10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q
	(Mark One)

x	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 - For the Quarterly Period Ended March 31, 2013
	Or
o	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 - For the Transition Period From ______________ to ______________

Commission file number 1-701

GREAT NORTHERN IRON ORE PROPERTIES

(Exact name of registrant as specified in its charter)

Minnesota	41-0788355
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)
W-1290 First National Bank Building 332 Minnesota Street Saint Paul, Minnesota	55101-1361
(Address of principal executive office)	(Zip Code)
(651) 224-2385
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted to its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company (as defined in Rule 12b-2 of the Act).

Large accelerated filer      o	Accelerated filer                  x
Non-accelerated filer       o	Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x

Number of shares of beneficial interest outstanding on March 31, 2013: 1,500,000

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

GREAT NORTHERN IRON ORE PROPERTIES
CONDENSED BALANCE SHEETS

	March 31, 2013		December 31, 2012
	(Unaudited)		(Note)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	997,424	$	643,431
United States Treasury securities		4,829,247		8,427,807
Royalties receivable		4,434,172		4,070,111
Prepaid expenses		75,761		2,110
TOTAL CURRENT ASSETS		10,336,604		13,143,459
NONCURRENT ASSETS
United States Treasury securities		3,322,818		4,295,457
PROPERTIES
Mineral and surface lands		39,479,708		39,479,708
Less: Allowances for accumulated depletion and amortization		-38,071,477		-37,897,777
		1,408,231		1,581,931
Building and equipment		334,538		334,538
Less: Allowances for accumulated depreciation		-247,670		-236,671
		86,868		97,867
TOTAL PROPERTIES		1,495,099		1,679,798
TOTAL ASSETS	$	15,154,521	$	19,118,714
LIABILITIES AND BENEFICIARIES’ EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses	$	130,056	$	104,256
Distributions		3,375,000		7,875,000
TOTAL CURRENT LIABILITIES		3,505,056		7,979,256
NONCURRENT LIABILITIES
Deferred compensation		229,100		229,100
Liability for pension benefits		1,535,604		1,511,694
TOTAL NONCURRENT LIABILITIES		1,764,704		1,740,794
TOTAL LIABILITIES		5,269,760		9,720,050
BENEFICIARIES’ EQUITY, including certificate holders’ equity, represented by 1,500,000 certificates (shares or units) of beneficial interest authorized and outstanding, and the reversionary interest		12,136,619		11,820,773
Accumulated other comprehensive loss		-2,251,858		-2,422,109
TOTAL BENEFICIARIES’ EQUITY		9,884,761		9,398,664
TOTAL LIABILITIES AND BENEFICIARIES’ EQUITY	$	15,154,521	$	19,118,714

Note: The balance sheet at December 31, 2012, has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

See notes to condensed financial statements.

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GREAT NORTHERN IRON ORE PROPERTIES
CONDENSED STATEMENTS OF INCOME
(Unaudited)

	Three Months Ended March 31
	2013			2012
REVENUES
Royalties	$	4,707,867		$	7,000,188
Interest and other income		26,313			30,357
		4,734,180			7,030,545
Costs and expenses		-1,043,334			-1,061,464
NET INCOME	$	3,690,846		$	5,969,081
Weighted-average shares outstanding		1,500,000			1,500,000
BASIC AND DILUTED EARNINGS PER SHARE	$	2.46		$	3.98
Distributions declared per share	$	2.25	(1)	$	2.25	(2)

(1)	$2.25	declared payable	3/8/2013 4/30/2013
(2)	$2.25	declared paid	3/9/2012 4/30/2012

See notes to condensed financial statements.

GREAT NORTHERN IRON ORE PROPERTIES
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

	Three Months Ended March 31
	2013		2012
NET INCOME	$	3,690,846	$	5,969,081
Other comprehensive income:
Defined benefit pension plan:
Amortization of prior service cost included in net periodic pension cost		4,367		4,367
Amortization of net loss included in net periodic pension cost		165,884		123,098
Total other comprehensive income		170,251		127,465
TOTAL COMPREHENSIVE INCOME	$	3,861,097	$	6,096,546

See notes to condensed financial statements.

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GREAT NORTHERN IRON ORE PROPERTIES
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)

	Three Months Ended
	March 31
	2013		2012
Cash flows from operating activities:
Cash received from royalties and rents	$	4,363,142	$	8,203,545
Cash paid to suppliers and employees		-712,325		-720,172
Interest received		28,176		5,014
NET CASH PROVIDED BY OPERATING ACTIVITIES		3,678,993		7,488,387
Cash flows from investing activities:
United States Treasury securities purchased		-675,000		-1,625,000
United States Treasury securities matured		5,225,000		2,600,000
NET CASH PROVIDED BY INVESTING ACTIVITIES		4,550,000		975,000
Cash flows from financing activities:
Distributions paid		-7,875,000		-8,625,000
NET CASH USED IN FINANCING ACTIVITIES		-7,875,000		-8,625,000
Net increase (decrease) in cash and cash equivalents		353,993		-161,613
Cash and cash equivalents at beginning of year		643,431		750,947
CASH AND CASH EQUIVALENTS AT MARCH 31	$	997,424	$	589,334

See notes to condensed financial statements.

