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Earnings Per Share | 9 Months Ended
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Sep. 30, 2015
Earnings Per Share [Abstract] |
Earnings Per Share | 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, 2015 and 2014 (amounts in thousands except per share information):
| 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 |
| Three Months Ended September 30, 2014 |  | Nine Months Ended September 30, 2014
| Income (numerator) |  | Shares (denominator) |  | Per Share Amount |  | Income (numerator) |  | Shares (denominator) |  | Per Share Amount
Basic EPS: |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations | $ | 42,708 |  |  |  |  |  |  | $ | 123,613 |  |  |  |  |
Less: preferred dividend requirements | (5,952 | ) |  |  |  |  |  | (17,856 | ) |  |  |  |
Income from continuing operations available to common shareholders | $ | 36,756 |  |  | 53,792 |  |  | $ | 0.68 |  |  | $ | 105,757 |  |  | 53,268 |  |  | $ | 1.99 |
Income (loss) from discontinued operations available to common shareholders | $ | (3 | ) |  | 53,792 |  |  | $ | — |  |  | $ | 3,384 |  |  | 53,268 |  |  | $ | 0.06 |
Net income available to common shareholders | $ | 36,753 |  |  | 53,792 |  |  | $ | 0.68 |  |  | $ | 109,141 |  |  | 53,268 |  |  | $ | 2.05 |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations available to common shareholders | $ | 36,756 |  |  | 53,792 |  |  |  |  | $ | 105,757 |  |  | 53,268 |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |
Share options | — |  |  | 209 |  |  |  |  | — |  |  | 194 |  |  |
Income from continuing operations available to common shareholders | $ | 36,756 |  |  | 54,001 |  |  | $ | 0.68 |  |  | $ | 105,757 |  |  | 53,462 |  |  | $ | 1.98 |
Income (loss) from discontinued operations available to common shareholders | $ | (3 | ) |  | 54,001 |  |  | $ | — |  |  | $ | 3,384 |  |  | 53,462 |  |  | $ | 0.06 |
Net income available to common shareholders | $ | 36,753 |  |  | 54,001 |  |  | $ | 0.68 |  |  | $ | 109,141 |  |  | 53,462 |  |  | $ | 2.04 |
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, 2015 and 2014 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, 2015 and 2014. For the three months ended September 30, 2015 and 2014, options to purchase 323 thousand and 279 thousand shares of common shares, respectively, at per share prices ranging from $46.86 to $65.50 and $46.86 to $65.50, respectively, were not included in the computation of diluted earnings per share because the options were anti-dilutive. For the nine months ended September 30, 2015 and 2014, options to purchase 315 thousand and 378 thousand shares of common shares, respectively, at per share prices ranging from $51.64 to $65.50 and $45.20 to $65.50, respectively, were not included in the computation of diluted earnings per share because the options were anti-dilutive.

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