Earnings Per Share

3 Months Ended

Mar. 31, 2016

The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the three months ended March 31, 2016 and 2015 (amounts in thousands except per share information):



	Three Months Ended March 31, 2016
	Income (numerator)			Shares (denominator)	Per Share Amount
Basic EPS:
Income from continuing operations	$	54,180
Less: preferred dividend requirements	(5,952		)
Net income available to common shareholders	$	48,228		62,664	$	0.77
Diluted EPS:
Income from continuing operations available to common shareholders	$	48,228		62,664
Effect of dilutive securities:
Share options	—			80
Net income available to common shareholders	$	48,228		62,744	$	0.77



	Three Months Ended March 31, 2015
	Income (numerator)			Shares (denominator)	Per Share Amount
Basic EPS:
Income from continuing operations	$	42,831
Less: preferred dividend requirements	(5,952		)
Income from continuing operations available to common shareholders	$	36,879		57,111	$	0.65
Loss from discontinued operations available to common shareholders	$	(10	)	57,111	$	—
Net income available to common shareholders	$	36,869		57,111	$	0.65
Diluted EPS:
Income from continuing operations available to common shareholders	$	36,879		57,111
Effect of dilutive securities:
Share options	—			267
Income from continuing operations available to common shareholders	$	36,879		57,378	$	0.64
Loss from discontinued operations available to common shareholders	$	(10	)	57,378	$	—
Net income available to common shareholders	$	36,869		57,378	$	0.64

The additional 2.0 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, 2016 and 2015 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, 2016 and 2015. For the three months ended March 31, 2016 and 2015, options to purchase 140 thousand and 249 thousand shares of common shares, respectively, at per share prices ranging from $51.64 to $65.50 for both periods, were not included in the computation of diluted earnings per share because the options were anti-dilutive.