10-Q/A

	FORM 10-Q/A
        (Amendment No. 1)

	UNITED STATES
	SECURITIES AND EXCHANGE COMMISSION
	WASHINGTON, D.C.  20549
(Mark one)

[X]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
	OF THE SECURITIES EXCHANGE ACT OF 1934

For quarterly period ended June 30, 2012

						or

[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
	SECURITIES EXCHANGE ACT OF 1934

Commission File Number 33-26115

	     PATRIOT TRANSPORTATION HOLDING, INC.
	(Exact name of registrant as specified in its charter)

              Florida                         59-2924957
   (State or other jurisdiction of          (I.R.S. Employer
    incorporation or organization)        Identification No.)


	200 W. Forsyth St., 7th Floor, Jacksonville, FL 32202
	(Address of principal executive offices)(Zip Code)

	904-396-5733
	(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.  Yes  X  No___

Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any,
every Interactive Data File required to be submitted and posted
pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter)
during the preceding 12 months (or for such shorter period that
the registrant was required to submit and post such files).
Yes[X]	No[ ]

Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, or a non-accelerated
filer. See definition of "accelerated filer and large
accelerated filer" in Rule 12b-2 of the Exchange Act.
Large accelerated filer[ ] Accelerated filer[X] Non-
accelerated filer[ ]

Indicate by check mark whether the registrant is a shell
company (as defined in Rule 12b-2 of the Exchange Act).
YES[ ] NO[X]

Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable
date.

On June 30, 2012 there were 9,383,156 shares of
Common Stock,
$.10 par value per share, outstanding.





Explanatory Note
     The purpose of this Amendment No. 1 to the Patriot Transportation Holding,
Inc.'s Quarterly Report on Form 10-Q for the period ended June 30, 2012, filed
with the Securities and Exchange Commission on August 1, 2012 (the "Form 10-Q"),
is solely to furnish Exhibit 101 to the Form 10-Q. Exhibit 101 provides the
financial statements and related notes from the Form 10-Q formatted in XBRL
(Extensible Business Reporting Language) that were not included with the Form
10-Q.
     No other changes have been made to the Form 10-Q. This Amendment No. 1 to
the Form 10-Q speaks as of the original filing date of the Form 10-Q, does not
reflect events that may have occurred subsequent to the original filing date,
and does not modify or update in any way disclosures made in the original Form
10-Q.





                           SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this Report to be signed on
its behalf by the undersigned thereunto duly authorized.

August 29, 2012            PATRIOT TRANSPORTATION HOLDING, INC.


                           Thompson S. Baker II
                           Thompson S. Baker II
                           President and Chief Executive
                            Officer


                           John D. Milton, Jr.
                           John D. Milton, Jr.
                           Executive Vice President, Treasurer,
                            Secretary and Chief
                            Financial Officer


                           John D. Klopfenstein
                           John D. Klopfenstein
                           Controller and Chief
                            Accounting Officer





      PATRIOT TRANSPORTATION HOLDING, INC.
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2012
EXHIBIT INDEX


(10)(r)* 		Joint Venture Agreement between Florida Rock Properties, Inc.
and MRP SE Waterfront Residential, Inc., incorporated by
reference to an exhibit filed with Form 10-Q for the quarter
ended March 31, 2012. File No. 000-17554.

(14)*   		Financial Code of Ethical Conduct between the Company,
Chief Executive Officers and Financial Managers, as
revised on January 28, 2004, which is available on the
Company's website at www.patriottrans.com.

(31)(a)*		Certification of Thompson S. Baker II.
(31)(b)*		Certification of John D. Milton, Jr.
(31)(c)*		Certification of John D. Klopfenstein.

(32)*   		Certification of Chief Executive Officer, Chief
Financial Officer, and Chief Accounting Officer under
Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS**		XBRL Instance Document
101.XSD**		XBRL Taxonomy Extension Schema
101.CAL**		XBRL Taxonomy Extension Calculation Linkbase
101.DEF**		XBRL Taxonomy Extension Definition Linkbase
101.LAB**		XBRL Taxonomy Extension Label Linkbase
101.PRE**		XBRL Taxonomy Extension Presentation Linkbase


*	Filed as an Exhibit to our original report on Form 10-Q for the
 	quarter ended June 30, 2012, filed August 1, 2012.

**	Filed herewith.

EX-31

CERTIFICATIONS                                             Exhibit 31(a)

I, Thompson S. Baker II, certify that:

1.	I have reviewed this report on Form 10-Q/A of Patriot Transportation
Holding, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects
the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report;
4.	The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have:
a)	designed such disclosure controls and procedures, or caused such disclosure
controls to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this report is being prepared;
b)	designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles;
c)	evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosures controls and procedures, as of the end of the period
covered by this report based on such evaluation; and
d)	disclosed in this report any changes in the registrant's internal control
over financial reporting that occurred during the registrant's most recent
fiscal quarter that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial report;
and
5.	The registrant's other certifying officers and I have disclosed,
based on our most recent evaluation of internal control over financial
reporting, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent
functions):
a)	all significant deficiencies in the design or operation of internal
controlover financial reporting which are reasonably likely to adversely
affect the registrant's ability to record, process, summarize and report
financial information; and
b)	any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's internal
control over financial reporting.

Date: August 29, 2012                         /s/Thompson S. Baker II
                                              President and Chief Executive
                                                Officer

EX-31

CERTIFICATIONS                                           Exhibit 31(b)

I, John D. Milton, Jr., certify that:

1.	I have reviewed this report on Form 10-Q/A of Patriot Transportation
Holding, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects
the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report;
4.	The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have:
a)	designed such disclosure controls and procedures, or caused such disclosure
controls to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this report is being prepared;
b)	designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles;
c)	evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosures controls and procedures, as of the end of the period
covered by this report based on such evaluation; and
d)	disclosed in this report any changes in the registrant's internal control
over financial reporting that occurred during the registrant's most recent
fiscal quarter that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial report;
and
5.	The registrant's other certifying officers and I have disclosed,
based on our most recent evaluation of internal control over financial
reporting, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent
functions):
a)	all significant deficiencies in the design or operation of internal
controlover financial reporting which are reasonably likely to adversely
affect the registrant's ability to record, process, summarize and report
financial information; and
b)	any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's internal
control over financial reporting.


