EXHIBIT 11
LTC PROPERTIES, INC.
COMPUTATION OF NET INCOME PER SHARE (UNAUDITED)
(IN THOUSANDS EXCEPT PER SHARE AMOUNT)
(RESTATED)
Three months ended March 31,
1997 1996
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PRIMARY:
Net income applicable to common shares $ 6,107 $ 11,831
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Applicable common shares:
Weighted average outstanding shares during the period 21,990 18,415
Weighted average shares issuable upon exercise of common stock
equivalents outstanding (principally stock options using the
the treasury stock method) 464 425
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Total 22,454 18,840
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Net income per share of common stock $ 0.27 $ 0.63
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FULLY DILUTED:
Net income $ 6,107 $ 11,831
Add back minority interest -(a) -(a)
Reduction of interest and amortization expenses resulting from
assumed conversion of 9.75% convertible subordinated debentures 21 52
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 $ 6,128 $ 11,883
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Applicable common shares:
Weighted average outstanding shares during the period 21,990 18,415
Weighted average shares issuable upon exercise of common stock
equivalents outstanding (principally stock options using the treasury
stock method) 457 426
Assumed conversion of partnership units -(a) -(a)
Assumed conversion of 9.75% convertible subordinated debentures 84 207
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 22,531 19,048
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Net income per share of common stock $ 0.27 $ 0.62
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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.