GOODWILL

The changes in the carrying amounts of goodwill for the three months ended April 30, 2012, were as follows:

	Gross Carrying		Accumulated
	Amount		Impairment			Goodwill, Net
	(in thousands)
Balance at January 31, 2012	$	22,020	$	(15,608	)	$	6,412
Impact of foreign currency translation		14		−			14
Balance at April 30, 2012	$	22,034	$	(15,608	)	$	6,426

The Company performed its annual impairment review during the fourth quarter of fiscal 2012. The analysis compared the Company's market capitalization to its net assets as of the test date, November 30, 2011. As the market capitalization significantly exceeded the Company's net assets, there was no indication of goodwill impairment for fiscal 2012. The Company monitors the indicators for goodwill impairment testing between annual tests. No adverse events occurred during the three months ended April 30, 2012 that would cause the Company to test goodwill for impairment.