EARNINGS PER SHARE

3 Months Ended

Jul. 31, 2016

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. Upon the exercise of Exchange Rights, and in our sole discretion, we may issue shares in exchange for Units 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, 2016 and 2015:

	Three Months Ended
	July 31,
	2016		2015
NUMERATOR
(Loss) income from continuing operations – Investors Real Estate Trust	$	(24,914)	$	3,868
Income from discontinued operations – Investors Real Estate Trust		3,271		672
Net (loss) income attributable to Investors Real Estate Trust		(21,643)		4,540
Dividends to preferred shareholders		(2,879)		(2,879)
Numerator for basic earnings per share – net (loss) income available to common shareholders		(24,522)		1,661
Noncontrolling interests – Operating Partnership		(3,296)		186
Numerator for diluted (loss) earnings per share	$	(27,818)	$	1,847
DENOMINATOR
Denominator for basic earnings per share weighted average shares		121,117		124,855
Effect of convertible operating partnership units		16,285		13,951
Denominator for diluted earnings per share		137,402		138,806
(Loss) earnings per common share from continuing operations – Investors Real Estate Trust – basic and diluted	$	(0.23)	$	0.01
Earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted		0.03		—
NET (LOSS) INCOME PER COMMON SHARE – BASIC & DILUTED	$	(0.20)	$	0.01