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.