XML 62 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Revenues:      
Rental income $ 77,643 [1] $ 64,351 [1] $ 58,908 [1]
Interest income from mortgage loans 6,411 7,482 8,558
Interest and other income 1,106 [2] 1,863 [2] 1,328 [2]
Total revenues 85,160 73,696 68,794
Expenses:      
Interest expense 6,434 2,653 2,418
Depreciation and amortization 19,515 15,717 14,320
Provisions for doubtful accounts (13) 1,409 196
Acquisition costs 393 370 180
Operating and other expenses 9,158 7,687 7,207
Total expenses 35,487 27,836 24,321
Income from continuing operations 49,673 45,860 44,473
Discontinued operations:      
Income (loss) from discontinued operations (230) (117) (113)
Gain on sale of assets, net   310  
Net (loss) income from discontinued operations (230) 193 (113)
Net income 49,443 46,053 44,360
Income allocated to non-controlling interests (191) (191) (296)
Net income attributable to LTC Properties, Inc. 49,252 45,862 44,064
Income allocated to participating securities (342) (230) (139)
Income allocated to preferred stockholders (9,078) (16,045) (14,515)
Net income available to common stockholders 39,832 29,587 29,410
Net income 49,443 46,053 44,360
Reclassification adjustment (65) (126) (345)
Comprehensive income 49,378 45,927 44,015
Comprehensive income allocated to non-controlling interests (191) (191) (296)
Comprehensive income attributed to LTC Properties, Inc. $ 49,187 $ 45,736 $ 43,719
Basic earnings per common share (See Note 14):      
Continuing operations (in dollars per share) $ 1.37 $ 1.20 $ 1.28
Discontinued operations (in dollars per share) $ (0.01) $ 0.01  
Net income available to common stockholders (in dollars per share) $ 1.36 $ 1.21 $ 1.27
Diluted earnings per common share (See Note 14):      
Continuing operations (in dollars per share) $ 1.37 $ 1.20 $ 1.28
Discontinued operations (in dollars per share) $ (0.01) $ 0.01  
Net income available to common stockholders (in dollars per share) $ 1.36 $ 1.21 $ 1.27
Weighted average shares used to calculate earnings per common share:      
Basic (in shares) 29,194 24,495 23,099
Diluted (in shares) 29,222 24,568 23,182
[1] During 2011, 2010 and 2009, we received $4,264, $4,160, and $4,058, respectively, in rental income and recorded $238, $342 and $443, respectively, in straight-line rental income from a lessee that qualifies as a related party because the lessee's Chief Executive Officer is on our Board of Directors. See Note 12. Transactions with Related Party for further discussion.
[2] During 2011, 2010 and 2009 we recognized $721, $720, and $720, respectively, of interest income from an entity that qualifies as a related party because the entity's Chief Executive Officer is on our Board of Directors. See Note 12. Transactions with Related Party for further discussion.