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EARNINGS PER SHARE (Tables) | 6 Months Ended
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Oct. 31, 2012
EARNINGS PER SHARE [Abstract] |
Reconciliation of numerator and denominator used to calculate basic and diluted 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 Tabular disclosure of the numerators and the denominators of the basic and diluted per-share (or per-unit) computations for income from continuing operations, including the effect that has been given to preferred dividends. + References Reference 1: 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 + Details
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