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Earnings Per Share
 3 Months Ended
Mar. 31, 2013
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, 2013 and 2012 (amounts in thousands except per share information):
 
Three Months Ended March 31, 2013
 
 
Income
(numerator)
 
Shares
(denominator)
 
Per Share
Amount
 
Basic EPS:
 
 
 
 
 
 
Income from continuing operations
$
40,644

 
 
 
 
 
Less: preferred dividend requirements
(5,952
)
 
 
 
 
 
Income from continuing operations available to common shareholders
$
34,692

 
46,854

 
$
0.74

 
Income from discontinued operations available to common shareholders
$
562

 
46,854

 
$
0.01

 
Net income available to common shareholders
$
35,254

 
46,854

 
$
0.75

 
Diluted EPS:
 
 
 
 
 
 
Income from continuing operations available to common shareholders
$
34,692

 
46,854

 
 
 
Effect of dilutive securities:
 
 
 
 
 
 
Share options
—

 
193

 
 
 
Income from continuing operations available to common shareholders
$
34,692

 
47,047

 
$
0.74

 
Income from discontinued operations available to common shareholders
$
562

 
47,047

 
$
0.01

 
Net income available to common shareholders
$
35,254

 
47,047

 
$
0.75

 



 
Three Months Ended March 31, 2012
 
 
Income
(numerator)
 
Shares
(denominator)
 
Per Share
Amount
 
Basic EPS:
 
 
 
 
 
 
Income from continuing operations
$
29,598

 
 
 
 
 
Less: preferred dividend requirements
(6,001
)
 
 
 
 
 
Noncontrolling interest adjustments
(18
)
 
 
 
 
 
Income from continuing operations available to common shareholders
$
23,579

 
46,677

 
$
0.51

 
Loss from discontinued operations available to common shareholders
$
(8,208
)
 
46,677

 
$
(0.18
)
 
Net income available to common shareholders
$
15,371

 
46,677

 
$
0.33

 
Diluted EPS:
 
 
 
 
 
 
Income from continuing operations available to common shareholders
$
23,579

 
46,677

 
 
 
Effect of dilutive securities:
 
 
 
 
 
 
Share options
—

 
268

 
 
 
Income from continuing operations available to common shareholders
$
23,579

 
46,945

 
$
0.50

 
Loss from discontinued operations available to common shareholders
$
(8,208
)
 
46,945

 
$
(0.17
)
 
Net income available to common shareholders
$
15,371

 
46,945

 
$
0.33

 


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, 2013 and 2012 because the effect is anti-dilutive.

The dilutive effect of potential common shares from the exercise of share options is included in diluted earnings per share for the three months ended March 31, 2013 and 2012. However, options to purchase 358 thousand and 342 thousand shares of common shares at per share prices ranging from $45.20 to $65.50 and $44.98 to $65.50, were outstanding at the end of the three months ended March 31, 2013 and 2012, respectively, but were not included in the computation of diluted earnings per share because they were anti-dilutive.