Earnings Per Share

12 Months Ended

Dec. 31, 2024

The following table summarizes the Company’s computations of basic and diluted earnings per share (EPS) for the years ended December 31, 2024, 2023 and 2022 (amounts in thousands except per share information):


	Year Ended December 31, 2024
	Income (numerator)		Shares (denominator)	Per Share Amount
Basic EPS:
Net income	$	146,066
Less: preferred dividend requirements	(24,144)



Net income available to common shareholders	$	121,922	75,636	$	1.61
Diluted EPS:
Net income available to common shareholders	$	121,922	75,636
Effect of dilutive securities:
Share options and performance share units	—		363


Net income available to common shareholders	$	121,922	75,999	$	1.60


	Year Ended December 31, 2023
	Income (numerator)		Shares (denominator)	Per Share Amount
Basic EPS:
Net income	$	173,046
Less: preferred dividend requirements	(24,145)





Net income available to common shareholders	$	148,901	75,260	$	1.98
Diluted EPS:
Net income available to common shareholders	$	148,901	75,260
Effect of dilutive securities:
Share options and performance share units	—		455


Net income available to common shareholders	$	148,901	75,715	$	1.97


	Year Ended December 31, 2022
	Income (numerator)		Shares (denominator)	Per Share Amount
Basic EPS:
Net income	$	176,229
Less: preferred dividend requirements	(24,141)




Net income available to common shareholders	$	152,088	74,967	$	2.03
Diluted EPS:
Net income available to common shareholders	$	152,088	74,967
Effect of dilutive securities:
Share options and performance share units	—		76


Net income available to common shareholders	$	152,088	75,043	$	2.03

The effect of the potential common shares from the conversion of the Company’s convertible preferred shares and from the exercise of share options are included in diluted earnings per share if the effect is dilutive. Potential common shares from the performance share units are included in diluted earnings per share upon the satisfaction of certain performance and market conditions. These conditions are evaluated at each reporting period and if the conditions have been satisfied during the reporting period, the number of contingently issuable shares are included in the computation of diluted earnings per share.

The following shares have been excluded from the calculation of diluted earnings per share because they are anti-dilutive, or in the case of contingently issuable performance share units, are not probable of issuance:

•The additional 2.3 million common shares that would result from the conversion of the Company’s 5.75% Series C cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares for each of the years ended December 31, 2024, 2023 and 2022.

•The additional 1.7 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 for each of the years ended December 31, 2024, 2023 and 2022.

•Outstanding options to purchase 57 thousand, 81 thousand and 96 thousand common shares at per share prices ranging from $44.44 to $76.63 for the years ended December 31, 2024, 2023 and 2022, respectively.

•The effect of 116 thousand contingently issuable performance share units granted during 2024 for the year ended December 31, 2024.

•The effect of 99 thousand contingently issuable performance share units granted during 2022 and 56 thousand contingently issuable performance share units granted during 2020 for the year ended December 31, 2022.