NOTE G – MARKETABLE SECURITIES

The Company determines the appropriate classification of securities at the time of purchase and reassesses the appropriateness of the classification at each reporting date. As of September 27, 2015, the Company had sold all of its marketable securities that had been invested in municipal bonds and the proceeds are included in cash and cash equivalents. At March 29, 2015, all marketable securities held by the Company were classified as available-for-sale and, as a result, were stated at fair value (Note F), 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. Interest income is recorded when it is earned and deemed realizable by the Company.

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

September 27, 2015	$	-	$	-	$	-	$	-

March 29, 2015	$	7,019	$	72	$	-	$	7,091

As a result of the sale of all of the marketable securities, all prior unrealized gains have been realized and are included in net income and reclassified in determining other comprehensive income for the thirteen and twenty-six week periods ended September 27, 2015. The reclassification of unrealized gains for the thirteen and twenty-six week periods were $42,000 and $47,000, respectively, which were net of taxes of $22,000 and $25,000, respectively. The change in net unrealized losses on available-for-sale securities for the thirteen and twenty-six week periods ended September 28, 2014 of $32,000 and $64,000, respectively, which were net of deferred income tax benefit of $22,000 and $44,000, respectively, were included as a component of comprehensive income. As of March 29, 2015, accumulated other comprehensive income was comprised entirely of the net unrealized gains on available-for-sale securities.