Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Computation of Basic and Diluted Earnings per Share

The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts):


	Three Months Ended March 31,
	2021		2020
Numerator
Income (loss) from continuing operations	$	(120,585)	$	147,132
Noncontrolling interests' share in continuing operations	(3,306)		(3,463)
Income (loss) from continuing operations attributable to Healthpeak Properties, Inc.	(123,891)		143,669
Less: Participating securities' share in continuing operations	(2,451)		(1,616)
Income (loss) from continuing operations applicable to common shares	(126,342)		142,053
Income (loss) from discontinued operations	270,008		135,408
Noncontrolling interests' share in discontinued operations	(329)		3
Net income (loss) applicable to common shares	$	143,337	$	277,464
Numerator - Dilutive
Net income (loss) applicable to common shares	$	143,337	$	277,464
Add: distributions on dilutive convertible units and other	—		2,515
Dilutive net income (loss) available to common shares	$	143,337	$	279,979
Denominator
Basic weighted average shares outstanding	538,679		506,476
Dilutive potential common shares - equity awards(1)	—		318
Dilutive potential common shares - forward equity agreements(2)	—		808
Dilutive potential common shares - DownREIT conversions	—		7,443
Diluted weighted average common shares	538,679		515,045
Basic earnings (loss) per common share
Continuing operations	$	(0.23)	$	0.28
Discontinued operations	0.50		0.27
Net income (loss) applicable to common shares	$	0.27	$	0.55
Diluted earnings (loss) per common share
Continuing operations	$	(0.23)	$	0.28
Discontinued operations	0.50		0.26
Net income (loss) applicable to common shares	$	0.27	$	0.54

_______________________________________

(1)For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options).

(2)For the three months ended March 31, 2021, forward sales agreements had no dilutive impact as all agreements were settled prior to the start of the period. For the three months ended March 31, 2020, represents the dilutive impact of 32 million shares that were settled during the three months then ended. For the three months ended March 31, 2021, diluted loss per common share is calculated using the weighted average common shares outstanding as a result of the Company generating a loss from continuing operations for the period.