EARNINGS PER SHARE

6 Months Ended

Oct. 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 and six months ended October 31, 2011 and 2010:

	(in thousands, except per share data)
	Three Months Ended October 31						Six Months Ended October 31
	2011			2010			2011			2010
NUMERATOR
Income from continuing operations - Investors Real Estate Trust	$	810		$	1,429		$	2,210		$	3,157
Income (loss) from discontinued operations - Investors Real Estate Trust		475			4,390			496			4,648
Net income attributable to Investors Real Estate Trust		1,285			5,819			2,706			7,805
Dividends to preferred shareholders		(593	)		(593	)		(1,186	)		(1,186	)
Numerator for basic earnings per share - net income available to common shareholders		692			5,226			1,520			6,619
Noncontrolling interests - Operating Partnership		194			1,322			372			1,692
Numerator for diluted earnings per share	$	886		$	6,548		$	1,892		$	8,311
DENOMINATOR
Denominator for basic earnings per share weighted average shares		82,078			78,647			81,467			77,512
Effect of convertible operating partnership units		19,591			20,090			19,819			20,263
Denominator for diluted earnings per share		101,669			98,737			101,286			97,775
Earnings per common share from continuing operations - Investors Real Estate Trust - basic and diluted	$	.00		$	.01		$	.01		$	.03
Earnings per common share from discontinued operations - Investors Real Estate Trust - basic and diluted		.01			.06			.01			.06
NET INCOME PER COMMON SHARE - BASIC & DILUTED	$	.01		$	.07		$	.02		$	.09