Common Share Capitalization

6 Months Ended

Jun. 30, 2011

Common Share Capitalization

Common Share Capitalization

7. Common Share Capitalization

On August 17, 2007, in connection with the initial offering of common shares of the Company, 12,500,000 shares were issued with no par value. In addition, 50 shares were issued to the Manager for the initial formation of the Company. On October 14, 2010, in connection with the closing of the initial public offering of common shares of the Company, 4,500,000 common shares were issued at a price of $22.50 per share.

The following tables set forth the dividend distributions authorized by the Board of Directors relating to the six month periods ended June 30, 2011 and 2010, payable to shareholders and LTIP holders:

Six Month Period Ended June 30, 2011

	Dividend Per Share		Dividend Amount		Record Date		Payment Date
First Quarter	$	0.40	$	6,756,952		June 1, 2011		June 15, 2011
Second Quarter	$	0.40	$	6,756,952		September 1, 2011		September 15, 2011

Six Month Period Ended June 30, 2010

	Dividend Per Share		Dividend Amount		Record Date		Payment Date
First Quarter	$	0.25	$	3,091,417		May 18, 2010		June 15, 2010
Second Quarter	$	0.15	$	1,854,849		September 1, 2010		September 15, 2010

Dividends are declared and paid on a quarterly basis in arrears.

Detailed below is a roll-forward of the Company's common shares outstanding for the three month periods ended June 30, 2011 and 2010:

Three Month Periods Ended June 30, 2011 and June 30, 2010:

	Three Month Period Ended June 30, 2011		Three Month Period Ended June 30, 2010
Common Shares Outstanding (3/31/2011, 3/31/2010, respectively)		16,504,742		11,983,695
Share Activity:
Shares issued in connection with incentive fee payment		2,639		1,975
Director LTIP units exercised		—		—
Common Shares Outstanding (6/30/2011, 6/30/2010, respectively)		16,507,381		11,985,670

Detailed below is a roll-forward of the Company's common shares outstanding for the six month periods ended June 30, 2011 and 2010:

Six Month Periods Ended June 30, 2011 and June 30, 2010:

	Six Month Period Ended June 30, 2011		Six Month Period Ended June 30, 2010
Common Shares Outstanding (12/31/2010, 12/31/2009, respectively)		16,498,342		11,972,113
Share Activity:
Shares issued in connection with incentive fee payment		9,039		11,057
Director LTIP units exercised		—		2,500
Common Shares Outstanding (6/30/2011, 6/30/2010, respectively)		16,507,381		11,985,670

As of June 30, 2011 and December 31, 2010, related parties of the Company owned approximately 20.6% of common shares and LTIP units outstanding.