The following is a reconciliation of the numerator and denominator of the basic and diluted per share computations:
Quarter ended Six Months Ended
October 31, October 31,
Period ended 2011 2010 2011 2010
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Net (loss) income $(4,899) $6,310 $(2,323) $11,393
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Weighted average number of
common shares outstanding 11,918,488 11,790,143 11,911,419 11,779,049
Effect of dilutive stock
options(1) 328,337 108,814 279,878 81,024
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Weighted average number of
common shares outstanding
- dilutive(2) 12,246,825 11,898,957 12,191,297 11,860,073
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Period ended 2011 2010 2011 2010
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Basic - net (loss)
earnings $(0.41) $0.54 $(0.20) $0.97
Diluted - net (loss)
earnings $(0.40) $0.53 $(0.19) $0.96
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(1) For quarter ended October 31, 2011, excludes the effect of nil options
(2010 - 222,550) as the exercise price exceeded the average fair market
value of the common stock during the period and hence are anti-dilutive. For
six months ended October 31, 2011, excludes the effect of nil options (2010
- 228,550).
(2) The calculation of the weighted average number of common shares excludes
any issued DSUs as the DSUs will be settled with cash, and any unissued
shares related to the ESPP.
10. Changes in Non-Cash Working Capital Items
Quarter ended Six Months Ended
October 31, October 31,
Period ended 2011 2010 2011 2010
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Decrease (increase) in current
assets
Accounts receivable $ 225 $ (926) $6,069 $(1,783)
Prepaid expenses (318) (13) (325) 91
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(93) (939) 5,744 (1,692)
Increase (decrease) in current
liabilities
Accounts payable and accrued
liabilities 6,136 1,130 3,802 243
Deferred revenue - (1,203) - (4,400)
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$6,043 $(1,012) $9,546 $(5,849)
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At October 31, 2011, cash and cash equivalents includes foreign denominated currency, primarily U.S. dollars, in the amount of $4.9 million (October 31, 2010 - $4.1 million).
