Earnings Per Share

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, 2014 and 2013 (amounts in thousands except per share information):



	Three Months Ended September 30, 2014						Nine Months Ended September 30, 2014
	Income (numerator)			Shares (denominator)	Per Share Amount		Income (numerator)			Shares (denominator)	Per Share Amount
Basic EPS:
Income from continuing operations	$	42,708					$	123,613
Less: preferred dividend requirements	(5,952		)				(17,856		)
Income from continuing operations available to common shareholders	$	36,756		53,792	$	0.68	$	105,757		53,268	$	1.99
Income (loss) from discontinued operations available to common shareholders	$	(3	)	53,792	$	—	$	3,384		53,268	$	0.06
Net income available to common shareholders	$	36,753		53,792	$	0.68	$	109,141		53,268	$	2.05
Diluted EPS:
Income from continuing operations available to common shareholders	$	36,756		53,792			$	105,757		53,268
Effect of dilutive securities:
Share options	—			209			—			194
Income from continuing operations available to common shareholders	$	36,756		54,001	$	0.68	$	105,757		53,462	$	1.98
Income (loss) from discontinued operations available to common shareholders	$	(3	)	54,001	$	—	$	3,384		53,462	$	0.06
Net income available to common shareholders	$	36,753		54,001	$	0.68	$	109,141		53,462	$	2.04



	Three Months Ended September 30, 2013						Nine Months Ended September 30, 2013
	Income (numerator)			Shares (denominator)	Per Share Amount		Income (numerator)			Shares (denominator)	Per Share Amount
Basic EPS:
Income from continuing operations	$	40,529					$	113,252
Less: preferred dividend requirements	(5,951		)				(17,855		)
Income from continuing operations available to common shareholders	$	34,578		47,349	$	0.73	$	95,397		47,097	$	2.03
Income from discontinued operations available to common shareholders	$	2,973		47,349	$	0.06	$	3,931		47,097	$	0.08
Net income available to common shareholders	$	37,551		47,349	$	0.79	$	99,328		47,097	$	2.11
Diluted EPS:
Income from continuing operations available to common shareholders	$	34,578		47,349			$	95,397		47,097
Effect of dilutive securities:
Share options	—			175			—			193
Income from continuing operations available to common shareholders	$	34,578		47,524	$	0.73	$	95,397		47,290	$	2.02
Income from discontinued operations available to common shareholders	$	2,973		47,524	$	0.06	$	3,931		47,290	$	0.08
Net income available to common shareholders	$	37,551		47,524	$	0.79	$	99,328		47,290	$	2.10

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 and nine months ended September 30, 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 and nine months ended September 30, 2014 and 2013. For the three months ended September 30, 2014 and 2013, options to purchase 279 thousand and 331 thousand shares of common shares, respectively, at per share prices ranging from $46.86 to $65.50 and $45.20 to $65.50, respectively, were not included in the computation of diluted earnings per share because the options were anti-dilutive. For the nine months ended September 30, 2014 and 2013, options to purchase 378 thousand and 331 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.