v2.3.0.11
Common Share Capitalization
 6 Months Ended
Jun. 30, 2011
Common Share Capitalization  
Common Share Capitalization

7. Common Share Capitalization

On August 17, 2007, in connection with the initial offering of common shares of the Company, 12,500,000 shares were issued with no par value. In addition, 50 shares were issued to the Manager for the initial formation of the Company. On October 14, 2010, in connection with the closing of the initial public offering of common shares of the Company, 4,500,000 common shares were issued at a price of $22.50 per share.

The following tables set forth the dividend distributions authorized by the Board of Directors relating to the six month periods ended June 30, 2011 and 2010, payable to shareholders and LTIP holders:

Six Month Period Ended June 30, 2011

 

     Dividend Per Share      Dividend Amount      Record Date      Payment Date  

First Quarter

    $ 0.40       $ 6,756,952         June 1, 2011         June 15, 2011   

Second Quarter

    $ 0.40       $ 6,756,952         September 1, 2011         September 15, 2011   

Six Month Period Ended June 30, 2010

 

     Dividend Per Share      Dividend Amount      Record Date      Payment Date  

First Quarter

    $ 0.25       $ 3,091,417         May 18, 2010         June 15, 2010   

Second Quarter

    $ 0.15       $ 1,854,849         September 1, 2010         September 15, 2010   

Dividends are declared and paid on a quarterly basis in arrears.

 

Detailed below is a roll-forward of the Company's common shares outstanding for the three month periods ended June 30, 2011 and 2010:

Three Month Periods Ended June 30, 2011 and June 30, 2010:

 

     Three Month Period
Ended June 30,
2011		      Three Month Period
Ended June 30,
2010		  

Common Shares Outstanding
(3/31/2011, 3/31/2010, respectively)

      16,504,742         11,983,695   

Share Activity:

      

Shares issued in connection with incentive fee payment

      2,639         1,975   

Director LTIP units exercised

      —           —     
  

 

 

     

 

 

  

Common Shares Outstanding
(6/30/2011, 6/30/2010, respectively)

      16,507,381         11,985,670   
  

 

 

     

 

 

  

Detailed below is a roll-forward of the Company's common shares outstanding for the six month periods ended June 30, 2011 and 2010:

Six Month Periods Ended June 30, 2011 and June 30, 2010:

 

     Six Month Period
Ended June 30,
2011		      Six Month Period
Ended June 30,
2010		  

Common Shares Outstanding
(12/31/2010, 12/31/2009, respectively)

      16,498,342         11,972,113   

Share Activity:

      

Shares issued in connection with incentive fee payment

      9,039         11,057   

Director LTIP units exercised

      —           2,500   
  

 

 

     

 

 

  

Common Shares Outstanding
(6/30/2011, 6/30/2010, respectively)

      16,507,381         11,985,670   
  

 

 

     

 

 

  

As of June 30, 2011 and December 31, 2010, related parties of the Company owned approximately 20.6% of common shares and LTIP units outstanding.