Quarterly report pursuant to Section 13 or 15(d)

Securities Available-for-Sale

v3.3.1.900
Securities Available-for-Sale
 6 Months Ended
Dec. 31, 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, all of which are attributable to the Company's investment in Central stock, as follows:
 
December 31, 2015
 
Amortized
cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Fair
value
 
(In thousands)
Equity securities
$
2,567

 
$
—

 
$
(32
)
 
$
2,535

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

 
$
—

 
$
—

 
$
4,230


During the six months ended December 31, 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, equal to the difference between the carrying value of its investment in Central and the market price of Central's common stock on the Australian Exchange at June 30, 2015, including applicable foreign currency translation. As of December 31, 2015, there were no unrealized losses on securities available-for-sale held by the Company.