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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2012	Mar. 01, 2013	Jun. 30, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	CONSOLIDATED TOMOKA LAND CO
Entity Central Index Key	0000023795
Document Type	10-K
Document Period End Date	Dec. 31, 2012
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 161,537,385
Entity Common Stock, Shares Outstanding		5,848,025

Consolidated Balance Sheets - USD ($)	Dec. 31, 2012	Dec. 31, 2011
ASSETS
Cash and Cash Equivalents	$ 1,301,739	$ 6,174
Restricted Cash	0	2,779,511
Refundable Income Tax	239,720	399,905
Land and Development Costs	27,848,525	27,825,924
Intangible Assets - Net	4,527,426	3,572,096
Assets Held for Sale	3,433,500	7,694,710
Other Assets	8,254,399	8,023,872
Total assets before property, plant and equipment	45,605,309	50,302,192
Property, Plant, and Equipment:
Land, Timber, and Subsurface Interests	15,194,901	15,109,298
Golf Buildings, Improvements, and Equipment	2,879,263	2,535,294
Income Properties Land, Buildings, and Improvements	132,202,887	111,564,673
Other Furnishings and Equipment	906,441	2,320,766
Total Property, Plant, and Equipment	151,183,492	131,530,031
Less, Accumulated Depreciation and Amortization	(12,091,901)	(11,566,420)
Net - Property, Plant, and Equipment	139,091,591	119,963,611
TOTAL ASSETS	184,696,900	170,265,803
LIABILITIES
Accounts Payable	440,541	385,685
Accrued Liabilities	6,972,343	7,317,676
Accrued Stock Based Compensation	265,311	484,489
Pension Liability	1,317,683	1,586,513
Deferred Income Taxes - Net	32,357,505	32,060,283
Note Payable and Line of Credit	29,126,849	15,266,714
TOTAL LIABILITIES	70,480,232	57,101,360
Commitments and Contingencies (Note 13)
SHAREHOLDERS' EQUITY
Common Stock - 25,000,000 shares authorized; $1 par value, 5,847,036 shares issued and 5,832,402 shares outstanding at December 31, 2012; 5,829,464 shares issued and 5,829,464 shares outstanding at December 31, 2011	5,726,136	5,724,147
Treasury Stock, at cost-14,634 shares held at December 31, 2012, with no shares held at December 31, 2011	(453,654)
Additional Paid-In Capital	6,939,023	5,697,554
Retained Earnings	103,242,643	102,872,167
Accumulated Other Comprehensive Loss	(1,237,480)	(1,129,425)
TOTAL SHAREHOLDERS' EQUITY	114,216,668	113,164,443
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 184,696,900	$ 170,265,803

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2012	Dec. 31, 2011
Consolidated Balance Sheets [Abstract]
Common Stock, shares authorized	25,000,000	25,000,000
Common Stock, par value	$ 1	$ 1
Common Stock, shares issued	5,847,036	5,829,464
Common Stock, shares outstanding	5,832,402	5,829,464
Treasury Stock, shares held	14,634	0

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Revenues
Income Properties	$ 9,559,942	$ 8,776,080	$ 8,688,980
Real Estate Operations	3,098,840	501,626	(926,884)
Golf Operations	4,506,069	4,660,802	4,473,429
Other Income	164,979	124,776	40,721
Total Revenues	17,329,830	14,063,284	12,276,246
Direct Cost of Revenues
Income Properties	(676,096)	(526,959)	(513,872)
Real Estate Operations	(705,062)	(752,130)	(743,026)
Golf Operations	(5,393,633)	(5,993,637)	(5,951,352)
Other	(198,834)	(651,423)	(420,852)
Total Direct Cost of Revenues	(6,973,625)	(7,924,149)	(7,629,102)
General and Administrative Expenses	(6,624,584)	(5,440,721)	(3,473,334)
Impairment Charges		(6,618,888)
Depreciation and Amortization	(2,308,035)	(2,450,037)	(2,271,870)
Gain (Loss) on Disposition of Assets	239,645	246,107	(46,914)
Total Operating Expenses	(15,666,599)	(22,187,688)	(13,421,220)
Operating Income (Loss)	1,663,231	(8,124,404)	(1,144,974)
Interest Income	1,485	160,369	203,450
Interest Expense	(536,018)	(655,275)	(689,704)
Loss on Early Extinguishment of Debt	(245,726)
Income (Loss) from Continuing Operations Before Income Tax	882,972	(8,619,310)	(1,631,228)
Income Tax	(323,078)	3,380,852	551,044
Income (Loss) from Continuing Operations	559,894	(5,238,458)	(1,080,184)
Income from Discontinued Operations (net of tax)	39,308	532,267	477,230
Net Income (Loss)	$ 599,202	$ (4,706,191)	$ (602,954)
Per Share Information Basic and Diluted
Income (Loss) from Continuing Operations	$ 0.09	$ (0.91)	$ (0.19)
Income from Discontinued Operations (net of tax)	0.01	0.09	0.08
Net Income (Loss)	0.10	(0.82)	(0.11)
Dividends Declared and Paid	$ 0.04	$ 0.04	$ 0.04

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Consolidated Statements of Comprehensive Income [Abstract]
Net Income (Loss)	$ 599,202	$ (4,706,191)	$ (602,954)
Other Comprehensive Income
Cash Flow Hedging Derivative (Net of Tax of $-, $197,419 and $67,018, respectively)		314,361	106,716
Pension
Transition Obligation (Net of Tax of $-, $3,089, and $2,888, respectively)		(4,919)	(4,599)
Prior Service Cost (Net of Tax)		34,479	13,033
Actuarial Net Gain (Loss) (Net of Tax of $67,859 , $237,412, and $156,818,respectively)	(108,055)	(378,043)	249,709
Total Other Comprehensive Income, Net of Tax	(108,055)	(34,122)	364,859
Total Comprehensive Income	$ 491,147	$ (4,740,313)	$ (238,095)

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Consolidated Statements of Comprehensive Income [Abstract]
Cash flow derivative, tax		$ 197,419	$ 67,018
Transition obligation, tax		3,089	2,888
Prior service cost, tax		21,653	8,185
Actuarial net gain (loss), tax	$ 67,859	$ 237,412	$ 156,818

- Definition

Tax effect of the income statement impact of the reclassification adjustment for prior service costs recognized as a component of net period benefit cost.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e640-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 25
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 25
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Consolidated Statements of Shareholders' Equity - USD ($)	Total	Common Stock	Treasury Stock	Additional Paid- In Capital	Retained Earnings	Accumulated Other Comprehensive Income
Beginning Balance at Dec. 31, 2009	$ 118,033,579	$ 5,723,268		$ 5,131,246	$ 108,639,227	$ (1,460,162)
Stockholders' Equity
Net Income (Loss)	(602,954)				(602,954)
Cash Flow Hedging Derivative (Net of Tax)	106,716					106,716
Pension
Actuarial Net Gain (Loss) (Net of Tax)	249,709					249,709
Transition Obligation (Net of Tax)	(4,599)					(4,599)
Prior Service Cost (Net of Tax)	13,033					13,033
Exercise of Stock Options	24,904	712		24,192
Stock Compensation Expense from Restricted Stock Grants and Equity Classified	8,664			8,664
Cash Dividends ($0.04 per share)	(228,952)				(228,952)
Ending Balance at Dec. 31, 2010	117,600,100	5,723,980		5,164,102	107,807,321	(1,095,303)
Stockholders' Equity
Net Income (Loss)	(4,706,191)				(4,706,191)
Cash Flow Hedging Derivative (Net of Tax)	314,361					314,361
Pension
Actuarial Net Gain (Loss) (Net of Tax)	(378,043)					(378,043)
Transition Obligation (Net of Tax)	(4,919)					(4,919)
Prior Service Cost (Net of Tax)	34,479					34,479
Exercise of Stock Options	5,506	167		5,339
Stock Compensation Expense from Restricted Stock Grants and Equity Classified	528,113			528,113
Stock Options
Cash Dividends ($0.04 per share)	(228,963)				(228,963)
Ending Balance at Dec. 31, 2011	113,164,443	5,724,147		5,697,554	102,872,167	(1,129,425)
Stockholders' Equity
Net Income (Loss)	599,202				599,202
Cash Flow Hedging Derivative (Net of Tax)
Stock Repurchase	(453,654)		(453,654)
Pension
Actuarial Net Gain (Loss) (Net of Tax)	(108,055)					(108,055)
Transition Obligation (Net of Tax)
Prior Service Cost (Net of Tax)
Exercise of Stock Options	59,696	1,989		57,707
Stock Compensation Expense from Restricted Stock Grants and Equity Classified	993,255			993,255
Stock Options	190,507			190,507
Cash Dividends ($0.04 per share)	(228,726)				(228,726)
Ending Balance at Dec. 31, 2012	$ 114,216,668	$ 5,726,136	$ (453,654)	$ 6,939,023	$ 103,242,643	$ (1,237,480)

Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Consolidated Statement of Shareholders' Equity [Abstract]
Cash flow hedging derivative, tax		$ 197,419	$ 67,018
Transition obligation, tax		3,089	2,888
Prior service cost, tax		21,653	8,185
Actuarial net gain (loss), tax	$ 67,859	$ 237,412	$ 156,818
Cash dividends, per share	$ 0.04	$ 0.04	$ 0.04

- Definition

Tax effect of the income statement impact of the reclassification adjustment for prior service costs recognized as a component of net period benefit cost.

+ References

+ Details

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Cash Flow from Operating Activities:
Net Income (Loss)	$ 599,202	$ (4,706,191)	$ (602,954)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided By (Used In) Operating Activities:
Depreciation and Amortization	2,324,182	2,512,366	2,727,399
Loss on Early Extinguishment of Debt	245,726
Impairment of Long-Lived Assets		6,618,888
Gain (Loss) on Disposition of Property, Plant, and Equipment	239,645	(456,152)	6,395
Gain on Sale of Assets Held for Sale	(78,455)
Impairment of Assets Held for Sale	426,794
Deferred Income Taxes	297,222	(3,032,931)	817,846
Non-Cash Compensation	1,047,335	253,812	(632,894)
Decrease (Increase) in Assets:
Refundable Income Taxes	160,185	(370,554)	403,655
Land and Development Costs	(22,601)	(3,385,019)	(3,094,729)
Other Assets	(588,919)	168,833	189,218
Increase (Decrease) in Liabilities:
Accounts Payable	54,855	(660,896)	182,395
Accrued Liabilities and Accrued Stock Based Compensation	(722,218)	862,087	(390,130)
Net Cash Provided By (Used In) Operating Activities	3,503,663	(2,195,757)	(393,799)
Cash Flow From Investing Activities:
Acquisition of Property, Plant, and Equipment	(24,916,936)	(3,197,276)	(1,372,047)
Investment in Intangible Assets	(1,478,688)	(130,070)
Decrease (Increase) in Restricted Cash for Acquisition Through the Like-Kind Exchange Process	2,779,511	(2,779,511)
Proceeds from Sales, Calls, or Maturities of Investment Securities		6,813,222	5,856,951
Acquisition of Investment Securities		(1,873,597)	(5,829,712)
Proceeds from Disposition of Property, Plant, and Equipment	480,150	3,240,573
Proceeds from Disposition of Assets Held for Sale	7,773,165
Net Cash Provided By (Used In) Investing Activities	(15,362,798)	2,073,341	(1,344,808)
Cash Flow from Financing Activities:
Proceeds from Note Payable and Line of Credit	34,765,849	14,863,000	10,981,000
Payments on Note Payable and Line of Credit	(20,905,714)	(14,845,534)	(8,942,141)
Cash Proceeds (Disbursements) from Exercise of Stock Options	(23,055)	2,470	(352)
Cash Used to Repurchase Common Stock	(453,654)
Dividends Paid	(228,726)	(228,963)	(228,952)
Net Cash Provided by (Used In) Financing Activities	13,154,700	(209,027)	1,809,555
Net Increase (Decrease) in Cash	1,295,565	(331,443)	70,948
Cash, Beginning of Year	6,174	337,617	266,669
Cash, End of Year	$ 1,301,739	$ 6,174	$ 337,617

Consolidated Statements of Cash Flows (Parenthetical)	12 Months Ended
Consolidated Statements of Cash Flows (Parenthetical)	Dec. 31, 2010 USD ($)
Consolidated Statements of Cash Flows [Abstract]
Interest paid	$ 693,496
Interest paid, capitalized	3,793
Proceeds from Income Tax Refunds	1,243,711
Received impact fee credits as reimbursement for road construction costs incurred in prior years	$ 2,747,906

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2012

Summary of Significant Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

PRINCIPLES OF CONSOLIDATION

The consolidated financial statements include the accounts of Consolidated-Tomoka Land Co. and its consolidated subsidiaries (the “Company”). Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements.

