NOTE 3. INVESTMENTS

Our investments are classified as either available-for-sale or held-to-maturity. The following table summarizes available-for-sale and held-to-maturity investments as of September 30, 2012 and March 31, 2012 (in thousands):

	Available-for-Sale Investments
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
September 30, 2012	Cost		Gain		(Loss)			Value
Certificates of deposits	$	996	$	5	$	-		$	1,001
Corporate bonds		6,038		73		-			6,111
Municipal bonds		946		1		-			947
Total available-for-sale investments	$	7,980	$	79	$	-		$	8,059

	Held-to-Maturity Investments
			Gross		Gross
	Amortized		Unrecognized		Unrecognized			Fair
September 30, 2012	Cost		Gain		(Loss)			Value
Certificates of deposits	$	3,590	$	-	$	(1	)	$	3,589
Corporate bonds		24,308		142		(15	)		24,435
Municipal bonds		10,525		49		-			10,574
Total held-to-maturity investments	$	38,423	$	191	$	(16	)	$	38,598

	Available-for-Sale Investments
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
March 31, 2012	Cost		Gain		(Loss)			Value
Certificates of deposits	$	1,245	$	2	$	-		$	1,247
Corporate bonds		6,047		38		-			6,085
Municipal bonds		961		1		-			962
Total available-for-sale investments	$	8,253	$	41	$	-		$	8,294

	Held-to-Maturity Investments
			Gross		Gross
	Amortized		Unrecognized		Unrecognized			Fair
March 31, 2012	Cost		Gain		(Loss)			Value
Certificates of deposits	$	844	$	-	$	-		$	844
Corporate bonds		23,072		131		(31	)		23,172
Municipal bonds		12,921		71		(1	)		12,991
Total held-to-maturity investments	$	36,837	$	202	$	(32	)	$	37,007

The amortized cost of our held-to-maturity investments approximates their fair value. As of September 30, 2012 and March 31, 2012, we did not have other-than-temporary impairment in the fair value of any individual security classified as held-to-maturity or available-for-sale. As of September 30, 2012 and March 31, 2012, we had unrealized gains on available-for-sale investments, net of related income taxes of $47,000 and $25,000, respectively. Redemptions of investments in accordance with the callable provisions during the three months ended September 30, 2012 and 2011 were $0 and $13.0 million, respectively, and during the six months ended September 30, 2012 and 2011 were $717,000 and $13.0 million, respectively.

The following table summarizes the amortized cost and fair value of our investments, classified by stated maturity as of September 30, 2012 and March 31, 2012 (in thousands):

	September 30, 2012				September 30, 2012
	Available-for-Sale Investments				Held-to-Maturity Investments
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	946	$	947	$	23,817	$	23,879
Due in 1 to 4 years		7,034		7,112		14,606		14,719
Total investments	$	7,980	$	8,059	$	38,423	$	38,598

	March 31, 2012				March 31, 2012
	Available-for-Sale Investments				Held-to-Maturity Investments
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	670	$	670	$	21,019	$	21,062
Due in 1 to 4 years		7,583		7,624		15,818		15,945
Total investments	$	8,253	$	8,294	$	36,837	$	37,007