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Changes in Capital Structure
 6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Changes in Capital Structure Changes in Capital Structure
As of June 30, 2022 and December 31, 2021, 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, 2021423,547,174 (179,793,275)243,753,899 
Shares issued under LTIPs321,213 — 321,213 
Shares issued under ESPP— 68,941 68,941 
Shares repurchased — (8,998,032)(8,998,032)
Balance as of June 30, 2022423,868,387 (188,722,366)235,146,021 
Shares issued under LTIPs1,121 — 1,121 
Balance as of July 31, 2022
423,869,508 (188,722,366)235,147,142 
Share Repurchases
On December 6, 2021 the Company announced that the Board of Directors has authorized $1 billion for share repurchases, as part of NRG’s capital allocation program. During 2021, $44 million of share repurchases were completed under this authorization. During the six months ended June 30, 2022, the Company completed $355 million of share repurchases under the plan at an average price of $39.43.
The following repurchases have been made during the six months ended June 30, 2022, and through July 31, 2022:
Total number of shares and share equivalents purchasedAverage price paid per share and share equivalentAmounts paid for shares and share equivalents purchased (in millions)
2022 repurchases
Repurchases8,998,032 $355 
Equivalent shares purchased in lieu of tax withholdings on equity compensation issuances(a)
138,581 6 
Total Share Repurchases during the six months ended June 30, 2022
9,136,613 $39.48361 
Equivalent shares purchased in July in lieu of tax withholdings on equity compensation issuances(a)
635 — 
Total Share Repurchases January 1, 2022 through July 31, 2022
9,137,248 $39.48$361 
(a)NRG elected to pay cash for tax withholding on equity awards instead of issuing actual shares to management. The average price per equivalent shares withheld was $42.89 and $35.98 for the six months ended June 30, 2022 and for July 2022, respectively
Employee Stock Purchase Plan
The Company offers 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 2022, NRG increased the annual dividend to $1.40 from $1.30 per share and expects to target an annual dividend growth rate of 7%-9% per share in subsequent years. A quarterly dividend of $0.35 per share was paid on the Company's common stock during the three months ended June 30, 2022. On July 20, 2022, NRG declared a quarterly dividend on the Company's common stock of $0.35 per share, payable on August 15, 2022 to stockholders of record as of August 1, 2022.
The Company's common stock dividends are subject to available capital, market conditions, and compliance with associated laws, regulations and other contractual obligations.