EARNINGS PER SHARE

6 Months Ended

Oct. 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 and six months ended October 31, 2014 and 2013:

	(in thousands, except per share data)
	Three Months Ended October 31				Six Months Ended October 31
	2014		2013		2014		2013
NUMERATOR
Income from continuing operations – Investors Real Estate Trust	$	5,114	$	4,334	$	4,963	$	6,918
Income from discontinued operations – Investors Real Estate Trust		0		4,453		0		4,947
Net income attributable to Investors Real Estate Trust		5,114		8,787		4,963		11,865
Dividends to preferred shareholders		(2,878)		(2,878)		(5,757)		(5,757)
Numerator for basic earnings per share – net income available to common shareholders		2,236		5,909		(794)		6,108
Noncontrolling interests – Operating Partnership		363		1,226		(39)		1,276
Numerator for diluted earnings per share	$	2,599	$	7,135	$	(833)	$	7,384
DENOMINATOR
Denominator for basic earnings per share weighted average shares		117,034		104,861		114,033		103,606
Effect of convertible operating partnership units		16,261		21,852		18,565		21,834
Denominator for diluted earnings per share		133,295		126,713		132,598		125,440
Earnings (loss) per common share from continuing operations – Investors Real Estate Trust – basic and diluted	$	.02	$	.01	$	(.01)	$	.01
Earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted		.00		.05		.00		.05
NET INCOME (LOSS) PER COMMON SHARE – BASIC & DILUTED	$	.02	$	.06	$	(.01)	$	.06