As always, there is a mix of shock and joy amongst the nominees as they receive "the phone call" to let them know they're nominated. Quotes are starting to surface from Tinseltown as celebrities speak to the media.
Here's our roundup of memorable celebrity reactions thus far.
Nicole Kidman, Best Actress for 'Rabbit Hole': "What an extraordinary journey this film has taken me on! 'Rabbit Hole' has been a labor of love, and I'm so thankful to John Cameron Mitchell, David Lindsay-Abaire and the brilliant cast." (The Hollywood Reporter)
Geoffrey Rush, Best Supporting Actor for 'The King's Speech': "I'm as excited to be recognized and honored by the Academy as my character must have been when his London speech-therapy business flourished when the future King of England happened to pop by one day." (The Hollywood Reporter)
Colin Firth, Best Actor for 'The King's Speech': "Currently celebrating with my colleagues three feet above the ground. I'm not used to this much joy or this much champagne at this hour." (ET Canada via Twitter)
Jeremy Renner, Best Supporting Actor for 'The Town': "I am truly overwhelmed with gratitude by this recognition by the Academy this morning. I'm smiling from ear to ear knowing that lightning can strike twice, and it feels electrifying!" (eTalk via Twitter)
Mark Ruffalo, Best Supporting Actor for 'The Kids Are All Right': "I had no idea they were announcing today, I swear! I was totally taken by surprise. I just dropped the kids off at carpool. I was about five minutes from the school with a car full of kids. With so many kids, I didn't even realize it was today. I'm glad I forgot about it. It's made it all the more, I don't know, just sweet and poignant and unexpected, you know?" (Entertainment Weekly)
Joel and Ethan Coen, Best Directors for 'True Grit': "Ten [nominations] seems like an awful lot. We don't want to take anyone else's." (AwardsDaily via Twitter)
Darren Aronofsky, Best Director for 'Black Swan': "It's very insane. It's beyond all our expectations. You don't go in with expectations, especially when you are making a film that's scary and psychological and not common. I'm really happy that the Academy is recognizing this kind of movie. It's very exciting." (Entertainment Weekly)
Natalie Portman, Best Actress for 'Black Swan': "I am so honored and grateful to the Academy for this recognition. It is a wonderful culmination of the 10-year journey with Darren to make this film. Making 'Black Swan' is already the most meaningful experience of my career, and the passion shown for the film has completed the process of communication between artists and audience. I am so thankful for the support we have received and I share this honor with the entire cast and crew of the film, especially Darren Aronofsky." (ET Canada via Twitter)
David Fincher, Best Director for 'The Social Network': "I'm very grateful and humbled by the nominations for 'The Social Network.' I'm incredibly proud of the work of my wildly talented collaborators in front of and behind the camera, all of whom gave the best of themselves and their talents in service to a film about a groundbreaking American innovation. The success of our movie belongs to many people, and this nomination is theirs to share." (Entertainment Weekly)