NATURE OF OPERATIONS

We are a diversified real estate operating company. We own and manage commercial real estate properties in seven states in the U.S., with two self-developed multi-tenant properties located in Florida. We also own and manage a land portfolio of over 11,000 acres in Florida, of which a majority is located within and form a substantial portion of the western boundary of the City of Daytona Beach. Our land is well-located along both sides of Interstate 95 and near central Florida’s Interstate 4 corridor. We also have a golf course operation, which consists of the LPGA International golf club, lease property for billboards, have agricultural operations and hunting operations, and own and manage subsurface oil, gas, and mineral interests. The results of our agricultural and subsurface leasing operations are included in Other Income and Real Estate Operations, respectively, on our consolidated statement of operations. Our agricultural operations are managed by a third party and consist of leasing land for hay production, timber harvesting, and hunting leases. Our operations and land portfolio are predominantly located in Volusia County, Florida, and we have income properties located in Arizona, California, Illinois, Colorado, Florida, Georgia, and North Carolina.

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Because of the adverse market conditions that currently exist in the Florida and national real estate markets, and financial and credit markets, it is possible that the estimates and assumptions, most notably with the Company’s investment in income properties and its pension liability, could change materially during the time span associated with the continued weakened state of these real estate and financial markets.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents includes cash on hand, bank demand accounts, and money market accounts having original maturities at acquisition date of 90 days or less.

RESTRICTED CASH

The Company’s qualified intermediary held $2,779,511 in escrow, for the benefit of the Company at December 31, 2011, with no funds being held at December 31, 2012. The funds held at December 31, 2011 were utilized to complete the purchase of an income property, in May 2012, through the like-kind exchange process.

ACCOUNTS RECEIVABLE

Accounts receivable primarily consist of receivables related to golf operations. The impairment of these receivables is determined based on a review of specifically identified accounts using judgments, which are made with respect to the collectability of the receivable based on historical experience and current economic trends. Accounts receivable are classified in other assets on the consolidated balance sheets and totaled $158,050 and $93,644 as of December 31, 2012 and 2011, respectively.

LAND AND DEVELOPMENT COSTS

The carrying value of land and development includes the initial acquisition costs of land, improvements thereto, and other costs incidental to the acquisition or development of land. These costs are allocated to properties on a relative sales value basis and are charged to costs of sales as specific properties are sold. Due to the nature of the business, land and development costs have been classified as an operating activity on the consolidated statements of cash flows.

INTANGIBLE ASSETS

Intangible assets consist of the in-place lease value associated with single-tenant income properties acquired by the Company. This in-place lease value was determined by estimating the cost of replacing the lease should it not be in-place as of the date of the acquisition of the property. Factors, such as foregone rent and leasing commissions among others, are taken into account to determine the in-place lease value. This value is amortized over the remaining term of the lease at the time the properties are purchased. At December 31, 2012, the in-place lease value totaled $4,527,426, net of amortization of $3,443,102. At December 31, 2011, the in-place lease value totaled $3,572,096, net of amortization of $2,588,823.

Amortization expense was $411,309, $423,989, and $421,170 for the years ending December 31, 2012, 2011, and 2010, respectively. The estimated amortization expense for each of the calendar years 2013–2017 is as follows:


Year Ending December 31,	Amount
2013	$	449,862
2014		449,862
2015		425,624
2016		383,118
2017		321,396
Thereafter		2,497,564

Total	$	4,527,426

The weighted average amortization period of the in-place lease value is 18 years.

ASSETS HELD FOR SALE

Assets held for sale consist of property which Management intends to sell and which the likelihood of such sale is considered highly probable. The value of the asset held for sale is recorded at the lower of fair market value or the net book value of the cumulative assets related to the property (generally, the land, building, building improvements, and the intangible asset net of related accumulated depreciation and amortization). As of December 31, 2012 and 2011, assets held for sale consisted of one income property with a value of $3,433,500 and two income properties with a value of $7,694,710, respectively. Each property classified as held for sale was sold subsequent to the respective consolidated balance sheet date.

PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment are stated at cost, less accumulated depreciation and amortization. Such properties are depreciated on a straight-line basis over their estimated useful lives. Renewals and betterments are capitalized to property accounts. The cost of maintenance and repairs is expensed as incurred. The cost of property retired or otherwise disposed of, and the related accumulated depreciation or amortization, are removed from the accounts, and any resulting gain or loss is recorded in the statement of operations. Subsurface interests are included in property, plant, and equipment with no net cost basis at December 31, 2012, as the amounts have been fully depreciated. The amount of depreciation and amortization of property, plant, and equipment, exclusive of amortization related to intangible assets, recognized for the years 2012, 2011, and 2010, was $1,800,207, $2,088,506 and, $2,306,229, respectively. Interest of $28,733 and $3,793 was capitalized to construction in process during 2011 and 2010, respectively, with no interest capitalized in 2012.

The range of estimated useful lives for property, plant, and equipment is as follows:


Golf Buildings and Improvements			10-43 Years
Golf Equipment			5-10 Years
Income Properties Buildings and Improvements			40 Years
Other Furnishings and Equipment			5-25 Years
Agriculture Equipment			5-10 Years

The acquisition cost of land, timber, real estate taxes, site preparation, and other costs relating to the planting and growing of timber are capitalized to land, timber, and subsurface interests. Such costs attributed to the timber are charged to cost of sales at the time timber is harvested. Timber and timberlands are stated at the lower cost or fair market value.

LONG-LIVED ASSETS

The Company reviews the recoverability of long-lived assets, including land and development costs, real estate held for sale, and property, plant, and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Examples of situations considered to be triggering events include: a substantial decline in operating cash flows during the period, a current or projected loss from operations, an income property not fully leased or leased at rates that are less than current market rates, and any other quantitative or qualitative events deemed significant by our management. Long-lived assets are evaluated for impairment by using an undiscounted cash flow approach, which considers future estimated capital expenditures. Impairment of long-lived assets is measured at fair value less cost to sell. During the third quarter of 2011, the Company recognized impairment charges of $4,012,476 on its golf course operation, and $2,606,412 on 317 acres of land, see Note 3 — “Impairment of Long-Lived Assets” for further discussion on these charges. There was no impairment for the year ended December 31, 2012.

SALE OF REAL ESTATE

The profit on sales of real estate is accounted for as required by the “Accounting for Sales of Real Estate” Topic of Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) FASB ASC 976-605-25. The Company recognizes revenue from the sale of real estate at the time the sale is consummated, unless the property is sold on a deferred payment plan and the initial payment does not meet established criteria, or the Company retains some form of continuing involvement in the property.

During 2009, a real estate sales transaction closed in which the Company had a commitment to fund up to $1,125,000 for its share of road construction costs. During 2010, the Company paid $554,196 of this commitment. The remaining balance, totaling $570,804, was recorded as a liability and included in accrued liabilities on the consolidated balance sheets. The finalization of the construction costs occurred in the first quarter of 2012, and resulted in approximately $730,000 of income during the second quarter of 2012, representing the reversal of the remaining commitment and a reimbursement of approximately $160,000.

INCOME PROPERTIES

The rental of the Company’s income properties are classified as operating leases. The Company recognizes lease income on these properties on a straight-line basis over the term of the lease.

OPERATING LEASE EXPENSE

The Company leases property and equipment, which are classified as operating leases. The Company recognizes lease expense on a straight-line basis over the term of the lease.

GOLF OPERATIONS

The Company operates two 18-hole golf courses and a clubhouse facility, including food and beverage operations. Revenues from this operation, including greens fees, cart rentals, merchandise, and food and beverage sales, are recognized at the time of sale. Initiation fees and membership dues are recognized over the life of the membership, which is generally twelve months.

OTHER REAL ESTATE INTERESTS

The Company owns full or fractional subsurface oil, gas, and mineral interest in approximately 490,000 “surface” acres of land owned by others in 20 counties in Florida. The Company leases its interest to mineral exploration firms for exploration. Leases on 800 acres have reached maturity; but, in accordance with their terms, are held by oil companies without annual rental payments because of producing oil wells, from which the Company receives royalties. Revenues are recognized at the time the Company receives the royalty payment. Oil royalty income of $286,536, $228,494 and $178,891 was recognized for the years ended December 31, 2012, 2011 and, 2010 respectively, and is included in Real Estate Operations in the accompanying consolidated statements of operations.

During 2011, an eight-year oil exploration lease covering approximately 136,000 net mineral acres primarily in Lee County and Hendry County, Florida, was executed and a $913,657 first-year bonus rental payment was received. An additional $922,114, representing the guaranteed second year’s delay rent, was received in September 2012. The Company will also receive royalty payments if production occurs and may receive additional annual rental payments if the lease is continued in years three through eight. Lease income is being recognized on a straight-line basis over the guaranteed lease term of two years, with nine months remaining as of December 31, 2012. For the years ended December 31, 2012 and 2011 lease income of $919,141 and $251,132 was recognized, respectively.

From time to time the Company will release surface or subsurface entry rights upon request of the surface owner. The Company recognizes revenue from the release at the time the transaction is consummated, unless the property is released under a deferred payment plan and the initial payment does not meet the criteria established under the “Accounting for Sales of Real Estate Topic” FASB ASC 976-605-25, the Company retains some form of continuing involvement in the property, or the transaction does not meet other requirements.

