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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenues      
Insurance premiums and contract charges earned $ 930,697 $ 897,954 $ 817,333
Net investment income 357,596 365,064 376,507
Net investment gains (losses) (2,289) 153,340 (12,543)
Other income 24,437 14,127 10,302
Total revenues 1,310,441 1,430,485 1,191,599
Benefits, losses and expenses      
Benefits, claims and settlement expenses 568,891 585,068 637,560
Interest credited 204,635 212,786 206,199
Operating expenses 237,827 234,609 205,413
DAC unlocking and amortization expense 99,909 109,181 109,889
Intangible asset amortization expense 14,381 8,790 0
Interest expense 15,215 15,577 13,001
Other expense - goodwill and intangible asset impairments 10,000 28,025 0
Total benefits, losses and expenses 1,150,858 1,194,036 1,172,062
Income before income taxes 159,583 236,449 19,537
Income tax expense 26,268 52,006 1,194
Net income $ 133,315 $ 184,443 $ 18,343
Net income per share      
Basic (in usd per share) $ 3.18 $ 4.42 $ 0.44
Diluted (in usd per share) $ 3.17 $ 4.40 $ 0.44
Weighted average number of shares and equivalent shares      
Basic (in shares) 41,881,289 41,737,876 41,570,492
Diluted (in shares) 42,040,892 41,948,531 41,894,232
Net investment gains (losses)      
Total other-than-temporary impairment losses on securities $ (5,283) $ (1,380) $ (1,530)
Portion of losses recognized in other comprehensive income (loss) 0 0 0
Net other-than-temporary impairment losses on securities recognized in net income (5,283) (1,380) (1,530)
Sales and other, net 14,968 151,495 3,491
Change in fair value - equity securities (167) 7,308 (18,323)
Change in fair value and gains realized on settlements - derivatives (11,807) (4,083) 3,819
Total $ (2,289) $ 153,340 $ (12,543)