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NOTE 15 - NET UNREALIZED INVESTMENT GAINS
Under SFAS No. 115, "Accounting for Certain Investments
in Debt and Equity Securities" ("SFAS No. 115"), available-for-sale securities are recorded at market value. Unrealized
holding gains and losses, net of the related tax effect,
on available-for-sale securities are excluded from earnings
and are reported as a component of stockholders' equity
until realized. The Company's investments subject to the
provisions of SFAS No. 115 are treated as available-for-sale
and, accordingly, the applicable investments have been
adjusted to market value with a corresponding adjustment,
net of tax, to net unrealized investment gains in
accumulated other comprehensive income. Included
in accumulated other comprehensive income was
an unrealized investment gain (net of deferred taxes)
of $0.8 million and $0.5 million at June 30, 2007 and
2006, respectively.
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