Fair Value of Financial Assets and Liabilities

3 Months Ended

Jul. 31, 2012

Fair Value of Financial Assets and Liabilities [Abstract]

Fair Value of Financial Assets and Liabilities

3. Fair Value of Financial Assets and Liabilities

The following table summarizes the Company’s cash and cash equivalents as of July 31, 2012 and April 30, 2012:

(in thousands)	July 31, 2012		April 30, 2012
Demand deposit accounts	$	62,698	$	45,361
Money market funds		447		288
U.S. Treasury bills		5,000		7,499
Corporate bonds (U.S. Gov. guaranteed)		—		21,219
Total cash and cash equivalents	$	68,145	$	74,367

The following table summarizes the Company’s short-term investments as of July 31, 2012:

(in thousands)	Cost		Gross Unrealized Gains (Losses)			Fair Value
Available-for-sale securities:
Certificates of deposit (U.S. Gov. guaranteed)	$	7,354	$	(10	)	$	7,344
U.S. Treasury notes		49,153		(4	)		49,149
Corporate bonds (U.S. Gov. guaranteed)		18,175		(8	)		18,167
Total short-term investments	$	74,682	$	(22	)	$	74,660

All short-term investments have an original maturity date less than 12 months, at July 31, 2012

The following table summarizes the fair value of the Company’s financial assets and liabilities that were measured on a recurring basis as of July 31, 2012 and April 30, 2012:

	Fair Value Measurements at July 31, 2012								Fair Value Measurements at April 30, 2012
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	447	$	—	$	—	$	447	$	288	$	—	$	—	$	288
U.S. Treasury bills		5,000		—		—		5,000		7,499		—		—		7,499
Corporate bonds (U.S. Gov. guaranteed)		—		—		—		—		21,219		—		—		21,219
Total cash equivalents		5,447		—		—		5,447		29,006		—		—		29,006
Restricted cash		604		—		—		604		500		—		—		500
Short-term investments:
Certificates of deposit (U.S. Gov. guaranteed)		7,344		—		—		7,344		4,496		—		—		4,496
U.S. Treasury notes		49,149		—		—		49,149		28,099		—		—		28,099
Corporate bonds (U.S. Gov. guaranteed)		18,167		—		—		18,167		18,239		—		—		18,239
Total short-term investments		74,660		—		—		74,660		50,834		—		—		50,834
Total assets	$	80,711	$	—	$	—	$	80,711	$	80,340	$	—	$	—	$	80,340

The Company measures certain assets, including property and equipment, goodwill and intangible assets, at fair value on a nonrecurring basis. These assets are recognized at fair value when they are deemed to be other-than-temporarily impaired. During the three months ended July 31, 2012 and 2011, there were no fair value measurements of assets or liabilities measured at fair value on a nonrecurring basis subsequent to their initial recognition.