-3-

GREAT NORTHERN IRON ORE PROPERTIES
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)

Periods of Three Months ended March 31, 2013 and March 31, 2012

Note 1 - BASIS OF PRESENTATION

The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the periods stated above are not necessarily indicative of the results that may be expected for each respective full year. For further information, refer to the financial statements and footnotes included in the Great Northern Iron Ore Properties (“Trust”) Annual Report on Form 10-K for the year ended December 31, 2012.

Note 2 – SECURITIES

United States Treasury securities are classified as held-to-maturity securities and are carried at cost, adjusted for accrued interest and amortization of premium or discount. The aggregate fair values listed in the table below are based on quoted prices in active markets for identical assets (Level 1). Securities recognized as current assets will mature within one year of the respective period ending date stated below. Securities recognized as noncurrent assets will mature one to three years from the respective period ending date stated below. Following is a summary of the securities as of the periods stated:

	Current				Noncurrent
	March 31, 2013		Dec. 31, 2012		March 31, 2013		Dec. 31, 2012
Aggregate fair value	$	4,821,329	$	8,416,447	$	3,315,697	$	4,282,664
Gross unrealized holding gains		-2,595		-3,707		-832		-698
Gross unrealized holding losses		—		—		297		1,405
Amortized cost basis		4,818,734		8,412,740		3,315,162		4,283,371
Accrued interest		10,513		15,067		7,656		12,086
Amounts shown on balance sheets	$	4,829,247	$	8,427,807	$	3,322,818	$	4,295,457

-4-

Note 3 – PENSION PLAN

A summary of the components of net periodic pension cost for the three months ended March 31 is as follows:

	2013		2012
Service cost	$	81,423	$	76,700
Interest cost		76,968		80,549
Expected return on assets		–134,481		–112,117
Amortization of net loss		165,884		123,098
Amortization of prior service cost		4,367		4,367
Net periodic pension cost	$	194,161	$	172,597

The Trust had previously disclosed in its Annual Report as of December 31, 2012, that the next contribution to the plan for 2013 is estimated to approximate $800,000, subject to the plan’s annual actuarial valuation performed as of the plan’s fiscal year-end, March 31. No additional updated information is available at this time.

Note 4 – BENEFICIARIES’ EQUITY

Pursuant to the Court Order of November 29, 1982, the Trustees were directed to create and maintain an account designated as “Principal Charges.” This account constitutes a first and prior lien of certificate holders on any property transferable to the reversioner and reflects an allocation of beneficiaries’ equity between the certificate holders and the reversioner. This account is neither an asset nor a liability of the Trust. Rather, this account maintains and represents a balance which will be payable to the certificate holders of record from the reversioner at the end of the Trust. The balance in this account consists of attorneys’ fees and expenses of counsel for adverse parties pursuant to the Court Order in connection with litigation commenced in 1972 relating to the Trustees’ powers and duties under the Trust Agreement and the costs of homes and surface lands acquired in accordance with provisions of a lease with U.S. Steel Corporation, net of an allowance to amortize the cost of the land based on actual shipments of taconite and net of a credit for disposition of tangible assets.

Following is an analysis of this account as of March 31, 2013:

Attorneys’ fees and expenses	$	1,024,834
Costs of surface lands		6,606,815
Cumulative shipment credits		–2,406,202
Cumulative asset disposition credits		–372,124
Principal Charges account balance	$	4,853,323

Upon termination of the Trust, the Trustees shall either sell tangible assets or obtain a loan with tangible assets as security to provide monies for distribution to the certificate holders in the amount of the Principal Charges account balance.

-5-

NOTE 5 – ACCUMULATED OTHER COMPREHENSIVE LOSS

A summary of the component items (all affecting the “Costs and expenses” line item within the Condensed Statements of Income) showing the reclassifications out of Accumulated other comprehensive loss (“AOCL”) for the three months ended March 31 is as follows:

	Amounts reclassified from AOCL
Component item	2013		2012
Amortization of defined benefit pension items:
Prior service cost	$	4,367	$	4,367
Net loss		165,884		123,098
Total	$	170,251	$	127,465

A summary of the changes in Accumulated other comprehensive loss (“AOCL”) by component item is as follows:

	Three months ended March 31, 2013
	Prior Service Cost		Net Loss		Total
Defined benefit pension items:
Balance at January 1, 2013	$	-34,936	$	-2,387,173	$	-2,422,109
Amounts reclassified from AOCL		4,367		165,884		170,251
Balance at March 31, 2013	$	-30,569	$	-2,221,289	$	-2,251,858

