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EARNINGS PER SHARE
 6 Months Ended
Oct. 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 our common shares of beneficial interest (“Common Shares”) outstanding during the period. We have issued restricted stock units (“RSUs”) under our 2015 Incentive Plan, which could have a dilutive effect on our earnings per share upon exercise of the RSUs. Other than the issuance of RSUs, we have no outstanding options, warrants, convertible stock or other contractual obligations requiring issuance of additional shares that would result in dilution of earnings. Under the terms of the Operating Partnership’s Agremeent of Limited Partnership, limited partners have the right to require the Operating Partnership to redeem their limited partnership units (“Units”) for cash any time following the first anniversary of the date they acquired such Units (“Exchange Right”).  Upon the exercise of Exchange Rights, and in our sole discretion, we may issue Common 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, 2017 and 2016:  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except per share data)

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

October 31, 

 

October 31, 

 

 

    

2017

    

2016

    

2017

    

2016

 

NUMERATOR

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations – controlling interests

 

$

1,446

 

$

2,426

 

$

(10,317)

 

$

(22,488)

 

Income from discontinued operations – controlling interests

 

 

11,375

 

 

9,174

 

 

11,874

 

 

12,445

 

Net income (loss) attributable to controlling interests

 

 

12,821

 

 

11,600

 

 

1,557

 

 

(10,043)

 

Dividends to preferred shareholders

 

 

(2,812)

 

 

(2,878)

 

 

(5,098)

 

 

(5,757)

 

Redemption of preferred shares

 

 

(3,649)

 

 

 —

 

 

(3,649)

 

 

 —

 

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

 

 

6,360

 

 

8,722

 

 

(7,190)

 

 

(15,800)

 

Noncontrolling interests – Operating Partnership

 

 

773

 

 

1,174

 

 

(871)

 

 

(2,122)

 

Numerator for diluted earnings per share

 

$

7,133

 

$

9,896

 

$

(8,061)

 

$

(17,922)

 

DENOMINATOR

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share weighted average shares

 

 

120,144

 

 

121,154

 

 

120,282

 

 

121,135

 

Effect of redeemable operating partnership units

 

 

14,623

 

 

16,264

 

 

14,912

 

 

16,276

 

Denominator for diluted earnings per share

 

 

134,767

 

 

137,418

 

 

135,194

 

 

137,411

 

Loss per common share from continuing operations – basic and diluted

 

$

(0.05)

 

$

 —

 

$

(0.16)

 

$

(0.23)

 

Earnings per common share from discontinued operations – basic and diluted

 

 

0.10

 

 

0.07

 

 

0.10

 

 

0.10

 

NET EARNINGS (LOSS) PER COMMON SHARE – BASIC & DILUTED

 

$

0.05

 

$

0.07

 

$

(0.06)

 

$

(0.13)