Health Net 2015 Annual Report Download - page 60

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PART II
Item 5. Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities.
The following table sets forth the high and low sales prices of the Company’s common stock, par value $.001 per
share, on The New York Stock Exchange (“NYSE”) since January 2014.
High Low
Calendar Quarter—2014
First Quarter................................................................................................................. $35.10 $29.36
Second Quarter............................................................................................................ $41.84 $31.36
Third Quarter............................................................................................................... $47.53 $41.19
Fourth Quarter ............................................................................................................. $54.36 $43.61
Calendar Quarter—2015
First Quarter................................................................................................................. $61.31 $51.13
Second Quarter............................................................................................................ $65.04 $52.65
Third Quarter............................................................................................................... $71.57 $59.25
Fourth Quarter ............................................................................................................. $69.04 $59.77
On February 23, 2016, the last reported sales price per share of our common stock was $61.81 per share.
Securities Authorized for Issuance Under Equity Compensation Plans
Information regarding the Company’s equity compensation plans is incorporated by reference to “Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.”
Holders of Common Stock
As of February 23, 2016, there were 1,426 registered holders of record of our common stock.
Dividends
We have not paid any dividends on our common stock during the preceding two fiscal years. We have no present
intention of paying any dividends on our common stock, although the matter will be periodically reviewed by our Board
of Directors.
We are a holding company and, therefore, our ability to pay dividends depends on distributions received from our
subsidiaries, which are subject to regulatory net worth requirements and additional state regulations which may restrict
the declaration of dividends by HMOs, insurance companies and licensed managed health care plans. The payment of
any dividend is at the discretion of our Board of Directors and depends upon our earnings, financial position (including
cash position), capital requirements and such other factors as our Board of Directors deems relevant.
Under our revolving credit facility, we cannot declare or pay cash dividends to our stockholders or purchase,
redeem or otherwise acquire shares of our capital stock or warrants, rights or options to acquire such shares for cash
except to the extent permitted under the revolving credit facility, which is described in “Item 7. Management’s
Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Capital
Structure.”
Stock Repurchase Program
On May 2, 2011, our Board of Directors authorized our stock repurchase program pursuant to which a total of
$300 million of our outstanding common stock could be repurchased. 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.
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