9. Earnings Per Share/Common Unit

Medical Properties Trust, Inc.

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


	For the Three Months Ended June 30,
	2013			2012
Numerator:
Income from continuing operations	$	25,305		$	18,992
Non-controlling interests’ share in continuing operations		(57	)		(44	)
Participating securities’ share in earnings		(179	)		(238	)

Income from continuing operations, less participating securities’ share in earnings		25,069			18,710
Income from discontinued operations attributable to MPT common stockholders		2,100			368

Net income, less participating securities’ share in earnings	$	27,169		$	19,078

Denominator:
Basic weighted-average common shares		149,509			134,715
Dilutive potential common shares		1,547			—

Dilutive weighted-average common shares		151,056			134,715


	For the Six Months Ended June 30,
	2013			2012
Numerator:
Income from continuing operations	$	51,153		$	27,560
Non-controlling interests’ share in continuing operations		(110	)		(87	)
Participating securities’ share in earnings		(372	)		(490	)

Income from continuing operations, less participating securities’ share in earnings		50,671			26,983
Income from discontinued operations attributable to MPT common stockholders		2,461			2,407

Net income, less participating securities’ share in earnings	$	53,132		$	29,390

Denominator:
Basic weighted-average common shares		144,928			129,810
Dilutive potential common shares		1,363			—

Dilutive weighted-average common shares		146,291			129,810

MPT Operating Partnership, L.P.

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


	For the Three Months Ended June 30,
	2013			2012
Numerator:
Income from continuing operations	$	25,305		$	18,992
Non-controlling interests’ share in continuing operations		(57	)		(44	)
Participating securities’ share in earnings		(179	)		(238	)

Income from continuing operations, less participating securities’ share in earnings		25,069			18,710
Income from discontinued operations attributable to MPT Operating Partnership partners		2,100			368

Net income, less participating securities’ share in earnings	$	27,169		$	19,078

Denominator:
Basic weighted-average units		149,509			134,715
Dilutive potential units		1,547			—

Dilutive weighted-average units		151,056			134,715


	For the Six Months Ended June 30,
	2013			2012
Numerator:
Income from continuing operations	$	51,153		$	27,560
Non-controlling interests’ share in continuing operations		(110	)		(87	)
Participating securities’ share in earnings		(372	)		(490	)

Income from continuing operations, less participating securities’ share in earnings		50,671			26,983
Income from discontinued operations attributable to MPT Operating Partnership partners		2,461			2,407

Net income, less participating securities’ share in earnings	$	53,132		$	29,390

Denominator:
Basic weighted-average units		144,928			129,810
Dilutive potential units		1,363			—

Dilutive weighted-average units		146,291			129,810

For the three and six months ended June 30, 2012, 0.1 million of options were excluded from the diluted earnings per share/unit calculation as they were not determined to be dilutive. In addition, shares/units that may be issued in the future in accordance with our exchangeable senior notes (which were paid off in April 1, 2013) were excluded from the 2012 diluted earnings per share/unit calculation as they were not determined to be dilutive.