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INVESTMENTS
 6 Months Ended
Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS
INVESTMENTS

As of December 31, 2014, the Company held investments with a fair value of approximately $21.6 million and a cost basis of approximately $22.7 million. In addition, the Company held other investments of $2.4 million . Total investments are approximately 69.5 percent of the Company’s total assets.

Investments in securities classified as trading are reflected as current assets on the Consolidated Balance Sheets at their fair value. Unrealized holding gains and losses on trading securities are included in earnings in the Consolidated Statements of Operations.

Investments in securities classified as available-for-sale, which may not be readily marketable, are reflected as non-current assets on the Consolidated Balance Sheets at their fair value. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and reported in other comprehensive income as a separate component of shareholders’ equity until realized.

Other investments consist of equity investments in entities over which the Company is unable to exercise significant influence and which do not have readily determinable fair values. These equity investments are accounted for under the cost method of accounting and evaluated for impairment. The Company considers many factors in determining impairment, including the severity and duration of the decline in value below cost, the Company’s interest and ability to hold the security for a period of time sufficient for an anticipated recovery in value, and the financial condition and specific events related to the issuer. When an impairment of an equity security is determined to be other-than-temporary, the impairment is recognized in earnings.

In December 2013, the shareholders of the U.S. Government Securities Savings Fund approved a proposal resulting in the conversion of the fund from a money market fund to a U.S. Government ultra-short bond fund that is not a money market fund. The fund was renamed U.S. Government Securities Ultra-Short Bond Fund (“Government Fund”). Prior to the conversion, while the fund was a money market fund, the amount held in the fund was classified as a cash equivalent. After the conversion, the amount held in the fund is classified as a trading mutual fund investment. The amount held in the fund by the Company as of the conversion date was $14.1 million.

The Company records security transactions on trade date. Realized gains (losses) from security transactions are calculated on the first-in/first-out cost basis, unless otherwise identifiable, and are recorded in earnings on the date of sale.
The following details the components of the Company’s investments recorded as fair value as of December 31, 2014, and June 30, 2014.
 
 
December 31, 2014
 
 
 
 
Gross Unrealized
 
 
(dollars in thousands)
 
Cost
 
Gains
 
(Losses)
 
Fair Value
Trading securities 1
 
 
 
 
 
 
 
 
Offshore fund
 
$
1,184

 
$
—

 
$
(624
)
 
$
560

Mutual funds - Fixed income
 
15,991

 
79

 
(1
)
 
16,069

Mutual funds - Domestic equity
 
535

 
—

 
(149
)
 
386

Other
 
81

 
—

 
(81
)
 
—

Total trading securities
 
$
17,791

 
$
79

 
$
(855
)
 
$
17,015

 
 
 
 
 
 
 
 
 
Available-for-sale securities 2
 
 
 
 
 
 
 
 
Common stock - Domestic
 
$
585

 
$
621

 
$
(8
)
 
$
1,198

Common stock - International
 
652

 
249

 
(27
)
 
874

Corporate debt
 
1,693

 
—

 
(1,073
)
 
620

Mutual funds - Fixed income
 
1,228

 
14

 
(20
)
 
1,222

Mutual funds - Domestic equity
 
543

 
—

 
(77
)
 
466

Other
 
169

 
2

 
(4
)
 
167

Total available-for-sale securities 3
 
$
4,870

 
$
886

 
$
(1,209
)
 
$
4,547

 
 
 
June 30, 2014
 
 
 
 
Gross Unrealized
 
 
(dollars in thousands)
 
Cost
 
Gains
 
(Losses)
 
Fair Value
Trading securities 1
 
 
 
 
 
 
 
 
Offshore fund
 
$
1,184

 
$
—

 
$
(186
)
 
$
998

Mutual funds - Fixed income
 
16,241

 
92

 
—

 
16,333

Mutual funds - Domestic equity
 
535

 
—

 
(76
)
 
459

Other
 
107

 
—

 
(80
)
 
27

Total trading securities
 
$
18,067

 
$
92

 
$
(342
)
 
$
17,817

 
 
 
 
 
 
 
 
 
Available-for-sale securities 2
 
 
 