Date: August 29, 2012                   /s/John D. Milton, Jr.
                                        Executive Vice President, Treasurer,
                                        Secretary and Chief Financial Officer

EX-31

CERTIFICATIONS                                                  Exhibit 31(c)

I, John D. Klopfenstein, certify that:

1.	I have reviewed this report on Form 10-Q/A of Patriot Transportation
Holding, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects
the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report;
4.	The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have:
a)	designed such disclosure controls and procedures, or caused such disclosure
controls to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this report is being prepared;
b)	designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles;
c)	evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosures controls and procedures, as of the end of the period
covered by this report based on such evaluation; and
d)	disclosed in this report any changes in the registrant's internal control
over financial reporting that occurred during the registrant's most recent
fiscal quarter that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial report;
and
5.	The registrant's other certifying officers and I have disclosed,
based on our most recent evaluation of internal control over financial
reporting, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent
functions):
a)	all significant deficiencies in the design or operation of internal
controlover financial reporting which are reasonably likely to adversely
affect the registrant's ability to record, process, summarize and report
financial information; and
b)	any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's internal
control over financial reporting.

Date: August 29, 2012                         /s/John D. Klopfenstein
                                              Controller and Chief Accounting
                                                Officer

EX-32

                                                                  Exhibit  32


CERTIFICATION UNDER SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the
undersigned certifies that this periodic report fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of
1934 and that information contained in this periodic report fairly
presents, in all material respects, the financial condition and results
of operations of Patriot Transportation Holding, Inc.

August 29, 2012                      PATRIOT TRANSPORTATION HOLDING, INC.



                                           THOMPSON S. BAKER II
                                 	   Thompson S. Baker II
                                           President and Chief Executive
                                           Officer


                                           JOHN D. MILTON, JR._
                                           John D. Milton, Jr.
                                           Executive Vice President,
                                           Treasurer, Secretary and
                                           Chief Financial Officer


                                           JOHN D. KLOPFENSTEIN
                                           John D. Klopfenstein
                                           Controller and Chief
                                           Accounting Officer


A signed original of this written statement required by Section 906 has been
provided to Patriot Transportation Holding, Inc. and will be retained by
Patriot Transportation Holding, Inc. and furnished to the Securities and
Exchange Commission or its staff upon request.

The foregoing certification accompanies the issuer's Quarterly report on
Form 10-Q and is not filed as provided in SEC Release Nos. 33-8212, 34-4751
and IC-25967, dated June 30, 2003.

XML

Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) (USD $)	3 Months Ended		9 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Notes to Financial Statements
Gain on termination of sale contract	$ 0	$ 0	$ 1,039,000	$ 0
Book gain on exchange of property				$ 4,926,000

XML

Concentrations (Details Narrative) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Jun. 30, 2012	Sep. 30, 2011
Transportation Top Ten Customers
Customer revenue concentration	53.40%
Accounts receivable concentration	$ 3,068	$ 3,115
Transportation Top Customer
Customer revenue concentration	19.20%
Mining Top Customer
Customer revenue concentration	76.00%
Accounts receivable concentration	$ 147

XML

Business Segments - Business segments (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Sep. 30, 2011	Sep. 30, 2010
Revenues	$ 33,030	$ 31,947	$ 94,715	$ 88,800
Operating profit	4,891	4,441	11,549	10,813
Interest expense	537	789	2,135	2,533
Capital expenditures (b)	16,106	4,856	23,305	13,025
Depreciation, depletion and amortization	3,196	2,965	9,502	9,126
Identifiable assets	260,413		260,413		245,250
Discontinued transportation assets	101		101		114
Cash items	11,838	22,760	11,838	22,760	21,026	17,151
Total identifiable assets	272,352		272,352		266,390
Transportation
Revenues	26,907	26,182	77,197	72,209
Operating profit	2,682	2,834	6,706	7,603
Corporate expenses	(396)	(390)	(1,187)	(1,169)
Capital expenditures (b)	1,202	1,501	6,605	4,660
Depreciation, depletion and amortization	1,690	1,582	5,018	4,680
Identifiable assets	38,854		38,854		39,001
Mining royalty land
Revenues	1,101	1,180	3,103	3,193
Operating profit	958	999	2,671	2,626
Corporate expenses	(164)	(153)	(491)	(458)
Interest expense	10	9	29	27
Capital expenditures (b)	11,039	0	11,039	0
Depreciation, depletion and amortization	27	29	86	80
Identifiable assets	39,469		39,469		28,295
Developed property rentals
Revenues	5,022	4,585	14,415	13,398
Operating profit	2,150	1,547	5,531	4,172
Corporate expenses	(245)	(229)	(736)	(686)
Interest expense	527	780	2,106	2,506
Capital expenditures (b)	2,916	2,517	5,573	6,112
Capital expenditures - Capitalized interest	533	345	1,111	928
Capital expenditures - Internal labor	173	190	431	450
Capital expenditures - Real estate taxes (a)	243	303	(1,454)	875
Depreciation, depletion and amortization	1,382	1,300	4,096	3,917
Identifiable assets	179,532		179,532		175,618
(a) Receivable on previously capitalized real estate taxes on Anacostia property			2,250
(b) 1031 exchange of real estate		4,941		4,941
Corporate
Corporate expenses	(94)	(167)	(945)	(1,275)
Depreciation, depletion and amortization	97	54	302	449
Identifiable assets	$ 2,558		$ 2,558		$ 2,336

XML

Discontinued operations - Bargain sale discontinued operations (Details) (Discontinued Operations, USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Discontinued Operations
Gain on sale before taxes				$ 4,665
Income before income taxes				4,665
Permanent tax benefit				2,053
Provision for income taxes				(1,792)
Income from discontinued operations	$ 0	$ 0	$ 0	$ 4,926

XML

Recent Accounting Pronouncements

9 Months Ended

Jun. 30, 2012

Notes to Financial Statements

Recent Accounting Pronouncements

(3) Recent Accounting Pronouncements. In June 2011, accounting guidance was issued which requires an entity to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. This guidance eliminates the option to present the components of other comprehensive income as part of the statement of equity. This standard was adopted by the Company on January 1, 2012. As the new adoption relates to presentation only, the adoption of this standard did not have a material effect on the Company’s financial position or results of operations.

