EARNINGS PER SHARE

3 Months Ended

Jul. 31, 2017

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 months ended July 31, 2017 and 2016:


	(in thousands, except per share data)
		Three Months Ended
		July 31,
		2017		2016
NUMERATOR
Loss from continuing operations – Investors Real Estate Trust		$	(11,762)	$	(25,670)
Income from discontinued operations – Investors Real Estate Trust			498		4,027
Net loss attributable to Investors Real Estate Trust			(11,264)		(21,643)
Dividends to preferred shareholders			(2,286)		(2,879)
Redemption of preferred shares			—		—
Numerator for basic earnings per share – net income available to common shareholders			(13,550)		(24,522)
Noncontrolling interests – Operating Partnership			(1,644)		(3,296)
Numerator for diluted earnings per share		$	(15,194)	$	(27,818)
DENOMINATOR
Denominator for basic earnings per share weighted average shares			120,421		121,117
Effect of redeemable operating partnership units			15,128		16,285
Denominator for diluted earnings per share			135,549		137,402
Loss per common share from continuing operations – Investors Real Estate Trust – basic and diluted		$	(0.11)	$	(0.23)
Earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted			—		0.03
NET LOSS PER COMMON SHARE – BASIC & DILUTED		$	(0.11)	$	(0.20)