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EARNINGS PER SHARE
 6 Months Ended
Oct. 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. We have 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, 2015 and 2014:
 
    
     (in thousands, except per share data) 
   
  
Three Months Ended
October 31
  
Six Months Ended
October 31
 
  
2015
  
2014
  
2015
  
2014
 
NUMERATOR
        
Income from continuing operations – Investors Real Estate Trust
 
$
2,749
  
$
5,533
  
$
7,909
  
$
4,862
 
Income from discontinued operations – Investors Real Estate Trust
  
13,917
   
(419
)
  
13,297
   
101
 
Net income attributable to Investors Real Estate Trust
  
16,666
   
5,114
   
21,206
   
4,963
 
Dividends to preferred shareholders
  
(2,878
)
  
(2,878
)
  
(5,757
)
  
(5,757
)
Numerator for basic earnings per share – net income available to common shareholders
  
13,788
   
2,236
   
15,449
   
(794
)
Noncontrolling interests – Operating Partnership
  
1,527
   
363
   
1,713
   
(39
)
Numerator for diluted earnings per share
 
$
15,315
  
$
2,599
  
$
17,162
  
$
(833
)
DENOMINATOR
                
Denominator for basic earnings per share weighted average shares
  
124,665
   
117,034
   
124,757
   
114,033
 
Effect of convertible operating partnership units
  
13,900
   
16,261
   
13,929
   
18,565
 
Denominator for diluted earnings per share
  
138,565
   
133,295
   
138,686
   
132,598
 
Earnings (loss) per common share from continuing operations – Investors Real Estate Trust – basic and diluted
 
$
.00
  
$
.02
  
$
.02
  
$
(.01
)
Earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted
  
.11
   
.00
   
.10
   
.00
 
NET INCOME (LOSS) PER COMMON SHARE – BASIC & DILUTED
 
$
.11
  
$
.02
  
$
.12
  
$
(.01
)