XML

Earnings per share - Earnings per share computations (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Notes to Financial Statements
Weighted average common shares outstanding during the period - shares used for basic earnings per common share	9,382	9,291	9,341	9,279
Common shares issuable under share based payment plans which are potentially dilutive	100	152	117	174
Common shares used for diluted earnings per common share	9,482	9,443	9,458	9,453
Net income	$ 2,684	$ 2,379	$ 6,451	$ 10,457
Earnings per common share
Basic	$ 0.29	$ 0.26	$ 0.69	$ 1.13
Diluted	$ 0.28	$ 0.25	$ 0.68	$ 1.11

XML

Earnings per share (Details Narrative)	3 Months Ended		9 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Notes to Financial Statements
Anti-dilutive shares	172,060	140,370	172,060	132,870

XML

Stock-based Compensation Plans (Details Narrative) (USD $)	9 Months Ended
	Jun. 30, 2012 Y	Jun. 29, 2012
Notes to Financial Statements
Shares available for future issuance	603,560
Aggregate intrinsic value of exercisable in-the-money options	$ 4,243,000
Aggregate intrinsic value of outstanding in-the-money options	4,274,000
Market close price		$ 23.53
Realized tax benefit from options exercised	474,000
Total compensation cost of options granted but not yet vested	665,000
Weighted average period for compensation to be recognized	2.7
Gains realized by option holders	$ 1,235,000

XML

Share-based Compensatino Plans - Stock Compensation Expense (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Notes to Financial Statements
Stock option grants	$ 86	$ 79	$ 313	$ 290
Annual director stock award			320	334
Stock compensation expense	$ 86	$ 79	$ 633	$ 624

XML

Stock Split

9 Months Ended

Jun. 30, 2012

Notes to Financial Statements

Stock Split

(2) Stock Split. On December 1, 2010, the board of directors declared a 3-for-1 stock split of the Company’s common stock in the form of a stock dividend. The record date for the split was January 3, 2011 and the new shares were issued on January 17, 2011. The total authorized shares remained 25 million and par value of common stock remained unchanged at $.10 per share. All share and per share information presented has been adjusted to reflect this stock split.

XML

Stock-based Compensation Plans - Summary of Stock Activity (Details) (USD $) In Thousands, except Share data, unless otherwise specified	9 Months Ended
	Jun. 30, 2012 Y	Sep. 30, 2011
Notes to Financial Statements
Options outstanding at October 1, 2011	606,025
Options granted	31,690
Options exercised	96,041
Options forfeited	3,000
Options outstanding at June 30, 2012	538,674
Options outstanding weighted average exercise price-beginning balance	$ 14.96
Options outstanding weighted average exercise price - Granted	$ 22.25
Options outstanding weighted average exercise price - Exercised	$ 8.68
Options outstanding weighted average exercise price - Forfeited	$ 5.78
Options outstanding weighted average exercise price - Ending balance	$ 16.56
Options outstanding weighted average remaining term	3.7	3.5
Options outstanding weighted average grant date fair value - beginning balance	$ 4,216
Options granted weighted average grant date fair value	281
Options exercised weighted average grant date fair value	452
Options forfeited weighted average grant date fair value	10
Options outstanding weighted average grant date fair value - ending balance	4,035
Options exercisable at June 30, 2012	463,430
Options exerciseable weighted average exercise price	$ 15.13
Options exerciseable weighted average remaining term	2.9
Options exerciseable weighted average grant date fair value	3,238
Options vested during nine months ended June 30, 2012	30,774
Options vested weighted average grant date fair value	$ 319

XML

Balance Sheets (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Sep. 30, 2011
Current assets:
Cash and cash equivalents	$ 11,838	$ 21,026
Accounts receivable, net of allowance for doubtful accounts of $136 and $111, respectively	9,345	6,702
Federal and state income taxes receivable	0	93
Inventory of parts and supplies	970	1,121
Deferred income taxes	723	201
Prepaid tires on equipment	1,556	1,381
Prepaid taxes and licenses	232	1,860
Prepaid insurance	688	2,111
Prepaid expenses, other	119	85
Assets of discontinued operations	101	114
Total current assets	25,572	34,694
Property, plant and equipment, at cost	333,610	313,930
Less accumulated depreciation and depletion	110,525	104,942
Net property, plant and equipment	223,085	208,988
Real estate held for investment, at cost	6,848	6,848
Investment in joint venture	7,523	7,412
Goodwill	1,087	1,087
Unrealized rents	4,022	3,604
Other assets	4,215	3,757
Total assets	272,352	266,390
Current liabilities:
Accounts payable	5,225	3,948
Federal and state income taxes payable	939	0
Accrued payroll and benefits	4,421	4,992
Accrued insurance	2,986	3,303
Accrued liabilities, other	634	1,053
Long-term debt due within one year	5,152	4,902
Liabilities of discontinued operations	20	34
Total current liabilities	19,377	18,232
Long-term debt, less current portion	58,474	62,370
Deferred income taxes	17,939	16,919
Accrued insurance	2,071	2,548
Other liabilities	1,989	1,874
Commitments and contingencies (Note 8)
Shareholders' equity:
Preferred stock, no par value; 5,000,000 shares authorized	0	0
Common stock, $.10 par value; 25,000,000 shares authorized, 9,383,156 and 9,288,023 shares issued	938	929
Capital in excess of par value	40,686	38,845
Retained earnings	130,847	124,642
Accumulated other comprehensive income, net	31	31
Total shareholders' equity	172,502	164,447
Total liabilities and shareholders' equity	$ 272,352	$ 266,390

XML

Statements of Cash Flows (Parenthetical) (Noncash Transactions, USD $) In Thousands, unless otherwise specified	9 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Noncash Transactions
Receivable on previously capitalized real estate taxes on Anacostia property	$ 2,250
1031 exchange of real estate		4,941
Discontinued operations provision for income taxes		(1,792)
Permanent tax benefit on Caroline County bargain sale		2,053
Income tax receivable on Caroline County bargain sale		342
Long-term deferred tax liability on Caroline County bargain sale		$ 1,711

