EXHIBIT 11.1
LTC PROPERTIES, INC.
COMPUTATION OF NET INCOME PER SHARE
(Unaudited)
(In thousands except per share amount)
Three months ended March 31,
1996 1995
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Primary:
Net income applicable to common shares $ 5,455 $ 4,718
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Applicable common shares:
Weighted average outstanding shares during the period 18,415 17,846
Weighted average shares issuable upon exercise of common stock
equivalents outstanding (principally stock options using the
treasury stock method) 425 168
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Total 18,840 18,014
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Net income per share of common stock $ 0.29 $ 0.26
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Fully diluted:
Net income $ 5,455 $ 4,718
Add back minority interest -(a) -(a)
Reduction of interest and amortization expenses resulting from
assumed conversion of 9.75% convertible subordinated debentures 52 426
Reduction of interest and amortization expenses resulting from assumed
conversion of 8.5% convertible subordinated debentures -(a) -(a)
Reduction of interest and amortization expenses resulting from assumed
conversion of 8.25% convertible subordinated debentures -(a) -(a)
Reduction of interest and amortization expenses resulting from assumed
conversion of 7.75% convertible subordinated debentures -(a) N/A
Less applicable income taxes - -
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Adjusted net income applicable to common shares $ 5,507 $ 5,144
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Applicable common shares:
Weighted average outstanding shares during the period 18,415 17,846
Weighted average shares issuable upon exercise of common stock
equivalents outstanding (principally stock options using the
treasury stock method) 426 200
Assumed conversion of parnership units -(a) -(a)
Assumed conversion of 9.75% convertible subordinated debentures 207 1,777
Assumed conversion of 8.5% convertible subordinated debentures -(a) -(a)
Assumed conversion of 8.25% convertible subordinated debentures -(a) -(a)
Assumed conversion of 7.75% convertible subordinated debentures -(a) N/A
Less contingent shares - -
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Total 19,048 19,823
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Net income per share of common stock $ 0.29 $ 0.26
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(a) Conversion would be anti-dilutive and is therefore not assumed in the
computation of fully diluted net income per share of common stock.