View Filing Data

$ 88,693,000

$ 98,354,000

ALAMO GROUP INC. [Member]

^[1]

$ 479,775,000

$ 489,273,000

^[2],[3]

Seguin, Texas

^[2],[3]

Tractor-mounted mowing and mobile excavation equipment for governmental, industrial and agricultural markets; street-sweeping equipment for municipalities.

^[2],[3],[4]

22.00%

^[2],[3],[5]

2,832,300 shares common stock (acquired 4-1-73 thru 5-09-11)

2,830,300 shares common stock (acquired 4-1-73 thru 5-25-07)

^[2],[3]

$ 2,191,000

ATLANTIC CAPITAL BANCSHARES, INC. [Member]

^[1],[2],[3]

$ 61,602,000

$ 62,267,000

Atlanta, Georgia

Holding company of Atlantic Capital Bank, a full service commercial bank.

^[4]

1.90%

^[5]

300,000 shares common stock (acquired 4-10-07)

$ 3,000,000

^[1]

$ 2,068,000

$ 2,257,000

BALCO, INC. [Member]

^[2]

Wichita, Kansas

^[2]

Specialty architectural products used in the construction and remodeling of commercial and institutional buildings.

^[2],[4]

90.90%

^[2],[5]

445,000 shares common stock and 60,920 shares Class B non-voting common stock (acquired 10-25-83 and 5-30-02)

^[2]

$ 625,000

BOXX TECHNOLOGIES, INC. [Member]

^[1],[2]

$ 4,100,000

$ 5,200,000

^[6]

Austin, Texas

^[6]

Workstations for computer graphic imaging and design.

^[4],[6]

14.90%

^[5],[6]

3,125,354 shares Series B Convertible Preferred Stock, convertible into 3,125,354 shares of common stock at 0.50 per share (acquired 8-20-99 thru 8-8-01)

^[6]

$ 1,500,000

CINATRA CLEAN TECHNOLOGIES, INC. [Member]

^[1],[6]

$ 378,000

$ 2

Houston, Texas

Cleans above ground oil storage tanks with a patented, automated system.

^[4]

73.40%

68.80%

$ 13,564,000

$ 10,125,000

CINATRA CLEAN TECHNOLOGIES, INC. [Member] | Investment Type 1 [Member]

^[1]

$ 7,371,000

$ 10,125,000

^[5]

12 subordinated secured promissory note, due 2015 (acquired 5-19-10 thru 10-20-10)

12 subordinated secured promissory note, due 2012 (acquired 5-19-10 thru 10-20-10)

$ 779,278,000

$ 891,000

CINATRA CLEAN TECHNOLOGIES, INC. [Member] | Investment Type 2 [Member]

^[1]

$ 545,000

$ 891,000

^[5]

12 subordinated secured promissory note, due 2016 (acquired 5-9-11 thru 10-26-11)

10 subordinated secured promissory note, due 2013 (acquired 7-14-08 thru 4-28-10)

$ 2,286,000

$ 6,201,000

CINATRA CLEAN TECHNOLOGIES, INC. [Member] | Investment Type 3 [Member]

^[1]

$ 1,599,000

$ 6,201,000

^[5]

12 subordinated secured promissory note, due 2016 (acquired 9-9-11 and 10-26-11)

3,033,410 shares Series A Convertible Preferred Stock, convertible into 3,033,410 shares common stock at 1.00 per share (acquired 7-14-08 thru 11-18-10)

$ 1,265,000

$ 3,033,000

CINATRA CLEAN TECHNOLOGIES, INC. [Member] | Investment Type 4 [Member]

^[1]

$ 885,000

$ 3,033,000

^[5]

10 subordinated secured promissory note, due 2016 (acquired 7-14-08 thru 4-28-10)

$ 6,201,000

CINATRA CLEAN TECHNOLOGIES, INC. [Member] | Investment Type 5 [Member]

^[1]

$ 4,340,000

^[5]

3,033,410 shares Series A Convertible Preferred Stock, convertible into 3,033,410 shares common stock at 1.00 per share (acquired 7-14-08 thru 11-18-10)

$ 3,033,000

CINATRA CLEAN TECHNOLOGIES, INC. [Member] | Investment Type 6 [Member]

^[1]

$ 1

^[5]

Warrants to purchase 1,269,833 shares of common stock at 1.00 per share, expiring 2021 (acquired 5-9-11 thru 8-31-11)

$ 0

ENCORE WIRE CORPORATION [Member]

^[1]

$ 0

^[3],[6]

McKinney, Texas

^[3],[6]

Electric wire and cable for residential, commercial and industrial construction use.

^[3],[4],[6]

16.90%

^[3],[5],[6]

4,086,750 shares common stock (acquired 7-16-92 thru 10-7-98)

^[3],[6]

$ 5,800,000

EXTREME INTERNATIONAL, INC. [Member]

^[1],[3],[6]

$ 95,017,000

$ 81,735,000

Sugar Land, Texas

Owns Bill Young Productions, Texas Video and Post, and Extreme and television commercials and corporate communications videos.

^[4]

53.60%

$ 3,326,000

EXTREME INTERNATIONAL, INC. [Member] | Investment Type 1 [Member]

^[1]

$ 9,882,000

$ 11,603,000

^[5]

13,035 shares Series A Common Stock (acquired 9-26-08 and 12-18-08)

$ 326,000

EXTREME INTERNATIONAL, INC. [Member] | Investment Type 2 [Member]

^[1]

$ 695,000

$ 815,000

^[5]

39,359.18 shares Series C Convertible Preferred Stock, convertible into 157,437.72 shares of common stock at 25.00 per share (acquired 9-30-03)

$ 2,625,000

EXTREME INTERNATIONAL, INC. [Member] | Investment Type 3 [Member]

^[1]

$ 8,388,000

$ 9,850,000

^[5]

3,750 shares 8 Series A Convertible Preferred Stock, convertible into 15,000 shares of common stock at 25.00 per share (acquired 9-30-03)

$ 375,000

^[1]

$ 799,000

$ 938,000

HEELYS, INC. [Member]

^[2],[3]

Carrollton, Texas

^[2],[3]

Heelys stealth skate shoes, equipment and apparel sold through sporting goods chains, department stores and footwear retailers.

