Three Months Ended

Six Months Ended

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