shares of the Company's common stock. The program took effect on October 31, 2006. The table below presents annual shares repurchased and average price per share: 

Since the inception of our initial share repurchase program in 1984 through our current program as of December 31, 2010, we have purchased approximately 1.4 billion shares of our Company's common stock at an average price per share of $21.37. In addition to shares repurchased under the stock repurchase plans authorized by our Board of Directors, the Company's treasury stock activity also includes shares surrendered to the Company to pay the exercise price and/or to satisfy tax withholding obligations in connection with so-called stock swap exercises of employee stock options and/or the vesting of restricted stock issued to employees. In 2010, we repurchased approximately $3.1 billion of our stock, of which $3.0 billion settled prior to December 31, 2010. We currently expect to repurchase an additional $2.0 billion to $2.5 billion of our stock during 2011. 

Dividends 

At its February 2011 meeting, our Board of Directors increased our quarterly dividend by 7 percent, raising it to $0.47 per share, equivalent to a full year dividend of $1.88 per share in 2011. This is our 49th consecutive annual increase. Our annual common stock dividend was $1.76 per share, $1.64 per share and $1.52 per share in 2010, 2009 and 2008, respectively. The 2010 dividend represented a 7 percent increase from 2009, and the 2009 dividend represented an 8 percent increase from 2008. 

Off-Balance Sheet Arrangements and Aggregate Contractual Obligations 

Off-Balance Sheet Arrangements 

In accordance with the definition under SEC rules, the following qualify as off-balance sheet arrangements: 

any obligation under certain guarantee contracts; 

a retained or contingent interest in assets transferred to an unconsolidated entity or similar arrangement that serves as credit, liquidity or market risk support to that entity for such assets; 

any obligation under certain derivative instruments; and 

any obligation arising out of a material variable interest held by the registrant in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support to the registrant, or engages in leasing, hedging or research and development services with the registrant. 

As of December 31, 2010, we were contingently liable for guarantees of indebtedness owed by third parties of approximately $683 million, of which approximately $336 million related to VIEs. These guarantees primarily are related to third-party customers, bottlers, vendors and container manufacturing operations and have arisen through the normal course of business. These guarantees have various terms, and none of these guarantees was individually significant. The amount represents the maximum potential future payments that we could be required to make under the guarantees; however, we do not consider it probable that we will be required to satisfy these guarantees. Management concluded that the likelihood of any significant amounts being paid by our Company under these guarantees is not probable. As of December 31, 2010, we were