Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2012

Earnings Per Common Share

Computation of basic and diluted earnings per share

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Numerator - Basic
Income from continuing operations	$	204,975		$	233,915		$	398,546		$	307,558
Noncontrolling interests’ share in continuing operations	(2,951		)	(5,493		)	(6,135		)	(9,384		)
Income from continuing operations applicable to HCP, Inc.	202,024			228,422			392,411			298,174
Preferred stock dividends	—			(5,283		)	(17,006		)	(10,566		)
Participating securities’ share in continuing operations	(557		)	(483		)	(1,674		)	(1,347		)
Income from continuing operations applicable to common shares	201,467			222,656			373,731			286,261
Discontinued operations	—			337			2,993			678
Net income applicable to common shares	$	201,467		$	222,993		$	376,724		$	286,939
Numerator - Dilutive
Income from continuing operations applicable to common shares	$	201,467		$	222,656		$	373,731		$	286,261
Add: distributions on dilutive convertible units	—			1,656			—			—
Dilutive income from continuing operations applicable to common shares	201,467			224,312			373,731			286,261
Discontinued operations	—			337			2,993			678
Dilutive net income available to common shares	$	201,467		$	224,649		$	376,724		$	286,939
Denominator
Basic weighted average common shares	420,468			406,193			415,243			389,249
Dilutive potential common shares	1,203			5,517			1,423			1,851
Diluted weighted average common shares	421,671			411,710			416,666			391,100
Basic earnings per common share
Income from continuing operations	$	0.48		$	0.55		$	0.90		$	0.74
Discontinued operations	—			—			0.01			—
Net income applicable to common shares	$	0.48		$	0.55		$	0.91		$	0.74
Diluted earnings per common share
Income from continuing operations	$	0.48		$	0.55		$	0.90		$	0.73
Discontinued operations	—			—			—			—
Net income applicable to common shares	$	0.48		$	0.55		$	0.90		$	0.73