FAIR VALUE

9 Months Ended

Dec. 31, 2011

FAIR VALUE [Abstract]

FAIR VALUE

NOTE 3 – FAIR VALUE

Fair Value Disclosures

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:

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

o 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 markets that are less active.

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

The following financial liabilities were measured at fair value on a recurring basis at March 31, 2011:

	Fair Value Measurements Using
			Quoted Prices  in Active  Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)
Interest rate swap March 31, 2011	$	319,235	$	-	$	319,235	$	-

The Company's interest rate swap was valued using the “income approach” valuation technique.  This method used valuation techniques to convert future amounts to a single present amount.  The measurement was based on the value indicated by current market expectations about those future amounts.  As of December 31, 2011 the Company had no outstanding interest rate swaps.

Fair Value of Long-Term Debt

The book value and estimated fair value of the Company's long-term debt was as follows (in thousands):

	December 31,		March 31,
	2011		2011
Book value:
Senior notes payable	$	278,915		82,250
Junior subordinated note payable		50,000		30,000
Convertible notes		-		75,180
	$	328,915		187,430
Estimated fair value:
Senior notes payable	$	278,915		82,250
Junior subordinated note payable		50,000		30,000
Convertible notes		-		85,616
	$	328,915		197,866

The difference between the estimated fair value of long-term debt compared with its historical cost reported in the Company's Condensed Consolidated Balance Sheet at March 31, 2011 related primarily to market quotations for the Company's 3% Convertible Senior Subordinated Notes which matured October 1, 2011.

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.

There were no assets or liabilities measured at fair value on a non-recurring basis during the first nine months of fiscal 2012 or fiscal 2011.