Common Stock

12 Months Ended

Dec. 31, 2013

Stockholders' Equity Note [Abstract]

Common Stock

COMMON STOCK

The Company has a Direct Stock Purchase and Dividend Reinvestment Plan under which the Company’s shareholders may automatically reinvest their dividends and make optional cash payments for the purchase of the Company’s common stock at current market value. Shares issued under this plan in 2013, 2012 and 2011 are disclosed in the Consolidated Statements of Equity and Redeemable Noncontrolling Interests.

The payment of dividends on common stock could be limited by:

• certain covenants applicable to preferred stock (when outstanding) contained in the Company’s Restated Articles of Incorporation, as amended (currently there are no preferred shares outstanding),

• certain covenants applicable to the Company's outstanding long-term debt and committed line of credit agreements (see Item 7. Management's Discussion and Analysis - "Capital Resources" for compliance with these covenants), and

• the hydroelectric licensing requirements of section 10(d) of the FPA (see Note 1).

The Company declared the following dividends for the year ended December 31:

	2013		2012		2011
Dividends paid per common share	$	1.22	$	1.16	$	1.10

In August 2012, the Company entered into two sales agency agreements under which the Company may sell up to 2,726,390 shares of its common stock from time to time. There were no shares issued under these agreements during 2013 and as of December 31, 2013, the Company had 1,795,199 shares available to be issued under these agreements.

Shares issued under sales agency agreements were as follows in the year ended December 31:

	2013	2012	2011
Shares issued under sales agency agreement	—	931,191	807,000

The Company has 10 million authorized shares of preferred stock. The Company did not have any preferred stock outstanding as of December 31, 2013 and 2012.