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Common Share Capitalization
 3 Months Ended
Mar. 31, 2012
Common Share Capitalization [Abstract]  
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 payable to shareholders and LTIP holders for the periods indicated below:

Three Month Period Ended March 31, 2012:

 

      Dividend Per Share      Dividend Amount     Record Date      Payment Date  
(In thousands except for per share amounts)                           

First Quarter

    $  0.70       $  11,787 *      June 1, 2012         June 15, 2012   

*  Estimated

 

Three Month Period Ended March 31, 2011:

 

 

 

 

     Dividend Per Share      Dividend Amount     Record Date      Payment Date  
(In thousands except for per share amounts)                           

First Quarter

    $ 0.40       $ 6,757        June 1, 2011         June 15, 2011   

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 March 31, 2012 and 2011:

 

     Three Month Period      Three Month Period  
     Ended March 31,
2012		      Ended March 31,
2011		  

Common Shares Outstanding
(12/31/2011 and 12/31/2010, respectively)

      16,447,651         16,498,342   

Share Activity:

      

Shares issued in connection with incentive fee payment

      —           6,400   
  

 

 

     

 

 

  

Common Shares Outstanding
(3/31/2012 and 3/31/2011, respectively)

      16,447,651         16,504,742   
  

 

 

     

 

 

  

 

On August 4, 2011, the Company's Board of Directors approved the adoption of a $10 million share repurchase program. 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. Repurchases are at the Company's discretion, subject to applicable law, share availability, price and the Company's financial performance, among other considerations. As of March 31, 2012, the Company repurchased 60,980 shares at an aggregate cost of $1.1 million, or at an average per share price of $17.22.