^[2],[3],[4]

31.10%

31.60%

^[2],[3],[5]

9,317,310 shares common stock (acquired 5-26-00)

^[2],[3]

$ 102,000

^[1],[2],[3]

$ 15,261,000

$ 19,194,000

HOLOGIC, INC. [Member]

^[3]

Bedford, Massachusetts

^[3]

Medical instruments including bone densitometers, mammography devices and digital radiography systems.

Equity, description

^[3]

< 1

^[4]

^[3],[5],[7]

632,820 shares common stock (acquired 8-27-99)

^[3]

$ 220,000

^[1],[3]

$ 11,074,000

$ 14,042,000

iMEMORIES, INC. [Member]

Scottsdale, Arizona

Enables online video and photo sharing and DVD creation for home movies recorded in analog and new digital format.

^[4]

25.30%

27.20%

$ 5,078,000

$ 5,000,000

iMEMORIES, INC. [Member] | Investment Type 1 [Member]

^[1]

$ 5,078,000

$ 5,000,000

^[5]

17,391,304 shares Series B Convertible Preferred Stock, convertible into 19,891,304 shares of common stock at 0.23 per share (acquired 7-10-09)

10 convertible promissory note, due 2012 (acquired 9-13-10)

$ 4,000,000

$ 1,000,000

iMEMORIES, INC. [Member] | Investment Type 2 [Member]

^[1]

$ 4,000,000

$ 1,000,000

^[5]

4,684,967 shares Series C Convertible Preferred Stock, convertible into 4,684,967 shares of common stock at 0.23 per share (acquired 7-20-11)

17,391,304 shares Series B Convertible Preferred Stock, convertible into 17,391,304 shares of common stock at 0.23 per share (acquired 7-10-09)

$ 1,078,000

$ 4,000,000

iMEMORIES, INC. [Member] | Investment Type 3 [Member]

^[1]

$ 1,078,000

$ 4,000,000

^[5]

Warrants to purchase 2,500,000 shares of common stock at 0.12 per share, expiring 2020 (acquired 9-13-10 thru 1-21-11)

Warrant to purchase 968,750 shares of common stock at 0.12 per share, expiring 2020 (acquired 9-13-10)

$ 0

INSTAWARES HOLDING COMPANY, LLC [Member]

^[1]

$ 0

Atlanta, Georgia

Provides services to the restaurant industry via its five subsidiary companies.

^[4]

4.40%

^[5]

3,846,154 Class D shares (acquired 5-20-11)

$ 5,000,000

KBI BIOPHARMA, INC. [Member]

^[1]

$ 5,000,000

Durham, North Carolina

Provides fully-integrated, outsourced drug development and bio-manufacturing services.

^[4]

17.10%

^[5]

7,142,857 shares Series B-2 Convertible Preferred Stock, convertible into 10,204,082 shares of common stock at 0.49 per share (acquired 9-08-09)

$ 5,000,000

MEDIA RECOVERY, INC. [Member]

^[1]

$ 1,900,000

$ 4,200,000

^[2]

Dallas, Texas

^[2]

Computer datacenter and office automation supplies and accessories; impact, tilt monitoring and temperature sensing devices to detect mishandling shipments; dunnage for protecting shipments.

^[2],[4]

97.90%

97.50%

^[2]

$ 5,415,000

MEDIA RECOVERY, INC. [Member] | Investment Type 1 [Member]

^[1],[2]

$ 18,600,000

$ 18,100,000

^[2],[5]

800,000 shares Series A Convertible Preferred Stock, convertible into 800,000 shares of common stock at 1.00 per share (acquired 11-4-97)

^[2]

$ 800,000

MEDIA RECOVERY, INC. [Member] | Investment Type 2 [Member]

^[1],[2]

$ 3,100,000

$ 3,000,000

^[2],[5]

4,000,002 shares common stock (acquired 11-4-97)

^[2]

$ 4,615,000

^[1],[2]

$ 15,500,000

$ 15,100,000

PALLETONE, INC. [Member]

^[6]

Bartow, Florida

^[6]

Manufacturer of wooden pallets and pressure-treated lumber.

^[4],[6]

7.70%

8.40%

^[6]

$ 1,703,000

$ 1,749,000

PALLETONE, INC. [Member] | Investment Type 1 [Member]

^[1],[6]

$ 2,000,000

$ 1,600,000

^[5],[6]

12.3 senior subordinated notes, 2,000,000 principal due 2015 (acquired 9-25-06)

^[6]

$ 1,553,000

PALLETONE, INC. [Member] | Investment Type 2 [Member]

^[1],[6]

$ 2,000,000

$ 1,600,000

^[5],[6]

150,000 shares common stock (acquired 10-18-01)

^[6]

$ 150,000

PALLETONE, INC. [Member] | Investment Type 3 [Member]

^[1],[6]

$ 2

^[5],[6]

Warrant to purchase 15,294 shares of common stock at 1.00 per share, expiring 2011 (acquired 2-17-06)

^[6]

$ 45,746

THE RECTORSEAL CORPORATION [Member]

^[1],[6]

$ 0

^[2]

Houston, Texas

^[2]

Specialty chemicals for plumbing, HVAC, electrical, construction, industrial, oil field and automotive applications; smoke containment systems for building fires; also owns 20 of The Whitmore Manufacturing Company.

^[2],[4]

100.00%

^[2],[5]

27,907 shares common stock (acquired 1-5-73 and 3-31-73)

^[2]

$ 53,000

TCI HOLDINGS, INC. [Member]

^[1],[2]

$ 153,700,000

$ 144,700,000

Denver, Colorado

Cable television systems and microwave relay systems.

^[4]

0.00%

^[5]

21 shares 12 Series C Cumulative Compounding Preferred Stock (acquired 1-30-90)

21 shares 12% Series C Cumulative Compounding Preferred Stock (acquired 1-30-90)

$ 0

TRAX HOLDINGS, INC. [Member]

^[1]

$ 811,000

$ 841,000

Scottsdale, Arizona

Provides a comprehensive set of solutions to improve the transportation validation, accounting, payment and information management process.