UNFUNDED DEFERRED COMPENSATION PLANS

The Company previously established the Consolidated-Tomoka Land Co. Deferred Compensation Plan for Directors, and for Officers and Key Employees (the “Plans”). Both Plans provide that the Plans may be amended in whole or in part from time to time by the Board of Directors of the Company (the “Board”). At its Board meeting on October 26, 2011, the Board approved an amendment to the Plans to: 1) Freeze the Plans, effective January 1, 2012, to allow no new participants or deferrals into the Plans; and 2) to apply an interest rate of 6.0% to account balances for the year 2011 with the rate to be reviewed annually. An interest rate of 3.0% was applied to account balances for the year 2012.

The amount of deferred compensation reflected in accrued liabilities on the consolidated balance sheets at December 31, 2012 and 2011, was $828,998 and $1,598,871, respectively. Deferred compensation earnings allocated to the deferred compensation balance for the three years ended December 31, 2012, 2011, and 2010, was $40,575, $91,552, and $125,012, respectively.

PENSION

The Company has funded a non-contributory, defined benefit pension plan (the “Pension Plan”), covering all eligible employees.

Effective December 31, 2011, the Company amended its Pension Plan to freeze participants’ benefits with no future accruals after that date. Any current or future employee who was not a participant of the Pension Plan on December 31, 2011, will not be eligible to enter the Pension Plan. Although the Pension Plan will remain active with no new entrants and no future accruals, the Company’s contribution level is expected to be reduced over time.

STOCK-BASED COMPENSATION

Prior to 2010, the Company maintained a stock option plan (the “2001 Plan”) pursuant to which 500,000 shares of the Company’s common stock may be issued. The 2001 Plan in place was approved at the April 25, 2001 shareholders’ meeting and expired in April 2011, with no new option shares issued after that date. Under the 2001 Plan, the option exercise price equals the average of the high and low stock market price on the date of grant. The options generally vest over five years and expire after ten years. In connection with the grant of non-qualified options, a stock appreciation right for each share covered by the option may also be granted. The stock appreciation right will entitle the optionee to receive a supplemental payment, which may be paid in whole or in part in cash or in shares of common stock equal to a portion of the spread between the exercise price and the fair market value of the underlying share at the time of exercise. The expenses associated with stock options and stock appreciation rights are recognized over their requisite service period.

Both the Company’s stock options and stock appreciation rights awarded under the 2001 Plan are liability classified awards and are required to be remeasured to fair value at each balance sheet date until the award is settled, as required by provisions of the “Share-Based Payments Topic of FASB ASC.” (See Note 10 “Stock-Based Compensation”).

At the Annual Meeting of Shareholders of the Company held on April 28, 2010, the Company’s shareholders approved the Consolidated-Tomoka Land Co. 2010 Equity Incentive Plan (the “2010 Plan”). The 2010 Plan is intended to replace the Company’s 2001 Plan. Awards under the 2010 Plan may be in the form of stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, and performance units. Employees of the Company and its subsidiaries and non-employee directors may be selected by the Compensation Committee to receive awards under the 2010 Plan. The maximum number of shares of which stock awards may be granted under the 2010 Plan is 210,000 shares. No participant may receive awards during any one calendar year representing more than 50,000 shares of common stock. In no event will the number of shares of common stock issued under the plan upon the exercise of incentive stock options exceed 210,000 shares. These limits are subject to adjustments by the Compensation Committee as provided in the 2010 Plan for stock splits, stock dividends, recapitalizations, and other similar transactions or events. The 2010 Plan will terminate on the tenth anniversary of the date that it was adopted by the Board, and no awards will be granted under the plan after that date.

Under the 2010 Plan, the Company granted, to certain employees, 12,150 shares of non-vested restricted stock where vesting is based upon the achievement of certain market conditions, which are defined as the Company’s total shareholder return as compared to the total shareholder return of certain peer groups during a five-year performance period. As of December 31, 2012, none of the restricted stock had vested and 1,417 had been forfeited.

The Company uses a Monte Carlo simulation pricing model to determine the fair value of its market condition awards for restricted stock. The determination of the fair value of market condition-based awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of awards, the relative performance of the Company’s stock price, and shareholder returns to those companies in its peer group, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market condition, provided the requisite service period is met.

As described in more detail in Note 10, (“Stock-Based Compensation”) in connection with the appointment of John P. Albright as President and Chief Executive Officer and Mark E. Patten as Senior Vice President and Chief Financial Officer of the Company, the Company granted certain non-qualified stock option awards and restricted share awards.

Both the non-qualified stock option award and the restricted share award were determined to be equity-based awards under the Share-Based Payment Topic of FASB ASC.

The Company used the Black-Scholes valuation pricing model to determine the fair value of its non-qualified stock option awards. The determination of the fair value of the awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the term of the awards, annual dividends, and a risk-free interest rate assumption.

The Company used a Monte Carlo simulation pricing model to determine the fair value and vesting period of the restricted share awards. The determination of the fair value of market condition-based awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of awards, the performance of the Company’s stock price, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met.

INCOME TAXES

The Company uses the asset and liability method to account for income taxes. Deferred income taxes result primarily from the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes (See Note 5 “Income Taxes”).

EARNINGS PER COMMON SHARE

Basic earnings per common share is computed by dividing net income by the weighted average number of shares outstanding. Diluted earnings per common share are based on the assumption of the conversion of stock options using the treasury stock method at average cost for the year (see Note 11 “Common Stock and Earnings Per Share”).

CONCENTRATION OF CREDIT RISK

Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and accounts receivables, which is included in other assets on the accompanying consolidated balance sheets.

More than 50% of the Company’s income property portfolio and all of the land, golf operations, agriculture operations, and subsurface interests are in the State of Florida. Uncertainty of the duration of a prolonged real estate and economic downturn could have an adverse impact on the Company’s real estate values.

The largest of the Company’s income property tenants consist of Holiday CVS, L.L.C. and Walgreen Co., which the Company considers good credit-quality tenants. Holiday CVS, L.L.C. revenues accounted for 16%, 18%, and 27% and Walgreen Co. accounted for 13%, 16%, and 23% of our consolidated revenue, excluding their property sold in May 2012, for the years ended December 31, 2012, 2011, and 2010, respectively. Holiday CVS, L.L.C. and Walgreen Co. represented 19%, 22%, and 20%, and 17%, 20%, and 17% of the Company’s income portfolio in terms of rentable square feet, excluding their property sold in May 2012, as of December 31, 2012, 2011, and 2010, respectively. The Company has diversified its income property tenant mix with Barnes & Noble, Lowe’s Home Improvement Center, PNC Bank, Dick’s Sporting Goods, Harris Teeter Supermarket, Best Buy, Buffalo Wild Wings, JPMorgan Chase Bank, and Bank of America as tenants.

FAIR VALUE OF FINANCIAL INSTRUMENTS

The largest carrying amounts of the Company’s financial assets and liabilities, including cash and cash equivalents, restricted cash, accounts receivable, and accounts payable at December 31, 2012 and 2011, approximate fair value because of the short maturity of these instruments. The carrying amount of the Company’s notes payable approximates fair value at December 31, 2012 and 2011, since the notes are at floating rates or fixed rates, which approximate current market rates for notes with similar risks and maturities. The interest rate swap derivative, which was terminated in the fourth quarter of 2011, was carried at its fair value at December 31, 2010.

DERIVATIVE INSTRUMENT AND CERTAIN HEDGING ACTIVITY

Until it was terminated on December 31, 2011, the Company had a cash flow derivative related to the interest rate swap on its term loan. The Company accounted for its cash flow hedging derivative under the “Accounting for Derivative Instruments and Certain Hedging Activities Topic of FASB ASC.” The derivative was recognized on the balance sheet at its fair value. On the date the derivative contract was entered into, the Company designated the derivative as a hedge of the variability of cash flows to be paid related to a recognized liability (“cash flow hedge”). The Company formally documented the relationship between the hedging instrument and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transaction. The Company also formally assessed, both at the hedge’s inception and on an ongoing basis, whether the derivative that is used in hedging the transaction is highly effective in offsetting changes in cash flows of the hedged item. Changes in the fair value of the derivative, was deemed highly effective, and was designated and qualified as a cash-flow hedge is recorded in other comprehensive loss, until earnings are affected by the variability in cash flows of the designated hedged item. The Company discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative expires or is sold, terminated, or exercised, the derivative is re-designated as a non-hedging instrument, or management determines that designation of the derivative as a hedging instrument is no longer appropriate. When hedge accounting is discontinued, the Company continues to carry the derivative at its fair value on the balance sheet, and recognizes any changes in its fair value in earnings.

RECENTLY ISSUED ACCOUNTING STANDARDS

On January 1, 2012, the Company adopted Financial Accounting Standards Board (“FASB”) changes related to fair value measurement and disclosure. The changes are the result of convergence with International Financial Reporting Standards and clarify certain fair value measurement concepts and expand on existing disclosure requirements on Level 3 fair value measurements. The adoption of these changes did not have a material impact on the Company’s consolidated financial statements.

On January 1, 2012, the Company adopted FASB changes related to the presentation of comprehensive income. The changes remove certain presentation options and require entities to report components of comprehensive income in either a continuous statement of comprehensive income or two separate but consecutive statements. There were no changes to the items that are reported in other comprehensive income. In December 2011, the FASB indefinitely deferred a requirement dealing with the presentation of reclassification adjustments out of accumulated other comprehensive income. Other than the sequencing of financial statements, the adoption of these changes did not have an impact on the Company’s consolidated financial statements.

In December 2011, the FASB issued changes related to offsetting assets and liabilities. The changes require additional disclosure information regarding offsetting assets and liabilities to enable users of financial statements to understand the effect on financial position. Management is currently evaluating these changes and believes that it may require additional disclosure, but will not have a material impact on the Company’s consolidated financial statements. These changes become effective for the Company on January 1, 2013, with retrospective application required.

In February 2013, the FASB issued ASU 2013-2, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This guidance requires an organization to present the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income, but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. The guidance is effective for fiscal years beginning after December 15, 2012. The adoption of this guidance is not expected to have a significant impact on the Company’s consolidated financial statements.

RECLASSIFICATIONS

Certain items in the prior years’ consolidated statement of operations have been reclassified to conform to the presentation of the consolidated statements of operations for the year ended December 31, 2012. Specifically, the depreciation and amortization expense and interest expense have been segregated into separate line times, whereas previously, these amounts were included in general and administrative expenses. These reclassifications had no effect on the prior year presentation of income (loss) from continuing operations before income tax.

Discontinued Operations

12 Months Ended

Dec. 31, 2012

Discontinued Operations [Abstract]

DISCONTINUED OPERATIONS

NOTE 2.

DISCONTINUED OPERATIONS

In the fourth quarter of 2011, three income properties were classified as held for sale as we had commenced an active program to market and sell the properties and determined there was a high probability that a sales transaction would occur within one year. An additional property was classified as held for sale during the fourth quarter of 2012, which was sold in February 2013 as more fully described in Note 17, “Subsequent Events”. A property classified as held for sale is carried at the lower of carrying cost or estimated fair value, less estimated cost to sell, and is reported as discontinued operations with its respective results of operations classified as income from discontinued operations on our consolidated statements of operations. Fair value estimates determined in this fashion are based on market observables (Level 2 Inputs). In accordance with FASB ASC 360, depreciation was discontinued once the properties were classified as held for sale.

