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Common Shareholders' Equity
 6 Months Ended
Jun. 30, 2011
Common Shareholders' Equity

11. Common Shareholders' Equity

DPL has 250,000,000 authorized common shares, of which 117,712,910 are outstanding at June 30, 2011.

On October 27, 2010, the DPL Board of Directors approved a new Stock Repurchase Program under which DPL may repurchase up to $200 million of its common stock from time to time in the open market, through private transactions or otherwise. This 2010 Stock Repurchase Program is scheduled to run through December 31, 2013 but may be modified or terminated at any time without notice. Under this 2010 Stock Repurchase Program, DPL repurchased 2.04 million shares at an average per share price of $25.75 during the fourth quarter of 2010. No share repurchases were made during the six months ended June 30, 2011. At June 30, 2011, the amount still available that could be used to repurchase stock under this program is approximately $147.5 million. As a result of the Proposed Merger with The AES Corporation, discussed further in Note 16 of Notes to Condensed Consolidated Financial Statements, the 2010 Stock Repurchase Program has been suspended.

On October 28, 2009, the DPL Board of Directors approved a Stock Repurchase Program under which DPL may use proceeds from the exercise of DPL warrants held by warrant holders to repurchase other outstanding DPL warrants or its common stock from time to time in the open market, through private transactions or otherwise. This 2009 Stock Repurchase Program is scheduled to run through June 30, 2012, which is three months after the end of the warrant exercise period. Under this 2009 Stock Repurchase Program, DPL repurchased a total of 145,915 shares during the three months ended March 31, 2010 at an average per share price of $26.71, effectively utilizing the entire $3.9 million that was available to repurchase stock at December 31, 2009. As a result of the Proposed Merger with The AES Corporation, discussed further in Note 16 of Notes to Condensed Consolidated Financial Statements, the 2009 Stock Repurchase Program has been suspended. In June 2011, 0.7 million warrants were exercised with proceeds of $14.7 million. Since the Stock Repurchase Program has been suspended, the proceeds from the June 2011 exercise of warrants and proceeds received from any future exercise of warrants will not be used to repurchase stock.

Pursuant to the warrant agreement, DPL has authorized common shares sufficient to provide for the exercise in full of all outstanding warrants. At June 30, 2011, DPL had 1.0 million outstanding warrants which are exercisable in the future.

Rights Agreement

DPL has a Rights Agreement, dated as of September 25, 2001, with Computershare Trust Company, N.A. (the "Rights Agreement"). The Rights Agreement attached one right to each common share outstanding at the close of business on December 31, 2001. The rights separate from the common shares and become exercisable at the exercise price of $130 per right in the event of certain attempted business combinations.

The Rights Agreement was amended as of April 19, 2011, to provide that neither the execution of the Merger Agreement nor the consummation of the transactions contemplated by the Merger Agreement will trigger the provisions of the Rights Agreement. As amended, DPL plans to keep the Rights Agreement in place until just prior to the effective time of the Proposed Merger.
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Common Shareholders' Equity

11. Common Shareholders' Equity

DPL has 250,000,000 authorized common shares, of which 117,712,910 are outstanding at June 30, 2011.

On October 27, 2010, the DPL Board of Directors approved a new Stock Repurchase Program under which DPL may repurchase up to $200 million of its common stock from time to time in the open market, through private transactions or otherwise. This 2010 Stock Repurchase Program is scheduled to run through December 31, 2013 but may be modified or terminated at any time without notice. Under this 2010 Stock Repurchase Program, DPL repurchased 2.04 million shares at an average per share price of $25.75 during the fourth quarter of 2010. No share repurchases were made during the six months ended June 30, 2011. At June 30, 2011, the amount still available that could be used to repurchase stock under this program is approximately $147.5 million. As a result of the Proposed Merger with The AES Corporation, discussed further in Note 16 of Notes to Condensed Consolidated Financial Statements, the 2010 Stock Repurchase Program has been suspended.

On October 28, 2009, the DPL Board of Directors approved a Stock Repurchase Program under which DPL may use proceeds from the exercise of DPL warrants held by warrant holders to repurchase other outstanding DPL warrants or its common stock from time to time in the open market, through private transactions or otherwise. This 2009 Stock Repurchase Program is scheduled to run through June 30, 2012, which is three months after the end of the warrant exercise period. Under this 2009 Stock Repurchase Program, DPL repurchased a total of 145,915 shares during the three months ended March 31, 2010 at an average per share price of $26.71, effectively utilizing the entire $3.9 million that was available to repurchase stock at December 31, 2009. As a result of the Proposed Merger with The AES Corporation, discussed further in Note 16 of Notes to Condensed Consolidated Financial Statements, the 2009 Stock Repurchase Program has been suspended. In June 2011, 0.7 million warrants were exercised with proceeds of $14.7 million. Since the Stock Repurchase Program has been suspended, the proceeds from the June 2011 exercise of warrants and proceeds received from any future exercise of warrants will not be used to repurchase stock.

Pursuant to the warrant agreement, DPL has authorized common shares sufficient to provide for the exercise in full of all outstanding warrants. At June 30, 2011, DPL had 1.0 million outstanding warrants which are exercisable in the future.

Rights Agreement

DPL has a Rights Agreement, dated as of September 25, 2001, with Computershare Trust Company, N.A. (the "Rights Agreement"). The Rights Agreement attached one right to each common share outstanding at the close of business on December 31, 2001. The rights separate from the common shares and become exercisable at the exercise price of $130 per right in the event of certain attempted business combinations.

The Rights Agreement was amended as of April 19, 2011, to provide that neither the execution of the Merger Agreement nor the consummation of the transactions contemplated by the Merger Agreement will trigger the provisions of the Rights Agreement. As amended, DPL plans to keep the Rights Agreement in place until just prior to the effective time of the Proposed Merger.