EARNINGS PER SHARE

6 Months Ended

Apr. 30, 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 for the three months ended April 30, 2012 and 2011:

	Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount
	US$				US$
For the three months ended April 30, 2012:
Net income		7,850,121
Basic EPS income available to common shareholders		7,850,121		37,239,536		0.21
Effect of dilutive securities:
Share Options				-
Share Warrants		-		-		-
Diluted EPS income available to common shareholders		7,850,121		37,239,536		0.21
For the three months ended April 30, 2011:
Net income		7,081,056
Basic EPS income available to common shareholders		7,081,056		37,239,536		0.19
Effect of dilutive securities:
Share Options				-
Share Warrants		-		519,958		-
Diluted EPS income available to common shareholders		7,081,056		37,759,494		0.19

For the three months ended April 30, 2012, warrants of 1,231,428 shares and option of 284,998 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 April 30, 2011, warrants of 160,000 shares and option of 270,000 shares were excluded from calculation of diluted earnings, because the exercise prices exceeded the average price of the Company’s common stock.

The following reconciles the components of the EPS computation for the six months ended April 30, 2012 and 2011:

	Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount
	US$				US$
For the six months ended April 30, 2012:
Net income		20,157,353
Basic EPS income available to common shareholders		20,157,353		37,239,536		0.54
Effect of dilutive securities:
Share Options				1,807
Share Warrants		-		-		-
Diluted EPS income available to common shareholders		20,157,353		37,241,343		0.54
For the six months ended April 30, 2011:
Net income		18,029,351
Basic EPS income available to common shareholders		18,029,351		37,239,536		0.48
Effect of dilutive securities:
Share Options				-
Share Warrants		-		588,181		-
Diluted EPS income available to common shareholders		18,029,351		37,827,717		0.48

For the six months ended April 30, 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 April 30, 2011, warrants of 160,000 shares and option of 270,000 shares were excluded from calculation of diluted earnings, because the exercise prices exceeded the average price of the Company’s common stock.