Note D - Earnings Per Share and Stockholders’ Equity

The following table sets forth the computation of basic and diluted earnings (loss) per share:


	Three Months Ended				Six Months Ended
	October 31,				October 31,
	2020		2019		2020		2019

Net income (loss)	$	626,858	$	661,183	$	(273,808)	$	1,022,208
Weighted-average shares
Basic		4,257,508		4,242,508		4,254,247		4,242,196
Effect of dilutive stock options		-		36,393		-		9,394

Diluted		4,257,508		4,278,901		4,254,247		4,251,590

Basic earnings (loss) per share	$	0.15	$	0.16	$	(0.06)	$	0.24

Diluted earnings (loss) per share	$	0.15	$	0.15	$	(0.06)	$	0.24

Options to purchase 513,232 and 465,232 shares of common stock were outstanding at October 31, 2020 and 2019, respectively. There were no options granted during the six month periods ended October 31, 2020 and 2019. There was no stock option expense recognized for the three and six month periods ended October 31, 2020 and 2019. There was no balance of unrecognized compensation expense related to the Company’s stock option plans at October 31, 2020 and 2019. For the three month period ended October 31, 2020 and 2019, 314,740 and 147,706 shares, respectively, were not included in the diluted weighted average common shares outstanding calculation as they were anti-dilutive. For the six month periods ended October 31, 2020 and 2019, 306,420 and 241,465 shares, respectively, were not included in the diluted weighted average common shares outstanding calculation as they were anti-dilutive.