Marketable Securities

9 Months Ended

Dec. 31, 2011

Marketable Securities [Abstract]

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 December 31, 2011, by maturity, were as follows:

Total		<1 Year		1–3 Years		3–5 Years
$	68,474,204	$	12,090,093	$	27,322,439	$	29,061,672

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

	As of December 31, 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	$	-	$	-	$	-		$	-	$	83,358	$	1,200	$	-		$	84,558
Corporate bonds		46,484,198		942,112		(702,032	)		46,724,278		37,884,146		1,231,743		(147,443	)		38,968,446
Municipal bonds	21,368,205		407,811		(26,090		)	21,749,926		21,582,084		602,457		(10,047		)	22,174,494
Total	$	67,852,403	$	1,349,923	$	(728,122	)	$	68,474,204	$	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 December 31 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 December 31, 2011
	U.S. agency securities	$	-		$	-			$	-		$	-			$	-		$	-
	Corporate bonds	19,335,389		(656,746			)	1,049,444			(45,286			)	20,384,833			(702,032			)
	Municipal bonds	865,482			(2,680		)		919,359			(23,410		)		1,784,841			(26,090		)
	Total	$	20,200,871		$	(659,426	)		$	1,968,803		$	(68,696	)		$	22,169,674		$	(728,122	)
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 $728,122 as of December 31, 2011, and were attributable to nine corporate and two municipal bonds out of a portfolio of 53 bonds. Corporate bonds accounted for $702,032 of the total gross unrealized losses. The gross unrealized losses were due to market-price decreases and rating downgrades after the bonds were purchased. The credit ratings of a number of corporate issuers, particularly large banks, were downgraded during the quarter ended December 31, 2011. Criteria cited for the bank downgrades included the likelihood of external government or group support. All of the bonds we held that were rated by Moody's or Standard and Poor's had investment-grade credit ratings. 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 December 31, 2011.