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Earnings Per Common Share | 9 Months Ended
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Sep. 30, 2014
Earnings Per Common Share |
Earnings Per Common Share | (15) Earnings Per Common Share The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Numerator |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 251,059 |  | $ | 227,033 |  | $ | 707,215 |  | $ | 672,483 |
Noncontrolling interests’ share in continuing operations |  |  | (3,405) |  |  | (3,055) |  |  | (10,134) |  |  | (9,442) |
Income from continuing operations applicable to HCP, Inc. |  |  | 247,654 |  |  | 223,978 |  |  | 697,081 |  |  | 663,041 |
Participating securities’ share in continuing operations |  |  | (446) |  |  | (474) |  |  | (1,999) |  |  | (1,330) |
Income from continuing operations applicable to common shares |  |  | 247,208 |  |  | 223,504 |  |  | 695,082 |  |  | 661,711 |
Discontinued operations |  |  | — |  |  | 9,825 |  |  | 29,746 |  |  | 14,884 |
Noncontrolling interests’ share in discontinued operations |  |  | — |  |  | (47) |  |  | (1,177) |  |  | (183) |
Net income applicable to common shares |  | $ | 247,208 |  | $ | 233,282 |  | $ | 723,651 |  | $ | 676,412 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |  |
Basic weighted average common shares |  |  | 458,799 |  |  | 455,345 |  |  | 458,119 |  |  | 454,553 |
Dilutive potential common shares |  |  | 342 |  |  | 733 |  |  | 354 |  |  | 835 |
Diluted weighted average common shares |  |  | 459,141 |  |  | 456,078 |  |  | 458,473 |  |  | 455,388 |
Basic earnings per common share |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 0.54 |  | $ | 0.49 |  | $ | 1.52 |  | $ | 1.46 |
Discontinued operations |  |  | — |  |  | 0.02 |  |  | 0.06 |  |  | 0.03 |
Net income applicable to common shares |  | $ | 0.54 |  | $ | 0.51 |  | $ | 1.58 |  | $ | 1.49 |
Diluted earnings per common share |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 0.54 |  | $ | 0.49 |  | $ | 1.52 |  | $ | 1.46 |
Discontinued operations |  |  | — |  |  | 0.02 |  |  | 0.06 |  |  | 0.03 |
Net income applicable to common shares |  | $ | 0.54 |  | $ | 0.51 |  | $ | 1.58 |  | $ | 1.49 |
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 requires the use of the two-class method when computing basic and diluted earnings per share. Options to purchase approximately 1.1 million and 0.9 million shares of common stock that had an exercise price (including deferred compensation expense) in excess of the average closing market price of the Company’s common stock during the three months ended September 30, 2014 and 2013, respectively, were not included in the Company’s earnings per share calculations because they are anti-dilutive. Restricted stock and performance restricted stock units representing 0.1 million and 7,500 shares of common stock during the three months ended September 30, 2014 and 2013, respectively, were not included because they are anti-dilutive. Additionally, 6 million shares issuable upon conversion of 4 million DownREIT units during the three months ended September 30, 2014 and 2013 were not included because they are anti-dilutive.

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