LTC PROPERTIES INC Earnings Per Share Disclosure
18. Net Income Per Common Share
Basic and diluted net income per share was as follows (in thousands except per share amounts):
| ||||||||||
Year Ended December 31, |
| |||||||||
2025 | 2024 | 2023 | ||||||||
Net income | $ | 123,880 | | $ | 94,879 | | $ | 91,462 | ||
Less income allocated to non-controlling interests |
| (5,908) |
| (3,839) |
| (1,727) | ||||
Less income allocated to participating securities: | ||||||||||
Non-forfeitable dividends on participating securities |
| (626) |
| (682) |
| (587) | ||||
Income allocated to participating securities |
| (70) |
| — |
| — | ||||
Total net income allocated to participating securities |
| (696) |
| (682) |
| (587) | ||||
Net income available to common stockholders |
| 117,276 |
| 90,358 |
| 89,148 | ||||
Effect of dilutive securities: | ||||||||||
Participating securities (1) | — | (1) | — | (2) | — | (2) | ||||
Net (income for diluted net income per share | $ | 117,276 | $ | 90,358 | $ | 89,148 | ||||
Shares for basic net income per share |
| 46,230 |
| 43,743 |
| 41,272 | ||||
Effect of dilutive securities: | ||||||||||
Performance-based stock units | 330 | 498 | 86 | |||||||
Participating securities (1) | — | (2) | — | (2) | — | (2) | ||||
Total effect of dilutive securities |
| 330 |
| 498 |
| 86 | ||||
Shares for diluted net income per share |
| 46,560 |
| 44,241 |
| 41,358 | ||||
Basic net income per share | $ | 2.54 | $ | 2.07 | $ | 2.16 | ||||
Diluted net income per share | $ | 2.52 | $ | 2.04 | $ | 2.16 | ||||
| (1) | For the year ended December 31, 2025, the participating securities were excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. |
| (2) | For the years ended December 31, 2024, and 2023, the participating securities and stock options were excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 16, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 18, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 28, 2019 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.