Common Share Capitalization

6 Months Ended

Jun. 30, 2016

Stockholders' Equity Note [Abstract]

Common Share Capitalization

Common Share Capitalization

During the three month periods ended June 30, 2016 and 2015, the Board of Directors authorized dividends totaling $0.50 per share and $0.65 per share, respectively. Total dividends paid during the three month periods ended June 30, 2016 and 2015 were $16.7 million and $22.2 million, respectively. During the six month periods ended June 30, 2016 and 2015, the Board of Directors authorized dividends totaling $1.00 per share and $1.30 per share, respectively. Total dividends paid during the six month periods ended June 30, 2016 and 2015 were $33.6 million and $44.3 million, respectively.

The following table summarizes issuance, repurchase and other activity with respect to the Company's common shares for the three and six month periods ended June 30, 2016 and 2015:

	Three Month Period Ended June 30, 2016		Three Month Period Ended June 30, 2015	Six Month Period Ended June 30, 2016		Six Month Period Ended June 30, 2015
Common Shares Outstanding (3/31/2016, 3/31/2015, 12/31/2015, and 12/31/2014, respectively)	32,962,979		33,449,678	33,126,012		33,449,678
Share Activity:
Shares repurchased	(219,623	)	—	(382,656	)	—
Common Shares Outstanding (6/30/2016, 6/30/2015, 6/30/2016, and 6/30/2015, respectively)	32,743,356		33,449,678	32,743,356		33,449,678

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, 2016 and 2015, the Company's issued and outstanding common shares would increase to 33,405,294 and 34,090,992 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 three month period ended June 30, 2016, the Company repurchased 219,623 shares at an average price per share of $17.26 and a total cost of $3.8 million. During the six month period ended June 30, 2016, the Company repurchased 382,656 shares at an average price per share of $17.31 and a total cost of $6.6 million.