Available-for-Sale Investments (Table Text Block)

6 Months Ended

Sep. 30, 2012

Investments, Debt and Equity Securities [Abstract]

Available-for-sale securities

Available-for-Sale Investments

Available-for-sale investments at September 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	$	28,023	$	2,916	$	(4	)	$	(17	)	$	30,918
U.S. government agency mortgage-backed securities		43,763		4,512		-			(8	)		48,267
Obligations of states and political subdivisions		147,735		14,657		(2	)		(181	)		162,209
Corporate securities		565,467		40,306		(1,042	)		(1,720	)		603,011
Mortgage-backed securities		18,244		431		(21	)		-			18,654
Redeemable preferred stocks		24,147		1,190		(689	)		(90	)		24,558
Common stocks		27,762		69		(11,002	)		-			16,829
	$	855,141	$	64,081	$	(12,760	)	$	(2,016	)	$	904,446

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 $54.0 million during the first six months of fiscal 2013. The gross realized gains on these sales totaled $0.2 million. The gross realized losses on these sales totaled $0.3 million.

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. Our insurance subsidiaries recognized $0.1 million in other-than-temporary impairments for the second quarter and first six months of fiscal 2012. There were no write downs in the second quarter or for the first six months of fiscal 2013.