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, 2019 and 2018 (amounts in thousands except per share information):



	Three Months Ended March 31, 2019
	Income (numerator)			Shares (denominator)	Per Share Amount
Basic EPS:
Net income	$	65,349
Less: preferred dividend requirements	(6,034		)
Net income available to common shareholders	$	59,315		74,679	$	0.79
Diluted EPS:
Net income available to common shareholders	$	59,315		74,679
Effect of dilutive securities:
Share options	—			46
Net income available to common shareholders	$	59,315		74,725	$	0.79



	Three Months Ended March 31, 2018
	Income (numerator)			Shares (denominator)	Per Share Amount
Basic EPS:
Net income	$	29,538
Less: preferred dividend requirements	(6,036		)
Net income available to common shareholders	$	23,502		74,146	$	0.32
Diluted EPS:
Net income available to common shareholders	$	23,502		74,146
Effect of dilutive securities:
Share options	—			34
Net income available to common shareholders	$	23,502		74,180	$	0.32

The additional 2.1 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, 2019 and 2018, 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 months ended March 31, 2019 and 2018. However, options to purchase 4 thousand and 87 thousand common shares at per share prices ranging from $73.84 to $76.63 and $56.94 to $76.63 were outstanding for the three months ended March 31, 2019 and 2018, respectively, but were not included in the computation of diluted earnings per share because they were anti-dilutive.