Earnings Per Share

12 Months Ended

Dec. 31, 2022

The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands except per share information):


	Year Ended December 31, 2022
	Income (numerator)		Shares (denominator)	Per Share Amount
Basic EPS:
Net income	$	176,229
Less: preferred dividend requirements	(24,141)



Net income available to common shareholders	$	152,088	74,967	$	2.03
Diluted EPS:
Net income available to common shareholders	$	152,088	74,967
Effect of dilutive securities:
Share options and performance shares	—		76


Net income available to common shareholders	$	152,088	75,043	$	2.03


	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)

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 2.3 million common shares for the year ended December 31, 2022 and 2.2 million common shares for both years ended December 31, 2021 and 2020 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.

•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 the years ended December 31, 2022, 2021 and 2020.

•Outstanding options to purchase 96 thousand common shares at per share prices ranging from $44.44 to $76.63 for the year ended December 31, 2022.

•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.

•The effect of 99 thousand contingently issuable performance shares granted during 2022 for the year ended December 31, 2022.

•The effect of 56 thousand contingently issuable performance shares granted during 2020 for the years ended December 31, 2022, 2021 and 2020.