Net Loss Per Share

6 Months Ended

Apr. 30, 2013

Net Loss Per Share [Abstract]

Net Loss Per Share

(7)Net Income (Loss) per Share

Basic income (loss) per share is computed by dividing net income (loss) by the weighted average shares outstanding during the reporting period.  Diluted income per share is computed similarly to basic income (loss) per share except that in computing diluted income per share the weighted average shares outstanding are increased to include additional shares issuable from the assumed exercise of stock options, if dilutive, as well as the dilutive effects of any unvested restricted share awards.  Diluted loss per share does not include any of these dilutive effects in its calculation.  The number of additional shares is calculated by assuming that outstanding stock options are exercised, outstanding restricted share grants vest and that the cash proceeds from the exercise together with the assumed employment value represented by the unamortized stock-based compensation were used to reacquire shares of common stock at the average market price during the reporting period.

The Company had unexpired options for the purchase of its common shares and unvested restricted and performance stock awards at April 30, 2013 and 2012 of 314,409 and 526,092 shares, respectively.

Shares used in the loss per share computations are as follows:

	Three months ended                April 30,		Six months ended        April 30,
(In thousands)	2013	2012	2013	2012
Weighted average common shares outstanding - basic	3,930	3,797	3,910	3,789
Dilutive effect of stock options and unvested restricted shares	64	-	-	-
Weighted average common shares outstanding - diluted	3,994	3,797	3,910	3,789

As a result of the net loss in the six months ended April 30, 2013 and 2012 and in the three months ended April 30, 2012, the outstanding stock options and unvested restricted stock shares were considered antidilutive and, therefore, were excluded from diluted loss per share of those periods.  Antidilutive shares excluded from the three months ended April 30, 2013 calculation totaled 147,000.