EXHIBIT 11
LTC PROPERTIES, INC.
COMPUTATION OF NET INCOME PER SHARE (UNAUDITED)
(IN THOUSANDS EXCEPT PER SHARE AMOUNT)
Three months ended September 30,
1997 1996
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PRIMARY: (Restated)
Net income applicable to common shares $ 7,545 $ 5,636
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Applicable common shares:
Weighted average outstanding shares during the period 23,680 18,861
Weighted average shares issuable upon exercise of common stock
equivalents outstanding (principally stock options using the
the treasury stock method) 215 435
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Total 23,895 19,296
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Net income per share of common stock $ 0.32 $ 0.29
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FULLY DILUTED:
Net income $ 7,545 $ 5,636
Add back minority interest - (a) - (a)
Reduction of interest and amortization expenses resulting from
assumed conversion of 9.75% convertible subordinated debentures 18 24
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 $ 7,563 $ 5,660
=========== ===========
Applicable common shares:
Weighted average outstanding shares during the period 23,680 18,861
Weighted average shares issuable upon exercise of common stock
equivalents outstanding (principally stock options using the
treasury stock method) 216 435
Assumed conversion of partnership units - (a) - (a)
Assumed conversion of 9.75% convertible subordinated debentures 67 95
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 23,963 19,391
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Net income per share of common stock $ 0.32 $ 0.29
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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.
EXHIBIT 11
COMPUTATION OF NET INCOME PER SHARE (UNAUDITED)
(IN THOUSANDS EXCEPT PER SHARE AMOUNT)
Nine months ended September 30,
1997 1996
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PRIMARY: (Restated)
Net income applicable to common shares $ 21,750 $ 22,373
============ ============
Applicable common shares:
Weighted average outstanding shares during the period 22,840 18,609
Weighted average shares issuable upon exercise of common stock
equivalents outstanding (principally stock options using the
the treasury stock method) 331 424
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Total 23,171 19,033
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Net income per share of common stock $ 0.94 $ 1.18
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FULLY DILUTED:
Net income $ 21,750 $ 22,373
Add back minority interest - (a) - (a)
Reduction of interest and amortization expenses resulting from
assumed conversion of 9.75% convertible subordinated debentures 60 124
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 $ 21,810 $ 22,497
============ ==========
Applicable common shares:
Weighted average outstanding shares during the period 22,840 18,609
Weighted average shares issuable upon exercise of common stock
equivalents outstanding (principally stock options using the
treasury stock method) 332 433
Assumed conversion of partnership units - (a) - (a)
Assumed conversion of 9.75% convertible subordinated debentures 79 164
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 23,251 19,206
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Net income per share of common stock $ 0.94 $ 1.17
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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.