Equity (Tables)

12 Months Ended

Dec. 31, 2011

Equity

Summary of the series of preferred stock

	Shares outstanding at December 31,									Carrying Value at December 31,
					Liquidation Value Per share		Dividend Rate
Issuance	2011		2010							2011		2010
Series C Cumulative Convertible Preferred Stock		2,000,000		2,000,000	$	19.25		8.5	%	$	18.80	$	18.80
Series F Cumulative Preferred Stock		—		3,536,530	$	25.00		8.0	%	$	—	$	23.99
Total Cumulative Preferred Stock		2,000,000		5,536,530

Schedule of change from net income and transfers from non-controlling interest

	Years Ended December 31,
	2011		2010		2009
Net income attributable to LTC Properties, Inc.	$	49,252	$	45,862	$	44,064
Transfers from the non-controlling interest
Increase in paid-in capital for limited partners conversion		—		—		1,144
Change from net income attributable to LTC Properties, Inc. and transfers from non-controlling interest	$	49,252	$	45,862	$	45,208

Schedule of cash dividends declared and paid on common and preferred stock

	Year Ended December 31, 2011					Year ended December 31, 2010
	Declared			Paid		Declared			Paid
Preferred Stock
Series C	$	3,272		$	3,272	$	3,272		$	3,272
Series E(1)		—			—		42			62
Series F(2)		2,240	(3)		4,008		10,348	(3)		11,527
Total Preferred		5,512			7,280		13,662			14,861
Common Stock(4)		49,292			49,292		39,041			39,041
Total(5)	$	54,804		$	56,572	$	52,703		$	53,902

(1)

During 2010, we redeemed all of our Series E preferred stock.

(2)

During 2010, we redeemed 40% of our Series F preferred stock. During 2011, we redeemed all of our remaining Series F preferred stock.

(3)

Includes the accrued and unpaid dividends on the series F preferred stock up to the redemption date.

(4)

Represents $0.14 per share per month for 2011. For 2010, represents $0.13 per share per month for January through October and $0.14 per share per month for November and December.

(5)

The difference between declared and paid is the change in distributions payable on the balance sheet at December 31.

Schedule of restricted stock activity

	2011			2010
Outstanding, January 1		217,317			84,866
Granted		6,000			208,591
Vested		(58,183	)		(76,140	)
Canceled		—			—
Outstanding, December 31		165,134			217,317
Compensation expense for the year(1)	$	1,450,000		$	1,210,000

(1)

At December 31, 2011, the total compensation cost related to unvested restricted stock granted is $3,892,000, which will be recognized ratably over the remaining vesting period.

Schedule of nonqualified stock option activity

	Shares						Weighted Average Price
	2011			2010			2011		2010
Outstanding, January 1		185,334			197,000		$	23.34	$	22.88
Granted		—			—		$	—	$	—
Exercised		(5,000	)		(11,666	)	$	23.79	$	15.62
Canceled		—			—		$	—	$	—
Outstanding, December 31		180,334			185,334		$	23.33	$	23.34
Exercisable, December 31(1)		175,334			175,334		$	23.29	$	23.27

(1)

The aggregate intrinsic value of exercisable options at December 31, 2011, based upon the closing price of our common shares at December 30, 2011, amounted to approximately $1,327,000. Options exercisable at December 31, 2011 have a weighted average remaining contractual life of approximately 3.5 years.

Schedule of options exercised

	Options Exercised		Weighted Average Exercise Price		Option Value		Market Value(1)
2011		5,000	$	23.79	$	119,000	$	152,000
2010		11,666	$	15.62	$	182,000	$	315,000

(1)

As of the exercise dates.