^[4]

26.20%

30.70%

^[5]

1,061,279 shares Series A Convertible Preferred Stock, convertible into 1,077,203 common stock at 4.64 per share (acquired 12-8-08 and 2-17-09)

$ 8,200,000

$ 5,000,000

TRAX HOLDINGS, INC. [Member] | Investment Type 1 [Member]

^[1]

$ 9,000,000

$ 5,758,000

^[5]

18 convertible promissory note, 3,200,000 principal due 2012 (acquired 4-6-11 thru 11-10-11)

$ 3,200,000

TRAX HOLDINGS, INC. [Member] | Investment Type 2 [Member]

^[1]

$ 3,200,000

^[5]

1,061,279 shares Series A Convertible Preferred Stock, convertible into 1,061,279 common stock at 4.64 per share (acquired 12-8-08 and 2-17-09)

$ 5,000,000

VIA HOLDINGS, INC. [Member]

^[1]

$ 5,800,000

Sparks, Nevada

Designer, manufacturer and distributor of high-quality office seating.

^[4]

3.20%

28.10%

^[5]

12,686 shares common stock (acquired 3-4-11 and 3-25-11)

$ 4,926,000

^[1]

$ 2

$ 4

WELLOGIX, INC. [Member]

^[6]

Houston, Texas

^[6]

Developer and supporter of software used by the oil and gas industry.

^[4],[6]

19.10%

19.20%

^[5],[6]

4,788,371 shares Series A-1 Convertible Participating Preferred Stock, convertible into 4,788,371 shares of common stock at 1.0441 per share (acquired 8-19-05 thru 6-15-08)

^[6]

$ 5,000,000

THE WHITMORE MANUFACTURING COMPANY [Member]

^[1],[6]

$ 25,000

$ 2

^[2]

Rockwall, Texas

^[2]

Specialized surface mining, railroad and industrial lubricants; coatings for automobiles and primary metals; fluid contamination control devices.

^[2],[4]

80.00%

^[2],[5]

80 shares common stock (acquired 8-31-79)

^[2]

$ 1,600,000

ALL COMPONENTS, INC. [Member]

^[1],[2]

$ 61,000,000

$ 55,600,000

Pflugerville, Texas

Electronics contract manufacturing; distribution and production of memory and other components for computer manufacturers, retailers and value-added resellers.

^[4]

80.40%

$ 2,150,000

ALL COMPONENTS, INC. [Member] | Investment Type 1 [Member]

^[1]

$ 13,500,000

^[5]

8.25 subordinate note, 2,000,000 principal due 2012 (acquired 6-27-07)

$ 2,000,000

ALL COMPONENTS, INC. [Member] | Investment Type 2 [Member]

^[1]

$ 2,000,000

^[5]

150,000 shares Series A Convertible Preferred Stock; convertible into 600,000 shares of common stock at 0.25 per share (acquired 9-16-94)

$ 150,000

ALL COMPONENTS, INC. [Member] | Investment Type 3 [Member]

^[1]

$ 8,431,000

^[5]

Warrant to purchase 350,000 shares of common stock at 11.00 per share, expiring 2017 (acquired 6-27-07)

$ 0

PALM HARBOR HOMES, INC. [Member]

^[1]

$ 3,069,000

^[2],[3]

Dallas, Texas

^[2],[3]

Integrated manufacturing, retailing, financing and insuring of manufactured housing and modular homes.

^[2],[3],[4]

30.40%

^[2],[3]

$ 10,932,000

PALM HARBOR HOMES, INC. [Member] | Investment Type 1 [Member]

^[1],[2],[3]

$ 2

^[2],[3],[5]

7,855,121 shares common stock (acquired 1-3-85 thru 7-31-95)

^[2],[3]

$ 10,932,000

PALM HARBOR HOMES, INC. [Member] | Investment Type 2 [Member]

^[1],[2],[3]

$ 2

^[2],[3],[5]

Warrant to purchase 286,625 shares of common stock at 3.14 per share, expiring 2019 (acquired 4-24-09)

^[2],[3]

$ 0

PHI HEALTH, INC. [Member]

^[1],[2],[3]

$ 0

Richardson, Texas

Develops and sells cardiac MRI systems and software.

^[4]

67.00%

$ 5,752,000

PHI HEALTH, INC. [Member] | Investment Type 1 [Member]

^[1]

$ 5,752,000

^[5]

1,559,111 shares Series A-1 Convertible Preferred Stock convertible into 1,559,111 shares of common stock at 0.0015 per share (acquired 1-27-11)

$ 2,339

PHI HEALTH, INC. [Member] | Investment Type 2 [Member]

^[1]

$ 2,339

^[5]

555,556 shares Series B-1 Convertible Preferred Stock convertible into 555,556 shares common stock at 2.25 per share (acquired 1-27-11)

$ 1,250,000

PHI HEALTH, INC. [Member] | Investment Type 3 [Member]

^[1]

$ 1,250,000

^[5]

4,500,000 Shares Series C-1 Convertible Preferred Stock convertible into 4,500,000 shares common stock at 0.20 per share (acquired 1-7-11 and 1-27-11)

$ 4,500,000

TEXAS CAPITAL BANCSHARES, INC. [Member]

^[1]

$ 4,500,000

^[3]

Dallas, Texas

^[3]

Regional bank holding company with banking operations in six Texas cities.

