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General (Tables)
3 Months Ended
Mar. 31, 2013
General  
Schedule of customers generating in excess of ten percent of net revenues for respective segment

 

 

Segment
  Term Date   2012   2013  
Commercial              

Customer A

  December 31, 2013(1)   $ 49,743   $ 51,641  

Customer B

  December 31, 2019     33,727     35,811  

Customer C

  December 31, 2012 to December 14, 2013(2)(3)     29,326     16,782 *

Public Sector

 

 

 

 

 

 

 

Customer D

  June 30, 2013(4)     55,236     64,312  

Radiology Benefits Management

 

 

 

 

 

 

 

Customer E

  December 31, 2015     26,556     31,361  

Customer F

  June 30, 2014     14,378     15,235  

Customer G

  July 31, 2015     12,253     16,083  

Customer H

  January 31, 2014     9,104     9,759  

Pharmacy Solutions

 

 

 

 

 

 

 

Customer I

  November 30, 2013 to December 31, 2013(2)     31,044     33,311  

Customer J

  September 1, 2013 to April 29, 2014(2)     15,626     15,297  

Customer K

  September 27, 2013 to December 31, 2013(2)     14,647     21,641  

Customer L

  September 30, 2013(5)     21,108     15,245  

*
Revenue amount did not exceed ten percent of net revenues for the respective segment for the period presented. Amount is shown for comparative purposes only.

(1)
The customer has informed the Company that, after a competitive evaluation process, it has decided not to renew its contract after the contract expires on December 31, 2013.

(2)
The customer has more than one contract. The individual contracts are scheduled to terminate at various points during the time period indicated above.

(3)
Revenues for the three months ended March 31, 2012 of $13.2 million relate to a contract that terminated as of December 31, 2012.

(4)
Contract has options for the customer to extend the term for two additional one-year periods.

(5)
This customer represents a subcontract with a Public Sector customer and is eliminated in consolidation.
Schedule of fair value of financial assets and liabilities

 

 

 
  December 31, 2012  
 
  Level 1   Level 2   Level 3   Total  

Cash and cash equivalents(1)

  $   $ 102,137   $   $ 102,137  

Restricted cash(2)

        82,839         82,839  

Investments:

                         

U.S. government and agency securities

    1,065             1,065  

Obligations of government-sponsored enterprises(3)

        6,128         6,128  

Corporate debt securities

        214,547         214,547  

Taxable municipal bonds

        11,800         11,800  

Certificates of deposit

        150         150  
                   

December 31, 2012

  $ 1,065   $ 417,601   $   $ 418,666  
                   


 

 
  March 31, 2013  
 
  Level 1   Level 2   Level 3   Total  

Cash and cash equivalents(4)

  $   $ 72,282   $   $ 72,282  

Restricted cash(5)

        117,120         117,120  

Investments:

                         

U.S. government and agency securities

    1,065             1,065  

Obligations of government-sponsored enterprises(3)

        8,449         8,449  

Corporate debt securities

        236,472         236,472  

Taxable municipal bonds

        3,866         3,866  

Certificates of deposit

        150         150  
                   

March 31, 2013

  $ 1,065   $ 438,339   $   $ 439,404  
                   

(1)
Excludes $87.3 million of cash held in bank accounts by the Company.

(2)
Excludes $143.7 million of restricted cash held in bank accounts by the Company.

(3)
Includes investments in notes issued by the Federal Home Loan Bank.

(4)
Excludes $116.1 million of cash held in bank accounts by the Company.

(5)
Excludes $104.7 million of restricted cash held in bank accounts by the Company.
Summary of short-term and long-term "available-for-sale" investments

 

 

 
  December 31, 2012  
 
  Amortized
Cost
  Gross
Unrealized
Gains
  Gross
Unrealized
Losses
  Estimated
Fair Value
 

U.S. government and agency securities

  $ 1,065   $   $   $ 1,065  

Obligations of government-sponsored enterprises(1)

    6,126     4     (2 )   6,128  

Corporate debt securities

    214,603     66     (122 )   214,547  

Taxable municipal bonds

    11,805         (5 )   11,800  

Certificates of deposit

    150             150  
                   

Total investments at December 31, 2012

  $ 233,749   $ 70   $ (129 ) $ 233,690  
                   


 

 
  March 31, 2013  
 
  Amortized
Cost
  Gross
Unrealized
Gains
  Gross
Unrealized
Losses
  Estimated
Fair Value
 

U.S. government and agency securities

  $ 1,065   $   $   $ 1,065  

Obligations of government-sponsored enterprises(1)

    8,449     4     (4 )   8,449  

Corporate debt securities

    236,655     49     (232 )   236,472  

Taxable municipal bonds

    3,871         (5 )   3,866  

Certificates of deposit

    150             150  
                   

Total investments at March 31, 2013

  $ 250,190   $ 53   $ (241 ) $ 250,002  
                   

(1)
Includes investments in notes issued by the Federal Home Loan Bank.
Summary of maturity dates of investments

 

 

 
  Amortized
Cost
  Estimated
Fair Value
 

2013

  $ 202,180   $ 202,047  

2014

    44,253     44,205  

2015

    3,757     3,750  
           

Total investments at March 31, 2013

  $ 250,190   $ 250,002  
           
Schedule of stock option activity

 

 

 
  Options   Weighted
Average
Exercise
Price
 

Outstanding, beginning of period

    4,268,240   $ 44.35  

Granted

    951,133     52.55  

Forfeited

    (21,122 )   47.13  

Exercised

    (205,755 )   45.88  
           

Outstanding, end of period

    4,992,496   $ 45.83  
           

Vested and expected to vest at end of period

    4,923,356   $ 45.77  
           

Exercisable, end of period

    2,813,512   $ 42.61  
           
Schedule of nonvested restricted stock award activity

 

 

 
  Shares   Weighted
Average
Grant Date
Fair Value
 

Outstanding, beginning of period

    23,672   $ 42.25  

Awarded

         

Vested

         

Forfeited

         
           

Outstanding, ending of period

    23,672   $ 42.25  
           
Schedule of nonvested restricted stock units

 

 

 
  Shares   Weighted
Grant Date
Fair Value
 

Outstanding, beginning of period

    202,690   $ 47.38  

Awarded

    98,580     52.62  

Vested

    (93,804 )   46.70  

Forfeited

    (1,310 )   47.95  
           

Outstanding, ending of period

    206,156   $ 50.19