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Equity (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2011
Equity |
Summary of the series of preferred stock |
|  | Shares outstanding at December 31, |  |  |  |  |  | Carrying Value at December 31, |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  | Liquidation Value Per share |  | Dividend Rate |
Issuance |  | 2011 |  | 2010 |  | 2011 |  | 2010 |
Series C Cumulative Convertible Preferred Stock |  |  | 2,000,000 |  |  | 2,000,000 |  | $ | 19.25 |  |  | 8.5 | % | $ | 18.80 |  | $ | 18.80 |
Series F Cumulative Preferred Stock |  |  | — |  |  | 3,536,530 |  | $ | 25.00 |  |  | 8.0 | % | $ | — |  | $ | 23.99 |
Total Cumulative Preferred Stock |  |  | 2,000,000 |  |  | 5,536,530 |  |  |  |  |  |  |  |  |  |  |  |  |
Schedule of change from net income and transfers from non-controlling interest |
|  | Years Ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |  | 2009 |
Net income attributable to LTC Properties, Inc. |  | $ | 49,252 |  | $ | 45,862 |  | $ | 44,064 |
Transfers from the non-controlling interest |  |  |  |  |  |  |  |  |  |
Increase in paid-in capital for limited partners conversion |  |  | — |  |  | — |  |  | 1,144 |
Change from net income attributable to LTC Properties, Inc. and transfers from non-controlling interest |  | $ | 49,252 |  | $ | 45,862 |  | $ | 45,208 |
Schedule of cash dividends declared and paid on common and preferred stock |
|  | Year Ended December 31, 2011 |  | Year ended December 31, 2010 |
--- | --- | --- | --- | --- | ---
|  | Declared |  | Paid |  | Declared |  | Paid |
Preferred Stock |  |  |  |  |  |  |  |  |  |  |  |  |
Series C |  | $ | 3,272 |  | $ | 3,272 |  | $ | 3,272 |  | $ | 3,272 |
Series E(1) |  |  | — |  |  | — |  |  | 42 |  |  | 62 |
Series F(2) |  |  | 2,240 | (3) |  | 4,008 |  |  | 10,348 | (3) |  | 11,527 |
Total Preferred |  |  | 5,512 |  |  | 7,280 |  |  | 13,662 |  |  | 14,861 |
Common Stock(4) |  |  | 49,292 |  |  | 49,292 |  |  | 39,041 |  |  | 39,041 |
Total(5) |  | $ | 54,804 |  | $ | 56,572 |  | $ | 52,703 |  | $ | 53,902 |
(1) During 2010, we redeemed all of our Series E preferred stock. (2) During 2010, we redeemed 40% of our Series F preferred stock. During 2011, we redeemed all of our remaining Series F preferred stock. (3) Includes the accrued and unpaid dividends on the series F preferred stock up to the redemption date. (4) Represents $0.14 per share per month for 2011. For 2010, represents $0.13 per share per month for January through October and $0.14 per share per month for November and December. (5) The difference between declared and paid is the change in distributions payable on the balance sheet at December 31.
Schedule of restricted stock activity |
|  | 2011 |  | 2010 |
--- | --- | --- | --- | --- | ---
Outstanding, January 1 |  |  | 217,317 |  |  | 84,866 |
Granted |  |  | 6,000 |  |  | 208,591 |
Vested |  |  | (58,183 | ) |  | (76,140 | )
Canceled |  |  | — |  |  | — |
Outstanding, December 31 |  |  | 165,134 |  |  | 217,317 |
Compensation expense for the year(1) |  | $ | 1,450,000 |  | $ | 1,210,000 |
(1) At December 31, 2011, the total compensation cost related to unvested restricted stock granted is $3,892,000, which will be recognized ratably over the remaining vesting period.
Schedule of nonqualified stock option activity |
|  | Shares |  | Weighted Average Price |
--- | --- | --- | --- | --- | ---
|  | 2011 |  | 2010 |  | 2011 |  | 2010 |
Outstanding, January 1 |  |  | 185,334 |  |  | 197,000 |  | $ | 23.34 |  | $ | 22.88 |
Granted |  |  | — |  |  | — |  | $ | — |  | $ | — |
Exercised |  |  | (5,000 | ) |  | (11,666 | ) | $ | 23.79 |  | $ | 15.62 |
Canceled |  |  | — |  |  | — |  | $ | — |  | $ | — |
Outstanding, December 31 |  |  | 180,334 |  |  | 185,334 |  | $ | 23.33 |  | $ | 23.34 |
Exercisable, December 31(1) |  |  | 175,334 |  |  | 175,334 |  | $ | 23.29 |  | $ | 23.27 |
(1) The aggregate intrinsic value of exercisable options at December 31, 2011, based upon the closing price of our common shares at December 30, 2011, amounted to approximately $1,327,000. Options exercisable at December 31, 2011 have a weighted average remaining contractual life of approximately 3.5 years.
Schedule of options exercised |
|  | Options Exercised |  | Weighted Average Exercise Price |  | Option Value |  | Market Value(1) |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
2011 |  |  | 5,000 |  | $ | 23.79 |  | $ | 119,000 |  | $ | 152,000 |
2010 |  |  | 11,666 |  | $ | 15.62 |  | $ | 182,000 |  | $ | 315,000 |
(1) As of the exercise dates.

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