SHAREHOLDER'S EQUITY (Tables)

3 Months Ended

Mar. 31, 2013

SHAREHOLDERS' EQUITY

Schedule of restricted common share transactions

	Manager		Directors	Total
Unvested shares as of January 1, 2013	438,937		92,253	531,190
Issued	292,009		—	292,009
Vested	(146,312	)	—	(146,312	)
Forfeited	—		—	—
Unvested shares as of March 31, 2013	584,634		92,253	676,887

Schedule of common share option transactions

	Number of Options	Weighted Average Exercise Price
Outstanding as of January 1, 2013	1,932,279	$	20.00
Granted	—	—
Exercised	—	—
Forfeited	—	—
Outstanding as of March 31, 2013	1,932,279	$	20.00

Schedule of share-based compensation expense

For the three months ended March 31, 2013 and 2012, the components of share-based compensation expense are as follows (amounts in thousands):

	For the three months ended March 31, 2013		For the three months ended March 31, 2012
Restricted shares granted to Manager	$	719	$	383
Restricted shares granted to certain directors	261		231
Total share-based compensation expense	$	980	$	614