During the year ended September 30, 2012, the Trust did not declare or pay any dividends.

The Trust's 2012 Incentive Plan, approved by its shareholders in January 2012, permits the Trust to grant stock options, restricted stock, restricted stock units, performance shares awards and any one or more of the foregoing, up to a maximum of 600,000 shares. No awards have been granted under this plan. An aggregate of 580,180 shares of restricted stock have been granted pursuant to the Trust's 2003 and 2009 equity incentive plans (collectively, the "Prior Plans") and have not yet vested. No additional awards may be granted under the Prior Plans. The restricted shares that have been granted under the Prior Plans vest five years from the date of grant and under specified circumstances, including a change in control, may vest earlier. For accounting purposes, the restricted shares are not included in the outstanding shares shown on the consolidated balance sheet until they vest, but are included in the earnings per share computation.

During the fiscal years ended September 30, 2012, 2011 and 2010, the Trust issued 136,650, 138,150 and 125,150 restricted shares, respectively, under the Trust's 2009 equity incentive plan. The estimated fair value of restricted stock at the date of grant is being amortized ratably into expense over the applicable vesting period. For the years ended September 30, 2012, 2011 and 2010, the Trust recognized $758,000, $845,000, and $833,000 of compensation expense, respectively. At September 30, 2012, $1,870,000 has been deferred as unearned compensation and will be charged to expense over the remaining vesting periods. The weighted average vesting period is 2.6 years.

	Years Ended September 30,

	2012			2011			2010
Outstanding at beginning of the year		491,705			391,580			299,280
Issued		136,650			138,150			125,150
Cancelled		(7,250	)		(175	)		(2,050	)
Vested		(40,925	)		(37,850	)		(30,800	)

Outstanding at the end of the year		580,180			491,705			391,580

The following table sets forth the computation of basic and diluted earnings (loss) per share (dollars in thousands):

	2012		2011		2010

Numerator for basic and diluted earnings (loss) per share attributable to common shareholders:
Net income (loss) attributable to common shareholders	$	4,430	$	6,374	$	(8,015	)
Denominator:
Denominator for basic earnings (loss) per share—weighted average shares(1)		14,035,972		14,041,569		13,871,668
Effect of dilutive securities:
Employee stock options		—		—		298
Denominator for diluted earnings (loss) per share—adjusted weighted average shares and assumed conversions(1)		14,035,972		14,041,569		13,871,668

Basic earnings (loss) per share	$	.32	$	.45	$	(.58	)
Diluted earnings (loss) per share	$	.32	$	.45	$	(.58	)

In September 2011, the Board of Trustees approved a share repurchase program pursuant to which the Trust may spend up to $2,000,000 to repurchase its shares of beneficial interest. Shares repurchased under this program will be retired. As of September 30, 2012, the Trust had repurchased 146,812 shares at an average cost of $6.31 per share. During the fiscal years ended September 30, 2012, 2011 and 2010 the Trust repurchased 139,507, 154,692 and 52,403 shares, respectively, at an average cost of $6.30, $6.35 and $5.55 per share, respectively.

During the years ended September 30, 2012, 2011 and 2010, 40,925, 37,850 and 30,800 treasury shares, respectively, were issued in connection with the vesting of restricted stock under the Trust's incentive plans. In fiscal 2012, the Trust cancelled, and restored to the status of authorized and unissued shares, its remaining 1,380,978 treasury shares.

On October 27, 2010, 147,388 shares of beneficial interest were tendered pursuant to a previously announced tender offer. The total purchase price of these shares was $6.30 per share, aggregating $929,000.