Earnings Per Share/Unit

12 Months Ended

Dec. 31, 2012

Earnings Per Share/Unit

6. Earnings Per Share/Unit

Medical Properties Trust, Inc.

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

	For the Years Ended December 31,
	2012			2011			2010
Numerator:
Income from continuing operations	$	75,393		$	14,519		$	3,029
Non-controlling interests’ share in continuing operations		(177	)		(178	)		(99	)
Participating securities’ share in earnings		(886	)		(1,090	)		(1,254	)
Income from continuing operations, less participating securities’ share in earnings		74,330			13,251			1,676
Income from discontinued operations attributable to MPT common stockholders		14,684			12,195			19,983
Net income, less participating securities’ share in earnings	$	89,014		$	25,446		$	21,659
Denominator:
Basic weighted-average common shares		132,331			110,623			100,706
Dilutive stock options		2			6			2
Diluted weighted-average common shares		132,333			110,629			100,708

MPT Operating Partnership, L.P.

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

	For the Years Ended December 31,
	2012			2011			2010
Numerator:
Income from continuing operations	$	75,393		$	14,536		$	3,104
Non-controlling interests’ share in continuing operations		(177	)		(178	)		(99	)
Participating securities’ share in earnings		(886	)		(1,090	)		(1,254	)
Income from continuing operations, less participating securities’ share in earnings		74,330			13,268			1,751
Income from discontinued operations attributable to MPT Operating Partnership partners		14,684			12,195			19,983
Net income, less participating securities’ share in earnings	$	89,014		$	25,463		$	21,734
Denominator:
Basic weighted-average units		132,331			110,623			100,706
Dilutive options		2			6			2
Diluted weighted-average units		132,333			110,629			100,708

For each of the years ended December 31, 2012, 2011, and 2010, approximately 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.