XML

Discontinued operations (Details Narrative) (USD $) In Thousands, unless otherwise specified	1 Months Ended	36 Months Ended	60 Months Ended	1 Months Ended	12 Months Ended
	Aug. 31, 2009 Sunbelt Transport	Jul. 31, 2012 Sunbelt Transport	Aug. 31, 2014 Sunbelt Transport	Dec. 31, 2010 Caroline County	Sep. 30, 2011 Caroline County	Dec. 17, 2010 Caroline County
SunBelt Jacksonville monthly terminal rental		$ 5,000
SunBelt South Pittsburg monthly terminal rental			5,000
Additional payment received on option to sell South Pittsburg terminal			100,000
Cash payment on delivery of promissory note for sale of SunBelt	1,000,000
Promissory note monthly proceeds on sale of SunBelt Transport			130,000
Interest rate on promissory note for sale of SunBelt Transport			7.00%
Acres sold in Caroline County bargain sale						1,777
Caroline County bargain sale purchase price				5,200,000
Donated value of minerals and aggregates in Caroline County bargain sale					5,599,000
Permanent tax benefit on Caroline County bargain sale					2,126,000
Income tax receivable on Caroline County bargain sale					303,000
Long-term deferred tax liability on Caroline County bargain sale						1,823,000
Tax carry forward period					5
Book value of property sold in Caroline County bargain sale						$ 276,000

XML

Stock-based Compensation Plans (Tables)

9 Months Ended

Jun. 30, 2012

Notes to Financial Statements

Stock Compensation Expense

Stock compensation expense	THREE MONTHS		NINE MONTHS
(in thousands)	ENDED JUNE 30,		ENDED JUNE 30,
	2012	2011	2012	2011
Stock option grants	$    86	79	313	290
Annual director stock award	-	-	320	334
Total stock compensation expense	$    86	79	633	624

Summary of Stock Activity

Outstanding options		Weighted	Weighted	Weighted
(in thousands, except	Number	Average	Average	Average
share and per share amounts)	of	Exercise	Remaining	Grant Date
Options	Shares	Price	Term (yrs)	Fair Value
Outstanding at
October 1, 2011	606,025	$ 14.96	3.5	$  4,216
Granted	31,690	$ 22.25		$    281
Exercised	96,041	$  8.68		$    452
Forfeited	3,000	$  5.78		$     10
Outstanding at
June 30, 2012	538,674	$ 16.56	3.7	$  4,035
Exercisable at
June 30, 2012	463,430	$ 15.13	2.9	$  3,238
Vested during
nine months ended
June 30, 2012	30,774			$    319

XML

Discontinued operations - Summary of Discontinued Operations (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Income from discontinued operations	$ 8	$ 20	$ 11	$ 5,125
Discontinued Operations
Revenue	15	15	45	45
Operating expenses	2	(18)	27	(278)
Gain on sale before taxes				4,665
Income before income taxes	13	33	18	4,988
Permanent tax benefit				2,053
Provision for income taxes	(5)	(13)	(7)	(1,916)
Income from discontinued operations	$ 8	$ 20	$ 11	$ 5,125

XML

Stock Split (Details Narrative) (USD $)	Jun. 30, 2012	Sep. 30, 2011
Notes to Financial Statements
Common stock shares authorized	25,000,000	25,000,000
Common stock par value	$ 0.10	$ 0.10

XML

Basis of Presentation

9 Months Ended

Jun. 30, 2012

Notes to Financial Statements

Basis of Presentation

(1) Basis of Presentation. The accompanying consolidated financial statements include the accounts of Patriot Transportation Holding, Inc. and its subsidiaries (the “Company”). Investment in the 50% owned Brooksville Joint Venture is accounted for under the equity method of accounting. These statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the nine months ended June 30, 2012 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2012. The accompanying consolidated financial statements and the information included under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the Company's consolidated financial statements and related notes included in the Company’s Form 10-K for the year ended September 30, 2011.

XML

Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Jun. 30, 2012	Sep. 30, 2011
Statement of Financial Position [Abstract]
Accounts receivable allowance for doubtful accounts	$ 136	$ 111
Preferred stock, par value	$ 0	$ 0
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	9,383,156	9,288,023

XML

Discontinued operations

9 Months Ended

Jun. 30, 2012

Discontinued Operations and Disposal Groups [Abstract]

Discontinued operations

(11) Discontinued operations.

In August 2009 the Company sold its flatbed trucking company, SunBelt Transport, Inc. ("SunBelt"). Under the agreement, the Buyer purchased all of SunBelt’s tractors and trailers, leased the SunBelt terminal facilities in Jacksonville, Florida for 36 months at a rental of $5,000 per month and leased the terminal facilities in South Pittsburg, Tennessee for 60 months at a rental of $5,000 per month with an option to purchase the Tennessee facilities at the end of the lease for payment of an additional $100,000. The South Pittsburg lease was recorded as a sale under bargain purchase accounting. The purchase price received for the tractors and trailers and inventories was a $1 million cash payment and the delivery of a Promissory Note requiring 60 monthly payments of $130,000 each including interest at 7%, secured by the assets of the business conveyed. As of September 30, 2011 the note receivable was fully paid and the option to purchase the South Pittsburg facility was completed. The Company retained all pre-closing receivables and liabilities.

SunBelt has been accounted for as discontinued operations in accordance with ASC Topic 205-20 Presentation of Financial Statements – Discontinued Operations. All periods presented have been restated accordingly.

In December 2010, a subsidiary of the Company, Florida Rock Properties, Inc., closed a bargain sale of approximately 1,777 acres of land in Caroline County, Virginia, to the Commonwealth of Virginia, Board of Game and Inland Fisheries. The purchase price for the property was $5,200,000, subject to certain deductions. The Company also donated $5,599,000 primarily for the value of minerals and aggregates and recognized a $2,126,000 permanent tax benefit. The $2,126,000 permanent tax benefit was recorded to income taxes receivable for $303,000 and offset to long-term deferred tax liabilities of $1,823,000. Actual realization of the $1,823,000 in deferred taxes will depend on taxable income, income tax rates, and income tax regulations over the 5 year carry forward period. The Company's book value of the property was $276,000.