In the fourth quarter of 2011, we sold our former Barnes & Noble property in Lakeland, Florida for $2.9 million. This property had been vacant since the lease expired at the end of January 2010. In May 2012, we sold our income property in Asheville, North Carolina, which was leased to Northern Tool and Equipment, for $3.9 million. We also sold our income property in Powder Springs, Georgia, which was leased to Walgreen Co., for $4.09 million. A gain of $78,455 was recognized on the sale of the two properties in the quarter-ended June 30, 2012.

The following is a summary of income from discontinued operations:


	Year ended December 31,
	2012			2011			2010
Leasing Revenue and Other Income	$	438,994		$	989,026		$	977,951
Costs and Other Expenses		(26,661	)		(201,017	)		(201,020	)

Income from Operations		412,333			788,009			776,931
Impairment Charges		(426,794	)		(68,454	)		—
Gain on Sale of Property		78,455			146,977			—

Income before Income Tax		63,994			866,532			776,931
Income Tax		(24,686	)		(334,265	)		(299,701	)

Income from Discontinued Operations	$	39,308		$	532,267		$	477,230

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
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-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228

Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43-48
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Impairment of Long-Lived Assets

12 Months Ended

Dec. 31, 2012

Impairment of Long-Lived Assets [Abstract]

IMPAIRMENT OF LONG-LIVED ASSETS

NOTE 3.

IMPAIRMENT OF LONG-LIVED ASSETS

During the third quarter of 2011, the Company recognized an impairment charge for its golf operations’ assets totaling $4,012,476. The fair market value of the property was determined to be $2,500,000. This fair market value was determined, among other things, through a third party valuation specialist in the golf course industry. The impairment charge was taken as several facts and circumstances changes surrounding the property during the period, including the following:

•

The community master developer abandoned its property and vacated the development;

•

The national, state, and local economies, after showing earlier signs of recovery, weakened further during the period;

•

This economic slowdown is significantly impacted by the residential home market which is soft. The absence of significant residential home growth in and around LPGA International, as well as the Volusia and Flagler Counties’ market, significantly reduces the potential for increased golf play;

•

Fully developed lots within the community are being sold at low prices indicating that the product to be sold in the community will be sold to a first time home buyers’ market segment. This market segment is not expected to support the golf operations in the same manner as the premium priced market segment; and

•

The Company had a change in management, who changed the asset’s estimated holding period. New management does not believe it is in the Company’s best interest to absorb the negative income and cash flow losses until the possibility of a turnaround in future years may be realized and made the decision that this is not a future core holding of the Company.

During the third quarter of 2011, the Company also conducted an impairment analysis on 317 acres of land in Daytona Beach, Florida. The analysis resulted in an impairment charge of $2,606,412. The charge represented the entire cost basis of the property, reflecting both the high carrying costs associated with these parcels relative to the current market value of the land and management’s determination to not pay the property taxes or other property assessments, and to not contest any legal proceedings, which would result in the forfeiture of title to the land through issuance of a tax deed or foreclosure. The Company sold substantially all of its interest in this land to a third party for de minimus proceeds and the assumption of approximately $238,000 of accrued liabilities, in the fourth quarter of 2012.

During the year ended December 31, 2012, no impairment indicators were noted other than on the income property held for sale for which a $426,794 impairment charge was recorded and included in income from discontinued operations in the consolidated statement of operations.

The company follows FASB ASC 360-10 “Property, Plant, and Equipment” in conducting its impairment analyses.

Investment Securities

12 Months Ended

Dec. 31, 2012

Investment Securities [Abstract]

INVESTMENT SECURITIES

NOTE 4.

INVESTMENT SECURITIES

The Company held a portfolio of investment securities until they were fully liquidated in the fourth quarter of 2011. The Company accounted for investment securities in accordance with the “Accounting for Certain Investments in Debt and Equity Securities Topic of FASB ASC.” This standard requires classification of the investment portfolio into three categories: held to maturity, trading, and available for sale.

Until the decision was made to liquidate the investment securities portfolio, the Company classified as held to maturity those securities which the Company had the intent and ability to hold through their stated maturity date. Investment securities, which were classified as held to maturity, were carried at cost, adjusted for amortization of premiums, and accretion of discounts. Gains and losses were determined using the specific identification method.

Following is a table reflecting the sale of investment securities and losses recognized in the three years ended December 31, 2012:


	Year Ended December 31,
	2012		2011			2010
Proceeds from the Disposition of Investment Securities	$	—	$	6,929,493		$	5,903,865
Cost Basis of Investment Securities Sold		—		(7,069,929	)		(5,950,779	)


Loss recognized in Statement of Operation on the Disposition of Investment Securities	$	—	$	(140,436	)	$	(46,914	)

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Paragraph 3, 19, 20, 21, 22, 137
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2012

Income Taxes [Abstract]

INCOME TAXES

NOTE 5.

INCOME TAXES

The Company accounts for income taxes under the “Accounting for Income Taxes Topic of FASB ASC.”

The provisions for income tax benefit (expense) are summarized as follows:


	2012					2011				2010
	Current		Deferred			Current		Deferred		Current		Deferred
Federal	$	7,054	$	(269,712	)	$	327,465	$	2,597,799	$	1,065,250	$	(561,921	)
State		34,950		(95,370	)		41,883		413,705		74,507		(26,792	)

Total	$	42,004	$	(365,082	)	$	369,348	$	3,011,504	$	1,139,757	$	(588,713	)

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

The sources of these differences and the related deferred income tax assets (liabilities) are summarized as follows:


	Deferred Tax
	2012			2011
Deferred Income Tax Assets
Depreciation	$	2,142,204		$	1,609,610
Deferred Compensation		319,786			616,764
Charitable Contributions Carryforward		252,619			254,595
Deferred Lease Expense		1,428,121			1,462,797
Pension and Other Post Retirement Benefits		593,489			669,486
Stock Options		766,042			393,953
Impairment Reserves		1,688,979			2,553,236
Other-Net		352,572			—

Gross Deferred Income Tax Assets		7,543,812			7,560,441
Less-Valuation Allowance		(621,528	)		(607,353	)

Net Deferred Income Tax Assets		6,922,284			6,953,088

Deferred Income Tax Liabilities
Sales of Real Estate		(38,937,151	)		(38,666,418	)
Basis Difference in Joint Venture		(342,638	)		(342,638	)
Other-Net		—			(4,315	)

Total Deferred Income Tax Liabilities		(39,279,789	)		(39,013,371	)

Net Deferred Income Tax Liability	$	(32,357,505	)	$	(32,060,283	)

In assessing the realizability of deferred income tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the realization of future taxable income during the periods in which those temporary differences become deductible. We consider past history, the scheduled reversal of taxable temporary differences, projected future taxable income, and tax planning strategies in making this assessment. As of December 31, 2012 and 2011, we believe it is more likely than not that a portion of the Company’s deferred income tax assets will not be realized. A valuation allowance for deferred income tax assets is provided when it is more likely than not that some portion of all of the deferred income tax assets will not be realized. As of December 31, 2012 and 2011, the valuation allowance was $621,528 and $607,353, respectively.

The valuation allowance is primarily related to charitable contribution carryforwards. The valuation allowance was decreased by $1,702,434 in 2011. The change in valuation allowance in 2011 was due to the expiration of charitable contribution carryforwards, which had previously been reserved. There was a $14,175 addition to the valuation allowance in 2012 related to charitable contributions.

Following is a reconciliation of the income tax computed at the federal statutory rate of 35% for 2012, 2011, and 2010:


	Year ended December 31,
	2012			2011			2010
Income Tax (Expense) Benefit Computed at Federal Statutory Rate	$	(309,040	)	$	3,016,759		$	570,930
(Decrease) Increase Resulting from:
State Income Tax, Net of Federal Income Tax Benefit		(24,242	)		303,175			56,774
Tax Exempt Interest Income		—			55,922			71,799
Adjustment to Valuation Allowance		—			(28,810	)		(216,406	)
Other Reconciling Items		10,204			33,806			67,947

(Expense) Benefit for Income Taxes	$	(323,078	)	$	3,380,852		$	551,044

The effective income tax rate for each of the three years ended December 31, 2012, 2011, and 2010, including income taxes attributable to the discontinued operations, was 36.7%, 39.3% and 29.4%, respectively. There was no change to unrecognized tax benefits during 2012. The tax amounts recognized in 2011 and 2010 were impacted by the recognition of previously unrecognized tax benefits of approximately $29,000 and $216,000, respectively.

The Company files a consolidated income tax return in the United States Federal jurisdiction and the States of Arizona, Colorado, California, Florida, Illinois, Georgia, and North Carolina. The Internal Revenue Service has audited the federal tax returns through the year 2006, with all proposed adjustments settled. The Company recognizes all potential accrued interest and penalties to unrecognized tax benefits in income tax expense. For the year ended December 31, 2012, 2011, and 2010 the Company recognized no uncertain tax positions or accrued interest and penalties for uncertain tax positions.

Net income taxes refunded during the year ended December 31, 2012, totaled $177,500 with income taxes of $335,467 paid in the year ended December 31, 2011.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Land and Development Costs

12 Months Ended

Dec. 31, 2012

Land and Development Costs [Abstract]

LAND AND DEVELOPMENT COSTS

NOTE 6.

LAND AND DEVELOPMENT COSTS

Land and development costs at December 31, 2012 and 2011, are summarized as follows:


	December 31,
	2012		2011
Undeveloped Land	$	1,004,607	$	1,004,607
Developed Land and Development Costs		26,843,918		26,821,317

	$	27,848,525	$	27,825,924

Note Payable and Line of Credit

12 Months Ended

Dec. 31, 2012

Notes Payable and Line of Credit [Abstract]

NOTE PAYABLE AND LINE OF CREDIT

NOTE 7.

NOTE PAYABLE AND LINE OF CREDIT

On February 27, 2012, the Company entered into a new Credit Agreement (the “Agreement”) with Bank of Montreal (“BMO”) as Administrative Agent, Letter of Credit Issuer, and a Lender. The Agreement consists of a $46.0 million revolving credit facility with a maturity date of February 27, 2015 (the “Credit Facility”). The indebtedness outstanding under the Agreement accrues interest at a rate ranging from the 30-day London Interbank Offer Rate (“LIBOR”) plus 175 basis points to LIBOR plus 250 basis points based on the total balance outstanding under the credit facility as a percentage of total asset value of the Company. As of December 31, 2012, the interest rate was LIBOR plus 175 basis points or 1.966%. The Credit Facility also includes an accordion feature allowing the Company to increase the facility size up to $75.0 million. The Credit Facility is unsecured and is guaranteed by certain subsidiaries of the Company.

The Agreement contains restrictive covenants, customary for this type of transaction, including, but not limited to, limitations on the Company’s ability to: (a) incur indebtedness; (b) make certain investments; (c) incur certain liens; (d) engage in certain affiliate transactions; and (e) engage in certain major transactions such as mergers. In addition, the Company is subject to various financial maintenance covenants, including, but not limited to, a maximum indebtedness ratio, a maximum secured indebtedness ratio, and a minimum fixed charge coverage ratio. The Agreement also contains affirmative covenants and events of default, including, but not limited to, a cross default to the Company’s other indebtedness and the occurrence of a change of control. The Company’s failure to comply with these covenants or the occurrence of an event of default could result in acceleration of the Company’s debt and other financial obligations under the Agreement.

