Common Share Capitalization

During the three-month periods ended September 30, 2018 and 2017, the Board of Directors authorized dividends totaling $0.41 per share and $0.45 per share, respectively. Total dividends paid during the three-month periods ended September 30, 2018 and 2017 were $12.7 million and $14.8 million, respectively. During the nine-month periods ended September 30, 2018 and 2017, the Board of Directors authorized dividends totaling $1.23 per share and $1.35 per share, respectively. Total dividends paid during the nine-month periods ended September 30, 2018 and 2017 were $38.2 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 nine-month periods ended September 30, 2018 and 2017:



	Three-Month Period Ended September 30,			Nine-Month Period Ended September 30,
	2018	2017		2018		2017
Common Shares Outstanding (6/30/2018, 6/30/2017, 12/31/2017, and 12/31/2016, respectively)	30,149,880	32,112,697		31,335,938		32,294,703
Share Activity:
Shares repurchased	—	(123,321	)	(1,186,058	)	(305,327	)
Director LTIP Units exercised	3,334	2,801		3,334		2,801
Shares issued in connection with incentive fee payment	1,841	—		1,841		—
Common Shares Outstanding (9/30/2018, 9/30/2017, 9/30/2018, and 9/30/2017, respectively)	30,155,055	31,992,177		30,155,055		31,992,177

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, 2018 and 2017, the Company's issued and outstanding common shares would increase to 30,871,043 shares and 32,680,917 shares, respectively.

On June 13, 2018, the Company's Board of Directors approved the adoption of a share repurchase program under which the Company is authorized to repurchase up to 1.55 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 This program superseded the program that was previously adopted on February 6, 2018. During the nine-month period ended September 30, 2018, the Company repurchased 1,186,058 shares at an average price per share of $14.83 and a total cost of $17.6 million. As of September 30, 2018, the Company had not repurchased shares under the current share repurchase program.