AVAILABLE-FOR-SALE SECURITIES

12 Months Ended

Jun. 30, 2015

AVAILABLE-FOR-SALE SECURITIES

AVAILABLE-FOR-SALE SECURITIES

5. AVAILABLE-FOR-SALE SECURITIES

        The Company's available-for-sale securities as of June 30, 2015 and 2014 consist of the following:

	As of June 30, 2015
			Unrealized
	Cost Basis		Gain		Loss			Fair Value
	(Amounts in thousands)
Non-current:
Seabridge	$	9,565		—		(3,292	)	$	6,273
	$	9,565	$	—	$	(3,292	)	$	6,273

	As of June 30, 2014
			Unrealized
	Cost Basis		Gain		Loss			Fair Value
	(Amounts in thousands)
Non-current:
Seabridge	$	9,565		—		—		$	9,565
Other		203		—		(160	)		43
	$	9,768	$	—	$	(160	)	$	9,608

        Our available-for-sale securities consists of an investment in Seabridge Gold, Inc. common stock, acquired in June 2011. Based on our impairment analysis during the fiscal year ended June 30, 2014, the Company determined that the impairment of its investment in Seabridge common stock is other-than-temporary. As a result of the impairment, the Company recognized a loss on available-for-sale securities of $4.5 million during the fourth quarter of our fiscal year ended June 30, 2014. The Company also recognized a loss on available-for-sale securities related to our investment in Seabridge common stock of $12.1 million during the third quarter of our fiscal year ended June 30, 2013. The recognized losses have been reclassified out of comprehensive income in the respective periods. The Company did not recognize an impairment on its available-for-sale securities during the fiscal year ended June 30, 2015. The Company will continue to evaluate its investment in Seabridge common stock considering additional facts and circumstances as they arise, including, but not limited to, the progress of development of Seabridge's KSM project.