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EARNINGS PER SHARE
 6 Months Ended
Oct. 31, 2012
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

NOTE B - EARNINGS PER SHARE

 

Reconciliation of the weighted average shares outstanding for basic and diluted Earnings Per Share are as follows:

    Six months     Three months  
    Periods ended October 31,  
    2012     2011     2012     2011  
Weighted average shares outstanding:                        
Basic     8,389,942       8,311,679       8,401,636       8,318,874  
Effect of dilutive securities     183,594       228,386       201,385       222,028  
Diluted     8,573,536       8,540,065       8,603,021       8,540,902  

 

The computation of diluted earnings per share excludes those options and stock appreciation rights (“SARS”) with an exercise price in excess of the average market price of the Company’s common shares during the periods presented. The inclusion of such options and SARS in the computation of earnings per share would have been antidilutive. The number of excluded options and SARS were:

 

    Six months     Three months  
    Periods ended October 31,  
    2012     2011     2012     2011  
Outstanding options and SARS excluded     733,375       382,875       733,375       733,375