A summary of discontinued operations is as follows (in thousands):

	Three Months ended		Nine Months ended
	June 30,		June 30,
	2012	2011	2012	2011
Revenue	$    15	15	45	45
Operating expenses	2	(18)	27	(278)
Gain on sale before taxes	-	-	-	4,665
Income before income taxes	$    13	33	18	4,988
Permanent tax benefit	-	-	-	2,053
Provision for income taxes	(5)	(13)	(7)	(1,916)
Income from discontinued operations	$     8	20	11	5,125

The amounts included in the above totals for the bargain sale is as follows (in thousands):

	Three Months ended		Nine Months ended
	June 30,		June 30,
	2012	2011	2012	2011
Revenue	$     -	-	-	-
Operating expenses	-	-	-	-
Gain on sale before taxes	-	-	-	4,665
Income before income taxes	$     -	-	-	4,665
Permanent tax benefit	-	-	-	2,053
Provision for income taxes	-	-	-	(1,792)
Income from discontinued operations	$     -	-	-	4,926

The components of the balance sheet are as follows:

	June 30	September 30,
	2012	2011
Accounts receivable	$         -	3
Deferred income taxes	2	4
Property and equipment, net	99	107
Assets of discontinued operations	$       101	114
Accrued payroll and benefits	$         2	2
Accrued liabilities, other	-	3
Insurance liabilities	18	29
Liabilities of discontinued operations	$        20	34

XML

Document and Entity Information	9 Months Ended
	Jun. 30, 2012
Document And Entity Information
Entity Registrant Name	PATRIOT TRANSPORTATION HOLDING INC.
Entity Central Index Key	0000844059
Document Type	10-Q
Document Period End Date	Jun. 30, 2012
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	9,383,156
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2012

XML

Unusual or Infrequent Items Impacting Quarterly Results

9 Months Ended

Jun. 30, 2012

Notes to Financial Statements

Unusual or Infrequent Items Impacting Quarterly Results

(12) Unusual or Infrequent Items Impacting Quarterly Results.

Income from continuing operations for the first quarter of fiscal 2012 included a gain on termination of sale contract in the amount of $1,039,000 before income taxes for the receipt of non-refundable deposits related to the termination of an agreement to sell the Company’s Windlass Run Residential property

Discontinued operations, net for the first quarter of fiscal 2011 included a book gain on the exchange of property of $4,926,000 after tax (see note 11).

XML

Statements of Operations (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Revenues:
Transportation	$ 26,907	$ 26,182	$ 77,197	$ 72,209
Mining royalty land	1,101	1,180	3,103	3,193
Developed property rentals	5,022	4,585	14,415	13,398
Total revenues	33,030	31,947	94,715	88,800
Cost of operations:
Transportation	24,621	23,738	71,678	65,775
Mining royalty land	307	334	923	1,025
Developed property rentals	3,117	3,267	9,620	9,912
Unallocated corporate	94	167	945	1,275
Total cost of operations	28,139	27,506	83,166	77,987
Operating profit:
Transportation	2,286	2,444	5,519	6,434
Mining royalty land	794	846	2,180	2,168
Developed property rentals	1,905	1,318	4,795	3,486
Unallocated corporate	(94)	(167)	(945)	(1,275)
Total operating profit	4,891	4,441	11,549	10,813
Gain on termination of sale contract	0	0	1,039	0
Interest income and other (expense) income, net	(10)	70	11	271
Equity in loss of joint venture	0	(14)	(8)	(16)
Interest expense	(537)	(789)	(2,135)	(2,533)
Income before income taxes	4,344	3,708	10,456	8,535
Provision for income taxes	(1,668)	(1,349)	(4,016)	(3,203)
Income from continuing operations	2,676	2,359	6,440	5,332
Income from discontinued operations, net	8	20	11	5,125
Net income	2,684	2,379	6,451	10,457
Comprehensive Income	$ 2,684	$ 2,379	$ 6,451	$ 10,457
Basic earnings per common share
Continuing operations	$ 0.29	$ 0.25	$ 0.69	$ 0.57
Discontinued operations	$ 0.00	$ 0.01	$ 0.00	$ 0.56
Net income	$ 0.29	$ 0.26	$ 0.69	$ 1.13
Diluted earnings per common share
Continuing operations	$ 0.28	$ 0.25	$ 0.68	$ 0.56
Discontinued operations	$ 0.00	$ 0.00	$ 0.00	$ 0.55
Net income	$ 0.28	$ 0.25	$ 0.68	$ 1.11
Number of shares (in thousands) used in computing:
-basic earnings per common share	9,382	9,291	9,341	9,279
-diluted earnings per common share	9,482	9,443	9,458	9,453

XML

Earnings per share

9 Months Ended

Jun. 30, 2012

Notes to Financial Statements

Earnings per share

(6) Earnings per share. The following details the computations of the basic and diluted earnings per common share (dollars in thousands, except per share amounts):

	THREE MONTHS		NINE MONTHS
	ENDED JUNE 30,		ENDED JUNE 30,
	2012	2011	2012	2011
Weighted average common shares
outstanding during the period
- shares used for basic
earnings per common share	9,382	9,291	9,341	9,279
Common shares issuable under
share based payment plans
which are potentially dilutive	100	152	117	174
Common shares used for diluted
earnings per common share	9,482	9,443	9,458	9,453
Net income	$2,684	2,379	6,451	10,457
Earnings per common share
Basic	$0.29	0.26	0.69	1.13
Diluted	$0.28	0.25	0.68	1.11

For the three and nine months ended June 30, 2012, 172,060 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the three and nine months ended June 30, 2011, 140,370 and 132,870 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per common share because their inclusion would have been anti-dilutive.

