INVESTMENT IN LEASES AND LEASED EQUIPMENT-NET (Tables)

3 Months Ended

Jun. 30, 2012

INVESTMENT IN LEASES AND LEASED EQUIPMENT-NET [Abstract]

Investment in leases and leased equipment-net consists of the following (in thousands):

	June 30,		March 31,
	2012
Investment in direct financing and sales-type leases-net	$	83,909	$	95,460
Investment in operating lease equipment-net		19,231		20,514
	$	103,140	$	115,974

INVESTMENT IN DIRECT FINANCING AND SALES-TYPE LEASES-NET

Our investment in direct financing and sales-type leases-net consists of the following (in thousands):

	June 30,			March 31,
	2012
Minimum lease payments	$	86,637		$	99,747
Estimated unguaranteed residual value (1)		6,991			6,917
Initial direct costs, net of amortization (2)		814			797
Less: Unearned lease income		(9,339	)		(10,665	)
Less: Reserve for credit losses (3)		(1,194	)		(1,336	)
Investment in direct financing and sales-type leases-net	$	83,909		$	95,460

INVESTMENT IN OPERATING LEASE EQUIPMENT-NET

Investment in operating lease equipment-net primarily represents leases that do not qualify as direct financing leases. The components of the investment in operating lease equipment-net are as follows (in thousands):

	June 30,			March 31,
	2012
Cost of equipment under operating leases	$	44,777		$	44,487
Less: Accumulated depreciation and amortization		(25,546	)		(23,973	)
Investment in operating lease equipment-net (1)	$	19,231		$	20,514

(1)

Includes estimated unguaranteed residual values of $7,692 thousand and $7,802 thousand as of June 30, 2012 and March 31, 2012, respectively, for operating leases.