Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Numerator
Income (loss) from continuing operations	$	168,065	$	60,341	$	47,480	$	207,473
Noncontrolling interests' share in continuing operations	(3,535)		(3,486)		(6,841)		(6,949)
Income (loss) from continuing operations attributable to Healthpeak Properties, Inc.	164,530		56,855		40,639		200,524
Less: Participating securities' share in continuing operations	(287)		(375)		(2,732)		(1,800)
Income (loss) from continuing operations applicable to common shares	164,243		56,480		37,907		198,724
Income (loss) from discontinued operations	113,960		(5,292)		383,968		130,116
Noncontrolling interests' share in discontinued operations	(2,210)		(57)		(2,539)		(54)
Net income (loss) applicable to common shares	$	275,993	$	51,131	$	419,336	$	328,786
Numerator - Dilutive
Net income (loss) applicable to common shares	$	275,993	$	51,131	$	419,336	$	328,786
Add: distributions on dilutive convertible units and other	1,540		—		—		—
Dilutive net income (loss) available to common shares	$	277,533	$	51,131	$	419,336	$	328,786
Denominator
Basic weighted average shares outstanding	538,929		538,262		538,805		522,427
Dilutive potential common shares - equity awards(1)	264		255		276		263
Dilutive potential common shares - forward equity agreements(2)	—		—		—		808
Dilutive potential common shares - DownREIT conversions	5,501		—		—		—
Diluted weighted average common shares	544,694		538,517		539,081		523,498
Basic earnings (loss) per common share
Continuing operations	$	0.30	$	0.10	$	0.07	$	0.38
Discontinued operations	0.21		(0.01)		0.71		0.25
Net income (loss) applicable to common shares	$	0.51	$	0.09	$	0.78	$	0.63
Diluted earnings (loss) per common share
Continuing operations	$	0.30	$	0.10	$	0.07	$	0.38
Discontinued operations	0.21		(0.01)		0.71		0.25
Net income (loss) applicable to common shares	$	0.51	$	0.09	$	0.78	$	0.63

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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 three and six months ended June 30, 2021, forward sales agreements had no dilutive impact as all agreements were settled prior to the start of the period. For the six months ended June 30, 2020, represents the dilutive impact of 32 million shares that were settled during the six months then ended. For the three months ended June 30, 2020, forward sales agreements had no dilutive impact as all agreements were settled prior to the start of the period.