Health Net 2010 Annual Report Download - page 57
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be completed with the authorization of our New Stock Repurchase Program. The Completed Stock
Repurchase Program was announced in April 2002, and we announced additional repurchase authorizations
under the program in August 2003, October 2006 and October 2007.
(c) Our New Stock Repurchase Program does not have an expiration date, and our Completed Stock
Repurchase Program did not have an expiration date. Accordingly, during the twelve months ended
December 31, 2010, we did not have any repurchase program that expired or was terminated, other than our
Completed Stock Repurchase Program, and we did not terminate any repurchase program prior to its
expiration date.
(d) Includes shares withheld by the Company to satisfy tax withholding and/or exercise price obligations arising
from the vesting and/or exercise of restricted stock units, stock options and other equity awards.
Performance Graph
The following graph compares the performance of the Company’s Common Stock with the performance of
the Standard & Poor’s 500 Composite Stock Price Index (the “S&P 500 Index”) and our Industry Peer Group
Index. We calculate year-end values based on the closing prices from the final trading days in December 2005,
2006, 2007, 2008, 2009, and 2010. The graph assumes that $100 was invested on December 31, 2005 in each of
the Common Stock, the S&P 500 Index, and the Industry Peer Group Index, and that all dividends were
reinvested. The Industry Peer Group Index weights the constituent companies’ stock performance on the basis of
market capitalization at the beginning of each annual period.
The Company’s Industry Peer Group Index includes the following companies: Aetna, Inc., Cigna
Corporation, Coventry Health Care, Humana, Inc., UnitedHealth Group, Inc. and WellPoint, Inc.
Indexed Total Return
Stock Price Plus Reinvested Dividends
$52.94
$67.58
$112.01
$0.00
$20.00
$40.00
$80.00
$60.00
$120.00
$100.00
$140.00
12/31/2005 12/31/2006 12/31/2007 12/31/2008 12/31/2009 12/31/2010
Health Net
Standard & Poor's 500 Index
Industry Peer Group Index
Indexed Total Return (Stock Price Plus Reinvested Dividends)
Name 12/31/2005 12/31/2006 12/31/2007 12/31/2008 12/31/2009 12/31/2010
Health Net .......................... $100.00 $ 94.39 $ 93.70 $21.13 $45.18 $ 52.94
Standard & Poor’s 500 Index ............ $100.00 $115.78 $122.14 $76.96 $97.33 $112.01
Industry Peer Group Index .............. $100.00 $ 93.61 $108.18 $48.72 $62.18 $ 67.58
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