EARNINGS PER SHARE (Tables)

3 Months Ended

Jul. 31, 2013

Reconciliation of numerator and denominator used to calculate basic and diluted 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 months ended July 31, 2013 and 2012:

	(in thousands, except per share data)
	Three Months Ended July 31
	2013		2012
NUMERATOR
Income from continuing operations – Investors Real Estate Trust	$	1,718	$	1,571
Income from discontinued operations – Investors Real Estate Trust		1,360		108
Net income attributable to Investors Real Estate Trust		3,078		1,679
Dividends to preferred shareholders		(2,879)		(593)
Numerator for basic earnings per share – net income available to common shareholders		199		1,086
Noncontrolling interests – Operating Partnership		50		251
Numerator for diluted earnings per share	$	249	$	1,337
DENOMINATOR
Denominator for basic earnings per share weighted average shares		102,358		90,518
Effect of convertible operating partnership units		21,821		20,774
Denominator for diluted earnings per share		124,179		111,292
(Loss) earnings per common share from continuing operations – Investors Real Estate Trust – basic and diluted	$	(.01)	$	.01
Earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted		.01		.00
NET INCOME PER COMMON SHARE – BASIC & DILUTED	$	.00	$	.01