Equity (Tables)

12 Months Ended

Dec. 31, 2012

Equity

Schedule of effect of changes in our ownership interest in the limited partnership on equity

The following table represents the effect of changes in our ownership interest in the limited partnership on equity attributable to LTC Properties, Inc. (in thousands):

	Years Ended December 31,
	2012			2011		2010
Net income attributable to LTC Properties, Inc.	$	51,290		$	49,252	$	45,862
Transfers from the non-controlling interest
Increase in paid-in capital for limited partners conversion		396			—		—
Decrease in paid-in capital for limited partners conversion		(1,246	)		—		—
Change from net income attributable to LTC Properties, Inc. and transfers from non-controlling interest	$	50,440		$	49,252	$	45,862

Schedule of cash dividends declared and paid

We declared and paid the following cash dividends(in thousands):

	Year Ended December 31, 2012				Year ended December 31, 2011
	Declared		Paid		Declared		Paid
Preferred Stock
Series C	$	3,273	$	3,273	$	3,272	$	3,272
Series F(1)		—		—		2,240		4,008
Total Preferred		3,273		3,273		5,512		7,280
Common Stock(2)		54,512		54,512		49,292		49,292
Total	$	57,785	$	57,785	$	54,804	$	56,572

⁽¹⁾

During 2011, we redeemed all of our Series F preferred stock.

⁽²⁾

Represents $0.145 per share per month for January through July of 2012 and $0.155 per share per month for August through December of 2012. Represents $0.14 per share per month for the 2011.

Schedule of restricted stock granted

During 2012, we granted 90,500 shares of restricted common stock as follows:

No. of Shares		Price per Share		Vesting Period
	14,000	$	31.77	ratably over 5 years
	12,200	$	31.77	January 10, 2016
	30,000	$	31.77	June 15, 2015
	8,000	$	31.87	ratably over 3 years
	6,300	$	34.90	ratably over 5 years
	20,000	$	34.90	December 20, 2015

Schedule of restricted stock activity

	2012			2011
Outstanding, January 1		165,134			217,317
Granted		90,500			6,000
Vested		(60,185	)		(58,183	)
Canceled		—			—
Outstanding, December 31		195,449			165,134
Compensation expense for the year(1)	$	1,809,000		$	1,450,000

⁽¹⁾

At December 31, 2012, the total compensation cost related to unvested restricted stock granted is $5,041,000, which will be recognized ratably over the remaining vesting period.

Schedule of nonqualified stock option activity

	Shares						Weighted Average Price
	2012			2011			2012		2011
Outstanding, January 1		180,334			185,334		$	23.33	$	23.34
Granted		—			—		$	—	$	—
Exercised		(85,000	)		(5,000	)	$	22.66	$	23.79
Canceled		—			—		$	—	$	—
Outstanding, December 31		95,334			180,334		$	23.93	$	23.33
Exercisable, December 31(1)		95,334			175,334		$	23.93	$	23.29

⁽¹⁾

The aggregate intrinsic value of exercisable options at December 31, 2012, based upon the closing price of our common shares at December 31, 2012, amounted to approximately $1,074,000. Options exercisable at December 31, 2012 have a weighted average remaining contractual life of approximately 3.9 years.

Schedule of options exercised

	Options Exercised		Weighted Average Exercise Price		Option Value		Market Value(1)
2012		85,000	$	22.66	$	1,926,000	$	2,761,000
2011		5,000	$	23.79	$	119,000	$	152,000

⁽¹⁾

As of the exercise dates.