Earnings Per Share

3 Months Ended

Mar. 31, 2017

The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the three months ended March 31, 2017 and 2016 (amounts in thousands except per share information):



	Three Months Ended March 31, 2017
	Income (numerator)			Shares (denominator)	Per Share Amount
Basic EPS:
Income from continuing operations	$	53,916
Less: preferred dividend requirements	(5,952		)
Net income available to common shareholders	$	47,964		64,033	$	0.75
Diluted EPS:
Net income available to common shareholders	$	47,964		64,033
Effect of dilutive securities:
Share options	—			69
Net income available to common shareholders	$	47,964		64,102	$	0.75



	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:
Net income 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

The additional 2.1 million and 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, 2017 and 2016, respectively 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, 2017 and 2016. However, options to purchase 4 thousand and 140 thousand shares of common shares at per share prices ranging from $61.79 to $76.63 and ranging from $51.64 to $65.50 for the were outstanding for the three months ended March 31, 2017 and 2016, respectively, but were not included in the computation of diluted earnings per share because they were anti-dilutive.