EARNINGS PER SHARE

3 Months Ended

Jul. 31, 2011

Notes To Financial Statements [Abstract]

NOTE 3 . EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the condensed consolidated financial statements for the three months ended July 31, 2011 and 2010:

	(in thousands, except per share data)
	Three Months Ended July 31
	2011			2010
NUMERATOR
Income from continuing operations - Investors Real Estate Trust	$	1,421		$	1,742
Income (loss) from discontinued operations - Investors Real Estate Trust		0			244
Net income attributable to Investors Real Estate Trust		1,421			1,986
Dividends to preferred shareholders		(593	)		(593	)
Numerator for basic earnings per share - net income available to common shareholders		828			1,393
Noncontrolling interests - Operating Partnership		178			370
Numerator for diluted earnings per share	$	1,006		$	1,763
DENOMINATOR
Denominator for basic earnings per share weighted average shares		80,854			76,384
Effect of convertible operating partnership units		19,990			20,393
Denominator for diluted earnings per share		100,844			96,777
Earnings per common share from continuing operations - Investors Real Estate Trust - basic and diluted	$	.01		$	.02
Earnings per common share from discontinued operations - Investors Real Estate Trust - basic and diluted		.00			.00
NET INCOME PER COMMON SHARE - BASIC & DILUTED	$	.01		$	.02