Common Share Capitalization

6 Months Ended

Jun. 30, 2012

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 payable to shareholders and LTIP holders for the periods indicated below:

Six Month Period Ended June 30, 2012:

	Dividend Per Share			Dividend Amount		Record Date	Payment Date
(In thousands except for per share amounts)
First Quarter	$	0.70	$	11,787		June 1, 2012	June 15, 2012
Second Quarter	$	0.70	$	11,787	*	August 31, 2012	September 17, 2012

*Estimated

Six Month Period Ended June 30, 2011:

	Dividend Per Share			Dividend Amount	Record Date	Payment Date
(In thousands except for per share amounts)
First Quarter	$	0.40	$	6,757	June 1, 2011	June 15, 2011
Second Quarter	$	0.40	$	6,752	September 1, 2011	September 15, 2011

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, 2012 and 2011:

	Three Month Period	Three Month Period
	Ended June 30, 2012	Ended June 30, 2011
Common Shares Outstanding
(3/31/2012 and 3/31/2011, respectively)	16,447,651	16,504,742
Share Activity:
Shares issued in connection with incentive fee payment	0	2,639
Common Shares Outstanding
(6/30/2012 and 6/30/2011, respectively)	16,447,651	16,507,381

     Detailed below is a roll-forward of the Company's common shares outstanding for the six month periods ended June 30, 2012 and 2011:

	Six Month Period	Six Month Period
	Ended June 30, 2012	Ended June 30, 2011
Common Shares Outstanding
(12/31/2011 and 12/31/2010, respectively)	16,447,651	16,498,342
Share Activity:
Shares issued in connection with incentive fee payment	0	9,039
Common Shares Outstanding
(6/30/2012 and 6/30/2011, respectively)	16,447,651	16,507,381

     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 June 30, 2012, the Company repurchased 60,980 shares at an aggregate cost of $1.1 million, or at an average per share price of $17.22. No shares were repurchased during the six month period ending June 30, 2012.