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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
[1]
Jun. 30, 2015
[2]
Jun. 30, 2016
[1]
Jun. 30, 2015
[2]
Revenue:        
Life premium $ 548,590 $ 520,038 $ 1,092,741 $ 1,033,380
Health premium 237,252 232,409 472,949 461,082
Other premium 13 37 25 78
Total premium 785,855 752,484 1,565,715 1,494,540
Net investment income 201,642 194,823 398,695 386,419
Realized investment gains 4,005 2,613 4,298 2,732
Other income 382 691 803 1,360
Total revenue 991,884 950,611 1,969,511 1,885,051
Benefits and expenses:        
Life policyholder benefits 369,342 347,364 732,202 687,065
Health policyholder benefits 153,261 151,198 306,036 299,227
Other policyholder benefits 8,882 9,754 18,220 19,799
Total policyholder benefits 531,485 508,316 1,056,458 1,006,091
Amortization of deferred acquisition costs 117,245 111,738 236,051 222,398
Commissions, premium taxes, and non-deferred acquisition costs 62,854 59,132 124,456 116,237
Other operating expense 57,846 55,588 115,275 110,951
Interest expense 23,110 19,114 42,479 38,174
Total benefits and expenses 792,540 753,888 1,574,719 1,493,851
Income before income taxes 199,344 196,723 394,792 391,200
Income taxes (60,050) (64,196) (121,924) (127,895)
Income from continuing operations 139,294 132,527 272,868 263,305
Discontinued operations:        
Income (loss) from discontinued operations, net of tax (865) (5,417) (10,406) (14,547)
Net income $ 138,429 $ 127,110 $ 262,462 $ 248,758
Basic net income per share:        
Continuing operations (in dollars per share) $ 1.16 $ 1.05 $ 2.26 $ 2.08
Discontinued operations (in dollars per share) (0.01) (0.04) (0.09) (0.11)
Total basic net income per common share (in dollars per share) 1.15 1.01 2.17 1.97
Diluted net income per share:        
Continuing operations (in dollars per share) 1.13 1.04 2.22 2.06
Discontinued operations (in dollars per share) 0.00 (0.04) (0.09) (0.12)
Total diluted net income per common share (in dollars per share) 1.13 1.00 2.13 1.94
Dividends declared per common share (in dollars per share) $ 0.14 $ 0.14 $ 0.28 $ 0.27
[1] Due to the adoption of ASU 2016-09, certain balances related to excess tax benefits from stock compensation were adjusted prospectively as described in Note 2—New Accounting Standards.
[2] Certain prior year balances were adjusted to give effect to discontinued operations as described in Note 5—Discontinued Operations.