Fair Value Measurements (Tables)

9 Months Ended

Dec. 29, 2012

Fair Value Measurements [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 29, 2012				March 31, 2012
	Book		Estimated		Book		Estimated
	Value		Fair Value		Value		Fair Value
Cash and cash equivalents (1)	$	42,451	$	42,451	$	41,094	$	41,094
Restricted cash (1)		7,214		7,214		6,784		6,784
Investments (2)		16,506		16,506		14,202		14,202
Consumer loans receivable (3)		116,372		122,499		119,299		122,620
Interest rate lock commitment derivatives (4)		6		6		11		11
Forward loan sale commitment derivatives (4)		4		4		7		7
Inventory finance receivable (5)		25,877		25,877		24,681		24,681
Construction lending line (5)		—		—		4,550		4,550
Securitized financings (6)		84,524		84,274		91,475		94,765

⁽¹⁾  The fair value approximates book value due to the instruments’ short-term maturity.

⁽²⁾  The fair value is based on quoted market prices.

⁽³⁾  Includes consumer loans receivable held for investment, held for sale and construction advances. The fair value of the loans held for investment is based on the discounted value of the remaining principal and interest cash flows. The fair value of the loans held for sale are estimated based on recent GSE mortgage backed bond prices. The fair value of the construction advances approximates book value and the sales price of these loans is estimated based on construction completed.

⁽⁴⁾  The fair values are based on changes in GSE mortgage backed bond prices, and additionally for IRLCs, pull through rates.

⁽⁵⁾  The fair value approximates book value based on current market rates and the revolving nature of the instruments.

⁽⁶⁾  The fair value is estimated using recent public transactions of similar asset-backed securities.

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):

	As of December 29, 2012
	Total		Level 1		Level 2		Level 3
Securities issued by the U.S Treasury and Government (1)	$	2,759	$	—	$	2,759	$	—
Mortgage-backed securities (1)		4,968		—		4,968		—
Securities issued by states and political subdivisions (1)		1,450		—		1,450		—
Corporate debt securities (1)		3,235		—		3,235		—
Marketable equity securities (1)		4,094		4,094		—		—
Interest rate lock commitment derivatives (2)		6		—		—		6
Forward loan sale commitment derivatives (2)		4		—		—		4

⁽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.

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):

	As of December 29, 2012
	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	42,451	$	42,451	$	—	$	—
Restricted cash		7,214		7,214		—		—
Loans held for investment		108,425		—		—		108,425
Loans held for sale		8,268		—		8,268		—
Loans held—construction advances		5,806		—		—		5,806
Inventory finance receivable		25,877		—		—		25,877
Securitized financings		84,274		—		84,274		—