Stockholders' Equity

12 Months Ended

Dec. 31, 2012

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 7. Stockholders' Equity

Stock Repurchase Program

In October 2011, we commenced a common share repurchase program for up to $500 million of Denbury common shares, as approved by the Company's Board of Directors.  During 2012, the Board of Directors increased the dollar amount of Denbury common shares that can be purchased under the program to an aggregate of $771.2 million. The program has no pre-established ending date and may be suspended or discontinued at any time.  We are not obligated to repurchase any dollar amount or specific number of shares of our common stock under the program.  During 2012, we repurchased 17.0 million shares of Denbury common stock for $266.7 million, or $15.71 per share, and during 2011, we repurchased 14.1 million shares of Denbury common stock for $195.2 million, or $13.83 per share under this share repurchase program. From the time the share repurchase program commenced in October 2011 through December 31, 2012, we have purchased 31.1 million shares of Denbury common stock (approximately 7.7% of our outstanding shares of common stock at September 30, 2011) at a cost of $461.9 million, and at that date, we were authorized to spend an additional $309.3 million under this repurchase program. We account for treasury stock using the cost method and include treasury stock as a component of stockholders’ equity. See Note 13, Subsequent Events, for additional information.

Other share repurchases during 2012 and 2011, and all of our share repurchases during 2010 were from our employees who surrendered shares to the Company to satisfy their minimum tax withholding requirements as provided for under our stock compensation plans and were not part of a formal stock repurchase plan.

Employee Stock Purchase Plan

We have an Employee Stock Purchase Plan that is authorized to issue up to 9,900,000 shares of common stock.  As of December 31, 2012, there were 462,131 authorized shares remaining to be issued under the plan.  In accordance with the plan, eligible employees may contribute up to 10% of their base salary, and we match 75% of their contribution.  The combined funds are used to purchase previously unissued Denbury common stock or treasury stock that we purchased in the open market for that purpose, in either case, based on the market value of our common stock at the end of each quarter.  We recognize compensation expense for the 75% Company match portion, which totaled $5.7 million, $4.8 million and $3.5 million for the years ended December 31, 2012, 2011 and 2010, respectively.  This plan is administered by the Compensation Committee of our Board of Directors.

401(k) Plan

We offer a 401(k) plan to which employees may contribute tax-deferred earnings subject to IRS limitations.  We match 100% of an employee’s contribution, up to 6% of compensation, as defined by the plan, which is vested immediately.  During 2012, 2011 and 2010, our matching contributions to the 401(k) Plan were approximately $8.0 million, $7.1 million and $5.7 million, respectively.