Fair Value Measurements

12 Months Ended

Sep. 30, 2012

Fair Value Measurements [Abstract]

Fair Value Measurements

3.Fair Value Measurements 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. A fair value hierarchy with three tiers has been established to prioritize the inputs to valuation techniques used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. Level 1 inputs include quoted prices in active markets for identical assets and liabilities. Level 2 inputs consist of observable inputs other than quoted prices in active markets or indirectly observable through corroboration with observable market data. Level 3 inputs are not observable in the market and include management’s own judgments about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances.  

As of September 30, 2012, the Company’s financial assets measured and recorded at fair value on a recurring basis were comprised of investments in trading securities, which are reported in other long-term assets. The investments are held in a Rabbi trust for benefits under the Company’s deferred compensation plan. Under the plan, participants designate investment options to serve as the basis for measurement of the notional value of their accounts. The investments include a money market fund and mutual funds that are publicly traded. The fair values of the shares or underlying securities of these funds are based on quoted market prices and, therefore, are categorized as Level 1 in the fair value hierarchy.  

Financial assets measured at fair value on a recurring basis are summarized below:

	Fair Value Measurements at September 30, 2012 Using
(Dollars in Thousands)		Quoted Prices in   Active Markets for   Identical Assets  (Level 1)		Significant Other  Observable Inputs  (Level 2)		Significant  Unobservable Inputs  (Level 3)
Asset Category
Cash equivalents	$	42	$	0	$	0
Mutual funds		2,368		0		0
Total financial assets at fair value	$	2,410	$	0	$	0

	Fair Value Measurements at September 30, 2011 Using
(Dollars in Thousands)		Quoted Prices in   Active Markets for   Identical Assets  (Level 1)		Significant Other  Observable Inputs  (Level 2)		Significant  Unobservable Inputs  (Level 3)
Asset Category
Cash equivalents	$	27	$	0	$	0
Mutual funds		1,752		0		0
Total financial assets at fair value	$	1,779	$	0	$	0

As of September 30, 2012, the carrying amount of the Company’s long-term debt approximated fair value as the stated interest rates were variable in relation to prevailing market rates.