Existing analytical descriptions of the small-signal impedance characteristics of double-heterostructure laser diodes have been based upon the dynamics of a single carrier population (electrons) coupled to the photon density of the cavity. However, the high level of injection necessary to produce the carrier population inversion is more accurately described by a bipolar approach involving both the injected electrons and holes. A bipolar model is presented which includes high-level injection boundary conditions appropriate to the heterojunctions of a buried-channel laser diode. The inclusion of high-level injection conditions is shown to increase the threshold voltage for lasing and the small-signal impedance particularly for the case of thick active layers.