Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2016

Earnings Per Common Share

Computation of basic and diluted earnings per share (in thousands, except per share amounts)

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

	Year Ended December 31,
	2016		2015		2014
Numerator
Income from continuing operations	$	374,171	$	152,668	$	271,315
Noncontrolling interests’ share in continuing operations		(12,179)		(12,817)		(13,181)
Income from continuing operations applicable to HCP, Inc.		361,992		139,851		258,134
Participating securities’ share in continuing operations		(1,198)		(1,317)		(2,437)
Income from continuing operations applicable to common shares		360,794		138,534		255,697
Discontinued operations		265,755		(699,086)		665,276
Noncontrolling interests’ share in discontinued operations		—		—		(1,177)
Net income (loss) applicable to common shares	$	626,549	$	(560,552)	$	919,796
Denominator
Basic weighted average common shares		467,195		462,795		458,425
Dilutive potential common shares		208		—		371
Diluted weighted average common shares		467,403		462,795		458,796
Basic earnings per common share
Income from continuing operations	$	0.77	$	0.30	$	0.56
Discontinued operations		0.57		(1.51)		1.45
Net income (loss) applicable to common shares	$	1.34	$	(1.21)	$	2.01
Diluted earnings per common share
Income from continuing operations	$	0.77	$	0.30	$	0.56
Discontinued operations		0.57		(1.51)		1.44
Net income (loss) applicable to common shares	$	1.34	$	(1.21)	$	2.00