COMMON STOCK ACTIVITY

12 Months Ended

Dec. 31, 2011

(10) COMMON STOCK ACTIVITY

The following table presents the common stock activity for the three years ended December 31, 2011:

	Years Ended December 31,
	2011	2010	2009
	Common Shares
Shares outstanding at beginning of year	26,973,531	26,826,100	25,070,401
Common stock offerings	586,977	-	1,600,000
Stock options exercised	9,250	18,000	57,436
Dividend reinvestment plan	5,989	6,705	7,938
Incentive restricted stock granted	79,491	135,704	92,555
Incentive restricted stock forfeited	(233)	-	(790)
Director common stock awarded	6,618	6,690	7,074
Restricted stock withheld for tax obligations	(3,564)	(19,668)	(8,514)
Shares outstanding at end of year	27,658,059	26,973,531	26,826,100

Common Stock Issuances

During 2011, EastGroup issued 586,977 shares of its common stock through its continuous common equity program with net proceeds to the company of $25.2 million.

During 2009, EastGroup issued 1,600,000 shares of its common stock through its continuous common equity program with net proceeds to the Company of $57.6 million.

Dividend Reinvestment Plan

The Company has a dividend reinvestment plan that allows stockholders to reinvest cash distributions in new shares of the Company.

Common Stock Repurchase Plan

EastGroup's Board of Directors has authorized the repurchase of up to 1,500,000 shares of its outstanding common stock. The shares may be purchased from time to time in the open market or in privately negotiated transactions. Under the common stock repurchase plan, the Company has purchased a total of 827,700 shares for $14,170,000 (an average of $17.12 per share) with 672,300 shares still authorized for repurchase. The Company has not repurchased any shares under this plan since 2000.