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 and nine months ended September 30, 2013 and 2012:



For the Three Months Ended September 30,	2013			2012
Net income attributable to Maiden common shareholders	$	21,904		$	21,919
Amount allocated to participating common shareholders ⁽¹⁾	(29		)	—
Net income allocated to Maiden common shareholders	$	21,875		$	21,919

Weighted average number of common shares outstanding – basic	72,552,022			72,270,052
Potentially dilutive securities:
Share options and restricted share units	1,385,872			868,909
Weighted average number of common shares outstanding – diluted	73,937,894			73,138,961
Basic earnings per share attributable to Maiden common shareholders:	$	0.30		$	0.30
Diluted earnings per share attributable to Maiden common shareholders:	$	0.30		$	0.30



For the Nine Months Ended September 30,	2013			2012
Net income attributable to Maiden common shareholders	$	67,095		$	56,837
Amount allocated to participating common shareholders ⁽¹⁾	(88		)	—
Net income allocated to Maiden common shareholders	$	67,007		$	56,837

Weighted average number of common shares outstanding – basic	72,475,087			72,251,711
Potentially dilutive securities:
Share options and restricted share units	1,249,281			836,822
Weighted average number of common shares outstanding – diluted	73,724,368			73,088,533
Basic earnings per share attributable to Maiden common shareholders:	$	0.92		$	0.79
Diluted earnings per share attributable to Maiden common shareholders:	$	0.91		$	0.78

(1) This represents earnings allocated to the holders of non-vested restricted shares issued to Company's employees under the 2007 Share Incentive Plan.

As of September 30, 2013, 1,611,272 share options (September 30, 2012 - 2,082,608) were excluded from the calculation of diluted earnings per common share as they were anti-dilutive.