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Quarterly Financial Information
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information
Quarterly Financial Information (unaudited)

The following table presents the unaudited quarterly results of consolidated operations for 2018, 2017 and 2016.

 
Quarters Ended
(dollars in thousands, except per share amounts)
Mar. 31
 
June 30
 
Sept. 30
 
Dec. 31
2018
 
 
 
 
 
 
 
Operating revenues
$
1,575,471

 
$
1,987,013

 
$
2,235,949

 
$
1,042,852

Net income (loss) (1)
(65,594
)
 
279,587

 
409,028

 
(753,374
)
Net income (loss) to shareholders (1)
(64,306
)
 
278,231

 
409,438

 
(751,543
)
Comprehensive income (loss) to shareholders
(174,839
)
 
164,336

 
315,106

 
(680,373
)
Net income (loss) per share:
 
 
 
 
 
 
 
Basic
$
(4.25
)
 
$
20.01

 
$
28.56

 
$
(53.88
)
Diluted
(4.25
)
 
19.97

 
28.50

 
(53.88
)
2017
 
 
 
 
 
 
 
Operating revenues
$
1,411,751

 
$
1,481,493

 
$
1,506,148

 
$
1,662,267

Net income (loss) (1)
71,040

 
151,427

 
(261,035
)
 
439,326

Net income (loss) to shareholders (1)
69,869

 
149,660

 
(259,141
)
 
434,881

Comprehensive income (loss) to shareholders
223,239

 
342,357

 
(19,869
)
 
629,247

Net income (loss) per share:
 
 
 
 
 
 
 
Basic
$
3.91

 
$
10.34

 
$
(18.82
)
 
$
30.48

Diluted
3.90

 
10.31

 
(18.82
)
 
30.39

2016
 
 
 
 
 
 
 
Operating revenues
$
1,376,182

 
$
1,375,937

 
$
1,431,282

 
$
1,428,625

Net income (1)
163,646

 
80,673

 
83,421

 
132,703

Net income to shareholders (1)
160,370

 
78,797

 
83,796

 
132,726

Comprehensive income (loss) to shareholders
396,994

 
209,942

 
89,161

 
(29,050
)
Net income per share:
 
 
 
 
 
 
 
Basic
$
11.21

 
$
5.44

 
$
5.62

 
$
9.14

Diluted
11.15

 
5.41

 
5.60

 
9.11


(1) 
Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, the change in fair value of equity securities is no longer recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. See note 1.