Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 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 (in thousands, except per share amounts):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Numerator
Income from continuing operations	$	223,462		$	192,363		$	662,308		$	581,106
Noncontrolling interests’ share in continuing operations	(3,102		)	(2,935		)	(9,625		)	(9,070		)
Income from continuing operations applicable to HCP, Inc.	220,360			189,428			652,683			572,036
Preferred stock dividends	—			—			—			(17,006		)
Participating securities’ share in continuing operations	(474		)	(479		)	(1,330		)	(2,154		)
Income from continuing operations applicable to common shares	219,886			188,949			651,353			552,876
Discontinued operations	13,396			6,680			25,059			19,476
Net income applicable to common shares	$	233,282		$	195,629		$	676,412		$	572,352
Denominator
Basic weighted average common shares	455,345			429,557			454,553			420,049
Dilutive potential common shares	733			1,221			835			1,355
Diluted weighted average common shares	456,078			430,778			455,388			421,404
Basic earnings per common share
Income from continuing operations	$	0.48		$	0.44		$	1.43		$	1.32
Discontinued operations	0.03			0.02			0.06			0.04
Net income applicable to common shares	$	0.51		$	0.46		$	1.49		$	1.36
Diluted earnings per common share
Income from continuing operations	$	0.48		$	0.44		$	1.43		$	1.32
Discontinued operations	0.03			0.01			0.06			0.04
Net income applicable to common shares	$	0.51		$	0.45		$	1.49		$	1.36