Shareholders' Equity

6 Months Ended

Jun. 30, 2011

Shareholders' Equity.

Shareholders' Equity

Note 5.  Shareholders’ Equity

Distributions

On January 14, 2011 and April 15, 2011, we paid a $0.5546875 per share distribution to our Series B preferred shareholders with respect to the periods ended January 14, 2011 and April 14, 2011, respectively. On June 1, 2011, we declared a $0.5546875 per share distribution to our Series B preferred shareholders of record on June 30, 2011, with respect to the period ended July 14, 2011. We paid this amount on July 15, 2011.

On February 15, 2011 and May 16, 2011, we paid a $0.4375 per share distribution to our Series C preferred shareholders with respect to the periods ended February 14, 2011 and May 14, 2011, respectively.  On July 1, 2011, we declared a $0.4375 per share distribution to our Series C preferred shareholders of record on July 29, 2011, with respect to the period ending August 14, 2011. We expect to pay this amount on or about August 15, 2011.

On February 23, 2011 and May 24, 2011, we paid a $0.45 per share distribution to our common shareholders.  On July 1, 2011, we declared a $0.45 per share distribution to our common shareholders of record on July 11, 2011.  We expect to pay this amount on or about August 24, 2011.

Common Share Issuances

On May 11, 2011, pursuant to our equity compensation plan, we granted 2,000 common shares, valued at $24.27 per share, the closing price of our common shares on the New York Stock Exchange on that day, to each of our five trustees as part of their annual compensation.

Comprehensive Income

The following is a reconciliation of net income to comprehensive income for the three and six months ended June 30, 2011 and 2010:

	Three months ended June 30,						Six months ended June 30,
	2011			2010			2011		2010
Net income	$	51,643		$	23,210		$	104,691	$	64,075
Increase (decrease) in unrealized gain on TA common stock	(3,505		)	(1,879		)	2,347		(3,234		)
Increase in share of investees equity adjustments for other comprehensive income	39			—			42		—
Comprehensive income	$	48,177		$	21,331		$	107,080	$	60,841

Cumulative other comprehensive income represents the unrealized gain on the shares of TA common stock we own and our share of the comprehensive income of Affiliates Insurance Company, or AIC.  See Note 11 for a description of these investments.