FAIR VALUE MEASUREMENTS

9 Months Ended

Jan. 28, 2012

FAIR VALUE MEASUREMENTS [Abstract]

Fair Value Disclosures [Text Block]

FAIR VALUE MEASUREMENTS

ASC No. 820, "Fair Value Measurements and Disclosures" defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants.

ASC No. 820 also specifies a fair value hierarchy based upon the observation of inputs in valuation techniques.  Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions.  In accordance with ASC No. 820, fair value measurements are classified under the following hierarchy:

· Level 1 — Quoted prices in active markets for identical assets and liabilities.

· Level 2 — Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

· Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities.  This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

Assets and liabilities recorded at fair value are valued using quoted market prices or under a market approach using other relevant information generated by market transactions involving identical or comparable instruments and included in a table below which summarizes the fair value of assets and liabilities as of January 28, 2012:

	Fair Value Measurement Used
	Recorded Value		Quoted prices in active markets for identical instruments		Quoted prices in active markets for similar instruments		Other unobservable inputs
			(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents (1)	$	76,811	$	76,811	$	—	$	—
Assets related to deferred compensation plan	3,876		—		3,876		—
Total assets at fair value	$	80,687	$	76,811	$	3,876	$	—
Liabilities:
Liabilities related to deferred compensation plan	$	2,740	$	2,740	$	—	$	—
Total liabilities at fair value	$	2,740	$	2,740	$	—	$	—

(1)Includes cash, money-market investments and certificates of deposit.

Fair Value of Other Financial Instruments. The carrying values of our short-term financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and short-term debt, approximate their fair values because of the short maturity of these instruments.