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Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2017
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)
2017
 
 
 
 
 
 
 
Premiums and product charges
$
52,974

 
$
56,323

 
$
60,500

 
$
64,925

Net investment income
485,597

 
493,489

 
500,202

 
512,709

Change in fair value of derivatives
386,533

 
266,820

 
362,525

 
661,993

Net realized gains on investments, excluding OTTI losses
2,338

 
3,873

 
1,579

 
2,719

Net OTTI losses recognized in operations
(141
)
 
(949
)
 
(464
)
 
(3,076
)
Loss on extinguishment of debt
—

 
(428
)
 
(18,389
)
 
—

Total revenues
927,301

 
819,128

 
905,953

 
1,239,270

Net income
53,939

 
26,946

 
56,957

 
36,803

Earnings per common share
0.61

 
0.30

 
0.64

 
0.41

Earnings per common share - assuming dilution
0.60

 
0.30

 
0.63

 
0.41

 
 
 
 
 
 
 
 
2016
 
 
 
 
 
 
 
Premiums and product charges
$
43,850

 
$
52,582

 
$
60,406

 
$
60,508

Net investment income
450,826

 
459,830

 
463,583

 
475,633

Change in fair value of derivatives
(74,065
)
 
39,099

 
103,794

 
95,391

Net realized gains on investments, excluding OTTI losses
2,687

 
2,737

 
5,256

 
844

Net OTTI losses recognized in operations
(5,694
)
 
(4,446
)
 
(2,979
)
 
(9,560
)
Total revenues
417,604

 
549,802

 
630,060

 
622,816

Net income (loss)
(44,841
)
 
14,708

 
(7,420
)
 
120,796

Earnings (loss) per common share
(0.55
)
 
0.18

 
(0.09
)
 
1.37

Earnings (loss) per common share - assuming dilution
(0.55
)
 
0.18

 
(0.09
)
 
1.35


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 as follows:
 
Quarter Ended
 
March 31,
 
June 30,
 
September 30,
 
December 31,
 
(Dollars in thousands)
2017
$
7,069

 
$
37,075

 
$
30,806

 
$
3,518

2016
62,822

 
34,215

 
6,054

 
(66,618
)