Dividends Declared

9 Months Ended

Sep. 30, 2013

Equity [Abstract]

Dividends Declared

Note 11. Dividends Declared:

Dividends declared during 2013 were as follows:

Record Date	Date Paid	Amount Per Share
March 28, 2013	April 8, 2013	$	0.125
June 28, 2013	July 8, 2013		0.125
September 30, 2013	October 7, 2013		0.125
		$	0.375

During 2013, due primarily to payment 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 returns of capital.

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

We have a covenant within our revolving credit facility that requires us to maintain a minimum net worth of $132 million which 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.