XML

Long-term debt

9 Months Ended

Jun. 30, 2012

Notes to Financial Statements

Long-term debt

(5) Long-Term debt. Long-term debt is summarized as follows (in thousands):

	June 30,	September 30,
	2012	2011
5.6% to 8.6% mortgage notes
due in installments through 2027	$    63,626	67,272
Less portion due within one year	5,152	4,902
	$    58,474	62,370

The Company has a $37,000,000 uncollateralized Revolving Credit Agreement with three banks, which matures on December 13, 2013. The Revolver bears interest at a rate of 1.00% over the selected LIBOR, which may change quarterly based on the Company’s ratio of Consolidated Total Debt to Consolidated Total Capital, as defined. A commitment fee of 0.15% per annum is payable quarterly on the unused portion of the commitment. The commitment fee may also change quarterly based upon the ratio described above. The Revolver contains limitations on availability and restrictive covenants including limitations on paying cash dividends. Letters of credit in the amount of $8,953,000 were issued under the Revolver. As of June 30, 2012, $28,047,000 was available for borrowing and $55,735,000 of consolidated retained earnings would be available for payment of dividends. The Company was in compliance with all covenants as of June 30, 2012.

The fair values of the Company’s mortgage notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities. At June 30, 2012, the carrying amount and fair value of such other long-term debt was $63,626,000 and $67,968,000, respectively.

XML

Discontinued operations (Tables)

9 Months Ended

Jun. 30, 2012

Discontinued Operations and Disposal Groups [Abstract]

Summary of Discontinued Operations

Discontinued operations summary	Three Months ended		Nine Months ended
(in thousands)	June 30,		June 30,
	2012	2011	2012	2011
Revenue	$    15	15	45	45
Operating expenses	2	(18)	27	(278)
Gain on sale before taxes	-	-	-	4,665
Income before income taxes	$    13	33	18	4,988
Permanent tax benefit	-	-	-	2,053
Provision for income taxes	(5)	(13)	(7)	(1,916)
Income from discontinued operations	$     8	20	11	5,125

Bargain sale discontinued operations

Amounts included in discontinued operations	Three Months ended		Nine Months ended
for the bargain sale (in thousands)	June 30,		June 30,
	2012	2011	2012	2011
Revenue	$     -	-	-	-
Operating expenses	-	-	-	-
Gain on sale before taxes	-	-	-	4,665
Income before income taxes	$     -	-	-	4,665
Permanent tax benefit	-	-	-	2,053
Provision for income taxes	-	-	-	(1,792)
Income from discontinued operations	$     -	-	-	4,926

Discontinued operations balance sheet components

Discontinued operations balance sheet components	June 30,	September 30,
(in thousands)	2012	2011
Accounts receivable	$         -	3
Deferred income taxes	2	4
Property and equipment, net	99	107
Assets of discontinued operations	$       101	114
Accrued payroll and benefits	$         2	2
Accrued liabilities, other	-	3
Insurance liabilities	18	29
Liabilities of discontinued operations	$        20	34

XML

Business Segments (Tables)

9 Months Ended

Jun. 30, 2012

Notes to Financial Statements

Business segments

Business Segments	Three Months ended		Nine Months ended
(in thousands)	June 30,		June 30,
	2012	2011	2012	2011
Revenues:
Transportation	$26,907	26,182	77,197	72,209
Mining royalty land	1,101	1,180	3,103	3,193
Developed property rentals	5,022	4,585	14,415	13,398
	$33,030	31,947	94,715	88,800
Operating profit:
Transportation	$ 2,682	2,834	6,706	7,603
Mining royalty land	958	999	2,671	2,626
Developed property rentals	2,150	1,547	5,531	4,172
Corporate expenses:
Allocated to transportation	(396)	(390)	(1,187)	(1,169)
Allocated to mining land	(164)	(153)	(491)	(458)
Allocated to developed property	(245)	(229)	(736)	(686)
Unallocated	(94)	(167)	(945)	(1,275)
	(899)	(939)	(3,359)	(3,588)
	$ 4,891	4,441	11,549	10,813
Interest expense:
Mining royalty land	$    10	9	29	27
Developed property rentals	527	780	2,106	2,506
	$   537	789	2,135	2,533
Capital expenditures:
Transportation	$ 1,202	1,501	6,605	4,660
Mining royalty land	11,039	-	11,039	-
Developed property rentals:
Capitalized interest	533	345	1,111	928
Internal labor	173	190	431	450
Real estate taxes (a)	243	303	(1,454)	875
Other costs (b)	2,916	2,517	5,573	6,112
	$16,106	4,856	23,305	13,025
(a)Includes $2,250 adjustment related to a receivable on previously capitalized
real estate taxes on the Anacostia property for the 9 months ended June 30, 2012
(b)Net of 1031 exchange of $4,941 for the 3  and 9 months ending
June 30, 2011
Depreciation, depletion and
amortization:
Transportation	$ 1,690	1,582	5,018	4,680
Mining royalty land	27	29	86	80
Developed property rentals	1,382	1,300	4,096	3,917
Other	97	54	302	449
	$ 3,196	2,965	9,502	9,126

	June 30,	September 30,
	2012	2011
Identifiable net assets
Transportation	$      38,854	39,001
Discontinued Transportation Operations	101	114
Mining royalty land	39,469	28,295
Developed property rentals	179,532	175,618
Cash items	11,838	21,026
Unallocated corporate assets	2,558	2,336
	$     272,352	266,390

XML

Concentrations

9 Months Ended

Jun. 30, 2012

Notes to Financial Statements

Concentrations

(9) Concentrations. The transportation segment primarily serves customers in the industries in the Southeastern U.S. Significant economic disruption or downturn in this geographic region or these industries could have an adverse effect on our financial statements.

During the first nine months of fiscal 2012, the transportation segment’s ten largest customers accounted for approximately 53.4% of the transportation segment’s revenue. One of these customers accounted for 19.2% of the transportation segment’s revenue. The loss of any one of these customers would have an adverse effect on the Company’s revenues and income. Accounts receivable from the transportation segment’s ten largest customers was $3,068,000 and $3,115,000 at June 30, 2012 and September 30, 2011 respectively.

The mining royalty land segment has one lessee that accounted for 76.0% of the segment’s revenues and $147,000 of accounts receivable at June 30, 2012. The loss of this customer would have an adverse effect on the segment.

The Company places its cash and cash equivalents with high credit quality institutions. At times such amounts may exceed FDIC limits.

