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Earnings Per Common Share
 12 Months Ended
Dec. 31, 2015
Earnings Per Share [Abstract]  
Earnings Per Share Text Block

The calculation of (loss) earnings per common share for the years ended December 31, 2015, 2014 and 2013 is as follows:

Year Ended December 31,
201520142013
(In thousands, except per share data)
Net (loss) income $(2,504)$85,181$98,446
Less: Dividends on preferred stock
Non-convertible preferred stock (Series A, B, and D)(6,512)(6,512)(6,512)
Convertible preferred stock (Series C)(7,350)(7,350)(7,350)
(Loss) income available to common shareholders$(16,366)$71,319$84,584
Effect of assumed conversion of the convertible ' ' preferred stock7,3507,3507,350
(Loss) income available to common shareholders assuming conversion$(9,016)$78,669$91,934
Weighted average common shares and share equivalents:
Average common shares outstanding 44,23145,02445,706
Effect of dilutive securities:
Average potential common shares-options 68155189
Average potential common shares-assuming ' ' conversion of convertible preferred stock7,1567,1477,138
Total weighted average common shares ' 'outstanding and equivalents51,45552,32653,033
(Loss) earnings per common share - basic$(0.37)$1.58$1.85
(Loss) earnings per common share - diluted$(0.37)$1.50$1.73

In computing diluted (loss) earnings per common share, the 84,000 shares of convertible preferred stock, which remain outstanding at December 31, 2015, with a conversion rate, subject to certain conditions, of 86.4225 shares of common stock per share, were included as average potential common shares from the date they were issued and outstanding. Moreover, in computing diluted (loss) earnings per common share, the dividends declared during the years ended 2015, 2014 and 2013 on the convertible preferred stock were added back as income available to common shareholders.

For the years ended 2015, 2014 and 2013, weighted-average stock options with an anti-dilutive effect on (loss) earnings per share not included in the calculation amounted to 887,307, 320,772 and 230,392, respectively