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Changes in Capital Structure
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Changes in Capital Structure Changes in Capital Structure
As of September 30, 2021 and December 31, 2020, 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:
IssuedTreasuryOutstanding
Balance as of December 31, 2020423,057,848 (178,825,915)244,231,933 
Shares issued under LTIPs487,413 — 487,413 
Shares issued under ESPP— 59,967 59,967 
Balance as of September 30, 2021423,545,261 (178,765,948)244,779,313 
Shares issued under LTIPs1,913 — 1,913 
Shares issued under ESPP— 57,425 57,425 
Balance as of November 4, 2021
423,547,174 (178,708,523)244,838,651 

Employee Stock Purchase Plan
In March 2019, the Company reopened participation in the ESPP, which allows eligible employees to elect to withhold between 1% and 10% of their eligible compensation to purchase shares of NRG common stock at the lesser of 95% of its market value on the offering date or 95% of the fair market value on the exercise date. An offering date occurs each April 1 and October 1. An exercise date occurs each September 30 and March 31.
NRG Common Stock Dividends
During the first quarter of 2021, NRG increased the annual dividend to $1.30 from $1.20 per share and expects to target an annual dividend growth rate of 7-9% per share in subsequent years. A quarterly dividend of $0.325 per share was paid on the Company's common stock during the three months ended September 30, 2021. On October 15, 2021, NRG declared a quarterly dividend on the Company's common stock of $0.325 per share, payable on November 15, 2021 to stockholders of record as of November 1, 2021. Beginning in the first quarter of 2022, NRG will increase the annual dividend by 8% to $1.40 per share.
The Company's common stock dividends are subject to available capital, market conditions, and compliance with associated laws, regulations and other contractual obligations.