Common Equity

12 Months Ended

Dec. 31, 2011

Common Equity

(7) COMMON EQUITY

Common Share Activity - A summary of Alliant Energy's common stock activity was as follows:

	2011			2010			2009
Shares outstanding, Jan. 1		110,893,901			110,656,498			110,449,099
Equity incentive plans (Note 6(b))		164,400			260,316			240,889
Other (a)		(39,480	)		(22,913	)		(33,490	)
Shares outstanding, Dec. 31		111,018,821			110,893,901			110,656,498

(a) Includes shares transferred from employees to Alliant Energy to satisfy tax withholding requirements in connection with the vesting of certain restricted stock under the equity incentive plans.

At Dec. 31, 2011, Alliant Energy had a total of 9.1 million shares available for issuance in the aggregate, pursuant to its OIP, Shareowner Direct Plan and 401(k) Savings Plan.

Shareowner Rights Agreement - Alliant Energy has established an amended and restated Shareowner Rights Agreement. The rights under this agreement will only become exercisable if a person or group has acquired, or announced an intention to acquire, 15% or more of Alliant Energy's outstanding common stock. Each right will initially entitle registered shareowners to purchase from Alliant Energy one-half of one share of Alliant Energy's common stock. The rights will be exercisable at an initial price of $110.00 per full share, subject to adjustment. If any shareowner acquires 15% or more of the outstanding common stock of Alliant Energy, each right (subject to limitations) will entitle its holder to purchase, at the right's then current exercise price, a number of common shares of Alliant Energy or of the acquirer having a market value at the time of twice the right's per full share exercise price. Alliant Energy's Board of Directors is authorized to reduce the 15% ownership threshold to not less than 10%. The amended and restated Shareowner Rights Agreement expires in December 2018.

Dividend Restrictions - Alliant Energy is a holding company with no significant operations of its own therefore Alliant Energy is dependent upon receiving dividends from its subsidiaries to pay dividends to its shareowners. Alliant Energy does not have any significant common stock dividend restrictions. IPL and WPL each have common stock dividend restrictions based on the terms of their outstanding preferred stock and applicable regulatory limitations. At Dec. 31, 2011, IPL and WPL were in compliance with all such dividend restrictions.

Both IPL and WPL are restricted from paying common stock dividends to their parent company, Alliant Energy, if for any past or current dividend period, dividends on their respective preferred stock have not been paid, or declared and set apart for payment. IPL and WPL have paid all dividends on their respective preferred stock through 2011.

IPL's most significant regulatory limitation on distributions to its parent company requires IPL to obtain IUB approval for a reasonable utility capital structure if its common equity ratio falls below 42% of total capitalization. As of Dec. 31, 2011, IPL's amount of retained earnings that were free of restrictions was $351 million.

WPL's most significant regulatory limitation on distributions to its parent company is included in an order issued by the PSCW in 2009 that prohibits WPL from paying annual common stock dividends in excess of $112 million if WPL's common stock equity ratio is or will fall below 51.01%. WPL's dividends are also restricted to the extent that such dividend would reduce WPL's common stock equity ratio to less than 25%. As of Dec. 31, 2011, WPL's amount of retained earnings that were free of restrictions was $112 million for 2012.

Restricted Net Assets of Subsidiaries - Neither IPL nor WPL have regulatory authority to lend or advance any amounts to their parent company. As of Dec. 31, the amount of net assets of IPL and WPL that were not available to be transferred to their parent company in the form of loans, advances or cash dividends without the consent of IPL's and WPL's regulatory authorities was as follows (in billions):

	2011		2010
IPL	$	1.0	$	1.0
WPL		1.3		1.3

Capital Transactions With Subsidiaries - IPL, WPL and Resources paid common stock dividends and repayments of capital to their parent company, Alliant Energy, as follows (in millions):

	IPL						WPL						Resources
	2011		2010		2009		2011		2010		2009		2011		2010		2009
Common stock dividends	$	73.4	$	—	$	—	$	112.1	$	109.5	$	91.0	$	—	$	—	$	—
Repayments of capital		100.7		118.2		106.1		—		—		—		—		65.0		100.0
Total distributions from common equity	$	174.1	$	118.2	$	106.1	$	112.1	$	109.5	$	91.0	$	—	$	65.0	$	100.0

In 2008, FERC issued an order allowing IPL to pay up to $400 million in common equity distributions from additional paid-in capital, rather than retained earnings. As of Dec. 31, 2011, IPL did not have any remaining authority under this FERC order.

