Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2012

Earnings Per Common Share

Computation of basic and diluted earnings per share

	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
Numerator
Income from continuing operations	$	198,059		$	174,662		$	598,142		$	479,911
Noncontrolling interests’ share in continuing operations	(2,935		)	(3,276		)	(9,070		)	(12,660		)
Income from continuing operations applicable to HCP, Inc.	195,124			171,386			589,072			467,251
Preferred stock dividends	—			(5,282		)	(17,006		)	(15,848		)
Participating securities’ share in continuing operations	(479		)	(546		)	(2,154		)	(1,893		)
Income from continuing operations applicable to common shares	194,645			165,558			569,912			449,510
Discontinued operations	984			809			2,440			3,796
Net income applicable to common shares	$	195,629		$	166,367		$	572,352		$	453,306
Denominator
Basic weighted average common shares	429,557			407,081			420,049			395,258
Dilutive potential common shares	1,221			1,565			1,355			1,755
Diluted weighted average common shares	430,778			408,646			421,404			397,013
Basic earnings per common share
Income from continuing operations	$	0.45		$	0.41		$	1.36		$	1.14
Discontinued operations	0.01			—			—			0.01
Net income applicable to common shares	$	0.46		$	0.41		$	1.36		$	1.15
Diluted earnings per common share
Income from continuing operations	$	0.45		$	0.41		$	1.36		$	1.13
Discontinued operations	—			—			—			0.01
Net income applicable to common shares	$	0.45		$	0.41		$	1.36		$	1.14