Common Share Capitalization

During the three-month periods ended June 30, 2018 and 2017, the Board of Directors authorized dividends totaling $0.41 per share and $0.45 per share, respectively. Total dividends paid during the three-month periods ended June 30, 2018 and 2017 were $12.7 million and $14.8 million, respectively. During the six-month periods ended June 30, 2018 and 2017, the Board of Directors authorized dividends totaling $0.82 per share and $0.90 per share, respectively. Total dividends paid during the six-month periods ended June 30, 2018 and 2017 were $25.5 million and $29.6 million, respectively.

The following table summarizes issuance, repurchase, and other activity with respect to the Company's common shares for the three- and six-month periods ended June 30, 2018 and 2017:



	Three-Month Period Ended June 30, 2018		Three-Month Period Ended June 30, 2017		Six-Month Period Ended June 30, 2018		Six-Month Period Ended June 30, 2017
Common Shares Outstanding (3/31/2018, 3/21/2017, 12/31/2017, and 12/31/2016, respectively)	30,392,041		32,164,215		31,335,938		32,294,703
Share Activity:
Shares repurchased	(242,161	)	(51,518	)	(1,186,058	)	(182,006	)
Director LTIP Units exercised	—		—		—		—
Common Shares Outstanding (6/30/2018, 6/30/2017, 6/30/2018, and 6/30/2017, respectively)	30,149,880		32,112,697		30,149,880		32,112,697

If all LTIP and OP Units that have been previously issued were to become fully vested and exchanged for common shares as of June 30, 2018 and 2017, the Company's issued and outstanding common shares would increase to 30,854,762 shares and 32,794,236 shares, respectively.

On June 13, 2018, the Company's Board of Directors approved the adoption of a share repurchase program under which the Company is authorized to repurchase up to 1.55 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 This program superseded the program that was previously adopted on February 6, 2018. During the three-month period ended June 30, 2018, the Company repurchased 242,161 shares at an average price per share of $14.98 and a total cost of $3.6 million. During the six-month period ended June 30, 2018, the Company repurchased 1,186,058 shares at an average price per share of $14.83 and a total cost of $17.6 million. The Company has not repurchased shares under the current share repurchase program.