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Investments
 9 Months Ended
Jan. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
Investments
AVAILABLE-FOR-SALE – The amortized cost and fair value of securities classified as available-for-sale (AFS) are summarized below:
(in 000s)
 
 
 
Amortized
Cost

 
Gross
Unrealized
Gains

 
Gross
Unrealized
Losses (1)

 
Fair Value

As of January 31, 2014:
 
 
 
 
 
 
 
 
Long-term:
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
$
449,097

 
$
3,201

 
$
(12,903
)
 
$
439,395

Municipal bonds
 
4,134

 
241

 
—

 
4,375

 
 
$
453,231

 
$
3,442

 
$
(12,903
)
 
$
443,770

As of January 31, 2013:
 
 
 
 
 
 
 
 
Short-term:
 
 
 
 
 
 
 
 
Municipal bonds
 
$
1,000

 
$
1

 
$
—

 
$
1,001

Long-term:
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
386,741

 
5,825

 
(780
)
 
391,786

Municipal bonds
 
4,192

 
334

 
—

 
4,526

 
 
390,933

 
6,159

 
(780
)
 
396,312

 
 
$
391,933

 
$
6,160

 
$
(780
)
 
$
397,313

As of April 30, 2013:
 
 
Long-term:
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
$
476,450

 
$
6,592

 
$
(664
)
 
$
482,378

Municipal bonds
 
4,178

 
320

 
—

 
4,498

 
 
$
480,628

 
$
6,912

 
$
(664
)
 
$
486,876

 
 
 
 
 
 
 
 
 
(1) 
As of January 31, 2014, mortgage-backed securities with a cost of $25.8 million and gross unrealized losses of $2.8 million had been in a continuous loss position for more than twelve months. As of January 31, 2013 and April 30, 2013, we had no securities that had been in a continuous loss position for more than twelve months.
We did not sell any AFS securities during the nine months ended January 31, 2014. During the nine months ended January 31, 2013, we received proceeds of $5.2 million from the sale of AFS securities and recorded a gross realized gain of $0.2 million on this sale.
We did not record any other-than-temporary impairments of AFS securities during the nine months ended January 31, 2014 and 2013. Unrealized losses on our AFS securities have not been recognized into income because the securities include an explicit guarantee of the U. S. Government or an implied guarantee of a government-sponsored enterprise, management does not have the intent to sell and it is not more likely than not it will be required to sell the AFS securities before their anticipated recovery, and the decline in fair value is largely due to changes in market interest rates.
Contractual maturities of AFS debt securities at January 31, 2014, occur at varying dates over the next 29 years, and are set forth in the table below.
(in 000s)
 
 
 
Amortized Cost

 
Fair Value

Maturing in:
 
 
 
 
Two to five years
 
$
4,134

 
$
4,375

Beyond
 
449,097

 
439,395

 
 
$
453,231

 
$
443,770