The Company recorded equity income of $124 for the three months ended September 30, 2012 and an equity loss of $1,205 for the nine months ended September 30, 2012, related to the limited partnerships accounted for under the equity method. The Company recorded an equity loss of $1,699 and $1,090 for the for the three and nine months ended September 30, 2011, respectively, related to the limited partnership.

The carrying value of the investments was approximately $6,152 as of September 30, 2012 which approximated the investments' fair value. The carrying value of the investments was $16,499 as of December 31, 2011 which approximated the investments' fair value.