| Schedule of Common Stock Activity |
The table below summarizes our common stock activity for the years ended December 31, 2014, 2013 and 2012. | | | | | | | | | | | Shares Issued | | Shares Held in Treasury | | Shares Outstanding | Balance, December 31, 2011 | 490,468,815 |
| | (8,725,077 | ) | | 481,743,738 |
| Shares issued under Calpine Equity Incentive Plans | 2,026,285 |
| | (284,376 | ) | | 1,741,909 |
| Share repurchase program | — |
| | (26,436,677 | ) | | (26,436,677 | ) | Balance, December 31, 2012 | 492,495,100 |
| | (35,446,130 | ) | | 457,048,970 |
| Shares issued under Calpine Equity Incentive Plans | 5,345,956 |
| | (2,323,828 | ) | | 3,022,128 |
| Share repurchase program | — |
| | (31,032,110 | ) | | (31,032,110 | ) | Balance, December 31, 2013 | 497,841,056 |
| | (68,802,068 | ) | | 429,038,988 |
| Shares issued under Calpine Equity Incentive Plans | 4,445,966 |
| | (1,879,167 | ) | | 2,566,799 |
| Share repurchase program | — |
| | (49,684,523 | ) | | (49,684,523 | ) | Balance, December 31, 2014 | 502,287,022 |
| | (120,365,758 | ) | | 381,921,264 |
|
|