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Quarterly Financial Information (Unaudited) | 12 Months Ended
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Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) Unaudited quarterly results of operations are summarized below.
| Quarter ended
| March 31, |  | June 30, |  | September 30, |  | December 31,
| (Dollars in thousands, except per share data)
2013 |  |  |  |  |  |  |
Premiums and product charges | $ | 34,565 |  |  | $ | 35,062 |  |  | $ | 36,325 |  |  | $ | 42,986 |
Net investment income | 329,690 |  |  | 336,143 |  |  | 354,147 |  |  | 363,947 |
Change in fair value of derivatives | 373,962 |  |  | 64,040 |  |  | 193,028 |  |  | 444,985 |
Net realized gains (losses) on investments, excluding OTTI losses | 10,585 |  |  | 15,689 |  |  | (2,077 | ) |  | 16,364 |
Net OTTI losses recognized in operations | (3,237 | ) |  | (2,775 | ) |  | (222 | ) |  | — |
Loss on extinguishment of debt | — |  |  | (589 | ) |  | (938 | ) |  | (30,988 | )
Total revenues | 745,565 |  |  | 447,570 |  |  | 580,263 |  |  | 837,294 |
Net income | 26,031 |  |  | 120,113 |  |  | 56,181 |  |  | 50,958 |
Earnings per common share | 0.41 |  |  | 1.87 |  |  | 0.86 |  |  | 0.73 |
Earnings per common share—assuming dilution | 0.38 |  |  | 1.71 |  |  | 0.75 |  |  | 0.65 |
2012 |  |  |  |  |  |  |
Premiums and product charges | $ | 37,731 |  |  | $ | 40,817 |  |  | $ | 47,413 |  |  | $ | 39,720 |
Net investment income | 326,910 |  |  | 320,259 |  |  | 318,594 |  |  | 321,160 |
Change in fair value of derivatives | 259,161 |  |  | (150,847 | ) |  | 161,090 |  |  | (48,266 | )
Net realized gains (losses) on investments, excluding OTTI losses | (6,076 | ) |  | (611 | ) |  | (1,238 | ) |  | 1,471 |
Net OTTI losses recognized in operations | (2,881 | ) |  | (978 | ) |  | (1,686 | ) |  | (9,387 | )
Total revenues | 614,845 |  |  | 208,640 |  |  | 524,173 |  |  | 304,698 |
Net income (loss) | 10,471 |  |  | 18,759 |  |  | (7,829 | ) |  | 36,397 |
Earnings (loss) per common share | 0.18 |  |  | 0.31 |  |  | (0.13 | ) |  | 0.58 |
Earnings (loss) per common share—assuming dilution | 0.16 |  |  | 0.30 |  |  | (0.13 | ) |  | 0.55 |
Earnings per common share for each quarter is computed independently of earnings per common share for the year. As a result, the sum of the quarterly earnings per common share amounts may not equal the earnings per common share for the year. The differences between the change in fair value of derivatives for each quarter primarily correspond to the performance of the indices upon which our call options are based. The comparability of net income (loss) is impacted by the application of fair value accounting to our fixed index annuity business is as follows:
| Quarter ended
| March 31, |  | June 30, |  | September 30, |  | December 31,
| (Dollars in thousands)
2013 | $ | 10,973 |  |  | $ | (80,658 | ) |  | $ | (5,601 | ) |  | $ | (23,418 | )
2012 | 16,317 |  |  | 5,070 |  |  | 18,148 |  |  | (8,289 | )
During the fourth quarter of 2013, we identified certain classification errors related to life contingent immediate annuities in our consolidated statements of operations as described in Note 1. We evaluated the materiality of the errors from qualitative and quantitative perspectives and concluded they were not material to any prior periods. However, we revised the premiums and product charges listed above for all quarterly periods prior to the quarter ended December 31, 2013 to be consistent with the presentation for the quarter ended December 31, 2013. The changes resulted in increases to premiums and product charges of $10.4 million, $8.6 million and $7.4 million for the quarters ended March 31, 2013, June 30, 2013 and September 30, 2013, respectively and increases of $15.1 million, $15.7 million, $20.2 million and $12.8 million for the quarters ended March 31, 2012, June 30, 2012, September 30, 2012 and December 31, 2012, respectively.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=25249566&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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