| Schedule of Common Stock Activity |
The table below summarizes our common stock activity for the years ended December 31, 2011, 2010 and 2009. | | | | | | | | | | | | | | | | | Shares Issued | | Shares Held in Treasury | | Shares Held in Reserve | | Inter- Creditor Disputes | | Total | Balance, December 31, 2008 | 429,025,057 |
| | (65,032 | ) | | 48,162,203 |
| | 9,752,261 |
| | 486,874,489 |
| Resolution of claims/inter-creditor disputes | 13,167,420 |
| | — |
| | (3,415,159 | ) | | (9,752,261 | ) | | — |
| Shares issued under Calpine Equity Incentive Plans | 1,133,350 |
| | (262,540 | ) | | — |
| | — |
| | 870,810 |
| Balance, December 31, 2009 | 443,325,827 |
| | (327,572 | ) | | 44,747,044 |
| | — |
| | 487,745,299 |
| Resolution of claims | 488,612 |
| | — |
| | (488,612 | ) | | — |
| | — |
| Shares issued under Calpine Equity Incentive Plans | 1,068,917 |
| | (120,586 | ) | | — |
| | — |
| | 948,331 |
| Balance, December 31, 2010 | 444,883,356 |
| | (448,158 | ) | | 44,258,432 |
| | — |
| | 488,693,630 |
| Resolution of claims | 44,258,432 |
| | — |
| | (44,258,432 | ) | | — |
| | — |
| Shares issued under Calpine Equity Incentive Plans | 1,327,027 |
| | (139,846 | ) | | — |
| | — |
| | 1,187,181 |
| Share repurchase program | — |
| | (8,137,073 | ) | | — |
| | — |
| | (8,137,073 | ) | Balance, December 31, 2011 | 490,468,815 |
| | (8,725,077 | ) | | — |
| | — |
| | 481,743,738 |
|
|