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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2013

Income Tax Disclosure [Abstract]

Income Tax Provision

The components of the income tax provision for the three months and six months ended June 30, 2013 and 2012 are as follows:

		Three months ended June 30, 2013				Three months ended June 30, 2012				Six months ended June 30, 2013				Six months ended June 30, 2012
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Current:
Federal		$	17,400			$	18,506			$	50,501			$	(48,967	)
State			55,762				7,296				56,575				8,109
			73,162				25,802				107,076				(40,858	)
Deferred:
Federal			880,363				792,138				1,006,149				868,764
State			158,293				140,206				261,648				234,815
			1,038,656				932,344				1,267,797				1,103,579
		$	1,111,818			$	958,146			$	1,374,873			$	1,062,721

Reconciliation of Statutory Federal Income Tax Provision (Benefit)

A reconciliation of the statutory federal income tax expense (benefit) to the Company’s income tax provision is as follows:

		Three months ended June 30, 2013				Three months ended June 30, 2012				Six months ended June 30, 2013				Six months ended June 30, 2012
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Statutory federal income tax expense (benefit)		$	956,375			$	(403,976	)		$	(95,147	)		$	(1,381,738	)
Effect of non-taxable REIT (income) loss			(58,612	)			1,213,807				1,151,797				2,201,535
State income tax expense (benefit)			214,055				148,315				318,223				242,924
		$	1,111,818			$	958,146			$	1,374,873			$	1,062,721

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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