EARNINGS PER SHARE

3 Months Ended

Jul. 31, 2011

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:

	Three months ended July 31,
	2011		2010
Basic EPS Shares outstanding (weighted average)		8,304,484		8,233,570
Effect of Dilutive Securities		198,617		46,762
Diluted EPS Shares outstanding		8,503,101		8,280,332

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 for the three months ended July 31, 2011 and 2010 were 424,375 and 1,020,775, respectively.