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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenues    
Insurance premiums and contract charges earned $ 236,265 $ 209,785
Net investment income 82,275 92,800
Net investment gains (losses) (18,464) 7,417
Other income 7,169 5,874
Total revenues 307,245 315,876
Benefits, losses and expenses    
Benefits, claims and settlement expenses 138,660 139,384
Interest credited 51,545 52,922
Operating expenses 60,662 56,175
DAC unlocking and amortization expense 29,975 24,973
Intangible asset amortization expense 3,686 541
Interest expense 4,228 3,303
Total benefits, losses and expenses 288,756 277,298
Income before income taxes 18,489 38,578
Income tax expense 17 6,412
Net income $ 18,472 $ 32,166
Net income per share    
Basic (in usd per share) $ 0.44 $ 0.77
Diluted (in usd per share) $ 0.44 $ 0.77
Weighted average number of shares and equivalent shares    
Basic (in shares) 41,827 41,610
Diluted (in shares) 42,019 41,785
Net investment gains (losses)    
Total other-than-temporary impairment losses on securities $ (3,692) $ (236)
Portion of losses recognized in other comprehensive income (loss) 0 0
Net other-than-temporary impairment losses on securities recognized in earnings (3,692) (236)
Sales and other, net 4,557 4,838
Change in fair value - equity securities (14,486) 3,506
Change in fair value and gains (losses) realized on settlements - derivatives (4,843) (691)
Net investment gains (losses) $ (18,464) $ 7,417