Note 3 - Stock-based Compensation

6 Months Ended

Jul. 31, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

3. STOCK-BASED COMPENSATION

For the six months ended July 31, 2012, the Trust recognized expenses of $19,800 related to stock-based compensation. During the six months ended July 31, 2011, the Trust recognized expenses of $25,920.  The Trust issued 18,000 restricted shares with a total market value of $39,600 in February 2012 as compensation to its three outside Trustees for fiscal year 2013.

The following table summarizes restricted share activity during the six months ended July 31, 2012:

	Restricted Shares
	Shares	Weighted-Average Per Share Grant Date Fair Value
Balance at January 31, 2012	—	—
Granted	18,000	$2.20
Vested	(9,000)	$2.20
Forfeited	—	—
Balance of unvested awards at July 31, 2012	9,000	$2.20