4. Earnings Per Share

12 Months Ended

Apr. 30, 2019

4. Earnings per Share

Reconciliations of the weighted average shares outstanding for basic and diluted Earnings per Share for the years ended April 30, 2019 and 2018, respectively, were as follows (in thousands):

	For the years ended April 30,
	2019		2018
Basic EPS Shares outstanding (weighted average)		8,916,250		8,841,166
Effect of Dilutive Securities		**		**
Diluted EPS Shares outstanding		9,159,124		8,841,166

** For the years ended April 30, 2019 and 2018, dilutive securities are excluded since the inclusion of such shares would be antidilutive due to the net loss for the period. The exercisable shares excluded for 2019 and 2018 are 1,216,000 and 1,259,500, respectively. The effect of dilutive securities for 2019 and 2018 would have been 242,874 and 127,536, respectively.