Common Share Capitalization

12 Months Ended

Dec. 31, 2015

Stockholders' Equity Note [Abstract]

Common Share Capitalization

Common Share Capitalization

During the years ended December 31, 2015, 2014, and 2013, the Board of Directors authorized dividends totaling $2.45 per share, $3.08 per share, and $3.83 per share, respectively. Total dividends paid during the years ended December 31, 2015, 2014, and 2013 were $83.5 million, $86.4 million, and $92.1 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.

The following table summarizes issuance, repurchase and other activity with respect to the Company's common shares for the years ended December 31, 2015, 2014, and 2013:

	Year Ended December 31, 2015		Year Ended December 31, 2014	Year Ended December 31, 2013
Common Shares Outstanding (12/31/2014, 12/31/2013, and 12/31/2012, respectively)	33,449,678		25,428,186	20,370,469
Share Activity:
Shares issued	—		8,000,000	5,000,000
Shares repurchased	(325,613	)	—	—
Shares issued in connection with incentive fee payment	—		19,670	55,935
Director LTIP units exercised	1,947		1,822	1,782
Common Shares Outstanding (12/31/2015, 12/13/2014, and 12/31/2013, respectively)	33,126,012		33,449,678	25,428,186

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, 2015, 2014, and 2013, the Company's issued and outstanding common shares would increase to 33,787,950, 34,090,992, and 26,051,238 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, including under Rule 10b5-1 plans. 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 year ended December 31, 2015, the Company repurchased 325,613 shares at an average price per share of $17.32 and a total cost of $5.6 million.