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Common Share Capitalization
 9 Months Ended
Sep. 30, 2012
Common Share Capitalization [Abstract]  
Common Share Capitalization

7. Common Share Capitalization

     On August 20, 2012 the Company completed a public offering of 3.5 million common shares. The offering generated net proceeds to the Company of $76.7 million. On September 12, 2012 the Company issued an additional 525,000 common shares in connection with the exercise of the 15% overallotment option by underwriters as part of the Company's public offering which closed on August 20, 2012. The exercise of the overallotment resulted in net proceeds to the Company of an additional $11.1 million. Net proceeds are after placement fees and offering costs.

     Dividends are declared and paid on a quarterly basis in arrears. During the three month periods ended September 30, 2012 and 2011 the Board of Directors authorized a second quarter dividend of $0.70 per share and $0.40 per share, respectively. During the nine month periods ended September 30, 2012 and 2011 the Board of Directors authorized three dividends totaling $1.80 per share and $2.11 per share, respectively. Total amount of dividends paid during the three month period ended September 30, 2012 and 2011 was $14.2 million and $6.8 million, respectively. Total amount of dividends paid during the nine month period ended September 30, 2012 and 2011 was $32.8 million and $35.6 million, respectively.

     Detailed below is a roll-forward of the Company's common shares outstanding for the three month periods ended September 30, 2012 and 2011:

  Three Month Three Month  
  Period Ended Period Ended  
  September 30, 2012 September 30, 2011  
Common Shares Outstanding      
(6/30/2012 and 6/30/2011, respectively) 16,447,651 16,507,381  
Share Activity:      
Shares issued 4,025,000 0  
Shares repurchased 0 (17,500 )
Shares issued in connection with incentive fee payment 11,045 0  
Common Shares Outstanding      
(9/30/2012 and 9/30/2011, respectively) 20,483,696 16,489,881  

 

     Detailed below is a roll-forward of the Company's common shares outstanding for the nine month periods ended September 30, 2012 and 2011:

  Nine Month Nine Month  
  Period Ended Period Ended  
  September 30, 2012 September 30, 2011  
Common Shares Outstanding      
(12/31/2011 and 12/31/2010, respectively) 16,447,651 16,498,342  
Share Activity:      
Shares issued 4,025,000 0  
Shares repurchased 0 (17,500 )
Shares issued in connection with incentive fee payment 11,045 9,039  
Common Shares Outstanding      
(9/30/2012 and 9/30/2011, respectively) 20,483,696 16,489,881  

 

     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 September 30, 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. No shares were repurchased during the nine month period ending September 30, 2012.