Earnings (loss) per common share

6 Months Ended

Oct. 31, 2013

Earnings (loss) per common share [Text Block]

Note 8	Earnings (loss) per common share (“EPS”)
	Computation of basic and diluted EPS:

		Three Months Ended						Six Months Ended
		October 31,						October 31,
		2013			2012			2013			2012
Net income (loss)	$	(2,111,228	)	$	(325,105	)	$	(3,336,519	)	$	542,433
Weighted average common shares outstanding – basic and diluted (1)		42,007,439			41,592,776			41,971,160			41,159,949
Basic and diluted EPS	$	(0.05	)	$	(0.01	)	$	(0.08	)	$	0.01

For the three and six months ended October 31, 2013 and October 31, 2012, common share equivalents (consisting of common shares issuable, on exercise of options, warrants and DSUs) totalling, 5,004,257 and 6,104,549, respectively, were not included in the computation of diluted EPS because the effect was anti-dilutive.

⁽¹⁾ Diluted by assumed exercise of outstanding common share equivalents using the treasury stock method.