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OPERATING RESULTS FOR THE PERIOD (TABLE) | 12 Months Ended
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Dec. 31, 2012
OPERATING RESULTS FOR THE PERIOD (TABLE) |
OPERATING RESULTS FOR THEYEAR 2010 (TABLE) |
|  | Three Months Ended 2010
|  | March 31, |  |  | June 30, |  |  | September 30, |  | December 31, |
|  | (dollars in thousands, except share and per share amounts) |
2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total operating revenues |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Total operating expenses |  |  | 309 |  |  |  | 339 |  |  |  | 295 |  |  |  | 353 |
Operating loss |  |  | (309 | ) |  |  | (339 | ) |  |  | (295 | ) |  |  | (353 | )
Other income |  |  | 430 |  |  |  | 340 |  |  |  | 225 |  |  |  | 2,079 |
Income (loss) before gain on land sales, non-controlling interest, and taxes |  |  | 121 |  |  |  | 1 |  |  |  | (70 | ) |  |  | 1,726 |
Gain on land sales |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Income tax benefit (expense) |  |  | 46 |  |  |  | (7 | ) |  |  | 13 |  |  |  | - |
Net income (loss) from continuing operations |  |  | 167 |  |  |  | (6 | ) |  |  | (57 | ) |  |  | 1,726 |
Net income (loss) from discontinued operations, net of non-controlling interest |  |  | (4 | ) |  |  | (13 | ) |  |  | 25 |  |  |  | - |
Net income (loss) |  |  | 163 |  |  |  | (19 | ) |  |  | (32 | ) |  |  | 1,726 |
Less: net income (loss) attributable to non-controlling interest |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Net income (loss) applicable to common shares |  | $ | 163 |  |  | $ | (19 | ) |  | $ | (32 | ) |  | $ | 1,726 |
PER SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share - basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | 0.04 |  |  | $ | - |  |  | $ | (0.01 | ) |  | $ | 0.41 |
Discontinued operations |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Net income (loss) applicable to common shares |  | $ | 0.04 |  |  | $ | - |  |  | $ | (0.01 | ) |  | $ | 0.41 |
Weighted average common shares used in computing earnings per share |  |  | 4,168,214 |  |  |  | 4,168,214 |  |  |  | 4,168,214 |  |  |  | 4,168,214 |
Earnings per share - diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | 0.04 |  |  | $ | - |  |  | $ | (0.01 | ) |  | $ | 0.41 |
Discontinued operations |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Net income (loss) applicable to common shares |  | $ | 0.04 |  |  | $ | - |  |  | $ | (0.01 | ) |  | $ | 0.41 |
Weighted average common shares used in computing diluted earnings per share |  |  | 4,168,214 |  |  |  | 4,168,214 |  |  |  | 4,168,214 |  |  |  | 4,168,214 |
OPERATING RESULTS FOR THE YEAR 2011 (TABLE) |
|  | Three Months Ended 2011 |
|  | March 31, |  |  | June 30, |  |  | September 30, |  | December 31, |
|  | (dollars in thousands, except share and per share amounts) |
2011 |  |  |  |  |  |  |  |  |  |  |  |
Total operating revenues |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Total operating expenses |  |  | 328 |  |  |  | 406 |  |  |  | 320 |  |  |  | 280 |
Operating loss |  |  | (328 | ) |  |  | (406 | ) |  |  | (320 | ) |  |  | (280 | )
Other income |  |  | 14 |  |  |  | 307 |  |  |  | 288 |  |  |  | 2,521 |
Loss before gain on land sales, non-controlling interest, and taxes |  |  | (314 | ) |  |  | (99 | ) |  |  | (32 | ) |  |  | 2,241 |
Gain on land sales |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Income tax benefit (expense) |  |  | 2 |  |  |  | (499 | ) |  |  | (169 | ) |  |  | (149 | )
Net loss from continuing operations |  |  | (312 | ) |  |  | (598 | ) |  |  | (201 | ) |  |  | 2,092 |
Net income (loss) from discontinued operations, net of non-controlling interest |  |  | 5 |  |  |  | (928 | ) |  |  | (314 | ) |  |  | 925 |
Net income (loss) |  |  | (307 | ) |  |  | (1,526 | ) |  |  | (515 | ) |  |  | 3,017 |
