Marketable Securities

3 Months Ended

Jun. 30, 2012

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 June 30, 2012, by maturity, were as follows:

Total		<1 Year		1–3 Years		3–5 Years
$	75,568,269	$	18,903,884	$	21,835,729	$	34,828,656

As of June 30 and March 31, 2012, our marketable securities were as follows:

	As of June 30, 2012									As of March 31, 2012
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value		Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Corporate bonds	$	56,809,785	$	1,368,667	$	(43,670	)	$	58,134,782	$	50,513,389	$	1,481,604	$	(76,434	)	$	51,918,559
Municipal bonds	17,185,016		249,168		(697		)	17,433,487		19,775,582		334,793		(32,007		)	20,078,368
Total	$	73,994,801	$	1,617,835	$	(44,367	)	$	75,568,269	$	70,288,971	$	1,816,397	$	(108,441	)	$	71,996,927

The decrease in fair market value of municipal bonds as of June 30, 2012 compared to March 31, 2012 was primarily due to the maturation of three municipal bonds. The increase in fair market value of corporate bonds was primarily due to purchases of corporate bonds during the quarter ended June 30, 2012.

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, 2012:

		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, 2012
	Corporate bonds	$	11,144,803	$	(43,670	)	$	-	$	-		$	11,144,803	$	(43,670	)
	Municipal bonds	463,725		(697		)	-		-			463,725		(697		)
	Total	$	11,608,528	$	(44,367	)	$	-	$	-		$	11,608,528	$	(44,367	)
As of March 31, 2012
	Corporate bonds	$	10,387,955	$	(76,434	)		-		-		$	10,387,955	$	(76,434	)
	Municipal bonds	-		-			908,550		(32,007		)	908,550		(32,007		)
	Total	$	10,387,955	$	(76,434	)	$	908,550	$	(32,007	)	$	11,296,505	$	(108,441	)

Gross unrealized losses totaled $44,367 as of June 30, 2012, and were attributable to three corporate bonds and one municipal bond out of a portfolio of 50 bonds. Corporate bonds accounted for $43,670 of the total gross unrealized losses. The gross unrealized losses were due to market-price decreases and rating downgrades after the bonds were purchased, and none had been in a continuous unrealized loss position for 12 months or greater. The credit ratings of most of our corporate bonds were downgraded during the quarter ended June 30, 2012. Many of these downgrades were due to downgrades by Moody's of the credit ratings of firms with global capital markets operations. Factors cited by Moody's for those downgrades included exposure to the volatility and risk of outsized losses inherent to capital markets activities.

All of the bonds we held as of June 30, 2012 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 June 30, 2012.