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Capital Stock | 12 Months Ended
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Dec. 31, 2017
Equity [Abstract] |
Capital Stock | Capital Stock Common Shares We are authorized to issue up to 400 million shares of common stock, $0.01 par value per share. Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders. Holders of our common stock are entitled to receive dividends out of assets legally available for the payment of dividends when authorized by our board of directors. We have an “at-the-market” equity offering program (the “ATM Program”), pursuant to which we may issue and sell shares of our common stock from time to time, having an aggregate offering price of up to $200 million. We did not sell any shares between January 2015 and December 31, 2017. In December 2017, our board of directors renewed the ATM Program. As of December 31, 2017, $200 million of the ATM shares were available to be sold under the ATM Program. Subsequent to December 31, 2017, we sold 230,719 shares of common stock at an average price of $12.02 for net proceeds of $2.7 million under the ATM Program. Our board of directors have approved a share repurchase program authorizing us to repurchase up to $150 million in shares of our common stock. Repurchases under this program will be made in open market or privately negotiated transactions as permitted by federal securities laws and other legal requirements. This authority may be exercised from time to time and in such amounts as market conditions warrant, and subject to regulatory considerations. The timing, manner, price and actual number of shares repurchased will depend on a variety of factors including stock price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities. The share repurchase program may be suspended or terminated at any time without prior notice. During the year ended December 31, 2016, we repurchased 728,237 shares of our common stock at an average price of $8.92 per share for a total purchase price of $6.5 million. We have not repurchased any additional shares subsequent to December 31, 2016. We retired all repurchased shares on their respective settlement dates. In December 2017, our board of directors renewed the $150 million share repurchase program, effective January 1, 2018. As of February 27, 2018, we have $150 million of authorized capacity remaining under our share repurchase program. Dividends We have paid the following dividends to holders of our common stock for the years ended December 31, 2017 and 2016:
Payment Date |  | Record Date |  | Dividend per Share
April 12, 2016 |  | March 31, 2016 |  | $0.125
July 12, 2016 |  | June 30, 2016 |  | $0.125
October 12, 2016 |  | September 30, 2016 |  | $0.125
January 12, 2017 |  | December 30, 2016 |  | $0.125
April 12, 2017 |  | March 31, 2017 |  | $0.125
July 12, 2017 |  | June 30, 2017 |  | $0.125
October 12, 2017 |  | September 29, 2017 |  | $0.125
January 12, 2018 |  | December 29, 2017 |  | $0.125
Preferred Shares We are authorized to issue up to 10 million shares of preferred stock, $0.01 par value per share. Our board of directors is required to set for each class or series of preferred stock the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications, and terms or conditions of redemption. As of December 31, 2017 and 2016, there were no shares of preferred stock outstanding. Operating Partnership Units Holders of operating partnership units have certain redemption rights, which enable them to cause our operating partnership to redeem their units in exchange for cash per unit equal to the market price of our common stock, at the time of redemption, or, at our option for shares of our common stock on a one-for-one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of stock splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of the limited partners or our stockholders. As of December 31, 2017 and 2016, there were no operating partnership units held by unaffiliated third parties.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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