Three Months Ended June 30,

Six Months Ended June 30,

2011

2010

2011

2010

Net increase in shareholders' equity resulting from operations

$

(1,321,580

)

$

3,731,130

$

9,785,590

$

11,326,588

Net increase (decrease) in shareholders' equity resulting from operations available to common share and LTIP holders:

(1,321,580

)

3,731,130

9,785,590

11,326,588

Net increase (decrease) in shareholders' equity resulting from operations - common shares

(1,291,458

)

3,616,464

9,562,518

10,977,895

Net increase (decrease) in shareholders' equity resulting from operations - LTIPs

(30,122

)

114,666

223,072

348,693

Dividends Paid:

Common Shares

(6,602,952

)

(2,996,417

)

(28,224,164

)

(17,976,035

)

LTIPs

(154,000

)

(95,000

)

(658,350

)

(570,000

)

Total dividends paid to common share and LTIP holders

(6,756,952

)

(3,091,417

)

(28,882,514

)

(18,546,035

)

Undistributed earnings:

Common Shares

(7,894,410

)

620,047

(18,661,646

)

(6,998,140

)

LTIPs

(184,122

)

19,666

(435,278

)

(221,307

)

Total undistributed earnings attributable to common share and LTIP holders

$

(8,078,532

)

$

639,713

$

(19,096,924

)

$

(7,219,447

)

Weighted average shares outstanding (basic and diluted):

Weighted average common shares outstanding

16,506,453

11,984,824

16,503,940

11,981,338

Weighted average participating LTIPs

385,000

380,000

385,000

380,566

Basic earnings per common share:

Distributed

$

0.40

$

0.25

$

1.71

$

1.50

Undistributed

(0.48

)

0.05

(1.13

)

(0.58

)

$

(0.08

)

$

0.30

$

0.58

$

0.92

Diluted earnings per common share: