XML 16 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Operations (USD $)
In Thousands, except Share data, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Revenues:        
Traditional life insurance premiums $ 2,493 $ 3,300 $ 8,104 $ 9,770
Annuity product charges 26,451 23,875 71,443 65,176
Net investment income 354,147 318,594 1,019,980 965,763
Change in fair value of derivatives 193,028 161,090 631,030 269,404
Net realized gains (losses) on investments, excluding other than temporary impairment (OTTI) losses (2,077) (1,238) 24,197 (7,925)
OTTI losses on investments:        
Total OTTI losses 0 0 (4,964) (2,156)
Portion of OTTI losses recognized from other comprehensive income (222) (1,686) (1,270) (3,389)
Net OTTI losses recognized in operations (222) (1,686) (6,234) (5,545)
Loss on extinguishment of debt (938) 0 (1,527) 0
Total revenues 572,882 503,935 1,746,993 1,296,643
Benefits and expenses:        
Insurance policy benefits and change in future policy benefits 1,647 1,865 5,488 6,232
Interest sensitive and index product benefits 327,976 246,105 889,810 527,961
Amortization of deferred sales inducements 34,625 7,709 183,992 50,359
Change in fair value of embedded derivatives 36,224 188,201 (8,913) 466,278
Interest expense on notes payable 12,957 7,141 26,985 21,208
Interest expense on subordinated debentures 3,034 3,235 9,061 10,384
Amortization of deferred policy acquisition costs 50,034 25,954 265,534 105,086
Other operating costs and expenses 20,658 36,170 65,029 76,785
Total benefits and expenses 487,155 516,380 1,436,986 1,264,293
Income (loss) before income taxes 85,727 (12,445) 310,007 32,350
Income tax expense (benefit) 29,546 (4,616) 107,682 10,949
Net income (loss) $ 56,181 $ (7,829) $ 202,325 $ 21,401
Earnings (loss) per common share $ 0.86 $ (0.13) $ 3.15 $ 0.35
Earnings (loss) per common share - assuming dilution $ 0.75 $ (0.13) $ 2.79 $ 0.34
Weighted average common shares outstanding: earnings (loss) per common share 65,129,442 [1] 62,504,421 [1] 64,239,117 [1] 60,722,625 [1]
Weighted average common shares outstanding: earnings (loss) per common share - assuming dilution 74,559,716 65,261,926 72,459,076 65,232,085
[1] Weighted average common shares outstanding include shares vested under the NMO Deferred Compensation Plan and exclude unallocated shares held by the ESOP.