v3.3.1.900
Earnings per Common Share (Tables)
 12 Months Ended
Dec. 31, 2015
Earnings Per Share [Abstract]  
Summary of elements used in calculating basic and diluted earnings per common share
The following is a summary of the elements used in calculating basic and diluted earnings per common share:
 
For the Year Ended December 31,
 
2015
 
2014
 
2013
Numerator:
 
 
 
 
 
 
Net income attributable to Maiden
 
$
124,476

 
$
101,391

 
$
102,735

Dividends on preference shares - Series A
 
(12,375
)
 
(12,375
)
 
(12,375
)
Dividends on convertible preference shares - Series B
 
(11,962
)
 
(11,962
)
 
(2,459
)
Amount allocated to participating common shareholders (1)
 
(52
)
 
(94
)
 
(116
)
Numerator for basic EPS - net income allocated to Maiden common shareholders
 
100,087

 
76,960

 
87,785

Potentially dilutive securities:
 
 
 
 
 
 
Dividends on convertible preference shares - Series B(2)
 
11,962

 
—

 
2,459

Numerator for diluted EPS - net income allocated to Maiden common shareholders after assumed conversion
 
$
112,049

 
$
76,960

 
$
90,244

Denominator:
 
 
 
 
 
 
Weighted average number of common shares – basic
 
73,478,544

 
72,843,782

 
72,510,361

Potentially dilutive securities:
 
 
 
 
 
 
Share options and restricted share units
 
1,319,074

 
1,273,786

 
1,253,479

Convertible preference shares(2)
 
10,840,617

 
—

 
2,653,999

Adjusted weighted average number of common shares and assumed conversions – diluted
 
85,638,235

 
74,117,568

 
76,417,839

Basic earnings per share attributable to Maiden common shareholders:
 
$
1.36

 
$
1.06

 
$
1.21

Diluted earnings per share attributable to Maiden common shareholders:
 
$
1.31

 
$
1.04

 
$
1.18


(1) This represents earnings allocated to the holders of non-vested restricted shares issued to the Company's employees under the 2007 Share Incentive Plan.
(2) The effect of mandatory convertible preference shares were excluded in the calculation of diluted EPS for the year ended December 31, 2014 as they were anti-dilutive. Please refer to "Notes to Consolidated Financial Statements, Note 13. Shareholders' Equity" and "Notes to Consolidated Financial Statements Note 14. Share Compensation and Pension Plans" for the terms and conditions of each of these anti-dilutive instruments. Furthermore, the current number of additional common shares that could possibly be issued on conversion, if conversion after December 31, 2015 was permitted in accordance with the terms and conditions of Form 424B Prospectus Supplement filed with the SEC, is 10,840,617, an increase of 195,456 common shares since October 1, 2013.