Health Net 2015 Annual Report Download - page 181
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HEALTH NET, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
F-20
Earnings Per Share
Basic earnings per share excludes dilution and reflects net income divided by the weighted average shares of
common stock outstanding during the periods presented. Diluted earnings per share is based upon the weighted average
shares of common stock and dilutive common stock equivalents (this reflects the potential dilution that could occur if
stock options were exercised and restricted stock units ("RSUs") and performance share units ("PSUs") were vested)
outstanding during the periods presented.
The inclusion or exclusion of common stock equivalents arising from stock options, RSUs and PSUs in the
computation of diluted earnings per share is determined using the treasury stock method. For the years ended
December 31, 2015, 2014 and 2013, respectively, 1,146,000 shares, 1,175,000 shares and 949,000 shares of dilutive
common stock equivalents were outstanding and were included in the computation of diluted earnings per share.
For the years ended December 31, 2015, 2014 and 2013, respectively, an aggregate of 18,000 shares, 715,000
shares and 941,000 shares of common stock equivalents were considered anti-dilutive and were not included in the
computation of diluted earnings per share. Stock options expire at various times through February 2019 (see Note 8).
In May 2011, our Board of Directors authorized a stock repurchase program for the repurchase of up to $300
million of our outstanding common stock (our "stock repurchase program"). On March 8, 2012, our Board of Directors
approved a $323.7 million increase to our stock repurchase program and on December 16, 2014, our Board of Directors
approved another $257.8 million increase to our stock repurchase program. This latest increase, when taken together
with the remaining authorization at that time, brought our total authorization up to $400.0 million. As of December 31,
2015 and 2014, the remaining authorization under our stock repurchase program was $306.2 million and $400.0
million, respectively. See Note 9 for more information regarding our stock repurchase program.