XML

Stock-based Compensation Plans

9 Months Ended

Jun. 30, 2012

Notes to Financial Statements

Stock-based Compensation Plans

(7) Stock-Based Compensation Plans. As more fully described in Note 7 to the Company’s notes to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended September 30, 2011, the Company’s stock-based compensation plan permits the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, and stock awards. The number of common shares available for future issuance was 603,560 at June 30, 2012.

The Company recorded the following stock compensation expense in its consolidated statements of income (in thousands):

	THREE MONTHS		NINE MONTHS
	ENDED JUNE 30,		ENDED JUNE 30,
	2012	2011	2012	2011
Stock option grants	$    86	79	313	290
Annual director stock award	-	-	320	334
	$    86	79	633	624

A summary of changes in outstanding options is presented below (in thousands, except share and per share amounts):

		Weighted	Weighted	Weighted
	Number	Average	Average	Average
	of	Exercise	Remaining	Grant Date
Options	Shares	Price	Term (yrs)	Fair Value
Outstanding at
October 1, 2011	606,025	$ 14.96	3.5	$  4,216
Granted	31,690	$ 22.25		$    281
Exercised	96,041	$  8.68		$    452
Forfeited	3,000	$  5.78		$     10
Outstanding at
June 30, 2012	538,674	$ 16.56	3.7	$  4,035
Exercisable at
June 30, 2012	463,430	$ 15.13	2.9	$  3,238
Vested during
nine months ended
June 30, 2012	30,774			$    319

The aggregate intrinsic value of exercisable in-the-money options was $4,243,000 and the aggregate intrinsic value of all outstanding in-the-money options was $4,274,000 based on the market closing price of $23.53 on June 29, 2012 less exercise prices. Gains of $1,235,000 were realized by option holders during the nine months ended June 30, 2012. The realized tax benefit from options exercised for the nine months ended June 30, 2012 was $474,000. Total compensation cost of options granted but not yet vested as of June 30, 2012 was $665,000, which is expected to be recognized over a weighted-average period of 2.7 years.

XML

Contingent Liabilities

9 Months Ended

Jun. 30, 2012

Notes to Financial Statements

Contingent Liabilities

(8) Contingent liabilities. Certain of the Company’s subsidiaries are involved in litigation on a number of matters and are subject to certain claims which arise in the normal course of business. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage. There is a reasonable possibility that the Company’s estimate of vehicle and workers’ compensation liability for the transportation group or discontinued operations may be understated or overstated but the possible range can not be estimated. The liability at any point in time depends upon the relative ages and amounts of the individual open claims. In the opinion of management none of these matters are expected to have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows.

XML

Fair Value Measurements

9 Months Ended

Jun. 30, 2012

Notes to Financial Statements

Fair Value Measurements

(10) Fair Value Measurements.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 means the use of quoted prices in active markets for identical assets or liabilities. Level 2 means the use of values that are derived principally from or corroborated by observable market data. Level 3 means the use of inputs that are unobservable and significant to the overall fair value measurement.

As of June 30, 2012 the Company had no assets or liabilities measured at fair value on a recurring basis or non-recurring basis. During fiscal 2011 the corporate aircraft was placed back into service and depreciation was recommenced. Prior to that it was recorded at fair value based on level 2 inputs for similar assets in the current market on a non-recurring basis as it was deemed to be other-than-temporarily impaired. The first quarter of fiscal 2011 included $300,000 for the impairment to estimated fair value of the corporate aircraft.

The fair value of all other financial instruments with the exception of mortgage notes (see Note 5) approximates the carrying value due to the short-term nature of such instruments.

XML

Fair Value Measurements (Details Narrative) (USD $)	3 Months Ended
	Dec. 31, 2010	Jun. 30, 2012
Notes to Financial Statements
Assets measured at fair value on a recurring basis		$ 0
Liabilities measured at fair value on a recurring basis		0
Assets measured at fair value on a non-recurring basis		0
Liabilities measured at fair value on a non-recurring basis		0
Impairment of corporate aircraft	$ 300,000

XML

Earnings per share (Tables)

9 Months Ended

Jun. 30, 2012

Notes to Financial Statements

Earnings per share computations

Earnings per share	THREE MONTHS		NINE MONTHS
(dollars in thousands, except per share amounts)	ENDED JUNE 30,		ENDED JUNE 30,
	2012	2011	2012	2011
Weighted average common shares
outstanding during the period
- shares used for basic
earnings per common share	9,382	9,291	9,341	9,279
Common shares issuable under
share based payment plans
which are potentially dilutive	100	152	117	174
Common shares used for diluted
earnings per common share	9,482	9,443	9,458	9,453
Net income	$2,684	2,379	6,451	10,457
Earnings per common share
Basic	$0.29	0.26	0.69	1.13
Diluted	$0.28	0.25	0.68	1.11

XML

Long-term debt (Details Narrative) (USD $)	9 Months Ended
	Jun. 30, 2012
Notes to Financial Statements
Lowest interest rate on mortgage notes	$ 5.60%
Highest interest rate on mortgage notes	8.60%
Revolving Credit Agreement	37,000,000
Revolver interest over LIBOR	1%
Commitment fee	0.15%
Letters of credit issued	8,953,000
Letters of credit available for borrowing	28,047,000
Consolidated retained earnings available for payment of dividends	55,735,000
Carrying amount of mortgage notes payable	63,626,000
Fair value of mortgage notes payable	$ 67,968,000