	Three months ended March 31, 2012
	Prior Service Cost		Net Loss		Total
Defined benefit pension items:
Balance at January 1, 2012	$	-52,405	$	-2,390,592	$	-2,442,997
Amounts reclassified from AOCL		4,367		123,098		127,465
Balance at March 31, 2012	$	-48,038	$	-2,267,494	$	-2,315,532

NOTE 6 – NEW ACCOUNTING PRONOUNCEMENTS

In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-02, “Comprehensive Income (Topic 220) – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” This ASU amends Accounting Standards Codification (“ASC”) Topic 220 for the purpose of requiring the reporting of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amounts being reclassified are required under U.S. generally accepted accounting principles to be reclassified in their entirety to net income. This amendment does not change the current requirements for reporting net income or other comprehensive income in the financial statements. Rather, this amendment requires more information about the amounts reclassified out of accumulated other comprehensive income by component, with this additional information either shown on the face of the income statement or within the notes to the financial statements. For public companies, this ASU is effective for periods beginning after December 15, 2012. The Trust adopted this amendment required by ASU No. 2013-02 beginning with its first quarter in 2013, and has elected to present the required information within the notes to the financial statements.

-6-

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Periods of Three Months ended March 31, 2013 and March 31, 2012

The Trust owns interest in 12,033 acres on the Mesabi Iron Range Formation in northeastern Minnesota, most of which are under lease to major iron ore producing companies. Due to the Trustees’ election pursuant to Section 646 of the Tax Reform Act of 1986, as amended, commencing with year 1989 the Trust is not subject to federal and Minnesota corporate income taxes. The Trust is now a grantor trust. Shares of beneficial interest in the Trust are traded on the New York Stock Exchange under the ticker symbol “GNI” (CUSIP No. 391064102).

The terms of the Great Northern Iron Ore Properties Trust Agreement, created December 7, 1906, state that the Trust shall continue for twenty years after the death of the last survivor of eighteen persons named in the Trust Agreement. The last survivor of these eighteen persons died on April 6, 1995. Accordingly, the Trust terminates twenty years from April 6, 1995, that being April 6, 2015.

At the end of the Trust on April 6, 2015, the certificates of beneficial interest (shares) in the Trust will cease to trade on the New York Stock Exchange and thereafter will represent only the right to receive certain distributions payable to the certificate holders of record at the time of the termination of the Trust. Upon termination, the Trust is obligated to distribute ratably to these certificate holders the net monies remaining in the hands of the Trustees (after paying and providing for all expenses and obligations of the Trust), plus the balance in the Principal Charges account (this account is explained in the Trust’s Annual Report sent to all certificate holders every year). All other Trust property (most notably the Trust’s mineral properties and the active leases) must be conveyed and transferred to the reversioner (currently Glacier Park Company, a wholly owned subsidiary of ConocoPhillips Company) under the terms of the Trust Agreement.

We have previously provided information in our various Securities and Exchange Commission filings, including our Annual Report, about the final distribution payable to the certificate holders upon the Trust’s termination. The exact final distribution, though not determinable at this time, will generally consist of the sum of the Trust’s net monies (essentially, total assets less liabilities and properties) and the balance in the Principal Charges account, less any and all expenses and obligations of the Trust upon termination. To offer a hypothetical example, without factoring in any expenses and obligations of the Trust upon its termination, and using the financial statement values as of December 31, 2012, the net monies were approximately $7,719,000 and the Principal Charges account balance was approximately $4,871,000, resulting in a final distribution payable of approximately $12,590,000, or about $8.39 per share. After payment of this final distribution, the certificates of beneficial interest (shares) would be cancelled and have no further value. It is important to note, however, that the actual net monies on hand and the Principal Charges account balance will most likely fluctuate during the ensuing years and will not be “final” until after the termination and wind-down of the Trust. The Trust offers this example to further inform investors about the conceptual nature of the final distribution and does not imply or guarantee a specific known final distribution amount.

Results of Operations:

Royalties decreased $2,292,321 during the three months ended March 31, 2013, as compared to the same period in 2012, due mainly to reduced taconite shipments from our Trust lands and a lower overall average earned royalty rate caused by lower producer price indices.

-7-

Interest and other income decreased $4,044 during the three months ended March 31, 2013, as compared to the same period in 2012, due mainly to reduced yields on the Trust’s investments.

Costs and expenses decreased $18,130 during the three months ended March 31, 2013, as compared to the same period in 2012, due mainly to legal expenses incurred in the prior year pertaining to lease administration, which were not required in the current year.

At their meeting held on March 8, 2013, the Trustees declared a distribution of $2.25 per share, amounting to $3,375,000 payable April 30, 2013, to certificate holders of record at the close of business on March 28, 2013. At their meeting held on March 9, 2012, the Trustees declared a distribution of $2.25 per share, amounting to $3,375,000 paid on April 30, 2012, to certificate holders of record at the close of business on March 30, 2012. The Trustees intend to continue quarterly distributions and set the record date as of the last business day of each quarter. The next distribution will be paid July 31, 2013 to certificate holders of record on June 28, 2013.

