Humana 2013 Annual Report Download - page 130

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Humana Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
14. STOCKHOLDERS’ EQUITY
Dividends
The following table provides details of dividend payments in 2011, 2012, and 2013 under our Board
approved quarterly cash dividend policy:
Record Date
Payment
Date
Amount
per Share
Total
Amount
(in millions)
2011 payments
6/30/2011 7/28/2011 $0.25 $41
9/30/2011 10/28/2011 $0.25 $41
2012 payments
12/30/2011 1/31/2012 $0.25 $41
3/30/2012 4/27/2012 $0.25 $41
6/29/2012 7/27/2012 $0.26 $42
9/28/2012 10/26/2012 $0.26 $41
2013 payments
12/31/2012 1/25/2013 $0.26 $42
3/28/2013 4/26/2013 $0.26 $41
6/28/2013 7/26/2013 $0.27 $42
9/30/2013 10/25/2013 $0.27 $42
In October 2013, the Board declared a cash dividend of $0.27 per share that was paid on January 31, 2014 to
stockholders of record on December 31, 2013, for an aggregate amount of $42 million. 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.
Stock Repurchases
In April 2013, the Board of Directors replaced its previously approved share repurchase authorization of up
to $1 billion (of which $557 million remained unused) with the current authorization for repurchases of up to $1
billion of our common shares exclusive of shares repurchased in connection with employee stock plans, expiring
on June 30, 2015. Under the current share repurchase authorization, shares may be purchased from time to time
at prevailing prices in the open market, by block purchases, or in privately-negotiated transactions, subject to
certain regulatory restrictions on volume, pricing, and timing. During 2013, we repurchased 1.22 million shares
in open market transactions for $82 million at an average price of $67.59 under a previously approved share
repurchase authorization and we repurchased 4.55 million shares in open market transactions for $420 million at
an average price of $92.17 under the current authorization. During 2012, we repurchased 6.25 million shares in
open market transactions for $460 million at an average price of $73.66 under previously approved share
repurchase authorizations. During 2011, we repurchased 6.8 million shares in open market transactions for $492
million at an average price of $72.75 under previously approved share repurchase authorizations. As of
February 1, 2014, the remaining authorized amount under the current authorization totaled approximately $580
million.
In connection with employee stock plans, we acquired 0.3 million common shares for $29 million in 2013,
0.7 million common shares for $58 million in 2012, and 0.8 million common shares for $49 million in 2011.
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