Common Share Capitalization

12 Months Ended

Dec. 31, 2016

Stockholders' Equity Note [Abstract]

Common Share Capitalization

Common Share Capitalization

During the years ended December 31, 2016, 2015, and 2014, the Board of Directors authorized dividends totaling $1.95 per share, $2.45 per share, and $3.08 per share, respectively. Total dividends paid during the years ended December 31, 2016, 2015, and 2014 were $65.1 million, $83.5 million, and $86.4 million, respectively.

The following table summarizes issuance, repurchase and other activity with respect to the Company's common shares for the years ended December 31, 2016, 2015, and 2014:

	Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014
Common Shares Outstanding (12/31/2015, 12/31/2014, and 12/31/2013, respectively)	33,126,012		33,449,678		25,428,186
Share Activity:
Shares issued	—		—		8,000,000
Shares repurchased	(833,784	)	(325,613	)	—
Shares issued in connection with incentive fee payment	—		—		19,670
Director LTIP Units exercised	2,475		1,947		1,822
Common Shares Outstanding (12/31/2016, 12/31/2015, and 12/31/2014, respectively)	32,294,703		33,126,012		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 December 31, 2016, 2015, and 2014, the Company's issued and outstanding common shares would increase to 32,976,242, 33,787,950, 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 its financial performance, among other considerations. This program supersedes the program that was previously adopted on August 4, 2011. During the year ended December 31, 2016, the Company repurchased 833,784 shares at an average price per share of $16.82 and a total cost of $14.0 million.