Fair Value Of Financial Instruments

6 Months Ended

Dec. 31, 2011

Fair Value Of Financial Instruments [Abstract]

Fair Value Of Financial Instruments

Note 10 – Fair Value of Financial Instruments

The Company follows the provisions of FASB ASC Topic 820, "Fair Value Measurements and Disclosures," for fair value measurement recognition and disclosure purposes for its financial assets and financial liabilities that are remeasured and reported at fair value each reporting period. The Company measures certain financial assets and liabilities at fair value on a recurring basis, including cash equivalents, available-for-sale securities and the Swap. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of financial assets and financial liabilities and their placement within the fair value hierarchy. Categorization is based on a three-tier valuation hierarchy, which prioritizes the inputs used in measuring fair value, as follows

• Level 1 - Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities;

• Level 2 - Inputs that are other than quoted prices in active markets for identical assets and liabilities, inputs that are quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are either directly or indirectly observable; and

• Level 3 - Unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The following table presents the Company's financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2011 and June 30, 2011:

	Fair Value Measurements as of December 31, 2011
	Level 1		Level 2		Level 3
Assets
Money market funds (a)	$	10,793	$	—	$	—
Available-for-sale securities:
Municipal Obligations (See Note 2)		—		15,594		—
Total Assets Measured at Fair Value	$	10,793	$	15,594	$	—
Liabilities
Interest rate swap (See Note 9)	$	—	$	5,401	$	—
Total Liabilities Measured at Fair Value	$	—	$	5,401	$	—
	Fair Value Measurements as of June 30, 2011
	Level 1		Level 2		Level 3
Assets
Money market funds (a)	$	9,594	$	—	$	—
Available-for-sale marketable securities:
Municipal Obligations and U.S. Government Securities (See Note 2)		—		11,722		—
Total Assets Measured at Fair Value	$	9,594	$	11,722	$	—
Liabilities
Interest rate swap (See Note 9)	$	—	$	4,920	$	—
Total Liabilities Measured at Fair Value	$	—	$	4,920	$	—

a) The Company's money market funds are classified along with the Company's cash balances as Cash and cash equivalents within the Condensed Consolidated Balance Sheets. Money market funds are valued at quoted prices in active markets.

The Company follows the disclosure provisions of FASB ASC Topic 825, "Financial Instruments," for disclosure purposes for financial assets and financial liabilities that are not measured at fair value. As of December 31, 2011, the financial assets and liabilities recorded on the Condensed Consolidated Balance Sheets that are not measured at fair value on a recurring basis include the cost method investment; accounts receivable, net; non-current assets; accounts payable; and debt obligations. The carrying values of accounts receivable, net; accounts payable and current debt obligations approximate fair value due to the short-term nature of these instruments. The cost method investment is carried at cost and its fair value is evaluated based on, among other factors, the investee's most recent financing and discounted cash flow models as of December 31, 2011. The fair value of long-term debt, where a quoted market price is not available, is evaluated based on, among other factors, interest rates currently available to the Company for debt with similar terms, remaining payments and considerations of the Company's creditworthiness. The Company determined that the recorded book value of long-term debt approximated fair value at December 31, 2011 due to the variable LIBOR portion of the Mortgage payments.