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INVESTMENTS | 9 Months Ended
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Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS | I NVESTMENTS As of March 31, 2014, the Company held investments with a carrying value of approximately $25.3 million and a cost basis of approximately $24.6 million. The carrying value of these investments is approximately 69.3 percent of the Company’s total assets. Investments in securities classified as trading are reflected as current assets on the consolidated balance sheet at their fair value. Unrealized holding gains and losses on trading securities are included in earnings in the consolidated statements of operations and comprehensive income. Investments in securities classified as available-for-sale, which may not be readily marketable, are reflected as non-current assets on the consolidated balance sheet at their fair value. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and reported in other comprehensive income as a separate component of shareholders’ equity until realized. Other investments consist of equity investments in entities over which the Company is unable to exercise significant influence and which do not have readily determinable fair values. These equity investments are accounted for under the cost method of accounting and evaluated for impairment. The Company considers many factors in determining impairment, including the severity and duration of the decline in value below cost, the Company’s interest and ability to hold the security for a period of time sufficient for an anticipated recovery in value, and the financial condition and specific events related to the issuer. When an impairment of an equity security is determined to be other-than-temporary, the impairment is recognized in earnings. Other investments is $385,439 as of March 31, 2014. In December 2013, the shareholders of the U.S. Government Securities Savings Fund approved a proposal resulting in the conversion of the fund from a money market fund to a U.S. Government ultra-short bond fund that is not a money market fund. The fund was renamed U.S. Government Securities Ultra-Short Bond Fund (“Government Fund”). Prior to the conversion, while the fund was a money market fund, the amount held in the fund was classified as a cash equivalent. After the conversion, the amount held in the fund is classified as a trading mutual fund investment. The amount held in the fund by the Company as of the conversion date was $14,118,943. The Company records security transactions on trade date. Realized gains (losses) from security transactions are calculated on the first-in/first-out cost basis, unless otherwise identifiable, and are recorded in earnings on the date of sale. The following details the components of the Company’s investments as of March 31, 2014, and June 30, 2013.
|  | March 31, 2014 (in thousands)
|  |  |  | Gross Unrealized |  |
|  | Cost |  | Gains |  | (Losses) |  | Fair Value
Trading securities 1 |  |  |  |  |  |  |  |
Offshore fund |  | $ | 1,184 |  |  | $ | — |  |  | $ | (310 | ) |  | $ | 874 |
Mutual funds - Fixed income |  | 17,236 |  |  | 69 |  |  | (5 | ) |  | 17,300 |
Mutual funds - Domestic equity |  | 535 |  |  | — |  |  | (80 | ) |  | 455 |
Other |  | 107 |  |  | — |  |  | (90 | ) |  | 17 |
Total trading securities |  | $ | 19,062 |  |  | $ | 69 |  |  | $ | (485 | ) |  | $ | 18,646 |
Available-for-sale securities 2 |  |  |  |  |  |  |  |
Common stock - Domestic |  | $ | 378 |  |  | $ | 414 |  |  | $ | (4 | ) |  | $ | 788 |
Common stock - International |  | 661 |  |  | 699 |  |  | (5 | ) |  | 1,355 |
Corporate debt |  | 1,706 |  |  | 35 |  |  | (17 | ) |  | 1,724 |
Mutual funds - Fixed income |  | 1,475 |  |  | 9 |  |  | (3 | ) |  | 1,481 |
Mutual funds - Domestic equity |  | 660 |  |  | — |  |  | (2 | ) |  | 658 |
Other |  | 232 |  |  | 6 |  |  | (3 | ) |  | 235 |
Total available-for-sale securities 3 |  | $ | 5,112 |  |  | $ | 1,163 |  |  | $ | (34 | ) |  | $ | 6,241 |
|  | June 30, 2013 (in thousands)
|  |  |  | Gross Unrealized |  |
|  | Cost |  | Gains |  | (Losses) |  | Fair Value
Trading securities 1 |  |  |  |  |  |  |  |
Offshore fund |  | $ | 1,184 |  |  | $ | — |  |  | $ | (398 | ) |  | $ | 786 |
Mutual funds - Emerging markets |  | 516 |  |  | — |  |  | (156 | ) |  | 360 |
Mutual funds - Fixed income |  | 3,116 |  |  | 75 |  |  | — |  |  | 3,191 |
Mutual funds - Domestic equity |  | 535 |  |  | — |  |  | (136 | ) |  | 399 |
Other |  | 107 |  |  | — |  |  | (85 | ) |  | 22 |
Total trading securities |  | $ | 5,458 |  |  | $ | 75 |  |  | $ | (775 | ) |  | $ | 4,758 |
Available-for-sale securities 2 |  |  |  |  |  |  |  |
Common stock - Domestic |  | $ | 266 |  |  | $ | 313 |  |  | $ | — |  |  | $ | 579 |
Common stock - International |  | 604 |  |  | 216 |  |  | (5 | ) |  | 815 |
Offshore fund |  | 5,000 |  |  | — |  |  | (288 | ) |  | 4,712 |
Mutual funds - Fixed income |  | 1,000 |  |  | 4 |  |  | — |  |  | 1,004 |
Mutual funds - Domestic equity |  | 1,010 |  |  | 756 |  |  | — |  |  | 1,766 |
Other |  | 185 |  |  | — |  |  | (8 | ) |  | 177 |
Total available-for-sale securities 3 |  | $ | 8,065 |  |  | $ | 1,289 |  |  | $ | (301 | ) |  | $ | 9,053 |
1 | Unrealized and realized gains and losses on trading securities are included in earnings in the statement of operations.
