The reconciliation of basic and diluted net (loss) income per share for the three months and nine months ended September 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 nine months ended
	September 30, 2015			September 30, 2014		September 30, 2015			September 30, 2014
Numerator:
Net (loss) income attributable to PartnerRe Ltd.	$	(229,137	)	$	196,398	$	(72,130	)	$	778,082
Less: preferred dividends	14,184			14,184		42,551			42,551
Net (loss) income attributable to PartnerRe Ltd. common shareholders	$	(243,321	)	$	182,214	$	(114,681	)	$	735,531
Denominator:
Weighted number of common shares outstanding – basic	47,866,040			49,514,980		47,722,833			50,461,749
Share options and other ⁽¹⁾	—			1,166,345		—			1,104,385
Weighted average number of common shares and common share equivalents outstanding – diluted	47,866,040			50,681,325		47,722,833			51,566,134
Basic net (loss) income per share	$	(5.08	)	$	3.68	$	(2.40	)	$	14.58
Diluted net (loss) income per share ⁽¹⁾	$	(5.08	)	$	3.60	$	(2.40	)	$	14.26

Anti-dilutive common shares excluded from weighted average number of common shares and common share equivalents outstanding - diluted ⁽¹⁾	1,168,383			134,470		1,207,482			135,681

(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 and nine months ended September 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.