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EARNINGS PER COMMON SHARE
 9 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE
The following table presents a comparison of basic and diluted earnings per common share:
 
  
Three months ended September 30,
 
Nine months ended September 30,
 
 
  
2017
 
2016
 
2017
 
2016
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per common share
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(457,084
)
 
$
186,613

 
$
(341,541
)
 
$
364,460

 
 
Less: preferred share dividends
10,656

 
9,969

 
36,154

 
29,906

 
 
Net income (loss) available to common shareholders
(467,740
)
 
176,644

 
(377,695
)
 
334,554

 
 
Weighted average common shares outstanding - basic (1)
83,305

 
89,621

 
84,479

 
91,852

 
 
Basic earnings (loss) per common share
$
(5.61
)
 
$
1.97

 
$
(4.47
)
 
$
3.64

 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per common share
 
 
 
 
 
 
 
 
 
Net income (loss) available to common shareholders
$
(467,740
)
 
$
176,644

 
$
(377,695
)
 
$
334,554

 
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic (1)
83,305

 
89,621

 
84,479

 
91,852

 
 
Share-based compensation plans (2)
—

 
730

 
—

 
727

 
 
Weighted average common shares outstanding - diluted (1)
83,305

 
90,351

 
84,479

 
92,579

 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per common share
$
(5.61
)
 
$
1.96

 
$
(4.47
)
 
$
3.61

 
 
 
 
 
 
 
 
 
 
 
 
Anti-dilutive shares excluded from the dilutive computation
425

 
—

 
712

 
226

 
 
 
 
 
 
 
 
 
 
 

(1)
On August 17, 2015, the Company entered into an Accelerated Share Repurchase (“ASR”) agreement (see 'Note 10 - Shareholders' Equity' for additional detail). The weighted-average number of shares outstanding used in the computation of basic and diluted earnings per share reflects the Company’s receipt of 4,149,378 common shares delivered to the Company on August 20, 2015, and 1,358,380 common shares delivered to the company on January 15, 2016 under the Company's ASR agreement.
(2) Due to the net loss incurred in the three and nine months ended September 30, 2017, all the share equivalents were anti-dilutive.