It's actually a hoax. In fact, National Geographic listed that photo as it's HOAX of the YEAR. The picture is actually 2 photos morphed together. One shows a US Air Force Pararescueman (think Navy SEAL meets paramedic and you'll get a good idea of who they are) during a training mission in San Francisco Bay. The photo of the shark was taken off the Coast of South Africa of a Great White Breaching by a guy who was studying the behavior of Great Whites in the area.
Still, it is a cool picture, huh?