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Equity (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of cash dividends declared and paid

We declared and paid the following cash dividends (in thousands):


	Year Ended						Year Ended
	December 31, 2014						December 31, 2013
	Declared			Paid			Declared			Paid
Preferred Stock Series C	$	3,273		$	3,273		$	3,273		$	3,273
Common Stock		71,158	(1)		71,158	(1)		63,631	(2)		63,631	(2)
Total	$	74,431		$	74,431		$	66,904		$	66,904

⁽¹⁾

Represents $0.17 per share per month for the twelve months ended December 31, 2014.

Represents $0.155 per share per month for January through September 2013 and $0.17 per share per month for October through December 2013.

Schedule of effect of changes in our ownership interest in the limited partnership on equity

The following table represents the effect of changes in our ownership interest in the limited partnership on equity attributable to LTC Properties, Inc. (in thousands):


	Years Ended December 31,
	2014		2013		2012
Net income attributable to LTC Properties, Inc.	$	73,399	$	57,815	$	51,290
Transfers from the non-controlling interest
Increase in paid-in capital for limited partners conversion		—		—		396
Decrease in paid-in capital for limited partners conversion		—		—		(1,246)
Change from net income attributable to LTC Properties, Inc. and transfers from non-controlling interest	$	73,399	$	57,815	$	50,440

Schedule of restricted stock granted


		Price per
Year	No. of Shares	Share		Vesting Period
2014
	59,000	$	36.81	ratably over 3 years
	3,000	$	38.43	ratably over 3 years
	15,000	$	40.05	ratably over 3 years
	10,500	$	40.05	June 9, 2015
	7,500	$	41.34	November 12, 2015
	95,000
2013
	8,400	$	46.54	ratably over 3 years
	6,000	$	41.83	ratably over 3 years
	20,000	$	36.26	June 1, 2016
	34,400

Schedule of restricted stock activity


	2014		2013
Outstanding, January 1		165,149		195,449
Granted		95,000		34,400
Vested		(45,981)		(64,700)
Canceled		—		—
Outstanding, December 31		214,168		165,149
Compensation expense for the year(1)	$	3,241,000	$	2,591,000

During 2013, we recorded $457,000 of compensation expense related to the accelerated vesting of 18,180 shares of restricted common stock due to the retirement of our former Senior Vice President, Marketing and Strategic Planning. At December 31, 2014, the total compensation cost related to unvested restricted stock granted is $4,195,000, which will be recognized ratably over the remaining vesting period.

Schedule of nonqualified stock option activity


			Weighted Average
	Shares		Price
	2014	2013	2014		2013
Outstanding, January 1	73,334	95,334	$	23.97	$	23.93
Granted	15,000	—	$	38.43	$	—
Exercised	(45,000)	(22,000)	$	23.79	$	23.79
Canceled	—	—	$	—	$	—
Outstanding, December 31	43,334	73,334	$	29.16	$	23.97
Exercisable, December 31(1)	28,334	73,334	$	24.25	$	23.97

The aggregate intrinsic value of exercisable options at December 31, 2014, based upon the closing price of our common shares at December 31, 2014 the last trading day of 2014, amounted to approximately $536,000. Options exercisable at December 31, 2014 have a weighted average remaining contractual life of approximately 2.7 years.

Schedule of options exercised


		Weighted
		Average
	Options	Exercise		Option		Market
	Exercised	Price		Value		Value(1)
2014	45,000	$	23.79	$	1,071,000	$	1,840,000
2013	22,000	$	23.79	$	523,000	$	865,000

As of the exercise dates.