Fair Value Disclosures

9 Months Ended

Dec. 31, 2012

Fair Value Disclosures [Abstract]

Fair Value Disclosures

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 – quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose significant inputs are observable; 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 (dollars in thousands):

	December 31, 2012			March 31, 2012
	Fair Value		Input Level	Fair Value		Input Level
Available-for-sale marketable securities
Municipal tax exempt bond funds	$	—		$	22,227	Level 1
Adjustable rate government funds	$	21,483	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. There were no changes to our valuation methodologies during the first nine months of Fiscal 2013.

Marketable securities, all of which were classified as “available-for-sale” at December 31, 2012 and March 31, 2012, consisted of the following (dollars in thousands):

	December 31, 2012			March 31, 2012
Available-for-sale marketable securities
Amortized cost	$	21,491		$	22,101
Gross unrecognized holding gains	—			126
Gross unrecognized holding losses	(8		)	—
Fair value	$	21,483		$	22,227