IPL, WPL and Resources received capital contributions from their parent company, Alliant Energy, as follows (in millions):

	IPL						WPL						Resources
	2011		2010		2009		2011		2010		2009		2011		2010		2009
Capital contributions	$	54.0	$	50.0	$	150.0	$	25.0	$	75.0	$	100.0	$	65.0	$	—	$	—

IPL [Member]

Common Equity

(7) COMMON EQUITY

Common Share Activity - A summary of Alliant Energy's common stock activity was as follows:

	2011			2010			2009
Shares outstanding, Jan. 1		110,893,901			110,656,498			110,449,099
Equity incentive plans (Note 6(b))		164,400			260,316			240,889
Other (a)		(39,480	)		(22,913	)		(33,490	)
Shares outstanding, Dec. 31		111,018,821			110,893,901			110,656,498

(a) Includes shares transferred from employees to Alliant Energy to satisfy tax withholding requirements in connection with the vesting of certain restricted stock under the equity incentive plans.

At Dec. 31, 2011, Alliant Energy had a total of 9.1 million shares available for issuance in the aggregate, pursuant to its OIP, Shareowner Direct Plan and 401(k) Savings Plan.

Shareowner Rights Agreement - Alliant Energy has established an amended and restated Shareowner Rights Agreement. The rights under this agreement will only become exercisable if a person or group has acquired, or announced an intention to acquire, 15% or more of Alliant Energy's outstanding common stock. Each right will initially entitle registered shareowners to purchase from Alliant Energy one-half of one share of Alliant Energy's common stock. The rights will be exercisable at an initial price of $110.00 per full share, subject to adjustment. If any shareowner acquires 15% or more of the outstanding common stock of Alliant Energy, each right (subject to limitations) will entitle its holder to purchase, at the right's then current exercise price, a number of common shares of Alliant Energy or of the acquirer having a market value at the time of twice the right's per full share exercise price. Alliant Energy's Board of Directors is authorized to reduce the 15% ownership threshold to not less than 10%. The amended and restated Shareowner Rights Agreement expires in December 2018.

Dividend Restrictions - Alliant Energy is a holding company with no significant operations of its own therefore Alliant Energy is dependent upon receiving dividends from its subsidiaries to pay dividends to its shareowners. Alliant Energy does not have any significant common stock dividend restrictions. IPL and WPL each have common stock dividend restrictions based on the terms of their outstanding preferred stock and applicable regulatory limitations. At Dec. 31, 2011, IPL and WPL were in compliance with all such dividend restrictions.

Both IPL and WPL are restricted from paying common stock dividends to their parent company, Alliant Energy, if for any past or current dividend period, dividends on their respective preferred stock have not been paid, or declared and set apart for payment. IPL and WPL have paid all dividends on their respective preferred stock through 2011.

IPL's most significant regulatory limitation on distributions to its parent company requires IPL to obtain IUB approval for a reasonable utility capital structure if its common equity ratio falls below 42% of total capitalization. As of Dec. 31, 2011, IPL's amount of retained earnings that were free of restrictions was $351 million.

WPL's most significant regulatory limitation on distributions to its parent company is included in an order issued by the PSCW in 2009 that prohibits WPL from paying annual common stock dividends in excess of $112 million if WPL's common stock equity ratio is or will fall below 51.01%. WPL's dividends are also restricted to the extent that such dividend would reduce WPL's common stock equity ratio to less than 25%. As of Dec. 31, 2011, WPL's amount of retained earnings that were free of restrictions was $112 million for 2012.

Restricted Net Assets of Subsidiaries - Neither IPL nor WPL have regulatory authority to lend or advance any amounts to their parent company. As of Dec. 31, the amount of net assets of IPL and WPL that were not available to be transferred to their parent company in the form of loans, advances or cash dividends without the consent of IPL's and WPL's regulatory authorities was as follows (in billions):

	2011		2010
IPL	$	1.0	$	1.0
WPL		1.3		1.3

Capital Transactions With Subsidiaries - IPL, WPL and Resources paid common stock dividends and repayments of capital to their parent company, Alliant Energy, as follows (in millions):

	IPL						WPL						Resources
	2011		2010		2009		2011		2010		2009		2011		2010		2009
Common stock dividends	$	73.4	$	—	$	—	$	112.1	$	109.5	$	91.0	$	—	$	—	$	—
Repayments of capital		100.7		118.2		106.1		—		—		—		—		65.0		100.0
Total distributions from common equity	$	174.1	$	118.2	$	106.1	$	112.1	$	109.5	$	91.0	$	—	$	65.0	$	100.0

In 2008, FERC issued an order allowing IPL to pay up to $400 million in common equity distributions from additional paid-in capital, rather than retained earnings. As of Dec. 31, 2011, IPL did not have any remaining authority under this FERC order.

