Share Capital

12 Months Ended

Dec. 31, 2011

Share Capital [Abstract]

Share Capital

6. SHARE CAPITAL

The Company has authorized 500,000,000 shares of common stock having par value of $0.01 per share. As of December 31, 2011 and 2010, the Company had issued and outstanding 82,753,036 and 59,550,836 shares of common stock, respectively. The Company's common stock transactions during the years ended December 31, 2011 and 2010 are as follows:

	Year ended December 31, 2011						Year ended December 31, 2010
	Shares			Amount			Shares		Amount
Shares sold or issued as restricted stock		23,205,022		$	281,184,948			40,793,670	$	490,401,411
Shares issued in reinvestment of distributions		1,095			13,561			654		8,624
Shares canceled		(3,917	)		(37,297	)		—		—
Net increase		23,202,200		$	281,161,212			40,794,324	$	490,410,035

There were no warrants outstanding at December 31, 2011. At December 31, 2010, the Company had warrants outstanding to purchase 15,200 additional shares of common stock with an exercise price of $11.00 with an expiration date of April 30, 2011.

The Company also authorized 50,000,000 shares of preferred stock having a par value of $0.01 per share. As of December 31, 2011 and 2010, no such shares were issued or outstanding.

Equity Offerings

On February 15, 2011, the Company closed a public offering of 23,000,000 shares of its common stock at a public offering price of $12.35 per share for total net proceeds of approximately $275.8 million, after the underwriting discount and commissions and expenses.

Dividend Reinvestment and Direct Stock Purchase Plan

The Company sponsors a dividend reinvestment and direct stock purchase plan ("DSPP") through which stockholders may purchase additional shares of common stock by reinvesting some or all of the cash dividends received on shares of common stock. Stockholders may also make optional cash purchases of shares of common stock subject to certain limitations detailed in the plan prospectus. For the years ended December 31, 2011 and 2010 the Company issued 9,192 and 607,902 shares under the plan, respectively, raising approximately $0.1 million and $8.0 million of net proceeds. As of December 31, 2011, there were approximately 9.4 million shares available for issuance under this plan.

Equity Placement Program ("EPP")

On June 7, 2011 the Company entered into a sales agreement with JMP Securities LLC whereby the Company may, from time to time, publicly offer and sell up to 15,000,000 shares of the Company's common stock through at-the-market transactions and/or privately negotiated transactions. As of December 31, 2011, the Company had not sold any common stock under the sales agreement. As of December 31, 2011, 15,000,000 shares of common stock remained available for issuance to be sold under the sales agreement.