Earnings Per Share

6 Months Ended

Jul. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

5. Earnings Per Share:

Basic earnings per share are based on the weighted average number of common shares outstanding without consideration of common stock equivalents. Diluted earnings per share are based on the weighted average number of common and common stock equivalents. The diluted earnings per share calculation takes into account the shares that may be issued upon exercise of stock options, reduced by the shares that may be repurchased with the funds received from their exercise, based on the average price during the period.

The following table sets forth the computation of basic and diluted earnings per share at July 31, 2012 and 2011.

	Three Months Ended				Six Months Ended
	July 31,				July 31,
	2012		2011		2012			2011
Numerator
Net income (loss)	$	1,643,830	$	634,546	$	(8,477,637	)	$	1,955,095
Denominator
Denominator for basic earnings per share
(Weighted-average shares which reflect 356,441 and 354,364 and 125,322 and 125,322 weighted average common shares in the treasury as a result of the stock repurchase program for the three months and six months in each of 2012 and 2011, respectively		5,271,997		5,225,020		5,235,957			5,223,890
Effect of dilutive securities from restricted stock plan and from dilutive effect of stock options		169,170		120,708		—			117,088
Denominator for diluted earnings per share		5,441,167		5,345,728		5,235,957			5,340,978
(adjusted weighted average shares)
Basic earnings (loss) per share	$	0.31	$	0.11	$	(1.62	)	$	0.37
Diluted earnings (loss) per share	$	0.30	$	0.12	$	(1.62	)	$	0.37