^[3],[4]

1.60%

^[3],[5],[7]

489,656 shares common stock (acquired 5-1-00)

^[3]

$ 3,550,000

Ballast Point Ventures II, L.P. [Member]

^[1],[3]

$ 12,711,000

^[4]

0.00%

^[5]

2.2% limited partnership interest (acquired 8-4-08 thru 6-18-10)

$ 1,425,000

$ 1,200,000

BankCap Partners Fund I, L.P. [Member]

^[1]

$ 1,252,000

$ 1,200,000

^[4]

0.00%

^[5]

5.5 limited partnership interest (acquired 7-14-06 thru 11-30-11)

5.5 limited partnership interest (acquired 7-14-06 thru 12-13-10)

$ 5,808,000

$ 5,762,000

CapitalSouth Partners Fund III, L.P. [Member]

^[1]

$ 5,135,000

$ 5,102,000

^[4]

0.00%

^[5]

1.9 limited partnership interest (acquired 1-22-08 and 11-16-11)

1.9 limited partnership interest (acquired 1-22-08 and 2-12-09)

$ 1,331,000

$ 831,000

CapStar Holdings Corporation [Member]

^[1]

$ 1,432,000

$ 790,000

^[2],[4]

100.00%

^[2],[5]

500 shares common stock (acquired 6-10-10)

^[2]

$ 3,704,000

Diamond State Ventures, L.P. [Member]

^[1],[2]

$ 4,372,000

$ 4,380,000

^[4]

0.00%

^[5]

1.4 limited partnership interest (acquired 10-12-99 thru 8-26-05)

$ 76,000

Discovery Alliance, LLC [Member]

^[1]

$ 175,000

$ 178,000

^[2],[4]

0.00%

^[2],[5]

90.0 limited liability company (acquired 9-12-08 thru 10-20-11)

90.0 limited liability company (acquired 9-12-08 thru 5-14-10)

^[2]

$ 1,180,000,000

$ 900,000

Essex Capital Corporation [Member]

^[1],[2]

$ 1,242,000

$ 574,000

^[4]

0.00%

^[5]

10 unsecured promissory note due 8-19-10 (acquired 8-16-09)

$ 0

First Capital Group of Texas III, L.P. [Member]

^[1]

$ 500,000

$ 1,000,000

^[4]

0.00%

^[5]

3.0 limited partnership interest (acquired 12-26-00 thru 8-12-05)

$ 779,000

^[1]

$ 750,000

$ 408,000

Humac Company [Member]

^[2],[4]

100.00%

^[2],[5]

1,041,000 shares common stock (acquired 1-31-75 and 12-31-75)

^[2]

$ 0

STARTech Seed Fund I [Member]

^[1],[2]

$ 154,000

$ 166,000

^[4]

0.00%

^[5]

12.1 limited partnership interest (acquired 4-17-98 thru 1-5-00)

$ 178,000

STARTech Seed Fund II [Member]

^[1]

$ 40,000

$ 53,000

^[4]

0.00%

^[5]

3.2 limited partnership interest (acquired 4-28-00 thru 2-23-05)

$ 844,000

Sterling Group Partners I, L.P. [Member]

^[1]

$ 338,000

$ 317,000

^[4]

0.00%

^[5]

1.7 limited partnership interest (acquired 4-20-01 thru 1-24-05)

1.6 limited partnership interest (acquired 4-20-01 thru 1-24-05)

$ 1,064,000

ORGANIZATION AND BASIS OF PRESENTATION [Abstract]

^[1]

$ 516,000

$ 919,000

[1]	Debt Securities are generally valued on the basis of the price the security would command in order to provide a yield-to-maturity equivalent to the present yield of comparable debt instruments of similar quality. Issuers whose debt securities are judged to be of poor quality and doubtful collectability may instead be valued by assigning percentage discounts commensurate with the quality of such debt securities. Debt securities may also be valued based on the resulting value from the sale of the business at the estimated fair market value. Partnership Interests, Preferred Equity and Common Equity, including unrestricted marketable securities are valued at the closing sale price for the NYSE listed securities and the lower of the closing bid price or the last sale price for NASDAQ securities on the valuation date, and restricted marketable securities for which there is a public market are valued at the closing sale price for the NYSE listed securities and the lower of the closing bid price or the last sale price for NASDAQ securities on the valuation date adjusted in good faith by our Board of Directors if they deem a discount or premium would be likely or obtainable upon a sale or transfer of our interest. For those without a principal market, the Board of Directors considers the financial condition and operating results of the issuer; the long-term potential of the business of the issuer; the market for and recent sales prices of the issuer's securities; the values of similar securities issued by companies in similar businesses; the proportion of the issuer's securities owned by the Company; protective put analysis based on the Black-Scholes option pricing model; the nature and duration of resale restrictions; and the nature of any rights enabling the Company to require the issuer to register restricted securities under applicable securities laws. In determining the fair value of restricted securities, the Board of Directors considers the inherent value of such securities without regard to the restrictive feature and adjusts for any diminution in value resulting from restrictions on resale. Investments in certain entities that calculate net asset value per share (or its equivalent) and for which fair market value is not readily determinable, are valued using the net asset value per share (or its equivalent, such as member units or ownership interest in partners' capital to which a proportionate share of net assets is attributed) of the investment. Equity Warrants are valued using the Black-Scholes model which defines the fair value of a warrant in relation to the market price of its common stock, share price volatility, and time to maturity.
[2]	Control investment
[3]	Publicly-owned company
[4]	The percentages in the "Equity" column express the potential equity interests held by Capital Southwest Corporation and Capital Southwest Venture Corporation (together, the "Company") in each issuer. Each percentage represents the amount of the issuer's common stock the Company owns or can acquire as a percentage of the issuer's total outstanding common stock, plus stock reserved for all warrants, convertible securities and employee stock options.
[5]	Unrestricted securities (indicated by ±) are freely marketable securities having readily available market quotations. All other securities are restricted securities, which are subject to one or more restrictions on resale and are not freely marketable. At December 31, 2011, and March 31, 2011, restricted securities represented approximately 97.7% and 94.5% of the value of the consolidated investment portfolio, respectively. Our investments are carried at fair value in accordance with the Investment Company Act of 1940 (the "1940 Act") and FASB Accounting Standards Codification™ (ASC) Topic 820, Fair Value Measurements and Disclosures. In accordance with the 1940 Act, unrestricted minority-owned publicly traded securities, for which the market quotations are readily available, are valued at the closing sale price for the NYSE listed securities and the lower of the closing bid price or the last sale price for NASDAQ securities on the valuation date; and restricted publicly traded securities and other privately held securities are valued as determined in good faith by our Board of Directors. ASC Topic 820 defines fair value in terms of the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the "exit price") and excludes transaction costs. Under ASC Topic 820, the fair value measurement also assumes that the transaction to sell an asset occurs in the principal market for the asset or, in the absence of a principal market, the most advantageous market for the asset. The principal market is the market in which the reporting entity would sell or transfer the asset with the greatest volume and level of activity for the asset. In determining the principal market for an asset or liability under ASC Topic 820, it is assumed that the reporting entity has access to the market as of the measurement date.
[6]	Affiliated investments
[7]	Unrestricted securities as defined in Note (b)

