Investments In Available-For-Sale Securities

6 Months Ended

Oct. 31, 2011

Investments In Available-For-Sale Securities [Abstract]

Investments In Available-For-Sale Securities

5. Investments in Available-for-Sale Securities

The amortized cost and fair value of securities classified as available-for-sale (AFS) held at October 31, 2011 and April 30, 2011 are summarized below:

	(in 000s)
As of	October 31, 2011									April 30, 2011
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)			Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)			Fair Value
Short-term:
Municipal bonds	$	2,008	$	21	$	—		$	2,029	$	3,023	$	58	$	—		$	3,081
Long-term:
Mortgage-backed
securities		297,157		3,716		(209	)		300,664		157,970		401		(194	)		158,177
Municipal bonds		5,277		369		—			5,646		5,312		347		—			5,659
		302,434		4,085		(209	)		306,310		163,282		748		(194	)		163,836
Total	$	304,442	$	4,106	$	(209	)	$	308,339	$	166,305	$	806	$	(194	)	$	166,917

(1) At October 31, 2011 and April 30, 2011, we had no investments that had been in a continuous loss position for more than twelve months.

     We did not record any other-than-temporary impairments of AFS securities during the three or six months ended October 31, 2011. During the three and six months ended October 31, 2010, we recorded other-than-temporary impairments of AFS securities totaling $0.1 million and $0.3 million, respectively, as a result of an assessment that it was probable we would not collect all amounts due or an assessment that we would not be able to hold the investments until potential recovery of market value.

     Contractual maturities of AFS debt securities at October 31, 2011, occur at varying dates over the next 30 years, and are set forth in the table below.

		(in 000s)
		Cost Basis		Fair Value
Maturing in:
Less than one year	$	2,008	$	2,029
Two to five years		4,219		4,467
Six to ten years		1,058		1,179
Beyond		297,157		300,664
	$	304,442	$	308,339