Earnings Per Share

3 Months Ended

Jul. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share

C. Earnings Per Share

Basic earnings per share is based on the weighted average number of common shares outstanding during the three month period. Diluted earnings per share reflects the assumed exercise and conversion of outstanding options under the Company’s stock option plans, except when options have an anti-dilutive effect. Options to purchase 72,850 and 237,675 shares were not included in the computation of diluted earnings per share for the three month periods ended July 31, 2013 and 2012, respectively, because the option exercise prices were greater than the average market price of the common shares at that date, and accordingly, such options would have an antidilutive effect.