8. Earnings Per Share/Common Unit

Medical Properties Trust, Inc.

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


	For the Three Months Ended September 30,
	2016			2015
Numerator:
Income from continuing operations	$	70,543		$	23,123
Non-controlling interests’ share in continuing operations		(185	)		(66	)
Participating securities’ share in earnings		(154	)		(265	)

Income from continuing operations, less participating securities’ share in earnings		70,204			22,792
Income from discontinued operations attributable to MPT common stockholders		—			—

Net income, less participating securities’ share in earnings	$	70,204		$	22,792

Denominator:
Basic weighted-average common shares		246,230			223,948
Dilutive potential common shares		1,238			—

Dilutive weighted-average common shares		247,468			223,948


	For the Nine Months Ended September 30,
	2016			2015
Numerator:
Income from continuing operations	$	182,693		$	81,589
Non-controlling interests’ share in continuing operations		(683	)		(228	)
Participating securities’ share in earnings		(430	)		(781	)

Income from continuing operations, less participating securities’ share in earnings		181,580			80,580
Loss from discontinued operations attributable to MPT common stockholders		(1	)		—

Net income, less participating securities’ share in earnings	$	181,579		$	80,580

Denominator:
Basic weighted-average common shares		240,607			211,659
Dilutive potential common shares		825			409

Dilutive weighted-average common shares		241,432			212,068

MPT Operating Partnership, L.P.

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


	For the Three Months Ended September 30,
	2016			2015
Numerator:
Income from continuing operations	$	70,543		$	23,123
Non-controlling interests’ share in continuing operations		(185	)		(66	)
Participating securities’ share in earnings		(154	)		(265	)

Income from continuing operations, less participating securities’ share in earnings		70,204			22,792
Income from discontinued operations attributable to MPT Operating Partnership partners		—			—

Net income, less participating securities’ share in earnings	$	70,204		$	22,792

Denominator:
Basic weighted-average units		246,230			223,948
Dilutive potential units		1,238			—

Dilutive weighted-average units		247,468			223,948


	For the Nine Months Ended September 30,
	2016			2015
Numerator:
Income from continuing operations	$	182,693		$	81,589
Non-controlling interests’ share in continuing operations		(683	)		(228	)
Participating securities’ share in earnings		(430	)		(781	)

Income from continuing operations, less participating securities’ share in earnings		181,580			80,580
Loss from discontinued operations attributable to MPT Operating Partnership partners		(1	)		—

Net income, less participating securities’ share in earnings	$	181,579		$	80,580

Denominator:
Basic weighted-average units		240,607			211,659
Dilutive potential units		825			409

Dilutive weighted-average units		241,432			212,068