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


	Three Months Ended September 30, 2026					Nine Months Ended September 30, 2026
	Income (numerator)		Shares (denominator)	Per Share Amount		Income (numerator)		Shares (denominator)	Per Share Amount
Basic EPS:
Net income	$	100,121				$	229,897
Less: preferred dividend requirements	(5,984)					(18,056)



Net income available to common shareholders	$	94,137	76,597	$	1.23	$	211,841	76,482	$	2.77
Diluted EPS:
Net income available to common shareholders	$	94,137	76,597			$	211,841	76,482
Effect of dilutive securities:
Share options, performance share units and ATM forward equity offerings	—		642			—		551


Net income available to common shareholders	$	94,137	77,239	$	1.22	$	211,841	77,033	$	2.75


	Three Months Ended September 30, 2025					Nine Months Ended September 30, 2025
	Income (numerator)		Shares (denominator)	Per Share Amount		Income (numerator)		Shares (denominator)	Per Share Amount
Basic EPS:
Net income	$	66,586				$	208,032
Less: preferred dividend requirements	(6,032)					(18,104)



Net income available to common shareholders	$	60,554	76,127	$	0.80	$	189,928	76,006	$	2.50
Diluted EPS:
Net income available to common shareholders	$	60,554	76,127			$	189,928	76,006
Effect of dilutive securities:
Share options and performance share units	—		541			—		490


Net income available to common shareholders	$	60,554	76,668	$	0.79	$	189,928	76,496	$	2.48

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 is 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 and nine months ended September 30, 2026 and 2025.

•The additional 1.7 million common shares that would result from the conversion of the Company’s 9.00% Series E cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares for both the three and nine months ended September 30, 2026 and 2025.

•Outstanding options to purchase 7 thousand common shares at per share prices ranging from $69.19 to $76.63 for the three and nine months ended September 30, 2026.

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

•The effect of 2,242,802 and 2,285,835 common shares related to forward sale agreements under the Company's ATM Program that have not settled for the three and nine months ended September 30, 2026, respectively.