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Earnings Per Common Share
 12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Earnings Per Share Text Block

NOTE 22 – EARNINGS (LOSS) PER COMMON SHARE

The calculation of earnings (loss) per common share for the years ended December 31, 2016, 2015 and 2014 is as follows:

Year Ended December 31,
201620152014
(In thousands, except per share data)
Net income (loss) $59,186$(2,504)$85,181
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)
Income (loss) available to common shareholders$45,324$(16,366)$71,319
Effect of assumed conversion of the convertible ' ' preferred stock7,3507,3507,350
Income (loss) available to common shareholders assuming conversion$52,674$(9,016)$78,669
Weighted average common shares and share equivalents:
Average common shares outstanding 43,91344,23145,024
Effect of dilutive securities:
Average potential common shares-options 3768155
Average potential common shares-assuming ' ' conversion of convertible preferred stock7,1387,1567,147
Total weighted average common shares ' 'outstanding and equivalents51,08851,45552,326
Earnings (loss) per common share - basic$1.03$(0.37)$1.58
Earnings (loss) per common share - diluted$1.03$(0.37)$1.50

In computing diluted earnings (loss) per common share, the 84,000 shares of convertible preferred stock, which remain outstanding at December 31, 2016, 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 earnings (loss) per common share, the dividends declared during the years ended 2016, 2015 and 2014 on the convertible preferred stock were added back as income available to common shareholders.

For the years ended 2016, 2015 and 2014, weighted-average stock options with an anti-dilutive effect on (loss) earnings per share not included in the calculation amounted to 949,134, 887,307 and 320,772, respectively