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Earnings Per Share
 9 Months Ended
Jan. 31, 2012
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]
Earnings Per Share
 
Basic earnings per share is computed using the two-class method. The two-class method is an earnings allocation formula that determines net income per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Per share amounts are computed by dividing net income attributable to common shareholders by the weighted average shares outstanding during each period.
 
The basic earnings per common share were computed as follows:
 
Year-to-Date EPS Calculations

 
2012
2011
Net earnings (loss)
$
(101,000
)
$
159,000

Amounts allocated to participating securities (nonvested restricted shares)
—

(14,000
)
Net income (loss) attributable to common shareholders 
$
(101,000
)
$
145,000

Basic weighted average common shares
5,189,158

5,303,587

Earnings per share attributable to common shareholders:
 

 

Basic earnings (loss) per share
$
(0.02
)
$
0.02


Quarterly EPS Calculations
 
2012
2011
Net earnings (loss)
$
30,000

$
(466,000
)
Amounts allocated to participating securities (nonvested restricted shares)
(1,000
)
—

Net income (loss) attributable to common shareholders 
$
29,000

$
(466,000
)
Basic weighted average common shares
5,034,288

5,290,381

Earnings per share attributable to common shareholders:
 
 
Basic earnings (loss) per share
$
0.01

$
(0.09
)

 
ASC 260, Earnings per Share, provides that unvested share-based payment awards that contain non-forfeitable rights to dividends are considered to be participating securities and must be included in the computation of earnings per share pursuant to the two-class method.  Diluted earnings per share is not presented as Torotel does not have any shares considered incremental and dilutive. For the year-to-date 2012 earnings per share calculation, the participating securities identified above do not contain contractual obligations to participate in the losses of Torotel and are not classified using the two-class method.