Earnings Per Share

12 Months Ended

Dec. 31, 2021

The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the years ended December 31, 2021, 2020 and 2019 (amounts in thousands except per share information):


	Year Ended December 31, 2021
	Income (numerator)		Shares (denominator)	Per Share Amount
Basic EPS:
Net income	$	98,606
Less: preferred dividend requirements	(24,134)



Net income available to common shareholders	$	74,472	74,755	$	1.00
Diluted EPS:
Net income available to common shareholders	$	74,472	74,755
Effect of dilutive securities:
Share options and performance shares	—		1


Net income available to common shareholders	$	74,472	74,756	$	1.00


	Year Ended December 31, 2020
	Income (numerator)		Shares (denominator)	Per Share Amount
Basic EPS:
Net loss	$	(131,728)
Less: preferred dividend requirements	(24,136)





Net loss available to common shareholders	$	(155,864)	75,994	$	(2.05)
Diluted EPS:
Net loss available to common shareholders	$	(155,864)	75,994
Effect of dilutive securities:
Share options	—		—


Net loss available to common shareholders	$	(155,864)	75,994	$	(2.05)


	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

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 the years ended December 31, 2021, 2020 and 2019.

•The additional 1.7 million common shares for both the years ended December 31, 2021 and 2020 and 1.6 million common shares for the year ended December 31, 2019 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.

•Outstanding options to purchase 89 thousand common shares at per share prices ranging from $44.44 to $76.63 for the year ended December 31, 2021.

•Outstanding options to purchase 117 thousand common shares at per share prices ranging from $44.62 to $76.63 for the year ended December 31, 2020.

•Outstanding options to purchase 4 thousand common shares at per share prices ranging from $73.84 to $76.63 for the year ended December 31, 2019.

•The effect of 102 thousand contingently issuable performance shares granted during 2021 for the year ended December 31, 2021.

•The effect of 56 thousand contingently issuable performance shares granted during 2020 for the years ended December 31, 2021 and 2020.