A mining agreement dated January 1, 1959, with U.S. Steel Corporation provides that one-half of annual earned royalty income, after satisfaction of minimum royalty payments, shall be applied, in lieu of royalty payments, to reimburse the lessee for a portion of its cost of acquisition of surface lands overlying the leased mineral deposits, which surface lands are then conveyed to the Trustees. There are surface lands yet to be purchased, the costs of which are yet unknown and will not be known until the actual purchases are made.

Liquidity:

In the interest of preservation of principal of Court-approved reserves and guided by the restrictive provisions of Section 646 of the Tax Reform Act of 1986, as amended, monies are invested primarily in U.S. Treasury securities with maturity dates not to exceed three years and, along with cash flows from operations, are deemed adequate to meet currently foreseeable liquidity needs.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

- None

Item 4. Controls and Procedures

As of the end of the period covered by this report, the Trust conducted an evaluation, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer, of the Trust’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934 (the “Exchange Act”)). Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Trust’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Trust in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms. There was no change in the Trust’s internal control over financial reporting during the Trust’s most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

-8-

PART II. OTHER INFORMATION

Item 1. Legal Proceedings
- None

Item 1A. Risk Factors
There are no material changes from the risk factors previously disclosed in the Trust’s December 31, 2012 Annual Report on Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
- None

Item 3. Defaults Upon Senior Securities
- None

Item 4. Mine Safety Disclosures
- Not applicable

Item 5. Other Information
- None

Item 6. Exhibits
Exhibit No.	Document
- 31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Exchange Act, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002
- 31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Exchange Act, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002
- 32	Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished but not filed)
- 101.INS	XBRL Instance Document (Interactive Data File)
- 101.SCH	XBRL Taxonomy Extension Schema Document (Interactive Data File)
- 101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document (Interactive Data File)
- 101.DEF	XBRL Taxonomy Extension Definition Linkbase Document (Interactive Data File)
- 101.LAB	XBRL Taxonomy Extension Label Linkbase Document (Interactive Data File)
- 101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document (Interactive Data File)

-9-

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			GREAT NORTHERN IRON ORE PROPERTIES
			(Registrant)
Date	April 25, 2013	By	/s/ Joseph S. Micallef
			Joseph S. Micallef, President of the Trustees and
			Chief Executive Officer
			(principal executive officer)
Date	April 25, 2013	By	/s/ Thomas A. Janochoski
			Thomas A. Janochoski, Vice President &
			Secretary and Chief Financial Officer
			(principal financial and accounting officer)

-10-

QUARTERLY REPORT ON FORM 10-Q

EXHIBIT INDEX

QUARTER ENDED: MARCH 31, 2013

GREAT NORTHERN IRON ORE PROPERTIES

W-1290 First National Bank Building
332 Minnesota Street
Saint Paul, Minnesota 55101-1361

Exhibit No.	Document
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Exchange Act, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Exchange Act, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002
32	Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished but not filed)
101.INS	XBRL Instance Document (Interactive Data File)
101.SCH	XBRL Taxonomy Extension Schema Document (Interactive Data File)
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document (Interactive Data File)
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document (Interactive Data File)
101.LAB	XBRL Taxonomy Extension Label Linkbase Document (Interactive Data File)
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document (Interactive Data File)

EX-31.1

Exhibit 31.1

Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-
14(a) of the Exchange Act, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002

I, Joseph S. Micallef, certify that:

     1. I have reviewed this quarterly report on Form 10-Q of Great Northern Iron Ore Properties;

     2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

     3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

     4. The Registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

          a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

          b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

          c) evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

          d) disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

     5. The Registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors [or persons performing the equivalent functions]:

          a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

          b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

By:	/s/ Joseph S. Micallef	Date:	April 25, 2013
	Joseph S. Micallef
	Chief Executive Officer, Trustee and President of the Trustees (principal executive officer)

EX-31.2

Exhibit 31.2

Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-
14(a) of the Exchange Act, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002

I, Thomas A. Janochoski, certify that:

     1. I have reviewed this quarterly report on Form 10-Q of Great Northern Iron Ore Properties;

     2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

     3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

     4. The Registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

          a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

          b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

          c) evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

          d) disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

     5. The Registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors [or persons performing the equivalent functions]:

          a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

          b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

By:	/s/ Thomas A. Janochoski	Date:	April 25, 2013
	Thomas A. Janochoski
	Chief Financial Officer, Vice President & Secretary (principal financial and accounting officer)

EX-32

Exhibit 32

Certifications of Chief Executive Officer and Chief Financial Officer pursuant to
18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
(furnished but not filed)

     In connection with this Quarterly Report of Great Northern Iron Ore Properties on Form 10-Q filed with the Securities and Exchange Commission, I, Joseph S. Micallef, President of the Trustees and Chief Executive Officer of Great Northern Iron Ore Properties, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. 1350, that:

     1. This Quarterly Report on Form 10-Q of Great Northern Iron Ore Properties for the quarter ended March 31, 2013 (the “Report”) fully complies with the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

     2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Great Northern Iron Ore Properties.

