Common Share Capitalization

3 Months Ended

Mar. 31, 2013

Stockholders' Equity Note [Abstract]

Common Share Capitalization

Common Share Capitalization

Dividends are declared and paid on a quarterly basis in arrears. During the three month period ended March 31, 2013 the Board of Directors authorized a dividend of $0.77 per share as well as a special dividend of $0.75 per share. During the three month period ended March 31, 2012 the Board of Directors authorized a dividend of $0.40 per share. Total amount of dividends paid during the three month periods ended March 31, 2013 and 2012 was $31.9 million and $6.7 million, respectively.

Detailed below is a roll-forward of the Company's common shares outstanding for the three month periods ended March 31, 2013 and 2012:

	Three Month Period Ended March 31, 2013	Three Month Period Ended March 31, 2012
Common Shares Outstanding (12/31/2012 and 12/31/2011, respectively)	20,370,469	16,447,651
Share Activity:
Shares issued in connection with incentive fee payment	33,254	—
Common Shares Outstanding (3/31/2013 and 3/31/2012, respectively)	20,403,723	16,447,651

If all LTIP and OP units that have been previously issued were to become fully vested and exchanged for common shares as of March 31, 2013, the Company's issued and outstanding common shares would increase to 21,012,819, resulting in equity per share of $24.78 at March 31, 2013. If all of the LTIP units that have previously been issued were to become fully vested and exchanged for common shares as of December 31, 2012, the Company's issued and outstanding common shares would increase to 20,767,565 shares, resulting in equity per share of $24.38 at December 31, 2012.

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 March 31, 2013, 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.