Earnings Per Share

The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the years ended December 31, 2013, 2012 and 2011 (amounts in thousands except per share information):



	Year Ended December 31, 2013
	Income (numerator)			Shares (denominator)	Per Share Amount
Basic EPS:
Income from continuing operations	$	175,637
Less: preferred dividend requirements	(23,806		)
Income from continuing operations available to common shareholders	$	151,831		48,028	$	3.16
Income from discontinued operations available to common shareholders	$	4,589		48,028	$	0.10
Net income available to common shareholders	$	156,420		48,028	$	3.26
Diluted EPS:
Income from continuing operations available to common shareholders	$	151,831		48,028
Effect of dilutive securities:
Share options	—			186
Income from continuing operations available to common shareholders	$	151,831		48,214	$	3.15
Income from discontinued operations available to common shareholders	$	4,589		48,214	$	0.09
Net income available to common shareholders	$	156,420		48,214	$	3.24



	Year Ended December 31, 2012
	Income (numerator)			Shares (denominator)	Per Share Amount
Basic EPS:
Income from continuing operations	$	141,906
Less: preferred dividend requirements and redemption costs	(28,396		)
Noncontrolling interest adjustments	(108		)
Income from continuing operations available to common shareholders	$	113,402		46,798	$	2.42
Loss from discontinued operations available to common shareholders	$	(20,242	)	46,798	$	(0.43	)
Net income available to common shareholders	$	93,160		46,798	$	1.99
Diluted EPS:
Income from continuing operations available to common shareholders	$	113,402		46,798
Effect of dilutive securities:
Share options	—			251
Income from continuing operations available to common shareholders	$	113,402		47,049	$	2.41
Loss from discontinued operations available to common shareholders	$	(20,242	)	47,049	$	(0.43	)
Net income available to common shareholders	$	93,160		47,049	$	1.98



	Year Ended December 31, 2011
	Income (numerator)			Shares (denominator)	Per Share Amount
Basic EPS:
Income from continuing operations	$	130,088
Less: preferred dividend requirements and redemption costs	(30,909		)
Noncontrolling interest adjustments	(38		)
Income from continuing operations available to common shareholders	$	99,141		46,640	$	2.13
Loss from discontinued operations available to common shareholders	$	(14,822	)	46,640	$	(0.32	)
Net income available to common shareholders	$	84,319		46,640	$	1.81
Diluted EPS:
Income from continuing operations available to common shareholders	$	99,141		46,640
Effect of dilutive securities:
Share options	—			261
Income from continuing operations available to common shareholders	$	99,141		46,901	$	2.12
Loss from discontinued operations available to common shareholders	$	(14,822	)	46,901	$	(0.32	)
Net income available to common shareholders	$	84,319		46,901	$	1.80

The additional 1.9 million common shares that would result from the conversion of the Company’s Series C preferred shares and the additional 1.6 million common shares that would result from the conversion of the Company’s Series E 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 years ended December 31, 2013, 2012 and 2011 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 years ended December 31, 2013, 2012 and 2011. However, options to purchase 331 thousand, 368 thousand and 265 thousand shares of common shares at per share prices ranging from $45.20 to $65.50, $44.62 to $65.50 and $44.98 to $65.50, were outstanding at the end of 2013, 2012 and 2011, respectively, but were not included in the computation of diluted earnings per share because they were anti-dilutive.