Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 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):


	Year Ended December 31,
	2020		2019		2018
Numerator
Income from continuing operations	$	160,507	$	175,469	$	837,218
Noncontrolling interests' share in continuing operations	(14,394)		(14,558)		(12,294)
Income (loss) from continuing operations attributable to Healthpeak Properties, Inc.	146,113		160,911		824,924
Less: Participating securities' share in continuing operations	(2,416)		(1,543)		(2,669)
Income (loss) from continuing operations applicable to common shares	143,697		159,368		822,255
Income (loss) from discontinued operations	267,746		(115,408)		236,256
Noncontrolling interests' share in discontinued operations	(296)		27		(87)
Net income (loss) applicable to common shares	$	411,147	$	43,987	$	1,058,424
Numerator - Dilutive
Net income (loss) applicable to common shares	$	411,147	$	43,987	$	1,058,424
Add: distributions on dilutive convertible units and other	—		—		6,919
Dilutive net income (loss) available to common shares	$	411,147	$	43,987	$	1,065,343
Denominator
Basic weighted average shares outstanding	530,555		486,255		470,551
Dilutive potential common shares - equity awards(1)	300		309		168
Dilutive potential common shares - forward equity agreements(2)	201		2,771		—
Dilutive potential common shares - DownREIT conversions	—		—		4,668
Diluted weighted average common shares	531,056		489,335		475,387
Earnings (loss) per common share
Continuing operations	$	0.27	$	0.33	$	1.75
Discontinued operations	0.50		(0.24)		0.50
Net income (loss) applicable to common shares	$	0.77	$	0.09	$	2.25
Diluted earnings per common share:
Continuing operations	$	0.27	$	0.33	$	1.74
Discontinued operations	0.50		(0.24)		0.50
Net income (loss) applicable to common shares	$	0.77	$	0.09	$	2.24

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

(2)For the year ended December 31, 2020, represents the dilutive impact of 32 million shares that were settled during the year then ended. For the year ended December 31, 2019, represents the dilutive impact of 21 million shares that were settled during the year then ended and 30 million shares of common stock under forward sales agreements that had not been settled as of December 31, 2019.