Stockholders' Equity

12 Months Ended

Dec. 31, 2011

Notes to Financial Statements [Abstract]

Stockholders' Equity

16. Stockholders' Equity

Dividends. The table below presents the amount of cash dividends declared and paid in the respective periods.

Stockholder	Date	Amount		Amount
Record Date	Paid	Per Share		Paid
				(In thousands)
December 30, 2011	January 13, 2012	$	0.15	$	18,726
September 30, 2011	October 14, 2011		0.15		18,712
June 24, 2011	July 8, 2011		0.15		18,709
March 25, 2011	April 8, 2011		0.15		18,700
December 31, 2010	January 14, 2011	$	0.15	$	18,690
September 24, 2010	October 8, 2010		0.15		18,674
June 25, 2010	July 9, 2010		0.15		18,672
March 26, 2010	April 9, 2010		0.15		18,665
December 25, 2009	January 8, 2010	$	0.15	$	18,657
September 25, 2009	October 9, 2009		0.15		18,610
June 26, 2009	July 10, 2009		0.15		18,607
March 27, 2009	April 10, 2009		0.15		18,607

Under the terms of the indenture governing its Senior Notes, Southern Union may not declare or pay any cash or asset dividends on its common stock (other than dividends and distributions payable solely in shares of its common stock or in rights to acquire its common stock) or acquire or retire any shares of its common stock, unless no event of default exists and certain financial ratio requirements are satisfied. Currently, the Company is in compliance with these requirements and, therefore, the Senior Notes indenture does not prohibit the Company from paying cash dividends.

Stock Award Plans. The Third Amended 2003 Plan allows for awards in the form of stock options (either incentive stock options or non-qualified options), SARs, stock bonus awards, restricted stock, performance units or other equity-based rights. The persons eligible to receive awards under the Third Amended 2003 Plan include all of the employees, directors, officers and agents of, and other service providers to, the Company and its affiliates and subsidiaries. Under the Third Amended 2003 Plan: (i) no participant may receive in any calendar year awards covering more than 500,000 shares; (ii) the exercise price for a stock option may not be less than 100 percent of the fair market value of the common stock on the date of grant; and (iii) no award may be granted after September 28, 2013.

The Company maintained its 1992 Plan, under which options to purchase 8,491,540 shares of its common stock were authorized to be granted until July 1, 2002 to officers and key employees. Options granted under the 1992 Plan were exercisable for ten years from the date of grant or such lesser period as designated for particular options, and became exercisable after a specified period of time from the date of grant in cumulative annual installments. All awards granted under the Company's 1992 plan were expired as of December 31, 2011.

For more information on stock-based awards, see Note 14 – Stock-Based Compensation.