Date:	April 25, 2013	By:	/s/ Joseph S. Micallef
			Joseph S. Micallef, Chief Executive Officer, Trustee and President of the Trustees (principal executive officer)

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Great Northern Iron Ore Properties and will be retained by Great Northern Iron Ore Properties and furnished to the Securities and Exchange Commission or its staff upon request.

- - - - - -

     In connection with this Quarterly Report of Great Northern Iron Ore Properties on Form 10-Q filed with the Securities and Exchange Commission, I, Thomas A. Janochoski, Vice President & Secretary and Chief Financial Officer of Great Northern Iron Ore Properties, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. 1350, that:

     1. This Quarterly Report on Form 10-Q of Great Northern Iron Ore Properties for the quarter ended March 31, 2013 (the “Report”) fully complies with the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

     2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Great Northern Iron Ore Properties.

Date:	April 25, 2013	By:	/s/ Thomas A. Janochoski
			Thomas A. Janochoski, Chief Financial Officer, Vice President & Secretary (principal financial and accounting officer)

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Great Northern Iron Ore Properties and will be retained by Great Northern Iron Ore Properties and furnished to the Securities and Exchange Commission or its staff upon request.

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Securities

3 Months Ended

Mar. 31, 2013

Securities [Abstract]

Securities

Note 2 – SECURITIES

United States Treasury securities are classified as held-to-maturity securities and are carried at cost, adjusted for accrued interest and amortization of premium or discount. The aggregate fair values listed in the table below are based on quoted prices in active markets for identical assets (Level 1). Securities recognized as current assets will mature within one year of the respective period ending date stated below. Securities recognized as noncurrent assets will mature one to three years from the respective period ending date stated below. Following is a summary of the securities as of the periods stated:

	Current				Noncurrent
	March 31, 2013		Dec. 31, 2012		March 31, 2013		Dec. 31, 2012
Aggregate fair value	$	4,821,329	$	8,416,447	$	3,315,697	$	4,282,664
Gross unrealized holding gains		-2,595		-3,707		-832		-698
Gross unrealized holding losses		—		—		297		1,405
Amortized cost basis		4,818,734		8,412,740		3,315,162		4,283,371
Accrued interest		10,513		15,067		7,656		12,086
Amounts shown on balance sheets	$	4,829,247	$	8,427,807	$	3,322,818	$	4,295,457

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Basis Of Presentation

3 Months Ended

Mar. 31, 2013

Basis Of Presentation [Abstract]

Basis Of Presentation

Note 1 - BASIS OF PRESENTATION

The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the periods stated above are not necessarily indicative of the results that may be expected for each respective full year. For further information, refer to the financial statements and footnotes included in the Great Northern Iron Ore Properties ("Trust") Annual Report on Form 10-K for the year ended December 31, 2012.

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Condensed Balance Sheets (USD $)	Mar. 31, 2013	Dec. 31, 2012
CURRENT ASSETS
Cash and cash equivalents	$ 997,424	$ 643,431	[1]
United States Treasury securities	4,829,247	8,427,807	[1]
Royalties receivable	4,434,172	4,070,111	[1]
Prepaid expenses	75,761	2,110	[1]
TOTAL CURRENT ASSETS	10,336,604	13,143,459	[1]
NONCURRENT ASSETS
United States Treasury securities	3,322,818	4,295,457	[1]
PROPERTIES
Mineral and surface lands	39,479,708	39,479,708	[1]
Less: Allowances for accumulated depletion and amortization	(38,071,477)	(37,897,777)	[1]
Mineral and surface lands, net	1,408,231	1,581,931	[1]
Building and equipment	334,538	334,538	[1]
Less: Allowances for accumulated depreciation	(247,670)	(236,671)	[1]
Building and equipment, net	86,868	97,867	[1]
TOTAL PROPERTIES	1,495,099	1,679,798	[1]
TOTAL ASSETS	15,154,521	19,118,714	[1]
CURRENT LIABILITIES
Accounts payable and accrued expenses	130,056	104,256	[1]
Distributions	3,375,000	7,875,000	[1]
TOTAL CURRENT LIABILITIES	3,505,056	7,979,256	[1]
NONCURRENT LIABILITIES
Deferred compensation	229,100	229,100	[1]
Liability for pension benefits	1,535,604	1,511,694	[1]
TOTAL NONCURRENT LIABILITIES	1,764,704	1,740,794	[1]
TOTAL LIABILITIES	5,269,760	9,720,050	[1]
BENEFICIARIES' EQUITY, including certificate holders' equity, represented by 1,500,000 certificates (shares or units) of beneficial interest authorized and outstanding, and the reversionary interest	12,136,619	11,820,773	[1]
Accumulated other comprehensive loss	(2,251,858)	(2,422,109)	[1]
TOTAL BENEFICIARIES' EQUITY	9,884,761	9,398,664	[1]
TOTAL LIABILITIES AND BENEFICIARIES' EQUITY	$ 15,154,521	$ 19,118,714	[1]

