Health Net 2011 Annual Report Download - page 59

repurchase program in April 2011. During the year ended December 31, 2011, we repurchased 4.9 million shares
of our common stock for aggregate consideration of approximately $149.8 million under our 2010 stock
repurchase program. As of December 31, 2011, we had repurchased an aggregate of 10.8 million shares of our
common stock under our 2010 stock repurchase program since its inception at an average price of $27.80 per
share for aggregate consideration of $300 million.
On May 4, 2011, our Board of Directors authorized our 2011 stock repurchase program pursuant to which a
total of $300 million of our outstanding common stock could be repurchased. During the year ended
December 31, 2011, we repurchased 8.7 million shares of our common stock for aggregate consideration of
approximately $223.7 million under our 2011 stock repurchase program. The remaining authorization under our
2011 stock repurchase program as of December 31, 2011 was $76.3 million. For additional information on our
stock repurchase programs, see Note 9 to our consolidated financial statements.
Under our various stock option and long-term incentive plans, employees and non-employee directors may
elect for the Company to withhold shares to satisfy minimum statutory federal, state and local tax withholding
and/or exercise price obligations, as applicable, arising from the exercise of stock options. For certain other
equity awards, we have the right to withhold shares to satisfy any tax obligations that may be required to be
withheld or paid in connection with such equity award, including any tax obligation arising on the vesting date.
These repurchases were not part of either of our stock repurchase programs.
The following table presents monthly information related to repurchases of our common stock, including
shares withheld by the Company to satisfy tax withholdings and exercise price obligations in 2011, as of
December 31, 2011:
Period
Total Number
of Shares
Purchased (a)
Average
Price Paid
per Share
Total
Price Paid
Total Number of
Shares
Purchased as
Part of Publicly
Announced
Programs (b), (c)
Maximum Number
(or Approximate
Dollar Value) of
Shares (or Units)
that May Yet Be
Purchased Under
the Programs (b), (c)
January 1—January 31 ......... 1,211,977(d) $28.31 $ 34,315,821 1,211,720 $115,497,448
February 1—February 28 ....... 1,330,412(d) 29.95 39,847,861 587,890 $ 97,853,713
March 1—March 31 ........... 1,714,865(d) 30.73 52,705,924 1,713,100 $ 45,203,916
April 1—April 30 ............. 1,401,031 32.26 45,203,895 1,401,031 $ —
May 1—May 31 .............. 210,000 31.41 6,595,827 210,000 $293,404,173
June 1—June 30 .............. 660,083(d) 31.05 20,493,637 660,000 $272,913,180
July 1—July 31 .............. 601,711(d) 30.67 18,451,871 600,000 $254,512,389
August 1—August 31 ......... 2,886,993(d) 22.80 65,837,276 2,885,800 $188,702,874
September 1—September 30 .... 1,688,787(d) 24.66 41,650,466 1,687,900 $147,074,210
October 1—October 31 ........ 1,451,100 25.12 36,455,906 1,451,100 $110,618,304
November 1—November 30 .... 1,212,536(d) 28.43 34,475,207 1,205,200 $ 76,341,683
December 1—December 31 ..... 3,668(d) 28.31 103,841 — $ 76,341,683
14,373,163(d) $27.56 $396,137,532 13,613,741
(a) During the twelve months ended December 31, 2011, we did not repurchase any shares of our common
stock outside our publicly announced stock repurchase programs, except shares withheld in connection with
our various stock option and long-term incentive plans.
(b) On March 18, 2010, our Board of Directors authorized our 2010 stock repurchase program, pursuant to
which a total of $300 million of our common stock could be repurchased. The 2010 stock repurchase
program was completed in April 2011.
(c) On May 4, 2011, our Board of Directors authorized our 2011 stock repurchase program, pursuant to which a
total of $300 million of our common stock can be repurchased. Our 2011 stock repurchase program does not
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