Earnings Per Share

12 Months Ended

Apr. 30, 2020

3. Earnings per Share

Reconciliations of the weighted average shares outstanding for basic and diluted loss per share for the years ended April 30, 2020 and 2019, respectively, were as follows (in thousands):

	For the years ended April 30,
	2020		2019
Basic EPS Shares outstanding (weighted average)		9,073,609		8,916,250
Effect of Dilutive Securities		251,878		242,874
Diluted EPS Shares outstanding		9,325,487		9,159,124

For the years ended April 30, 2020 and 2019, dilutive securities noted in the above table are excluded from the calculation of earnings per share since the inclusion of such shares would be antidilutive due to the net loss for both periods. Basic and diluted shares outstanding for the fiscal years ended April 30, 2020 and 2019 are 9,073,609 and 8,916,250, respectively. Additionally, there are anti-dilutive exercisable shares excluded in the above table for fiscal years ended April 30, 2020 and 2019 of 896,375 and 1,216,000, respectively.