Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2013

Earnings Per Common Share

Computation of basic and diluted earnings per share

The following table illustrates the computation of basic and diluted earnings per share (dollars in thousands, except per share data):

	Year Ended December 31,
	2013			2012			2011
Numerator
Income from continuing operations	$	910,633		$	801,190		$	536,130
Noncontrolling interests' share in continuing operations		(14,110	)		(12,411	)		(15,484	)
Income from continuing operations applicable to HCP, Inc.		896,523			788,779			520,646
Preferred stock dividends		—			(17,006	)		(21,130	)
Participating securities' share in continuing operations		(1,734	)		(3,245	)		(2,459	)
Income from continuing operations applicable to common shares		894,789			768,528			497,057
Discontinued operations		74,373			45,652			18,364
Noncontrolling interests' share in discontinued operations		(59	)		(1,891	)		(119	)
Net income applicable to common shares	$	969,103		$	812,289		$	515,302
Denominator
Basic weighted average common shares		455,002			427,047			398,446
Dilutive potential common shares		700			1,269			1,772
Diluted weighted average common shares		455,702			428,316			400,218
Basic earnings per common share
Income from continuing operations	$	1.97		$	1.80		$	1.25
Discontinued operations		0.16			0.10			0.04
Net income applicable to common stockholders	$	2.13		$	1.90		$	1.29
Diluted earnings per common share
Income from continuing operations	$	1.97		$	1.80		$	1.25
Discontinued operations		0.16			0.10			0.04
Net income applicable to common shares	$	2.13		$	1.90		$	1.29