Fair Value Measurements

3 Months Ended

Jun. 30, 2011

Fair Value Measurement

Fair Value Measurements

(15) Fair Value Measurements

Liabilities measured at fair value on a recurring basis as of June 30, 2011 are summarized below:

				Quoted Prices
				In Active	Significant
				Markets	Other	Significant
				For Identical	Observable	Unobservable
				Liabilities	Inputs	Inputs
			Total	(Level 1)	(Level 2)	(Level 3)
Deferred compensation under
	executive employment agreements (1)		$ 614,381	-	-	614,381
Note (1)		Included in long term liabilities on our consolidated balance sheet as of June 30, 2011.

Liabilities measured at fair value on a recurring basis as of March 31, 2011 are summarized below:

				Quoted Prices
				In Active	Significant
				Markets	Other	Significant
				For Identical	Observable	Unobservable
				Liabilities	Inputs	Inputs
			Total	(Level 1)	(Level 2)	(Level 3)
Deferred compensation under
	executive employment agreements (1)		$ 1,316,372	-	-	1,316,372
Note (1)		$739,200 included in current liabilities and $577,172 included in long term liabilities on our consolidated balance sheet as of March 31, 2011.

Deferred compensation under executive employment agreements represents the future compensation potentially payable under the retirement and voluntary termination provisions of executive employment agreements.  The value of the Level 3 liability in the foregoing table was determined using a discounted cash flow model with a discount rate of 14 percent based on the expected cost of capital for the Company.    

A summary of the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) follows:

			Fair Value Measurements Using Significant
			June 30, 2011	June 30, 2010
			Deferred	Deferred
			Compensation	Compensation
			On Executive	On Executive
			Employment	Employment
			Agreements	Agreements
Balance at beginning of period			$ 1,316,372	1,155,416
	Transfers into of Level 3		-	-
	Transfers out of Level 3		-	-
	Total gains or losses (realized and unrealized):
		Included in earnings	37,209	11,064
		Included in other comprehensive income	-	-
	Purchases, sales, issuances, and settlements:
		Settlements	(739,200)	-
Balance at the end of period			$     614,381    $	1,166,480
Loss for the period included in earnings attributable
	to the Level 3 liability still held at the end of the period		$      37,209	11,064