Common Share Capitalization

During the three month periods ended September 30, 2017 and 2016, the Board of Directors authorized dividends totaling $0.45 per share and $0.50 per share, respectively. Total dividends paid during the three month periods ended September 30, 2017 and 2016 were $14.8 million and $16.6 million, respectively. During the nine month periods ended September 30, 2017 and 2016, the Board of Directors authorized dividends totaling $1.35 per share and $1.50 per share, respectively. Total dividends paid during the nine month periods ended September 30, 2017 and 2016 were $44.3 million and $50.3 million, respectively.

The following table summarizes issuance, repurchase, and other activity with respect to the Company's common shares for the three and nine month periods ended September 30, 2017 and 2016:



	Three Month Period Ended				Nine Month Period Ended
	September 30, 2017		September 30, 2016		September 30, 2017		September 30, 2016
Common Shares Outstanding (6/30/2017, 6/30/2016, 12/31/2016, and 12/31/2015, respectively)	32,112,697		32,743,356		32,294,703		33,126,012
Share Activity:
Shares repurchased	(123,321	)	(126,771	)	(305,327	)	(509,427	)
Director LTIP Units exercised	2,801		2,475		2,801		2,475
Common Shares Outstanding (9/30/2017, 9/30/2016, 9/30/2017, and 9/30/2016, respectively)	31,992,177		32,619,060		31,992,177		32,619,060

If all LTIP and OP Units that have been previously issued were to become fully vested and exchanged for common shares as of September 30, 2017 and 2016, the Company's issued and outstanding common shares would increase to 32,680,917 and 33,286,926 shares, respectively.

On March 6, 2017, the Company's Board of Directors approved the adoption of a share repurchase program under which the Company is authorized to repurchase up to 1.7 million common shares. 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, including under Rule 10b5-1 plans. Repurchases are at the Company's discretion, subject to applicable law, share availability, price and its financial performance, among other considerations. This program supersedes the program that was previously adopted on August 3, 2015. During the three month period ended September 30, 2017, the Company repurchased 123,321 shares at an average price per share of $15.60 and a total cost of $1.9 million. During the nine month period ended September 30, 2017, the Company repurchased 305,327 shares at an average price per share of $15.69 and a total cost of $4.8 million.