Note 3 - Stock-based Compensation

3 Months Ended

Apr. 30, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

3. STOCK-BASED COMPENSATION

For the three months ended April 30, 2012, the Trust recognized expenses of $9,900 related to stock-based compensation. During the three months ended April 30, 2011, the Trust recognized expenses of $12,960.  The Trust issued 18,000 restricted shares  with a total market value of $39,600 as compensation to its three outside Trustees during the three months ended April 30, 2012.

The following table summarizes restricted share activity during the three months ended April 30, 2012:

	Restricted Shares
	Shares			Weighted-Average Per Share Grant Date Fair Value
Balance at January 31, 2012		—			—
Granted		18,000		$	2.20
Vested		(4,500	)	$	2.20
Forfeited		—			—
Balance of unvested awards at April 30, 2012		13,500		$	2.20

No cash was paid out or received by the Trust relating to restricted share awards during the three months ended April 30, 2012 or 2011.