[1] The balance sheet at December 31, 2012, has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

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Condensed Statements Of Comprehensive Income (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Condensed Statements Of Comprehensive Income [Abstract]
NET INCOME	$ 3,690,846	$ 5,969,081
Defined benefit pension plan:
Amortization of prior service cost included in net periodic pension cost	4,367	4,367
Amortization of net loss included in net periodic pension cost	165,884	123,098
Total other comprehensive income	170,251	127,465
TOTAL COMPREHENSIVE INCOME	$ 3,861,097	$ 6,096,546

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Accumulated Other Comprehensive Loss (Reclassifications Out of Accumulated Other Comprehensive Loss) (Details) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior service cost included in net periodic pension cost	$ 4,367	$ 4,367
Amortization of net loss	165,884	123,098
Total other comprehensive income	170,251	127,465
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total other comprehensive income	170,251	127,465
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior service cost included in net periodic pension cost	4,367	4,367
Amortization of net loss	$ 165,884	$ 123,098

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Condensed Statements Of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
Cash flows from operating activities:
Cash received from royalties and rents	$ 4,363,142		$ 8,203,545
Cash paid to suppliers and employees	(712,325)		(720,172)
Interest received	28,176		5,014
NET CASH PROVIDED BY OPERATING ACTIVITIES	3,678,993		7,488,387
Cash flows from investing activities:
United States Treasury securities purchased	(675,000)		(1,625,000)
United States Treasury securities matured	5,225,000		2,600,000
NET CASH PROVIDED BY INVESTING ACTIVITIES	4,550,000		975,000
Cash flows from financing activities:
Distributions paid	(7,875,000)		(8,625,000)
NET CASH USED IN FINANCING ACTIVITIES	(7,875,000)		(8,625,000)
Net increase (decrease) in cash and cash equivalents	353,993		(161,613)
Cash and cash equivalents at beginning of year	643,431	[1]	750,947
CASH AND CASH EQUIVALENTS AT MARCH 31	$ 997,424		$ 589,334

[1] The balance sheet at December 31, 2012, has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

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Condensed Balance Sheets (Parenthetical)	Mar. 31, 2013	Dec. 31, 2012
Condensed Balance Sheets [Abstract]
Beneficiaries' equity - authorized	1,500,000	1,500,000
Beneficiaries' equity - outstanding	1,500,000	1,500,000

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Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2013

Accumulated Other Comprehensive Loss [Abstract]

Reclassifications Out of Accumulated Other Comprehensive Loss

	Amounts reclassified from AOCL
Component item	2013		2012
Amortization of defined benefit pension items:
Prior service cost	$	4,367	$	4,367
Net loss		165,884		123,098
Total	$	170,251	$	127,465

Summary Of Changes In Accumulated Other Comprehensive Loss

	Three months ended March 31, 2013
	Prior Service Cost		Net Loss		Total
Defined benefit pension items:
Balance at January 1, 2013	$	-34,936	$	-2,387,173	$	-2,422,109
Amounts reclassified from AOCL		4,367		165,884		170,251
Balance at March 31, 2013	$	-30,569	$	-2,221,289	$	-2,251,858

	Three months ended March 31, 2012
	Prior Service Cost		Net Loss		Total
Defined benefit pension items:
Balance at January 1, 2012	$	-52,405	$	-2,390,592	$	-2,442,997
Amounts reclassified from AOCL		4,367		123,098		127,465
Balance at March 31, 2012	$	-48,038	$	-2,267,494	$	-2,315,532

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Document And Entity Information	3 Months Ended
	Mar. 31, 2013
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1
Trading Symbol	GNI
Entity Registrant Name	GREAT NORTHERN IRON ORE PROPERTIES
Entity Central Index Key	0000043410
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	1,500,000

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Securities (Details) (USD $)					3 Months Ended
	Mar. 31, 2013 Current [Member]	Dec. 31, 2012 Current [Member]	Mar. 31, 2013 Noncurrent [Member]	Dec. 31, 2012 Noncurrent [Member]	Mar. 31, 2013 Maximum [Member]	Mar. 31, 2013 Minimum [Member]
Schedule of Held-to-maturity Securities [Line Items]
Aggregate fair value	$ 4,821,329	$ 8,416,447	$ 3,315,697	$ 4,282,664
Gross unrealized holding gains	(2,595)	(3,707)	(832)	(698)
Gross unrealized holding losses			297	1,405
Amortized cost basis	4,818,734	8,412,740	3,315,162	4,283,371
Accrued interest	10,513	15,067	7,656	12,086
Amounts shown on balance sheets	$ 4,829,247	$ 8,427,807	$ 3,322,818	$ 4,295,457
Noncurrent assets maturity range					3 years	1 year

