Marketable Securities and Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2014

Marketable Securities by Balance Sheet Classification

The Company’s marketable securities at March 31, 2014 and 2013 are classified on the balance sheet as follows (in thousands):

	March 31,
	2014		2013
	(in $000’s)
Short-term marketable securities	$	55,663	$	67,256
Long-term marketable securities		41,761		11,406
	$	97,424	$	78,662

Marketable Securities

The Company’s marketable securities at March 31, 2014 and 2013 are invested in the following (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in $000’s)
At March 31, 2014:
US Treasury securities	$	31,487	$	—	$	—		$	31,487
Short-term government-backed securities		24,174		6		(4	)		24,176
Long-term government-backed securities		41,779		8		(26	)		41,761
	$	97,440	$	14	$	(30	)	$	97,424

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in $000’s)
At March 31, 2013:
US Treasury securities	$	59,020	$	—	$	—		$	59,020
Short-term government-backed securities		8,235		1		—			8,236
Long-term government-backed securities		11,405		3		(2	)		11,406
	$	78,660	$	4	$	(2	)	$	78,662

Financial Instruments Recorded at Fair Value

The following table presents the Company’s fair value hierarchy for its financial instruments measured at fair value as of March 31, 2014 and 2013:

	Level 1		Level 2		Level 3		Total
	(in $000’s)
At March 31, 2014:
U.S. Treasury securities	$	—	$	31,487	$	—	$	31,487
Short-term government-backed securities		—		24,176		—		24,176
Long-term government-backed securities		—		41,761		—		41,761
	$	—	$	97,424	$	—	$	97,424

	Level 1		Level 2		Level 3		Total
	(in$000’s)
At March 31, 2013:
U.S. Treasury securities	$	—	$	59,020	$	—	$	59,020
Short-term government-backed securities		—		8,236		—		8,236
Long-term government-backed securities		—		11,406		—		11,406
	$	—	$	78,662	$	—	$	78,662