Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2011

Earnings Per Common Share

Computation of basic and diluted earnings per share

	Year Ended December 31,
	2011			2010			2009
Numerator
Income from continuing operations	$	549,955		$	320,462		$	102,659
Noncontrolling interests' share in continuing operations		(15,603	)		(13,686	)		(14,461	)
Income from continuing operations applicable to HCP, Inc.		534,352			306,776			88,198
Preferred stock dividends		(21,130	)		(21,130	)		(21,130	)
Participating securities' share in continuing operations		(2,459	)		(2,081	)		(1,491	)
Income from continuing operations applicable to common shares		510,763			283,565			65,577
Discontinued operations		4,539			23,933			43,492
Net income applicable to common shares	$	515,302		$	307,498		$	109,069
Denominator
Basic weighted average common shares		398,446			305,574			274,216
Dilutive stock options and restricted stock		1,772			1,326			415
Diluted weighted average common shares		400,218			306,900			274,631
Basic earnings per common share
Income from continuing operations	$	1.28		$	0.93		$	0.24
Discontinued operations		0.01			0.08			0.16
Net income applicable to common stockholders	$	1.29		$	1.01		$	0.40
Diluted earnings per common share
Income from continuing operations	$	1.28		$	0.92		$	0.24
Discontinued operations		0.01			0.08			0.16
Net income applicable to common shares	$	1.29		$	1.00		$	0.40