Quarterly Results of Operation

12 Months Ended

Dec. 31, 2011

16.

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The unaudited quarterly results of operations for the years ended December 31, 2011 and 2010 are summarized in the table below:


	Three months ended
	March 31		June 30		September 30			December 31

2011	(in thousands)
Total revenues	$	370,862	$	402,919	$	413,949		$	335,148
Total benefits and expenses		210,284		358,357		1,133,796			138,059
Income (loss) from operations before income taxes and cumulative effect of accounting change		160,578		44,562		(719,847	)		197,089
Net income (loss)	$	121,521	$	34,652	$	(439,731	)	$	132,003


	Three months ended
	March 31		June 30			September 30		December 31

2010	(in thousands)
Total revenues	$	352,362	$	419,159		$	351,875	$	450,629
Total benefits and expenses		333,629		703,319			17,988		(14,207	)
Income (loss) from operations before income taxes and cumulative effect of accounting change		18,733		(284,160	)		333,887		464,836
Net income (loss)	$	22,915	$	(161,054	)	$	364,009	$	187,920

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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