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Condensed Statements Of Income (USD $)	3 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
REVENUES
Royalties	$ 4,707,867		$ 7,000,188
Interest and other income	26,313		30,357
TOTAL REVENUES	4,734,180		7,030,545
Costs and expenses	(1,043,334)		(1,061,464)
NET INCOME	$ 3,690,846		$ 5,969,081
Weighted-average shares outstanding	1,500,000		1,500,000
BASIC & DILUTED EARNINGS PER SHARE	$ 2.46		$ 3.98
Distributions declared per share	$ 2.25	[1]	$ 2.25	[2]

[1] $2.25 declared 3/8/2013 payable 4/30/2013

[2] $2.25 declared 3/9/2012 paid 4/30/2012

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Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2013

Accumulated Other Comprehensive Loss [Abstract]

Accumulated Other Comprehensive Loss

NOTE 5 – ACCUMULATED OTHER COMPREHENSIVE LOSS

A summary of the component items (all affecting the "Costs and expenses" line item within the Condensed Statements of Income) showing the reclassifications out of Accumulated other comprehensive loss ("AOCL") for the three months ended March 31 is as follows:

	Amounts reclassified from AOCL
Component item	2013		2012
Amortization of defined benefit pension items:
Prior service cost	$	4,367	$	4,367
Net loss		165,884		123,098
Total	$	170,251	$	127,465

A summary of the changes in Accumulated other comprehensive loss ("AOCL") by component item is as follows:

	Three months ended March 31, 2013
	Prior Service Cost		Net Loss		Total
Defined benefit pension items:
Balance at January 1, 2013	$	-34,936	$	-2,387,173	$	-2,422,109
Amounts reclassified from AOCL		4,367		165,884		170,251
Balance at March 31, 2013	$	-30,569	$	-2,221,289	$	-2,251,858

	Three months ended March 31, 2012
	Prior Service Cost		Net Loss		Total
Defined benefit pension items:
Balance at January 1, 2012	$	-52,405	$	-2,390,592	$	-2,442,997
Amounts reclassified from AOCL		4,367		123,098		127,465
Balance at March 31, 2012	$	-48,038	$	-2,267,494	$	-2,315,532

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Beneficiaries' Equity

3 Months Ended

Mar. 31, 2013

Beneficiaries' Equity [Abstract]

Beneficiaries' Equity

Note 4 – BENEFICIARIES' EQUITY

Pursuant to the Court Order of November 29, 1982, the Trustees were directed to create and maintain an account designated as "Principal Charges." This account constitutes a first and prior lien of certificate holders on any property transferable to the reversioner and reflects an allocation of beneficiaries' equity between the certificate holders and the reversioner. This account is neither an asset nor a liability of the Trust. Rather, this account maintains and represents a balance which will be payable to the certificate holders of record from the reversioner at the end of the Trust. The balance in this account consists of attorneys' fees and expenses of counsel for adverse parties pursuant to the Court Order in connection with litigation commenced in 1972 relating to the Trustees' powers and duties under the Trust Agreement and the costs of homes and surface lands acquired in accordance with provisions of a lease with U.S. Steel Corporation, net of an allowance to amortize the cost of the land based on actual shipments of taconite and net of a credit for disposition of tangible assets.

Following is an analysis of this account as of March 31, 2013:

Attorneys' fees and expenses	$	1,024,834
Costs of surface lands		6,606,815
Cumulative shipment credits		–2,406,202
Cumulative asset disposition credits		–372,124
Principal Charges account balance	$	4,853,323

Upon termination of the Trust, the Trustees shall either sell tangible assets or obtain a loan with tangible assets as security to provide monies for distribution to the certificate holders in the amount of the Principal Charges account balance.

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Accumulated Other Comprehensive Loss (Summary Of Changes In Accumulated Other Comprehensive Loss) (Details) (USD $)	3 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
Accumulated Other Comprehensive Income Loss [Line Items]
Amortization of prior service cost	$ 4,367		$ 4,367
Amortization of net loss	165,884		123,098
Beginning Balance	(2,422,109)	[1]	(2,442,997)
Amounts reclassified from AOCL	170,251		127,465
Ending Balance	(2,251,858)		(2,315,532)
Prior Service Cost [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(34,936)		(52,405)
Amortization of prior service cost	4,367		4,367
Ending Balance	(30,569)		(48,038)
Net Loss [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(2,387,173)		(2,390,592)
Amortization of net loss	165,884		123,098
Ending Balance	$ (2,221,289)		$ (2,267,494)

[1] The balance sheet at December 31, 2012, has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

