Fair Value Disclosures

3 Months Ended

Jun. 30, 2011

Fair Value Disclosures

Fair Value Disclosures

Note 5. Fair Value Disclosures

We use a three-tier fair value hierarchy, which prioritizes the inputs used in measuring the fair value of our financial assets and liabilities as follows:

• Level 1 – quoted prices in active markets for identical securities;

• Level 2 – other significant observable inputs, including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.; and

• Level 3 – significant unobservable inputs, including our own assumptions in determining fair value.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Following are the disclosures related to our financial assets (in thousands):

	June 30, 2011				March 31, 2011
	Fair Value		Input Level		Fair Value		Input Level
Available-for-sale marketable securities
Municipal tax exempt bond funds	$	22,670		Level 1	$	22,556		Level 1

The fair value of our "available-for-sale" marketable securities is determined based on quoted market prices for identical securities on a quarterly basis.

Marketable securities, all of which were classified as "available-for-sale" at June 30, 2011 and March 31, 2011, consisted of the following (in thousands):

	June 30, 2011		March 31, 2011
Municipal tax exempt bond funds
Amortized cost	$	22,603	$	22,596
Gross unrecognized holding gains		67		—
Gross unrecognized holding losses		—		(40	)
Fair value	$	22,670	$	22,556