Earnings (Loss) Per Share

12 Months Ended

Apr. 30, 2014

Earnings (Loss) Per Share [Abstract]

Earnings (Loss) Per Share

Note 11. Earnings (Loss) per Share

Basic earnings (loss) per share is computed by dividing net income (loss) less dividends paid and 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 fiscal 2014 and 2012,  because of our net loss attributable to shareholders, potentially dilutive securities were excluded from the per share computations due to their anti-dilutive effect.

(in thousands, except per share amounts)		Year Ended April 30,
		2014		2013		2012
Net income (loss)	$	(1,558)	$	532	$	(16,662)
Dividends paid and payable on preferred stock		(66)		(400)		(334)
Net income (loss) available to common stockholders	$	(1,624)	$	132	$	(16,996)
Weighted-average shares of common stock outstanding, basic		16,110		14,718		14,672
Effect of dilutive securities		-		10		-
Weighted-average shares of common stock outstanding, diluted		16,110		14,728		14,672
Income (loss) per share of common stock:
Basic	$	(0.10)	$	0.01	$	(1.16)
Diluted	$	(0.10)	$	0.01	$	(1.16)
Antidilutive securities
Weighted average number of stock options		1,571,021		2,523,477		2,632,115
Weighted average number of warrants		905,916		909,042		1,344,986
Weighted average number of preferred stock		278,539		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 previously discussed, the 1,666,667 share of preferred stock were converted into shares of common stock on a 1-for-1 basis.