Fair Value Measurements (Tables)

6 Months Ended

Dec. 31, 2012

Assets Carried at Fair Value Measured on Recurring Basis

The following table summarizes the Company’s assets carried at fair value measured on a recurring basis at December 31, 2012 and June 30, 2012 by valuation hierarchy:


	December 31, 2012
	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	(In thousands)

Assets:
Cash equivalents	$	8,845	$	8,393	$	452	$	—
Marketable securities
Corporate bonds		5,061		3,395		1,666		—
Commercial paper		1,250		—		1,250		—


	$	15,156	$	11,788	$	3,368	$	—


	June 30, 2012
	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	(In thousands)

Assets:
Cash equivalents	$	4,292	$	4,042	$	250	$	—
Marketable securities
Corporate bonds		5,950		3,684		2,266		—
Commercial paper		3,046		—		3,046		—
Certificates of deposit		950		—		950		—


	$	14,238	$	7,726	$	6,512	$	—

Liabilities Measured at Fair Value on Recurring Basis

The reconciliation of the Company’s liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3) for the three and six month periods ended December 2012 and 2011 was as follows:


	Three Months Ended December 31,				Six Months Ended December 31,
	2012		2011		2012		2011
	(In thousands)

Balance at beginning of period	$	—	$	128	$	—	$	170
Change in fair value of derivative - other income		—		128		—		170


Balance at end of period	$	—	$	—	$	—	$	—

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References+ Details