Note 8 - Net Investment In Leases

3 Months Ended

Sep. 30, 2013

Leases [Abstract]

Leases of Lessor Disclosure [Text Block]

NOTE 8 – NET INVESTMENT IN LEASES

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

	September 30, 2013			June 30, 2013
	(in thousands)
Minimum lease payments receivable	$	348,212		$	357,942
Estimated residual value		13,800			14,087
Less unearned income		(24,982	)		(26,276	)
Net investment in leases before allowances		337,030			345,753
Less allowance for lease losses		(2,919	)		(2,916	)
Less valuation allowance for estimated residual value		(251	)		(248	)
Net investment in leases	$	333,860		$	342,589

The minimum lease payments receivable and estimated residual value are discounted using the internal rate of return method related to each specific capital lease.  Unearned income includes the offset of initial direct costs of $2.6 million at September 30, 2013 and at June 30, 2013.