XML

Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Jun. 30, 2012		Jun. 30, 2011
Cash flows from operating activities:
Net income	$ 6,451		$ 10,457
Adjustments to reconcile net income to net cash provided by continuing operating activities:
Depreciation, depletion and amortization	9,502		9,126
Deferred income taxes	498		(813)	[1]
Equity in loss of joint venture	8		16
Gain on sale of equipment and property	(1,639)		(245)
(Income) from discontinued operations, net	(11)		(5,125)
Stock-based compensation	633		624
Net changes in operating assets and liabilities:
Accounts receivable	(393)	[2]	(1,848)
Inventory of parts and supplies	151		(373)
Prepaid expenses and other current assets	2,842		2,997
Other assets	(1,431)		54
Accounts payable and accrued liabilities	(30)		628
Income taxes payable and receivable	1,032		2,917	[1]
Long-term insurance liabilities and other long-term liabilities	(362)		159
Net cash provided by operating activities of continuing operations	17,251		18,574
Net cash provided by (used in) operating activities of discontinued operations	10		(605)
Net cash provided by operating activities	17,261		17,969
Cash flows from investing activities:
Purchase of transportation group property and equipment	(6,605)		(4,660)
Investments in mining royalty land segment	(11,039)		0
Investments in developed property rentals segment	(7,911)	[2]	(8,365)	[1]
Investment in joint venture	(125)		(114)
Proceeds from the sale of property, plant and equipment	1,906		528	[1]
Proceeds received on note for sale of SunBelt	0		3,947
Net cash used in investing activities	(23,774)		(8,664)
Cash flows from financing activities:
Repayment of long-term debt	(3,646)		(3,412)
Repurchase of Company Stock	(315)		(1,145)
Excess tax benefits from exercises of stock options and vesting of restricted stock	452		323
Exercise of employee stock options	834		538
Net cash used in financing activities	(2,675)		(3,696)
Net increase (decrease) in cash and cash equivalents	(9,188)		5,609
Cash and cash equivalents at beginning of period	21,026		17,151
Cash and cash equivalents at end of the period	$ 11,838		$ 22,760

[1] The Company recorded non-cash transactions in fiscal 2011 from an exchange of real estate of $4,941 along with a related deferred tax liability of $1,792 and a $2,053 permanent tax benefit on the value of donated minerals and aggregates which was recorded as a $342 receivable and $1,711 deferred tax.

[2] The Company recorded non-cash transactions in fiscal 2012 for a $2,250 receivable on previously capitalized real estate taxes on the Anacostia property.

XML

Business Segments

9 Months Ended

Jun. 30, 2012

Notes to Financial Statements

Business Segments

(4) Business Segments. The Company operates in three reportable business segments. The Company’s operations are substantially in the Southeastern and Mid-Atlantic states. The transportation segment hauls petroleum and other liquids and dry bulk commodities by tank trailers. The Company’s real estate operations consist of two reportable segments. The mining royalty land segment owns real estate including construction aggregate royalty sites and parcels held for investment. The developed property rentals segment acquires, constructs, and leases office/warehouse buildings primarily in the Baltimore/Northern Virginia/Washington area and holds real estate for future development or related to its developments.

The Company’s transportation and real estate groups operate independently and have minimal shared overhead except for corporate expenses. Corporate expenses are allocated in fixed quarterly amounts based upon budgeted and estimated proportionate cost by segment. Unallocated corporate expenses primarily include stock compensation and corporate aircraft expenses.

Operating results and certain other financial data for the Company’s business segments are as follows (in thousands):

	Three Months ended		Nine Months ended
	June 30,		June 30,
	2012	2011	2012	2011
Revenues:
Transportation	$26,907	26,182	77,197	72,209
Mining royalty land	1,101	1,180	3,103	3,193
Developed property rentals	5,022	4,585	14,415	13,398
	$33,030	31,947	94,715	88,800
Operating profit:
Transportation	$ 2,682	2,834	6,706	7,603
Mining royalty land	958	999	2,671	2,626
Developed property rentals	2,150	1,547	5,531	4,172
Corporate expenses:
Allocated to transportation	(396)	(390)	(1,187)	(1,169)
Allocated to mining land	(164)	(153)	(491)	(458)
Allocated to developed property	(245)	(229)	(736)	(686)
Unallocated	(94)	(167)	(945)	(1,275)
	(899)	(939)	(3,359)	(3,588)
	$ 4,891	4,441	11,549	10,813
Interest expense:
Mining royalty land	$    10	9	29	27
Developed property rentals	527	780	2,106	2,506
	$   537	789	2,135	2,533
Capital expenditures:
Transportation	$ 1,202	1,501	6,605	4,660
Mining royalty land	11,039	-	11,039	-
Developed property rentals:
Capitalized interest	533	345	1,111	928
Internal labor	173	190	431	450
Real estate taxes (a)	243	303	(1,454)	875
Other costs (b)	2,916	2,517	5,573	6,112
	$16,106	4,856	23,305	13,025
(a)Includes $2,250 adjustment related to a receivable on previously capitalized
real estate taxes on the Anacostia property for the 9 months ended June 30, 2012
(b)Net of 1031 exchange of $4,941 for the 3  and 9 months ending
June 30, 2011
Depreciation, depletion and
amortization:
Transportation	$ 1,690	1,582	5,018	4,680
Mining royalty land	27	29	86	80
Developed property rentals	1,382	1,300	4,096	3,917
Other	97	54	302	449
	$ 3,196	2,965	9,502	9,126

	June 30,	September 30,
	2012	2011
Identifiable net assets
Transportation	$      38,854	39,001
Discontinued Transportation Operations	101	114
Mining royalty land	39,469	28,295
Developed property rentals	179,532	175,618
Cash items	11,838	21,026
Unallocated corporate assets	2,558	2,336
	$     272,352	266,390

XML

Long-term debt - Long-term debt (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Sep. 30, 2011
Notes to Financial Statements
5.6% to 8.6% mortgage notes due in installments through 2027	$ 63,626	$ 67,272
Less portion due within one year	5,152	4,902
Long-term debt	$ 58,474	$ 62,370

XML

Discontinued operations - Discontinued operations balance sheet components (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Sep. 30, 2011
Notes to Financial Statements
Accounts receivable	$ 0	$ 3
Deferred income taxes	2	4
Property and equipment, net	99	107
Assets of discontinued operations	101	114
Accrued payroll and benefits	2	2
Accrued liabilities, other		3
Insurance liabilities	18	29
Liabilities of discontinued operations	$ 20	$ 34

XML

Long-term debt (Tables)

9 Months Ended

Jun. 30, 2012

Notes to Financial Statements

Long-term debt

Long-term debt (in thousands)	June 30,	September 30,
	2012	2011
5.6% to 8.6% mortgage notes
due in installments through 2027	$    63,626	67,272
Less portion due within one year	5,152	4,902
	$    58,474	62,370