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Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2020
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)
2020 |  |  |  |  |  |  |
Premiums and product charges | $ | 67,213 |  |  | $ | 74,470 |  |  | $ | 72,684 |  |  | $ | 76,242 |
Net investment income | 573,318 |  |  | 543,704 |  |  | 543,331 |  |  | 521,725 |
Change in fair value of derivatives | (941,874) |  |  | 327,662 |  |  | 205,011 |  |  | 443,867 |
Net realized losses on investments | (20,336) |  |  | (25,888) |  |  | (22,321) |  |  | (12,135) |
Loss on extinguishment of debt | (2,024) |  |  | — |  |  | — |  |  | — |
Total revenues | (323,703) |  |  | 919,948 |  |  | 798,705 |  |  | 1,029,699 |
Net income (loss) available to common stockholders | 236,336 |  |  | (253,379) |  |  | 661,250 |  |  | (6,262) |
Earnings (loss) per common share | 2.58 |  |  | (2.76) |  |  | 7.20 |  |  | (0.07) |
Earnings (loss) per common share - assuming dilution | 2.57 |  |  | (2.76) |  |  | 7.17 |  |  | (0.07) |
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 | (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) available to common stockholders | (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 |
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)
2020 | $ | (94,557) |  |  | $ | 332,519 |  |  | $ | (923,874) |  |  | $ | 71,133 |
2019 | 118,491 |  |  | 78,397 |  |  | 196,396 |  |  | (100,305) |

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- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=118952077&loc=d3e1280-108306 + Details
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