Subsequent event and dividends

6 Months Ended

Jun. 30, 2012

Subsequent event and dividends [Abstract]

Subsequent event and dividends

12. Subsequent event and dividends:

The Company has reached agreement in principle with an unrelated person (the “Grantee”) to convey to the Grantee a permanent easement along a portion of its right of way in exchange for a payment by the Grantee of $2,650. The Company is awaiting receipt from the Grantee of a draft of the proposed permanent easement. There can be no assurance that the Company and the Grantee will reach agreement on the terms of the easement.

On July 25, 2012, the Company declared a dividend of $.04 per share on its outstanding common stock payable August 22, 2012 to shareholders of record as of August 8, 2012.