NOTE B - EARNINGS PER SHARE

9 Months Ended

Jan. 31, 2015

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:

	Nine months				Three months
	Periods ended January 31,
	2015		2014		2015		2014
Weighted average shares outstanding:
Basic		8,595,558		8,515,638		8,609,486		8,537,294
Effect of dilutive securities		268,903		290,324		264,249		319,904
Diluted		8,864,461		8,805,962		8,873,735		8,857,198

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

	Nine months				Three months
	Periods ended January 31,
	2015		2014		2015		2014
Outstanding options and SARS excluded		190,000		276,875		227,875		210,000