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Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information (Unaudited)
Quarterly Financial Information (Unaudited)
Unaudited quarterly results of operations are summarized below.
 
Quarter Ended
 
March 31,
 
June 30,
 
September 30,
 
December 31,
 
(Dollars in thousands, except per share data)
2015
 
 
 
 
 
 
 
Premiums and product charges
$
35,679

 
$
42,446

 
$
46,310

 
$
47,781

Net investment income
399,669

 
418,176

 
436,085

 
438,262

Change in fair value of derivatives
(31,100
)
 
(23,024
)
 
(351,360
)
 
69,338

Net realized gains (losses) on investments, excluding OTTI losses
4,879

 
4,324

 
1,159

 
(151
)
Net OTTI losses recognized in operations
(132
)
 
(828
)
 
(5,229
)
 
(13,347
)
Total revenues
408,995

 
441,094

 
126,965

 
541,883

Net income
5,903

 
82,845

 
97,306

 
33,776

Earnings per common share
0.08

 
1.07

 
1.22

 
0.41

Earnings per common share—assuming dilution
0.07

 
1.05

 
1.19

 
0.40

 
 
 
 
 
 
 
 
2014
 
 
 
 
 
 
 
Premiums and product charges
$
32,603

 
$
38,370

 
$
38,001

 
$
42,639

Net investment income
370,005

 
370,882

 
386,931

 
403,849

Change in fair value of derivatives
48,493

 
270,883

 
39,218

 
146,231

Net realized gains (losses) on investments, excluding OTTI losses
(714
)
 
(2,230
)
 
(3,190
)
 
2,131

Net OTTI losses recognized in operations
(905
)
 
(594
)
 
(564
)
 
(564
)
Loss on extinguishment of debt
(3,977
)
 
(6,574
)
 
—

 
(1,951
)
Total revenues
445,505

 
670,737

 
460,396

 
592,335

Net income (loss)
(9,753
)
 
36,744

 
67,815

 
31,217

Earnings (loss) per common share
(0.13
)
 
0.49

 
0.90

 
0.41

Earnings (loss) per common share—assuming dilution
(0.13
)
 
0.46

 
0.85

 
0.39


Earnings (loss) per common share for each quarter is computed independently of earnings (loss) per common share for the year. As a result, the sum of the quarterly earnings (loss) per common share amounts may not equal the earnings (loss) per common share for the year.
The differences between the change in fair value of derivatives for each quarter primarily correspond to the performance of the indices upon which our call options are based. The comparability of net income (loss) is impacted by the application of fair value accounting to our fixed index annuity business is as follows:
 
Quarter Ended
 
March 31,
 
June 30,
 
September 30,
 
December 31,
 
(Dollars in thousands)
2015
$
42,849

 
$
(28,596
)
 
$
(53,716
)
 
$
11,091

2014
42,297

 
(2,232
)
 
(5,017
)
 
15,862