Three Months Ended

April 30,

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

2020

2019

Numerator:

Net income (loss)

$

8,634

$

(465

)

Denominator:

Denominator for basic net income (loss) per share (weighted-average shares which reflect shares in the treasury, 509,242 at April 30, 2020 and 462,089 for April 30, 2019

7,972,423

8,013,840

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

72,426

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Denominator for diluted net income (loss) per share (adjusted weighted average shares)

8,044,849

8,013,840

Basic net income (loss) per share

$

1.08

$

(0.06

)

Diluted net income (loss) per share

$

1.07

$

(0.06

)

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

-----

196,340