Fair Value of Financial Assets and Liabilities

6 Months Ended

Oct. 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 October 31, 2012 and April 30, 2012:

(in thousands)	October 31, 2012		April 30, 2012
Demand deposit accounts	$	41,427	$	45,361
Money market funds		3,689		288
U.S. Treasury bills		—		7,499
Corporate bonds (U.S. Gov. guaranteed)		—		21,219
Total cash and cash equivalents	$	45,116	$	74,367

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

(in thousands)	Cost		Gross Unrealized Losses			Fair Value
Available-for-sale securities:
Certificates of deposit (U.S. Gov. guaranteed)	$	10,226	$	(8	)	$	10,218
Corporate bonds		23,395		(9	)		23,386
U.S. Treasury notes		62,814		(10	)		62,804
Total short-term investments	$	96,435	$	(27	)	$	96,408

The following table summarizes the Company’s short-term investments as of April 30, 2012:

	Year Ended April 30, 2012
	Gross Unrealized
(in thousands)	Cost		Gains (Losses)			Fair Value
Available-for-sale securities:
Certificates of deposit (U.S. Gov. guaranteed)	$	4,510	$	(14	)	$	4,496
U.S. Treasury notes		28,126		(28	)		28,099
Corporate bonds		18,245		(5	)		18,239
Total short-term investments	$	50,881	$	(47	)	$	50,834

All short-term investments have an original maturity date less than 12 months at October 31, 2012 and April 30, 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 October 31, 2012 and April 30, 2012:

	Fair Value Measurements at October 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	$	3,689	$	—	$	—	$	3,689	$	288	$	—	$	—	$	288
U.S. Treasury bills		—		—		—		—		7,499		—		—		7,499
Corporate bonds (U.S. Gov. guaranteed)		—		—		—		—		21,219		—		—		21,219
Total cash equivalents		3,689		—		—		3,689		29,006		—		—		29,006
Restricted cash		604		—		—		604		500		—		—		500
Short-term investments:
Certificates of deposit (U.S. Gov. guaranteed)		10,218		—		—		10,218		4,496		—		—		4,496
Corporate bonds		23,386		—		—		23,386		18,239		—		—		18,239
U.S. Treasury notes		62,804		—		—		62,804		28,099		—		—		28,099
Total short-term investments		96,408		—		—		96,408		50,834		—		—		50,834
Total assets	$	100,701	$	—	$	—	$	100,701	$	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 and six months ended October 31, 2012 and 2011, there were no non-recurring fair value measurements of assets or liabilities.