NET INCOME ATTRIBUTABLE TO MREIC'S COMMON SHAREHOLDERS PER SHARE

9 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

NET INCOME ATTRIBUTABLE TO MREIC'S COMMON SHAREHOLDERS PER SHARE

NOTE 2 – NET INCOME ATTRIBUTABLE TO MREIC’S COMMON SHAREHOLDERS PER SHARE

Basic net income attributable to MREIC’s common shareholders per share is calculated by dividing net income attributable to MREIC’s common shareholders by the weighted-average number of common shares outstanding during the period. Diluted net income per common share is calculated by dividing net income attributable to MREIC’s common shareholders plus interest expense related to the Convertible Subordinated Debentures (Debentures) by the weighted-average number of common shares outstanding plus the weighted-average number of net shares that would be issued upon exercise of stock options pursuant to the treasury stock method, plus the number of shares resulting from the possible conversion of the Debentures during the period.

The following amounts related to the potential conversion of the outstanding Debentures are excluded from the calculation due to their antidilutive effect:

	Three Months Ended		Nine Months Ended
	6/30/11	6/30/10		6/30/11	6/30/10
Interest expense	$178,800	$279,800		$618,098	$839,400
Common shares to be issued upon conversion	863,100	1,304,148		863,100	1,304,148

In addition, common stock equivalents of 56,480 and 22,979 shares are included in the diluted weighted average shares outstanding for the three months ended June 30, 2011 and 2010, respectively, and common stock equivalents of 53,159 and 11,179 shares are included in the weighted average shares outstanding for the nine months ended June 30, 2011 and 2010, respectively. As of June 30, 2011 and 2010, options to purchase 5,499 and 82,828 shares, respectively, were antidilutive.