On September 20, 2012, the Company entered into the First Amendment to the Credit Agreement (“Amendment”). This Amendment, under the accordion feature, expanded the Credit Facility to $62.0 million. The Amendment also modified some of the restrictive covenants contained in the original Agreement. These changes to the restrictive covenants are not considered material in nature. On September 21, 2012, the Company added a second participant lender to the Agreement.

On February 14, 2013, the Company added a third participant lender to the Agreement and pursuant to the accordion feature, the Credit Facility was expanded to $66.0 million.

The Credit Facility replaced the $25.0 million revolving credit facility with SunTrust Bank, which had a maturity date of June 27, 2014. Approximately $9.7 million of the initial disbursement of the Credit Facility was used to pay off the outstanding balance of the existing credit facility with SunTrust Bank and approximately $5.6 million was used to pay off the term loan with SunTrust Bank, which had a maturity date of July 1, 2012. The indebtedness under the prior SunTrust Bank revolving credit facility and term loan were secured by certain assets of the Company. The Company wrote off $245,726 of deferred loan costs in the first quarter of 2012 as a result of this early extinguishment of debt.


	December 31,
	2012		2011
NOTE PAYABLE
Payable monthly based on 20-year amortization, interest floating based on the 30-day LIBOR Market Index rate plus 1.25%. Principal balance due July 2012 (See discussion of interest rate swap below)	$	—	$	5,582,988
LINE OF CREDIT
A line of credit totaling $62.0 million, at December 31, 2012, expiring February 27, 2015, with interest at the 30-day LIBOR Market Index rate plus 175 basis points to LIBOR plus 250 basis points based on the total balance outstanding under the credit facility as a percentage of total asset value of the Company		29,126,849		—
A line of credit totaling $25.0 million, at December 31, 2011, paid off February 27, 2012, with interest at the 30-day LIBOR Market Index rate plus 2.5%		—		9,683,726

	$	29,126,849	$	15,266,714

The required annual principal payments on notes payable are as follows:


Year Ending December 31,	Amount
2013	$	—
2014		—
2015		29,126,849
2016		—
2017 and Thereafter		—

	$	29,126,849

At December 31, 2012, there was $32,873,151 of available borrowing capacity on the existing $62.0 million Credit Facility. As a result of the acquisitions completed in January 2013, the disposition completed in February 2013, and the borrowing completed in February 2013, all as more fully described in Note 17 “Subsequent Events,” there was $20.5 million of available borrowing capacity on the existing $66.0 million Credit Facility as of February 28, 2013.

For the year ended December 31, 2012, interest expense was $536,018, with interest totaling $491,048 paid during the period. No interest was capitalized during 2012.

For the year ended December 31, 2011, interest expense was $655,275, with interest totaling $684,008 paid during the period. Interest totaling $28,733 was capitalized to construction in process during 2011.

For the year ended December 31, 2010, interest expense was $689,703, with interest totaling $693,496 paid during the period. Interest totaling $3,793 was capitalized to construction in process during 2010.

The Company was in compliance with all of its debt covenants as of December 31, 2012 and 2011.

During the fourth quarter of 2011, the Company terminated its interest rate swap agreement, which the Company had entered into on April 8, 2002, at a cost of $188,600. As a result, an after tax expense of $115,858 was reclassified into earnings during the year ended December 31, 2011. The interest rate swap agreement was entered into essentially to fix the interest rate on the $8,000,000 note payable, entered into on July 1, 2002, at 7.35%. Until its termination, the interest rate swap was accounted for as a cash flow derivative with the change in fair value of the interest rate swap, from its inception, resulting in the recording of accrued liability of $511,779 at December 31, 2010. The change in fair value, net of applicable taxes, in the amount of $314,361 and $106,716 recorded as an accumulated other comprehensive loss, a component of shareholders’ equity. As the interest rate swap was terminated in the fourth quarter of 2011, no amounts were recorded in the consolidated balance sheets as of December 31, 2012 or 2011.

See Note 17 “Subsequent Events” for a summary of transactions related to the line of credit, which occurred subsequent to December 31, 2012.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Pension Plan

12 Months Ended

Dec. 31, 2012

Pension Plan [Abstract]

PENSION PLAN

NOTE 8.

PENSION PLAN

The Company maintains a defined benefit plan for all employees who have attained the age of 21 and completed one year of service. The pension benefits are based primarily on years of service and the average compensation for the five highest consecutive years during the final ten years of employment. The benefit formula generally provides for a life annuity benefit.

Effective December 31, 2011, the Company amended its Defined Benefit Pension Plan (the “Pension Plan”) to freeze participants’ benefits with no future accruals after that date. Any current or future employee who was not a participant of the Pension Plan on December 31, 2011 will not be eligible to enter the Pension Plan. Although the Pension Plan will remain active with no new entrants and no future accruals, the Company’s contribution level is expected to be reduced over time.

The Company uses a December 31 measurement date.

Following are the components of the Net Period Benefit Cost:


	December 31,
	2012			2011			2010
Service Cost	$	94,374		$	298,378		$	265,495
Interest Cost		406,689			455,732			462,936
Expected Return on Plan Assets		(932,366	)		(396,687	)		(580,594	)
Amortization of Unrecognized Transition Gain		69,699			(7,487	)		(7,487	)
Amortization of Unrecognized Prior Service Cost		—			21,218			21,218
Amortization of Net Loss from Earlier Periods		390,400			(129,257	)		53,593

Net Periodic Benefit Cost	$	28,796		$	241,897		$	215,161

The Company made contributions totaling $473,540 in 2012 and $49,048 in 2011.

The change in projected benefit obligation is as follows:


	December 31,
	2012			2011
Benefit Obligation at Beginning of Year	$	9,309,585		$	8,607,103
Service Cost		94,374			298,378
Interest Cost		406,689			455,732
Actuarial Loss		636,013			566,102
Benefits and Plan Expenses Paid		(619,207	)		(537,825	)
Curtailment		—			(79,905	)

Benefit Obligation at End of Year	$	9,827,454		$	9,309,585

The change in plan assets is as follows:


	December 31,
	2012			2011
Fair Value of Plan Assets at Beginning of Year	$	7,723,072		$	7,815,162
Actual Return on Plan Assets		932,366			396,687
Employer Contribution		473,540			49,048
Plan Expenses Paid		(84,131	)		(90,310	)
Benefits Paid		(535,076	)		(447,515	)

Fair Value of Plan Assets at End of Year	$	8,509,771		$	7,723,072

The funded status of the pension obligation consists of the following:


	December 31,
	2012			2011
Estimated Pension Benefit Obligation
Accumulated Benefit Obligation	$	(9,827,454	)	$	(9,389,490	)
Effect of Curtailment		—			79,905

Projected Benefit Obligation		(9,827,454	)		(9,309,585	)
Fair Value of Plan Assets		8,509,771			7,723,072

Accrued Pension Liability	$	(1,317,683	)	$	(1,586,513	)

The actuarial assumptions made to determine the projected benefit obligation and the fair value of plan assets are as follows:


	December 31,
	2012			2011
Weighted Average Discount Rate		4.00	%		4.50	%
Weighted Average Asset Rate of Return		7.00	%		7.00	%
Compensation Scale		N/A			N/A

The Company uses the “Citigroup Pension Liability Index” to determine the discount rate. The weighted average asset rate of return is primarily based on both historical and projected future returns of the portfolio as a whole.

OTHER PENSION PLAN DISCLOSURE INFORMATION

Amortization Periods:

The transition liability (asset) re-established on January 1, 2001, was considered fully amortized as a result of the 2011 curtailment.

The excess of the unrecognized (gain) or loss (if any) over the larger of 10% of the projected benefit obligation or 10% of the market related value of assets is amortized in level amounts over 12.49 years.

The prior service cost re-established on January 1, 2001, was considered fully amortized as a result of the 2011 curtailment.

The prior service cost established on January 1, 2002, was considered fully amortized as a result of the 2011 curtailment.

Funding Policy:

Periodic employer contributions are made in conformance with minimum funding requirements and maximum deductible limitations.

Benefit Payments and Other Disbursements:

During the measurement period, disbursements from Pension Plan assets were as follows:


	December 31,
	2012		2011
Benefit Payments	$	535,076	$	447,515
Administrative Expenses		84,131		90,310

Total	$	619,207	$	537,825

Unrecognized (Gain) or Loss:

The unrecognized (gain) or loss determined subsequent to last year’s measurement date is determined as follows:


Liability gain determined from the January 1, 2012 census and included in this year’s net periodic cost	$	(41,347	)
Asset loss occurring over the measurement period		(390,400	)
Loss due to assumption changes effective as of December 31, 2012		677,360

Total unrecognized loss	$	245,613

Plan Assets:

The Company’s investment policy for pension funds is to achieve four major objectives as follows:

Growth in the invested assets to maintain future purchasing power;

Provide a stable, increasing stream of investment income to support needs;

Ensure the preservation of asset values equal to or greater than the nominal book value of assets over the intermediate term or a complete economic cycle, whichever is longer; and

Maintain liquidity.

The allocation of investments are targeted at 60% in common equities and 40% in fixed income securities, exclusive of cash and cash equivalents with a typical 10% range of fluctuation. Equity securities primarily include investments in large-cap, mid-cap, and small-cap companies located in the United States and internationally. Fixed income securities primarily include corporate bonds of diversified industries and government bonds primarily located in the United States. No single security, except short-term obligations of the U.S. government, shall constitute more than 4% of consolidated assets.

The Pension Plan’s weighted average asset allocations at December 31, 2012 and 2011 by asset category are as follows:


	December 31,
	2012			2011
Equity Securities		63	%		58	%
Fixed Income Securities		31	%		26	%
Cash and Money Market Funds		6	%		16	%

Total		100	%		100	%

The following is a table of the Fair Values of Pension Plan Assets and Fair Value Measurements at December 31, 2012:


Asset Category	Total		Quoted Prices in Active Markets (Level 1 Inputs)
Cash and Cash Equivalents	$	369,174	$	369,174
Equity Securities		5,305,492		5,305,492
Fixed Income Securities		2,835,105		2,835,105

Total	$	8,509,771	$	8,509,771

The following is a table of the Fair Values of Pension Plan Assets and Fair Value Measurements at December 31, 2011:


Asset Category	Total		Quoted Prices in Active Markets (Level 1 Inputs)
Cash and Cash Equivalents	$	1,245,742	$	1,245,742
Equity Securities		4,440,898		4,440,898
Fixed Income Securities		2,036,432		2,036,432

Total	$	7,723,072	$	7,723,072

The long-term rate of return on Pension Plan assets represents an estimate of long-term returns on an investment portfolio consisting of a mixture of equities, fixed income, and alternative investments. When determining the long-term rate of return on Pension Plan assets, the Company considers long-term rates of return on the asset classes (both historical and forecasted) in which the Company expects the pension funds to be invested.

