NOTE B - EARNINGS PER SHARE

9 Months Ended

Jan. 31, 2013

Earnings Per Share [Text Block]

NOTE B – EARNINGS PER SHARE

Reconciliation of the weighted average shares outstanding for basic and diluted Earnings Per Share are as follows:

	Nine months				Three months
	Periods ended January 31,
	2013		2012		2013		2012
Weighted average shares outstanding:
Basic		8,401,348		8,319,740		8,424,162		8,323,912
Effect of dilutive securities		182,268		217,851		179,612		184,385
Diluted		8,583,616		8,537,591		8,603,774		8,508,297

The computation of diluted earnings per share excludes those options and stock appreciation rights (“SARS”) with an exercise price in excess of the average market price of the Company’s common shares during the periods presented.  The inclusion of such options and SARS in the computation of earnings per share would have been antidilutive.  The number of excluded options and SARS were:

	Nine months				Three months
	Periods ended January 31,
	2013		2012		2013		2012
Outstanding options and SARS excluded		942,375		733,375		942,375		746,375