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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Insurance premiums and contract charges earned $ 225,431 $ 208,096 $ 461,696 $ 417,881
Net investment income 80,410 93,458 162,685 186,258
Net investment gains (losses) 3,162 146,333 (15,302) 153,750
Other income 5,926 6,223 13,095 12,097
Total revenues 314,929 454,110 622,174 769,986
Benefits, losses and expenses        
Benefits, claims and settlement expenses 143,010 152,692 281,670 292,076
Interest credited 50,674 53,594 102,219 106,516
Operating expenses 55,775 57,343 116,437 113,518
DAC unlocking and amortization expense 20,426 31,648 50,401 56,621
Intangible asset amortization expense 3,686 541 7,372 1,082
Interest expense 3,941 3,312 8,169 6,615
Other expense - goodwill impairment 0 28,025 0 28,025
Total benefits, losses and expenses 277,512 327,155 566,268 604,453
Income before income taxes 37,417 126,955 55,906 165,533
Income tax expense 6,839 33,133 6,856 39,545
Net income $ 30,578 $ 93,822 $ 49,050 $ 125,988
Net income per share        
Basic (in usd per share) $ 0.73 $ 2.25 $ 1.17 $ 3.02
Diluted (in usd per share) $ 0.73 $ 2.24 $ 1.17 $ 3.01
Weighted average number of shares and equivalent shares        
Basic (in shares) 41,879 41,762 41,856 41,685
Diluted (in shares) 41,996 41,921 42,008 41,851
Net investment gains (losses)        
Total other-than-temporary impairment losses on securities $ (523) $ (34) $ (4,215) $ (271)
Portion of losses recognized in other comprehensive income (loss) 0 0 0 0
Net other-than-temporary impairment losses on securities recognized in earnings (523) (34) (4,215) (271)
Sales and other, net 352 142,067 4,909 146,905
Change in fair value - equity securities 6,600 3,441 (7,886) 6,948
Change in fair value and gains (losses) realized on settlements - derivatives (3,267) 859 (8,110) 168
Net investment gains (losses) $ 3,162 $ 146,333 $ (15,302) $ 153,750