LTC PROPERTIES, INC.
EXHIBIT 11.1
COMPUTATION OF NET INCOME PER SHARE
(Unaudited)
(In thousands, except per share amounts)
Twelve months ended December 31,
1996 1995 1994
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Primary:
Net income applicable to common shares $22,537 $20,040 $15,338
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Applicable common shares:
Weighted average outstanding shares during the period 18,823 18,030 15,241
Weighted average shares issuable upon exercise of common stock
equivalents outstanding (principally stock options using the treasury
stock method) 434 227 202
Less contingent shares - - -
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Total 19,257 18,257 15,443
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Net income per share of common stock $ 1.17 $ 1.10 $ 0.99
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Fully diluted:
Net income $22,537 $20,040 $15,338
Add back minority interest -(a) 57 n/a
Reduction of interest and amortization expenses resulting from
assumed conversion of 9.75% convertible subordinated debentures 145 1,239 -(a)
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) n/a
Reduction of interest and amortization expense resulting from
assumed conversion of 7.75% convertible subordinated debentures -(a) n/a n/a
Less applicable income taxes - -
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Adjusted net income applicable to common shares $22,682 $21,336 $15,338
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Applicable common shares:
Weighted average outstanding shares during the period 18,823 18,030 15,241
Weighted average shares sizable upon exercise of common stock
equivalents outstanding (principally stock options using the treasury
stock method) 499 250 216
Assumed conversion of 9.75% convertible subordinated debentures 145 1,225 -(a)
Assumed conversion of 8.5% convertible subordinated debentures -(a) -(a) -(a)
Assumed conversion of 8.25% convertible subordinated debentures -(a) -(a) n/a
Assumed conversion of 7.75% convertible subordinated debentures -(a) n/a n/a
Less contingent shares - - -
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Total 19,467 19,505 15,457
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Net income per share of common stock $ 1.17 $ 1.09 $ 0.99
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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.