Earnings Per Share

12 Months Ended

Dec. 31, 2019

The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the years ended December 31, 2019, 2018 and 2017 (amounts in thousands except per share information):



	Year Ended December 31, 2019
	Income (numerator)			Shares (denominator)	Per Share Amount
Basic EPS:
Income from continuing operations	$	154,556
Less: preferred dividend requirements	(24,136		)
Income from continuing operations available to common shareholders	$	130,420		76,746	$	1.70
Income from discontinued operations available to common shareholders	$	47,687		76,746	$	0.62
Net income available to common shareholders	$	178,107		76,746	$	2.32
Diluted EPS:
Income from continuing operations available to common shareholders	$	130,420		76,746
Effect of dilutive securities:
Share options	—			36
Income from continuing operations available to common shareholders	$	130,420		76,782	$	1.70
Income from discontinued operations available to common shareholders	$	47,687		76,782	$	0.62
Net income available to common shareholders	$	178,107		76,782	$	2.32



	Year Ended December 31, 2018
	Income (numerator)			Shares (denominator)	Per Share Amount
Basic EPS:
Income from continuing operations	$	221,947
Less: preferred dividend requirements	(24,142		)
Income from continuing operations available to common shareholders	$	197,805		74,292	$	2.66
Income from discontinued operations available to common shareholders	$	45,036		74,292	$	0.61
Net income available to common shareholders	$	242,841		74,292	$	3.27
Diluted EPS:
Income from continuing operations available to common shareholders	$	197,805		74,292
Effect of dilutive securities:
Share options	—			45
Income from continuing operations available to common shareholders	$	197,805		74,337	$	2.66
Income from discontinued operations available to common shareholders	$	45,036		74,337	$	0.61
Net income available to common shareholders	$	242,841		74,337	$	3.27



	Year Ended December 31, 2017
	Income (numerator)			Shares (denominator)	Per Share Amount
Basic EPS:
Income from continuing operations	$	225,168
Less: preferred dividend requirements and redemption costs	(28,750		)
Income from continuing operations available to common shareholders	$	196,418		71,191	$	2.76
Income from discontinued operations available to common shareholders	$	37,800		71,191	$	0.53
Net income available to common shareholders	$	234,218		71,191	$	3.29
Diluted EPS:
Income from continuing operations available to common shareholders	$	196,418		71,191
Effect of dilutive securities:
Share options	—			63
Income from continuing operations available to common shareholders	$	196,418		71,254	$	2.76
Income from discontinued operations available to common shareholders	$	37,800		71,254	$	0.53
Net income available to common shareholders	$	234,218		71,254	$	3.29

The additional 2.2 million common shares for December 31, 2019 and 2.1 million common shares for both December 31, 2018 and 2017 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 for the year ended December 31, 2019, 2018 and 2017 and the corresponding add-back of the preferred dividends declared on those shares are not included in the calculation of diluted earnings per share 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, 2019, 2018 and 2017. However, options to purchase 4 thousand, 26 thousand and 7 thousand of common shares were outstanding at the end of 2019, 2018 and 2017, respectively, at per share prices ranging from $73.84 to $76.63 for 2019 and per share prices ranging from $61.79 to $76.63 for both 2018 and 2017, but were not included in the computation of diluted earnings per share because they were anti-dilutive.