Net (Loss) Income Per Share

6 Months Ended

Jun. 30, 2015

6. Net (Loss) Income per Share

The reconciliation of basic and diluted net (loss) income per share for the three months and six months ended June 30, 2015 and 2014 is as follows (in thousands of U.S. dollars, except share and per share data):



	For the three months ended					For the six months ended
	June 30, 2015			June 30, 2014		June 30, 2015		June 30, 2014
Numerator:
Net (loss) income attributable to PartnerRe Ltd.	$	(88,909	)	$	271,841	$	157,007	$	581,683
Less: preferred dividends	14,184			14,184		28,367		28,367
Net (loss) income attributable to PartnerRe Ltd. common shareholders	$	(103,093	)	$	257,657	$	128,640	$	553,316
Denominator:
Weighted number of common shares outstanding – basic	47,773,371			50,241,216		47,650,042		50,942,980
Share options and other ⁽¹⁾	—			1,087,545		1,135,395		1,081,471
Weighted average number of common shares and common share equivalents outstanding – diluted	47,773,371			51,328,761		48,785,437		52,024,451
Basic net (loss) income per share	$	(2.16	)	$	5.13	$	2.70	$	10.86
Diluted net (loss) income per share ⁽¹⁾	$	(2.16	)	$	5.02	$	2.64	$	10.64

Anti-dilutive common shares excluded from weighted average number of common shares and common share equivalents outstanding - diluted ⁽¹⁾	1,154,210			149,600		54,382		119,870

(1)

Where the exercise price of share based awards is greater than the average market price of the common shares, the common shares are considered anti-dilutive and are excluded from the calculation of weighted average number of common shares and common share equivalents outstanding - diluted. In addition, for the three months ended June 30, 2015, dilutive securities, in the form of share options and other, were not included in the weighted average number of common shares and common share equivalents outstanding for the purpose of computing the diluted net loss per share because to do so would have been anti-dilutive.