Cash Flows:

The Company makes periodic contributions in accordance with minimum funding requirements and maximum allowable deductions. It is estimated the 2013 contribution will be in the $350,000 to $400,000 range.

Estimated Future Benefit Payments:

The following benefit payments, which reflect expected future service as appropriate, are expected to be paid.


Year Ending December 31,	Amount
2013	$	638,900
2014		643,100
2015		656,800
2016		667,000
2017		676,000
2018-2022		3,449,600

The following assumptions have been made regarding estimated benefit payments:

•

All currently retired participants survive through 2022;

•

All currently active participants survive and retire on their normal retirement dates; and

•

No additional benefits will accrue on or after January 1, 2012.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-2
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph q
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 8
-Subparagraph m
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7, 21, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS106-2
-Paragraph 20, 21, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 30
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Post-Retirement Benefit Plans Other Than Pensions

12 Months Ended

Dec. 31, 2012

Post Retirement Benefit Plans Other Than Pensions [Abstract]

POST-RETIREMENT BENEFIT PLANS OTHER THAN PENSIONS

NOTE 9.

POST-RETIREMENT BENEFIT PLANS OTHER THAN PENSIONS

The Company has a policy regarding post-retirement benefit programs for certain health care and life insurance benefits for eligible retired employees. All full-time employees became eligible to receive life benefits if they retire after reaching age 55 with 20 or more years of service, and supplemental Medicare benefits if they reach age 65 and 20 years of service. The post-retirement health care plan is contributory with retiree contributions adjusted annually; the life insurance plan is non-contributory up to $5,000 of coverage.

The Company recognizes post-retirement expenses in accordance with the “Employers’ Accounting for Post-Retirement Benefits Other Than Pensions Topic of FASB ASC,” which requires that expected costs of post-retirement benefits be charged to expense during the years the employees render service. The accrued post-retirement benefit cost reflected in the consolidated balance sheet in accrued liabilities at December 31, 2012 and 2011, was $186,695 and $207,319, respectively.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2012

Stock-based Compensation [Abstract]

STOCK-BASED COMPENSATION

NOTE 10.

STOCK-BASED COMPENSATION

EQUITY-CLASSIFIED STOCK COMPENSATION

Market Condition Restricted Shares

Under the 2010 Plan, the Company granted to certain employees non-vested restricted stock where vesting is based upon the achievement of certain market conditions, which are defined as the Company’s total shareholder return as compared to the total shareholder return of a certain peer group during a five-year performance period.

The Company used a Monte Carlo simulation pricing model to determine the fair value of its market condition based awards. The determination of the fair value of market condition-based awards is affected by the stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of awards, the relative performance of the Company’s stock price, and shareholder returns to those companies in its peer group, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met.

A summary of activity during the twelve months ended December 31, 2012, is presented below:


Market Condition Non-Vested Restricted Shares	Shares			Wgt. Avg. Grant Date Fair Value
Outstanding at December 31, 2011		9,317		$	23.13
Granted		—			—
Vested		—			—
Forfeited		(1,417	)		23.13

Outstanding at December 31, 2012		7,900		$	23.13

As of December 31, 2012, there was $67,777 of unrecognized compensation cost, adjusted for estimated forfeitures, related to market condition non-vested restricted shares, which will be recognized over a weighted average period of 2.9 years.

Non-Qualified Stock Option Awards

Pursuant to the Non-Qualified Stock Option Award Agreements between the Company and Mr. Albright and Mr. Patten, Mr. Albright and Mr. Patten were granted options to purchase 50,000 and 10,000 shares of Company common stock, respectively, under the 2010 Plan with an exercise price per share equal to the fair market value on their respective grant dates. One-third of the options will vest on each of the first, second, and third anniversaries of their respective grant dates, provided they are an employee of the Company on those dates. In addition, any unvested portion of the options will vest upon a change in control. The options expire on the earliest of: (a) the tenth anniversary of the grant date; (b) twelve months after the employee’s death or termination for disability; or (c) thirty days after the termination of employment for any reason other than death or disability.

A summary of the activity for both awards during the year ended December 31, 2012, is presented below:


	Shares		Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2011		50,000	$	28.90
Granted		10,000		29.34
Exercised		—		—
Expired		—		—

Outstanding at December 31, 2012		60,000	$	28.97		8.70	$	122,200

Exercisable at December 31, 2012		16,666	$	28.90		8.60	$	35,167

As of December 31, 2012, there was $338,204 of unrecognized compensation related to non-qualified, non-vested stock option awards, which will be recognized over a period of 1.7 years.

Market Condition Inducement Grant of Restricted Shares

“Inducement” grants of 96,000 and 17,000 shares of restricted Company common stock were awarded to Mr. Albright and Mr. Patten, respectively. Mr. Albright’s restricted shares were granted outside of the 2010 Plan while Mr. Patten’s restricted shares were awarded under the 2010 Plan. The Company filed a registration statement with the Securities and Exchange Commission on Form S-8 to register the resale of Mr. Albright’s restricted stock award. The restricted shares will vest in six increments based upon the price per share of Company common stock during the term of their employment (or within 60 days after termination of employment by the Company without cause), meeting or exceeding the target trailing 60-day average closing prices ranging from $36 per share for the first increment to $65 per share for the final increment. If any increment of the restricted shares fails to satisfy the applicable stock price condition prior to six years from the grant date, that increment of the restricted shares will be forfeited.

A summary of the activity for both awards during the year ended December 31, 2012, is presented below:


	Shares		Wtd. Avg. Fair Value
Outstanding at December 31, 2011		96,000	$	18.47
Granted		17,000	$	18.02
Vested		—		—
Forfeited		—		—

Outstanding at December 31, 2012		113,000	$	18.40

As of December 31, 2012, there was $735,732 of unrecognized compensation cost, adjusted for estimated forfeitures, related to market condition non-vested restricted shares, which will be recognized over a weighted average period of 1.0 years.

LIABILITY-CLASSIFIED STOCK COMPENSATION

The Company previously had a stock option plan (the “2001 Plan”) pursuant to which 500,000 shares of the Company’s common stock could be issued. The 2001 Plan expired in 2010, and no new stock options may be issued thereunder. Under the 2001 Plan, both stock options and stock appreciation rights were issued in prior years and such issuances were deemed to be liability-classified awards under the Share-Based Payment Topic of FASB ASC.

A summary of share option activity under the 2001 Plan as of December 31, 2012, and changes during the year ended is presented below:

Stock Options


	Shares			Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2011		205,800		$	53.12
Granted		—			—
Exercised		(5,600	)		20.12
Expired		(119,400	)		55.13

Outstanding at December 31, 2012		80,800		$	52.43		4.21	$	21,780

Exercisable at December 31, 2012		78,160		$	56.81		3.98	$	21,780

In connection with the grant of non-qualified stock options, a stock appreciation right for each share covered by the option was also granted. The stock appreciation right entitles the optionee to receive a supplemental payment, which may be paid in whole or in part in cash or in shares of common stock, equal to a portion of the spread between the exercise price and the fair market value underlying the share at the time of exercise.

Stock Appreciation Rights


	Shares			Wtd. Avg. Fair Value		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2011		205,800		$	0.93
Granted		—			—
Exercised		(5,600	)		5.07
Expired		(119,400	)		0.73

Outstanding at December 31, 2012		80,800		$	1.12		4.21	$	11,728

Exercisable at December 31, 2012		78,160		$	0.92		3.98	$	11,728

The fair value of each share option and stock appreciation right is estimated on the measurement date using the Black-Scholes option pricing model based on assumptions noted in the following table. Expected volatility is based on the historical volatility and other factors of the Company. The Company has elected to use the simplified method of estimating the expected term of the options and stock appreciation rights.

Due to the small number of employees included in the Plan, the Company uses the specific identification method to estimate forfeitures and includes all participants in one group. The risk-free rate for periods within the contractual term of the share option is based on the U.S. Treasury rates in effect at the time of measurement.

The Company issues new, previously unissued, shares as options are exercised.

Following are assumptions used in determining the fair value of stock options and stock appreciation rights:


Assumptions at December 31,	2012			2011			2010
Expected Volatility		24.34	%		31.05	%		32.20	%
Expected Dividends		0.13	%		0.15	%		0.14	%
Expected Term		3 years			2 years			3 years
Risk-Free Rate		0.39	%		0.23	%		1.16	%

There were no stock options or stock appreciation rights granted under this plan in 2012, 2011 and 2010.

Following is a table representing activity under the 2001 Plan for each of the three years ended December 31, 2012, 2011, and 2010:


	Year Ended December 31,
	2012		2011		2010
Options Exercised		5,600		1,600		2,400
Intrinsic Value of Options Exercised	$	54,352	$	2,128	$	17,724

Stock Appreciation Rights Exercised		5,600		1,600		2,400
Intrinsic Value of Stock Appreciation Rights Exercised	$	28,398	$	909	$	7,533

Options Expired		119,400		46,600		—
Weighted Average Exercise Price	$	55.13	$	52.72	$	—

Stock Appreciation Rights Expired		119,400		46,600		—
Weighted Average Fair Value	$	0.73	$	1.22	$	—

Shares Vested		10,120		36,920		41,920
Fair Value of Shares Vested	$	23,962	$	71,870	$	139,857

The liability for stock options and stock appreciation rights, valued at fair value, reflected on the consolidated balance sheets at December 31, 2012 and 2011, was $265,311 and $484,489, respectively. These fair value measurements are based on quoted prices in active markets (Level 1 Inputs).

Amounts recognized in the financial statements for stock options, stock appreciation rights, and restricted stock are as follows:


	Year Ended December 31,
	2012			2011			2010
Total Cost of Share-Based Plans Charged Against
Income (Added To) Before Tax Effect	$	1,047,335		$	253,812		$	(632,894	)

Income Tax Expense (Benefit)
Recognized in Income	$	(404,010	)	$	(97,908	)	$	244,139

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Common Stock and Earnings Per Share

12 Months Ended

Dec. 31, 2012

Common Stock and Earnings Per Share [Abstract]

COMMON STOCK AND EARNINGS PER SHARE

NOTE 11.

COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per common share were computed by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share were determined based on the assumption of the conversion of stock options using the treasury stock method at average market prices for the periods.


	Year Ended December 31,
	2012		2011			2010
Income Available to Common Shareholders:
Income (Loss) from Continuing Operations	$	559,894	$	(5,238,458	)	$	(1,080,184	)
Discontinued Operations		39,308		532,267			477,230

Net Income (Loss)	$	599,202	$	(4,706,191	)	$	(602,954	)

Weighted Average Shares Outstanding		5,717,937		5,724,147			5,723,795
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		—		—			—

Total Shares Applicable to Diluted Earnings Per Share		5,717,937		5,724,147			5,723,795


Per Share Information:
Basic Net Income (Loss) Per Share
Income (Loss) from Continuing Operations	$	0.09	$	(0.91	)	$	(0.19	)
Discontinued Operations		0.01		0.09			0.08

Net Income (Loss)	$	0.10	$	(0.82	)	$	(0.11	)


Diluted Net Income (Loss) Per Share:
Income (Loss) from Continuing Operations	$	0.09	$	(0.91	)	$	(0.19	)
Discontinued Operations		0.01		0.09			0.08

Net Income (Loss)	$	0.10	$	(0.82	)	$	(0.11	)

The effect of 123,347, 205,113, and 202,037 potentially dilutive securities were not included for 2012, 2011, and 2010, respectively, as the effect would be antidilutive.

