XML 59 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 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Revenues:        
Premiums and other considerations $ 9,123 $ 11,551 $ 16,454 $ 24,635
Annuity product charges 29,247 23,511 54,519 44,992
Net investment income 370,882 336,143 740,887 665,833
Change in fair value of derivatives 270,883 64,040 319,376 438,002
Net realized gains (losses) on investments, excluding other than temporary impairment (OTTI) losses (2,230) 15,689 (2,944) 26,274
OTTI losses on investments:        
Total OTTI losses 0 (2,775) 0 (4,964)
Portion of OTTI losses recognized from other comprehensive income (594) 0 (1,499) (1,048)
Net OTTI losses recognized in operations (594) (2,775) (1,499) (6,012)
Loss on extinguishment of debt (6,574) (589) (10,551) (589)
Total revenues 670,737 447,570 1,116,242 1,193,135
Benefits and expenses:        
Insurance policy benefits and change in future policy benefits 10,987 13,768 21,082 28,528
Interest sensitive and index product benefits 367,774 333,001 684,966 556,171
Amortization of deferred sales inducements 55,349 120,536 56,015 149,367
Change in fair value of embedded derivatives 80,935 (408,409) 173,554 (45,137)
Interest expense on notes payable 9,121 6,780 19,385 14,028
Interest expense on subordinated debentures 3,024 3,018 6,032 6,027
Amortization of deferred policy acquisition costs 67,084 169,270 74,278 215,500
Other operating costs and expenses 20,887 24,851 39,972 44,371
Total benefits and expenses 615,161 262,815 1,075,284 968,855
Income before income taxes 55,576 184,755 40,958 224,280
Income tax expense 18,832 64,642 13,967 78,136
Net income $ 36,744 $ 120,113 $ 26,991 $ 146,144
Earnings per common share $ 0.49 $ 1.87 $ 0.37 $ 2.29
Earnings per common share - assuming dilution $ 0.46 $ 1.71 $ 0.34 $ 2.09
Weighted average common shares outstanding: earnings per common share 74,461,264 [1] 64,254,387 [1] 73,495,286 [1] 63,786,577 [1]
Weighted average common shares outstanding: earnings per common share - assuming dilution 79,517,804 70,382,065 79,582,763 69,882,240
[1] Weighted average common shares outstanding include shares vested under the NMO Deferred Compensation Plan and exclude unallocated shares held by the ESOP.