XML 27 R10.htm IDEA: XBRL DOCUMENT v3.6.0.2
EARNINGS PER SHARE
 6 Months Ended
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