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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Insurance premiums and contract charges earned $ 235,353 $ 239,681 $ 697,049 $ 657,562
Net investment income 93,718 93,071 256,403 279,329
Net investment gains (losses) 2,469 (2,156) (12,833) 151,594
Other income 5,540 6,040 17,478 16,941
Total revenues 337,080 336,636 958,097 1,105,426
Benefits, losses and expenses        
Benefits, claims and settlement expenses 151,425 154,191 433,095 446,267
Interest credited 51,030 53,576 153,249 160,092
Operating expenses 57,837 63,632 173,117 175,954
DAC unlocking and amortization expense 24,561 26,344 74,962 82,965
Intangible asset amortization expense 3,558 3,781 10,930 4,863
Interest expense 3,553 4,608 11,722 11,223
Other expense - goodwill impairment 0 0 0 28,025
Total benefits, losses and expenses 291,964 306,132 857,075 909,389
Income before income taxes 45,116 30,504 101,022 196,037
Income tax expense 8,642 5,050 15,498 44,595
Net income $ 36,474 $ 25,454 $ 85,524 $ 151,442
Net income per share        
Basic (in usd per share) $ 0.87 $ 0.61 $ 2.04 $ 3.63
Diluted (in usd per share) $ 0.87 $ 0.60 $ 2.03 $ 3.61
Weighted average number of shares and equivalent shares        
Basic (in shares) 41,916 41,785 41,865 41,715
Diluted (in shares) 42,058 42,030 42,013 41,911
Net investment gains (losses)        
Total other-than-temporary impairment losses on securities $ (1,057) $ (5) $ (5,272) $ (276)
Portion of losses recognized in other comprehensive income (loss) 0 0 0 0
Net other-than-temporary impairment losses on securities recognized in net income (1,057) (5) (5,272) (276)
Sales and other, net 3,736 608 8,645 147,513
Change in fair value - equity securities 2,242 1,081 (5,644) 8,029
Change in fair value and gains (losses) realized on settlements - derivatives (2,452) (3,840) (10,562) (3,672)
Net investment gains (losses) $ 2,469 $ (2,156) $ (12,833) $ 151,594