 
 
 
 
 
Common stock - Domestic
 
$
535

 
$
586

 
$
(3
)
 
$
1,118

Common stock - International
 
607

 
802

 
—

 
1,409

Corporate debt
 
1,706

 
—

 
(74
)
 
1,632

Mutual funds - Fixed income
 
1,228

 
21

 
(2
)
 
1,247

Mutual funds - Domestic equity
 
543

 
7

 
—

 
550

Other
 
232

 
9

 
(1
)
 
240

Total available-for-sale securities 3
 
$
4,851

 
$
1,425

 
$
(80
)
 
$
6,196

 
1 
Unrealized and realized gains and losses on trading securities are included in earnings in the statement of operations.
2 
Unrealized gains and losses on available-for-sale securities are excluded from earnings and recorded in other comprehensive income as a separate component of shareholders’ equity until realized.
3 
Net unrealized gains (losses) on available-for-sale securities gross and net of tax as of December 31, 2014, are $(323) and $(213), respectively, and as of June 30, 2014, are $1,345 and $888, respectively.

The following tables show the gross unrealized losses and fair values of available-for-sale investment securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
 
 
December 31, 2014
 
 
Less Than 12 Months
 
12 Months or Greater
 
Total
(dollars in thousands)
 
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross
Unrealized
Losses
Available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
 
Common stock - Domestic
 
$
18

 
$
—

 
$
101

 
$
(8
)
 
$
119

 
$
(8
)
Common stock - International
 
78

 
(15
)
 
43

 
(12
)
 
121

 
(27
)
Corporate debt
 
383

 
(1,073
)
 
—

 
—

 
383

 
(1,073
)
Mutual funds - Fixed income
 
209

 
(20
)
 
—

 
—

 
209

 
(20
)
Mutual funds - Domestic equity
 
466

 
(77
)
 
—

 
—

 
466

 
(77
)
Other
 
10

 
(4
)
 
—

 
—

 
10

 
(4
)
Total available-for-sale securities
 
$
1,164


$
(1,189
)
 
$
144

 
$
(20
)

$
1,308


$
(1,209
)
 
 
 
June 30, 2014
 
 
Less Than 12 Months
 
12 Months or Greater
 
Total
(dollars in thousands)
 
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross
Unrealized
Losses
Available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
 
Common stock - Domestic
 
$
125

 
$
(3
)
 
$
—

 
$
—

 
$
125

 
$
(3
)
Corporate debt
 
1,382

 
(74
)
 
—

 
—

 
1,382

 
(74
)
Mutual funds - Fixed income
 
151

 
(2
)
 
—

 
—

 
151

 
(2
)
Other
 
118

 
(1
)
 
—

 
—

 
118

 
(1
)
Total available-for-sale securities
 
$
1,776

 
$
(80
)
 
$
—

 
$
—

 
$
1,776

 
$
(80
)


Investment income can be volatile and varies depending on market fluctuations, the Company’s ability to participate in investment opportunities, and timing of transactions. The Company expects that gains and losses will continue to fluctuate in the future.

Investment income (loss) from the Company’s investments includes:
•
realized gains and losses on sales of securities;
•
unrealized gains and losses on trading securities;
•
realized foreign currency gains and losses;
•
other-than-temporary impairments on available-for-sale securities; and
•
dividend and interest income.

The following summarizes investment income reflected in earnings for the periods discussed:
(dollars in thousands)
 
Six Months Ended December 31,
 
Three Months Ended December 31,
Investment Income (Loss)
 
2014
 
2013
 
2014
 
2013
Realized gains (losses) on sales of available-for-sale securities
 
$
382

 
$
692

 
$
86

 
$
(183
)
Realized losses on sales of trading securities
 
(6
)
 
(168
)
 
(6
)
 
(168
)
Unrealized gains (losses) on trading securities
 
(526
)
 
278

 
(295
)
 
169

Realized foreign currency gains
 
23

 
5

 
4

 
—

Dividend and interest income
 
400

 
302

 
264

 
230

Total Investment Income
 
$
273

 
$
1,109

 
$
53

 
$
48