ORGANIZATION AND BASIS OF PRESENTATION

9 Months Ended

Dec. 31, 2011

ORGANIZATION AND BASIS OF PRESENTATION

1.	ORGANIZATION AND BASIS OF PRESENTATION

Organization

Capital Southwest Corporation (“CSC” or the “Company”) was organized as a Texas corporation on April 19, 1961. Until September 1969, we operated as a licensee under the Small Business Investment Act of 1958. At that time, we transferred to our wholly-owned subsidiary, Capital Southwest Venture Corporation ("CSVC") certain assets and our license as a small business investment company ("SBIC"). CSVC is a closed-end, non-diversified investment company of the management type registered under the Investment Company Act of 1940 (the “1940 Act”). Prior to March 30, 1988, we were registered as a closed-end, non-diversified investment company under the 1940 Act. On that date, we elected to become a Business Development Company (“BDC”) subject to the provisions of the 1940 Act, as amended by the Small Business Incentive Act of 1980. Because we wholly own CSVC, the portfolios of both entities are referred to collectively as “our,” “we” and “us.” Capital Southwest Management Company (“CSMC”), a wholly-owned subsidiary of CSC, is the management company for CSC and CSVC. CSMC generally incurs all normal operating and administrative expenses, including but not limited to, salaries and related benefits, rent, equipment and other administrative costs required for its day-to-day operations.

Our portfolio is a composite of companies, consisting of companies in which we have controlling interests, developing companies and marketable securities of established publicly traded companies. We make available significant managerial assistance to the companies in which we invest and believe that providing managerial assistance to such investee companies is critical to their business development activities. CSMC receives a monthly fixed fee for management services provided to certain of its control portfolio companies.

Basis of Presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Under rules and regulations applicable to investment companies, we are precluded from consolidating any entity other than another investment company. An exception to this general principle occurs if the investment company has an investment in an operating company that provides services to the investment company. Accordingly, consolidated financial statements include our management company.

The financial statements included herein have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 6 of Regulations S-X. The financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Form 10-K for the year ended March 31, 2011, as filed with the Securities and Exchange Commission (SEC). Certain information and footnotes normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, although we believe that the disclosures are adequate for a fair presentation. The information reflects all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim period.

Portfolio Investment Classification

We classify our investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “Control Investments” are defined as investments in which we own more than 25% of the voting securities or have rights to maintain greater than 50% of the board representation; “Affiliated Investments” are defined as investments in which we own between 5% and 25% of the voting securities; and “Non-Control/Non-Affiliated Investments” are defined as investments that are neither “Control Investments” nor “Affiliated Investments.”

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Dec. 31, 2011

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed in the preparation of the consolidated financial statements of CSC, CSVC and CSMC.

Fair Value Measurements The Company adopted FASB ASC Topic 820 on April 1, 2008. ASC Topic 820 (1) creates a single definition of fair value, (2) establishes a framework for measuring fair value, and (3) expands disclosure requirements about items measured at fair value. The Statement applies to both items recognized and reported at fair value in the financial statements and items disclosed at fair value in the notes to the financial statements. The Statement does not change existing accounting rules governing what can or what must be recognized and reported at fair value in the Company's financial statements, or disclosed at fair value in the Company's notes to the financial statements. Additionally, ASC Topic 820 does not eliminate practicability exceptions that exist in accounting pronouncements amended by this Statement when measuring fair value.

Fair value is generally determined based on quoted market prices in the active markets for identical assets or liabilities. If quoted market prices are not available, we use valuation techniques that place greater reliance on observable inputs and less reliance on unobservable inputs. Due to the inherent uncertainty in the valuation process, our estimate of fair value may differ materially from the values that would have been used had a ready market for the securities existed. In addition, changes in the market environment, portfolio company performance and other events may occur over the lives of the investments that may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. We determine the fair value of each individual investment and record changes in fair value as unrealized appreciation or depreciation.

Pursuant to our internal valuation process, each portfolio company is valued once a quarter. In addition to our internal valuation process, our Board of Directors retains a nationally recognized firm to provide limited scope third party valuation services on certain portfolio investments. Our Board of Directors retained Duff & Phelps to provide limited scope third party valuation services on six investments comprising 78% of our net asset value at March 31, 2011. For full disclosure of Duff & Phelps' services, see page 5 of our Annual Report on Form 10-K under the heading “Determination of Net Asset Value and Portfolio Valuation Process.”

We believe our investments at December 31, 2011 and March 31, 2011 approximate fair value as of those dates based on the markets in which we operate and other conditions in existence at those reporting periods.

Investments Investments are stated at fair value determined by our Board of Directors as described in Notes to the Consolidated Schedule of Investments and Note 3. The average cost method is used in determining cost of investments sold. Investments are recorded on a trade date basis.

Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with an original maturity of three months or less at the date of purchase. Cash and cash equivalents are carried at cost, which approximates fair value.

Segment Information The Company operates and manages its business in a singular segment. As an investment company, the Company invests in companies in various industries and geographic areas as presented in the Consolidated Schedule of Investments.

Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Interest and Dividend Income Interest and dividend income is recorded on an accrual basis to the extent amounts are expected to be collected. Dividend income is recorded at the ex-dividend date for securities of publicly traded companies. In accordance with our valuation policy, accrued interest and dividend income is evaluated periodically for collectability. When a debt or loan becomes 90 days or more past due, and if we otherwise do not expect the debtor to be able to service all of its debt or other obligations, we will generally establish a reserve against the interest income, thereby placing the loan or debt security's status on non-accrual basis, and cease to recognize interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security's status significantly improves regarding ability to service debt or other obligations, it will be restored to accrual basis.

