Changes in Capital Structure

9 Months Ended

Sep. 30, 2011

Changes in Capital Structure Disclosure [Abstract]

Changes in Capital Structure

Note 11 — Changes in Capital Structure

As of September 30, 2011, and December 31, 2010, the Company had 500,000,000 shares of common stock authorized. The following table reflects the changes in NRG's common shares issued and outstanding:

	Issued	Treasury		Outstanding
Balance as of December 31, 2010	304,006,027	(56,808,672	)	247,197,355
Shares issued under LTIP	168,295	—		168,295
Shares issued under ESPP	—	120,127		120,127
Capital Allocation Plan repurchases	—	(8,879,574	)	(8,879,574	)
Balance as of September 30, 2011	304,174,322	(65,568,119	)	238,606,203

2011 Capital Allocation Plan

On February 22, 2011, the Company announced a plan to repurchase $180 million of common stock under the Company's 2011 Capital Allocation Plan.  During the first quarter, the Company entered into an accelerated share repurchase agreement, or ASR Agreement, with a financial institution to repurchase a total of $130 million of NRG common stock, based on a volume weighted average price less a specified discount. Pursuant to the ASR Agreement, the Company received 6,229,574 shares of NRG common stock on April 29, 2011.  On August 4 2011, the Company announced additional share repurchases of $250 million under the Capital Allocation Plan, bringing the total targeted share repurchases for 2011 to $430 million.  During the month of August 2011, the Company purchased 2,650,000 shares of NRG common stock for approximately $58 million.

During the third quarter, the Company entered into a second accelerated share repurchase agreement, or the Second ASR Agreement, with a financial institution to repurchase a total of $190 million of NRG common stock, based on a volume weighted average price less a specified discount. The Second ASR Agreement was accounted for as a forward contract indexed to the Company's own stock and recorded as treasury stock during the third quarter. The share repurchases under the Second ASR Agreement were completed on October 6, 2011, and the Company received 8,646,224 shares of NRG common stock. The Company intends to complete its remaining $52 million of share repurchases by the end of 2011, subject to market prices, financial restrictions under the Company's debt facilities, and as permitted by securities laws.