Common Stock Capitalization

3 Months Ended

Mar. 31, 2019

Stockholders' Equity Note [Abstract]

The Company has authorized 100,000,000 shares of common stock, $0.001 par value per share. The Board of Directors may authorize the issuance of additional shares, subject to the approval of the holders of at least a majority of the shares of common stock then outstanding present in person or represented by proxy at a meeting of the stockholders. As of March 31, 2019, there were 29,745,776 shares of common stock outstanding.

During the three-month period ended March 31, 2019, the Board of Directors authorized dividends totaling $0.55 per share. Total dividends declared during the three-month period ended March 31, 2019 were $16.8 million.

The following table summarizes issuance, repurchase, and other activity with respect to the Company's common stock for the three-month period ended March 31, 2019:



	March 31, 2019
Shares of Common Stock Outstanding (1/1/19)	29,796,601
Share Activity:
Shares of common stock repurchased	(50,825	)
Director OP LTIP Units exercised	—
Shares of Common Stock Outstanding (3/31/19)	29,745,776

If all Convertible Non-controlling Interests that have been previously issued were to become fully vested and exchanged for shares of common stock as of March 31, 2019, the Company's issued and outstanding shares of common stock would increase to 30,479,147 shares.

On June 13, 2018, the Board of Directors approved the adoption of a share repurchase program under which the Company is authorized to repurchase up to 1.55 million shares of common stock. 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 financial performance, among other considerations. During the three-month period ended March 31, 2019, the Company repurchased 50,825 shares at an average price per share of $15.39 and a total cost of $0.8 million. From inception of the current repurchase plan through March 31, 2019, the Company repurchased 411,915 shares at an average price per share of $15.34 and a total cost of $6.3 million.

Common Share Capitalization

During the three-months ended March 31, 2018 the Board of Directors authorized dividends totaling $0.41 per share. Total dividends paid during the three-month period ended March 31, 2018 were $12.9 million.

The following table summarizes issuance, repurchase, and other activity with respect to the Company's common shares for the three-month period ended March 31, 2018:



	Three-Month Period Ended March 31, 2018
Common Shares Outstanding (12/31/2017)	31,335,938
Share Activity:
Shares repurchased	(943,897	)
Director LTIP Units exercised	—
Common Shares Outstanding (3/31/2018)	30,392,041

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 March 31, 2018 the Company's issued and outstanding common shares would increase to 31,096,923.

On February 6, 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 three-month period ended March 31, 2018, the Company repurchased 943,897 common shares at an average price per share of $14.80 and a total cost of $14.0 million.