Common Equity

Automatic Dividend Reinvestment and Stock Purchase Plan

The Company issued 277,245 shares of common stock under its Automatic Dividend Reinvestment and Stock Purchase Plan in 2011 and received proceeds of $13.8 million. The Company may, from time to time, issue additional shares under its Automatic Dividend Reinvestment and Stock Purchase Plan to fund capital requirements or working capital needs. At December 31, 2011, there were 2,369,043 shares of unissued common stock reserved for issuance under the Company's Automatic Dividend Reinvestment and Stock Purchase Plan.

Earnings Per Share

Basic earnings per share is calculated by dividing net income attributable to OGE Energy by the weighted average number of the Company's common shares outstanding during the period. In the calculation of diluted earnings per share, weighted average shares outstanding are increased for additional shares that would be outstanding if potentially dilutive securities were converted to common stock. Potentially dilutive securities for the Company consist of performance units. Basic and diluted earnings per share for the Company were calculated as follows:



(In millions)	2011		2010		2009
Net Income Attributable to OGE Energy	$	342.9	$	295.3	$	258.3
Average Common Shares Outstanding
Basic average common shares outstanding	97.9		97.3		96.2
Effect of dilutive securities:
Contingently issuable shares (performance units)	1.3		1.6		1.0
Diluted average common shares outstanding	99.2		98.9		97.2
Basic Earnings Per Average Common Share
Attributable to OGE Energy Common Shareholders	$	3.50	$	3.03	$	2.68
Diluted Earnings Per Average Common Share
Attributable to OGE Energy Common Shareholders	$	3.45	$	2.99	$	2.66
Anti-dilutive shares excluded from earnings per share calculation	—		—		—