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EARNINGS PER SHARE | 12 Months Ended
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Apr. 30, 2016
EARNINGS PER SHARE [Abstract] |
EARNINGS PER SHARE | NOTE 13 • 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 exchanged for common 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 consolidated financial statements for the fiscal years ended April 30, 2016, 2015 and 2014:
|  | For Year Ended April 30, |
|  | (in thousands, except per share data) |
|  | 2016 |  | 2015 |  | 2014 |
NUMERATOR |  |  |  |  |  |  |  |  |  |
Income from continuing operations – Investors Real Estate Trust |  | $ | 20,600 |  | $ | 15,996 |  | $ | 6,065 |
Income (loss) from discontinued operations – Investors Real Estate Trust |  |  | 51,406 |  |  | 8,091 |  |  | (19,239) |
Net income (loss) attributable to Investors Real Estate Trust |  |  | 72,006 |  |  | 24,087 |  |  | (13,174) |
Dividends to preferred shareholders |  |  | (11,514) |  |  | (11,514) |  |  | (11,514) |
Numerator for basic earnings per share – net income (loss) available to common shareholders |  |  | 60,492 |  |  | 12,573 |  |  | (24,688) |
Noncontrolling interests – Operating Partnership |  |  | 7,032 |  |  | 1,526 |  |  | (4,676) |
Numerator for diluted earnings (loss) per share |  | $ | 67,524 |  | $ | 14,099 |  | $ | (29,364) |
DENOMINATOR |  |  |  |  |  |  |  |  |  |
Denominator for basic earnings per share weighted average shares |  |  | 123,094 |  |  | 118,004 |  |  | 105,331 |
Effect of convertible operating partnership units |  |  | 14,278 |  |  | 16,594 |  |  | 21,697 |
Denominator for diluted earnings per share |  |  | 137,372 |  |  | 134,598 |  |  | 127,028 |
Earnings (loss) per common share from continuing operations – Investors Real Estate Trust – basic and diluted |  | $ | 0.08 |  | $ | 0.04 |  | $ | (0.05) |
Earnings (loss) per common share from discontinued operations – Investors Real Estate Trust – basic and diluted |  |  | 0.41 |  |  | 0.07 |  |  | (0.18) |
NET INCOME (LOSS) PER COMMON SHARE – BASIC & DILUTED |  | $ | 0.49 |  | $ | 0.11 |  | $ | (0.23) |

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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 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 2: 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 3: 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 4: 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=32703322&loc=d3e4984-109258 Reference 5: 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=26872669&loc=d3e20235-122688 + Details
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