Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of 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,
	2020		2019		2020		2019
Numerator
Net income (loss)	$	(59,581)	$	(42,308)	$	278,008	$	12,702
Noncontrolling interests' share in earnings	(3,836)		(3,555)		(10,839)		(10,692)
Net income (loss) attributable to Healthpeak Properties, Inc.	(63,417)		(45,863)		267,169		2,010
Less: Participating securities' share in earnings	(351)		(386)		(2,151)		(1,223)


Net income (loss) applicable to common shares	$	(63,768)	$	(46,249)	$	265,018	$	787





Denominator
Basic weighted average shares outstanding	538,333		491,203		527,908		482,595
Dilutive potential common shares - equity awards(1)	—		—		279		296
Dilutive potential common shares - forward equity agreements(2)	—		—		268		1,901

Diluted weighted average common shares	538,333		491,203		528,455		484,792








Earnings (loss) per common share:
Basic	$	(0.12)	$	(0.09)	$	0.50	$	0.00
Diluted	$	(0.12)	$	(0.09)	$	0.50	$	0.00

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(1)For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options).

(2)For the nine months ended September 30, 2020, represents the dilutive impact of 32 million shares that were settled during the nine months then ended. For the nine months ended September 30, 2019, represents the dilutive impact of 11 million shares that were settled during the nine months then ended and 19 million shares of common stock under forward sales agreements that had not been settled as of September 30, 2019. For the three months ended September 30, 2020, forward sales agreements had no dilutive impact as all agreements were settled prior to the start of the period. For the three months ended September 30, 2020 and September 30, 2019, diluted loss per share is calculated using the weighted average common shares outstanding as a result of the Company generating a net loss applicable to common shares for the period.