COMMON SHARES, RESTRICTED SHARES AND SHARE OPTIONS (Tables)

12 Months Ended

Dec. 31, 2012

COMMON SHARES, RESTRICTED SHARES AND SHARE OPTIONS

Schedule of restricted common share transactions

	Manager			Directors			Total
Unvested shares as of January 1, 2010		1,097,000			255,618			1,352,618
Issued		—			52,808			52,808
Vested		—			(95,822	)		(95,822	)
Unvested shares as of December 31, 2010		1,097,000			212,604			1,309,604
Issued		240,845			50,566			291,411
Vested		(1,097,000	)		(92,903	)		(1,189,903	)
Cancelled		—			(24,591	)		(24,591	)
Unvested shares as of December 31, 2011		240,845			145,676			386,521
Issued		258,303			43,557			301,860
Vested		(60,211	)		(96,980	)		(157,191	)
Unvested shares as of December 31, 2012		438,937			92,253			531,190

Schedule of common share option transactions

	Number of Options		Weighted Average Exercise Price
Outstanding as of January 1, 2010		1,932,279	$	20.00
Granted		—		—
Exercised		—		—
Forfeited		—		—
Outstanding as of December 31, 2010		1,932,279	$	20.00
Granted		—		—
Exercised		—		—
Forfeited		—		—
Outstanding as of December 31, 2011		1,932,279	$	20.00
Granted		—		—
Exercised		—		—
Forfeited		—		—
Outstanding as of December 31, 2012		1,932,279	$	20.00

Schedule of share-based compensation expense

 For the years ended December 31, 2012, 2011 and 2010, the components of share-based compensation expense are as follows (amounts in thousands):

	Year ended December 31, 2012		Year ended December 31, 2011		Year ended December 31, 2010
Restricted shares granted to Manager	$	2,270	$	2,448	$	5,784
Restricted shares granted to certain directors		932		830		1,108
Total share-based compensation expense	$	3,202	$	3,278	$	6,892