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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues        
Insurance premiums and contract charges earned $ 208,096 $ 205,610 $ 417,881 $ 408,608
Net investment income 93,458 97,101 186,258 188,965
Net investment gains (losses) 146,333 735 153,750 (919)
Other income 3,591 2,811 6,802 5,092
Total revenues 451,478 306,257 764,691 601,746
Benefits, losses and expenses        
Benefits, claims and settlement expenses 152,692 168,278 292,076 311,840
Interest credited 53,594 51,071 106,516 101,105
DAC amortization expense 31,648 26,586 56,621 53,291
Operating expenses 55,252 50,218 109,305 98,387
Interest expense 3,312 3,291 6,615 6,464
Other expense 28,025 0 28,025 0
Total benefits, losses and expenses 324,523 299,444 599,158 571,087
Income before income taxes 126,955 6,813 165,533 30,659
Income tax expense 33,133 896 39,545 4,587
Net income $ 93,822 $ 5,917 $ 125,988 $ 26,072
Net income per share        
Basic (in usd per share) $ 2.25 $ 0.14 $ 3.02 $ 0.63
Diluted (in usd per share) $ 2.24 $ 0.14 $ 3.01 $ 0.63
Weighted average number of shares and equivalent shares        
Basic (in shares) 41,762 41,600 41,685 41,531
Diluted (in shares) 41,921 41,735 41,851 41,659
Net investment gains (losses)        
Total other-than-temporary impairment losses on securities $ (34) $ (1,177) $ (271) $ (1,287)
Portion of losses recognized in other comprehensive income (loss) 0 0 0 0
Net other-than-temporary impairment losses on securities recognized in earnings (34) (1,177) (271) (1,287)
Sales and other, net 142,067 1,789 146,905 3,992
Change in fair value - equity securities 3,441 (1,156) 6,948 (6,342)
Change in fair value and gains (losses) realized on settlements - derivative instruments 859 1,279 168 2,718
Net investment gains (losses) $ 146,333 $ 735 $ 153,750 $ (919)