NOTE 4. INVESTMENTS

Our investments are classified as either available-for-sale or held-to-maturity. The following table summarizes available-for-sale and held-to-maturity investments as of March 31, 2015 and 2014 (in thousands):

	Available-for-Sale Investments
March 31, 2015	Amortized Cost		Gross Unrealized Gain		Gross Unrealized (Loss)			Fair Value
Corporate bonds	$	4,346	$	-	$	(14	)	$	4,332
Total available-for-sale investments	$	4,346	$	-	$	(14	)	$	4,332

	Held-to-Maturity Investments
March 31, 2015	Amortized Cost		Gross Unrecognized Gain		Gross Unrecognized (Loss)			Fair Value
Certificates of deposit	$	6,717	$	4	$	(1	)	$	6,720
Commercial paper		13,484		1		-			13,485
Corporate bonds		22,773		21		(71	)		22,723
Municipal bonds		2,984		21		(1	)		3,004
Total held-to-maturity investments	$	45,958	$	47	$	(73	)	$	45,932

	Available-for-Sale Investments
March 31, 2014	Amortized Cost		Gross Unrealized Gain		Gross Unrealized (Loss)			Fair Value
Certificates of deposit	$	498	$	1	$	-		$	499
Corporate bonds		10,392		32		(42	)		10,382
Total available-for-sale investments	$	10,890	$	33	$	(42	)	$	10,881

	Held-to-Maturity Investments
March 31, 2014	Amortized Cost		Gross Unrecognized Gain		Gross Unrecognized (Loss)			Fair Value
Certificates of deposit	$	5,722	$	-	$	(8	)	$	5,714
Commercial paper		12,991		-		(1	)		12,990
Corporate bonds		14,920		65		(33	)		14,952
Municipal bonds		3,079		20		(29	)		3,070
Total held-to-maturity investments	$	36,712	$	85	$	(71	)	$	36,726

The amortized cost of our held-to-maturity investments approximates their fair value. As of March 31, 2015 and 2014, we did not have other-than-temporary impairment in the fair value of any individual security classified as held-to-maturity or available-for-sale. As of March 31, 2015 and 2014, we had unrealized losses on available-for-sale investments, net of related income taxes of $8,000 and $5,000, respectively. Redemptions of investments in accordance with the callable provisions during fiscal 2015, 2014 and 2013 were $1.3 million, $0.6 million and $1.3 million, respectively.

The following table summarizes the amortized cost and fair value of our investments, classified by stated maturity as of March 31, 2015 and 2014 (in thousands):

	March 31, 2015				March 31, 2015
	Available-for-Sale Investments				Held-to-Maturity Investments
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	-	$	-	$	26,109	$	26,151
Due in 1 to 4 years		4,346		4,332		19,849		19,781
Total investments	$	4,346	$	4,332	$	45,958	$	45,932

	March 31, 2014				March 31, 2014
	Available-for-Sale Investments				Held-to-Maturity Investments
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	6,509	$	6,542	$	22,560	$	22,571
Due in 1 to 4 years		4,381		4,339		14,152		14,155
Total investments	$	10,890	$	10,881	$	36,712	$	36,726