Fair Value

12 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Fair Value

Fair Value

The Company carries certain financial instruments (derivative assets and liabilities) at fair value on a recurring basis. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company determines the fair values of its financial instruments based on the fair value hierarchy which, requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

Financial assets and liabilities measured at fair value are grouped in three levels. The levels prioritize the inputs used to measure the fair value of the assets or liabilities.  These levels are:

◦ Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

◦ Level 2 – Inputs other than quoted prices that are observable for assets and liabilities, either directly or indirectly. These inputs include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in market that are less active.

◦ Level 3 – Unobservable inputs for assets or liabilities reflecting the reporting entity’s own assumptions.

As of March 31, 2013 and 2012, the Company had no financial assets or liabilities that were measured at fair market value.

Fair Value of Debt

The book value and estimated fair value of our debt was as follows (in thousands):

	March 31, 2013		March 31, 2012
Book value:
Senior notes payable	$	400,250	229,250
Junior subordinated note payable	—		50,000
	$	400,250	279,250
Estimated fair value:
Senior notes payable	$	400,250	229,250
Junior subordinated note payable	—		50,000
	$	400,250	279,250

The carrying value of the senior notes payable and the junior subordinated note payable approximated the fair value as the notes payable are at a variable interest rate.

Other

There were no assets or liabilities measured at fair value on a non-recurring basis during fiscal 2013 or fiscal 2012.