Fair Value Measurments

12 Months Ended

Oct. 31, 2011

Fair Value Measurments [Abstract]

Fair Value Measurments

7.  Fair Value Measurments (in thousands):

The accounting guidance for fair value measurements and disclosures provides a single definition of fair value and requires enhanced disclosures about assets and liabilities measured at fair value.  A hierarchal framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value is established by this guidance.  The three levels in the hierarchy are as follows:

Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reporting date.  The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices.

Level 2 - Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reporting date.  The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts, or priced with discounted cash flow or option pricing models using highly observable inputs.

Level 3 - Significant inputs to pricing have little or no observability as of the reporting date.  The types of assets and liabilities included in Level 3 are those valued with models requiring significant management judgment or estimation.

The following table presents for each of the hierarchy levels, the Company's assets that are carried at fair value and measured on a recurring basis at October 31, 2011 and 2010:

			Fair Value Measurements at October 31, 2011 Using
	Total Carrying Value atOctober 31, 2011		Quoted Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Investments:
Municipal Bonds	$	24,918	$	-	$	24,918	$	-
Commercial Paper		5,977		-		5,977		-
Corporate Notes/Bonds		17,643		-		17,643		-
Total investments	$	48,538	$	-	$	48,538	$	-

			Fair Value Measurements at October 31, 2010 Using
	Total Carrying Value atOctober 31, 2010		Quoted Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Investments:
Municipal Bonds	$	30,856	$	-	$	30,856	$	-
Commercial Paper		1,997		-		1,997		-
Corporate Bonds		15,119		-		15,119		-
Treasuries and Agencies		1,001		-		1,001		-
Total investments	$	48,973	$	-	$	48,973	$	-

We utilize a pricing service to estimate fair value measurements for our short- and long-term investments.  The pricing service utilizes market quotations for fixed maturity securities that have quoted prices in active markets. Since fixed maturities other than U.S. Treasury securities generally do not trade on a daily basis, the pricing service prepares estimates of fair value measurements for these securities using its proprietary pricing applications which include available relevant market information, benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing.

The fair value estimates provided by the pricing service for our investments are based on observable market information rather than market quotes.  Accordingly, the estimates of fair value for our investments were determined based on Level 2 inputs at October 31, 2011 and 2010.