Fair Value Measurements

3 Months Ended

Jul. 31, 2012

Fair Value Measurements [Abstract]

Fair Value Measurements

NOTE K—FAIR VALUE MEASUREMENTS

The Company utilizes the hierarchy of fair value measurements to classify certain of its assets and liabilities based upon the following definitions:

Level 1- Investments with quoted prices in active markets for identical assets or liabilities. The Company’s cash equivalents are invested in money market funds, mutual funds and United States Treasury instruments. The Company’s mutual fund investment assets represent contributions made and invested on behalf of the Company’s named executive officers in a supplementary employee retirement plan.

Level 2- Investments with observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company has no Level 2 assets or liabilities.

Level 3- Investments with unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company has no Level 3 assets or liabilities.

The following table summarizes the fair values of assets that are recorded in the Company’s unaudited condensed consolidated financial statements as of July 31, 2012 and April 30, 2012 at fair value on a recurring basis (in thousands):

	Fair Value Measurements
	As of July 31, 2012
		Level 1		Level 2		Level 3
ASSETS:
Money market funds	$	45,938	$	$ - -	$	$ - -
Mutual funds		1,301		- -		- -
Total assets at fair value	$	47,239	$	0	$	0
	As of April 30, 2012
		Level 1		Level 2		Level 3
ASSETS:
Money market funds	$	38,874	$	$ - -	$	$ - -
Mutual funds		1,357		- -		- -
Total assets at fair value	$	40,231	$	0	$	0