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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
Earnings Per Common Share
Earnings (Loss) Per Common Share
Due to the net loss recorded in the 2017 third quarter, diluted weighted average common shares and common share equivalents outstanding for the 2017 third quarter do not include the effect of 4.7 million otherwise dilutive securities since the inclusion of such securities is anti-dilutive to per share results. Since the Company reported net income for the other periods presented, the computation of diluted average shares outstanding includes dilutive securities for such periods.
The following table sets forth the computation of basic and diluted earnings (loss) per common share:
 
Three Months Ended

Nine Months Ended
 
September 30,
 
September 30,
 
2017
 
2016
 
2017
 
2016
Numerator:
 
 
 
 
 
 
 
Net income (loss)
$
(45,217
)
 
$
303,620

 
$
427,917

 
$
728,604

Amounts attributable to noncontrolling interests
11,561

 
(50,748
)
 
(23,279
)
 
(109,879
)
Net income (loss) available to Arch
(33,656
)
 
252,872

 
404,638

 
618,725

Preferred dividends
(12,369
)
 
(5,484
)
 
(34,936
)
 
(16,453
)
Loss on redemption of preferred shares
(6,735
)
 
—

 
(6,735
)
 
—

Net income (loss) available to Arch common shareholders
$
(52,760
)
 
$
247,388

 
$
362,967

 
$
602,272

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Weighted average common shares outstanding
129,211,251

 
120,938,916

 
124,526,611

 
120,656,420

Series D preferred shares (1)
5,674,200

 
—

 
9,945,518

 
—

Weighted average common shares and common share equivalents outstanding — basic
134,885,451

 
120,938,916

 
134,472,129

 
120,656,420

Effect of dilutive common share equivalents:
 
 
 
 
 
 
 
Nonvested restricted shares
—

 
1,313,025

 
1,459,879

 
1,295,825

Stock options (2)
—

 
2,679,712

 
3,290,316

 
2,575,929

Weighted average common shares and common share equivalents outstanding — diluted (3)
134,885,451

 
124,931,653

 
139,222,324

 
124,528,174

 
 
 
 
 
 
 
 
Earnings (loss) per common share:
 
 
 
 
 
 
 
Basic
$
(0.39
)
 
$
2.05

 
$
2.70

 
$
4.99

Diluted
$
(0.39
)
 
$
1.98

 
$
2.61

 
$
4.84

(1)
Such shares are convertible non-voting common equivalent preferred shares issued in connection with the UGC acquisition.
(2)
Certain stock options were not included in the computation of diluted earnings per share where the exercise price of the stock options exceeded the average market price and would have been anti-dilutive or where, when applying the treasury stock method to in-the-money options, the sum of the proceeds, including unrecognized compensation, exceeded the average market price and would have been anti-dilutive. For the 2017 third quarter and 2016 third quarter, the number of stock options excluded were nil and 334,203, respectively. For the nine months ended September 30, 2017 and 2016, the number of stock options excluded were 838,868 and 842,105, respectively.