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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues:        
Premiums and other considerations $ 11,032 $ 4,126 $ 18,696 $ 9,536
Annuity product charges 63,438 60,700 122,987 113,666
Net investment income 543,704 570,568 1,117,022 1,129,006
Change in fair value of derivatives 327,662 76,045 (614,212) 460,514
Net realized gains (losses) on investments (25,888) (3,832) (46,224) (4,395)
Total OTTI losses 0 (998) 0 (998)
Portion of OTTI losses recognized from other comprehensive income 0 (215) 0 (215)
Net OTTI losses recognized in operations 0 (1,213) 0 (1,213)
Loss on extinguishment of debt 0 0 (2,024) 0
Total revenues 919,948 706,394 596,245 1,707,114
Benefits and expenses:        
Insurance policy benefits and change in future policy benefits 13,331 6,939 23,403 16,238
Interest sensitive and index product benefits 240,992 251,103 641,211 387,777
Amortization of deferred sales inducements (75,178) 19,785 (1,587) 53,094
Change in fair value of embedded derivatives 1,126,935 327,562 (123,126) 1,093,885
Interest expense on notes payable 6,388 6,380 12,773 12,759
Interest expense on subordinated debentures 1,321 4,057 2,909 8,145
Amortization of deferred policy acquisition costs (119,889) 29,946 813 75,078
Other operating costs and expenses 41,951 37,426 85,577 76,405
Total benefits and expenses 1,235,851 683,198 641,973 1,723,381
Income (loss) before income taxes (315,903) 23,196 (45,728) (16,267)
Income tax expense (benefit) (68,474) 4,606 (41,246) (4,847)
Net income (loss) (247,429) 18,590 (4,482) (11,420)
Less: Preferred stock dividends 5,950 0 12,561 0
Net income (loss) available to common stockholders $ (253,379) $ 18,590 $ (17,043) $ (11,420)
Earnings (loss) per common share $ (2.76) $ 0.20 $ (0.19) $ (0.13)
Earnings (loss) per common share - assuming dilution $ (2.76) $ 0.20 $ (0.19) $ (0.13)
Weighted average common shares outstanding: earnings (loss) per common share 91,803,312 91,103,151 91,723,814 90,993,810
Weighted average common shares outstanding: earnings (loss) per common share - assuming dilution 92,026,853 91,785,223 92,023,966 91,765,098