Earnings (Loss) Per Share

9 Months Ended

Jan. 31, 2012

Earnings (Loss) Per Share [Abstract]

Earnings (Loss) Per Share

13. Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net earnings (loss) less dividends payable on preferred stock by the weighted average number of common shares outstanding during the reporting period. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock. For the three and nine months ended January 31, 2012 and the three and nine months ended January 31, 2011, because of our net loss available to shareholders, potentially dilutive securities were excluded from the per share computations due to their anti-dilutive effect.

		Three Months Ended						Nine Months Ended
(in thousands, except per share amounts)		January 31,						January 31,
		2012		2011				2012		2011
Net income (loss)	$	53		$	(206	)	$	(931	)	$	(793	)
Dividends payable on preferred stock	$	(101	)	$	-		$	(236	)	$	-
Net income (loss) available to common stockholders		(48	)		(206	)		(1,167	)		(793	)
Weighted average shares of common stock outstanding, basic		14,713			14,577			14,657			13,220
Effect of dilutive securities		-			-			-			-
Weighted average shares of common stock outstanding, diluted		14,713			14,577			14,657			13,220
Earnings (loss) per share of common stock:
Basic	$	0.00		$	(0.01	)	$	(0.08	)	$	(0.06	)
Diluted	$	0.00		$	(0.01	)	$	(0.08	)	$	(0.06	)

The dilutive securities above represent only those stock options, warrants, convertible debt, and preferred stock whose exercise prices were less than the average market price of the stock during the respective periods and therefore were dilutive. Potentially dilutive securities that are not included in the diluted net loss calculation because they would be antidilutive are employee stock options of 2,725,546 and common stock warrants of 1,344,986 for the three and nine months ended January 31, 2012. Potentially dilutive securities that are not included in the diluted net loss calculation because they would be antidilutive are employee stock options of 2,286,459 and common stock warrants of 1,344,986 for the three and nine months ended January 31, 2011. Potentially dilutive securities that are not included in the diluted net loss calculation because they would be antidilutive are preferred stock shares of 1,666,667 for the three and nine months ended January 31, 2012 and zero for the three and nine months ended January 31, 2011.