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Fair Value Measurements (Tables)

12 Months Ended

Mar. 30, 2013

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):



	March 30, 2013						March 31, 2012
	Book Value			Estimated Fair Value			Book Value		Estimated Fair Value
Cash and cash equivalents (1)	$	47,823		$	47,823		$	41,094	$	41,094
Restricted cash (1)	7,952			7,952			6,784		6,784
Investments (2)	17,698			17,698			14,202		14,202
Consumer loans receivable (3)	110,990			115,044			119,299		122,620
Interest rate lock commitment derivatives (4)	28			28			11		11
Forward loan sale commitment derivatives (4)	(3		)	(3		)	7		7
Inventory finance receivable (5)	22,950			22,950			24,681		24,681
Construction lending line (5)	—			—			4,550		4,550
Securitized financings (6)	82,287			90,895			91,475		94,765
Mortgage servicing rights (7)	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):



	March 30, 2013
	Total			Level 1		Level 2		Level 3
Securities issued by the U.S Treasury and Government (1)	$	2,687		$	—	$	2,687	$	—
Mortgage-backed securities (1)	5,139			—		5,139		—
Securities issued by states and political subdivisions (1)	1,713			—		1,713		—
Corporate debt securities (1)	2,836			—		2,836		—
Marketable equity securities (1)	5,323			5,323		—		—
Interest rate lock commitment derivatives (2)	28			—		—		28
Forward loan sale commitment derivatives (2)	(3		)	—		—		(3		)
Mortgage servicing rights (3)	335			—		—		335


(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):



	March 30, 2013
	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	47,823	$	47,823	$	—	$	—
Restricted cash	7,952		7,952		—		—
Loans held for investment	103,487		—		—		103,487
Loans held for sale	7,960		—		7,960		—
Loans held—construction advances	3,597		—		—		3,597
Inventory finance receivable	22,950		—		—		22,950
Securitized financings	90,895		—		90,895		—

Assumptions for Mortgage Servicing Rights



	March 30, 2013			March 31, 2012
	(Dollars in thousands)
Serviced portfolio with MSRs	$	249,378		$	159,063
Number of loans serviced with MSRs	2,106			1,327
Capitalized loans servicing portfolio	$	335		$	—
Capitalized servicing rate (basis points)	13.43			—
Capitalized servicing multiple	39		%	—		%
Weighted average servicing fee (basis points)	34.59			33.65

Activity in Capitalized Mortgage Servicing Rights



	March 30, 2013			March 31, 2012
	(Dollars in thousands)
Serviced portfolio with MSRs	$	249,378		$	159,063
Number of loans serviced with MSRs	2,106			1,327
Capitalized loans servicing portfolio	$	335		$	—
Capitalized servicing rate (basis points)	13.43			—
Capitalized servicing multiple	39		%	—		%
Weighted average servicing fee (basis points)	34.59			33.65

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References+ Details

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 18

-Subparagraph c(2), d, e, f

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15

-Subparagraph b-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

-Subparagraph a, b, c(1), d(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-Subparagraph a, c(1), c(2), c(3), d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

+ Details

- Definition

Tabular disclosure of the activity in the balance of servicing assets (including a description of where changes in fair value are reported in the statement of income for each period for which results of operations are presented), including but not limited to, the following: beginning and ending balances, additions (for instance, through purchases of servicing assets), disposals, changes in fair value during the period resulting from changes in inputs or assumptions used in the valuation model, other changes in fair value along with a description of those changes, and other changes that affect the balance along with a description of those changes.

+ References+ Details