Three Months Ended

July 31,

Six Months Ended

July 31,

(in $000s except share and per share information)

2019

2018

2019

2018

Numerator:

$

1,395

$

1,017

$

930

$

2,885

Net income

Denominator:

Denominator for basic earnings per share (weighted-average shares which reflect shares in the treasury, 471,289 and 356,441 for July 31, 2019 and 2018, respectively)

8,012,475

8,116,199

8,013,150

8,116,199

Effect of dilutive securities from restricted stock plan and from dilutive effect of warrants

89,867

60,936

83,077

52,559

Denominator for diluted earnings per share (adjusted weighted average shares)

8,102,342

8,177,135

8,096,227

8,168,758

Basic earnings per share

$

0.17

$

0.13

$

0.12

$

0.36

Diluted earnings per share

Warrants and restricted stock awards excluded from the computation of diluted loss per share because the effect of inclusion would have been anti-dilutive.

$

0.17

$

0.12

$

0.11

$

0.35