12. SELECTED PER SHARE DATA AND RATIOS

The following presents a summary of the selected per share data for the years ended March 31, 2008 through 2012 (in thousands except per share amounts):

	Years Ended March 31
Per Share Data	2012			2011			2010			2009			2008
Investment income	$	2.49		$	2.01		$	1.63		$	3.74		$	1.75
Operating expenses		(1.78	)		(1.50	)		(1.04	)		(.98	)		(.76	)
Interest expense		-			-			-			-			-
Income taxes		(.03	)		(.03	)		(.03	)		(.04	)		(.03	)
Net investment income		.68			.48			.56			2.72			.96
Distributions from undistributed net investment income		(.80	)		(.80	)		(.80	)		(3.28	)		(.60	)
Net realized gain net of tax		2.81			10.36			.22			2.87			.06
Net increase (decrease) in unrealized appreciation of investments		20.93			3.46			18.88			(42.56	)		(36.76	)
Exercise of employee stock options**		(.02	)		(.20	)		-			-			(.09	)
Stock option expense		.28			.26			.18			.13			.07
Net change in pension plan funded status		(.11	)		(.02	)		.12			(.39	)		(.30	)
Treasury stock*		-			-			-			1.40			-
Adjustment to initially apply ASC 715, net of tax		-			-			-			-			-
Increase (decrease) in net asset value		23.77			13.54			19.16			(39.11	)		(36.66	)
Net asset value
Beginning of year		143.68			130.14			110.98			150.09			186.75
End of year	$	167.45		$	143.68		$	130.14		$	110.98		$	150.09


Ratios and Supplemental Data
Ratio of operating expenses to average net assets		1.07	%		1.10	%		.87	%		.71	%		.46	%
Ratio of net investment income to average net assets		.41	%		.35	%		.47	%		1.96	%		.58	%
Portfolio turnover rate		2.15	%		2.78	%		1.16	%		2.51	%		.22	%
Net asset total return		18.07	%		18.40	%		18.50	%		(22.56	)%		(19.27	)%

Shares outstanding at end of period (000s) omitted		3,755			3,753			3,741			3,741			3,889

*	Net increase is due to purchases of common stock at prices less than beginning period net asset value.

**	Net decrease is due to the exercise of employee stock options at prices less than beginning of period net asset value.