NOTE B - EARNINGS PER SHARE

3 Months Ended

Jul. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

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,
	2013		2012
Basic EPS Shares outstanding (weighted average)		8,489,901		8,378,247
Effect of Dilutive Securities		236,422		165,805
Diluted EPS Shares outstanding		8,726,323		8,544,052

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, 2013 and 2012 were 293,375 and 746,375, respectively.