Earnings (Loss) Per Share

6 Months Ended

Oct. 31, 2013

Earnings (Loss) Per Share [Abstract]

Earnings (Loss) Per Share

11.   Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net income (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. 

(in thousands, except per share amounts)		Three Months Ended				Six Months Ended
		October 31,				October 31,
		2013		2012		2013		2012
Net income (loss)	$	(210)	$	252	$	(843)	$	409
Dividends paid and payable on preferred stock		-		(101)		(66)		(202)
Net income (loss) available to common stockholders	$	(210)	$	151	$	(909)	$	207
Weighted-average shares of common stock outstanding, basic		16,384		14,718		15,841		14,718
Effect of dilutive securities		-		11		-		5
Weighted-average shares of common stock outstanding, diluted		16,384		14,729		15,841		14,723
Income (loss) per share of common stock:
Basic	$	(0.01)	$	0.01	$	(0.06)	$	0.01
Diluted	$	(0.01)	$	0.01	$	(0.06)	$	0.01
Antidilutive securities
Stock options		1,520,902		2,629,497		1,520,902		2,724,519
Warrants		909,042		909,042		909,042		909,042
Preferred stock		-		1,666,667		-		1,666,667

Potentially dilutive securities that are not included in the diluted net loss calculation are antidilutive because the exercise prices of these securities are greater than the average market price of the stock during the respective periods.  On June 30, 2013, 1,666,667 shares of preferred stock were converted into shares of common stock on a 1-for-1 basis.