FINANCING INVESTMENTS (Tables)

6 Months Ended

Sep. 30, 2013

FINANCING INVESTMENTS [Abstract]

Components of Notes Receivable Net and Investments in Leases

Our financing investments consist of the following (in thousands):

	September 30,		March 31,
	2013
Notes receivable	$	49,110	$	31,893
Investment in direct financing and sales-type leases—net		66,229		66,243
Investment in operating lease equipment—net		25,192		24,467
	$	140,531	$	122,603

Schedule of Notes Receivable

Our notes receivable balance as of September 30, 2013 and March 31, 2013 consists of the following (in thousands):

	September 30,			March 31,
	2013
Notes receivable	$	52,233		$	35,030
Less:  Reserve for credit losses		(3,123	)		(3,137	)
Notes receivable—net	$	49,110		$	31,893

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,
	2013
Minimum lease payments	$	63,529		$	64,614
Estimated unguaranteed residual value (1)		7,796			7,557
Initial direct costs, net of amortization (2)		658			684
Less:  Unearned lease income		(4,856	)		(5,767	)
Less:  Reserve for credit losses (3)		(898	)		(845	)
Investment in direct financing and sales-type leases—net	$	66,229		$	66,243

(1) Includes estimated unguaranteed residual values of $3,647 thousand and $3,361 thousand as of September 30, 2013 and March 31, 2013, 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 $509 thousand and $479 thousand as of September 30, 2013 and March 31, 2013, respectively.

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

Investment in Operating Lease Equipment - Net

The components of the investment in operating lease equipment—net are as follows (in thousands):

	September 30,			March 31,
	2013
Cost of equipment under operating leases	$	45,971		$	46,106
Less:  Accumulated depreciation and amortization		(20,779	)		(21,639	)
Investment in operating lease equipment—net (1)	$	25,192		$	24,467

(1) Includes estimated unguaranteed residual values of $7,009 thousand and $7,763 thousand as of September 30, 2013 and March 31, 2013, respectively, for operating leases.