Earnings Per Share

9 Months Ended

Sep. 30, 2011

10. Earnings Per Share/Common Unit

Medical Properties Trust, Inc.

Our earnings per share were calculated based on the following (amounts in thousands):

		$(000,000)			$(000,000)
	For the Three Months Ended September 30,
	2011			2010
Numerator:
Income (loss) from continuing operations	$	474		$	8,663
Non-controlling interests' share in continuing operations		(43	)		(45	)
Participating securities' share in earnings		(264	)		(316	)

Income (loss) from continuing operations, less participating securities' share in earnings		167			8,302
Income (loss) from discontinued operations attributable to MPT common stockholders		(6	)		301

Net income, less participating securities' share in earnings	$	161		$	8,603

Denominator
Basic weighted-average common shares		110,714			110,046
Dilutive share options		5			—

Dilutive weighted-average common shares		110,719			110,046

		$(000,000)			$(000,000)
	For the Nine Months Ended September 30,
	2011			2010
Numerator:
Income (loss) from continuing operations	$	13,834		$	4,920
Non-controlling interests' share in continuing operations		(131	)		(63	)
Participating securities' share in earnings		(860	)		(994	)

Income (loss) from continuing operations, less participating securities' share in earnings		12,843			3,863
Income (loss) from discontinued operations attributable to MPT common stockholders		141			7,463

Net income, less participating securities' share in earnings	$	12,984		$	11,326


Denominator
Basic weighted-average common shares		110,568			97,573
Dilutive share options		8			2

Dilutive weighted-average common shares		110,576			97,575

MPT Operating Partnership, L.P.

Our earnings per common unit were calculated based on the following (amounts in thousands):

		$(000,000)			$(000,000)
	For the Three Months Ended September 30,
	2011			2010
Numerator:
Income (loss) from continuing operations	$	492		$	8,654
Non-controlling interests' share in continuing operations		(43	)		(45	)
Participating securities' share in earnings		(264	)		(316	)

Income (loss) from continuing operations, less participating securities' share in earnings		185			8,293
Income (loss) from discontinued operations attributable to MPT Operating Partnership partners		(6	)		301

Net income, less participating securities' share in earnings	$	179		$	8,594


Denominator
Basic weighted-average units		110,714			110,046
Dilutive options		5			—

Dilutive weighted-average units		110,719			110,046

		$(000,000)			$(000,000)
	For the Nine Months Ended September 30,
	2011			2010
Numerator:
Income (loss) from continuing operations	$	13,896		$	4,994
Non-controlling interests' share in continuing operations		(131	)		(63	)
Participating securities' share in earnings		(860	)		(994	)

Income (loss) from continuing operations, less participating securities' share in earnings		12,905			3,937
Income (loss) from discontinued operations attributable to MPT Operating Partnership partners		141			7,463

Net income, less participating securities' share in earnings	$	13,046		$	11,400


Denominator
Basic weighted-average units		110,568			97,573
Dilutive options		8			2

Dilutive weighted-average units		110,576			97,575

For the three and nine months ended September 30, 2011 and 2010, 0.1 million of options were excluded from the diluted earnings per share/unit calculation as they were not determined to be dilutive. Shares/units that may be issued in the future in accordance with our exchangeable senior notes were excluded from the diluted earnings per share/unit calculation as they were not determined to be dilutive.