LTC PROPERTIES, INC. CONSOLIDATED STATEMENTS OF INCOME (Amounts in thousands, except per share amounts) (unaudited)
Three Months Ended March 31, 2009 2008 Revenues: Rental income (1) Interest income from mortgage loans Interest and other income (2) Total revenues Expenses: Interest expense Depreciation and amortization Legal expenses Operating and other expenses Total expenses Income from continuing operations Discontinued operations: Gain on sale of assets, net Net income from discontinued operations Net income Income allocated to noncontrolling interests Income allocated to preferred stockholders Income allocated to participating securities Net income allocable to common stockholders Basic earnings per common share (See Note 10): Continuing operations Discontinued operations Net income allocable to common stockholders Diluted earnings per common share (See Note 10): Continuing operations Discontinued operations Net income allocable to common stockholders Weighted average shares used to calculate earnings per common share: Basic Diluted — — 11,238 (77) (3,159) (36) $7,966 92 92 11,235 (77) (2,869) (49) $8,240 $15,030 2,371 315 17,716 892 3,701 7 1,878 6,478 11,238 $14,634 2,658 555 17,847 1,176 3,692 25 1,811 6,704 11,143
$0.35 $0.00 $0.35
$0.36 $0.00 $0.36
$0.35 $0.00 $0.35
$0.36 $0.00 $0.36
23,059 23,141
22,862 23,015
(1) During the three months ended March 31, 2009 and 2008, we received $1,008,000 and $966,000, respectively, in rental income and recorded $117,000 and $138,000, respectively, in straight-line rental income from a lessee that qualifies as a related party because the lessee’s Chief Executive Officer is on our Board of Directors. See Note 9. Transactions with Related Party for further discussion. (2) During each of the three months ended March 31, 2009 and 2008, we recognized $180,000 of interest income from a lessee that qualifies as a related party because the lessee’s Chief Executive Officer is on our Board of Directors. See Note 9. Transactions with Related Party for further discussion.
NOTE: Computations of per share amounts from continuing operations, discontinued operations and net income are made independently. Therefore, the sum of per share amounts from continuing operations and discontinued operations may not agree with the per share amounts from net income allocable to common stockholders. Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with the per share amounts for the year.
See accompanying notes.
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