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EARNINGS PER COMMON SHARE
 12 Months Ended
Dec. 31, 2017
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE
The following table presents a comparison of basic and diluted earnings per common share:
 
 
 
 
 
 
 
 
 
At and year ended December 31,
2017
 
2016
 
2015
 
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per common share
 
 
 
 
 
 
 
Net income (loss)
$
(368,969
)
 
$
513,368

 
$
641,631

 
 
Less: Preferred share dividends
46,810

 
46,597

 
40,069

 
 
Less: Loss on repurchase of preferred shares
—

 
1,309

 
—

 
 
Net income (loss) available to common shareholders
$
(415,779
)
 
$
465,462

 
$
601,562

 
 
Weighted average common shares outstanding - basic(1)
84,108

 
90,772

 
98,609

 
 
Basic earnings (loss) per common share
$
(4.94
)
 
$
5.13

 
$
6.10

 
 
 
 
 
 
 
 
 
 
Diluted basic earnings (loss) per common share
 
 
 
 
 
 
 
Net income (loss) available to common shareholders
$
(415,779
)
 
$
465,462

 
$
601,562

 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic(1)
84,108

 
90,772

 
98,609

 
 
Share-based compensation plans(2)
—

 
775

 
1,020

 
 
Weighted average common shares outstanding - diluted(1)
84,108

 
91,547

 
99,629

 
 
Diluted earnings (loss) per common share
$
(4.94
)
 
$
5.08

 
$
6.04

 
 
 
 
 
 
 
 
 
 
Weighted average anti-dilutive shares excluded from the dilutive computation
702

 
170

 
165

 
 
 
 
 
 
 
 
 
 (1)
On August 17, 2015, the Company entered into an Accelerated Share Repurchase ("ASR") agreement (see Note 14 'Shareholders' Equity'). 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 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 year ended December 31, 2017, all the share equivalents were anti-dilutive.