EARNINGS PER SHARE

9 Months Ended

Jan. 31, 2012

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 nine months ended January 31, 2012 and 2011:

	(in thousands, except per share data)
	Three Months Ended January 31						Nine Months Ended January 31
	2012			2011			2012			2011
NUMERATOR
Income from continuing operations - Investors Real Estate Trust	$	2,127		$	534		$	4,337		$	3,691
Income from discontinued operations - Investors Real Estate Trust		0			11,299			496			15,947
Net income attributable to Investors Real Estate Trust		2,127			11,833			4,833			19,638
Dividends to preferred shareholders		(593	)		(593	)		(1,779	)		(1,779	)
Numerator for basic earnings per share - net income available to common shareholders		1,534			11,240			3,054			17,859
Noncontrolling interests - Operating Partnership		351			2,793			723			4,485
Numerator for diluted earnings per share	$	1,885		$	14,033		$	3,777		$	22,344
DENOMINATOR
Denominator for basic earnings per share weighted average shares		84,339			79,398			82,424			78,140
Effect of convertible operating partnership units		19,596			19,957			19,752			20,171
Denominator for diluted earnings per share		103,935			99,355			102,176			98,311
Earnings per common share from continuing operations - Investors Real Estate Trust - basic and diluted	$	.02		$	.00		$	.03		$	.03
Earnings per common share from discontinued operations - Investors Real Estate Trust - basic and diluted		.00			.14			.01			.20
NET INCOME PER COMMON SHARE - BASIC & DILUTED	$	.02		$	.14		$	.04		$	.23