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EARNINGS PER SHARE
 3 Months Ended
Jul. 31, 2015
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, 2015 and 2014:
 
  
(in thousands, except per share data)
 
  
Three Months Ended
July 31
 
  
2015
  
2014
 
NUMERATOR
    
Income (loss) from continuing operations – Investors Real Estate Trust
 
$
5,161
  
$
(671
)
(Loss) income from discontinued operations – Investors Real Estate Trust
  
(621
)
  
520
 
Net income (loss) attributable to Investors Real Estate Trust
  
4,540
   
(151
)
Dividends to preferred shareholders
  
(2,879
)
  
(2,879
)
Numerator for basic earnings per share – net income (loss) available to common shareholders
  
1,661
   
(3,030
)
Noncontrolling interests – Operating Partnership
  
186
   
(402
)
Numerator for diluted earnings per share
 
$
1,847
  
$
(3,432
)
DENOMINATOR
        
Denominator for basic earnings per share weighted average shares
  
124,855
   
111,039
 
Effect of convertible operating partnership units
  
13,951
   
20,293
 
Denominator for diluted earnings per share
  
138,806
   
131,332
 
Earnings (loss) per common share from continuing operations – Investors Real Estate Trust – basic and diluted
 
$
.02
  
$
(.03
)
Loss per common share from discontinued operations – Investors Real Estate Trust – basic and diluted
  
(.01
)
  
.00
 
NET INCOME (LOSS) PER COMMON SHARE – BASIC & DILUTED
 
$
.01
  
$
(.03
)