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Earnings Per Common Share | 12 Months Ended
--- | ---
Dec. 31, 2013
Earnings Per Common Share |
Earnings Per Common Share | (19) Earnings Per Common Share The following table illustrates the computation of basic and diluted earnings per share (dollars in thousands, except per share data):
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |  | 2011 |
Numerator |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 910,633 |  | $ | 801,190 |  | $ | 536,130 |
Noncontrolling interests' share in continuing operations |  |  | (14,110 | ) |  | (12,411 | ) |  | (15,484 | )
Income from continuing operations applicable to HCP, Inc. |  |  | 896,523 |  |  | 788,779 |  |  | 520,646 |
Preferred stock dividends |  |  | — |  |  | (17,006 | ) |  | (21,130 | )
Participating securities' share in continuing operations |  |  | (1,734 | ) |  | (3,245 | ) |  | (2,459 | )
Income from continuing operations applicable to common shares |  |  | 894,789 |  |  | 768,528 |  |  | 497,057 |
Discontinued operations |  |  | 74,373 |  |  | 45,652 |  |  | 18,364 |
Noncontrolling interests' share in discontinued operations |  |  | (59 | ) |  | (1,891 | ) |  | (119 | )
Net income applicable to common shares |  | $ | 969,103 |  | $ | 812,289 |  | $ | 515,302 |
Denominator |  |  |  |  |  |  |  |  |  |
Basic weighted average common shares |  |  | 455,002 |  |  | 427,047 |  |  | 398,446 |
Dilutive potential common shares |  |  | 700 |  |  | 1,269 |  |  | 1,772 |
Diluted weighted average common shares |  |  | 455,702 |  |  | 428,316 |  |  | 400,218 |
Basic earnings per common share |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 1.97 |  | $ | 1.80 |  | $ | 1.25 |
Discontinued operations |  |  | 0.16 |  |  | 0.10 |  |  | 0.04 |
Net income applicable to common stockholders |  | $ | 2.13 |  | $ | 1.90 |  | $ | 1.29 |
Diluted earnings per common share |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 1.97 |  | $ | 1.80 |  | $ | 1.25 |
Discontinued operations |  |  | 0.16 |  |  | 0.10 |  |  | 0.04 |
Net income applicable to common shares |  | $ | 2.13 |  | $ | 1.90 |  | $ | 1.29 |
Restricted stock and certain of the Company's performance restricted stock units are considered participating securities, because dividend payments are not forfeited even if the underlying award does not vest, which require the use of the two-class method when computing basic and diluted earnings per share. Options to purchase approximately 1.1 million, 1.2 million and 1.7 million shares of common stock that had an exercise price in excess of the average market price of the common stock during the years ended December 31, 2013, 2012 and 2011, respectively, were not included because they are anti-dilutive. Additionally, 6 million shares issuable upon conversion of 4 million DownREIT units during the years ended December 31, 2013, 2012 and 2011 were not included because they are anti-dilutive.

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