Health Net 2013 Annual Report Download - page 60

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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, 2013, we repurchased 2.7 million shares of our common stock for aggregate
consideration of $70.0 million under our stock repurchase program. The remaining authorization under our stock
repurchase program as of December 31, 2013 was $280.0 million. 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, 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 2013, as of December 31, 2013:
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........... 2,400,059 (c) $ 26.20 $ 62,873,931 2,400,000 $ 287,127,636
February 1—February 28....... 818,916 (c) 27.22 22,289,959 257,211 $ 280,000,018
March 1—March 31............... 834 (c) 28.68 23,919 — $ 280,000,018
April 1—April 30................... 1,203 (c) 29.40 35,368 — $ 280,000,018
May 1—May 31..................... 7,492 (c) 31.77 238,020 — $ 280,000,018
June 1—June 30..................... 259 (c) 31.07 8,047 — $ 280,000,018
July 1—July 31 ...................... 589 (c) 31.47 18,534 — $ 280,000,018
August 1—August 31 ............ 1,937 (c) 30.84 59,741 — $ 280,000,018
September 1—September 30 .38,661 (c) 33.73 1,304,036 — $ 280,000,018
October 1—October 31.......... 1,999 (c) 32.01 63,996 — $ 280,000,018
November 1—November 30.. 2,674 (c) 28.34 75,790 — $ 280,000,018
December 1—December 31... 3,550 (c) 28.49 101,125 — $ 280,000,018
3,278,173 $ 26.57 $ 87,092,466 2,657,211
________
(a) During the twelve months ended December 31, 2013, 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. Our stock repurchase program does not have an
expiration date. During the twelve months ended December 31, 2013, we did not have any repurchase program
expire, and we did not terminate any repurchase program prior to its expiration date.
(c) 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