IPL, WPL and Resources received capital contributions from their parent company, Alliant Energy, as follows (in millions):

	IPL						WPL						Resources
	2011		2010		2009		2011		2010		2009		2011		2010		2009
Capital contributions	$	54.0	$	50.0	$	150.0	$	25.0	$	75.0	$	100.0	$	65.0	$	—	$	—

WPL [Member]

Common Equity

(7) COMMON EQUITY

Common Share Activity - A summary of Alliant Energy's common stock activity was as follows:

	2011			2010			2009
Shares outstanding, Jan. 1		110,893,901			110,656,498			110,449,099
Equity incentive plans (Note 6(b))		164,400			260,316			240,889
Other (a)		(39,480	)		(22,913	)		(33,490	)
Shares outstanding, Dec. 31		111,018,821			110,893,901			110,656,498

(a) Includes shares transferred from employees to Alliant Energy to satisfy tax withholding requirements in connection with the vesting of certain restricted stock under the equity incentive plans.

At Dec. 31, 2011, Alliant Energy had a total of 9.1 million shares available for issuance in the aggregate, pursuant to its OIP, Shareowner Direct Plan and 401(k) Savings Plan.

Shareowner Rights Agreement - Alliant Energy has established an amended and restated Shareowner Rights Agreement. The rights under this agreement will only become exercisable if a person or group has acquired, or announced an intention to acquire, 15% or more of Alliant Energy's outstanding common stock. Each right will initially entitle registered shareowners to purchase from Alliant Energy one-half of one share of Alliant Energy's common stock. The rights will be exercisable at an initial price of $110.00 per full share, subject to adjustment. If any shareowner acquires 15% or more of the outstanding common stock of Alliant Energy, each right (subject to limitations) will entitle its holder to purchase, at the right's then current exercise price, a number of common shares of Alliant Energy or of the acquirer having a market value at the time of twice the right's per full share exercise price. Alliant Energy's Board of Directors is authorized to reduce the 15% ownership threshold to not less than 10%. The amended and restated Shareowner Rights Agreement expires in December 2018.

Dividend Restrictions - Alliant Energy is a holding company with no significant operations of its own therefore Alliant Energy is dependent upon receiving dividends from its subsidiaries to pay dividends to its shareowners. Alliant Energy does not have any significant common stock dividend restrictions. IPL and WPL each have common stock dividend restrictions based on the terms of their outstanding preferred stock and applicable regulatory limitations. At Dec. 31, 2011, IPL and WPL were in compliance with all such dividend restrictions.

Both IPL and WPL are restricted from paying common stock dividends to their parent company, Alliant Energy, if for any past or current dividend period, dividends on their respective preferred stock have not been paid, or declared and set apart for payment. IPL and WPL have paid all dividends on their respective preferred stock through 2011.

IPL's most significant regulatory limitation on distributions to its parent company requires IPL to obtain IUB approval for a reasonable utility capital structure if its common equity ratio falls below 42% of total capitalization. As of Dec. 31, 2011, IPL's amount of retained earnings that were free of restrictions was $351 million.

WPL's most significant regulatory limitation on distributions to its parent company is included in an order issued by the PSCW in 2009 that prohibits WPL from paying annual common stock dividends in excess of $112 million if WPL's common stock equity ratio is or will fall below 51.01%. WPL's dividends are also restricted to the extent that such dividend would reduce WPL's common stock equity ratio to less than 25%. As of Dec. 31, 2011, WPL's amount of retained earnings that were free of restrictions was $112 million for 2012.

Restricted Net Assets of Subsidiaries - Neither IPL nor WPL have regulatory authority to lend or advance any amounts to their parent company. As of Dec. 31, the amount of net assets of IPL and WPL that were not available to be transferred to their parent company in the form of loans, advances or cash dividends without the consent of IPL's and WPL's regulatory authorities was as follows (in billions):

	2011		2010
IPL	$	1.0	$	1.0
WPL		1.3		1.3

Capital Transactions With Subsidiaries - IPL, WPL and Resources paid common stock dividends and repayments of capital to their parent company, Alliant Energy, as follows (in millions):

	IPL						WPL						Resources
	2011		2010		2009		2011		2010		2009		2011		2010		2009
Common stock dividends	$	73.4	$	—	$	—	$	112.1	$	109.5	$	91.0	$	—	$	—	$	—
Repayments of capital		100.7		118.2		106.1		—		—		—		—		65.0		100.0
Total distributions from common equity	$	174.1	$	118.2	$	106.1	$	112.1	$	109.5	$	91.0	$	—	$	65.0	$	100.0

In 2008, FERC issued an order allowing IPL to pay up to $400 million in common equity distributions from additional paid-in capital, rather than retained earnings. As of Dec. 31, 2011, IPL did not have any remaining authority under this FERC order.

IPL, WPL and Resources received capital contributions from their parent company, Alliant Energy, as follows (in millions):

	IPL						WPL						Resources
	2011		2010		2009		2011		2010		2009		2011		2010		2009
Capital contributions	$	54.0	$	50.0	$	150.0	$	25.0	$	75.0	$	100.0	$	65.0	$	—	$	—