Vectren 2010 Annual Report Download - page 125

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12/30/05 12/29/06 12/31/07 12/31/08 12/31/09 12/31/10
Vectren 100.00 108.97 116.87 105.80 110.60 120.18
S&P 500 100.00 115.79 122.16 76.96 97.33 111.99
2011 Peer Group 100.00 119.83 123.44 94.70 110.31 129.37
2010 Peer Group 100.00 122.25 125.41 103.55 120.56 142.97
COMPARISON OF 5-YEAR WEIGHTED CUMULATIVE TOTAL RETURN*
A
MONG VECTREN CORPORATION, THE S&P 500 INDEX AND THE VECTREN PEER GROUP
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10
Vectren S&P 500 2011 Peer Group 2010 Peer Group
*$100 invested on 12/30/05 in stock or index, including reinvestment of dividends.
Companies that qualify for inclusion in the 2011 Peer Group include US domiciled companies that meet certain criteria
involving primary business as defined by SIC, utility assets, nonutility activities and market capitalization. The specific
criteria are provided in Vectren's 2011 Proxy Statement in the Compensation Discussion and Analysis section under the
caption "Long-term Incentive Compensation." The following 21 companies comprise the 2011 Peer Group: ALLETE,
Alliant Energy, Ameren, Avista, Black Hills, CenterPoint Energy, CH Energy Group, CMS Energy, DTE Energy, Empire
District Electric, Integrys Energy, NiSource, Northeast Utilities, NorthWestern, NSTAR, NV Energy, Pepco Holdings,
SCANA, TECO Energy, UniSource Energy and Wisconsin Energy. The Peer Group does not include Vectren.
In December 2010, the Compensation and Benefits Committee reviewed the Company's peer group and determined that it
would be appropriate to make certain changes to the selection criteria for the 2011 Peer Group. Given the earnings from
the Company's regulated operations are about evenly split between gas and electric, the Committee believes that a move
toward a peer group consisting only of combination gas and electric utilities provides a more comparable business mix and
risk profile. For the 2011 Peer Group, this decision removed the following pure gas companies: AGL Resources, Atmos
Energy, Laclede Group, New Jersey Resources, Nicor, Northwest Natural Gas, Piedmont Natural Gas, South Jersey
Industries, Southwest Gas and WGL Holdings. Ameren and DTE Energy were added to the 2011 Peer Group having met
the criteria for inclusion.
As required by the Securities and Exchange Commission, the cumulative total return for both the 2010 and 2011 Peer
Groups has been provided for comparison purposes.
123