Less: net income attributable to non-controlling interest |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Net income (loss) applicable to common shares |  | $ | (307 | ) |  | $ | (1,526 | ) |  | $ | (515 | ) |  | $ | 3,017 |
PER SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share - basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | (0.07 | ) |  | $ | (0.14 | ) |  | $ | (0.05 | ) |  | $ | 0.50 |
Discontinued operations |  |  | - |  |  |  | (0.23 | ) |  |  | (0.08 | ) |  |  | 0.23 |
Net income (loss) applicable to common shares |  | $ | (0.07 | ) |  | $ | (0.37 | ) |  | $ | (0.13 | ) |  | $ | 0.73 |
Weighted average common shares used in computing earnings per share |  |  | 4,168,214 |  |  |  | 4,168,214 |  |  |  | 4,168,214 |  |  |  | 4,168,214 |
Earnings per share - diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | (0.07 | ) |  | $ | (0.14 | ) |  | $ | (0.05 | ) |  | $ | 0.50 |
Discontinued operations |  |  | - |  |  |  | (0.23 | ) |  |  | (0.08 | ) |  |  | 0.23 |
Net income (loss) applicable to common shares |  | $ | (0.07 | ) |  | $ | (0.37 | ) |  | $ | (0.13 | ) |  | $ | 0.73 |
Weighted average common shares used in computing diluted earnings per share |  |  | 4,168,214 |  |  |  | 4,168,214 |  |  |  | 4,168,214 |  |  |  | 4,168,214 |
OPERATING RESULTS FOR THE YEAR 2012 (TABLE) | The following is a table of quarterly results of operations for the years 2012, 2011, and 2010 (dollars in thousands except per share data):
|  | Three Months Ended 2012 |
|  | March 31, |  |  | June 30, |  |  | September 30, |  |  | December 31, |
|  | (dollars in thousands, except share and per share amounts) |
2012 |  |  |  |  |  |  |  |  |  |  |  |
Total operating revenues |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Total operating expenses |  |  | 342 |  |  |  | 348 |  |  |  | 262 |  |  |  | 263 |
Operating loss |  |  | (342 | ) |  |  | (348 | ) |  |  | (262 | ) |  |  | (263 | )
Other income |  |  | 856 |  |  |  | 1,346 |  |  |  | 659 |  |  |  | 821 |
Income before gain on land sales, non-contolling interest, and taxes |  |  | 514 |  |  |  | 998 |  |  |  | 397 |  |  |  | 558 |
Gain on land sales |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Income tax benefit expense |  |  | (2 | ) |  |  | - |  |  |  | (14 | ) |  |  | (860 | )
Net income from continuing operations |  |  | 512 |  |  |  | 998 |  |  |  | 383 |  |  |  | (302 | )
Net loss from discontinued operations, net of non-controlling interest |  |  | (5 | ) |  |  | - |  |  |  | (27 | ) |  |  | (38 | )
Net income |  |  | 507 |  |  |  | 998 |  |  |  | 356 |  |  |  | (340 | )
Less: net income (loss) attributable to non-controlling interest |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Net income applicable to common shares |  | $ | 507 |  |  | $ | 998 |  |  | $ | 356 |  |  | $ | (340 | )
PER SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share - basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 0.12 |  |  | $ | 0.24 |  |  | $ | 0.09 |  |  | $ | (0.07 | )
Discontinued operations |  |  | - |  |  |  | - |  |  |  | (0.01 | ) |  |  | (0.01 | )
Net income applicable to common shares |  | $ | 0.12 |  |  | $ | 0.24 |  |  | $ | 0.08 |  |  | $ | (0.08 | )
Weighted average common shares used in computing earnings per share |  |  | 4,168,214 |  |  |  | 4,168,214 |  |  |  | 4,168,214 |  |  |  | 4,168,214 |
Earnings per share - diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 0.12 |  |  | $ | 0.24 |  |  | $ | 0.09 |  |  | $ | (0.07 | )
Discontinued operations |  |  | - |  |  |  | - |  |  |  | (0.01 | ) |  |  | (0.01 | )
Net income applicable to common shares |  | $ | 0.12 |  |  | $ | 0.24 |  |  | $ | 0.08 |  |  | $ | (0.08 | )
Weighted average common shares used in computing diluted earnings per share |  |  | 4,168,214 |  |  |  | 4,168,214 |  |  |  | 4,168,214 |  |  |  | 4,168,214 |

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