Earnings Per Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the three months ended March 31, 2014 and 2013 (amounts in thousands except per share information):

	Three Months Ended March 31, 2014
	Income (numerator)			Shares (denominator)	Per Share Amount
Basic EPS:
Income from continuing operations	$	40,142
Less: preferred dividend requirements	(5,952		)
Income from continuing operations available to common shareholders	$	34,190		52,541	$	0.65
Income from discontinued operations available to common shareholders	$	3,391		52,541	$	0.07
Net income available to common shareholders	$	37,581		52,541	$	0.72
Diluted EPS:
Income from continuing operations available to common shareholders	$	34,190		52,541
Effect of dilutive securities:
Share options	—			178
Income from continuing operations available to common shareholders	$	34,190		52,719	$	0.65
Income from discontinued operations available to common shareholders	$	3,391		52,719	$	0.06
Net income available to common shareholders	$	37,581		52,719	$	0.71

	Three Months Ended March 31, 2013
	Income (numerator)			Shares (denominator)	Per Share Amount
Basic EPS:
Income from continuing operations	$	40,876
Less: preferred dividend requirements	(5,952		)
Income from continuing operations available to common shareholders	$	34,924		46,854	$	0.74
Loss from discontinued operations available to common shareholders	$	330		46,854	$	0.01
Net income available to common shareholders	$	35,254		46,854	$	0.75
Diluted EPS:
Income from continuing operations available to common shareholders	$	34,924		46,854
Effect of dilutive securities:
Share options	—			193
Income from continuing operations available to common shareholders	$	34,924		47,047	$	0.74
Loss from discontinued operations available to common shareholders	$	330		47,047	$	0.01
Net income available to common shareholders	$	35,254		47,047	$	0.75

The additional 1.9 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, 2014 and 2013 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, 2014 and 2013. For the three months ended March 31, 2014 and 2013, options to purchase 417 thousand and 358 thousand shares of common shares, respectively, at per share prices ranging from $45.20 to $65.50 for both periods, were not included in the computation of diluted earnings per share because the options were anti-dilutive.