Marketable Securities

3 Months Ended

Jun. 30, 2011

Marketable Securities

Marketable Securities

NOTE 5. MARKETABLE SECURITIES
     Marketable securities with remaining maturities less than one year are classified as short-term, and those with remaining maturities greater than one year are classified as long-term. The fair value of our marketable securities as of June 30, 2011, by maturity, were as follows:

Total		<1 Year		1–3 Years		3–5 Years
$	65,538,168	$	9,599,679	$	30,045,128	$	25,893,361

 
     As of June 30 and March 31, 2011, our marketable securities were as follows:
 

	As of June 30, 2011									As of March 31, 2011
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value		Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
U.S. agency securities	$	72,017	$	210	$	-		$	72,227	$	83,358	$	1,200	$	-		$	84,558
Corporate bonds		42,117,183		1,344,294		(87,237	)		43,374,240		37,884,146		1,231,743		(147,443	)		38,968,446
Municipal bonds	21,510,792		588,538		(7,629		)	22,091,701		21,582,084		602,457		(10,047		)	22,174,494
Total	$	63,699,992	$	1,933,042	$	(94,866	)	$	65,538,168	$	59,549,588	$	1,835,400	$	(157,490	)	$	61,227,498

 
     The following table shows the gross unrealized losses and fair value of our investments with unrealized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position as of June 30 and March 31, 2011:
 

		Less Than 12 Months							12 Months or Greater						Total
		Fair Market Value			Gross Unrealized Losses				Fair Market Value			Gross Unrealized Losses			Fair Market Value			Gross Unrealized Losses
As of June 30, 2011
	U.S. agency securities	$	-		$	-			$	-		$	-		$	-		$	-
	Corporate bonds	10,546,723		(87,237			)	-			-			10,546,723			(87,237			)
	Municipal bonds	1,814,907			(7,629		)		-			-			1,814,907			(7,629		)
	Total	$	12,361,630		$	(94,866	)		$	-		$	-		$	12,361,630		$	(94,866	)
As of March 31, 2011
	U.S. agency securities	$	-		$	-			$	-		$	-		$	-		$	-
	Corporate bonds	9,146,952		(147,443			)	-			-			9,146,952			(147,443			)
	Municipal bonds	2,178,225			(10,047		)		-			-			2,178,225			(10,047		)
	Total	$	11,325,177		$	(157,490	)		$	-		$	-		$	11,325,177		$	(157,490	)

     Gross unrealized losses totaled $94,866 as of June 30, 2011, and were attributable to six corporate and two municipal bonds out of a portfolio of 57 bonds. Corporate bonds accounted for $87,237 of the total gross unrealized losses. The gross unrealized losses were due to market-price decreases after the bonds were purchased. All of the bonds with an unrealized loss were rated investment grade by Moody's or Standard and Poor's, and none had been in a continuous unrealized loss position for 12 months or more. For each bond with an unrealized loss, we expect to recover the entire cost basis of each security based on our consideration of factors including their credit ratings, the underlying ratings of insured bonds, and historical default rates for securities of comparable credit rating. Because we expect to recover the entire cost basis of the securities, and because we do not intend to sell the securities and it is not more likely than not that we will be required to sell the securities before recovery of the cost basis, which may be maturity, we did not consider any of our marketable securities to be other-than-temporarily impaired at June 30, 2011.