Virginia Power or CNG when they are due on the junior subordi-nated debt instruments. If the payment on the junior subordinatednotes is deferred, the company that issued them may not makedistributions related to its capital stock, including dividends,redemptions, repurchases, liquidation payments or guaranteepayments. Also, during the deferral period, it may not make anypayments or redeem or repurchase any debt securities that areequal in right of payment with, or subordinated to, the juniorsubordinated notes.
80.Dominion2003Notes to Consolidated Financial Statements, Continued20.Shareholders’ EquityIssuance of Common StockDuring 2003, Dominion issued 17 million shares of commonstock and received proceeds of $990 million. Of this amount,11 million shares and proceeds of $683 million resulted from apublic offering. Net proceeds were used for general corporatepurposes, principally repayment of debt. The remainder of theshares issued and proceeds received in 2003 occurred throughDominion Direct®(a dividend reinvestment and open enrollmentdirect stock purchase plan), employee savings plans and theexercise of employee stock options.Repurchases of Common StockDominion is authorized by its Board of Directors to repurchase upto $650 million of Dominion common stock outstanding. As ofDecember 31, 2003, Dominion had repurchased approximately12 million shares for $537 million.Shares Reserved for IssuanceAt December 31, 2003, a total of 76 million shares was reservedand available for issuance pursuant to Dominion Direct®, variousemployee and director stock award and savings plans, stock pur-chase contracts associated with equity-linked debt securities andDominion’s Series A Mandatorily Convertible Preferred Stock. SeeNotes 9 and 18 for a discussion of Dominion’s issuance of665,000 shares of Series A Mandatorily Convertible PreferredStock, liquidation preference $1,000 per share to Piedmont ShareTrust, in connection with DFV.Accumulated Other Comprehensive IncomePresented in the table below is a summary of accumulated othercomprehensive income by component:At December 31,20032002(millions)Net unrealized losses on derivatives—hedging activities$(768)$(356)Net unrealized gains (losses) on investment securities89(72)Minimum pension liability adjustment(14)(14)Foreign currency translation adjustments64(4)Total accumulated other comprehensive loss$(629)$(446)Stock-Based AwardsThe following table provides a summary of changes in amountsof Dominion stock options outstanding as of and for the yearsended December 31, 2003, 2002 and 2001. Generally, the exer-cise price of Dominion employee stock options equals the marketprice of Dominion common stock on the date of grant.Weighted-Weighted-StockaverageaverageOptionsExercise PriceFair Value(thousands)Outstanding atDecember 31, 200010,331$41.77Exercisable atDecember 31, 20006,967$41.51Granted—2001(1)Exercise price < market priceon grant date480$33.21$23.69Exercise price = market priceon grant date11,471$61.20$11.24Exercise price > market priceon grant date194$62.27$ 9.43Exercised, cancelledand forfeited(1,484)$41.23Outstanding at