Long Term Investments

12 Months Ended

Mar. 31, 2012

Investments, Debt and Equity Securities [Abstract]

Long Term Investments

(2)           Long Term Investments

The long term investment balances consisted of ARS investments.  Our ARS consisted of closed-end fund preferred ARS, with interest rates that reset, typically every seven to twenty-eight days. These ARS were rated AAA, the highest rating available by a rating agency. The fair value of our ARS investments was assessed by management with the assistance of an outside third party appraisal firm, during fiscal 2011.  At March 31, 2012, the Company had liquidated its entire Auction Rate Security (“ARS”) balance, and recorded an unrealized recovery of $110,000 within accumulated other comprehensive gain (loss) account, based upon receiving full par value for these ARS.   As of March 31, 2011, the Company held $12.5 million in ARS, at par, which were classified as long term investments and the Company recorded an unrealized impairment loss of approximately $2,000 for the year then ended.  As of March 31, 2011, cumulative losses of $110,000 were recognized within the accumulated other comprehensive loss account.  The $110,000 impairment was recorded as temporary due to the fact that the Company had the intent and the ability to hold these securities until anticipated recovery or maturity, and did expect to fully recover the cost basis of the investment.