Common Share Capitalization

6 Months Ended

Jun. 30, 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 periods ended June 30, 2014 and 2013 the Board of Directors authorized first quarter dividends of $0.77 per share. During the six month periods ended June 30, 2014 and 2013, the Board of Directors authorized two dividends totaling $1.54 per share and $2.29 per share, respectively. Total dividends paid during the three month periods ended June 30, 2014 and 2013 were $20.1 million and $20.0 million, respectively. Total dividends paid during the six month periods ended June 30, 2014 and 2013 were $40.1 million and $52.0 million, respectively.

Detailed below is a roll-forward of the Company's common shares outstanding for the three month periods ended June 30, 2014 and 2013:

	Three Month Period Ended June 30, 2014	Three Month Period Ended June 30, 2013
Common Shares Outstanding (3/31/2014 and 3/31/2013, respectively)	25,441,750	20,403,723
Share Activity:
Shares issued	—	5,000,000
Shares issued in connection with incentive fee payment	—	8,288
Common Shares Outstanding (6/30/2014 and 6/30/2013, respectively)	25,441,750	25,412,011

Detailed below is a roll-forward of the Company's common shares outstanding for the six month periods ended June 30, 2014 and 2013:

	Six Month Period Ended June 30, 2014	Six Month Period Ended June 30, 2013
Common Shares Outstanding (12/31/2013 and 12/31/2012, respectively)	25,428,186	20,370,469
Share Activity:
Shares issued	—	5,000,000
Shares issued in connection with incentive fee payment	13,564	41,542
Common Shares Outstanding (6/30/2014 and 6/30/2013, respectively)	25,441,750	25,412,011

If all LTIP and OP Units that have been previously issued were to become fully vested and exchanged for common shares as of June 30, 2014 and 2013, the Company's issued and outstanding common shares would increase to 26,064,802 and 26,021,107 shares, respectively, resulting in equity per share of $24.14 and $24.51, respectively, as of June 30, 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 June 30, 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.