March 31, 2013 | March 31, 2012 | ||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized | Estimated Fair Value | Amortized Cost | Gross Unrealized | Estimated Fair Value | ||||||||||||||||||||||||||
Gains | Losses | Gains | Losses | ||||||||||||||||||||||||||||
Cash | $ | 8,529 | $ | — | $ | — | $ | 8,529 | $ | 15,057 | $ | — | $ | — | $ | 15,057 | |||||||||||||||
Cash equivalents | 10,536 | — | — | 10,536 | 13,008 | — | — | 13,008 | |||||||||||||||||||||||
U.S. Treasury securities and agency bonds | 12,363 | 10 | — | 12,373 | 16,771 | 11 | 19 | 16,763 | |||||||||||||||||||||||
Corporate bonds | 15,567 | 63 | 2 | 15,628 | 23,361 | 56 | 10 | 23,407 | |||||||||||||||||||||||
Mortgage-backed and asset-backed securities* | 3,655 | 355 | 7 | 4,003 | 7,308 | 364 | 61 | 7,611 | |||||||||||||||||||||||
Closed-end bond funds | 21,914 | 5,340 | 39 | 27,215 | 26,401 | 5,161 | 1,649 | 29,913 | |||||||||||||||||||||||
Preferred stock | 4,878 | 2,314 | — | 7,192 | 6,209 | 1,878 | — | 8,087 | |||||||||||||||||||||||
$ | 77,442 | $ | 8,082 | $ | 48 | $ | 85,476 | $ | 108,115 | $ | 7,470 | $ | 1,739 | $ | 113,846 | ||||||||||||||||
Reported as: | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 19,065 | $ | 28,065 | |||||||||||||||||||||||||||
Short-term investments available-for-sale | 66,411 | 85,781 | |||||||||||||||||||||||||||||
$ | 85,476 | $ | 113,846 |
* | At March 31, 2013 and 2012, approximately $1.4 million and $4.6 million of the estimated fair value presented were mortgage-backed securities, respectively. |
Level 1 — | Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. | |
Level 2 — | Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. | |
Level 3 — | Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation of instruments includes unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. |
March 31, 2013 | March 31, 2012 | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Cash | $ | 8,529 | $ | — | $ | 8,529 | $ | 15,057 | $ | — | $ | — | $ | 15,057 | |||||||||||||||||
Cash equivalents | 9,508 | 1,028 | — | 10,536 | 10,510 | 2,498 | — | 13,008 | |||||||||||||||||||||||
U.S. Treasury securities and agency bonds | 12,373 | — | 12,373 | 16,763 | — | — | 16,763 | ||||||||||||||||||||||||
Corporate bonds | 15,628 | — | 15,628 | — | 23,407 | — | 23,407 | ||||||||||||||||||||||||
Mortgage-backed and asset-backed securities | 4,003 | — | 4,003 | — | 7,611 | — | 7,611 | ||||||||||||||||||||||||
Closed-end bond funds | 27,215 | — | 27,215 | 29,913 | — | — | 29,913 | ||||||||||||||||||||||||
Preferred stock | 7,192 | — | 7,192 | — | 8,087 | — | 8,087 | ||||||||||||||||||||||||
$ | 57,625 | $ | 27,851 | $ | — | $ | 85,476 | $ | 72,243 | $ | 41,603 | $ | — | $ | 113,846 |
Cost | Fair Value | ||||||
Less than 1 year | $ | 9,205 | $ | 9,217 | |||
Mature in 1 – 2 years | 19,843 | 20,040 | |||||
Mature in 3 – 5 years | 1,575 | 1,649 | |||||
Mature after 5 years | 962 | 1,098 | |||||
$ | 31,585 | $ | 32,004 |
Less Than 12 Months of Unrealized Losses | 12 Months or More of Unrealized Losses | Total | |||||||||||||||||||||
As of March 31, 2013 | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | |||||||||||||||||
U.S. Treasury securities and agency bonds | $ | 300 | $ | — | $ | — | $ | — | $ | 300 | $ | — | |||||||||||
Corporate bonds | 2,276 | (2 | ) | 113 | — | 2,389 | (2 | ) | |||||||||||||||
Mortgage-backed and asset-backed securities | 647 | (3 | ) | — | (4 | ) | 647 | (7 | ) | ||||||||||||||
Closed-end bond funds | — | — | 6,991 | (39 | ) | 6,991 | (39 | ) | |||||||||||||||
$ | 3,223 | $ | (5 | ) | $ | 7,104 | $ | (43 | ) | $ | 10,327 | $ | (48 | ) |
Less Than 12 Months of Unrealized Losses | 12 Months or More of Unrealized Losses | Total | |||||||||||||||||||||
March 31, 2012 | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | |||||||||||||||||
U.S. Treasury securities and agency bonds | $ | 8,938 | $ | (19 | ) | $ | — | $ | — | $ | 8,938 | $ | (19 | ) | |||||||||
Corporate bonds | 5,463 | (10 | ) | — | — | 5,463 | (10 | ) | |||||||||||||||
Mortgage-backed and asset-backed securities | 894 | (20 | ) | 353 | (42 | ) | 1,247 | (62 | ) | ||||||||||||||
Closed-end bond funds | — | — | 6,628 | (1,648 | ) | 6,628 | (1,648 | ) | |||||||||||||||
$ | 15,295 | $ | (49 | ) | $ | 6,981 | $ | (1,690 | ) | $ | 22,276 | $ | (1,739 | ) |