EARNINGS PER SHARE

3 Months Ended

Jan. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

15.  EARNINGS PER SHARE

When calculating diluted earnings per share for common stock equivalents, the Earnings per Share, FASB ASC Topic 260, requires the Company to include the potential shares that would be outstanding if all outstanding stock options or warrants were exercised.   This is offset by shares the Company could repurchase using the proceeds from these hypothetical exercises to obtain the common stock equivalent.

The following reconciles the components of the EPS computation:

	Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount
	US$				US$
For the three months ended January 31, 2012:
Net income		12,307,232
Basic EPS income available to common shareholders		12,307,232		37,239,536		0.33
Effect of dilutive securities:
Share Options				4,023
Share Warrants		-		-		-
Diluted EPS income available to common shareholders		12,307,232		37,243,559		0.33
For the three months ended January 31, 2011:
Net income		10,948,295
Basic EPS income available to common shareholders		10,948,295		37,239,536		0.29
Effect of dilutive securities:
Share Options				654,845
Share Warrants		-		1,497		-
Diluted EPS income available to common shareholders		10,948,295		37,895,878		0.29

For the three months ended January 31, 2012, warrants of 1,231,428 shares and option of 234,998 shares were excluded from calculation of diluted earnings, because the exercise prices exceeded the average price of the Company’s common stock.

For the three months ended January 31, 2011, option of 70,000 shares were excluded from calculation of diluted earnings, because the exercise prices exceeded the average price of the Company’s common stock.