2 | Unrealized gains and losses on available-for-sale securities are excluded from earnings and recorded in other comprehensive income as a separate component of shareholders’ equity until realized.
3 | Net unrealized gains on available-for-sale securities gross and net of tax as of March 31, 2014, are $1,129 and $745, respectively, and as of June 30, 2013, are $988 and $652, respectively.
The following tables show the gross unrealized losses and fair values of available-for-sale investment securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
|  | March 31, 2014 (in thousands)
|  | Less Than 12 Months |  | 12 Months or Greater |  | Total
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |
Common stock - Domestic |  | $ | 200 |  |  | $ | (4 | ) |  | $ | — |  |  | $ | — |  |  | $ | 200 |  |  | $ | (4 | )
Common stock - International |  | 107 |  |  | (5 | ) |  | — |  |  | — |  |  | 107 |  |  | (5 | )
Corporate debt |  | 27 |  |  | (17 | ) |  | — |  |  | — |  |  | 27 |  |  | (17 | )
Mutual funds - Fixed income |  | 371 |  |  | (3 | ) |  | — |  |  | — |  |  | 371 |  |  | (3 | )
Mutual funds - Domestic equity |  | 116 |  |  | (2 | ) |  | — |  |  | — |  |  | 116 |  |  | (2 | )
Other |  | 59 |  |  | (3 | ) |  | — |  |  | — |  |  | 59 |  |  | (3 | )
Total available-for-sale securities |  | $ | 880 |  |  | $ | (34 | ) |  | $ | — |  |  | $ | — |  |  | $ | 880 |  |  | $ | (34 | )
|  | June 30, 2013 (in thousands)
|  | Less Than 12 Months |  | 12 Months or Greater |  | Total
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |
Common stock - International |  | $ | 95 |  |  | $ | (5 | ) |  | $ | — |  |  | $ | — |  |  | $ | 95 |  |  | $ | (5 | )
Offshore fund |  | — |  |  | — |  |  | 4,712 |  |  | (288 | ) |  | 4,712 |  |  | (288 | )
Other |  | 166 |  |  | (8 | ) |  | — |  |  | — |  |  | 166 |  |  | (8 | )
Total available-for-sale securities |  | $ | 261 |  |  | $ | (13 | ) |  | $ | 4,712 |  |  | $ | (288 | ) |  | $ | 4,973 |  |  | $ | (301 | )
Investment income can be volatile and varies depending on market fluctuations, the Company’s ability to participate in investment opportunities, and timing of transactions. The Company expects that gains and losses will continue to fluctuate in the future. Investment income (loss) from the Company’s investments includes:
• | realized gains and losses on sales of securities;
• | unrealized gains and losses on trading securities;
• | realized foreign currency gains and losses;
• | other-than-temporary impairments on available-for-sale securities; and
• | dividend and interest income.
The following summarizes investment income reflected in earnings for the periods discussed:
Investment Income (Loss) |  | Nine Months Ended March 31, |  | Three Months Ended March 31,
|  | 2014 |  | 2013 |  | 2014 |  | 2013
Realized gains on sales of available-for-sale securities |  | $ | 999,342 |  |  | $ | 234,709 |  |  | $ | 306,669 |  |  | $ | 17,509 |
Realized losses on sales of trading securities |  | (168,364 | ) |  | (244,627 | ) |  | (146 | ) |  | — |
Unrealized gains (losses) on trading securities |  | 283,731 |  |  | 280,472 |  |  | 5,539 |  |  | (68,267 | )
Realized foreign currency gains |  | 6,466 |  |  | 1,658 |  |  | 1,939 |  |  | 4,409 |
Other-than-temporary declines in available-for sale securities |  | (2,972 | ) |  | (41,837 | ) |  | (2,972 | ) |  | — |
Dividend and interest income |  | 364,213 |  |  | 115,182 |  |  | 62,512 |  |  | 30,268 |
Total Investment Income (Loss) |  | $ | 1,482,416 |  |  | $ | 345,557 |  |  | $ | 373,541 |  |  | $ | (16,081 | )

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