Fair Value Measurements (Tables)

9 Months Ended

Dec. 28, 2013

Fair Value Disclosures [Abstract]

Summary of the Fair Value and Carrying Value of Financial Instruments

The book value and estimated fair value of the Company’s financial instruments are as follows (in thousands):

	December 28, 2013				March 30, 2013
	Book Value		Estimated Fair Value		Book Value			Estimated Fair Value
Cash and cash equivalents (1)	$	59,520	$	59,520	$	47,823		$	47,823
Restricted cash (1)	7,131		7,131		7,952			7,952
Available for sale securities (2)	19,337		19,337		17,698			17,698
Consumer loans receivable (3)	101,989		103,114		110,990			115,044
Interest rate lock commitment derivatives (4)	1		1		28			28
Forward loan sale commitment derivatives (4)	32		32		(3		)	(3		)
Inventory finance receivable (5)	22,246		22,246		22,950			22,950
Securitized financings (6)	72,835		80,969		82,287			90,895
Mortgage servicing rights (7)	390		390		335			335

Summary of Assets Measured at Fair Value on a Recurring Basis

Assets measured at fair value on a recurring basis are summarized below (in thousands):

	December 28, 2013
	Total		Level 1		Level 2		Level 3
Securities issued by the U.S Treasury and Government (1)	$	2,232	$	—	$	2,232	$	—
Mortgage-backed securities (1)	3,730		—		3,730		—
Securities issued by states and political subdivisions (1)	5,933		—		5,933		—
Corporate debt securities (1)	1,842		—		1,842		—
Marketable equity securities (1)	5,600		5,600		—		—
Interest rate lock commitment derivatives (2)	1		—		—		1
Forward loan sale commitment derivatives (2)	32		—		—		32
Mortgage servicing rights (3)	390		—		—		390

(1) Unrealized gains or losses on investments are recorded in accumulated other comprehensive income (loss) at each measurement date.

(2) Gains or losses on derivatives are recognized in current period earnings through cost of sales.

(3) Changes in the fair value of mortgage servicing rights are recognized in the current period earnings through net revenue.

Summary of Assets and Liabilities Measured at Fair Value for Disclosure

Assets and liabilities for which fair value is disclosed but not required to be recognized in the balance sheet on a recurring basis are summarized below (in thousands):

	December 28, 2013
	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	59,520	$	59,520	$	—	$	—
Restricted cash	7,131		7,131		—		—
Loans held for investment	92,416		—		—		92,416
Loans held for sale	7,729		—		7,729		—
Loans held—construction advances	2,969		—		—		2,969
Inventory finance receivable	22,246		—		—		22,246
Securitized financings	80,969		—		80,969		—

Assumptions for Mortgage Servicing Rights

	December 28, 2013			March 30, 2013
Number of loans serviced with MSRs	2,634			2,106
Weighted average servicing fee (basis points)	34.50			34.59
Capitalized servicing multiple	36.64		%	38.82		%
Capitalized servicing rate (basis points)	12.64			13.43
Serviced portfolio with MSRs (in thousands)	$	308,515		$	249,378
Mortgage servicing rights (in thousands)	$	390		$	335