Common Share Capitalization

9 Months Ended

Sep. 30, 2011

Common Share Capitalization [Abstract]

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 nine month periods ended September 30, 2011 and 2010, payable to shareholders and LTIP holders (in thousands except per share amounts):

Nine Month Period Ended September 30, 2011:

	Dividend Per Share		Dividend Amount			Record Date		Payment Date
First Quarter	$	0.40	$	6,757			June 1, 2011		June 15, 2011
Second Quarter	$	0.40	$	6,752			September 1, 2011		September 15, 2011
Third Quarter	$	0.40	$	6,751	*		December 1, 2011		December 15, 2011

* Estimated

Nine Month Period Ended September 30, 2010:

	Dividend Per Share		Dividend Amount		Record Date		Payment Date
First Quarter	$	0.25	$	3,091		May 18, 2010		June 15, 2010
Second Quarter	$	0.15	$	1,855		September 1, 2010		September 15, 2010
Third Quarter	$	0.80	$	13,505		December 1, 2010		December 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 September 30, 2011 and 2010:

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

	Three Month Period Ended September 30, 2011			Three Month Period Ended September 30, 2010
Common Shares Outstanding (6/30/2011, 6/30/2010, respectively)		16,507,381			11,985,670
Share Activity:
Shares repurchased		(17,500	)		—
Common Shares Outstanding (9/30/2011, 9/30/2010, respectively)		16,489,881			11,985,670

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

Nine Month Periods Ended September 30, 2011 and September 30, 2010:

	Nine Month Period Ended September 30, 2011			Nine Month Period Ended September 30, 2010
Common Shares Outstanding (12/31/2010, 12/31/2009, respectively)		16,498,342			11,972,113
Share Activity:
Shares repurchased		(17,500	)		—
Shares issued in connection with incentive fee payment		9,039			11,057
Director LTIP units exercised		—			2,500
Common Shares Outstanding (9/30/2011, 9/30/2010, respectively)		16,489,881			11,985,670

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

On August 4, 2011, the Company's Board of Directors approved the adoption of a $10 million share repurchase program. The program, which is open-ended in duration, allows the Company to make repurchases from time to time on the open market or in negotiated transactions. Repurchases are at the Company's discretion, subject to applicable law, share availability, price and the Company's financial performance, among other considerations. As of September 30, 2011, the Company repurchased 17,500 shares at an aggregate cost of $0.3 million, or at an average per share price $17.62.