XML 45 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
EARNINGS PER SHARE
 12 Months Ended
Apr. 30, 2012
EARNINGS PER SHARE [Abstract]  
EARNINGS PER SHARE
NOTE 13 • 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 Company has no outstanding options, warrants, convertible stock or other contractual obligations requiring issuance of additional common shares that would result in a dilution of earnings. Units can be exchanged for shares on a one-for-one basis after a minimum holding period of one year. The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the consolidated financial statements for the fiscal years ended April 30, 2012, 2011 and 2010:
 
 
For Years Ended April 30,
 
 
 
(in thousands, except per share data)
 
 
 
2012
  
2011
  
2010
 
NUMERATOR
 
  
  
 
Income from continuing operations – Investors Real Estate Trust
 
$
8,255
  
$
4,181
  
$
5,087
 
(Loss) income from discontinued operations – Investors Real Estate Trust
  
(43
)
  
15,901
   
(1,086
)
Net income attributable to Investors Real Estate Trust
  
8,212
   
20,082
   
4,001
 
Dividends to preferred shareholders
  
(2,372
)
  
(2,372
)
  
(2,372
)
Numerator for basic earnings per share – net income available to common shareholders
  
5,840
   
17,710
   
1,629
 
Noncontrolling interests – Operating Partnership
  
1,359
   
4,449
   
562
 
Numerator for diluted earnings per share
 
$
7,199
  
$
22,159
  
$
2,191
 
DENOMINATOR
            
Denominator for basic earnings per share weighted average shares
  
83,557
   
78,628
   
69,093
 
Effect of convertible operating partnership units
  
19,875
   
20,154
   
20,825
 
Denominator for diluted earnings per share
  
103,432
   
98,782
   
89,918
 
Earnings per common share from continuing operations – Investors Real Estate Trust – basic and diluted
 
$
.07
  
$
.02
  
$
.04
 
Earnings (loss) per common share from discontinued operations – Investors Real Estate Trust – basic and diluted
  
.00
   
.20
   
(.01
)
NET INCOME PER COMMON SHARE – BASIC & DILUTED
 
$
.07
  
$
.22
  
$
.03