INVESTMENTS

6 Months Ended

Dec. 31, 2011

INVESTMENTS

INVESTMENTS

4. INVESTMENTS

The following is a summary of available-for-sale securities (in thousands) as of December 31, 2011:

	Amortized Cost		Unrealized gains (losses)		Fair Value (net)
US corporate debt securities	$	45,686	$	—	$	45,686
Total available-for-sale	$	45,686	$	—	$	45,686

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 available-for-sale	$	55,717	$	(349	)	$	55,368

We had no securities classified as held-to-maturity as of December 31, 2011 or June 30, 2011. All $45.7 million in debt securities on hand as of December 31, 2011 will mature within one year or less.

At each reporting date, we perform an evaluation of debt and equity securities to determine if the unrealized losses are other-than-temporary. As of December 31, 2011 we had the intent to sell all remaining corporate debt securities prior to their maturities. In accordance with ASC 320, we have recognized the unrealized losses of approximately $472,000 in current period earnings as an other than temporary impairment during the second quarter of fiscal 2012, which was the period in which the decision to sell was made. See additional discussion of the sale of these securities in Note 10.