of the Company's common stock on October 18, 2012. The new share repurchase program will allow the Company to continue repurchasing shares following the completion of the prior program. 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 ofDecember 31, 2012, we have purchased approximately 3.0 billion shares

of our Company's common stock at an average price per share of $12.75. 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 2012, we repurchased $4.5 billion of our stock. However, due to the timing of settlements, the total amount of treasury stock purchases that settled during 2012 was $4.6 billion, which includes treasury stock that was purchased and settled during 2012 as well as treasury stock purchased in December 2011 that settled in early 2012. The net impact of the Company's treasury stock issuance and purchase activities in 2012 resulted in a net cash outflow of $3.1 billion. We currently expect to repurchase an additional $3.0 billion to $3.5 billion of our stock during 2013, net of proceeds from the issuance of stock due to the exercise of employee stock options. 

Dividends 

At its February 2013 meeting, our Board of Directors increased our quarterly dividend by 10 percent, raising it to $0.28 per share, equivalent to a full year dividend of $1.12 per share in 2013. This is our 51st consecutive annual increase. Our annual common stock dividend was $1.02 per share, $0.94 per share and $0.88 per share in 2012, 2011 and 2010, respectively. The 2012 dividend represented an 8.5 percent increase from 2011, and the 2011 dividend represented a 7 percent increase from 2010. 

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: 

anyobligationundercertainguarantee contracts; 

aretainedorcontingentinterestinassetstransferredtoanunconsolidatedentityorsimilararrangementthatservesascredit,liquidityormarketrisksupporttothatentity for such assets; 

anyobligationundercertainderivativeinstruments; and 

anyobligationarisingoutofamaterialvariableinterestheldbytheregistrantinanunconsolidatedentitythatprovidesfinancing,liquidity,marketriskorcreditrisk support to the registrant, or engages in leasing, hedging or research and development services with the registrant. 

As of December 31, 2012, we were contingently liable for guarantees of indebtedness owed by third parties of $671 million, of which $294 million was related to VIEs. These guarantees are primarily related to third-party customers, bottlers, vendors and container manufacturing operations and have arisen through the normal course of business. These