During the years ended December 31, 2012, 2011, and 2010, the Company’s publicly traded subsidiaries, Teekay Tankers, Teekay Offshore and Teekay LNG completed the following public offerings and equity placements:


	Total Proceeds Received $		Less: Teekay Corporation Portion $			Offering Expenses $			Net Proceeds Received $
2012
Teekay Offshore Public Offerings		219,474		(4,389	)		(8,164	)		206,921
Teekay Offshore Direct Equity Placement		45,919		(919	)		—			45,000
Teekay Tankers Public Offerings		69,000		—			(3,229	)		65,771
Teekay LNG Public Offering		189,243		(3,784	)		(6,927	)		178,532
2011
Teekay Tankers Public Offerings		112,054		—			(4,820	)		107,234
Teekay Offshore Private Equity Placement		420,145		(230,144	)		(279	)		189,722
Teekay LNG Public Offerings		356,133		(7,123	)		(14,909	)		334,101
2010
Teekay Offshore Public Offerings		419,989		(8,400	)		(18,645	)		392,944
Teekay Tankers Public Offerings		243,977		(32,000	)		(9,279	)		202,698
Teekay LNG Direct Equity Placement		51,020		(1,020	)		—			50,000

(1)	Consists of the portion Teekay Corporation subscribed for in the public offering or equity placement.

As a result of the public offerings and equity placements of Teekay Tankers, Teekay Offshore and Teekay LNG, the Company recorded increases to retained earnings of $88.7 million (2012), $124.2 million (2011) and $123.2 million (2010). These amounts represent Teekay’s dilution gains from the issuance of units and shares in these consolidated subsidiaries.