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Quarterly Financial Information (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information
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)
2018
 
 
 
 
 
 
 
Premiums and product charges
$
59,776

 
$
60,763

 
$
65,605

 
$
64,824

Net investment income
510,784

 
533,282

 
549,391

 
554,355

Change in fair value of derivatives
(451,083
)
 
132,205

 
595,311

 
(1,054,281
)
Net realized gains (losses) on investments, excluding OTTI losses
302

 
(38,381
)
 
(2,196
)
 
3,097

Net OTTI losses recognized in operations
(907
)
 
(2,396
)
 
(14,373
)
 
(18,980
)
Total revenues
118,872

 
685,473

 
1,193,738

 
(450,985
)
Net income
140,962

 
93,903

 
169,328

 
53,823

Earnings per common share
1.57

 
1.04

 
1.87

 
0.59

Earnings per common share - assuming dilution
1.55

 
1.03

 
1.85

 
0.59

 
 
 
 
 
 
 
 
2017
 
 
 
 
 
 
 
Premiums and product charges
$
52,974

 
$
56,323

 
$
60,500

 
$
64,925

Net investment income
485,597

 
493,489

 
500,202

 
512,709

Change in fair value of derivatives
386,533

 
266,820

 
362,525

 
661,993

Net realized gains on investments, excluding OTTI losses
2,338

 
3,873

 
1,579

 
2,719

Net OTTI losses recognized in operations
(141
)
 
(949
)
 
(464
)
 
(3,076
)
Loss on extinguishment of debt
—

 
(428
)
 
(18,389
)
 
—

Total revenues
927,301

 
819,128

 
905,953

 
1,239,270

Net income
53,939

 
26,946

 
56,957

 
36,803

Earnings per common share
0.61

 
0.30

 
0.64

 
0.41

Earnings per common share - assuming dilution
0.60

 
0.30

 
0.63

 
0.41

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 is impacted by the application of fair value accounting to our fixed index annuity business as follows:
 
Quarter Ended
 
March 31,
 
June 30,
 
September 30,
 
December 31,
 
(Dollars in thousands)
2018
$
(61,794
)
 
$
(23,593
)
 
$
427

 
$
28,298

2017
7,069

 
37,075

 
30,806

 
3,518