Note 8 - Net Investment in Leases

3 Months Ended

Sep. 30, 2014

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,			June 30,
	2014			2014
	(in thousands)
Minimum lease payments receivable	$	348,762		$	340,211
Estimated residual value		12,805			12,996
Less unearned income		(27,853	)		(23,272	)
Net investment in leases before allowances		333,714			329,935
Less allowance for lease losses		(3,447	)		(3,236	)
Less valuation allowance for estimated residual value		(80	)		(80	)
Net investment in leases	$	330,187		$	326,619

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 $2.5 million at September 30, 2014 and at June 30, 2014.