Earnings Per Share

6 Months Ended

Jun. 30, 2017

The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the three and six months ended June 30, 2017 and 2016 (amounts in thousands except per share information):



	Three Months Ended June 30, 2017						Six Months Ended June 30, 2017
	Income (numerator)			Shares (denominator)	Per Share Amount		Income (numerator)			Shares (denominator)	Per Share Amount
Basic EPS:
Income from continuing operations	$	80,535					$	134,451
Less: preferred dividend requirements	(5,952		)				(11,904		)
Net income available to common shareholders	$	74,583		73,159	$	1.02	$	122,547		68,621	$	1.79
Diluted EPS:
Net income available to common shareholders	$	74,583		73,159			$	122,547		68,621
Effect of dilutive securities:
Share options	—			66			—			68
Net income available to common shareholders	$	74,583		73,225	$	1.02	$	122,547		68,689	$	1.78



	Three Months Ended June 30, 2016						Six Months Ended June 30, 2016
	Income (numerator)			Shares (denominator)	Per Share Amount		Income (numerator)			Shares (denominator)	Per Share Amount
Basic EPS:
Income from continuing operations	$	55,135					$	109,315
Less: preferred dividend requirements	(5,952		)				(11,904		)
Net income available to common shareholders	$	49,183		63,592	$	0.77	$	97,411		63,128	$	1.54
Diluted EPS:
Net income available to common shareholders	$	49,183		63,592			$	97,411		63,128
Effect of dilutive securities:
Share options	—			86			—			85
Net income available to common shareholders	$	49,183		63,678	$	0.77	$	97,411		63,213	$	1.54

The additional 2.1 million and 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 six months ended June 30, 2017 and 2016, respectively, 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 six months ended June 30, 2017 and 2016. However, options to purchase 5 thousand and 84 thousand shares of common shares at per share prices ranging from $61.79 to $76.63 and $61.79 were outstanding for the three months ended June 30, 2017 and 2016, respectively, but were not included in the computation of diluted earnings per share because they were anti-dilutive. Options to purchase 5 thousand and 85 thousand shares of common shares, respectively at per share prices ranging from $61.79 to $76.63 and $61.79 were outstanding for the six months ended June 30, 2017 and 2016, respectively, but were not included in the computation of diluted earnings per share because they were anti-dilutive.