Bounty reputation is removed when the bounty is offered, not when it is awarded. Basically the user has offered more than half of their reputation as bounty for that Q&A.
From my own reputation activity page when I've offered a bounty:
Yet the bounty wasn't awarded until a week later. This is the reputation activity from the user who earned the bounty.
So if the user had say 195 reputation, then offered a bounty of 100, they would then have 95 rep.
Bounties are non-refundable, whether the bounty is awarded or not.
Also, see How does the bounty system work? for a more detailed description of how bounties work.