EARNINGS PER SHARE

3 Months Ended

Jul. 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 months ended July 31, 2012 and 2011:

	(in thousands, except per share data)
	Three Months Ended July 31
	2012			2011
NUMERATOR
Income from continuing operations – Investors Real Estate Trust	$	1,737		$	1,443
Loss from discontinued operations – Investors Real Estate Trust		(58	)		(22	)
Net income attributable to Investors Real Estate Trust		1,679			1,421
Dividends to preferred shareholders		(593	)		(593	)
Numerator for basic earnings per share – net income available to common shareholders		1,086			828
Noncontrolling interests – Operating Partnership		251			178
Numerator for diluted earnings per share	$	1,337		$	1,006
DENOMINATOR
Denominator for basic earnings per share weighted average shares		90,518			80,854
Effect of convertible operating partnership units		20,774			19,990
Denominator for diluted earnings per share		111,292			100,844
Earnings per common share from continuing operations – Investors Real Estate Trust – basic and diluted	$	.01		$	.01
Earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted		.00			.00
NET INCOME PER COMMON SHARE – BASIC & DILUTED	$	.01		$	.01