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EARNINGS PER SHARE
 6 Months Ended
Jul. 31, 2011
EARNINGS PER SHARE
8. EARNINGS PER SHARE

Basic earnings per common share was computed using net loss and the weighted average number of common shares outstanding during the period. Diluted earnings per common share was computed using net loss and the weighted average number of common shares outstanding plus potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of stock options and assumed vesting of restricted stock awards using the treasury stock method, as well as the assumed conversion of debt using the if-converted method.

The following table sets forth the computation of basic and diluted losses per common share:

 

     Three months ended     Six months ended  
     July 31,     July 31,  
     2011     2010     2011     2010  

Numerator:

         

Numerator for basic loss per common share

    ($ 1,129 )    $ (50,680 )    ($ 1,754 )    $ (56,284 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Numerator for diluted loss per common share

    ($ 1,129 )    $ (50,680 )    ($ 1,754 )    $ (56,284 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Denominator:

         

Denominator for basic earnings per common share- weighted average common shares

      15,196,563        1,036,132        15,196,563        1,034,968   

Effect of dilutive securities:

         

Denominator for diluted earnings per common share- adjusted weighted average common shares and assumed conversions

      15,196,563        1,036,132        15,196,563        1,034,968   
  

 

 

    

 

 

    

 

 

    

 

 

  

Basic loss per common share

    ($ 0.07 )    $ (48.91 )    ($ 0.12 )    $ (54.38 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted loss from common share

    ($ 0.07 )    $ (48.91 )    ($ 0.12 )    $ (54.38 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

 

The Company has excluded dilutive securities of 13,829 and 769,238 issuable in connection with convertible bonds from the diluted income per share calculation for the three and six months ended July 31, 2011 and 2010, respectively, because their effect would be anti-dilutive. The above computation also excludes all anti-dilutive options, restricted stock awards and shares issuable under deferred compensation arrangements, which amounted to 1,254,444 shares for the three and six months ended July 31, 2011, and 104,541 and 104,533 shares for the three and six months ended July 31, 2010, respectively.