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Long-term Compensation (Tables)

3 Months Ended

Mar. 31, 2013

Long-term Compensation [Abstract]

Summary of Plan Activity: Options

The following is a summary of Plan activity for the three months ended March 31, 2013, with respect to our stock options:

		Number of Options		Weighted Average Exercise Price
Balance at December 31, 2012		166,000		7.96
Plan Awards		-		-
Exercised		-		-
Forfeited		-		-
Balance as of March 31, 2013		166,000		7.96
Options Exercisable as of March 31, 2013		0		-

Summary of Plan Activity: Restricted Stock

The following is a summary of Plan activity for the three months ended March 31, 2013, with respect to our restricted stock:

		Number of Shares		Weighted Average Grant Date Fair Value
Balance at December 31, 2012		30,000		$7.96
Plan Awards		-		-
Vested		-		-
Forfeited		-		-
Balance as of March 31, 2013		30,000		7.96

Assumptions Used to Determine Fair Value of Stock Options

The initial term of each option granted under the Plan is 10 years.  Both the restricted stock and options vest over the service period as follows: 33 1/3% on the first-year anniversary of the grant, 33 1/3% on the second-year anniversary of the grant and 33 1/3% on the third-year anniversary of the grant.   The Trust recognizes share-based payment expenses based on grant date fair values and market closing prices.  Restricted stock is valued based on the market price of common stock on the grant date.  Options are valued using the binomial option pricing model, using the following assumptions to estimate fair value: 

Expected Volatility		21.38%
Expected Dividend Yield		4.99%
Expected Term (in years)		6.0
Risk-Free Interest Rate		0.79%
Estimate of Forfeiture Rate		10.0%

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

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