EXHIBIT 11.1
LTC PROPERTIES, INC.
COMPUTATION OF NET INCOME PER SHARE (UNAUDITED)
(IN THOUSANDS EXCEPT PER SHARE AMOUNT)
Three months ended June 30,
1996 1995
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PRIMARY:
Net income applicable to common shares $ 5,617 $ 5,199
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Applicable common shares:
Weighted average outstanding shares during the period 18,548 17,898
Weighted average shares issuable upon exercise of common stock
equivalents outstanding (principally stock options using
the treasury stock method) 411 240
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Total 18,959 18,138
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Net income per share of common stock $ 0.30 $ 0.29
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FULLY DILUTED:
Net income $ 5,617 $ 5,199
Add back minority interest - (a) - (a)
Reduction of interest and amortization expenses resulting
from assumed conversion of 9.75% convertible
subordinated debentures 47 417
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 $ 5,664 $ 5,616
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Applicable common shares:
Weighted average outstanding shares during the period 18,548 17,898
Weighted average shares issuable upon exercise of common stock
equivalents outstanding (principally stock options using the
treasury stock method) 435 240
Assumed conversion of partnership units - (a) - (a)
Assumed conversion of 9.75% convertible subordinated debentures 191 1,678
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 19,174 19,816
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Net income per share of common stock $ 0.30 $ 0.28
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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.
15
LTC PROPERTIES, INC.
COMPUTATION OF NET INCOME PER SHARE (UNAUDITED)
(IN THOUSANDS EXCEPT PER SHARE AMOUNT)
Six months ended June 30,
1996 1995
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PRIMARY:
Net income applicable to common shares $11,072 $ 9,917
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Applicable common shares:
Weighted average outstanding shares during the period 18,482 17,872
Weighted average shares issuable upon exercise of common stock
equivalents outstanding (principally stock options using
the treasury stock method) 418 204
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Total 18,900 18,076
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Net income per share of common stock $ 0.59 $ 0.55
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FULLY DILUTED:
Net income $11,072 $ 9,917
Add back minority interest - (a) - (a)
Reduction of interest and amortization expenses resulting
from assumed conversion of 9.75% convertible
subordinated debentures 99 843
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 $11,171 $10,760
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Applicable common shares:
Weighted average outstanding shares during the period 18,482 17,872
Weighted average shares issuable upon exercise of common
stock equivalents outstanding (principally stock
options using the treasury stock method) 435 220
Assumed conversion of partnership units - (a) - (a)
Assumed conversion of 9.75% convertible subordinated debentures 199 1,728
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 19,116 19,820
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Net income per share of common stock $ 0.58 $ 0.54
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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.
16