Virginia Power or CNG when they are due on the junior subordi nated debt

Virginia power or cng when they are due on the junior

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Virginia Power or CNG when they are due on the junior subordi- nated debt instruments. If the payment on the junior subordinated notes is deferred, the company that issued them may not make distributions related to its capital stock, including dividends, redemptions, repurchases, liquidation payments or guarantee payments. Also, during the deferral period, it may not make any payments or redeem or repurchase any debt securities that are equal in right of payment with, or subordinated to, the junior subordinated notes.
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80 . Dominion 2003 Notes to Consolidated Financial Statements, Continued 20. Shareholders’ Equity Issuance of Common Stock During 2003, Dominion issued 17 million shares of common stock and received proceeds of $990 million. Of this amount, 11 million shares and proceeds of $683 million resulted from a public offering. Net proceeds were used for general corporate purposes, principally repayment of debt. The remainder of the shares issued and proceeds received in 2003 occurred through Dominion Direct ® (a dividend reinvestment and open enrollment direct stock purchase plan), employee savings plans and the exercise of employee stock options. Repurchases of Common Stock Dominion is authorized by its Board of Directors to repurchase up to $650 million of Dominion common stock outstanding. As of December 31, 2003, Dominion had repurchased approximately 12 million shares for $537 million. Shares Reserved for Issuance At December 31, 2003, a total of 76 million shares was reserved and available for issuance pursuant to Dominion Direct ® , various employee and director stock award and savings plans, stock pur- chase contracts associated with equity-linked debt securities and Dominion’s Series A Mandatorily Convertible Preferred Stock. See Notes 9 and 18 for a discussion of Dominion’s issuance of 665,000 shares of Series A Mandatorily Convertible Preferred Stock, liquidation preference $1,000 per share to Piedmont Share Trust, in connection with DFV. Accumulated Other Comprehensive Income Presented in the table below is a summary of accumulated other comprehensive income by component: At December 31, 2003 2002 (millions) Net unrealized losses on derivatives hedging activities $(768) $(356) Net unrealized gains (losses) on investment securities 89 (72) Minimum pension liability adjustment (14) (14) Foreign currency translation adjustments 64 (4) Total accumulated other comprehensive loss $(629) $(446) Stock-Based Awards The following table provides a summary of changes in amounts of Dominion stock options outstanding as of and for the years ended December 31, 2003, 2002 and 2001. Generally, the exer- cise price of Dominion employee stock options equals the market price of Dominion common stock on the date of grant. Weighted- Weighted- Stock average average Options Exercise Price Fair Value (thousands) Outstanding at December 31, 2000 10,331 $41.77 Exercisable at December 31, 2000 6,967 $41.51 Granted 2001 (1) Exercise price < market price on grant date 480 $33.21 $23.69 Exercise price = market price on grant date 11,471 $61.20 $11.24 Exercise price > market price on grant date 194 $62.27 $ 9.43 Exercised, cancelled and forfeited (1,484) $41.23 Outstanding at
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