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, 2016 and 2015 (amounts in thousands except per share information):



	Three Months Ended September 30, 2016						Nine Months Ended September 30, 2016
	Income (numerator)			Shares (denominator)	Per Share Amount		Income (numerator)			Shares (denominator)	Per Share Amount
Basic EPS:
Income from continuing operations	$	57,526					$	166,841
Less: preferred dividend requirements	(5,951		)				(17,855		)
Net income available to common shareholders	$	51,575		63,627	$	0.81	$	148,986		63,296	$	2.35
Diluted EPS:
Income from continuing operations available to common shareholders	$	51,575		63,627			$	148,986		63,296
Effect of dilutive securities:
Share options	—			120			—			97
Net income available to common shareholders	$	51,575		63,747	$	0.81	$	148,986		63,393	$	2.35



	Three Months Ended September 30, 2015						Nine Months Ended September 30, 2015
	Income (numerator)			Shares (denominator)	Per Share Amount		Income (numerator)			Shares (denominator)	Per Share Amount
Basic EPS:
Income from continuing operations	$	50,054					$	141,583
Less: preferred dividend requirements	(5,951		)				(17,855		)
Income from continuing operations available to common shareholders	$	44,103		58,083	$	0.76	$	123,728		57,468	$	2.15
Income from discontinued operations available to common shareholders	$	141		58,083	$	—	$	199		57,468	$	—
Net income available to common shareholders	$	44,244		58,083	$	0.76	$	123,927		57,468	$	2.15
Diluted EPS:
Income from continuing operations available to common shareholders	$	44,103		58,083			$	123,728		57,468
Effect of dilutive securities:
Share options	—			195			—			231
Income from continuing operations available to common shareholders	$	44,103		58,278	$	0.76	$	123,728		57,699	$	2.15
Income from discontinued operations available to common shareholders	$	141		58,278	$	—	$	199		57,699	$	—
Net income available to common shareholders	$	44,244		58,278	$	0.76	$	123,927		57,699	$	2.15

The additional 2.0 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, 2016 and 2015 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, 2016 and 2015. For the three months ended September 30, 2015, options to purchase 323 thousand shares of common shares per share prices ranging from $46.86 to $65.50, were not included in the computation of diluted earnings per share because the options were anti-dilutive. For the three months ended September 30, 2016, there were no anti-dilutive options. For the nine months ended September 30, 2016 and 2015, options to purchase 84 thousand and 315 thousand shares of common shares, respectively, at a per share price of $61.79 for the nine months ended September 30, 2016 and per share prices ranging from $51.64 to $65.50 for the nine months ended September 30, 2015, were not included in the computation of diluted earnings per share because the options were anti-dilutive.