Note 14 - Income Taxes

3 Months Ended

Jun. 30, 2011

Income Tax Disclosure [Text Block]

         14.  Income Taxes

At December 31, 2010, the Company had approximately $58 million of net operating loss carryforwards which may be available to offset future taxable income. The carryforwards will expire in 2024 through 2029. The Internal Revenue Code places certain limitations on the annual amount of net operating loss carryforwards that can be utilized if certain changes in the Company’s ownership occur. The Company believes that it has undergone an ownership change within the meaning of IRC section 382 that would impose such a limitation. The Company is assessing the amount of such limitation; however, at this time, management believes that the limitation would cause a significant amount of the Company’s net operating loss to expire unused.

During the six months ended June 30, 2011, the Company’s taxable REIT subsidiary recorded approximately $0.4 million of income tax expense for income attributable to the subsidiary. The Company’s estimated taxable income differs from the federal statutory rate as a result of state and local taxes, non-taxable REIT income and a valuation allowance.