Common Stock Capitalization

The Company has authorized 100,000,000 shares of common stock, $0.001 par value per share. The Board of Directors may authorize the issuance of additional shares, subject to the approval of the holders of at least a majority of the shares of common stock then outstanding present in person or represented by proxy at a meeting of the stockholders. As of September 30, 2019, there were 33,774,386 shares of common stock outstanding.

During the three- and nine-month periods ended September 30, 2019, the Board of Directors authorized dividends totaling $0.42 and $1.39, respectively, per share. Total dividends declared during the three- and nine-month periods ended September 30, 2019 were $14.5 million and $44.1 million, respectively.

On July 22, 2019, the Company completed a follow-on offering of 3.5 million shares of its common stock, which generated net proceeds, after underwriters' discount and offering costs, of $60.7 million. On July 25, 2019, the Company issued an additional 525,000 shares of its common stock in connection with the exercise of the underwriters' option granted in the initial offering. The exercise of the underwriters' option resulted in net proceeds to the Company of an additional $9.1 million, after underwriters' discount and offering costs.

The following table summarizes issuance, repurchase, and other activity with respect to the Company's common stock for the three- and nine-month period ended September 30, 2019:



	Three-Month Period Ended September 30, 2019	Nine-Month Period Ended September 30, 2019
Shares of Common Stock Outstanding (6/30/2019 and 1/1/19, respectively)	29,745,776	29,796,601
Share Activity:
Shares of common stock issued	4,025,000	4,025,000
Shares of common stock repurchased	—	(50,825	)
Director OP LTIP Units exercised	3,610	3,610
Shares of Common Stock Outstanding (9/30/19)	33,774,386	33,774,386

If all Convertible Non-controlling Interests that have been previously issued were to become fully vested and exchanged for shares of common stock as of September 30, 2019, the Company's issued and outstanding shares of common stock would increase to 34,518,699 shares.

On June 13, 2018, the Board of Directors approved the adoption of a share repurchase program under which the Company is authorized to repurchase up to 1.55 million shares of common stock. 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 financial performance, among other considerations. During the three-month period ended September 30, 2019 the Company did not repurchase any shares. During the nine-month period ended September 30, 2019, the Company repurchased 50,825 shares at an average price per share of $15.39 and a total cost of $0.8 million. From inception of the current repurchase plan through September 30, 2019, the Company repurchased 411,915 shares at an average price per share of $15.34 and a total cost of $6.3 million.

Common Share Capitalization

During the three- and nine-month periods ended September 30, 2018 the Board of Directors authorized dividends totaling $0.41 per share and $1.23 per share, respectively. Total dividends paid during the three- and nine-month periods ended September 30, 2018 were $12.7 million and $38.2 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, 2018:



	Three-Month Period Ended September 30, 2018	Nine-Month Period Ended September 30, 2018
Common Shares Outstanding (6/30/2018 and 12/31/2017, respectively)	30,149,880	31,335,938
Share Activity:
Shares repurchased	—	(1,186,058	)
Director LTIP Units exercised	3,334	3,334
Shares issued in connection with incentive fee payment	1,841	1,841
Common Shares Outstanding (9/30/2018)	30,155,055	30,155,055

If all LTIP Units and OP Units that have been previously issued were to become fully vested and exchanged for common shares as of September 30, 2018 the Company's issued and outstanding common shares would increase to 30,871,043.

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 September 30, 2018, the Company did not repurchase any common shares. During the nine-month period ended September 30, 2018, the Company repurchased 1,186,058 common shares at an average price per share of $14.83 and a total cost of $17.6 million. As of September 30, 2018, the Company had not repurchased shares under the current share repurchase program.