Dividends Declared

6 Months Ended

Jun. 30, 2013

Equity [Abstract]

Dividends Declared

Note 10. Dividends Declared:

Dividends declared during 2013 were as follows:  

		Amount
Record Date	Date Paid	Per Share
March 28, 2013	April 8, 2013	$	0.125
June 28, 2013	July 8, 2013		0.125
		$	0.250

During 2013, due primarily to deductibility of severance expenses and realized losses on our foreclosure properties, we anticipate a taxable loss. Thus, all or a portion of our dividends will be deemed non-taxable returns of capital.

Pursuant to the merger agreement, we are limited to quarterly dividends of $0.125 per share until the merger is completed.

We have a covenant within our revolving credit facility that may limit our ability to pay out returns of capital as dividends. This restriction has not historically limited the amount of dividends we have paid and management does not believe that it will restrict future dividend payments.