Common Share Capitalization

12 Months Ended

Dec. 31, 2012

Stockholders' Equity Note [Abstract]

Common Share Capitalization

Common Share Capitalization

On August 20, 2012 the Company completed a public offering of 3.5 million common shares. The offering generated net proceeds to the Company of $76.7 million. On September 12, 2012 the Company issued an additional 525,000 common shares in connection with the exercise of the 15% overallotment option by underwriters as part of the Company’s public offering which closed on August 20, 2012. The exercise of the overallotment resulted in net proceeds to the Company of an additional $11.1 million. Net proceeds are after underwriters’ discount and offering costs.

Dividends are declared and paid on a quarterly basis in arrears. During each of the years ended December 31, 2012, 2011 and 2010 the Board of Directors authorized four dividends totaling $2.50 per share, $2.51 per share, and $2.45 per share, respectively. Total amount of dividends paid during the years ended December 31, 2012, 2011, and 2010 was $47.4 million, $42.4 million, and $33.9 million, respectively.

Detailed below is a roll-forward of the Company’s common shares outstanding for the years ended December 31, 2012, 2011, and 2010:

	Year Ended December 31, 2012		Year Ended December 31, 2011		Year Ended December 31, 2010
Common Shares Outstanding (12/31/2011, 12/31/2010, and 12/31/2009, respectively)	16,447,651		16,498,342		11,972,113
Share Activity:
Shares issued	4,025,000		—		4,500,000
Shares repurchased	(156,639	)	(60,980	)	—
Shares issued in connection with incentive fee payment	53,207		9,039		22,479
Director LTIP units exercised	1,250		1,250		3,750
Common Shares Outstanding (12/31/2012, 12/31/2011, and 12/31/2010, respectively)	20,370,469		16,447,651		16,498,342

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. On December 21, 2012, the Company repurchased 156,639 common shares in a privately negotiated unsolicited transaction at a price of $21.90 per share for a total purchase price of $3.4 million. As of December 31, 2012, the Company has repurchased 217,619 shares under its current share repurchase program at an aggregate cost of $4.5 million, or at an average per share price of $20.59.