SHAREHOLDERS' EQUITY

Distributions

During the year ended September 30, 2015, 2014 and 2013, the Trust did not declare or pay any dividends.

Restricted Shares

The Trust's 2012 Incentive Plan, approved by its shareholders in January 2012, permits the Trust to grant stock options, restricted stock, restricted stock units, performance shares awards and any one or more of the foregoing, up to a maximum of 600,000 shares. As of September 30, 2015, 414,925 shares were issued and 414,625 shares were outstanding pursuant to this plan. An aggregate of 258,250 shares of restricted stock were granted pursuant to the Trust's 2009 equity incentive plan (the "Prior Plan") and have not yet vested. No additional awards may be granted under the Prior Plan. The restricted shares that have been granted under the 2012 Incentive Plan and the Prior Plan vest five years from the date of grant and under specified circumstances, including a change in control, may vest earlier. For accounting purposes, the restricted shares are not included in the outstanding shares shown on the consolidated balance sheets until they vest, but are included in the earnings per share computation.

During the years ended September 30, 2015, 2014 and 2013, the Trust issued 142,950, 140,600 and 131,525 restricted shares, respectively, under the Trust's equity incentive plans. The estimated fair value of restricted stock at the date of grant is amortized ratably into expense over the applicable vesting period. For the years ended September 30, 2015, 2014 and 2013, the Trust recognized $906,000, $805,000 and $691,000 of compensation expense, respectively. At September 30,2015, $2,184,000 has been deferred as unearned compensation and will be charged to expense over the remaining vesting periods. The weighted average vesting period is 2.6 years.

Changes in number of shares outstanding under the Trust's equity incentive plans are shown below:



	Years Ended September 30,
		2015		2014		2013
Outstanding at beginning of the year		648,225		627,425		580,180
Issued		142,950		140,600		131,525
Cancelled		—		(300	)	(22,000	)
Vested		(118,300	)	(119,500	)	(62,280	)
Outstanding at the end of the year		672,875		648,225		627,425

Earnings (Loss) Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share (dollars in thousands):



	2015			2014			2013
Numerator for basic and diluted earnings per share attributable to common shareholders:
Net (loss) income attributable to common shareholders	$	(2,388	)	$	(9,454	)	$	5,013
Denominator:
Denominator for basic earnings per share—weighted average shares	14,133,352			14,265,589			14,137,091
Denominator for diluted earnings per share—adjusted weighted average shares and assumed conversions	14,133,352			14,265,589			14,137,091
Basic (loss) earnings per share	$	(0.17	)	$	(0.66	)	$	0.35
Diluted (loss) earnings per share	$	(0.17	)	$	(0.66	)	$	0.35

Share Buyback and Treasury Shares

In September 2013, the Board of Trustees approved a share repurchase program authorizing the Trust to spend up to $2,000,000 through September 2015 to repurchase its shares of beneficial interest. In December 2014,the Board of Trustees increased to $4 million the amount the Trust can spend to repurchase shares of beneficial interest and extended the program through September 30, 2017. On December 12, 2014, the Trust purchased 345,081 shares of beneficial interest at a price of $7.02 per share, or a total of $2,422,000.