Marketable Securities

6 Months Ended

Sep. 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 September 30, 2012, by maturity, were as follows:

Total		<1 Year		1–3 Years		3–5 Years
$	77,927,297	$	15,907,264	$	24,526,863	$	37,493,170

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

	As of September 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	$	62,643,029	$	2,378,930	$	-		$	65,021,959	$	50,513,389	$	1,481,604	$	(76,434	)	$	51,918,559
Municipal bonds	12,740,711		167,712		(3,085		)	12,905,338		19,775,582		334,793		(32,007		)	20,078,368
Total	$	75,383,740	$	2,546,642	$	(3,085	)	$	77,927,297	$	70,288,971	$	1,816,397	$	(108,441	)	$	71,996,927

The decrease in fair market value of municipal bonds as of September 30, 2012 compared to March 31, 2012 was primarily due to the maturation of eight municipal bonds. The increase in fair market value of corporate bonds was primarily due to purchases of corporate bonds during the quarter ended September 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 September 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 September 30, 2012
	Corporate bonds	$	-	$	-		$	-	$	-		$	-	$	-
	Municipal bonds	521,337		(3,085		)	-		-			521,337		(3,085		)
	Total	$	521,337	$	(3,085	)	$	-	$	-		$	521,337	$	(3,085	)
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 $3,085 as of September 30, 2012, and were attributed to two bonds out of a portfolio of 46 bonds. 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 the securities to be other-than-temporarily impaired at September 30, 2012.