Common Stock

6 Months Ended

Jun. 30, 2012

Stockholders' Equity Note [Abstract]

Common Stock

Common Stock

On September 7, 2011, the Company closed its IPO and issued 5.6 million shares of common stock. On November 2, 2011, the Company sold 1.5 million common shares in a follow-on offering. On November 7, 2011, the underwriters exercised their option to purchase additional shares of common stock, which totaled 0.1 million shares.

On June 18, 2012, the Company sold in a follow-on offering a total of 3.25 million shares of common stock for net proceeds of $30.0 million.

As of June 30, 2012 and December 31, 2011, the Company had a total of 10.7 million and 7.3 million shares of common stock outstanding, including unvested restricted shares, with total net proceeds from common stock issuances of $108.1 million and $78.1 million, respectively.

On September 7, 2011, the Company’s Board of Directors authorized and the Company declared an annual dividend rate of $0.875 per share payable monthly in cash beginning in October 2011, on the fifteenth day of each month to stockholders of record at the close of business on the eighth day of such month.

On February 27, 2012, the Company’s Board of Directors authorized and the Company declared an annual dividend rate of $0.880 per share. Accordingly, on March 15, 2012, the Company paid a dividend of $0.0733 per share to stockholders of record at the close of business on March 8, 2012.

On March 16, 2012, the Company’s Board of Directors authorized and the Company declared an increase to the Company’s annual dividend rate. The Company increased its annual dividend from $0.880 to $0.885. Accordingly, on June 15, 2012, the Company paid a distribution of $0.07375 per share to stockholders of record at the close of business on the June 8, 2012.

On June 27, 2012, the Company's Board of Directors authorized and the Company declared an increase to the Company's annual dividend rate. The Company increased its annual dividend from $0.885 to $0.890. The new annual dividend rate will be payable commencing on September 15, 2012 to stockholders of record on September 8, 2012.