7. Earnings per Common Share

The following is a summary of the elements used in calculating basic and diluted earnings per common share:

	For the three months ended September 30, 2011		For the three months ended September 30, 2010		For the nine months ended September 30, 2011		For the nine months ended September 30, 2010
Net income attributable to Maiden shareholders	$	16,004	$	18,526	$	10,980	$	50,732

Weighted average number of common shares outstanding – basic		72,182,759		70,493,545		72,136,366		70,359,688
Potentially dilutive securities:
Share options		739,209		491,837		746,968		483,774
Weighted average number of common shares outstanding – diluted		72,921,968		70,985,382		72,883,334		70,843,462

Basic earnings per share attributable to Maiden shareholders:	$	0.22	$	0.26	$	0.15	$	0.72
Diluted earnings per share attributable to Maiden shareholders:	$	0.22	$	0.26	$	0.15	$	0.72

As of September 30, 2011, 2,147,674 share options (September 30, 2010 – 1,756,961) were excluded from the calculation of diluted earnings per common share as they were anti-dilutive.