NOTE B - EARNINGS PER SHARE

6 Months Ended

Oct. 31, 2013

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,
	2013		2012		2013		2012
Weighted average shares outstanding:
Basic		8,504,810		8,389,942		8,519,718		8,401,636
Effect of dilutive securities		275,578		183,594		302,061		201,385
Diluted		8,780,388		8,573,536		8,821,779		8,603,021

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,
	2013		2012		2013		2012
Outstanding options and SARS excluded		290,375		733,375		272,375		733,375

- Definition

The entire disclosure for earnings per share.

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