2. Earnings Per Share

12 Months Ended

Apr. 30, 2013

Earnings Per Share [Text Block]

Earnings Per Share [Text Block]

2.  Earnings Per Share

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

	Years ended April 30,
	2013		2012
Basic EPS Shares outstanding (weighted average)		8,412,633		8,329,081
Effect of Dilutive Securities		192,018		211,874
Diluted EPS Shares outstanding		8,604,651		8,540,955

Dilutive securities consist of unexercised stock options and stock appreciation rights (“SARS”).  The computation of diluted shares outstanding excludes those options and 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.  For the years ended April 30, 2013 and 2012, the number of excluded options and SARS were 939,375 and 733,375, respectively.