Federal Income Taxes CSC and CSVC have elected and intend to comply with the requirements of the Internal Revenue Code (IRC) necessary to qualify as regulated investment companies (RICs). By meeting these requirements, they will not be subject to corporate federal income taxes on ordinary income distributed to shareholders. In order to comply as a RIC, each company is required to timely distribute to its shareholders at least 90% of investment taxable income, as defined by the IRC, each year. Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. Taxable income generally excludes net unrealized appreciation or depreciation, as investment gains and losses are not included in taxable income until they are realized. The Company's policy is to retain and pay the applicable corporate tax on realized long-term capital gains. For investment companies that qualify as RICs under the IRC, federal income taxes payable on security gains that the Company elects to retain are accrued only on the last day of our tax year, December 31. See Note 4 for further discussion.

CSMC, a wholly owned subsidiary of CSC, is not a RIC and is required to pay taxes at the current corporate rate.

We account for interest and penalties as part of operating expenses. There were no interest or penalties incurred during the nine months ended December 31, 2011 and 2010.

Deferred Taxes CSMC sponsors a qualified defined benefit pension plan which covers its employees and employees of certain of its controlled affiliates. Deferred taxes related to the qualified defined benefit pension plan are recorded as incurred.

Stock-Based Compensation We account for our stock-based compensation using the fair value method, as prescribed by ASC 718, Compensation – Stock Compensation. Accordingly, we recognize stock-based compensation cost over the straight-line method for all share-based payments granted and for all awards granted to employees prior to April 1, 2006 that remain unvested. The fair value of stock options is determined on the date of grant using the Black-Scholes pricing model and is expensed over the vesting period of the related stock options. See Note 6 for further discussion.

Defined Pension Benefits and Other Postretirement Plans We record annual amounts relating to the defined benefit pension plan based on calculations, which include various actuarial assumptions such as discount rates and assumed rates of return depending on the pension plan. Material changes in pension costs may occur in the future due to changes in the discount rate, changes in the expected long-term rate of return, changes in level of contributions to the plans and other factors. The funded status is the difference between the fair value of plan assets and the benefit obligation. We recognize changes in the funded status of defined benefit plan in the Statement of Assets and Liabilities in the year in which the changes occur and measure defined benefit plan assets and obligations as of the date of the company's fiscal year-end. We presently use March 31 as the measurement date for our defined benefit plan.

Concentration of Risk We place our idle cash in financial institutions, and at times, such balances may be in excess of the federally insured limits. On 11/19/2010, the FDIC issued a Final Rule implementing section 434 of the Dodd-Frank Wall Street Reform and Consumer Protection Act that provides for unlimited insurance coverage of noninterest bearing transaction accounts beginning December 31, 2010 and continuing through December 31, 2012.

Recent Accounting Pronouncements

In May 2011, the FASB issued ASU 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs,” which results in common fair value measurement and disclosure requirements in U.S. GAAP and IFRSs. ASU 2011-04 results in common fair value measurement and disclosure requirements in U.S. GAAP and IFRSs. ASU 2011-04 is effective for interim and annual reporting periods beginning after December 15, 2011. Adoption of ASU 2011-04 is not expected to have a significant impact on the company's financial condition and results of operations.

INVESTMENTS

9 Months Ended

Dec. 31, 2011

INVESTMENTS [Abstract]

INVESTMENTS

3. INVESTMENTS

We record our investments at fair value as determined in good faith by our Board of Directors in accordance with GAAP. When available, we base the fair value of our investments on directly observable market prices or on market data derived for comparable assets. For all other investments, inputs used to measure fair value reflect management's best estimate of assumptions that would be used by market participants in pricing the investments in a hypothetical transaction.

The levels of fair value inputs used to measure our investments are characterized in accordance with the fair value hierarchy established by ASC. We use judgment and consider factors specific to the investment in determining the significance of an input to a fair value measurement. While management believes our valuation methodologies are appropriate and consistent with market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The three levels of the fair value hierarchy and investments that fall into each of the levels are described below:

Level 1: Investments whose values are based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. We use Level 1 inputs for publicly traded unrestricted securities. Such investments are valued at the closing price for listed securities and at the lower of the closing bid price or the closing sale price for over-the-counter (NASDAQ) securities on the valuation date.

Level 2: Investments whose values are based on observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in non-active markets, quoted prices for similar instruments in active markets and similar data. We did not value any of our investments using Level 2 inputs as of December 31, 2011 and 2010.

Level 3: Investments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management's own assumptions about the assumptions a market participant would use in pricing the investment. We use Level 3 inputs for measuring the fair value of substantially all of our investments. See “Notes to Consolidated Schedule of Investments” (c) on page 18 for the investment policy used to determine the fair value of these investments.

As required by ASC 820, when the inputs used to measure fair value fall within different levels of the hierarchy, the level within the fair value measurement is categorized based on the lowest level input that is significant to the fair value measurement which may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, gains and losses for such investments categorized within the Level 3 table below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable (Level 3). We conduct reviews of fair value hierarchy classifications on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification of certain investments.

As of December 31, 2011 and March 31, 2011, 97.7% and 94.5%, respectively, of our portfolio investments were categorized as Level 3.

