Annual report pursuant to Section 13 and 15(d)

Short-term Investments

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Short-term Investments
 12 Months Ended
Mar. 31, 2015
Short-term Investments [Abstract]  
Short-term Investments
Short-term Investments:
The following table presents short-term investments as of March 31, 2015, and 2014:
(in thousands)
March 31, 2015
 
March 31, 2014
Certificates of deposit
$
7,912

 
$
1,476

Held-to-maturity, pre-refunded municipal bonds
15,994

 
14,108

Total investments
$
23,906

 
$
15,584


The fair value of short-term investments approximates their carrying amounts due to the short-term nature of these financial assets and therefore there are no unrecognized gains or losses. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.