EARNINGS PER SHARE

12 Months Ended

Apr. 30, 2014

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, 2014, 2013 and 2012:

	For Years Ended April 30,
	(in thousands, except per share data)
	2014		2013		2012
NUMERATOR
(Loss) income from continuing operations – Investors Real Estate Trust	$	(18,508)	$	17,929	$	7,357
Income from discontinued operations – Investors Real Estate Trust		5,334		7,601		855
Net (loss) income attributable to Investors Real Estate Trust		(13,174)		25,530		8,212
Dividends to preferred shareholders		(11,514)		(9,229)		(2,372)
Numerator for basic earnings per share – net (loss) income available to common shareholders		(24,688)		16,301		5,840
Noncontrolling interests – Operating Partnership		(4,676)		3,633		1,359
Numerator for diluted earnings per share	$	(29,364)	$	19,934	$	7,199
DENOMINATOR
Denominator for basic earnings per share weighted average shares		105,331		93,344		83,557
Effect of convertible operating partnership units		21,697		21,191		19,875
Denominator for diluted earnings per share		127,028		114,535		103,432
(Loss) earnings per common share from continuing operations – Investors Real Estate Trust – basic and diluted	$	(.28)	$	.09	$	.06
Earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted		.05		.08		.01
NET (LOSS) INCOME PER COMMON SHARE – BASIC & DILUTED	$	(.23)	$	.17	$	.07