EARNINGS PER SHARE

6 Months Ended

Oct. 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 six months ended October 31, 2013 and 2012:

	(in thousands, except per share data)
	Three Months Ended October 31				Six Months Ended October 31
	2013		2012		2013		2012
NUMERATOR
Income from continuing operations – Investors Real Estate Trust	$	4,412	$	5,750	$	6,838	$	7,064
Income from discontinued operations – Investors Real Estate Trust		4,375		2,762		5,027		3,127
Net income attributable to Investors Real Estate Trust		8,787		8,512		11,865		10,191
Dividends to preferred shareholders		(2,878)		(2,878)		(5,757)		(3,471)
Numerator for basic earnings per share – net income available to common shareholders		5,909		5,634		6,108		6,720
Noncontrolling interests – Operating Partnership		1,226		1,290		1,276		1,541
Numerator for diluted earnings per share	$	7,135	$	6,924	$	7,384	$	8,261
DENOMINATOR
Denominator for basic earnings per share weighted average shares		104,861		92,475		103,606		91,495
Effect of convertible operating partnership units		21,852		21,215		21,834		20,963
Denominator for diluted earnings per share		126,713		113,690		125,440		112,458
Earnings per common share from continuing operations – Investors Real Estate Trust – basic and diluted	$	.02	$	.03	$	.01	$	.04
Earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted		.04		.03		.05		.03
NET INCOME PER COMMON SHARE – BASIC & DILUTED	$	.06	$	.06	$	.06	$	.07