EARNINGS PER SHARE

9 Months Ended

Jan. 31, 2018

Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of our common shares of beneficial interest (“Common Shares”) outstanding during the period. We have issued restricted stock units (“RSUs”) under our 2015 Incentive Plan, which could have a dilutive effect on our earnings per share upon exercise of the RSUs. Other than the issuance of RSUs, we have no outstanding options, warrants, convertible stock or other contractual obligations requiring issuance of additional shares that would result in dilution of earnings. Under the terms of the Operating Partnership’s Agreement of Limited Partnership, limited partners have the right to require the Operating Partnership to redeem their limited partnership units (“Units”) any time following the first anniversary of the date they acquired such Units (“Exchange Right”). Upon the exercise of Exchange Rights, and in our sole discretion, we may issue Common Shares in exchange for Units on a one-for-one basis. 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, 2018 and 2017:



	(in thousands, except per share data)
	Three Months Ended January 31,						Nine Months Ended January 31,
	2018			2017			2018			2017
NUMERATOR
Income (loss) from continuing operations – controlling interests	$	5,115		$	1,051		$	(9,215	)	$	(26,487	)
Income from discontinued operations – controlling interests	130,990			22,059			146,877			39,554
Net income attributable to controlling interests	136,105			23,110			137,662			13,067
Dividends to preferred shareholders	(1,766		)	(2,503		)	(6,864		)	(8,260		)
Redemption of preferred shares	(8		)	(1,435		)	(3,657		)	(1,435		)
Numerator for basic earnings per share – net income available to common shareholders	134,331			19,172			127,141			3,372
Noncontrolling interests – Operating Partnership	16,236			2,525			15,365			403
Numerator for diluted earnings per share	$	150,567		$	21,697		$	142,506		$	3,775
DENOMINATOR
Denominator for basic earnings per share weighted average shares	119,741			121,255			120,102			121,175
Effect of redeemable operating partnership units	14,434			16,120			14,768			16,229
Denominator for diluted earnings per share	134,175			137,375			134,870			137,404
Earnings (loss) per common share from continuing operations – basic and diluted	$	0.03		$	(0.03	)	$	(0.16	)	$	(0.30	)
Earnings per common share from discontinued operations – basic and diluted	1.09			0.19			1.22			0.33
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC & DILUTED	$	1.12		$	0.16		$	1.06		$	0.03