Accrued Liabilities

12 Months Ended

Dec. 31, 2012

Accrued Liabilities [Abstract]

ACCRUED LIABILITIES

NOTE 12.

ACCRUED LIABILITIES

Accrued liabilities consist of the following:


	As of
	December 31, 2012		December 31, 2011
Golf Course Lease	$	3,702,194	$	3,792,086
Deferred Compensation		828,998		1,598,871
Deferred Road Construction Costs		—		570,804
Accrued Property Taxes		—		237,967
Deferred Lease and Other Income		970,802		678,219
Other Post-Retirement Benefits		186,695		207,319
Legal Reserves		723,058		—
Other		560,596		232,410

	$	6,972,343	$	7,317,676

In July 2012, the Company entered into an agreement with the City of Daytona Beach, Florida (the “City”) to, among other things, amend the remaining lease payments under the golf course lease (the “Lease Amendment”) whereby the base rent payment scheduled to increase from $250,000 to $500,000 as of September 1, 2012, for the remainder of the lease term and any extensions, was kept at $250,000 subject to an annual rate increase of 1.75% beginning September 1, 2013. Under the Lease Amendment, the Company agreed to invest $200,000 prior to September 1, 2015 for certain improvements to the facilities. In addition, pursuant to the Lease Amendment, beginning September 1, 2012, and continuing throughout the initial lease term and any extension option, the Company will pay additional rent to the City in the amounts of 5.0% of gross revenues (as defined in the Lease Amendment) exceeding $5,500,000 up to $6,500,000 and 7.0% of gross revenues (as defined in the Lease Amendment) exceeding $6,500,000. Since the inception of the lease, the Company has been recognizing the rent expense on a straight-line basis resulting in an estimated accrual for deferred rent equal to $3,702,194 as of December 31, 2012. Upon the effective date of the amendment to the lease, the Company’s straight-line rent was revised to reflect the lower rent levels through expiration of the lease. As a result, approximately $3.0 million of the rent previously deferred will not be due to the landlord, and will be recognized into income over the remaining lease term of 10 years. The lease matures in 2022 with seven renewal options for five years.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2012

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 13.

COMMITMENTS AND CONTINGENCIES

MINIMUM FUTURE RENTAL PAYMENTS

The Company leases, as lessee, certain equipment, land, and improvements under operating leases.

Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2012, are summarized as follows:


Year Ending December 31,	Amounts
2013	$	635,134
2014		635,204
2015		639,625
2016		470,408
2017		269,528
2018 and thereafter (cumulative)		1,320,943

Total	$	3,970,842

Rental expense under all operating leases amounted to $666,438, $902,414, and $879,028, for the years ended December 31, 2012, 2011, and 2010, respectively.

MINIMUM FUTURE RENTAL RECEIPTS

Additionally, the Company, as lessor, leases certain land, buildings, and improvements under operating leases.

Minimum future rental receipts under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2012, are summarized as follows:


Year Ending December 31,	Amounts
2013	$	10,358,265
2014		10,393,517
2015		10,047,149
2016		9,914,370
2017		8,042,506
2018 and thereafter (cumulative)		62,404,943

Total	$	111,160,750

LEGAL PROCEEDINGS

From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of our business. While the outcome of the legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon our financial condition or results of operations.

In September 2010, St. Johns River Water Management District (the “District”) served the Company with an administrative complaint filed with the Florida Division of Administrative Hearings in connection with certain Company agricultural operations that alleged the Company constructed and operated a surface water management system without the proper permit. The Company disagreed with the District’s assertions in the complaint on the basis that its operations were agriculturally exempt from permitting and requested an administrative hearing. This case was subsequently continued in abeyance due to new legislation affecting the agricultural exemption and to accommodate settlement discussions between the parties. Pursuant to the new legislation, the District elected to have the Florida Department of Agriculture and Consumer Services (“DACS”) make a binding determination of the applicability of the agricultural exemption to the Company’s agricultural operations. Based on site-specific characteristics, historical land use, and documented industry practices, DACS concluded the Company engaged in normal and customary agricultural practices for operations on 117 acres and the agricultural exemption from permitting applied those acres. DACS believes that a portion of the remaining 101 acres alleged by the District to be wetlands may have required an Environmental Resource Permit prior to commencing our agricultural operations in those areas, but was unable to make a determination based on readily available information. In an effort to resolve this matter, the Company submitted a proposed settlement offer to the District on August 20, 2012, offering certain undeveloped acreage owned by the Company. The Company accrued a reserve equal to $611,691, in the quarter-ended September 30, 2012, reflecting the Company recorded value of the acreage offered to settle the matter. Following the offer, settlement discussions continued, and, on December 31, 2012, the Company and the District executed a settlement agreement (“SJRWMD Agreement”) involving certain of the Company’s prior agricultural operations in which the Company agreed to submit an after-the-fact permit application and increased the undeveloped acreage offer for mitigation in connection with the permit. The Company has adjusted the reserve to $723,058 to reflect the value of the additional undeveloped acres and costs associated with the permit application. The SJRWMD Agreement is contingent upon the Company and the District reaching agreement on a management fee and issuance of a permit. In the event the District and the Company cannot achieve these items, the SJRWMD Agreement could be terminated. The Company submitted its permit application on January 28, 2013.

On November 21, 2011, the Company, Indigo Mallard Creek LLC, and Indigo Development LLC, as owners of the Harris Teeter income property in Charlotte, North Carolina, were served with pleadings filed in the General Court of Justice, Superior Court Division for Mecklenburg County, North Carolina, for a highway condemnation action involving the Harris Teeter income property located in Charlotte, North Carolina. As a result of the proposed road modifications, an all-access intersection with a traffic signal at Mallard Creek Road is proposed to be modified to right-in/right-out only access. Harris Teeter, Inc. (“Harris Teeter”), as the tenant under the lease for this property, notified the Company that it believes the loss of the all-access intersection materially adversely affects its business at this location. According to Harris Teeter’s interpretation of the lease, this allows it the right to terminate the lease, which it originally anticipated would occur immediately preceding construction commencement (which Harris Teeter estimated to be approximately July 31, 2012). The Company does not believe the road modifications provide a basis for Harris Teeter to terminate the Lease and has responded to Harris Teeter. The Company has also reached out to other affected businesses and to the North Carolina Department of Transportation (“NCDOT”) in an effort to persuade NCDOT to keep the all-access intersection intact and, notwithstanding the foregoing, Harris Teeter indicated a present willingness to assist in this endeavor. In May 2012, NCDOT indicated that it will not reach a final decision on its consideration of this matter for 6 to 18 months, and that, in the meantime, the intersection would remain all-access. On November 6, 2012, the Company filed its response to the condemnation pleadings. The trial in this matter has been initially scheduled for the week of September 16, 2013, with mediation to occur prior to July 22, 2013. In a status meeting attended by the Company on January 30, 2013, with NCDOT, the City of Charlotte, and others to discuss the status of the intersection. During this meeting, NCDOT proposed to redesign the road modifications to keep the all access intersection open for ingress with no change to the planned limitation on egress to the right-in/right-out only. Additionally, NCDOT, and the City of Charlotte proposed to build and maintain a new access road/point to the property. These proposals are tentative and pending additional public funding.

In May 2010, the Company filed a lawsuit in the Circuit Court, Seventh Judicial Circuit, in and for Volusia County, Florida, in order to enforce its approximate $3.8 million claim of lien on real property owned by FM Bayberry Cove Holding, LLC (“FM Bayberry”) for its share of the costs for construction of Tournament Drive. BB&T was included as a defendant as the current mortgage holder of the property subject to the Company’s lien. BB&T filed a counterclaim asserting that its mortgage is superior to the Company’s claim of lien which the Company denied. BB&T and the Company each filed motions for summary judgment as to priority of their respective interests in the property, which were heard by the court on January 12, 2012. The Circuit Court determined that the Company’s Consolidated-Tomoka’s interests were superior to the lien imposed by BB&T and all other interests. The Company subsequently filed a motion for summary judgment of foreclosure, which was before the Court at a hearing on June 22, 2012, which was granted and the Final Judgment of Foreclosure was entered on August 7, 2012, as subsequently amended by that the Amended Final Judgment of Foreclosure entered August 16, 2012. However, all further proceedings in the Circuit Court (including the foreclosure sale) are stayed pending BB&T’s appeal to the Florida District Court of Appeal, Fifth District (for which notice was filed by BB&T on August 16, 2012, and amended on August 24, 2012) on the Circuit Court’s determination in the matter of priority. On December 4, 2012, Company representatives attended an appellate court-ordered mediation between the Company and BB&T. The mediation was extended in order to accommodate continuing discussions between the parties but was terminated on or about January 10, 2013, when the parties were unable to reach agreement. This matter is continuing in the appeal at this time with BB&T’s initial brief due to be filed on or about April 1, 2013. As of December 31, 2012, the amount of the judgment plus interest is in excess of $4.4 million.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Treasury Stock

12 Months Ended

Dec. 31, 2012

Treasury Stock [Abstract]

TREASURY STOCK

NOTE 14.

TREASURY STOCK

On April 26, 2012, the Company announced a voluntary Odd-Lot Buy-Back Program (the “Program”), whereby the Company offered to purchase shares from shareholders who owned less than 100 shares of the Company’s common stock as of April 26, 2012. The Program reflected the Company’s interest in reducing the ongoing costs associated with shareholder recordkeeping and communications and to assist shareholders who may be deterred from selling their small lots of stock due to the costs that would be incurred. The Company paid all costs associated with the Program and purchased 14,634 shares under the Program at a total cost of $453,654. The Program expired June 30, 2012. The Company did not provide any recommendation regarding shareholder participation and the decision was entirely that of each shareholder as to whether to sell shares in this Program.

Business Segment Data

12 Months Ended

Dec. 31, 2012

Business Segment Data [Abstract]

BUSINESS SEGMENT DATA

NOTE 15.

BUSINESS SEGMENT DATA

The Company primarily operates in three business segments: income properties, real estate operations, and golf operations. Our income property operation consists primarily of income producing properties and our business plan is focused on investing in additional income producing properties. Our income property operations accounted for 70.7% of our identifiable assets and 55.2% of our consolidated revenues as of and for the year ended December 31, 2012, respectively. Our real estate operations primarily consist of revenues generated from land transactions and leasing and royalty income from our interests in subsurface oil, gas and mineral rights. Our golf operations consist of a single property located in Daytona Beach, Florida with two 18-hole championship golf courses, a practice facility, and clubhouse facilities including a restaurant and bar operation. The majority of the revenues generated by the golf operation are derived from members and public customers playing golf, revenue from the club memberships, and revenue related to our food and beverage operations.

The Company evaluates performance based on profit or loss from operations before income taxes. The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each segment requires different management techniques, knowledge, and skills.

