The shares used in the computation of the Company’s basic and diluted earnings per common share were as follows:

	For the three months ended May 31,
	2013		2012
Weighted average common shares outstanding		2,177,832		2,269,006
Dilutive effect of employee stock options		225,759		214,880
Weighted average common shares outstanding, assuming dilution		2,403,591		2,483,886

Weighted average common shares outstanding, assuming dilution, include the incremental shares that would be issued upon the assumed exercise of stock options. For the three-month periods ended May 31, 2013 and May 31,

2012 respectively, 12,300 and 13,500 shares underlying the Company's stock options were excluded from the calculation of diluted earning per share because the exercise prices of the stock options were greater than or equal to the average price of the common shares, and therefore their inclusion would have been anti-dilutive.

These options could be dilutive in the future if the average share price increases and is greater than the exercise price of these options.