Stockholders' Equity

6 Months Ended

Jun. 30, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 4. Stockholders' Equity

During the second quarter of 2015, we reduced the number of shares of our common stock reported as outstanding by 1,430,819 shares (approximately 0.4% of our outstanding shares at March 31, 2015). This reduction is the result of a correction to properly reflect the number of shares actually issued in the merger with Encore Acquisition Company ("Encore") in March 2010. The stock and cash consideration originally issued and paid in the Encore merger was valued at $3.0 billion, which would have been reduced by $22.1 million for this share correction. As a result, we have recorded adjustments in the accompanying June 30, 2015, Unaudited Condensed Consolidated Balance Sheet to reflect a decrease in consideration paid in the Encore merger through a reduction of "Goodwill" ($22.1 million), offset by a reduction in an equal amount of the Company's stockholders' equity ($22.1 million). We determined that this correction in outstanding shares (1) had no impact on net income (loss) for the second quarter of 2015, our estimated results of operations for the year ending December 31, 2015, or for any prior period, and (2) was not material to our consolidated balance sheet, statement of cash flows, or basic or diluted earnings per common share for the second quarter of 2015, or for any prior period, and therefore we recorded the cumulative effect of correcting these items during the three months ended June 30, 2015.

Dividends

In each of the first two quarters of both 2015 and 2014, the Company's Board of Directors declared quarterly cash dividends of $0.0625 per common share, or an annual rate of $0.25 per common share. Dividends totaling $43.5 million were paid to stockholders during the six months endedJune 30, 2015 and 2014. See Note 9, Subsequent Event, for details regarding the dividend declared and to be paid in the third quarter of 2015.

Stock Repurchase Program

Under our board-authorized share repurchase program, we repurchased 12.4 million shares of Denbury common stock for $200.4 million during the first quarter of 2014. In November 2014, the Company's Board of Directors suspended the common share repurchase program in light of commodity price uncertainty and to protect our financial position.

Employee Stock Purchase Program

We previously provided for an Employee Stock Purchase Plan (the "Plan") in which funds from eligible employees, together with Company contributions, were 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. The Plan was terminated, effective at the end of the offering period ended on March 31, 2015, as all of the previously authorized shares reserved for issuance under the Plan had been issued.