NOTE E – 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 December 28, 2014 and March 30, 2014, all marketable securities held by the Company have been classified as available-for-sale and, as a result, are stated at fair value (Note D), 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. Interest income is recorded when it is earned and deemed realizable by the Company.

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
December 28, 2014	$	6,718	$	101	$	-	$	6,819

March 30, 2014	$	10,947	$	240	$	-	$	11,187

The municipal bonds held at December 28, 2014, mature at various dates between February 2015 and April 2017. 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

December 28, 2014	$	6,819	$	4,463	$	2,356	$	-	$	-

The net unrealized losses on available-for-sale securities for the thirteen-week periods ended December 28, 2014 and December 29, 2013 of $19,000 and $33,000, respectively, net of deferred income tax benefit, of $12,000 and $21,000, respectively, have been included as a component of comprehensive income. The net unrealized losses on available-for-sale securities for the thirty-nine week periods ended December 28, 2014 and December 29, 2013 of $83,000 and $140,000, respectively, net of deferred income tax benefit, of $56,000 and $92,000, respectively, have been included as a component of comprehensive income. Accumulated other comprehensive income is comprised entirely of the net unrealized gains on available-for-sale securities as of December 28, 2014 and March 30, 2014.