The various types of ARS investments we held as of March 31, 2014, including the original cost basis, other-than-temporary impairment included in retained earnings, new cost basis, unrealized gain/(loss), and fair value, consisted of the following (in thousands):


			Other-than-
			temporary
	Original Cost		Impairment in			New Cost		Unrealized			Fair
	Basis		Retained Earnings			Basis		Gain/(Loss)			Value
Student loans	$	3,500	$	(179	)	$	3,321	$	(144	)	$	3,177
Credit linked notes		13,500		(7,820	)(1)		5,680		5,768			11,448
Preferred stock		5,000		(5,000	)		—		2,000			2,000
Municipals		2,000		(83	)		1,917		24			1,941

Total ARS	$	24,000	$	(13,082	)	$	10,918	$	7,648		$	18,566

(1)	Other-than-temporary impairment in retained earnings is partially offset by cumulative accretion of $945,000 on non-current investments. Accretion is reclassified from accumulated other comprehensive income and recorded in the condensed consolidated statements of income as non-cash interest income.

The various types of ARS investments we held as of June 30, 2013, including the original cost basis, other-than-temporary impairment included in retained earnings, new cost basis, unrealized gain/(loss), and fair value, consisted of the following (in thousands):


			Other-than-
			temporary
	Original Cost		Impairment in			New Cost		Unrealized			Fair
	Basis		Retained Earnings			Basis		Gain/(Loss)			Value
Student loans	$	3,500	$	(179	)	$	3,321	$	(168	)	$	3,153
Credit linked notes		13,500		(8,571	)(1)		4,929		4,980			9,909
Preferred stock		5,000		(5,000	)		—		2,000			2,000
Municipals		2,000		(83	)		1,917		(10	)		1,907

Total ARS	$	24,000	$	(13,833	)	$	10,167	$	6,802		$	16,969

(1)	Other-than-temporary impairment in retained earnings is partially offset by cumulative accretion of $194,000 on non-current investments. Accretion is reclassified from accumulated other comprehensive income and recorded in the condensed consolidated statements of income as non-cash interest income.