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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenues      
Insurance premiums and contract charges earned $ 897,954 $ 817,333 $ 794,703
Net investment income 365,064 376,507 373,630
Net investment gains (losses) 153,340 (12,543) (3,406)
Other income 14,127 10,302 6,623
Total revenues 1,430,485 1,191,599 1,171,550
Benefits, losses and expenses      
Benefits, claims and settlement expenses 585,068 637,560 582,306
Interest credited 212,786 206,199 198,635
Operating expenses 234,609 205,413 187,789
DAC unlocking and amortization expense 109,181 109,889 102,185
Intangible asset amortization expense 8,790 0 0
Interest expense 15,577 13,001 11,948
Other expense - goodwill impairment 28,025 0 0
Total benefits, losses and expenses 1,194,036 1,172,062 1,082,863
Income before income taxes 236,449 19,537 88,687
Income tax expense (benefit) 52,006 1,194 (80,772)
Net income $ 184,443 $ 18,343 $ 169,459
Net income per share      
Basic (in usd per share) $ 4.42 $ 0.44 $ 4.10
Diluted (in usd per share) $ 4.40 $ 0.44 $ 4.08
Weighted average number of shares and equivalent shares      
Basic (in shares) 41,737,876 41,570,492 41,364,546
Diluted (in shares) 41,948,531 41,894,232 41,564,979
Net investment gains (losses)      
Total other-than-temporary impairment losses on securities $ (1,380) $ (1,530) $ (12,620)
Portion of losses recognized in other comprehensive income (loss) 0 0 0
Net other-than-temporary impairment losses on securities recognized in earnings (1,380) (1,530) (12,620)
Sales and other, net 151,495 3,491 7,756
Change in fair value - equity securities 7,308 (18,323) 0
Change in fair value and gains realized on settlements - derivatives (4,083) 3,819 1,458
Total $ 153,340 $ (12,543) $ (3,406)