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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues        
Insurance premiums and contract charges earned $ 205,610 $ 195,718 $ 408,608 $ 391,440
Net investment income 97,101 91,994 188,965 182,705
Net investment gains (losses) 735 2,072 (919) 1,830
Other income 2,811 1,652 5,092 2,765
Total revenues 306,257 291,436 601,746 578,740
Benefits, losses and expenses        
Benefits, claims and settlement expenses 168,278 165,879 311,840 309,975
Interest credited 51,071 49,348 101,105 98,122
DAC amortization expense 26,586 24,808 53,291 49,694
Operating expenses 50,218 46,228 98,387 94,984
Interest expense 3,291 2,945 6,464 5,901
Total benefits, losses and expenses 299,444 289,208 571,087 558,676
Income before income taxes 6,813 2,228 30,659 20,064
Income tax expense (benefit) 896 (33) 4,587 2,485
Net income $ 5,917 $ 2,261 $ 26,072 $ 17,579
Net income per share        
Basic (in usd per share) $ 0.14 $ 0.05 $ 0.63 $ 0.43
Diluted (in usd per share) $ 0.14 $ 0.05 $ 0.63 $ 0.42
Weighted average number of shares and equivalent shares        
Basic (in shares) 41,600 41,368 41,531 41,268
Diluted (in shares) 41,735 41,493 41,659 41,416
Net investment gains (losses)        
Total other-than-temporary impairment losses on securities $ (1,177) $ (3,564) $ (1,287) $ (1,777)
Portion of losses recognized in other comprehensive income 0 0 0 (4,583)
Net other-than-temporary impairment losses on securities recognized in earnings (1,177) (3,564) (1,287) (6,360)
Sales and other, net 1,789 5,202 3,992 7,685
Change in fair value - equity securities (1,156) 0 (6,342) 0
Change in fair value and gains (losses) realized on settlements - derivative instruments 1,279 434 2,718 505
Net investment gains (losses) $ 735 $ 2,072 $ (919) $ 1,830