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EARNINGS PER SHARE
 12 Months Ended
Apr. 30, 2018
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
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 common shares that would result in a dilution of earnings. Pursuant to the exercise of Exchange Rights, Units may be tendered for redemption for cash or, at our option, for common shares 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 consolidated financial statements for the fiscal years ended April 30, 2018, 2017 and 2016:
 
 
For Year Ended April 30, 
 
 
(in thousands, except per share data)
 
 
2018

2017

2016

NUMERATOR
 
 

 

 

Income (loss) from continuing operations – Investors Real Estate Trust
 
$
(30,266
)
$
(24,473
)
$
11,553

Income from discontinued operations – Investors Real Estate Trust
 
147,054

67,820

60,453

Net income attributable to Investors Real Estate Trust
 
116,788

43,347

72,006

Dividends to preferred shareholders
 
(8,569
)
(10,546
)
(11,514
)
Redemption of preferred shares
 
(3,657
)
(1,435
)
—

Numerator for basic earnings per share – net income available to common shareholders
 
104,562

31,366

60,492

Noncontrolling interests – Operating Partnership
 
12,702

4,059

7,032

Numerator for diluted earnings per share
 
$
117,264

$
35,425

$
67,524

DENOMINATOR
 
 

 

 

Denominator for basic earnings per share weighted average shares
 
119,977

121,169

123,094

Effect of redeemable operating partnership units
 
14,617

16,130

14,278

Denominator for diluted earnings per share
 
134,594

137,299

137,372

Earnings (loss) per common share from continuing operations – Investors Real Estate Trust – basic and diluted
 
$
(0.36
)
$
(0.30
)
$
—

Earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted
 
1.23

0.56

0.49

NET INCOME PER COMMON SHARE – BASIC & DILUTED
 
$
0.87

$
0.26

$
0.49