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-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 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.