INVESTMENTS

3 Months Ended

Sep. 30, 2011

INVESTMENTS

INVESTMENTS

4. INVESTMENTS

The following is a summary of available-for-sale securities (in thousands) as of September 30, 2011:

	Amortized Cost		Unrealized gains (losses)			Fair Value (net)
US corporate debt securities	$	55,031	$	(648	)	$	54,383
Total debt securities	55,031		(648		)	54,383
Equity securities	—		—			—
Total available-for-sale	$	55,031	$	(648	)	$	54,383

The following is a summary of available-for-sale securities (in thousands) as of June 30, 2011:

	Amortized Cost		Unrealized gains (losses)			Fair Value (net)
US corporate debt securities	$	55,717	$	(349	)	$	55,368
Total debt securities	55,717		(349		)	55,368
Equity securities	—					—
Total available-for-sale	$	55,717	$	(349	)	$	55,368

The Company had no securities classified as held-to-maturity as of September 30, 2011 or June 30, 2011. All $54.4 million in debt securities on hand as of September 30, 2011 will mature within one year or less. The securities were purchased at a premium with a yield to maturity of approximately 0.5%. If held to their maturity in second half of fiscal 2012 the interest income over the period held will exceed the mark-to-market loss reported for the period held.

At each reporting date, the Company performs an evaluation of debt and equity securities to determine if the unrealized losses are other-than-temporary. As of September 30, 2011 no other-than-temporary impairment losses have been recorded with regard to securities on hand as of September 30, 2011.