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Quarterly Financial Information (Unaudited) (Tables)
 12 Months Ended
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 income573,318 543,704 543,331 521,725 
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 stockholders236,336 (253,379)661,250 (6,262)
Earnings (loss) per common share2.58 (2.76)7.20 (0.07)
Earnings (loss) per common share - assuming dilution2.57 (2.76)7.17 (0.07)
2019
Premiums and product charges$58,376 $64,826 $68,799 $71,568 
Net investment income558,438 570,568 590,412 588,217 
Change in fair value of derivatives384,469 76,045 (20,042)466,434 
Net realized gains (losses) on investments(563)(3,832)4,328 7,029 
Net OTTI losses recognized in operations— (1,213)(101)(17,412)
Loss on extinguishment of debt— — — (2,001)
Total revenues1,000,720 706,394 643,396 1,113,835 
Net income (loss) available to common stockholders(30,010)18,590 37,360 220,150 
Earnings (loss) per common share(0.33)0.20 0.41 2.41 
Earnings (loss) per common share - assuming dilution(0.33)0.20 0.41 2.40 
The differences between the change in fair value of derivatives for each quarter primarily correspond to the performance of the indices upon which our call options are based. The comparability of net income is impacted by the application of fair value accounting to our fixed index annuity business as follows:
Quarter Ended
March 31,June 30,September 30,December 31,
(Dollars in thousands)
2020$(94,557)$332,519 $(923,874)$71,133 
2019118,491 78,397 196,396 (100,305)