Available-For-Sale Securities

6 Months Ended

Nov. 30, 2011

Available-For-Sale Securities [Abstract]

Available-For-Sale Securities

3.AVAILABLE-FOR-SALE SECURITIES

Available-for-sale securities measured at fair value using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3), consist of the following at:

	Level 1		Level 2		Level 3		Total
November 30, 2011:
Certificates of deposit	$	—	$	4,445	$	—	$	4,445
Corporate debt securities		2,316		—		—		2,316
Federal, state and municipal debt securities		2,009		—		441		2,450
	$	4,325	$	4,445	$	441		9,211
Less long-term portion								645
Short-term portion							$	8,566
May 31, 2011:
Certificates of deposit	$	—	$	3,353	$	—	$	3,353
Corporate debt securities		1,378		—		—		1,378
Federal, state and municipal debt securities		1,976		—		435		2,411
	$	3,354	$	3,353	$	435		7,142
Less long-term portion								1,204
Short-term portion							$	5,938

At November 30, 2011, available-for-sale securities consist of $9,211 in debt securities, including $441 in illiquid auction rate securities ("ARS").  The ARS, consisting of fully insured, state agency issued securities, will remain illiquid until a future auction is successful, the security is called prior to the contractual maturity date by the issuer, or the securities mature.  At November 30, 2011, available-for-sale securities include $645 in debt securities which are valued $155 below cost and included in long-term assets.

The following is a reconciliation of the beginning and ending balances of available-for-sale securities measured at fair value using significant unobservable inputs (Level 3): 

	Six Months Ended November 30,
	2011			2010
Beginning balance		$	435		$	455
Total gains (all unrealized and included in other comprehensive loss)			6			27
Ending balance		$	441		$	482

Contractual maturities of debt securities are as follows at November 30, 2011:

Less than one year	$	8,566
One to five years		—
Over five years		645
Total	$	9,211

At November 30, 2011, unrealized losses of $93, net of income tax benefits of $62, were included in accumulated other comprehensive loss in the accompanying interim financial statements.  The amount of unrealized gains or losses for the three and six months ended November 30, 2011 and 2010 was not significant. 

In determining the fair value of our available-for-sale securities at November 30, 2011, we have taken into consideration quoted market prices and/or other considerations, including fair value determined by the respective financial institutions, current credit rating of the debt securities, insurance provisions, discounted cash flow analysis, as deemed appropriate, and our current liquidity position.

Our other financial instruments, including primarily cash and cash equivalents, accounts receivable, accounts payable and amounts outstanding on our line-of-credit when valued using market interest rates, would not be materially different from the amounts presented in these interim financial statements.