Note 4 - Marketable Securities

9 Months Ended

Dec. 25, 2011

Marketable Securities [Text Block]

NOTE D – MARKETABLE SECURITIES

The Company determines the appropriate classification of marketable securities at the time of purchase and reassesses the appropriateness of the classification at each reporting date. At December 25, 2011 and March 27, 2011, all marketable securities held by the Company have been classified as available-for-sale and, as a result, are stated at fair value, based upon quoted market prices for similar assets as determined in active markets or model-derived valuations in which all significant inputs are observable for substantially the full-term of the asset, with unrealized gains and losses included as a component of accumulated other comprehensive income. Realized gains and losses on the sale of securities are determined on a specific identification basis.

The cost, gross unrealized gains, gross unrealized losses and fair market value for marketable securities, which consist entirely of municipal bonds that are classified as available-for-sale securities, are as follows (in thousands):

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
December 25, 2011	$	14,935	$	865	$	-	$	15,800
March 27, 2011	$	18,139	$	767	$	-	$	18,906

As of December 25, 2011 and March 27, 2011, none of the marketable securities held by the Company were in an unrealized loss position.

The municipal bonds held at December 25, 2011, mature at various dates between January 2012 and October 2019. The following represents the bond maturities by period (in thousands):

Fair value of Municipal Bonds	Total		Less than 1 Year		1 – 5 Years		5 – 10 Years		After 10 Years
December 25, 2011	$	15,800	$	2,011	$	10,198	$	3,591	$	-
March 27, 2011	$	18,906	$	3,126	$	10,183	$	5,597	$	-

The change in net unrealized (losses) on available-for-sale securities for the thirteen week periods ended December 25, 2011 and December 26, 2010 of $(27) and $(226), respectively, net of deferred income taxes, have been included as a component of comprehensive income. The change in net unrealized gains (losses) on available-for-sale securities for the thirty-nine -week periods ended December 25, 2011 and December 26, 2010 of $59 and $(108), respectively, net of deferred income taxes, have been included as a component of comprehensive income.