The following fair value hierarchy tables set forth our investment portfolio by level as of December 31, 2011 and March 31, 2011 (in millions):

			Fair Value Measurements at 12/31/11 Using
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Debt	$	13.0	$	−	$	−	$	13.0
Partnership Interests		10.9		−		−		10.9
Preferred Equity		31.3		−		−		31.3
Common Equity		424.6		11.1		−		413.5
Total Investments	$	479.8	$	11.1	$	−	$	468.7

			Fair Value Measurements at 3/31/11 Using
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Debt	$	12.7	$	−	$	−	$	12.7
Partnership Interests		9.5		−		−		9.5
Preferred Equity		45.8		−		−		45.8
Common Equity		421.3		26.8		−		394.5
Total Investments	$	489.3	$	26.8	$	−	$	462.5

The following table provides a summary of changes in the fair value of investments measured using Level 3 inputs during the nine months ended December 31, 2011 (in millions):

	Fair Value 3/31/11		Net Unrealized Appreciation (Depreciation)			Net Changes from Unrealized to Realized			New / Add-On Invest- ments		Divesti- tures			Fair Value 12/31/11
Debt	$	12.7	$	(3.3	)	$	(2.0	)	$	6.6	$	(1.0	)	$	13.0
Partnership Interest		9.5		0.3			−			1.1		−			10.9
Preferred Equity		45.8		(14.7	)		−			6.3		(6.1	)		31.3
Common Equity		394.5		19.0			−			−		−			413.5
Total Investments	$	462.5	$	1.3		$	(2.0	)	$	14.0	$	(7.1	)	$	468.7

The following table provides a summary of changes in the fair value of investments measured using Level 3 inputs during the quarter ended December 31, 2011 (in millions):

	Fair Value 9/30/11		Net Unrealized Appreciation (Depreciation)			Net Changes from Unrealized to Realized		New / Add-On Invest- ments		Divesti- tures		Fair Value 12/31/11
Debt	$	15.3	$	(3.2	)	$	−	$	0.9	$	−	$	13.0
Partnership Interest		9.9		0.3			−		0.7		−		10.9
Preferred Equity		31.8		(0.5	)		−		−		−		31.3
Common Equity		366.1		47.4			−		−		−		413.5
Total Investments	$	423.1	$	44.0		$	−	$	1.6	$	−	$	468.7

The total unrealized gains (losses) included in earnings that related to assets still held at report date for the nine months ended December 31, 2011 and 2010 were $10,243,394 and $45,944,129, respectively.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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INCOME TAXES

9 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

INCOME TAXES

4. INCOME TAXES

We operate to qualify as a RIC under Subchapter M of the IRC. In order to qualify as a RIC, we must annually distribute at least 90% of our taxable ordinary income, based on our tax year, to our shareholders in a timely manner. Ordinary income includes net short-term capital gains but excludes net long-term capital gains. A RIC is not subject to federal income tax on the portion of its ordinary income and long-term capital gains that are distributed to its shareholders, including “deemed distributions” discussed below. As permitted by the Code, a RIC can designate dividends paid in the subsequent tax year as dividends of current year ordinary income and net long-term gains if those dividends are both declared by the extended due date of the RIC's federal income tax return and paid to shareholders by the last day of the subsequent tax year. We have a calendar tax year end of December 31.

We have distributed or intend to distribute sufficient dividends to eliminate taxable income for our completed tax years. If we fail to satisfy the 90% distribution requirement or otherwise fail to qualify as a RIC in any tax year, we would be subject to tax in such year on all of our taxable income, regardless of whether we made any distributions to our shareholders. For the tax year ended December 31, 2011 and 2010, we declared and paid ordinary dividends in the amount of $3,003,030 and $2,993,623, respectively.

Additionally, we are subject to a nondeductible federal excise tax of 4% if we do not distribute at least 98% of our investment company ordinary taxable income before the end of our tax year. For the tax years ended December 31, 2010 and 2009, we distributed 100% of our investment company ordinary taxable income. As a result, we have made no tax provisions for income taxes on ordinary taxable income for the tax years ended December 31, 2011 and 2010.

A RIC may elect to retain its long-term capital gains by designating them as “deemed distribution” to its shareholders and paying a federal tax rate of 35% on the long-term capital gains for the benefit of its shareholders. Shareholders then report their share of the retained capital gains on their income tax returns as if it had been received and report a tax credit for tax paid on their behalf by the RIC. Shareholders then add the amount of the “deemed distribution” net of such tax, to the basis of their shares.

For the tax year ended December 31, 2011, we had net long-term capital gains of $3,568,376 for tax purposes and $4,465,088 for book purposes, which we elected to retain and treat as deemed distributions to our shareholders. In order to make the election to retain capital gains, we incurred federal taxes on behalf of our shareholders in the amount of $1,248,932 for the tax year ended December 31, 2011.

For the tax year ended December 31, 2010, we had net long-term capital gains of $70,221,589 for tax purposes and $70,325,930 for book purposes, which we elected to retain and treat as deemed distributions to our shareholders. During the quarter ended December 31, 2010 we recorded a $4,217,985 reduction in the gain on sale of Lifemark Group, Inc. This reduction was the result of a net asset adjustment calculated in accordance with the Stock Purchase Agreement signed on June 10, 2010. In order to make the election to retain capital gains, we incurred federal taxes on behalf of our shareholders in the amount of $24,577,557 for the tax year ended December 31, 2010.

For the quarters ended December 31, 2011 and 2010, CSC and CSVC qualified to be taxed as RICs. We intend to meet the applicable qualifications to be taxed as a RIC in future years. Management feels it is probable that we will maintain our RIC status for a period longer than one year. However, either company's ability to meet certain portfolio diversification requirements of RICs in future years may not be controllable by such company.

CSMC, a wholly owned subsidiary of CSC, is not a RIC and is required to pay taxes at the current corporate rate. The Company sponsors a qualified defined benefit pension plan which covers its employees and employees of certain of its wholly owned portfolio companies. Deferred taxes related to the qualified defined pension plan are recorded as incurred.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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EMPLOYEE STOCK OPTION PLANS [Abstract]

ACCUMULATED NET REALIZED GAIN (LOSS)	9 Months Ended
ACCUMULATED NET REALIZED GAIN (LOSS)	Dec. 31, 2011
ACCUMULATED NET REALIZED GAIN (LOSS) [Abstract]
ACCUMULATED NET REALIZED GAIN (LOSS)	5. ACCUMULATED NET REALIZED GAIN (LOSS) Distributions made by RICs often differ from aggregate GAAP-basis undistributed net investment income and accumulated net realized gains (total GAAP-basis net realized gains). The principal cause is that required minimum fund distributions are based on income and gain amounts determined in accordance with federal income tax regulations, rather than GAAP. The differences created can be temporary, meaning that they will reverse in the future, or they can be permanent. In subsequent periods, when all or a portion of a temporary difference becomes a permanent difference, the amount of the permanent difference will be reclassified to “additional capital.” We incur federal taxes on behalf of our shareholders as a result of our election to retain long-term capital gains. As of December 31, 2011 we had accumulated long-term capital gains of $11,328,436; however, as of March 31, 2011 we had accumulated long-term capital losses of $6,863,347. In accordance with the RIC rules, we elected to retain our long-term capital gains for the tax year ended December 31, 2011, pay the applicable income taxes of $1,248,932, and designate the after-tax gain as “deemed distributions” to our shareholders. “Deemed distributions” are reclassed from accumulated net realized gains into additional paid in capital. As of December 31, 2011, we reclassed $3,216,159 as “deemed distributions.”

