Note 5 - Net Investment In Leases:

12 Months Ended

Jun. 30, 2012

Leases of Lessor Disclosure [Text Block]

Note 5 – Net Investment in Leases:

The Company's net investment in leases consists of the following:

	June 30,
(in thousands)	2012			2011
Minimum lease payments receivable	$	258,877		$	229,677
Estimated residual value		17,270			18,585
Less unearned income		(19,461	)		(21,836	)
Net investment in leases before allowances		256,686			226,426
Less allowance for lease losses		(3,052	)		(2,896	)
Less valuation allowance for estimated residual value		(81	)		(81	)
Net investment in leases	$	253,553		$	223,449

The minimum lease payments receivable and estimated residual value are discounted using the internal rate of return method related to each specific lease.  Unearned income and discounts includes the offset of initial direct costs of $3.6 million and $4.1 million at June 30, 2012 and 2011, respectively.

At June 30, 2012, a summary of the installments due on minimum lease payments receivable, and the expected maturity of the Company's estimated residual value are as follows:

(in thousands)	Lease			Estimated
Years ended June 30,	Receivable			Residual Value			Total
2013	$	109,514		$	5,575		$	115,089
2014		79,336			5,083			84,419
2015		44,534			1,724			46,258
2016		20,309			2,210			22,519
2017		5,015			2,678			7,693
Thereafter		169			-			169
		258,877			17,270			276,147
Less unearned income		(16,998	)		(2,463	)		(19,461	)
Less allowances		(3,052	)		(81	)		(3,133	)
	$	238,827		$	14,726		$	253,553

Non-recourse debt, which relates to the discounting of lease receivables, bears interest at rates ranging from 4.97% to 6.62%.  Maturities of such obligations at June 30, 2012 are as follows:

Years ending June 30,	Non-recourse Debt
	(in thousands)
2013	$	2,732
2014		338
2015		85
2016		16
Total non-recourse debt		3,171
Deferred interest expense		104
Discounted lease rentals assigned to lenders	$	3,275

Deferred interest expense of $104,000 at June 30, 2012 will be amortized against direct finance income related to the Company's discounted lease rentals assigned to lenders of $3,275,000 using the effective yield method over the applicable lease term.