Earnings Per Share

9 Months Ended

Sep. 30, 2021

The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the three and nine months ended September 30, 2021 and 2020 (amounts in thousands except per share information):


	Three Months Ended September 30, 2021					Nine Months Ended September 30, 2021
	Income (numerator)		Shares (denominator)	Per Share Amount		Income (numerator)		Shares (denominator)	Per Share Amount
Basic EPS:
Net income	$	32,117				$	54,049
Less: preferred dividend requirements	(6,033)					(18,100)



Net income available to common shareholders	$	26,084	74,804	$	0.35	$	35,949	74,738	$	0.48
Diluted EPS:
Net income available to common shareholders	$	26,084	74,804			$	35,949	74,738
Effect of dilutive securities:
Share options and performance shares	—		107			—		81


Net income available to common shareholders	$	26,084	74,911	$	0.35	$	35,949	74,819	$	0.48


	Three Months Ended September 30, 2020					Nine Months Ended September 30, 2020
	Income (numerator)		Shares (denominator)	Per Share Amount		Income (numerator)		Shares (denominator)	Per Share Amount
Basic EPS:
Net loss	$	(85,904)				$	(111,751)
Less: preferred dividend requirements	(6,034)					(18,102)



Net loss available to common shareholders	$	(91,938)	74,613	$	(1.23)	$	(129,853)	76,456	$	(1.70)
Diluted EPS:
Net loss available to common shareholders	$	(91,938)	74,613			$	(129,853)	76,456
Effect of dilutive securities:
Share options and performance shares	—		—			—		—


Net loss available to common shareholders	$	(91,938)	74,613	$	(1.23)	$	(129,853)	76,456	$	(1.70)

The effect of the potential common shares from the conversion of the Company’s convertible preferred shares and from the exercise of share options are included in diluted earnings per share if the effect is dilutive. Potential

common shares from the performance shares are included in diluted earnings per share upon the satisfaction of certain performance and market conditions. These conditions are evaluated at each reporting period and if the conditions have been satisfied during the reporting period, the number of contingently issuable shares are included in the computation of diluted earnings per share.

The following shares have an anti-dilutive effect and are therefore excluded from the calculation of diluted earnings per share:

•The additional 2.2 million common shares that would result from the conversion of the Company’s 5.75% Series C cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares for both the three and nine months ended September 30, 2021 and 2020.

•The additional 1.7 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 for both the three and nine months ended September 30, 2021 and 2020.

•Outstanding options to purchase 89 thousand common shares at per share prices ranging from $44.44 to $76.63 for both the three and nine months ended September 30, 2021.

•Outstanding options to purchase 117 thousand common shares at per share prices ranging from $44.62 to $76.63 for both the three and nine months ended September 30, 2020.

•The effect of 56 thousand contingently issuable performance shares granted during 2020 for both the three and nine months ended September 30, 2021 and 2020 as performance and market conditions were not met