Quarterly report pursuant to Section 13 or 15(d)

Securities Available-for-Sale

v3.3.0.814
Securities Available-for-Sale
 3 Months Ended
Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Securities Available-for-Sale
Note 3 - Securities Available-for-Sale
The following table presents the amortized cost, gross unrealized gains, gross unrealized losses, and fair market value of available-for-sale equity securities, nearly all of which are attributable to the Company's investment in Central stock, as follows:
 
September 30, 2015
 
Amortized
cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Fair
value
 
(In thousands)
Equity securities
$
2,950

 
$
—

 
$
(1,049
)
 
$
1,901

 
 
 
 
 
 
 
 
 
June 30, 2015
 
Amortized
cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Fair
value
 
(In thousands)
Equity securities
$
4,230

 
$
—

 
$
—

 
$
4,230


During the three months ended September 30, 2015, the Company began selling part of its investment in Central due to the Company's liquidity constraints and financing needs. The realized price at which the Company sold shares of its investment in Central was lower than the Company's amortized cost, on a per share basis, of its investment. Consequently, the Company determined that unrealized losses incurred through June 30, 2015 related to its investment in Central were other-than-temporary, and recognized an impairment loss in the amount of $14.9 million as of June 30, 2015. As of September 30, 2015, the Company again analyzed its investment in Central for further impairment, and concluded that no further impairment was necessary.