Note 10 - Fair Value

3 Months Ended

Aug. 31, 2012

Fair Value Disclosures [Text Block]

10.   FAIR VALUE

The Company uses a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

• Level 1—Quoted prices in active markets for identical assets or liabilities.

• Level 2—Observable inputs, other than quoted prices included in Level 1, such as quoted prices for markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

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

				Fair Value at Reporting Date Using
Description	August 31, 2012			Level 1		Level 2			Level 3
	(in thousands)			(in thousands)
Derivatives
Interest rate swaps (included in other liabilities)	$	(2,559	)	$	-	$	(2,559	)	$	-

				Fair Value at Reporting Date Using
Description	May 31, 2012			Level 1		Level 2			Level 3
Derivatives
Interest rate swaps (included in other liabilities)	$	(2,198	)	$	-	$	(2,198	)	$	-

The Level 2 inputs used to calculate fair value were interest rates, volatility and credit derivative markets.

Financial assets and liabilities

The fair values of the Notes and the Term Loan Facility are estimated to be $449.0 million and $610.4 million, respectively, at August 31, 2012 based on recent trades of these debt instruments.

The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable and other current liabilities approximate fair value because of their short-term nature.