Stock Options

3 Months Ended

Jul. 31, 2011

Stock Options [Abstract]

Stock Options

6.  Stock Options:  Approximately 7.2 million stock options were issued on December 31, 2010.  Previously issued stock options were time-vesting and did not include share price performance targets.  All of the newly issued stock options expire December 31, 2015.

The exercise price for the incentive stock options is $0.49 (closing price as of December 31, 2010).  The Board of Directors approved the issuance of incentive stock options on December 31, 2010 with the goals of increasing shareholder value, expanding the number of managers participating in the program, and increasing the percentage of compensation tied to share price performance.

The incentive stock options are allocated in three groups with two conditions for vesting.  The first condition is stock price and the second condition is time:

Year 1: Target $0.92
§	2,420,688 options that can be exercised after December 31, 2011 once the share price reaches $0.92
Year 2: Target $1.41
§	2,420,688 options that can be exercised after December 31, 2012 once the share price reaches $1.41
Year 3: Target $1.90
§	2,420,688 options that can be exercised after December 31, 2013 once the share price reaches $1.90

At July 31, 2011 we had 7,262,064 outstanding stock options with an average exercise price of $1.42.