Stockholders' Equity

12 Months Ended

Dec. 31, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 7. Stockholders' Equity

Dividends

During 2014, we paid aggregate cash dividends of $87.0 million to holders of our outstanding common stock at a quarterly rate of $0.0625 per outstanding common share, or an annual rate of $0.25 per common share. See Note 14, Subsequent Events, for details regarding the dividend declared in the first quarter of 2015.

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 and 2013, the Board of Directors increased the dollar amount of Denbury common shares that could be purchased under the program to an aggregate of up to $1.162 billion. The program has no pre-established ending date and may be suspended or discontinued at any time.  In November 2014, the Company's Board of Directors suspended the common share repurchase program in light of commodity price uncertainty and to maintain our solid financial position. We are not obligated to repurchase any dollar amount or specific number of shares of our common stock under the program.  The following table presents a summary of repurchases under our share repurchase program:

	Total Repurchases Since Inception		Year Ended December 31,
In thousands, except per-share data			2014		2013		2012
Total amount repurchased	$	940,021	$	200,369	$	277,768	$	266,657
Weighted average price per share	$	15.68	$	16.16	$	16.87	$	15.71
Denbury common stock repurchased (shares)	59,957		12,398		16,469		16,978

As of December 31, 2014, an additional $221.9 million remains authorized for purchases of common stock under this repurchase program (but subject to the current suspension of this program by the Company's Board of Directors in November 2014). We account for treasury stock using the cost method and include treasury stock as a component of stockholders' equity.

Employee Stock Purchase Plan

We have an Employee Stock Purchase Plan that is authorized to issue up to 11,900,000 shares of common stock.  As of December 31, 2014, there were 354,074 authorized shares remaining to be issued under the plan.  We intend to increase the number of shares authorized for issuance under this plan, subject to shareholder approval at our 2015 annual meeting. 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 Company match portion, which totaled $7.0 million, $6.5 million and $5.7 million for the years ended December 31, 2014, 2013 and 2012, 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 2014, 2013 and 2012, our matching contributions to the 401(k) Plan were approximately $9.9 million, $9.0 million and $8.0 million, respectively.