Fair Value Measurements

3 Months Ended

Jun. 30, 2012

Fair Value Measurements [Abstract]

Fair Value Measurements

NOTE 4 – FAIR VALUE MEASUREMENTS

The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.Fair value is 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. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market, income or cost approach are used to measure fair value.

The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels:

·Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities the Company have the ability to access.

·Level 2 - Inputs are inputs (other than quoted prices included within Level 1) that are observable for the asset or liability, either directly or indirectly.

·Level 3 - Inputs include unobservable inputs for the asset or liability and rely on management's own assumptions about the assumptions that market participants would use in pricing the asset or liability.

(The unobservable inputs should be developed based on the best information available in the circumstances and may include the Company’s own data.)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.The following table presents the Company's fair value hierarchy for those financial assets and liabilities measured at fair value as of June 30, 2012:

Fair Value Measurements on Recurring Basis
		Total		Level 1		Level 2		Level 3
Assets:
Securities owned at fair value
Mutual funds (1)	$	232,592	$	232,592	$	-	$	-
Equities		-		-		-		-
Asset backed securities		2,607				2,607
Total assets	$	235,199	$	232,592	$	2,607	$	-
Liabilities:
Securities sold, not yet purchasedat fair value
Mutual funds	$	11,705	$	11,705	$	-	$	-
Equities
Asset backed securities		-		-		-		-
Total Liabilities	$	11,705	$	11,705	$	-	$	-

(1)The asset mutual funds has a mutual fund with a fair value of $11,499 included in the non-qualified deferred compensation investment.

The following table presents the Company's fair value hierarchy for those financial assets and liabilities measured at fair value as of March 31, 2012:

Fair Value Measurements on Recurring Basis
		Total		Level 1		Level 2		Level 3
Assets:
Securities owned at fair value
Mutual funds	$	227,987	$	227,987	$	-	$	-
Equities		4,796		4,796		-		-
Asset backed securities		2,671				2,671
Total assets	$	235,454	$	232,783	$	2,671	$	-
Liabilities:
Securities sold, not yet purchasedat fair value
Mutual funds	$	286	$	286	$	-	$	-
Asset backed securities		7,900		7,900		-		-
Total Liabilities	$	8,186	$	8,186	$	-	$	-