The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the three and six months ended June 30, 2026 and 2025 (amounts in thousands except per share information):


	Three Months Ended June 30, 2026					Six Months Ended June 30, 2026
	Income (numerator)		Shares (denominator)	Per Share Amount		Income (numerator)		Shares (denominator)	Per Share Amount
Basic EPS:
Net income	$	67,166				$	129,776
Less: preferred dividend requirements	(6,040)					(12,072)



Net income available to common shareholders	$	61,126	76,521	$	0.80	$	117,704	76,424	$	1.54
Diluted EPS:
Net income available to common shareholders	$	61,126	76,521			$	117,704	76,424
Effect of dilutive securities:
Share options and performance share units	—		496			—		473


Net income available to common shareholders	$	61,126	77,017	$	0.79	$	117,704	76,897	$	1.53


	Three Months Ended June 30, 2025					Six Months Ended June 30, 2025
	Income (numerator)		Shares (denominator)	Per Share Amount		Income (numerator)		Shares (denominator)	Per Share Amount
Basic EPS:
Net income	$	75,643				$	141,446
Less: preferred dividend requirements	(6,040)					(12,072)



Net income available to common shareholders	$	69,603	76,083	$	0.91	$	129,374	75,944	$	1.70
Diluted EPS:
Net income available to common shareholders	$	69,603	76,083			$	129,374	75,944
Effect of dilutive securities:
Share options and performance share units	—		488			—		460


Net income available to common shareholders	$	69,603	76,571	$	0.91	$	129,374	76,404	$	1.69

The effect of the potential common shares from the conversion of the Company’s convertible preferred shares and from the exercise of share options is 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 2.4 million and 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 and six months ended June 30, 2026 and 2025, respectively.

•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 and six months ended June 30, 2026 and 2025.

•Outstanding options to purchase 11 thousand common shares at per share prices ranging from $56.94 to $76.63 for both the three and six months ended June 30, 2026 and 2025.

•The effect of 89 thousand contingently issuable performance share units granted during 2025 for both the three and six months ended June 30, 2025.

•The effect of 25 thousand contingently issuable performance share units granted during 2024 for the six months ended June 30, 2026.

•The effect of 1,189,884 common shares related to forward sales agreements under the Company's ATM Program that have not settled for both the three and six months ended June 30, 2026.