Shareholders' Equity

3 Months Ended

Mar. 31, 2013

Shareholders' Equity

Shareholders' Equity

Note 5.  Shareholders’ Equity

Distributions

On January 15, 2013, we paid a $0.4453 per share distribution to our Series D preferred shareholders with respect to the period ended January 14, 2013.  On March 4, 2013, we declared a $0.4453 per share distribution to our Series D preferred shareholder of record on March 28, 2013, with respect to the period ended April 14, 2013. We paid this amount on April 15, 2013.

On February 15, 2013, we paid a $0.4375 per share distribution to our Series C preferred shareholders with respect to the period ended February 14, 2013.  On April 1, 2013, we declared a $0.4375 per share distribution to our Series C preferred shareholders of record on April 30, 2013, with respect to the period ended May 14, 2013. We expect to pay this amount on or about May 15, 2013.

On February 22, 2013, we paid a $0.47 per share distribution to our common shareholders.  On April 10, 2013, we declared a $0.47 per share distribution to our common shareholders of record on April 26, 2013. We expect to pay this amount on or about May 24, 2013.

Common Share Issuances

On March 22, 2013, we sold 16,100,000 of our common shares at a price of $25.55 per share in a public offering. We used the net proceeds from this sale (approximately $393,473 after underwriting discounts and other offering expenses) to repay amounts outstanding under our unsecured revolving credit facility and for general business purposes.

Other Comprehensive Income

Other comprehensive income represents the unrealized gain on the TravelCenters of America LLC, or TA, shares we own and our share of the comprehensive income of Affiliates Insurance Company, or AIC.  See Note 11 for further information regarding these investments.