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EARNINGS PER SHARE
 9 Months Ended
Jan. 31, 2017
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 nine months ended January 31, 2017 and 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except per share data)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

January 31, 

 

January 31, 

 

 

    

2017

    

2016

    

2017

    

2016

 

NUMERATOR

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations – Investors Real Estate Trust

 

$
2,229

 

$
5,495

 

$
(20,259)

 

$
10,836

 

Income from discontinued operations – Investors Real Estate Trust

 

 
20,881

 

 
34,302

 

 
33,326

 

 
50,167

 

Net income (loss) attributable to Investors Real Estate Trust

 

 
23,110

 

 
39,797

 

 
13,067

 

 
61,003

 

Dividends to preferred shareholders

 

 
(2,503)

 

 
(2,879)

 

 
(8,260)

 

 
(8,636)

 

Redemption of preferred shares

 

 
(1,435)

 

 

 —

 

 
(1,435)

 

 

 —

 

Numerator for basic earnings per share – net income available to common shareholders

 

 
19,172

 

 
36,918

 

 
3,372

 

 
52,367

 

Noncontrolling interests – Operating Partnership

 

 
2,525

 

 
4,227

 

 
403

 

 
5,940

 

Numerator for diluted earnings per share

 

$
21,697

 

$
41,145

 

$
3,775

 

$
58,307

 

DENOMINATOR

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share weighted average shares

 

 
121,255

 

 
121,864

 

 
121,175

 

 
123,793

 

Effect of convertible operating partnership units

 

 
16,120

 

 
13,877

 

 
16,229

 

 
13,913

 

Denominator for diluted earnings per share

 

 
137,375

 

 
135,741

 

 
137,404

 

 
137,706

 

(Loss) earnings per common share from continuing operations – Investors Real Estate Trust – basic and diluted

 

$
(0.01)

 

$
0.02

 

$
(0.24)

 

$
0.02

 

Earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted

 

 
0.17

 

 
0.28

 

 
0.27

 

 
0.40

 

NET INCOME PER COMMON SHARE – BASIC & DILUTED

 

$
0.16

 

$
0.30

 

$
0.03

 

$
0.42