Common Share Capitalization

12 Months Ended

Dec. 31, 2017

Stockholders' Equity Note [Abstract]

Common Share Capitalization

Common Share Capitalization

During the years ended December 31, 2017, 2016, and 2015, the Board of Directors authorized dividends totaling $1.76 per share, $1.95 per share, and $2.45 per share, respectively. Total dividends paid during the years ended December 31, 2017, 2016, and 2015 were $57.6 million, $65.1 million, and $83.5 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, 2017, 2016, and 2015:

	Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015
Common Shares Outstanding (12/31/2016, 12/31/2015, and 12/31/2014, respectively)	32,294,703		33,126,012		33,449,678
Share Activity:
Shares repurchased	(961,566	)	(833,784	)	(325,613	)
Director LTIP Units exercised	2,801		2,475		1,947
Common Shares Outstanding (12/31/2017, 12/31/2016, and 12/31/2015, respectively)	31,335,938		32,294,703		33,126,012

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, 2017, 2016, and 2015, the Company's issued and outstanding common shares would increase to 32,039,097 shares, 32,976,242 shares, and 33,787,950 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 year ended December 31, 2017, the Company repurchased 961,566 shares at an average price per share of $15.23 and a total cost of $14.6 million.