Common Share Capitalization

During the years ended December 31, 2018 and 2017, the Board of Directors authorized dividends totaling $1.64 per share and $1.76 per share, respectively. Total dividends paid during the years ended December 31, 2018 and 2017 were $50.7 million and $57.6 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, 2018 and 2017:



	Year Ended December 31,
	2018		2017
Common Shares Outstanding (12/31/2017 and 12/31/2016, respectively)	31,335,938		32,294,703
Share Activity:
Shares repurchased	(1,547,148	)	(961,566	)
Director LTIP Units exercised	3,334		2,801
Shares issued in connection with incentive fee payment	4,477		—
Common Shares Outstanding (12/31/2018 and 12/31/2017, respectively)	29,796,601		31,335,938

If all LTIP Units, OP LTIP Units, and OP Units that have been previously issued were to become fully vested and exchanged for common shares as of December 31, 2018 and 2017, the Company's issued and outstanding common shares would increase to 30,529,972 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 This program superseded the program that was previously adopted on February 6, 2018.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 year ended December 31, 2018, the Company repurchased 1,547,148 common shares at an average price per share of $14.95 and a total cost of $23.1 million. As of December 31, 2018, the Company had repurchased 361,090 common shares at an average price per share of $15.34 and a total cost of $5.5 million under the current share repurchase program.