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| Capital | Capital The Company has authorized 500,000,000 common shares, $0.01 par value per share, and 100,000,000 preferred shares, $0.01 par value per share. The Board of Trustees may authorize the issuance of additional shares of either class. As of December 31, 2015 and 2014, there were 9,135,103 and 9,149,274 common shares outstanding, respectively. No preferred shares have been issued. During the years ended December 31, 2015, 2014, and 2013, the Board of Directors authorized dividends totaling $2.00 per share, $2.20 per share, and $1.14 per share, respectively. Total dividends declared during the years ended December 31, 2015, 2014, and 2013 were $18.3 million, $20.1 million, and $10.4 million, respectively. On May 1, 2013, the Company priced an initial public offering of its common shares, pursuant to which it sold 6,450,000 shares to the public at a price of $20.00 per share. Concurrent with the initial public offering, the Company completed a private placement with its initial shareholders which resulted in gross proceeds to the Company of $21.0 million and the issuance of 1,050,000 shares at a price of $20.00. Total gross proceeds from the initial public offering and concurrent private placement were $150.0 million. Proceeds, net of offering costs, were approximately $148.5 million. Detailed below is a roll forward of the Company's common shares outstanding for the years ended December 31, 2015, 2014, and 2013:
The below table provides details on the Company's restricted shares granted during the years ended December 31, 2015, 2014, and 2013, pursuant to share award agreements:
On August 13, 2013, the Company's Board of Trustees 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, including through Rule 10b5-1 plans. Repurchases are at the Company's discretion, subject to applicable law, share availability, price and the Company's financial performance, among other considerations. During the year ended December 31, 2015, the Company made its first repurchases under the program, purchasing 29,561 common shares at an aggregate cost of $0.4 million, and an average price per share of $12.69. Distribution Policy The timing and frequency of distributions will be determined by the Board of Trustees based upon a variety of factors deemed relevant by the Company's trustees, including restrictions under applicable law, capital requirements of the Company, and the REIT requirements of the Code. Distributions to shareholders generally will be taxable as ordinary income, although a portion of such distributions may be designated as long-term capital gain or qualified dividend income, or may constitute a return of capital. The Company will furnish annually to each shareholder a statement setting forth distributions paid or deemed paid during the preceding year and their U.S. federal income tax treatment. It is the intention of the Company to distribute at least 100% of its taxable income, after application of available tax attributes, within the time limits prescribed by the Internal Revenue Code, which may extend into the subsequent taxable year. |
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