Fair Value Measurements

9 Months Ended

Dec. 31, 2013

Fair Value Measurements [Abstract]

Fair Value Measurements

(14) Fair Value Measurements

Liabilities measured at fair value on a recurring basis as of December 31, 2013 are summarized below:

			Fair Value at Reporting Date Using
			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)	$	162,165		-		-	$	162,165
Note (1) Included in current liabilities on our consolidated condensed balance sheet as of December 31, 2013.

Liabilities measured at fair value on a recurring basis as of March 31, 2013 are summarized below:

			Fair Value at Reporting Date Using
			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)	$	627,412		-		-	$	627,412
Note (1) $524,000 included in current liabilities and $103,412 included in long term liabilities on our consolidated condensed balance sheet as of March 31, 2013.

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. The significant unobservable input used in the calculation is a discount rate of 14 percent, which is based on the expected cost of capital for the Company.  A 1 percent change in this discount rate would result in approximately a $2,000 change in the recorded value of the liability as of December 31, 2013. 

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
	Unobservable Inputs (Level 3)
	Deferred Compensation Under Executive Employment Agreements
	Quarter Ended December 31,				Nine Months Ended December 31,
	2013		2012		2013		2012
Balance at beginning of period	$	666,229	$	602,081	$	627,412	$	715,107
Transfers into Level 3		-		-		-		-
Transfers out of Level 3		-		-		-		-
Total gains or losses (realized and unrealized):
Included in earnings		19,936		12,840		58,753		51,821
Included in other comprehensive income		-		-		-		-
Settlements		(524,000)		-		(524,000)		(152,007)
Balance at the end of period	$	162,165	$	614,921	$	162,165	$	614,921
Loss for the quarter included in earnings attributable
to the Level 3 liability still held at the end of the period	$	19,936	$	12,840	$	58,753	$	51,821