Common Share Capitalization

12 Months Ended

Dec. 31, 2013

Stockholders' Equity Note [Abstract]

Common Share Capitalization

Common Share Capitalization

On May 14, 2013 the Company completed a secondary public offering of 5.0 million common shares. The offering generated net proceeds to the Company of $125.3 million, after offering costs.

On August 20, 2012 the Company completed a secondary public offering of 3.5 million 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 a part of the Company's secondary 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 the years ended December 31, 2013, 2012, and 2011, the Board of Directors authorized four dividends totaling $3.83, $2.50, and $2.51 per share, respectively. Total dividends paid during the years ended December 31, 2013, 2012, and 2011 was $92.1 million, $47.4 million, and $42.4 million, respectively.

Detailed below is a roll-forward of the Company's common shares outstanding for the years ended December 31, 2013, 2012, and 2011:

	Year Ended December 31, 2013	Year Ended December 31, 2012		Year Ended December 31, 2011
Common Shares Outstanding (12/31/2012, 12/31/2011, and 12/31/2010, respectively)	20,370,469	16,447,651		16,498,342
Share Activity:
Shares issued	5,000,000	4,025,000		—
Shares repurchased	—	(156,639	)	(60,980	)
Shares issued in connection with incentive fee payment	55,935	53,207		9,039
Director LTIP units exercised	1,782	1,250		1,250
Common Shares Outstanding (12/31/2013, 12/31/2012, and 12/31/2011, respectively)	25,428,186	20,370,469		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 December 31, 2013, the Company's issued and outstanding common shares would increase to 26,051,238, resulting in equity per share of $23.99 as of December 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 and 2011, the Company's issued and outstanding common shares would increase to 20,767,565 and 16,838,151 shares, respectively, resulting in equity per share of $24.38 and $22.03 as of December 31, 2012 and 2011, respectively.

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, 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.