Common Share Capitalization

12 Months Ended

Dec. 31, 2014

Stockholders' Equity Note [Abstract]

Common Share Capitalization

Common Share Capitalization

During the years ended December 31, 2014, 2013, and 2012, the Board of Directors authorized dividends totaling $3.08 per share, $3.83 per share, and $2.50 per share respectively. Total dividends paid during the years ended December 31, 2014, 2013, and 2012 were $86.4 million, $92.1 million, and $47.4 million, respectively.

On September 8, 2014 the Company completed a follow-on offering of 8.0 million of its common shares. The offering generated net proceeds, after underwriters' discount and offering costs, in the amount of $188.2 million.

On May 14, 2013 the Company completed a follow-on public offering of 5.0 million of its 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 follow-on public offering of 3.5 million of its 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 of its common shares in connection with the exercise of the 15% overallotment option by underwriters as a part of the Company's follow-on 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.

Detailed below is a roll-forward of the Company's common shares outstanding for the years ended December 31, 2014, 2013, and 2012:

	Year Ended December 31, 2014	Year Ended December 31, 2013	Year Ended December 31, 2012
Common Shares Outstanding (12/31/2013, 12/31/2012, and 12/31/2011, respectively)	25,428,186	20,370,469	16,447,651
Share Activity:
Shares issued	8,000,000	5,000,000	4,025,000
Shares issued in connection with incentive fee payment	19,670	55,935	53,207
Share repurchased	—	—	(156,639	)
Director LTIP units exercised	1,822	1,782	1,250
Common Shares Outstanding (12/31/2014, 12/31/2013, and 12/31/2012, respectively)	33,449,678	25,428,186	20,370,469

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, 2014 and 2013, the Company's issued and outstanding common shares would increase to 34,090,992 and 26,051,238 shares, respectively. 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.

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, 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.