EARNINGS PER SHARE

9 Months Ended

Jan. 31, 2015

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 nine months ended January 31, 2015 and 2014:

	(in thousands, except per share data)
	Three Months Ended January 31				Nine Months Ended January 31
	2015		2014		2015		2014
NUMERATOR
Income from continuing operations – Investors Real Estate Trust	$	8,371	$	3,117	$	13,334	$	10,034
Income from discontinued operations – Investors Real Estate Trust		0		386		0		5,334
Net income attributable to Investors Real Estate Trust		8,371		3,503		13,334		15,368
Dividends to preferred shareholders		(2,879)		(2,879)		(8,636)		(8,636)
Numerator for basic earnings per share – net income available to common shareholders		5,492		624		4,698		6,732
Noncontrolling interests – Operating Partnership		657		130		618		1,406
Numerator for diluted earnings per share	$	6,149	$	754	$	5,316	$	8,138
DENOMINATOR
Denominator for basic earnings per share weighted average shares		120,855		106,208		116,303		104,472
Effect of convertible operating partnership units		14,461		21,819		17,334		21,830
Denominator for diluted earnings per share		135,316		128,027		133,637		126,302
Earnings (loss) per common share from continuing operations – Investors Real Estate Trust – basic and diluted	$	.05	$	.00	$	.04	$	.01
Earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted		.00		.00		.00		.05
NET INCOME (LOSS) PER COMMON SHARE – BASIC & DILUTED	$	.05	$	.00	$	.04	$	.06