Investments

12 Months Ended

Mar. 31, 2012

Investments [Abstract]

Investments

3. Investments

Available-for-sale securities were acquired during the first quarter of fiscal 2012 as a part of the Palm Harbor acquisition. The following table summarizes the Company’s available-for-sale investment securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands):

	March 31, 2012
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
U.S. Treasury and Government Agencies	$	1,371	$	11	$	(1	)	$	1,381
Mortgage-backed securities		3,946		17		(48	)		3,915
States and political subdivisions		1,186		26		—			1,212
Corporate debt securities		3,640		37		(1	)		3,676
Marketable equity securities		3,883		218		(83	)		4,018
	$	14,026	$	309	$	(133	)	$	14,202

The following table shows the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2012 (in thousands):

	Less than 12 Months					12 Months or Longer				Total
	Fair		Unrealized			Fair		Unrealized		Fair		Unrealized
	Value		Losses			Value		Losses		Value		Losses
U.S. Treasury and Government Agencies	$	249	$	(1	)	$	—	$	—	$	249	$	(1	)
Mortgage-backed securities		2,509		(48	)		—		—		2,509		(48	)
Corporate debt securities		384		(1	)		—		—		384		(1	)
Marketable equity securities		1,194		(83	)		—		—		1,194		(83	)
	$	4,336	$	(133	)	$	—	$	—	$	4,336	$	(133	)

Based on the Company’s ability and intent to hold the investments for a reasonable period of time sufficient for a forecasted recovery of fair value, the Company does not consider any investments to be other-than-temporarily impaired at March 31, 2012.

The Company’s investments in marketable equity securities consist of investments in common stock of industrial and other companies ($2.5 million of the total fair value and $72,000 of the total unrealized losses) and bank trust, insurance, and public utility companies ($1.5 million of the total fair value and $11,000 of the total unrealized losses).

The amortized cost and fair value of the Company’s investment securities, by contractual maturity, are shown in the table below (in thousands). Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	March 31, 2012
	Amortized		Fair
	Cost		Value
Due in less than one year	$	1,355	$	1,359
Due after one year through five years		5,498		5,573
Due after five years through ten years		260		270
Due after ten years		3,030		2,982
Marketable equity securities		3,883		4,018
	$	14,026	$	14,202

Realized gains and losses from the sale of securities are determined using the specific identification method. Gross gains realized on the sales of investment securities for the year ended March 31, 2012 were approximately $84,000. Gross losses realized were approximately $77,000 for the year ended March 31, 2012.