Earnings (Loss) Per Share

9 Months Ended

Jan. 31, 2014

Earnings (Loss) Per Share [Abstract]

Earnings (Loss) Per Share

10.   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 share amounts)		Three Months Ended				Nine Months Ended
		January 31,				January 31,
		2014		2013		2014		2013
Net income (loss)	$	(878)	$	(65)	$	(1,721)	$	344
Dividends paid and payable on preferred stock		-		(101)		(66)		(302)
Net income (loss) available to common stockholders	$	(878)	$	(166)	$	(1,787)	$	42
Weighted-average shares of common stock outstanding, basic		16,384		14,718		16,022		14,718
Effect of dilutive securities		-		-		-		8
Weighted-average shares of common stock outstanding, diluted		16,384		14,718		16,022		14,726
Income (loss) per share of common stock:
Basic	$	(0.05)	$	(0.01)	$	(0.11)	$	0.00
Diluted	$	(0.05)	$	(0.01)	$	(0.11)	$	0.00
Antidilutive securities
Weighted average number of stock options		1,465,291		2,357,470		1,620,718		2,632,813
Weighted average number of warrants		909,042		909,042		909,042		909,042
Weighted average number of 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.  As noted above, the 1,666,667 shares of preferred stock were converted into shares of common stock on a 1-for-1 basis.