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Earnings Per Common Share | 12 Months Ended
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Dec. 31, 2016
Earnings Per Common Share |
Earnings Per Common Share | NOTE 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, |
|  | 2016 |  | 2015 |  | 2014 |
Numerator |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 374,171 |  | $ | 152,668 |  | $ | 271,315 |
Noncontrolling interests’ share in continuing operations |  |  | (12,179) |  |  | (12,817) |  |  | (13,181) |
Income from continuing operations applicable to HCP, Inc. |  |  | 361,992 |  |  | 139,851 |  |  | 258,134 |
Participating securities’ share in continuing operations |  |  | (1,198) |  |  | (1,317) |  |  | (2,437) |
Income from continuing operations applicable to common shares |  |  | 360,794 |  |  | 138,534 |  |  | 255,697 |
Discontinued operations |  |  | 265,755 |  |  | (699,086) |  |  | 665,276 |
Noncontrolling interests’ share in discontinued operations |  |  | — |  |  | — |  |  | (1,177) |
Net income (loss) applicable to common shares |  | $ | 626,549 |  | $ | (560,552) |  | $ | 919,796 |
Denominator |  |  |  |  |  |  |  |  |  |
Basic weighted average common shares |  |  | 467,195 |  |  | 462,795 |  |  | 458,425 |
Dilutive potential common shares |  |  | 208 |  |  | — |  |  | 371 |
Diluted weighted average common shares |  |  | 467,403 |  |  | 462,795 |  |  | 458,796 |
Basic earnings per common share |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 0.77 |  | $ | 0.30 |  | $ | 0.56 |
Discontinued operations |  |  | 0.57 |  |  | (1.51) |  |  | 1.45 |
Net income (loss) applicable to common shares |  | $ | 1.34 |  | $ | (1.21) |  | $ | 2.01 |
Diluted earnings per common share |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 0.77 |  | $ | 0.30 |  | $ | 0.56 |
Discontinued operations |  |  | 0.57 |  |  | (1.51) |  |  | 1.44 |
Net income (loss) applicable to common shares |  | $ | 1.34 |  | $ | (1.21) |  | $ | 2.00 |
Restricted stock and certain performance restricted stock units are considered participating securities, because dividend payments are not forfeited even if the underlying share-based award does not vest, and require the use of the two-class method when computing basic and diluted earnings per share. Options to purchase 1.1 million and 1.4 million shares of common stock that had exercise prices in excess of the average market price of the common stock during the years ended December 31, 2016 and 2014, respectively, were not included because they are anti-dilutive. Additionally, 7 million shares, issuable upon conversion of 4 million DownREIT units during the year ended December 31, 2016 were not included because they are anti-dilutive. For the year ended December 31, 2015, the Company generated a net loss. The weighted-average basic shares outstanding was used in calculating diluted loss per share from continuing operations, as using diluted shares would be anti-dilutive to loss per share.

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