FAIR VALUE MEASURMENT - Note 3

6 Months Ended

Sep. 30, 2012

Notes to Financial Statements

FAIR VALUE MEASURMENT - Note 3

3. FAIR VALUE MEASUREMENT

The following tables present the Company's fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at September 30, 2012 and March 31, 2012 (in thousands):

		Quoted Prices
		in Active
		Markets		Other		Significant
		for Identical		Observable		Unobservable		Balance at
		Assets		Inputs		Inputs		September 30,
		(Level 1)		(Level 2)		(Level 3)		2012
Cash equivalents:
Money market funds	$	14,370	$	-	$	-	$	14,370
Short-term investments:
Mutual funds (1)		-		2,009		-		2,009
Total	$	14,370	$	2,009	$	-	$	16,379

		Quoted Prices
		in Active
		Markets		Other		Significant
		for Identical		Observable		Unobservable		Balance at
		Assets		Inputs		Inputs		March 31,
		(Level 1)		(Level 2)		(Level 3)		2012
Cash equivalents:
Money market funds	$	14,366	$	-	$	-	$	14,366
Short-term investments:
Mutual funds (1)		-		1,942		-		1,942
Total	$	14,366	$	1,942	$	-	$	16,308

(1) The fair value of mutual funds is determined based on published net asset values. The Company uses such pricing data as the primary input to make its assessments and determinations as to the ultimate valuation of its investment portfolio.