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Marketable Securities

6 Months Ended

Jul. 31, 2011

Marketable Securities

Marketable Securities

4. Marketable Securities

During all periods presented, marketable securities are classified as available-for-sale. The amortized cost, gross unrealized gains (losses) and fair value of available-for-sale securities by major security type and class of security as of July 31, 2011, January 31, 2011 and July 31, 2010 were as follows:


		Amortized Cost				Unrealized Gains				Unrealized (Losses)				Fair Value
As of July 31, 2011
Short-term Investments:
Corporate Bonds		$	10,062			$	22			$	(6	)		$	10,078
Municipal and pre-refunded municipal bonds			38,079				57				(17	)			38,119
Federal government agencies			7,130				16				—				7,146
FDIC insured corporate bonds			4,000				4				—				4,004

			59,271				99				(23	)			59,347

Long-term Investments:
Corporate bonds			134,199				857				(13	)			135,043
Municipal and pre-refunded municipal bonds			85,639				624				(39	)			86,224
Federal government agencies			49,872				386				—				50,258
Auction rate securities			26,525				—				(3,021	)			23,504
Treasury bills			19,639				190				—				19,829
Certificate of deposit			5,144				—				(1	)			5,143
Variable rate demand notes			2,902				—				(1	)			2,901

			323,920				2,057				(3,075	)			322,902

		$	383,191			$	2,156			$	(3,098	)		$	382,249

As of January 31, 2011
Short-term Investments:
Municipal and pre-refunded municipal bonds		$	42,996			$	48			$	(9	)		$	43,035
Federal government agencies			40,842				80				—				40,922
Treasury bills			7,004				4				—				7,008
FDIC insured corporate bonds			23,489				66				—				23,555
Variable rate demand notes			1,900				—				—				1,900

			116,231				198				(9	)			116,420

Long-term Investments:
Corporate bonds			137,540				173				(154	)			137,559
Municipal and pre-refunded municipal bonds			143,711				216				(558	)			143,369
Federal government agencies			18,225				30				(2	)			18,253
Auction rate securities			33,250				—				(3,788	)			29,462
Treasury bills			23,311				34				—				23,345

			356,037				453				(4,502	)			351,988

		$	472,268			$	651			$	(4,511	)		$	468,408

As of July 31, 2010
Short-term Investments:
Municipal and pre-refunded municipal bonds		$	75,590			$	104			$	(9	)		$	75,685
Federal government agencies			172,200				335				—				172,535
Treasury bills			49,631				36				—				49,667
FDIC insured corporate bonds			37,697				181				(83	)			37,795
Variable rate demand notes			10,425				—				—				10,425

			345,543				656				(92	)			346,107

Long-term Investments:
Municipal and pre-refunded municipal bonds			119,316				835				(52	)			120,099
Federal government agencies			2,004				11				—				2,015
Auction rate securities			35,325				—				(3,868	)			31,457
FDIC insured corporate bonds			4,002				34				—				4,036

			160,647				880				(3,920	)			157,607

		$	506,190			$	1,536			$	(4,012	)		$	503,714

Proceeds from the sale and maturities of available-for-sale securities were $157,467 and $247,721 for the six months ended July 31, 2011 and 2010, respectively. The Company included in other income, net realized gains of $23 and $51 for the three and six months ended July 31, 2011, respectively. The Company included in other income, net realized gains of $80 and net realized losses of $20 for the three and six months ended July 31, 2010, respectively. Amortization of discounts and premiums, net, resulted in charges of $2,007 and $4,329 for the three and six months ended July 31, 2011, respectively. Amortization of discounts and premiums, net, resulted in charges of $2,092 and $4,329 for the three and six months ended July 31, 2010, respectively.

As of July 31, 2011, the par value of the Company's auction rate securities ("ARS") was $26,525 and the estimated fair value was $23,504. The Company's ARS portfolio consists of "A" or better rated ARS that represent interests in municipal and student loan related collateralized debt obligations, all of which are guaranteed by either government agencies and/or insured by private insurance agencies at 97% or greater of par value. To date, the Company has collected all interest payable on outstanding ARS when due and has not been informed by the issuers that accrued interest payments are currently at risk. The Company does not have the intent to sell the underlying securities prior to their full recovery and the Company believes it is not likely that it will be required to sell the underlying securities prior to their anticipated recovery of full amortized cost.

- Definition

Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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