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Capital
9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Capital
Capital
The Company has authorized 500,000,000 common shares, $0.01 par value per share, and 100,000,000 preferred shares, $0.01 par value per share. The Board of Trustees may authorize the issuance of additional shares of either class. As of September 30, 2019 and December 31, 2018, there were 12,448,421 and 12,507,213 common shares outstanding, respectively. No preferred shares have been issued.
During the three-month periods ended September 30, 2019 and 2018, the Board of Trustees authorized dividends totaling $0.28 per share and $0.37 per share, respectively. Total dividends declared during the three-month periods ended September 30, 2019 and 2018 were $3.5 million and $4.7 million, respectively. During the nine-month periods ended September 30, 2019 and 2018, the Board of Trustees authorized dividends totaling $0.90 per share and $1.11 per share, respectively. Total dividends declared during the nine-month periods ended September 30, 2019 and 2018 were $11.2 million and $14.2 million, respectively.
On September 11, 2019, the Company's Board of Trustees authorized the issuance of 15,024 shares to its independent trustees pursuant to trustee share award agreements. Such shares will vest and become non-forfeitable on September 10, 2020.
Detailed below is a roll forward of the Company's common shares outstanding for the three- and nine-month periods ended September 30, 2019 and 2018:
 
 
Three-Month Period Ended September 30,
 
Nine-Month Period Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Common Shares Outstanding (6/30/2019, 6/30/2018, 12/31/2018, and 12/31/2017, respectively)
 
12,467,103

 
12,712,050

 
12,507,213

 
13,340,217

Share Activity:
 
 
 
 
 
 
 
 
Restricted shares issued
 
15,024

 
13,144

 
15,024

 
13,144

Shares repurchased
 
(33,706
)
 
(21,720
)
 
(73,816
)
 
(649,887
)
Common Shares Outstanding (9/30/2019, 9/30/2018, 9/30/2019, and 9/30/2018, respectively)
 
12,448,421

 
12,703,474

 
12,448,421

 
12,703,474

Unvested restricted shares outstanding (9/30/2019, 9/30/2018, 9/30/2019, and 9/30/2018, respectively)
 
23,039

 
19,113

 
23,039

 
19,113


The below table provides details on the Company's restricted shares granted pursuant to share award agreements which are unvested at September 30, 2019:
Grant Recipient
 
Number of Restricted Shares Granted
 
Grant Date
 
Vesting Date(1)
Independent trustees:
 
 
 
 
 
 
 
 
15,024

 
September 11, 2019
 
September 10, 2020
Partially dedicated employees:
 
 
 
 
 
 
 
 
3,117

 
December 11, 2018
 
December 11, 2019
 
 
3,115

 
December 11, 2018
 
December 11, 2020
 
 
1,783

 
December 12, 2017
 
December 12, 2019

(1)
Date at which such restricted shares will vest and become non-forfeitable.
As of September 30, 2019, there were 306,061 shares available for future issuance under the Company's 2013 Equity Incentive Plan.
On June 13, 2018, the Company's Board of Trustees approved the adoption of a share repurchase program under which the Company is authorized to repurchase up to 1.2 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 through 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. During the three-month period ended September 30, 2019, the Company repurchased 33,706 of its common shares at an aggregate cost of $0.3 million, and an average price per share of $9.87. During the nine-month period ended September 30, 2019, the Company repurchased 73,816 of its common shares at an aggregate cost of $0.7 million, and an average price per share of $10.12. From inception of the current share repurchase program adopted on June 13, 2018 through September 30, 2019, the Company repurchased 298,029 of its common shares at an aggregate cost of $3.1 million, and an average price per share of $10.46.
Distribution Policy
The timing and frequency of distributions will be determined by the Board of Trustees based upon a variety of factors deemed relevant by the Company's trustees, including restrictions under applicable law, capital requirements of the Company, and the REIT requirements of the Code. Distributions to shareholders generally will be taxable as ordinary income, although a portion of such distributions may be designated as long-term capital gain or qualified dividend income, or may constitute a return of capital. The Company will furnish annually to each shareholder a statement setting forth distributions paid or deemed paid during the preceding year and their U.S. federal income tax treatment. It is the intention of the Company to distribute at least 100% of its taxable income, after application of available tax attributes, within the time limits prescribed by the Internal Revenue Code, which may extend into the subsequent taxable year.