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The Lyot project used an optimized Lyot coronagraph with Extreme AdaptiveOptics at the 3.63m Advanced Electro-Optical System telescope (AEOS) to observe86 stars from 2004 to 2007. In this paper we give an overview of the surveyresults and a statistical analysis of the observed nondetections around 58 ofour targets to place constraints on the population of substellar companions tonearby stars. The observations did not detect any companion in the substellarregime. Since null results can be as important as detections, we analyzed eachobservation to determine the characteristics of the companions that can beruled out. For this purpose we use a Monte Carlo approach to produce artificialcompanions, and determine their detectability by comparison with thesensitivity curve for each star. All the non-detection results are combinedusing a Bayesian approach and we provide upper limits on the population ofgiant exoplanets and brown dwarfs for this sample of stars. Our nondetectionsconfirm the rarity of brown dwarfs around solar-like stars and we constrain thefrequency of massive substellar companions (M>40Mjup) at orbital separationbetween and 10 and 50 AU to be <20%.

The Lyot Project Direct Imaging Survey of Substellar Companions: Statistical Analysis and Information from Nondetections