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Stockholders' Equity
 12 Months Ended
Dec. 31, 2011
Stockholders' Equity [Abstract]  
Stockholders' Equity

17. Stockholders' Equity

 

The authorized capital stock of Devon consists of 1 billion shares of common stock, par value $0.10 per share, and 4.5 million shares of preferred stock, par value $1.00 per share. The preferred stock may be issued in one or more series, and the terms and rights of such stock will be determined by the Board of Directors.   

 

Devon's Board of Directors has designated 2.9 million shares of the preferred stock as Series A Junior Participating Preferred Stock (the "Series A Junior Preferred Stock"). At December 31, 2011, there were no shares of Series A Junior Preferred Stock issued or outstanding. The Series A Junior Preferred Stock is entitled to receive cumulative quarterly dividends per share equal to the greater of $1.00 or 100 times the aggregate per share amount of all dividends (other than stock dividends) declared on common stock since the immediately preceding quarterly dividend payment date or, with respect to the first payment date, since the first issuance of Series A Junior Preferred Stock. Holders of the Series A Junior Preferred Stock are entitled to 100 votes per share on all matters submitted to a vote of the stockholders. Devon, at its option, may redeem shares of the Series A Junior Participating Preferred Stock in whole at any time and in part from time to time, at a redemption price equal to 100 times the current per share market price of Devon's common stock on the date of the mailing of the notice of redemption. The Series A Junior Preferred Stock ranks prior to the common stock but junior to all other classes of Preferred Stock.

 

Stock Repurchases

 

During 2010, Devon's Board of Directors announced a share repurchase program that authorized the repurchase of up to $3.5 billion of its common shares. Devon completed the repurchase program in the fourth quarter of 2011. In total, Devon repurchased 49.2 million shares for $3.5 billion, or $71.18 per share. The following table summarizes Devon's repurchases under the 2010 program by year (amounts and shares in millions).

 

 

2011

2010

 

Amount

Shares

Per Share

Amount

Shares

Per Share

Repurchases

$   2,299

        30.9

$   74.49

$   1,201

        18.3

$   65.58

 

Dividends

 

Devon paid common stock dividends of $278 million (or $0.67 per share), $281 million (or $0.64 per share) and $284 million (or $0.64 per share) in 2011, 2010 and 2009 respectively. In the second quarter of 2011, Devon increased its dividend rate from $0.16 per share to $0.17 per share.