Leases

12 Months Ended

Mar. 31, 2012

Leases [Abstract]

LEASES

12.    LEASES

The Company conducts all of its operations from a leased facility, which lease expires in fiscal 2020. In addition, the Company leases various office equipment under operating leases, which expire at various dates through fiscal 2015. All operating leases may include renewals and escalations.

The following is a summary of net rent expense under operating leases for the years ended March 31, 2012, 2011 and 2010:

	Minimum Rentals		Amortization of Deferred Gain(a)			Net Rent Expense
2012	$	1,097	$	—		$	1,097
2011	$	1,136	$	—		$	1,136
2010	$	1,895	$	(718	)	$	1,177

(a) In fiscal 2008, the Company completed the transaction for the sale of its headquarters facility and plant in Union, New Jersey. The sale agreement and amended lease agreement permitted the Company to lease the facility through May 1, 2010, pending the Company’s relocation to a new site. The lease had been accounted for as an operating lease. The transaction resulted in a realized pre-tax gain, net of sale expenses, of approximately $6,800, and a deferred gain of approximately $1,700. The deferred gain represented the present value of the minimum lease payments over the term of the lease.

At March 31, 2012, the Company and its subsidiaries have minimum rental commitments under non-cancelable operating leases as follows:

2013	$	1,076
2014		1,045
2015		1,034
2016		924
2017		924
Thereafter		2,541
Total	$	7,544