Common Share Capitalization

12 Months Ended

Dec. 31, 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.

The following table sets forth the dividend distributions authorized by the Board of Directors, payable to shareholders and LTIP holders:

Year Ended December 31, 2011:

(In thousands except for per share amounts)	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	$	6,747	December 1, 2011	December 15, 2011
Fourth Quarter	$	0.40	$	6,735	March 1, 2012	March 15, 2012

Year Ended December 31, 2010:

(In thousands except for per share amounts)	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
Fourth Quarter	$	1.31	$	22,126	March 1, 2011	March 15, 2011

Year Ended December 31, 2009:

(In thousands except for per share amounts)	Dividend Per Share		Dividend Amount		Record Date	Payment Date
First Quarter		N/A		N/A	N/A	N/A
Second Quarter	$	1.50	$	18,477	September 1, 2009	September 15, 2009
Third Quarter	$	1.00	$	12,355	December 1, 2009	December 15, 2009
Fourth Quarter	$	1.25	$	15,455	March 1, 2010	March 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 years ended December 31, 2011, 2010 and 2009:

	Year Ended December 31, 2011			Year Ended December 31, 2010		Year Ended December 31, 2009
Common Shares Outstanding
(12/31/2010, 12/31/2009, 12/31/2008 respectively)		16,498,342			11,972,113		12,510,033
Share Activity:
Shares issued from initial public offering		—			4,500,000		—
Shares repurchased		(60,980	)		—		(608,500	)
Shares issued in connection with incentive fee payment		9,039			22,479		68,080
Director LTIP units exercised		1,250			3,750		2,500
Common Shares Outstanding
(12/31/2011, 12/31/2010, 12/31/2009 respectively)		16,447,651			16,498,342		11,972,113

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 December 31, 2011, the Company repurchased 60,980 shares at an aggregate cost of $1.1 million or at an average per share price $17.22.

On March 2, 2009, the Company repurchased 500,000 shares of its own shares in a privately negotiated unsolicited transaction at a price of $12 per share for a total purchase price of $6.0 million. On April 20, 2009, the Company repurchased 106,000 of its own shares in a privately negotiated unsolicited transaction at a price of $12.25 for a total purchase price of $1.3 million. On May 27, 2009, the Company repurchased 2,500 of its own shares in a privately negotiated unsolicited transaction at a price of $13 for a total purchase price of $0.03 million.