Health Net 2014 Annual Report Download - page 62

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authorization up to $400.0 million. The remaining authorization under our stock repurchase program as of December
31, 2014 was $400.0 million.
Subject to the approval of our Board of Directors, we may repurchase our common stock under our stock
repurchase program from time to time in privately negotiated transactions, through accelerated stock repurchase
programs or open market transactions, including pursuant to a trading plan in accordance with Rules 10b5-1 and 10b-18
of the Securities Exchange Act of 1934. The timing of any repurchases and the actual number of shares of stock
repurchased will depend on a variety of factors, including the stock price, corporate and regulatory requirements,
restrictions under the Company’s debt obligations, and other market and economic conditions. Our stock repurchase
program may be suspended or discontinued at any time.
During the year ended December 31, 2014, we repurchased 3.0 million shares of our common stock for aggregate
consideration of $137.8 million under our stock repurchase program. For additional information on our stock
repurchase program, see Note 9 to our consolidated financial statements.
Under our various stock option and long-term incentive plans, in certain circumstances, 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 our stock repurchase program.
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 2014, as of December 31, 2014:
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)
Maximum Dollar
Value of
Shares (or Units)
that May Yet Be
Purchased Under
the Programs (b)
January 1—January 31 .......... 7,545 (c) $ 33.25 $ 250,843 — $ 280,000,018
February 1—February 28 ...... 268,851 (c) 32.05 8,617,165 — $ 280,000,018
March 1—March 31 .............. 261,001 (c) 34.17 8,917,445 — $ 280,000,018
April 1—April 30 .................. 2,645 (c) 33.49 88,589 — $ 280,000,018
May 1—May 31 .................... 5,975 (c) 39.22 242,204 — $ 280,000,018
June 1—June 30 .................... 748 (c) 39.82 29,785 — $ 280,000,018
July 1—July 31...................... 809 (c) 43.47 35,168 — $ 280,000,018
August 1—August 31............ 3,807 (c) 43.10 164,085 — $ 280,000,018
September 1—September 30.1,591,553 (c) 46.54 74,075,436 1,482,000 $ 211,030,239
October 1—October 31 ......... 1,521,589 (c) 45.32 68,958,807 1,518,000 $ 142,235,079
November 1—November 30 .4,677 (c) 49.55 231,745 — $ 142,235,079
December 1—December 31 .. 4,947 (c) 53.81 266,199 — $ 400,000,000
3,674,147 $ 44.06 $ 161,877,471 3,000,000
________
(a) During the year ended December 31, 2014, 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 May 2, 2011, our Board of Directors authorized our stock repurchase program, pursuant to which a total of
$300 million of our common stock could be repurchased. On March 8, 2012, our Board of Directors approved a
$323.7 million increase to our stock repurchase program. On December 16, 2014, our Board of Directors
approved another $257.8 million increase to our stock repurchase program, which, when taken together with the
remaining authorization at that time, brought our total authorization up to $400 million. Our stock repurchase
program does not have an expiration date. During the year ended December 31, 2014, we did not have any
repurchase program expire, and we did not terminate any repurchase program prior to its expiration date.