EXHIBIT 11.1
LTC PROPERTIES, INC.
COMPUTATION OF NET INCOME PER SHARE (UNAUDITED)
(IN THOUSANDS EXCEPT PER SHARE AMOUNT)
Three months ended September 30,
1996 1995
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PRIMARY:
Net income applicable to common shares $ 5,618 $ 4,971
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Applicable common shares:
Weighted average outstanding shares during the period 18,861 18,073
Weighted average shares issuable upon exercise of common stock
equivalents outstanding (principally stock options using
the treasury stock method) 435 293
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Total 19,296 18,366
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Net income per share of common stock $ 0.29 $ 0.27
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FULLY DILUTED:
Net income $ 5,618 $ 4,971
Add back minority interest - (a) - (a)
Reduction of interest and amortization expenses resulting from assumed
conversion of 9.75% convertible subordinated debentures 24 287
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 $ 5,642 $ 5,258
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Applicable common shares:
Weighted average outstanding shares during the period 18,861 18,073
Weighted average shares issuable upon exercise of common stock equivalents
outstanding (principally stock options using the treasury stock method) 435 332
Assumed conversion of partnership units - (a) - (a)
Assumed conversion of 9.75% convertible subordinated debentures 95 1,148
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 19,391 19,553
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Net income per share of common stock $ 0.29 $ 0.27
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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.
EXHIBIT 11.1
LTC PROPERTIES, INC.
COMPUTATION OF NET INCOME PER SHARE (UNAUDITED)
(IN THOUSANDS EXCEPT PER SHARE AMOUNT)
Nine months ended September 30,
1996 1995
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PRIMARY:
Net income applicable to common shares $ 16,690 $ 14,888
========== ==========
Applicable common shares:
Weighted average outstanding shares during the period 18,609 17,940
Weighted average shares issuable upon exercise of common stock
equivalents outstanding (principally stock options using
the treasury stock method) 424 233
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Total 19,033 18,173
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Net income per share of common stock $ 0.88 $ 0.82
========== ==========
FULLY DILUTED:
Net income $ 16,690 $ 14,888
Add back minority interest - (a) - (a)
Reduction of interest and amortization expenses resulting from assumed
conversion of 9.75% convertible subordinated debentures 124 1,160
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 $ 16,814 $ 16,048
========== ==========
Applicable common shares:
Weighted average outstanding shares during the period 18,609 17,940
Weighted average shares issuable upon exercise of common stock equivalents
outstanding (principally stock options using the treasury stock method) 433 332
Assumed conversion of partnership units - (a) - (a)
Assumed conversion of 9.75% convertible subordinated debentures 164 1,532
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 19,206 19,804
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Net income per share of common stock $ 0.88 $ 0.81
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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.