Humana 2011 Annual Report Download - page 122

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Humana Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The fair value of shares vested during the years ended was $36 million in 2011, $30 million in 2010, and
$22 million in 2009. Total compensation expense not yet recognized related to nonvested restricted stock awards
was $63 million at December 31, 2011. We expect to recognize this compensation expense over a weighted-
average period of approximately 2.0 years. There are no other contractual terms covering restricted stock awards
once vested.
13. EARNINGS PER COMMON SHARE COMPUTATION
Detail supporting the computation of basic and diluted earnings per common share was as follows for the
years ended December 31, 2011, 2010 and 2009:
2011 2010 2009
(dollars in millions, share amounts in thousands)
Net income available for common stockholders .................. $ 1,419 $ 1,099 $ 1,040
Weighted-average outstanding shares of common stock used to
compute basic earnings per common share .................... 165,413 167,782 167,364
Dilutive effect of:
Employee stock options ................................. 959 676 677
Restricted stock awards ................................. 1,455 1,340 1,030
Shares used to compute diluted earnings per common share ......... 167,827 169,798 169,071
Basic earnings per common share ............................. $ 8.58 $ 6.55 $ 6.21
Diluted earnings per common share ............................ $ 8.46 $ 6.47 $ 6.15
Number of antidilutive stock options and restricted stock awards
excluded from computation ................................ 864 3,820 5,675
14. STOCKHOLDERS’ EQUITY
Dividends
In April 2011, our Board of Directors approved the initiation of a quarterly cash dividend policy.
Declaration and payment of future quarterly dividends is at the discretion of the Board and may be adjusted as
business needs or market conditions change.
The following table provides details of dividends declared in 2011:
Record Date
Payment
Date
Amount
per Share
Total
Amount
(in millions)
6/30/2011 7/28/2011 $0.25 $41
9/30/2011 10/28/2011 $0.25 $41
12/30/2011 1/31/2012 $0.25 $41
Stock Repurchases
In April 2011, the Board of Directors replaced its previously approved share repurchase authorization of up
to $250 million with a new authorization for repurchases of up to $1 billion of our common shares exclusive of
shares repurchased in connection with employee stock plans. The new authorization will expire June 30, 2013.
Under the new share repurchase authorization, shares could be purchased from time to time at prevailing prices
112