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Earnings Per Share | 3 Months Ended
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Mar. 31, 2025
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 months ended March 31, 2025 and 2024 (amounts in thousands except per share information):
| Three Months Ended March 31, 2025 |  |
| Income (numerator) |  | Shares (denominator) |  | Per Share Amount |  |  |  |  |  |
Basic EPS: |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 65,803 |  |  |  |  |  |  |  |  |  |  |
Less: preferred dividend requirements | (6,032) |  |  |  |  |  |  |  |  |  |  |
Net income available to common shareholders | $ | 59,771 |  |  | 75,804 |  |  | $ | 0.79 |  |  |  |  |  |  |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |
Net income available to common shareholders | $ | 59,771 |  |  | 75,804 |  |  |  |  |  |  |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |
Share options and performance share units | — |  |  | 411 |  |  |  |  |  |  |  |  |
Net income available to common shareholders | $ | 59,771 |  |  | 76,215 |  |  | $ | 0.78 |  |  |  |  |  |  |
| Three Months Ended March 31, 2024 |  |
| Income (numerator) |  | Shares (denominator) |  | Per Share Amount |  |  |  |  |  |
Basic EPS: |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 62,709 |  |  |  |  |  |  |  |  |  |  |
Less: preferred dividend requirements | (6,032) |  |  |  |  |  |  |  |  |  |  |
Net income available to common shareholders | $ | 56,677 |  |  | 75,398 |  |  | $ | 0.75 |  |  |  |  |  |  |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |
Net income available to common shareholders | $ | 56,677 |  |  | 75,398 |  |  |  |  |  |  |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |
Share options and performance share units | — |  |  | 307 |  |  |  |  |  |  |  |  |
Net income available to common shareholders | $ | 56,677 |  |  | 75,705 |  |  | $ | 0.75 |  |  |  |  |  |  |
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-d ilutive, 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 both the three months ended March 31, 2025 and 2024. •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 both the three months ended March 31, 2025 and 2024. •Outstanding options to purchase 11 thousand common shares at per share prices ranging from $56.94 to $76.63 for the three months ended March 31, 2025. •Outstanding options to purchase 57 thousand common shares at per share prices ranging from $44.44 to $76.63 for the three months ended March 31, 2024. •The effect of 116 thousand contingently issuable performance share units granted during 2024 for the three months ended March 31, 2024.

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