3. Earnings Per Share

12 Months Ended

Apr. 30, 2017

3. Earnings Per Share

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

	Years ended April 30,
	2017		2016
Basic EPS Shares outstanding (weighted average)		8,787,082		8,727,874
Effect of Dilutive Securities		**		209,035
Diluted EPS Shares outstanding		8,787,082		8,936,909

** For the year ended April 30, 2017, dilutive securities are excluded since the inclusion of such shares would be antidilutive due to the net loss for the period. The exercisable shares excluded are 1,280,625.

The computation of diluted earnings per share in the other fiscal periods 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:

	Years ended April 30,
	2017		2016
Outstanding options and SARS excluded		**		388,625