Capital Structure

On August 17, 2017, we entered into the Merger Agreement with Volt Parent, LP (“Volt Parent”) and Volt Merger Sub, Inc. (“Merger Sub”), a wholly-owned subsidiary of Volt Parent, pursuant to which Merger Sub merged with and into Calpine, with Calpine surviving the Merger as a subsidiary of Volt Parent. On March 8, 2018, we completed the Merger contemplated in the Merger Agreement.

At the effective time of the Merger, each share of Calpine common stock outstanding as of immediately prior to the effective time of the Merger (excluding certain shares as described in the Merger Agreement) ceased to be outstanding and was converted into the right to receive $15.25 per share in cash or approximately $5.6 billion in total. Also at the effective time of the Merger, the common stock of Merger Sub became the new common stock of Calpine Corporation.

Common Stock

Our authorized common stock consists of 5,000 shares of Calpine Corporation common stock as of December 31, 2019 and 2018. Common stock issued as of December 31, 2019 and 2018, was 105.2 shares, at a par value of $0.001 per share. Common stock outstanding as of December 31, 2019 and 2018, was 105.2 shares. The table below summarizes our common stock activity for the years ended December 31, 2019, 2018 and 2017.



	Shares Issued		Shares Held in Treasury		Shares Outstanding
Balance, December 31, 2016	359,627,113		(565,349	)	359,061,764
Shares issued under Calpine Equity Incentive Plans	2,050,778		(596,451	)	1,454,327
Balance, December 31, 2017	361,677,891		(1,161,800	)	360,516,091
Shares issued under Calpine Equity Incentive Plans	355,805		(477,711	)	(121,906	)
Cancellation of Calpine Corporation common stock in accordance with the Merger Agreement	(362,033,696	)	1,639,511		(360,394,185	)
Conversion of Merger Sub common stock to Calpine Corporation common stock in accordance with the Merger Agreement	105.2		—		105.2
Balance, December 31, 2018	105.2		—		105.2
Shares issued under Calpine Equity Incentive Plans	—		—		—
Balance, December 31, 2019	105.2		—		105.2