Dividends Paid and Declared

12 Months Ended

Dec. 31, 2013

Equity [Abstract]

Dividends Paid and Declared

Note 9. Dividends Paid and Declared:

During 2013, our dividends were declared 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
December 31, 2013	January 6, 2014		0.125
		$	0.500

During 2013, due primarily to payment of severance expenses and realized losses on our foreclosure properties, we had a taxable loss. Thus, our dividends were deemed returns of capital.

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.