Health Net 2013 Annual Report Download - page 107
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F-3
HEALTH NET, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
Year Ended December 31,
2013 2012 2011
Revenues
Health plan services premiums......................................................... $ 10,377,073 $ 10,459,098 $ 9,878,687
Government contracts....................................................................... 572,266 689,121 1,416,619
Net investment income ..................................................................... 69,613 82,434 74,161
Administrative services fees and other income ................................ 34,791 17,968 11,523
Divested operations and services revenue........................................ — 40,471 34,446
Total revenues......................................................................... 11,053,743 11,289,092 11,415,436
Expenses
Health plan services (excluding depreciation and amortization)...... 8,886,547 9,316,313 8,539,754
Government contracts....................................................................... 502,918 605,074 1,237,884
General and administrative............................................................... 1,083,694 939,940 1,052,458
Selling............................................................................................... 239,428 245,925 237,562
Depreciation and amortization.......................................................... 38,589 31,146 31,152
Interest .............................................................................................. 32,614 33,220 32,131
Divested operations and services expenses ...................................... — 85,824 163,546
Adjustment to loss on sale of Northeast health plan subsidiaries..... — — (40,815)
Total expenses......................................................................... 10,783,790 11,257,442 11,253,672
Income from continuing operations before income taxes.......................... 269,953 31,650 161,764
Income tax provision.................................................................................. 99,827 5,969 100,708
Income from continuing operations ........................................................... 170,126 25,681 61,056
Discontinued operations:
(Loss) income from discontinued operation, net of tax ............................. —(18,452) 11,064
Gain on sale of discontinued operation, net of tax..................................... — 114,834 —
Income from discontinued operation, net of tax ........................................ — 96,382 11,064
Net income ................................................................................................. $ 170,126 $ 122,063 $ 72,120
Net income per share—basic:
Income from continuing operations.................................................. $ 2.14 $ 0.31 $ 0.69
Income from discontinued operation, net of tax............................... $ — $ 1.18 $ 0.12
Net income per share—basic ........................................................... $ 2.14 $ 1.49 $ 0.81
Net income per share—diluted:
Income from continuing operations.................................................. $ 2.12 $ 0.31 $ 0.68
Income from discontinued operation, net of tax............................... $ — $ 1.16 $ 0.12
Net income per share—diluted.......................................................... $ 2.12 $ 1.47 $ 0.80
Weighted average shares outstanding:
Basic ................................................................................................. 79,455 82,158 88,524
Diluted .............................................................................................. 80,404 83,112 89,970
See accompanying notes to consolidated financial statements.