Investments In Available-For-Sale Securities

6 Months Ended

Oct. 31, 2012

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, 2012 and April 30, 2012 are summarized below:

																(in 000s)
As of		October 31, 2012								April 30, 2012
				Gross		Gross						Gross		Gross
		Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
		Cost		Gains		Losses (1)		Value		Cost		Gains		Losses (1)		Value
Short-term:
Municipal bonds	$	1,003	$	11	$	-	$	1,014	$	1,008	$	29	$	-	$	1,037
Long-term:
Mortgage-backed
securities		378,055		6,116		(109)		384,062		361,184		5,620		(121)		366,683
Municipal bonds		4,207		371		-		4,578		4,236		396		-		4,632
		382,262		6,487		(109)		388,640		365,420		6,016		(121)		371,315
Total	$	383,265	$	6,498	$	(109)	$	389,654	$	366,428	$	6,045	$	(121)	$	372,352

⁽¹⁾At October 31, 2012, mortgage-backed securities with a cost of $4.6 million and gross unrealized losses of $1 thousand had been in a continuous loss position for more than twelve months. At April 30, 2012, mortgage-backed securities with a cost of $8.1 million and gross unrealized losses of $21 thousand had been in a continuous loss position for more than twelve months.

During the six months ended October 31, 2012, we received proceeds from the sale of AFS securities of $5.2 million, and recorded a gross realized gain of $0.2 million on this sale. We had no sales of AFS securities during the six months ended October 31, 2011.

Contractual maturities of AFS debt securities at October 31, 2012, occur at varying dates over the next 30 years, and are set forth in the table below.

				(in 000s)
As of October 31, 2012		Cost Basis		Fair Value
Maturing in:
Less than one year	$	1,003	$	1,014
Two to five years		4,207		4,578
More than five years		378,055		384,062
	$	383,265	$	389,654