EMPLOYEE STOCK OPTION PLANS

9 Months Ended

Dec. 31, 2011

EMPLOYEE STOCK OPTION PLANS

6. EMPLOYEE STOCK OPTION PLANS

On July 20, 2009, shareholders approved the Company's 2009 Stock Incentive Plan (the “2009 Plan”), which provides for the granting of stock options to employees and officers of the Company and authorizes the issuance of common stock upon exercise of such options for up to 140,000 shares. All options are granted at or above market price, generally expire up to ten years from the date of grant and are generally exercisable on or after the first anniversary of the date of grant in five annual installments. The following table illustrates the number of options granted since the 2009 Plan was approved:

Date of Grant	Number of Options Granted		Exercise Price (market price at time of grant)
July 18, 2011		10,000	$	96.92
July 19, 2010		15,000	$	88.20
March 22, 2010		20,000	$	95.79
October 19, 2009		38,750	$	76.74

All 83,750 options remain outstanding, thus leaving 56,250 options available for grant under the plan as of December 31, 2011.

The Company previously granted stock options under its 1999 Stock Option Plan (the “1999 Plan”), as approved by shareholders on July 19, 1999. The 1999 Plan expired on April 19, 2009. Options previously made under the Company's 1999 Stock Option Plan and outstanding on July 20, 2009 continue in effect governed by provisions of the 1999 plan. All options granted under the 1999 Plan were granted at or above market price, generally expire up to ten years from the date of grant and are generally exercisable on or after the first anniversary of the date of grant in five to ten annual installments.

We recognize compensation cost over the straight-line method for all share-based payments granted and for all awards granted to employees prior to April 1, 2006 that remain unvested. The fair value of stock options are determined on the date of grant using the Black-Scholes pricing model and are expensed over the vesting period of the related stock options. Accordingly, for the quarters ended December 31, 2011 and 2010, we recognized compensation expense of $253,350 and $244,650 respectively. For the nine months ended December 31, 2011 and 2010, we recognized compensation expense of $756,573 and $712,517, respectively.

As of December 31, 2011, the total remaining unrecognized compensation cost related to non-vested stock options was $2,367,156, which will be amortized over the remaining weighted average service period of approximately 2.7 years.

The following table summarizes the 2009 Plan and the 1999 Plan price per option at grant date using the Black-Scholes pricing model:

			Black-Scholes Pricing Model Assumptions
Date of Issuance	Weighted Average Fair Value		Expected Dividend Yield			Risk- Free Interest Rate			Expected Volatility			Expected Life (in years)
2009 Plan
July 18,2011	$	33.07		0.83	%		1.45	%		40.0	%		5
July 19, 2010	$	28.59		0.91	%		1.73	%		37.5	%		5
March 22, 2010	$	32.56		0.84	%		2.43	%		37.8	%		5
October 19, 2009	$	25.36		1.04	%		2.36	%		37.6	%		5

1999 Plan
July 30, 2008	$	29.93		0.62	%		3.36	%		20.2	%		5
July 21, 2008	$	27.35		0.67	%		3.41	%		20.2	%		5
July 16, 2007	$	41.78		0.39	%		4.95	%		19.9	%		5
July 17, 2006	$	33.05		0.61	%		5.04	%		21.2	%		7
May 15, 2006	$	31.28		0.64	%		5.08	%		21.1	%		7

The following table summarizes activity in the 2009 Plan and the 1999 Plan as of December 31, 2011:

	Number of Shares			Weighted Average Exercise Price
2009 Plan
Balance at March 31, 2010		58,750		$	83.23
Granted		15,000			88.20
Exercised		–			–
Canceled		–			–
Balance at March 31, 2011		73,750		$	84.24
Granted		10,000			96.92
Exercised		–			–
Canceled		–			–
Balance at December 31, 2011		83,750		$	85.75

1999 Plan
Balance at March 31, 2010		107,900		$	114.78
Granted		–			–
Exercised		(11,400	)		65.37
Canceled		–			–
Balance at March 31, 2011		96,500		$	114.78
Granted		–			–
Exercised		(1,500	)		65.70
Canceled		–			–
Balance at December 31, 2011		95,000		$	113.63
Combined Balance at December 31, 2011		178,750		$	104.74

December 31, 2011	Weighted Average Aggregate Intrinsic Remaining Contractual Term	Value
Outstanding	2.7 years	$	5,382,148
Exercisable	2.3 years	$	2,601,171

At December 31, 2011, the range of exercise prices and weighted-average remaining contractual life of outstanding options was $76.74 to $152.98 and 2.7 years, respectively. The number of options exercisable under the 2009 Plan and the 1999 Plan, at December 31, 2011, was 83,590 with a weighted-average exercise price of $113.04. There were 1,500 options exercised and new shares-issued for $98,550 in cash during the nine months ended December 31, 2011 and 782 options exercised and new shares issued for $51,377 in cash during the nine months ended December 31, 2010.

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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-Paragraph 64, 65, A240
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-Name Statement of Position (SOP)
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-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Staff Accounting Bulletin (SAB)
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COMMITMENTS	9 Months Ended
COMMITMENTS	Dec. 31, 2011
COMMITMENTS [Abstract]
COMMITMENTS	7. COMMITMENTS From time to time the Company may be liable for claims against its portfolio companies. We do not believe the effects of such claims would have a material impact on our results of operations and financial condition. CSC has agreed, subject to certain conditions, to invest up to $9,658,215 in nine portfolio companies.

The entire disclosure for commitments and contingencies.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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