Comprehensive Income:

12 Months Ended

Apr. 30, 2012

Comprehensive Income (Loss) Note [Abstract]

Comprehensive Income:

Note 12-Comprehensive Income:

The FASB’s ASC Comprehensive Income topic requires the reporting of comprehensive income in addition to net income from operations. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that otherwise would not be recognized in the calculation of net income.

As of April 30, 2012, the Company held equities securities consisting primarily of ETFs and select common stock holdings of blue chip companies with a concentration on large capitalization companies with high relative dividend yields that are classified as securities available-for-sale on the Consolidated Balance Sheets. Additionally, as of April 30, 2012, the Company held non-leveraged ETFs, classified as securities available-for-sale, whose performance inversely corresponds to the market value changes of investments in other ETF securities held in the equity portfolio for dividend yield. The change in valuation of these securities, net of deferred income taxes, has been recorded in accumulated other comprehensive income in the Company’s Consolidated Balance Sheets.

For the twelve months ended April 30, 2012 and 2011, comprehensive income was $6,947,000 and $37,847,000, respectively. For the twelve months ended April 30, 2010, comprehensive loss was $23,487,000. The components of comprehensive income that are included in the Consolidated  Statement of Changes in Shareholders’ Equity for the twelve months ending April 30, 2012 are as follows:

($ in thousands)	Amount Before Tax		Tax Expense			Tax Benefit		Amount Net of Tax
Change in unrealized gains on securities during the period	$	24	$	(33	)	$	24	$	15
Add: Adjustments for losses realized in net income		11		(4	)		-		7
	$	35	$	(37	)	$	24	$	22

At April 30, 2011 and 2010, the Company held both equity and U.S. Government debt securities that are classified as available-for-sale on the Consolidated Balance Sheets. The change in valuation of these securities, net of deferred income taxes, has been recorded in Accumulated Other Comprehensive Income in the Company’s Consolidated Balance Sheets. 

The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders’ Equity for the twelve months ending April 30, 2011 are as follows:

($ in thousands)	Amount Before Tax		Tax Expense			Tax Benefit		Amount Net of Tax
Change in unrealized gains on securities during the period	$	32	$	(14	)	$	3	$	21
Add: Adjustments for losses realized in net income		68		(24	)		-		44
	$	100	$	(38	)	$	3	$	65

The components of comprehensive loss that are included in the Consolidated Statement of Changes in Shareholders’ Equity for the twelve months ending April 30, 2010 are as follows:

($ in thousands)	Amount Before Tax			Tax Expense		Tax Benefit			Amount Net of Tax
Change in unrealized losses on securities during the period	$	(285	)	$	160	$	(60	)	$	(185	)
Less: Adjustments for gains realized in net income		(176	)		-		62			(114	)
	$	(461	)	$	160	$	2		$	(299	)