Marketable Securities

9 Months Ended

Dec. 31, 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 December 31, 2012, by maturity, were as follows:

Total		<1 Year		1–3 Years		3–5 Years
$	80,385,505	$	15,610,697	$	23,326,684	$	41,448,124

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

	As of December 31, 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	$	68,138,943	$	2,424,000	$	(20,869	)	$	70,542,074	$	50,513,389	$	1,481,604	$	(76,434	)	$	51,918,559
Municipal bonds	9,738,302		111,426		(6,297		)	9,843,431		19,775,582		334,793		(32,007		)	20,078,368
Total	$	77,877,245	$	2,535,426	$	(27,166	)	$	80,385,505	$	70,288,971	$	1,816,397	$	(108,441	)	$	71,996,927

The decrease in fair market value of municipal bonds as of December 31, 2012 compared to March 31, 2012 was primarily due to the maturation of 12 municipal bonds. The increase in fair market value of corporate bonds was primarily due to purchases of corporate bonds during the nine months ended December 31, 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 December 31 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 December 31, 2012
	Corporate bonds	$	3,224,566	$	(20,869	)	$	-	$	-		$	3,224,566	$	(20,869	)
	Municipal bonds	514,795		(6,297		)	-		-			514,795		(6,297		)
	Total	$	3,739,361	$	(27,166	)	$	-	$	-		$	3,739,361	$	(27,166	)
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 $27,166 as of December 31, 2012, and were attributed to two corporate bonds and two municipal bonds out of a portfolio of 45 bonds. The gross unrealized losses were due to market-price decreases and rating downgrades after the bonds were purchased, and none had been in a continuous unrealized loss position for 12 months or greater. All of the bonds we held that were rated by Moody's or Standard and Poor's had investment-grade credit ratings. 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 any of our marketable securities to be other-than-temporarily impaired at December 31, 2012.