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March 07, 2007 at 11:12 PM
A large managed care company says it has finished correcting the way it accounted for stock-based compensation expenses.
UnitedHealth Group Inc., Minnetonka, Minn., estimates the corrections have reduced net income about $57 million from the reported total for 2005 and about $502 million for the 12-year period that ended Dec. 31, 2006.
The accounting errors also reduced shareholders’ equity about $130 million, and making the corrections will require the company to pay about $100 million in extra federal income taxes, UnitedHealth estimates.
UnitedHealth also will record a $90 million charge, before taxes, to cover the cost of settling Internal Revenue Code Section 409A surtax liabilities for non-officer employees who exercised some options in 2006, the company says.
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