Available-for-Sale Investments (Table Text Block)

3 Months Ended

Jun. 30, 2012

Investments, Debt and Equity Securities [Abstract]

Available-for-sale securities

Available-for-Sale Investments

Available-for-sale investments at June 30, 2012 were as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses More than 12 Months			Gross Unrealized Losses Less than 12 Months			Estimated Market Value
	(Unaudited)
	(In thousands)
U.S. treasury securities and government obligations	$	28,722	$	2,510	$	(4	)	$	(8	)	$	31,220
U.S. government agency mortgage-backed securities		46,507		4,615		-			(7	)		51,115
Obligations of states and political subdivisions		146,121		11,481		-			(151	)		157,451
Corporate securities		473,600		33,067		(311	)		(1,666	)		504,690
Mortgage-backed securities		8,885		269		(15	)		(1	)		9,138
Redeemable preferred stocks		23,370		1,155		(547	)		(43	)		23,935
Common stocks		27,736		47		(11,945	)		(5	)		15,833
	$	754,941	$	53,144	$	(12,822	)	$	(1,881	)	$	793,382

The table above includes gross unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

We sold available-for-sale securities with a fair value of $25.0 million during the first quarter of fiscal 2013. The gross realized gains on these sales totaled $0.1 million. There were no gross realized losses on these sales.

The unrealized losses of more than twelve months in the available-for-sale table are considered temporary declines. The majority of this unrealized loss is related to our long term investments in 1.8 million shares of Bank of America common stock. We track each investment with an unrealized loss and evaluate them on an individual basis for other-than-temporary impairments including obtaining corroborating opinions from third party sources, performing trend analysis and reviewing management's future plans. Certain of these investments may have declines determined by management to be other-than-temporary and we recognized these write-downs through earnings. There were no write downs in the first quarter of fiscal 2013 and 2012.