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INVESTMENT IN AFFILIATES:
9 Months Ended
Mar. 31, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]  
INVESTMENT IN AFFILIATES
INVESTMENT IN AFFILIATES:
     
Empire Education Group, Inc. (EEG)
 
As of March 31, 2015, the Company's ownership interest in EEG was 54.6% and the carrying amount of the Company's investment in EEG was $16.5 million.

The Company utilized consolidation of variable interest entities guidance to determine whether or not its investment in EEG was a variable interest entity (VIE), and if so, whether the Company was the primary beneficiary of the VIE. The Company concluded that EEG was not a VIE based on the fact that EEG had sufficient equity at risk. The Company accounts for EEG as an equity investment under the voting interest model, as the Company has granted the other shareholder of EEG an irrevocable proxy to vote a certain number of the Company’s shares such that the other shareholder of EEG has voting control of 51.0% of EEG’s common stock, as well as the right to appoint four of the five members of EEG’s Board of Directors.

During the nine months ended March 31, 2015, the Company recorded its share of a non-cash deferred tax asset valuation allowance recorded by EEG of $6.9 million and an other than temporary non-cash impairment charge of $4.7 million on its investment in EEG due to recent declines in enrollment, revenue and profitability. The Company did not receive a tax benefit on the impairment charge. Due to economic, regulatory and other factors, the Company may be required to record additional non-cash impairment charges related to its investment in EEG and such impairments could be material. The exposure to loss related to the Company’s involvement with EEG is the carrying value of the investment.

During the three months ended March 31, 2015 and 2014, the Company recorded $(0.3) and $0.0 million, respectively, of equity (losses) earnings related to its investment in EEG. During the nine months ended March 31, 2015 and 2014, the Company recorded $(7.2) and $1.7 million, respectively, of equity (losses) earnings related to its investment in EEG.

MY Style
 
During the nine months ended March 31, 2014, the Company recovered $3.1 million on its previously impaired investments in MY Style’s parent company, Yamano Holding Corporation ("Yamano"), which is reported in equity in (loss) income of affiliated companies on the unaudited Condensed Consolidated Statement of Operations. The Company reported gains associated with Yamano's redemption within equity in (loss) income of affiliated companies, net of income taxes, on the unaudited Condensed Consolidated Statement of Operations.