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, 2016 and 2015 (amounts in thousands except per share information):



	Three Months Ended June 30, 2016						Six Months Ended June 30, 2016
	Income (numerator)			Shares (denominator)	Per Share Amount		Income (numerator)			Shares (denominator)	Per Share Amount
Basic EPS:
Income from continuing operations	$	55,135					$	109,315
Less: preferred dividend requirements	(5,952		)				(11,904		)
Net income available to common shareholders	$	49,183		63,592	$	0.77	$	97,411		63,128	$	1.54
Diluted EPS:
Income from continuing operations available to common shareholders	$	49,183		63,592			$	97,411		63,128
Effect of dilutive securities:
Share options	—			86			—			85
Net income available to common shareholders	$	49,183		63,678	$	0.77	$	97,411		63,213	$	1.54



	Three Months Ended June 30, 2015						Six Months Ended June 30, 2015
	Income (numerator)			Shares (denominator)	Per Share Amount		Income (numerator)			Shares (denominator)	Per Share Amount
Basic EPS:
Income from continuing operations	$	48,698					$	91,529
Less: preferred dividend requirements	(5,952		)				(11,904		)
Income from continuing operations available to common shareholders	$	42,746		57,200	$	0.75	$	79,625		57,156	$	1.39
Income from discontinued operations available to common shareholders	$	68		57,200	$	—	$	58		57,156	$	—
Net income available to common shareholders	$	42,814		57,200	$	0.75	$	79,683		57,156	$	1.39
Diluted EPS:
Income from continuing operations available to common shareholders	$	42,746		57,200			$	79,625		57,156
Effect of dilutive securities:
Share options	—			246			—			252
Income from continuing operations available to common shareholders	$	42,746		57,446	$	0.75	$	79,625		57,408	$	1.39
Income from discontinued operations available to common shareholders	$	68		57,446	$	—	$	58		57,408	$	—
Net income available to common shareholders	$	42,814		57,446	$	0.75	$	79,683		57,408	$	1.39

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 and six months ended June 30, 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 and six months ended June 30, 2016 and 2015. For the three months ended June 30, 2016 and 2015, options to purchase 84 thousand and 313 thousand shares of common shares, respectively, at a per share price of $61.79 for the three months ended June 30, 2016 and per share prices ranging from $51.64 to $65.50 for the three months ended June 30, 2015, were not included in the computation of diluted earnings per share because the options were anti-dilutive. For the six months ended June 30, 2016 and 2015, options to purchase 85 thousand and 312 thousand shares of common shares, respectively, at a per share price of $61.79 for the six months ended June 30, 2016 and per share prices ranging from $51.64 to $65.50 for the six months ended June 30, 2015, were not included in the computation of diluted earnings per share because the options were anti-dilutive.