| Summary of Common Shares Outstanding |
Detailed below is a roll-forward of the Company's common shares outstanding for the years ended December 31, 2014, 2013, and 2012: | | | | | | | | | | | Year Ended December 31, 2014 | | Year Ended December 31, 2013 | | Year Ended December 31, 2012 | Common Shares Outstanding (12/31/2013, 12/31/2012, and 12/31/2011, respectively) | 25,428,186 |
| | 20,370,469 |
| | 16,447,651 |
| Share Activity: | | | | | | Shares issued | 8,000,000 |
| | 5,000,000 |
| | 4,025,000 |
| Shares issued in connection with incentive fee payment | 19,670 |
| | 55,935 |
| | 53,207 |
| Share repurchased | — |
| | — |
| | (156,639 | ) | Director LTIP units exercised | 1,822 |
| | 1,782 |
| | 1,250 |
| Common Shares Outstanding (12/31/2014, 12/31/2013, and 12/31/2012, respectively) | 33,449,678 |
| | 25,428,186 |
| | 20,370,469 |
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