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EARNINGS PER SHARE | 6 Months Ended
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Oct. 31, 2012
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 six months ended October 31, 2012 and 2011:
|  | (in thousands, except per share data) |
|  | Three Months Ended October 31 |  |  | Six Months Ended October 31 |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
NUMERATOR |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations – Investors Real Estate Trust |  | $ | 6,245 |  |  | $ | 793 |  |  | $ | 7,951 |  |  | $ | 2,224 |
Income from discontinued operations – Investors Real Estate Trust |  |  | 2,267 |  |  |  | 492 |  |  |  | 2,240 |  |  |  | 482 |
Net income attributable to Investors Real Estate Trust |  |  | 8,512 |  |  |  | 1,285 |  |  |  | 10,191 |  |  |  | 2,706 |
Dividends to preferred shareholders |  |  | (2,878 | ) |  |  | (593 | ) |  |  | (3,471 | ) |  |  | (1,186 | )
Numerator for basic earnings per share – net income available to common shareholders |  |  | 5,634 |  |  |  | 692 |  |  |  | 6,720 |  |  |  | 1,520 |
Noncontrolling interests – Operating Partnership |  |  | 1,290 |  |  |  | 194 |  |  |  | 1,541 |  |  |  | 372 |
Numerator for diluted earnings per share |  | $ | 6,924 |  |  | $ | 886 |  |  | $ | 8,261 |  |  | $ | 1,892 |
DENOMINATOR |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Denominator for basic earnings per share weighted average shares |  |  | 92,475 |  |  |  | 82,078 |  |  |  | 91,495 |  |  |  | 81,467 |
Effect of convertible operating partnership units |  |  | 21,215 |  |  |  | 19,591 |  |  |  | 20,963 |  |  |  | 19,819 |
Denominator for diluted earnings per share |  |  | 113,690 |  |  |  | 101,669 |  |  |  | 112,458 |  |  |  | 101,286 |
Earnings per common share from continuing operations – Investors Real Estate Trust – basic and diluted |  | $ | .04 |  |  | $ | .00 |  |  | $ | .05 |  |  | $ | .01 |
Earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted |  |  | .02 |  |  |  | .01 |  |  |  | .02 |  |  |  | .01 |
NET INCOME PER COMMON SHARE – BASIC & DILUTED |  | $ | .06 |  |  | $ | .01 |  |  | $ | .07 |  |  | $ | .02 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=16381557&loc=d3e4984-109258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 + Details
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