EARNINGS PER SHARE

3 Months Ended

Jul. 31, 2014

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 months ended July 31, 2014 and 2013:

	(in thousands, except per share data)
	Three Months Ended July 31
	2014		2013
NUMERATOR
(Loss) income from continuing operations – Investors Real Estate Trust	$	(151)	$	2,584
Income from discontinued operations – Investors Real Estate Trust		0		494
Net (loss) income attributable to Investors Real Estate Trust		(151)		3,078
Dividends to preferred shareholders		(2,879)		(2,879)
Numerator for basic earnings per share – net income available to common shareholders		(3,030)		199
Noncontrolling interests – Operating Partnership		(402)		50
Numerator for diluted earnings per share	$	(3,432)	$	249
DENOMINATOR
Denominator for basic earnings per share weighted average shares		111,039		102,358
Effect of convertible operating partnership units		20,293		21,821
Denominator for diluted earnings per share		131,332		124,179
(Loss) earnings per common share from continuing operations – Investors Real Estate Trust – basic and diluted	$	(.03)	$	.00
Earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted		.00		.00
NET (LOSS) INCOME PER COMMON SHARE – BASIC & DILUTED	$	(.03)	$	.00