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Quarterly Financial Information (Unaudited) | 12 Months Ended
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Dec. 31, 2019
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)
2019 |  |  |  |  |  |  |
Premiums and product charges | $ | 58,376 |  |  | $ | 64,826 |  |  | $ | 68,799 |  |  | $ | 71,568 |
Net investment income | 558,438 |  |  | 570,568 |  |  | 590,412 |  |  | 588,217 |
Change in fair value of derivatives | 384,469 |  |  | 76,045 |  |  | (20,042 | ) |  | 466,434 |
Net realized gains (losses) on investments, excluding OTTI losses | (563 | ) |  | (3,832 | ) |  | 4,328 |  |  | 7,029 |
Net OTTI losses recognized in operations | — |  |  | (1,213 | ) |  | (101 | ) |  | (17,412 | )
Loss on extinguishment of debt | — |  |  | — |  |  | — |  |  | (2,001 | )
Total revenues | 1,000,720 |  |  | 706,394 |  |  | 643,396 |  |  | 1,113,835 |
Net income (loss) | (30,010 | ) |  | 18,590 |  |  | 37,360 |  |  | 220,150 |
Earnings (loss) per common share | (0.33 | ) |  | 0.20 |  |  | 0.41 |  |  | 2.41 |
Earnings (loss) per common share - assuming dilution | (0.33 | ) |  | 0.20 |  |  | 0.41 |  |  | 2.40 |
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 |
Earnings (loss) 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 (loss) 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 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)
2019 | $ | 118,491 |  |  | $ | 78,397 |  |  | $ | 196,396 |  |  | $ | (100,305 | )
2018 | (61,794 | ) |  | (23,593 | ) |  | 427 |  |  | 28,298 |

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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