Common Share Capitalization

3 Months Ended

Mar. 31, 2017

Stockholders' Equity Note [Abstract]

Common Share Capitalization

Common Share Capitalization

During the three month periods ended March 31, 2017 and 2016, the Board of Directors authorized dividends totaling $0.45 per share and $0.50 per share, respectively. Total dividends paid during the three month periods ended March 31, 2017 and 2016 were $14.8 million and $16.9 million, respectively.

The following table summarizes issuance, repurchase, and other activity with respect to the Company's common shares for the three month periods ended March 31, 2017 and 2016:

	Three Month Period Ended March 31, 2017		Three Month Period Ended March 31, 2016
Common Shares Outstanding (12/31/2016 and 12/31/2015, respectively)	32,294,703		33,126,012
Share Activity:
Shares repurchased	(130,488	)	(163,033	)
Common Shares Outstanding (3/31/2017 and 3/31/2016, respectively)	32,164,215		32,962,979

If all LTIP and OP Units that have been previously issued were to become fully vested and exchanged for common shares as of March 31, 2017 and 2016, the Company's issued and outstanding common shares would increase to 32,845,754 and 33,624,917 shares, respectively.

On March 6, 2017, 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 3, 2015. During the three month period ended March 31, 2017, the Company repurchased 130,488 shares at an average price per share of $15.73 and a total cost of $2.1 million.