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EARNINGS PER SHARE
 12 Months Ended
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)