CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

9 Months Ended

Oct. 31, 2015

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

NOTE 4 — CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

The Company considers all liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. At October 31 and January 31, 2015, a significant portion of the balance of cash and cash equivalents was invested in money market funds with net assets invested in high-quality money market instruments. The funds are sponsored by an investment division of Bank of America (the “Bank”).

Short-term investments as of October 31, 2015 consisted solely of certificates of deposit purchased with original maturities greater than 3 months but less than one year that are considered to be held-to-maturity securities. The total carrying value amount as of October 31, 2015 included accrued interest of $97,000. Interest income is recorded when earned and is included in other income, net.

The amounts of cash, cash equivalents and short-term investments in the condensed consolidated balance sheet as of October 31, 2015 included amounts held by the consolidated joint venture entities that are discussed in Note 3 above. Such amounts, which included cash and cash equivalents that amounted to $45.7 million, and short-term investments that amounted to $21.0 million, will be used primarily to cover future construction costs incurred under the corresponding EPC contracts.