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Earnings Per Common Share | 6 Months Ended
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Jun. 30, 2016
Earnings Per Common Share |
Earnings Per Common Share | NOTE 14. 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 June 30, |  | Six Months Ended June 30, |
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |
Numerator - Basic |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 304,842 |  | $ | 167,748 |  | $ | 424,587 |  | $ | (69,755) |
Noncontrolling interests’ share in earnings |  |  | (3,125) |  |  | (2,863) |  |  | (6,751) |  |  | (5,974) |
Net income (loss) attributable to HCP, Inc. |  |  | 301,717 |  |  | 164,885 |  |  | 417,836 |  |  | (75,729) |
Participating securities’ share in earnings |  |  | (342) |  |  | (370) |  |  | (651) |  |  | (704) |
Net income (loss) applicable to common shares |  | $ | 301,375 |  | $ | 164,515 |  | $ | 417,185 |  | $ | (76,433) |
Numerator - Dilutive |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) applicable to common shares |  | $ | 301,375 |  | $ | 164,515 |  | $ | 417,185 |  | $ | (76,433) |
Add: distributions on dilutive convertible units |  |  | 2,388 |  |  | — |  |  | — |  |  | — |
Dilutive net income (loss) available to common shares |  | $ | 303,763 |  | $ | 164,515 |  | $ | 417,185 |  | $ | (76,433) |
Denominator |  |  |  |  |  |  |  |  |  |  |  |  |
Basic weighted average common shares |  |  | 467,084 |  |  | 461,874 |  |  | 466,579 |  |  | 461,380 |
Dilutive potential common shares - equity awards |  |  | 208 |  |  | 232 |  |  | 198 |  |  | — |
Dilutive potential common shares - DownREIT units |  |  | 4,133 |  |  | — |  |  | — |  |  | — |
Diluted weighted average common shares |  |  | 471,425 |  |  | 462,106 |  |  | 466,777 |  |  | 461,380 |
Earnings per common share |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.65 |  | $ | 0.36 |  | $ | 0.89 |  | $ | (0.17) |
Diluted |  | $ | 0.64 |  |  | 0.36 |  | $ | 0.89 |  | $ | (0.17) |
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 1.2 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 June 30, 2016 and 2015, 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 0.4 million shares of common stock during the three months ended June 30, 2016 and 2015 were not included because they are anti-dilutive. Additionally, 1.7 million shares issuable upon conversion of 1.7 million DownREIT units during the three months ended June 30, 2016 were not included because they are anti-dilutive. During the three months ended June 30 2015, 6 million shares issuable upon conversion of 4 million DownREIT units were not included because they are anti-dilutive.

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