Changes in Capital Structure

As of June 30, 2018 and December 31, 2017, the Company had 500,000,000 shares of common stock authorized. The following table reflects the changes in NRG's common stock issued and outstanding:



	Issued	Treasury		Outstanding
Balance as of December 31, 2017	418,323,134	(101,580,045	)	316,743,089
Shares issued under LTIPs	1,373,655	—		1,373,655
Shares issued under ESPP	—	175,862		175,862
Shares repurchased	—	(14,863,301	)	(14,863,301	)
Balance as of June 30, 2018	419,696,789	(116,267,484	)	303,429,305

Employee Stock Purchase Plan

In January 2018, 175,862 shares of common stock were issued to employee accounts from treasury stock for the offering period of July 1, 2017, to December 31, 2017. In January 2018, NRG suspended the ESPP.

Share Repurchases

In February 2018, the Company's board of directors authorized the Company to repurchase $1 billion of its common stock, with the first $500 million program beginning as soon as permitted. The following repurchases have been made during the six months ended June 30, 2018.



	Total number of shares purchased	Average price paid per share ^(a)		Amounts paid for shares purchased (in millions) ^(a)
Board Authorized Share Repurchases
First Quarter 2018	3,114,748			$	93
Second Quarter 2018 ^(b)	11,748,553			407
Total Board Authorized Share Repurchases as of June 30, 2018	14,863,301			$	500
July 2018	860,880			—
Total Board Authorized Share Repurchases as of August 2, 2018	15,724,181	$	31.80	$	500

(a) The average price paid per share and amounts paid for shares purchased exclude the commissions of $0.01 per share paid in connection with the share repurchase.

(b) The share repurchases for the second quarter include 9,969,023 of the shares repurchased through the ASR Agreement, as described below.

Accelerated Share Repurchase

On May 24, 2018, the Company executed an accelerated share repurchase agreement, or ASR Agreement, with a financial institution to repurchase a total of $354 million of outstanding common stock based on a volume weighted average price. The Company received initial shares of 9,969,023, which were recorded in treasury stock at fair value based on the closing price of $343 million, with the remaining $11 million recorded in additional paid in capital, representing the value of the forward contract to purchase additional shares. In July 2018, the financial institution delivered the remaining shares pursuant to the ASR Agreement and the Company received an additional 860,880 shares. The average price paid for all of the shares delivered under the ASR Agreement was $32.69 per share. Upon receipt of the additional shares, the Company transferred the $11 million from additional paid in capital to treasury stock.

NRG Common Stock Dividends

The following table lists the dividends paid during the six months ended June 30, 2018:



	Second Quarter 2018		First Quarter 2018
Dividends per Common Share	$	0.03	$	0.03

On July 18, 2018, NRG declared a quarterly dividend on the Company's common stock of $0.03 per share, payable August 15, 2018, to stockholders of record as of August 1, 2018, representing $0.12 per share on an annualized basis.

The Company's common stock dividends are subject to available capital, market conditions, and compliance with associated laws, regulations and other contractual obligations.