5.	Long-term Obligations

Capital Leases

As of March 31, 2012 and June 30, 2011, computer equipment under capital leases were recorded at a cost of $87.8 million and $61.2 million, respectively, and accumulated depreciation of $56.5 million and $43.7 million, respectively. Borrowings under lease lines had interest rates ranging from 2.62% to 6.24% and included a 36-month payment term with a $1 purchase option at the end of the term. The Company has pledged the assets financed to secure the amounts outstanding.

The Company's current lease line of credit with PNC Equipment Finance, LLC ("PNC") expires in August 2012. The Company expects to renew its lease line of credit prior to its expiration date. The interest rate on new advances under the PNC equipment lease line is set at the time the funds are advanced based upon interest rates in the Federal Reserve Statistical Release H.15.

Notes Payable

The Company has purchased computer software licenses and maintenance services through unsecured notes payable arrangements with various vendors at interest rates ranging up to 6.1% and payment terms of three years. There are no covenants associated with these notes payable arrangements. The balance of notes payable at March 31, 2012 and June 30, 2011 was $2.3 million and $3.7 million, respectively.

The following is a summary as of March 31, 2012 of the present value of the net minimum payments on capital leases and notes payable under the Company's commitments:


March 31,	Capital Leases			Notes Payable			Total
2012	$	17,327		$	1,178		$	18,505
2013	$	12,046		$	1,178		$	13,224
2014	$	5,837			—		$	5,837
Thereafter	$	50			—		$	50


Total minimum payments	$	35,260		$	2,356		$	37,616
Less amount representing interest (imputed average capital lease interest rate of 3.7%)	$	(1,148	)	$	(57	)	$	(1,205	)


Net minimum payments	$	34,112		$	2,299		$	36,411
Less current portion	$	(16,571	)	$	(1,137	)	$	(17,708	)


Present value of minimum payments, less current portion	$	17,541		$	1,162		$	18,703