Common Share Capitalization

9 Months Ended

Sep. 30, 2016

Stockholders' Equity Note [Abstract]

Common Share Capitalization

Common Share Capitalization

During the three month periods ended September 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 September 30, 2016 and 2015 were $16.6 million and $22.1 million, respectively. During the nine month periods ended September 30, 2016 and 2015, the Board of Directors authorized dividends totaling $1.50 per share and $1.95 per share, respectively. Total dividends paid during the nine month periods ended September 30, 2016 and 2015 were $50.3 million and $66.5 million, respectively.

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

	Three Month Period Ended September 30, 2016		Three Month Period Ended September 30, 2015		Nine Month Period Ended September 30, 2016		Nine Month Period Ended September 30, 2015
Common Shares Outstanding (6/30/2016, 6/30/2015, 12/31/2015, and 12/31/2014, respectively)	32,743,356		33,449,678		33,126,012		33,449,678
Share Activity:
Shares repurchased	(126,771	)	(34,507	)	(509,427	)	(34,507	)
Director LTIP units exercised	2,475		1,947		2,475		1,947
Common Shares Outstanding (9/30/2016, 9/30/2015, 9/30/2016, and 9/30/2015, respectively)	32,619,060		33,417,118		32,619,060		33,417,118

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, 2016 and 2015, the Company's issued and outstanding common shares would increase to 33,286,926 and 34,063,910 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 September 30, 2016, the Company repurchased 126,771 shares at an average price per share of $17.14 and a total cost of $2.2 million. During the nine month period ended September 30, 2016, the Company repurchased 509,427 shares at an average price per share of $17.27 and a total cost of $8.8 million.