Fair Value Measurement (Tables)

9 Months Ended

Oct. 31, 2015

Fair Value Measurement

Schedule of investment securities classified as held-to-maturity

As of October 31, 2015, the Company’s investment securities are classified as held-to-maturity since the Company has the intent and ability to hold the investments to maturity.  Such securities are carried at amortized cost plus accrued interest and consist of the following (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
Short-term:
Obligations of the U. S. Treasury (Level 1)	$	8,775	$	10	$	—	$	8,785
Obligations of states and municipalities (Level 2)	2,928		2		—		2,930
Bank certificates of deposit (Level 2)	22,439		—		—		22,439
	$	34,142	$	12	$	—	$	34,154
Long-term:
Obligations of the U. S. Treasury (Level 1)	20,001		15		—		20,016
Bank certificates of deposit (Level 2)	10,581		—		—		10,581
	$	30,582	$	15	$	—	$	30,597

As of January 31, 2015, the Company’s investment securities were classified as held-to-maturity and consisted of the following (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
Short-term:
Bank certificates of deposit (Level 2)	$	4,996	$	—	$	—	$	4,996
Obligations of states and municipalities (Level 2)	2,074		—		—		2,074
Obligations of the U. S. Treasury (Level 1)	8,780		9		—		8,789
	$	15,850	$	9	$	—	$	15,859
Long-term:
Obligations of the U. S. Treasury (Level 1)	$	7,543	$	24	$	—	$	7,567
Bank certificates of deposit (Level 2)	14,904		—		—		14,904
	$	22,447	$	24	$	—	$	22,471

Schedule of amortized cost and fair market value of investment securities by contractual maturity

The amortized cost and fair market value of investment securities as of October 31, 2015 by contractual maturity are as follows (in thousands):

	Amortized Cost		Fair Market Value
Mature in one year or less	$	34,142	$	34,154
Mature after one year through five years	30,582		30,597
	$	64,724	$	64,751

The amortized cost and fair market value of investment securities as of January 31, 2015 by contractual maturity were as follows (in thousands):

	Amortized Cost		Fair Market Value
Mature in one year or less	$	15,850	$	15,859
Mature after one year through five years	22,447		22,471
	$	38,297	$	38,330