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EARNINGS PER SHARE | 6 Months Ended
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Oct. 31, 2016
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. We have no outstanding options, warrants, convertible stock or other contractual obligations requiring issuance of additional shares that would result in dilution of earnings. Upon the exercise of Exchange Rights, and in our sole discretion, we may issue shares in exchange for Units 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, 2016 and 2015:
|  | (in thousands, except per share data) |
|  | Three Months Ended |  | Six Months Ended |
|  | October 31, |  | October 31, |
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |
NUMERATOR |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations – Investors Real Estate Trust |  | $ | 2,426 |  | $ | 1,474 |  | $ | (22,488) |  | $ | 5,341 |
Income from discontinued operations – Investors Real Estate Trust |  |  | 9,174 |  |  | 15,192 |  |  | 12,445 |  |  | 15,865 |
Net income (loss) attributable to Investors Real Estate Trust |  |  | 11,600 |  |  | 16,666 |  |  | (10,043) |  |  | 21,206 |
Dividends to preferred shareholders |  |  | (2,878) |  |  | (2,878) |  |  | (5,757) |  |  | (5,757) |
Numerator for basic earnings per share – net income (loss) available to common shareholders |  |  | 8,722 |  |  | 13,788 |  |  | (15,800) |  |  | 15,449 |
Noncontrolling interests – Operating Partnership |  |  | 1,174 |  |  | 1,527 |  |  | (2,122) |  |  | 1,713 |
Numerator for diluted earnings (loss) per share |  | $ | 9,896 |  | $ | 15,315 |  | $ | (17,922) |  | $ | 17,162 |
DENOMINATOR |  |  |  |  |  |  |  |  |  |  |  |  |
Denominator for basic earnings per share weighted average shares |  |  | 121,154 |  |  | 124,665 |  |  | 121,135 |  |  | 124,757 |
Effect of convertible operating partnership units |  |  | 16,264 |  |  | 13,900 |  |  | 16,276 |  |  | 13,929 |
Denominator for diluted earnings per share |  |  | 137,418 |  |  | 138,565 |  |  | 137,411 |  |  | 138,686 |
(Loss) earnings per common share from continuing operations – Investors Real Estate Trust – basic and diluted |  | $ | — |  | $ | (.01) |  | $ | (.23) |  | $ | — |
Earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted |  |  | .07 |  |  | .12 |  |  | .10 |  |  | .12 |
NET INCOME (LOSS) PER COMMON SHARE – BASIC & DILUTED |  | $ | .07 |  | $ | .11 |  | $ | (.13) |  | $ | .12 |

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