DIVIDENDS

6 Months Ended

Jun. 30, 2013

DIVIDENDS [Abstract]

DIVIDENDS

8. DIVIDENDS

As of June 30, 2013, we had 107,172 shares of our 6.5% Series A Convertible Preferred Stock outstanding. The company’s Board of Directors did not declare the dividend due August 1, 2013. Accordingly, the company did not pay the August 1, 2013 quarterly dividend.

Dividends on Preferred Stock are accrued when the amount and kind of the dividend is determined and are payable quarterly on the first day of February, May, August and November, in cash or shares of common stock.