Note 11 - Treasury Stock and Repurchase Program:

On September 19, 2012, the Company's Board of Directors approved a share repurchase program authorizing the repurchase of shares of the Company’s common stock up to an aggregate purchase price of $3,000,000. The repurchases may be made from time to time on the open market at prevailing market prices, in negotiated transactions off the market, in block purchases or otherwise. The repurchase program may be suspended or discontinued at any time at the Company’s discretion and has no set expiration date.

Treasury stock, at cost, consists of the following:

(in thousands except for shares and cost per share)	Shares		Total Average Cost Assigned		Average Cost per Share		Aggregate Purchase Price Remaining Under the Program
Balance as of April 30, 2016 (1)(2)		243,411	$	3,040	$	12.49	$	1,350
Purchases effected in open market during the quarters ended:
May 31, 2016 (2)		7,820	$	132	$	16.90	$	1,218
June 30, 2016 (2)		19,539	$	313	$	16.05	$	905
July 31, 2016 (2)		5,355	$	90	$	16.85	$	815
Balance as of July 31, 2016		276,125	$	3,575	$	12.95	$	815

(1) Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012; 18,400 shares were acquired prior to January 2011.

(2) Were acquired during the $3 million repurchase program authorized in September 2012.