INVESTMENT IN LEASES AND LEASED EQUIPMENT-NET (Tables)

6 Months Ended

Sep. 30, 2012

INVESTMENT IN LEASES AND LEASED EQUIPMENT-NET [Abstract]

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

	September 30,		March 31,
	2012
Investment in direct financing and sales-type leases—net	$	90,711	$	95,460
Investment in operating lease equipment—net		21,669		20,514
	$	112,380	$	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):

	September 30,			March 31,
	2012
Minimum lease payments	$	93,646		$	99,747
Estimated unguaranteed residual value (1)		7,319			6,917
Initial direct costs, net of amortization (2)		746			797
Less: Unearned lease income		(9,648	)		(10,665	)
Less: Reserve for credit losses (3)		(1,352	)		(1,336	)
Investment in direct financing and sales-type leases—net	$	90,711		$	95,460

(1)	Includes estimated unguaranteed residual values of $2,222 thousand and $1,700 thousand as of September 30, 2012 and March 31, 2012, respectively, for direct financing leases which have been sold and accounted for as sales under Codification Topic, Transfers and Servicing.

(2)	Initial direct costs are shown net of amortization of $618 thousand and $512 thousand as of September 30, 2012 and March 31, 2012, respectively.

(3)	For details on reserve for credit losses, refer to Note 5, "Reserves for Credit Losses."

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):


	September 30,			March 31,
	2012
Cost of equipment under operating leases	$	46,775		$	44,487
Less: Accumulated depreciation and amortization		(25,106	)		(23,973	)
Investment in operating lease equipment—net (1)	$	21,669		$	20,514

(1)

Includes estimated unguaranteed residual values of $7,918 thousand and $7,802 thousand as of September 30, 2012 and March 31, 2012, respectively, for operating leases.