INVESTMENT IN LEASES AND LEASED EQUIPMENT - NET (Tables)

12 Months Ended

Mar. 31, 2013

INVESTMENT IN LEASES AND LEASED EQUIPMENT - NET [Abstract]

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

	March 31,		March 31,
	2013		2012
Investment in direct financing and sales-type leases—net	$	66,243	$	95,460
Investment in operating lease equipment—net		24,467		20,514
	$	90,710	$	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):

	March 31,			March 31,
	2013			2012
Minimum lease payments	$	64,614		$	99,747
Estimated unguaranteed residual value (1)		7,557			6,917
Initial direct costs, net of amortization (2)		684			797
Less: Unearned lease income		(5,767	)		(10,665	)
Less: Reserve for credit losses (3)		(845	)		(1,336	)
Investment in direct financing and sales-type leases—net	$	66,243		$	95,460

(1)	Includes estimated unguaranteed residual values of $3,361 thousand and $1,700 thousand as of March 31, 2013 and 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 $479 thousand and $512 thousand as of March 31, 2013 and 2012, respectively.

(3)	For details on reserve for credit losses, refer to Note 4, "Reserves for Credit Losses."

Future Scheduled Minimum Lease Payments

Future scheduled minimum lease payments as of March 31, 2013 are as follows (in thousands):

Year ending March 31, 2014	$	30,877
2015		19,653
2016		10,905
2017		2,781
2018 and thereafter		398
Total	$	64,614

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):

	March 31,			March 31,
	2013			2012
Cost of equipment under operating leases	$	46,106		$	44,487
Less: Accumulated depreciation and amortization		(21,639	)		(23,973	)
Investment in operating lease equipment—net (1)	$	24,467		$	20,514

(1)	Includes estimated unguaranteed residual values of $7,763 thousand and $7,802 thousand as of March 31, 2013 and 2012, respectively.

Future Minimum Rental Payments for Operating Leases

Future scheduled minimum lease rental payments as of March 31, 2013 are as follows (in thousands):

Year ending March 31, 2014	$	10,336
2015		6,149
2016		1,946
2017		149
2018 and thereafter		30
Total	$	18,610