Common Share Capitalization

3 Months Ended

Mar. 31, 2014

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, 2014, the Board of Directors authorized a dividend totaling $0.77. 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. Total dividends paid during the three month periods ended March 31, 2014 and 2013 were $20.1 million and $31.9 million, respectively.

Detailed below is a roll-forward of the Company's common shares outstanding for the three month periods ended March 31, 2014 and 2013:

	Three Month Period Ended March 31, 2014	Three Month Period Ended March 31, 2013
Common Shares Outstanding (12/31/2013 and 12/31/2012, respectively)	25,428,186	20,370,469
Share Activity:
Shares issued in connection with incentive fee payment	13,564	33,254
Common Shares Outstanding (3/31/2014 and 3/31/2013, respectively)	25,441,750	20,403,723

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, 2014 and 2013, the Company's issued and outstanding common shares would increase to 26,064,802 and 21,012,819 shares, respectively, resulting in equity per share of $24.10 and $24.78, respectively, as of March 31, 2014 and 2013.

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, 2014, 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. The Company did not repurchase any shares during the three month period ending March 31, 2014.