EARNINGS PER SHARE (Tables)

12 Months Ended

Apr. 30, 2015

Reconciliation of Numerator and Denominator Used To Calculate Basic and Diluted Earnings per Share

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, 2015, 2014 and 2013:

	For Years Ended April 30,
	(in thousands, except per share data)
	2015			2014			2013
NUMERATOR
Income (loss) from continuing operations — Investors Real Estate Trust	$	22,076		$	9,633		$	17,247
Income (loss) from discontinued operations — Investors Real Estate Trust	2,011			(22,807		)	8,283

Net income (loss) attributable to Investors Real Estate Trust	24,087			(13,174		)	25,530
Dividends to preferred shareholders	(11,514		)	(11,514		)	(9,229		)

Numerator for basic earnings per share — net income (loss) available to common shareholders	12,573			(24,688		)	16,301
Noncontrolling interests — Operating Partnership	1,526			(4,676		)	3,633

Numerator for diluted earnings per share	$	14,099		$	(29,364	)	$	19,934

DENOMINATOR
Denominator for basic earnings per share weighted average shares	118,004			105,331			93,344
Effect of convertible operating partnership units	16,594			21,697			21,191

Denominator for diluted earnings per share	134,598			127,028			114,535

Earnings (loss) per common share from continuing operations — Investors Real Estate Trust — basic and diluted	$	.09		$	(.01	)	$	.08
Earnings (loss) per common share from discontinued operations — Investors Real Estate Trust — basic and diluted	.02			(.22		)	.09

NET INCOME (LOSS) PER COMMON SHARE — BASIC & DILUTED	$	.11		$	(.23	)	$	.17