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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred shares | Common stocks | Additional paid-in capital | Accumulated other comprehensive income (loss) | Unrealized gains (losses) on available for sale investments, net of tax | Cumulative foreign currency translation adjustments, net of tax | Retained earnings | Treasury shares, at cost
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Balance at beginning of year at Dec. 31, 2014 |  | $ 627,843 | $ 2,191 | $ 2,285,016 | $ (45,574) | $ (28,192) | $ (17,382) | $ 5,715,504 | $ (2,763,859)
Increase (Decrease) in Stockholders' Equity [Roll Forward] |  |  |  |  |  |  |  |  |
Shares issued |  | 0 | 11 | 3,416 |  |  |  |  |
Treasury shares reissued |  |  |  | (17,958) |  |  |  |  | 17,958
Shares repurchased |  |  |  | (60,000) |  |  |  |  | (264,538)
Costs associated with issuance of preferred shares |  |  |  | 0 |  |  |  |  |
Stock options exercised |  |  |  | 559 |  |  |  |  |
Share-based compensation expense |  |  |  | 30,355 |  |  |  |  |
Unrealized gains (losses) arising during the year, net of reclassification adjustment | $ (121,393) |  |  |  |  | (121,393) |  |  |
Foreign currency translation adjustment | (21,498) |  |  |  |  |  | (21,498) |  |
Net income (loss) | 641,631 |  |  |  |  |  |  | 641,631 |
Preferred share dividends |  |  |  |  |  |  |  | (40,069) |
Loss on repurchase of preferred shares |  | 0 |  |  |  |  |  | 0 |
Common share dividends |  |  |  |  |  |  |  | (122,713) |
Balance at end of year at Dec. 31, 2015 | $ 5,866,882 | 627,843 | 2,202 | 2,241,388 | (188,465) | (149,585) | (38,880) | 6,194,353 | (3,010,439)
Per share data |  |  |  |  |  |  |  |  |
Cash dividends declared per common share (in usd per share) | $ 1.22 |  |  |  |  |  |  |  |
Shares issued |  | 550,000 | 4 | 220 |  |  |  |  |
Treasury shares reissued |  |  |  | (19,303) |  |  |  |  | 20,691
Shares repurchased |  |  |  | 60,000 |  |  |  |  | (571,805)
Costs associated with issuance of preferred shares |  |  |  | (18,055) |  |  |  |  |
Stock options exercised |  |  |  | 0 |  |  |  |  |
Share-based compensation expense |  |  |  | 35,607 |  |  |  |  |
Unrealized gains (losses) arising during the year, net of reclassification adjustment | $ 67,262 |  |  |  |  | 67,262 |  |  |
Foreign currency translation adjustment | (638) |  |  |  |  |  | (638) |  |
Net income (loss) | 513,368 |  |  |  |  |  |  | 513,368 |
Preferred share dividends |  |  |  |  |  |  |  | (46,597) |
Loss on repurchase of preferred shares |  | (51,769) |  |  |  |  |  | (1,309) |
Common share dividends |  |  |  |  |  |  |  | (132,188) |
Balance at end of year at Dec. 31, 2016 | $ 6,272,370 | 1,126,074 | 2,206 | 2,299,857 | (121,841) | (82,323) | (39,518) | 6,527,627 | (3,561,553)
Per share data |  |  |  |  |  |  |  |  |
Cash dividends declared per common share (in usd per share) | $ 1.43 |  |  |  |  |  |  |  |
Shares issued |  | 0 | 0 | 0 |  |  |  |  |
Treasury shares reissued |  |  |  | (39,368) |  |  |  |  | 40,255
Shares repurchased |  |  |  | 0 |  |  |  |  | (285,858)
Costs associated with issuance of preferred shares |  |  |  | 0 |  |  |  |  |
Stock options exercised |  |  |  | 0 |  |  |  |  |
Share-based compensation expense |  |  |  | 38,677 |  |  |  |  |
Unrealized gains (losses) arising during the year, net of reclassification adjustment | $ 172,285 |  |  |  |  | 172,285 |  |  |
Foreign currency translation adjustment | 41,938 |  |  |  |  |  | 41,938 |  |
Net income (loss) | (368,969) |  |  |  |  |  |  | (368,969) |
Preferred share dividends |  |  |  |  |  |  |  | (46,810) |
Loss on repurchase of preferred shares |  | (351,074) |  |  |  |  |  | 0 |
Common share dividends |  |  |  |  |  |  |  | (132,182) |
Balance at end of year at Dec. 31, 2017 | $ 5,341,264 | $ 775,000 | $ 2,206 | $ 2,299,166 | $ 92,382 | $ 89,962 | $ 2,420 | $ 5,979,666 | $ (3,807,156)
Per share data |  |  |  |  |  |  |  |  |
Cash dividends declared per common share (in usd per share) | $ 1.53 |  |  |  |  |  |  |  |

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