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Pension Plan (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2013
Pension Plan [Abstract]
Approximate contribution to the plan for 2013	$ 800,000

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Pension Plan (Tables)

3 Months Ended

Mar. 31, 2013

Pension Plan [Abstract]

Summary Of Net Periodic Pension Cost

	2013		2012
Service cost	$	81,423	$	76,700
Interest cost		76,968		80,549
Expected return on assets		–134,481		–112,117
Amortization of net loss		165,884		123,098
Amortization of prior service cost		4,367		4,367
Net periodic pension cost	$	194,161	$	172,597

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New Accounting Pronouncements

3 Months Ended

Mar. 31, 2013

New Accounting Pronouncements [Abstract]

New Accounting Pronouncements

NOTE 6 – NEW ACCOUNTING PRONOUNCEMENTS

In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-02, "Comprehensive Income (Topic 220) – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." This ASU amends Accounting Standards Codification ("ASC") Topic 220 for the purpose of requiring the reporting of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amounts being reclassified are required under U.S. generally accepted accounting principles to be reclassified in their entirety to net income. This amendment does not change the current requirements for reporting net income or other comprehensive income in the financial statements. Rather, this amendment requires more information about the amounts reclassified out of accumulated other comprehensive income by component, with this additional information either shown on the face of the income statement or within the notes to the financial statements. For public companies, this ASU is effective for periods beginning after December 15, 2012. The Trust adopted this amendment required by ASU No. 2013-02 beginning with its first quarter in 2013, and has elected to present the required information within the notes to the financial statements.

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Securities (Tables)

3 Months Ended

Mar. 31, 2013

Securities [Abstract]

Summary Of Securities

	Current				Noncurrent
	March 31, 2013		Dec. 31, 2012		March 31, 2013		Dec. 31, 2012
Aggregate fair value	$	4,821,329	$	8,416,447	$	3,315,697	$	4,282,664
Gross unrealized holding gains		-2,595		-3,707		-832		-698
Gross unrealized holding losses		—		—		297		1,405
Amortized cost basis		4,818,734		8,412,740		3,315,162		4,283,371
Accrued interest		10,513		15,067		7,656		12,086
Amounts shown on balance sheets	$	4,829,247	$	8,427,807	$	3,322,818	$	4,295,457

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Beneficiaries' Equity (Tables)

3 Months Ended

Mar. 31, 2013

Beneficiaries' Equity [Abstract]

Schedule Of Principal Charges

Attorneys' fees and expenses	$	1,024,834
Costs of surface lands		6,606,815
Cumulative shipment credits		–2,406,202
Cumulative asset disposition credits		–372,124
Principal Charges account balance	$	4,853,323

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Beneficiaries' Equity (Details) (USD $)	Mar. 31, 2013
Beneficiaries' Equity [Abstract]
Attorneys' fees and expenses	$ 1,024,834
Costs of surface lands	6,606,815
Cumulative shipment credits	(2,406,202)
Cumulative asset disposition credits	(372,124)
Principal Charges account balance	$ 4,853,323

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Condensed Statements Of Income (Parenthetical) (USD $)	3 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
Distributions declared per share	$ 2.25	[1]	$ 2.25	[2]
Three Months Ended Quarter 1, 2013 [Member]
Distributions declared per share	$ 2.25
Dividends declared date	Mar. 08, 2013
Dividends payable date	Apr. 30, 2013
Three Months Ended Quarter 1, 2012 [Member]
Distributions declared per share			$ 2.25
Dividends declared date	Mar. 09, 2012
Dividends payable date	Apr. 30, 2012

[1] $2.25 declared 3/8/2013 payable 4/30/2013

[2] $2.25 declared 3/9/2012 paid 4/30/2012

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Pension Plan

3 Months Ended

Mar. 31, 2013

Pension Plan [Abstract]

Pension Plan

Note 3 – PENSION PLAN

A summary of the components of net periodic pension cost for the three months ended March 31 is as follows:

	2013		2012
Service cost	$	81,423	$	76,700
Interest cost		76,968		80,549
Expected return on assets		–134,481		–112,117
Amortization of net loss		165,884		123,098
Amortization of prior service cost		4,367		4,367
Net periodic pension cost	$	194,161	$	172,597

The Trust had previously disclosed in its Annual Report as of December 31, 2012, that the next contribution to the plan for 2013 is estimated to approximate $800,000, subject to the plan's annual actuarial valuation performed as of the plan's fiscal year-end, March 31. No additional updated information is available at this time.

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Pension Plan (Summary Of Net Periodic Pension Cost) (Details) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Pension Plan [Abstract]
Service cost	$ 81,423	$ 76,700
Interest cost	76,968	80,549
Expected return on assets	(134,481)	(112,117)
Amortization of net loss	165,884	123,098
Amortization of prior service cost	4,367	4,367
Net periodic pension cost	$ 194,161	$ 172,597