Quarter Ended Nine Months Ended
January 31 January 31
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2011 2010 2011 2010
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Income before discontinued
operations $7,297 $2,028 $18,953 $13,069
Discontinued operations (net
of tax) 78 196 194 630
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Net income $7,375 $2,224 $19,147 $13,699
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Weighted average number of
common 11,865,305 10,307,569 11,807,801 10,267,187
Net effect of stock options 181,641 59,748 121,605 57,547
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Weighted average diluted
number of 12,046,946 10,367,317 11,929,406 10,324,734
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Earnings per share
Basic - before
discontinued operations $0.61 $0.20 $1.61 $1.27
Diluted - before
discontinued operations $0.61 $0.20 $1.59 $1.27
Basic - net income $0.62 $0.22 $1.62 $1.33
Diluted - net income $0.61 $0.21 $1.61 $1.33
For the quarters ended January 31, 2011 and January 31, 2010, 3,000 and 439,131 options, respectively, were excluded from the calculation of diluted earnings per share, as the exercise price of these options exceeded the average market price of the Company's common stock during this period and were therefore anti-dilutive.
For the nine months ended January 31, 2011 and January 31, 2010, 225,050 and 442,131 options, respectively, were excluded from the calculation of diluted earnings per share as the exercise price of these options exceeded the average market price of the Company's common stock during this period and were therefore anti-dilutive.
There were 752,892 and 639,395 options issued and outstanding as at January 31, 2011 and January 31, 2010, respectively.
5. Discontinued operations
Quarter Ended Nine Months Ended
January 31 January 31
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2011 2010 2011 2010
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Revenues $57 $- $113 $18
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Gain on sale of assets 52 292 157 920
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Earnings before tax 109 292 270 938
Income tax expense 31 96 76 308
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Discontinued operations (net
of tax) $78 $196 $194 $630
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6. Stock-based Compensation
