Common Share Capitalization

9 Months Ended

Sep. 30, 2015

Stockholders' Equity Note [Abstract]

Common Share Capitalization

Common Share Capitalization

During the three month periods ended September 30, 2015 and 2014, the Board of Directors authorized dividends totaling $0.65 per share and $0.77 per share, respectively. Total dividends paid during the three month periods ended September 30, 2015 and 2014 were $22.1 million and $20.1 million, respectively. During the nine month periods ended September 30, 2015 and 2014, the Board of Directors authorized dividends totaling $1.95 per share and $2.31 per share, respectively. Total dividends paid during the nine month periods ended September 30, 2015 and 2014 were $66.5 million and $60.2 million, respectively.

Detailed below is a roll-forward of the Company's common shares outstanding for the three and nine month periods ended September 30, 2015 and 2014:

	Three Month Period Ended September 30, 2015		Three Month Period Ended September 30, 2014	Nine Month Period Ended September 30, 2015		Nine Month Period Ended September 30, 2014
Common Shares Outstanding (6/30/2015, 6/30/2014, 12/31/2014, and 12/31/2013, respectively)	33,449,678		25,441,750	33,449,678		25,428,186
Share Activity:
Shares issued	—		8,000,000	—		8,000,000
Shares repurchased	(34,507	)	—	(34,507	)	—
Shares issued in connection with incentive fee payment	—		—	—		13,564
Director LTIP units exercised	1,947		1,822	1,947		1,822
Common Shares Outstanding (9/30/2015, 9/30/2014, 9/30/2015, and 9/30/2014, respectively)	33,417,118		33,443,572	33,417,118		33,443,572

If all LTIP and OP Units that have been previously issued were to become fully vested and exchanged for common shares as of September 30, 2015 and 2014, the Company's issued and outstanding common shares would increase to 34,063,910 and 34,070,643 shares, respectively.

On August 3, 2015, the Company's Board of Directors approved the adoption of a share repurchase program under which the Company is authorized to repurchase up to 1.7 million common shares. 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 our financial performance, among other considerations. This program supersedes the program that was previously adopted on August 4, 2011. During the three month period ended September 30, 2015, the Company repurchased 34,507 shares at an average price per share of $18.03 and a total cost of $0.6 million.