EARNINGS PER SHARE

9 Months Ended

Jan. 31, 2013

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

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 Company has no outstanding options, warrants, convertible stock or other contractual obligations requiring issuance of additional shares that would result in 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 condensed consolidated financial statements for the three and nine months ended January 31, 2013 and 2012:

	(in thousands, except per share data)
	Three Months Ended January 31						Nine Months Ended January 31
	2013			2012			2013			2012
NUMERATOR
Income from continuing operations – Investors Real Estate Trust	$	4,691		$	2,210		$	12,642		$	4,434
Income (loss) from discontinued operations – Investors Real Estate Trust		633			(83	)		2,873			399
Net income attributable to Investors Real Estate Trust		5,324			2,127			15,515			4,833
Dividends to preferred shareholders		(2,879	)		(593	)		(6,350	)		(1,779	)
Numerator for basic earnings per share – net income available to common shareholders		2,445			1,534			9,165			3,054
Noncontrolling interests – Operating Partnership		556			351			2,097			723
Numerator for diluted earnings per share	$	3,001		$	1,885		$	11,262		$	3,777
DENOMINATOR
Denominator for basic earnings per share weighted average shares		93,794			84,339			92,260			82,424
Effect of convertible operating partnership units		21,413			19,596			21,098			19,752
Denominator for diluted earnings per share		115,207			103,935			113,358			102,176
Earnings per common share from continuing operations – Investors Real Estate Trust – basic and diluted	$	.02		$	.02		$	.07		$	.03
Earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted		.01			.00			.03			.01
NET INCOME PER COMMON SHARE – BASIC & DILUTED	$	.03		$	.02		$	.10		$	.04