Quarter Ended Year Ended
April 30 April 30
------------------------------------------------
2011 2010 2011 2010
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Income before discontinued
operations $5,830 $7,904 $24,783 $20,973
Discontinued operations (net
of tax) 53 147 247 777
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Net income $5,883 $8,051 $25,030 $21,750
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Weighted average number of
common
shares outstanding 11,884,586 11,522,272 11,826,997 10,580,958
Net effect of stock options 206,186 88,781 149,461 70,819
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Weighted average diluted
number of common shares
outstanding 12,090,772 11,611,053 11,976,458 10,651,777
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Earnings per share
Basic - before
discontinued operations $0.49 $0.69 $2.10 $1.98
Diluted - before
discontinued operations $0.48 $0.68 $2.07 $1.97
Basic - net income $0.50 $0.70 $2.12 $2.06
Diluted - net income $0.49 $0.69 $2.09 $2.04
For the quarters ended April 30, 2011 and April 30, 2010, 216,050 and 17,500 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 year ended April 30, 2011 and April 30, 2010, nil and 440,631 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 742,992 and 636,145 options issued and outstanding as at April 30, 2011 and April 30, 2010, respectively.
5. Discontinued operations
Quarter Ended Year Ended
April 30 April 30
------------------------------------------------
2011 2010 2011 2010
------------------------------------------------
Revenues $21 $ 15 $134 $ 33
Gain on sale of assets 53 205 210 1,125
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Earnings before tax 74 220 344 1,158
Income tax expense 21 73 97 381
------------------------------------------------
Discontinued operations (net
of tax) $53 $147 $247 $777
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6. Stock-based Compensation
