1. A method of iteratively decoding a sample sequence representing encoded data and filtered by a channel polynomial, the method comprising the steps of: (a) generating bit estimates for the sample sequence corresponding to the encoded data; (b) extracting error event likelihoods for the bit estimates based on i) the sample sequence, ii) the bit estimates, and iii) an error event list; (c) decoding, during a first iteration, the bit estimates by the steps of: (1) converting the error event likelihoods into bit reliabilities, (2) decoding the bit estimates into decoded data based on the bit reliabilities, (3) updating the bit reliabilities based on the decoded data; and (d) decoding, during a subsequent iteration, the bit estimates by the steps of: (1) updating the error event likelihoods based on the updated bit reliabilities; (2) converting the updated error event likelihoods to new bit reliabilities, and (3) decoding the bit estimates into newly decoded data based on the new bit reliabilities.