Note 5 - Net Investment In Leases:

12 Months Ended

Jun. 30, 2013

Leases [Abstract]

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)	2013			2012
Minimum lease payments receivable	$	357,942		$	258,877
Estimated residual value		14,087			17,270
Less unearned income		(26,276	)		(19,461	)
Net investment in leases before allowances		345,753			256,686
Less allowance for lease losses		(2,916	)		(3,052	)
Less valuation allowance for estimated residual value		(248	)		(81	)
Net investment in leases	$	342,589		$	253,553

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 $2.6 million and $3.6 million at June 30, 2013 and 2012, respectively.

At June 30, 2013, 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 ending June 30,	Receivable			Residual Value			Total
2014	$	136,993		$	4,732		$	141,725
2015		106,908			1,737			108,645
2016		59,268			3,098			62,366
2017		25,813			3,663			29,476
2018		11,323			857			12,180
Thereafter		17,637			-			17,637
		357,942			14,087			372,029
Less unearned income		(24,229	)		(2,047	)		(26,276	)
Less allowances		(2,916	)		(248	)		(3,164	)
	$	330,797		$	11,792		$	342,589

Non-recourse debt, which relates to the discounting of lease receivables, bears interest at rates ranging from 4.75% to 6.00%.  Maturities of such obligations at June 30, 2013 are as follows:

Years ending June 30,	Non-recourse Debt
	(in thousands)
2014	$	423
2015		180
2016		116
2017		8
Total non-recourse debt		727
Deferred interest expense		41
Discounted lease rentals assigned to lenders	$	768

Deferred interest expense of $41,000 at June 30, 2013 will be amortized against direct finance income related to the Company's discounted lease rentals assigned to lenders of $768,000 using the effective yield method over the applicable lease term.