Earnings Per Share

The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the three and six months ended June 30, 2014 and 2013 (amounts in thousands except per share information):



	Three months ended June 30, 2014						Six months ended June 30, 2014
	Income (numerator)			Shares (denominator)	Per Share Amount		Income (numerator)			Shares (denominator)	Per Share Amount
Basic EPS:
Income from continuing operations	$	40,764					$	80,905
Less: preferred dividend requirements	(5,952		)				(11,904		)
Income from continuing operations available to common shareholders	$	34,812		53,458	$	0.65	$	69,001		53,002	$	1.31
Income (loss) from discontinued operations available to common shareholders	$	(4	)	53,458	$	—	$	3,387		53,002	$	0.06
Net income available to common shareholders	$	34,808		53,458	$	0.65	$	72,388		53,002	$	1.37
Diluted EPS:
Income from continuing operations available to common shareholders	$	34,812		53,458			$	69,001		53,002
Effect of dilutive securities:
Share options	—			196			—			187
Income from continuing operations available to common shareholders	$	34,812		53,654	$	0.65	$	69,001		53,189	$	1.30
Income (loss) from discontinued operations available to common shareholders	$	(4	)	53,654	$	—	$	3,387		53,189	$	0.06
Net income available to common shareholders	$	34,808		53,654	$	0.65	$	72,388		53,189	$	1.36



	Three months ended June 30, 2013						Six months ended June 30, 2013
	Income (numerator)			Shares (denominator)	Per Share Amount		Income (numerator)			Shares (denominator)	Per Share Amount
Basic EPS:
Income from continuing operations	$	31,847					$	72,723
Less: preferred dividend requirements	(5,952		)				(11,904		)
Income from continuing operations available to common shareholders	$	25,895		47,081	$	0.55	$	60,819		46,969	$	1.30
Income from discontinued operations available to common shareholders	$	629		47,081	$	0.01	$	959		46,969	$	0.02
Net income available to common shareholders	$	26,524		47,081	$	0.56	$	61,778		46,969	$	1.32
Diluted EPS:
Income from continuing operations available to common shareholders	$	25,895		47,081			$	60,819		46,969
Effect of dilutive securities:
Share options	—			213			—			203
Income from continuing operations available to common shareholders	$	25,895		47,294	$	0.55	$	60,819		47,172	$	1.29
Income from discontinued operations available to common shareholders	$	629		47,294	$	0.01	$	959		47,172	$	0.02
Net income available to common shareholders	$	26,524		47,294	$	0.56	$	61,778		47,172	$	1.31

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 and six months ended June 30, 2014 and 2013 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 and six months ended June 30, 2014 and 2013. For the three months ended June 30, 2014 and 2013, options to purchase 33 thousand and 238 thousand shares of common shares, respectively, at per share prices ranging from $45.20 to $65.50 for both periods, were not included in the computation of diluted earnings per share because the options were anti-dilutive. For the six months ended June 30, 2014 and 2013, options to purchase 44 thousand and 331 thousand shares of common shares, respectively, at per share prices ranging from $45.20 to $65.50 for both periods, were not included in the computation of diluted earnings per share because the options were anti-dilutive.