EXHIBIT 11
LTC PROPERTIES, INC.
COMPUTATION OF NET INCOME PER SHARE (unaudited)
(In thousands except per share amount)
Three months ended June 30,
1997 1996
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PRIMARY:
Net income applicable to common shares $ 7,226 $ 5,617
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Applicable common shares:
Weighted average outstanding shares during the period 22,831 18,548
Weighted average shares issuable upon exercise of common stock
equivalents outstanding (principally stock options using the
the treasury stock method) 315 411
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Total 23,146 18,959
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Net income per share of common stock $ 0.31 $ 0.30
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FULLY DILUTED:
Net income $ 7,226 $ 5,617
Add back minority interest - (a) - (a)
Reduction of interest and amortization expenses resulting from
assumed conversion of 9.75% convertible subordinated
debentures 21 47
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) - (a)
Less applicable income taxes - -
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Adjusted net income applicable to common shares $ 7,247 $ 5,664
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Applicable common shares:
Weighted average outstanding shares during the period 22,831 18,548
Weighted average shares issuable upon exercise of common stock
equivalents outstanding (principally stock options using the
treasury stock method) 323 435
Assumed conversion of partnership units - (a) - (a)
Assumed conversion of 9.75% convertible subordinated debentures 82 191
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) - (a)
Less contingent shares - -
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Total 23,236 19,174
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Net income per share of common stock $ 0.31 $ 0.30
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a) Conversion of partnership units and convertible subordinated debentures would
be anti-dilutive and is therefore not assumed in the computation of fully
diluted net income per share of common stock.
LTC PROPERTIES, INC.
COMPUTATION OF NET INCOME PER SHARE (unaudited)
(In thousands except per share amount)
Six months ended June 30,
1997 1996
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PRIMARY:
Net income applicable to common shares $14,405 $11,072
============== ==============
Applicable common shares:
Weighted average outstanding shares during the period 22,413 18,482
Weighted average shares issuable upon exercise of common stock
equivalents outstanding (principally stock options using the
the treasury stock method) 389 418
Total 22,802 18,900
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Net income per share of common stock $ 0.63 $ 0.59
============== ==============
FULLY DILUTED:
Net income $14,405 $11,072
Add back minority interest - (a) - (a)
Reduction of interest and amortization expenses resulting from
assumed conversion of 9.75% convertible subordinated debentures 42 99
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) - (a)
Less applicable income taxes - -
-------------- --------------
Adjusted net income applicable to common shares $14,447 $11,171
============== ==============
Applicable common shares:
Weighted average outstanding shares during the period 22,413 18,482
Weighted average shares issuable upon exercise of common stock
equivalents outstanding (principally stock options using the
treasury stock method) 389 435
Assumed conversion of partnership units - (a) - (a)
Assumed conversion of 9.75% convertible subordinated
debentures 83 199
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) - (a)
Less contingent shares - -
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Total 22,885 19,116
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Net income per share of common stock $ 0.63 $ 0.58
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a) Conversion of partnership units and convertible subordinated debentures would
be anti-dilutive and is therefore not assumed in the computation of fully
diluted net income per share of common stock.