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Earnings Per Share
 3 Months Ended
Mar. 31, 2012
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share

The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the three months ended March 31, 2012 and 2011 (amounts in thousands except per share information):
 
Three months ended March 31, 2012
 
Income
(numerator)
 
Shares
(denominator)
 
Per Share
Amount
Basic EPS:
 
 
 
 
 
Income from continuing operations
$
21,937

 
 
 
 
Less: preferred dividend requirements
(6,001
)
 
 
 
 
Noncontrolling interest adjustments
(18
)
 
 
 
 
Income from continuing operations available to common shareholders
$
15,918

 
46,677

 
$
0.34

Income from discontinued operations available to common shareholders
$
(547
)
 
46,677

 
$
(0.01
)
Net income available to common shareholders
$
15,371

 
46,677

 
$
0.33

Diluted EPS:
 
 
 
 
 
Income from continuing operations available to common shareholders
$
15,918

 
46,677

 
 
Effect of dilutive securities:
 
 
 
 
 
Share options
—

 
268

 
 
Income from continuing operations available to common shareholders
$
15,918

 
46,945

 
$
0.34

Income from discontinued operations available to common shareholders
$
(547
)
 
46,945

 
$
(0.01
)
Net income available to common shareholders
$
15,371

 
46,945

 
$
0.33


 
Three months ended March 31, 2011
 
Income
(numerator)
 
Shares
(denominator)
 
Per Share
Amount
Basic EPS:
 
 
 
 
 
Income from continuing operations
$
24,134

 
 
 
 
Less: preferred dividend requirements
(7,552
)
 
 
 
 
Noncontrolling interest adjustments
(2
)
 
 
 
 
Income from continuing operations available to common shareholders
$
16,580

 
46,503

 
$
0.36

Income from discontinued operations available to common shareholders
$
17,599

 
46,503

 
$
0.37

Net income available to common shareholders
$
34,179

 
46,503

 
$
0.73

Diluted EPS:
 
 
 
 
 
Income from continuing operations available to common shareholders
$
16,580

 
46,503

 
 
Effect of dilutive securities:
 
 
 
 
 
Share options
—

 
302

 
 
Income from continuing operations available to common shareholders
$
16,580

 
46,805

 
$
0.36

Income from discontinued operations available to common shareholders
$
17,599

 
46,805

 
$
0.37

Net income available to common shareholders
$
34,179

 
46,805

 
$
0.73



The additional 1.9 million common shares that would result from the conversion of the Company’s 5.75% Series C cumulative convertible preferred shares and the additional 1.6 million common shares that would result from the conversion of the Company’s 9.0% Series E cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares are not included in the calculation of diluted earnings per share for the three months ended March 31, 2012 and 2011 because the effect is anti-dilutive.