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Note 8 - Fair Value Measurements
 6 Months Ended
Dec. 31, 2012
Fair Value Disclosures [Text Block]
8.            Fair Value Measurements

ASC 820-10 Fair Value Measurements and Disclosure defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. This standard establishes a three-level hierarchy for fair value measurements based upon the significant inputs used to determine fair value. Observable inputs are those which are obtained from market participants external to us while unobservable inputs are generally developed internally, utilizing management’s estimates assumptions, and specific knowledge of the nature of the assets or liabilities and related markets. The three levels are defined as follows:

Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 – Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs).

Level 3 – Unobservable inputs, only used to the extent that observable inputs are not available, reflect our assumptions about the pricing of an asset or liability.

In accordance with the fair value hierarchy described above, the following table shows the fair value of our financial assets and liabilities that are required to be measured at fair value as of December 31, 2012 and June 30, 2012.

               
Level 1
   
Level 2
   
Level 3
 
     Balance at December 31,2012     Balance at June 30, 2012      Balance at December 31,2012     Balance at June 30, 2012      Balance at December 31,2012     Balance at June 30, 2012      Balance at December 31,2012     Balance at June 30, 2012  
Foreign
currency
derivatives
    106       8       ---       ---       106       8       ---       ---  
                                                                 
Fuel derivatives
    218       (59 )     ---       ---       218       (59 )     ---       ---