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Equity
6 Months Ended
Mar. 31, 2013
Equity  
Equity

Note 3 — Equity

 

Common Share Dividend Distribution

 

During the quarter ended March 31, 2013, the Trust did not declare a dividend to its shareholders.

 

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.  A maximum of 600,000 shares may be issued pursuant to such plan.  As of March 31, 2013, 131,475 shares have been issued pursuant to this plan. An aggregate of 495,950 shares of restricted stock have also been granted pursuant to the Trust’s 2003 and 2009 equity incentive plans (collectively, the “Prior Plans”) and had not vested as of March 31, 2013.  No additional awards may be granted under the Prior Plans.  The restricted shares that have been granted under the plans 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 sheet until they vest, but are included in the earnings per share computation.  The estimated fair value of restricted stock at the date of grant is being amortized ratably into expense over the applicable vesting period. For the three months ended March 31, 2013 and 2012 the Trust recorded $137,000 and $179,000 of compensation expense, respectively, and for the six months ended March 31, 2013 and 2012, recorded $330,000 and $391,000 of compensation expense, respectively.  At March 31, 2013, $2,244,000 has been deferred as unearned compensation and will be charged to expense over the remaining weighted average vesting period of approximately 2.87 years.

 

Per Share Data

 

Basic earnings (loss) per share attributable to holders of shares of beneficial interest was determined by dividing net income (loss) for the period by the weighted average number of common shares outstanding during the applicable period.

 

Diluted earnings (loss) per share attributable to holders of shares of beneficial interest reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares or resulted in the issuance of common shares that shared in the earnings of the Trust.

 

Basic and diluted shares outstanding for the three months ended March 31, 2013 and 2012 were 14,170,229 and 14,050,088, respectively, and for the six months ended March 31, 2013 and 2012 were 14,111,153 and 14,015,940, respectively.