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Note 4 – Marketable Securities
 3 Months Ended
Jun. 26, 2011
Marketable Securities [Text Block]
NOTE D – MARKETABLE SECURITIES

The Company determines the appropriate classification of securities at the time of purchase and reassesses the appropriateness of the classification at each reporting date. At June 26, 2011 and March 27, 2011, all marketable securities held by the Company have been classified as available-for-sale and, as a result, are stated at fair value, based upon quoted market prices for similar assets as determined in active markets or model-derived valuations in which all significant inputs are observable for substantially the full-term of the asset, with unrealized gains and losses included as a component of accumulated other comprehensive income. Realized gains and losses on the sale of securities are determined on a specific identification basis.

The cost, gross unrealized gains, gross unrealized losses and fair market value for marketable securities, which consist entirely of municipal bonds that are classified as available-for-sale securities, are as follows (in thousands):

   
 
Cost
   
Gross
Unrealized
Gains
   
Gross
Unrealized
Losses
   
Fair
Market
Value
 
June 26, 2011
  $ 18,084     $ 870     $ -     $ 18,954  
                                 
March 27, 2011
  $ 18,139     $ 767     $ -     $ 18,906  

As of June 26, 2011 and March 27, 2011, none of the securities held by the Company were in an unrealized loss position.

The municipal bonds held at June 26, 2011, mature at various dates between July 2011 and October 2019. The following represents the bond maturities by period (in thousands):

 
 
Fair value of Municipal Bonds
 
 
Total
   
Less than
1 Year
   
 
1 – 5 Years
   
 
5 – 10 Years
   
After
10 Years
 
                               
June 26, 2011
  $ 18,954     $ 4,128     $ 11,291     $ 3,535     $ -  
                                         
March 27, 2011
  $ 18,906     $ 3,126     $ 10,183     $ 5,597     $ -  

The change in net unrealized losses on available-for-sale securities for the thirteen-week periods ended June 26, 2011 and June 27, 2010 of $62 and $50, respectively, which are net of deferred income taxes, have been included as a component of comprehensive income. (See Note L.)