Health Net 2002 Annual Report Download - page 53

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HEALTH NET, INC. | 51
Consolidated Statements of Operations
Health Net, Inc.
Year Ended December 31,
(Amounts in thousands, except per share data) 2002 2001 2000
REVENUES
Health plan services premiums $ 8,584,418 $8,576,202 $ 7,609,625
Government contracts 1,498,689 1,339,066 1,265,124
Net investment income 65,561 78,910 90,087
Other income 52,875 70,282 111,719
Total revenues 10,201,543 10,064,460 9,076,555
EXPENSES
Health plan services 7,161,520 7,241,185 6,322,691
Government contracts 1,450,808 1,321,483 1,196,532
General and administrative 857,201 868,925 942,316
Selling 199,764 186,143 158,031
Depreciation 61,832 61,073 67,260
Amortization 8,360 37,622 38,639
Interest 40,226 54,940 87,930
Asset impairment and restructuring charges 60,337 79,667 –
Net loss on assets held for sale and sale of businesses
and properties 5,000 76,072 409
Total expenses 9,845,048 9,927,110 8,813,808
Income from operations before income taxes and cumulative
effect of a change in accounting principle 356,495 137,350 262,747
Income tax provision 118,928 50,821 99,124
Income before cumulative effect of a change in accounting principle 237,567 86,529 163,623
Cumulative effect of a change in accounting principle, net of tax (8,941) ––
Net income $228,626 $86,529 $ 163,623
Basic earnings per share:
Income from operations $1.91 $0.70 $1.34
Cumulative effect of a change in accounting principle (0.07 ) – –
Net $1.84 $0.70 $1.34
Diluted earnings per share:
Income from operations $1.89 $0.69 $1.33
Cumulative effect of a change in accounting principle (0.07 ) ––
Net $1.82 $0.69 $1.33
Weighted average shares outstanding:
Basic 124,221 123,192 122,471
Diluted 126,004 125,186 123,453
See accompanying notes to consolidated financial statements.