Fair Value Measurements

9 Months Ended

Mar. 31, 2012

Fair Value Disclosures [Text Block]

Note 8. Fair Value Measurements

Fair value measurement disclosures utilize a valuation hierarchy for determining the grouping of the inputs used. This hierarchy prioritizes the inputs into three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on management’s assumptions used to measure assets and liabilities at fair value. The classification of financial assets and liabilities within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

When available, the Company uses quoted market prices to determine the fair value of its assets and liabilities included in Level 1. When quoted market prices are unobservable, the Company uses quotes from independent pricing vendors based on recent trading activity and other relevant information. The carrying value of other financial instruments, including cash, accounts receivable, accounts payable and accrued liabilities, approximates fair value due to their short maturities.

The following tables provide the assets and liabilities carried at fair value measured on a recurring basis as of March 31, 2012 and June 30, 2011:

Assets Measured at Fair Value:

			Fair value measurements at March 31, 2012
	Total carrying value at March 31, 2012		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Money market funds	$	19,930	$	19,930	$	—	$	—
Trading securities		818		818		—		—
Foreign currency hedge		78		78		—		—
Total	$	20,826	$	20,826	$	—	$	—

Assets and Liabilities Measured at Fair Value:

				Fair value measurements at June 30, 2011
	Total carrying value at June 30, 2011			Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)
Money market funds	$	19,930		$	19,930	$	—		$	—
Trading securities		980			980		—			—
Foreign currency hedge		(82	)		—		(82	)		—
Total	$	20,828		$	20,910	$	(82	)	$	—