Information about the Company’s operations in different segments for each of the three years ended December 31, 2012, 2011, and 2010 is as follows:


	Year Ended December 31,
	2012			2011			2010
Revenues:
Income Properties	$	9,559,942		$	8,776,080		$	8,688,980
Real Estate Operations		3,098,840			501,626			(926,884	)
Golf Operations		4,506,069			4,660,802			4,473,429
Other Income		164,979			124,776			40,721


	$	17,329,830		$	14,063,284		$	12,276,246

Operating Income (Loss):
Income Properties	$	8,883,846		$	8,249,121		$	8,175,108
Real Estate Operations		2,393,778			(250,504	)		(1,669,910	)
Golf Operations		(887,564	)		(1,332,835	)		(1,477,923	)
Other Income		(33,855	)		(526,647	)		(380,131	)
General and Corporate Expenses		(8,692,974	)		(14,263,539	)		(5,792,118	)


	$	1,663,231		$	(8,124,404	)	$	(1,144,974	)


Identifiable Assets:
Income Properties	$	130,726,326		$	116,943,722		$	116,329,125
Real Estate Operations		34,161,944			34,529,445			34,028,501
Golf Operations		3,230,225			2,858,448			6,888,141
Other		16,578,405			15,934,188			20,513,183


	$	184,696,900		$	170,265,803		$	177,758,950

Depreciation and Amortization:
Income Properties	$	1,927,453		$	1,753,079		$	1,707,052
Real Estate Operations		—			—			15
Golf Operations		173,110			359,743			491,350
Other		207,472			337,215			73,453


	$	2,308,035		$	2,450,037		$	2,271,870


Capital Expenditures:
Income Properties	$	24,467,236		$	2,363,593		$	482,005
Real Estate Operations		—			—			—
Golf Operations		343,969			267,273			79,673
Other		105,729			566,410			810,369


	$	24,916,634		$	3,197,276		$	1,372,047

Operating income (loss) represents income (loss) from continuing operations before loss on early extinguishment of debt, interest expense, interest income, and income taxes. General and corporate expenses are an aggregate of general and administrative expenses, impairment charges, depreciation and amortization expense, and gains (losses) on the disposition of assets. Identifiable assets by segment are those assets that are used in the Company’s rations in each segment. Other assets consist primarily of cash, property, plant, and equipment related to the other operations as well as the general and corporate operations. There were no transactions between segments for any of the periods presented. Certain items in the prior years’ consolidated statement of operations have been reclassified to conform to the presentation of the consolidated statements of operations for the year ended December 31, 2012. Specifically, the depreciation and amortization expense and interest expense have been segregated into separate line times, whereas previously, these amounts were included in general and administrative expenses. These reclassifications had no effect on the prior year presentation of income (loss) from continuing operations before income tax.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Modification of an Accounting Treatment

12 Months Ended

Dec. 31, 2012

Modification of an Accounting Treatment [Abstract]

MODIFICATION OF AN ACCOUNTING TREATMENT

NOTE 16.

MODIFICATION OF AN ACCOUNTING TREATMENT

During the second quarter of 2009, the Company sold two parcels of land and an easement to Volusia County for right-of-way, retention ponds, and construction access for the Dunn Avenue extension road project. The Company and Volusia County executed a joint funding agreement, which required the Company, Volusia County, and the City of Daytona Beach to each fund $1,125,000 of the estimated $9,900,000 construction, engineering, and inspection costs for the Dunn Avenue extension project. The land sales were recorded at closing when the cash proceeds were received in full. The commitment to fund a portion of the construction costs was initially expected to be recorded as land development cost when incurred since the Company owned additional adjoining land benefitting from the expenditure. The $1,125,000 funding commitment was previously disclosed in the second quarter 2009 Form 10-Q and 2009 Form 10-K.

Subsequent to June 30, 2009, the Company determined that the original accounting for these transactions was incorrect. The appropriate accounting would have been to record the road construction contribution, in the amount of $1,125,000, as a reduction of the land sales price during the second quarter of 2009. After evaluating the quantitative and qualitative aspects of the misstatement, in accordance with Staff Accounting Bulletin (“SAB”) 99, Materiality, and SAB 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, the Company determined the correction was not material to the quarters ended June 30, 2009 and 2010 and the year ended December 31, 2009. As a result, the accounting correction reduced revenues and profits from real estate sales by $1,125,000, in addition to reducing income tax expense and deferred taxes by $405,000, and was recorded in the second quarter of 2010. The adjustment had the effect of decreasing net income by $720,000 during the second quarter, equivalent to $0.13 per share.

- Definition

The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.

+ References + Details

Subsequent Events

12 Months Ended

Dec. 31, 2012

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 17.

SUBSEQUENT EVENTS

On January 3, 2013, the Company acquired four properties leased to Bank of America, N.A. in Los Angeles County and Orange County, California, at a purchase price of $8,015,737. The initial terms of the leases are 15 years.

On January 23, 2013, the Company acquired a 34,512 square-foot free-standing building situated on 3.62 acres in Glendale, Arizona. The property is under lease to Big Lots with an initial term of 10 years. The purchase price totaled $5,001,500.

On January 31, 2013, the Company acquired a two-building 133,000 square-foot office complex leased to Hilton Resorts Corporation in Orlando, Florida. The total purchase price was $14.6 million. Both buildings are under a long term lease, with over eight years remaining in the term, which provides for annual lease escalations.

On February 14, 2013, the Company sold its interest in the 4,128 square-foot building under lease to PNC Bank, located in Alpharetta, Georgia. The sales price on this transaction amounted to $3,550,000. The property was written down to estimated fair value resulting in a loss of $426,794, and was presented as assets held for sale on the consolidated balance sheet at December 31, 2012. The property’s operating results were included in discontinued operations for each of the three years ended December 31, 2012, 2011, and 2010.

On February 14, 2013, the Company added a third participant lender to the Agreement and pursuant to the accordion feature, the Credit Facility was expanded to $66.0 million.

On February 21, 2013, the Company sold its interest in the 13,824 square-foot building under lease to CVS, located in Clermont, Florida. The sales price on this transaction amounted to $4,050,000. As of December 31, 2012, no contract was in place, therefore, this property was not presented as assets held for sale on the balance sheet and the property’s operating results were not included in discontinued operations.

On February 22, 2013, the Company closed on a $7.3 million loan with UBS Real Estate Securities Inc., secured by its interest in the two-building office complex leased to Hilton Resorts Corporation which was acquired on January 31, 2013. The new mortgage loan matures in February 2018 and carries a fixed rate of interest of 3.67% per annum. The proceeds from the borrowing were used to pay-down a portion of the Company’s outstanding balance on its revolving credit facility.

On March 8, 2013, the Company closed on a $23.1 million loan with Bank of America, N.A., secured by its interest in fourteen income properties. The new mortgage loan matures in April 2023, carries a fixed rate of 3.67% per annum, and requires payments of interest only prior to maturity. The net proceeds from the borrowing were used to pay-down a portion of the Company’s outstanding balance on its revolving credit facility.

QUARTERLY FINANCIAL DATA

(UNAUDITED)


	March 31,						June 30,						September 30,						December 31,
	2012			2011			2012			2011			2012			2011			2012			2011
Revenues
Income Properties	$	2,264,574		$	2,139,213		$	2,379,829		$	2,147,588		$	2,393,620		$	2,233,294		$	2,521,919		$	2,255,985
Real Estate Operations		1,065,667			63,069			929,717			68,237			421,983			69,406			681,473			300,914
Golf Operations		1,329,579			1,373,576			1,253,079			1,347,704			861,326			838,646			1,062,085			1,100,876
Other Income		42,668			41,626			7,990			9,506			95,971			16,646			18,350			56,998

Total Revenues		4,702,488			3,617,484			4,570,615			3,573,035			3,772,900			3,157,992			4,283,877			3,714,773


Direct Cost of Revenues
Income Properties		(144,404	)		(126,307	)		(174,790	)		(119,084	)		(199,710	)		(129,271	)		(157,192	)		(152,297	)
Real Estate Operations		(164,818	)		(183,835	)		(223,957	)		(191,783	)		(143,138	)		(151,671	)		(173,149	)		(224,841	)
Golf Operations		(1,461,227	)		(1,530,496	)		(1,435,306	)		(1,657,170	)		(1,314,428	)		(1,300,876	)		(1,182,672	)		(1,505,095	)
Other Income		(71,558	)		(96,586	)		(66,332	)		(141,172	)		(28,530	)		(206,906	)		(32,414	)		(206,759	)

Total Direct Cost of Revenues		(1,842,007	)		(1,937,224	)		(1,900,385	)		(2,109,209	)		(1,685,806	)		(1,788,724	)		(1,545,427	)		(2,088,992	)

General and Administrative Expenses		(1,423,648	)		(1,657,010	)		(1,335,287	)		(532,882	)		(2,311,448	)		(1,217,722	)		(1,554,201	)		(2,033,107	)
Impairment Charges		—			—			—			—			—			(6,618,888	)		—			—
Depreciation and Amortization		(551,106	)		(565,064	)		(574,857	)		(550,049	)		(577,545	)		(598,288	)		(604,527	)		(736,636	)
Gain (Loss) on Disposition of Assets		85,000			87,482			190,564			25,433			(33,513	)		42,692			(2,406	)		90,500

Total Operating Expenses		(3,731,761	)		(4,071,816	)		(3,619,965	)		(3,166,707	)		(4,608,312	)		(10,180,930	)		(3,706,561	)		(4,768,235	)

Operating Income (Loss)		970,727			(454,332	)		950,650			406,328			(835,412	)		(7,022,938	)		577,266			(1,053,462	)
Interest Income		—			59,585			367			55,559			453			41,436			665			3,789
Interest Expense		(150,229	)		(194,108	)		(126,181	)		(183,895	)		(124,650	)		(167,996	)		(134,958	)		(109,276	)
Loss on Early Extinguishment of Debt		(245,726	)		—			—			—			—			—			—			—

Income (Loss) from Continuing Operations Before Income Tax		574,772			(588,855	)		824,836			277,992			(959,609	)		(7,149,498	)		442,973			(1,158,949	)
Income Tax		(219,543	)		216,544			(312,536	)		(72,206	)		365,499			2,801,947			(156,498	)		434,567

Income (Loss) from Continuing Operations		355,229			(372,311	)		512,300			205,786			(594,110	)		(4,347,551	)		286,475			(724,382	)
Income from Discontinued Operations (net of tax)		139,172			113,406			87,286			112,996			37,504			129,559			(224,654	)		176,306

Net Income (Loss)	$	494,401		$	(258,905	)	$	599,586		$	318,782		$	(556,606	)	$	(4,217,992	)	$	61,821		$	(548,076	)


Per Share Information:
Basic and Diluted
Income (Loss) from Continuing Operations	$	0.06		$	(0.07	)	$	0.09		$	0.04		$	(0.11	)	$	(0.76	)	$	0.05		$	(0.13	)
Income (Loss) from Discontinued Operations (net of tax)		0.03			0.02			0.01			0.02			0.01			0.02			(0.04	)		0.03

Net Income (Loss)	$	0.09		$	(0.05	)	$	0.10		$	0.06		$	(0.10	)	$	(0.74	)	$	0.01		$	(0.10	)

Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2012

Real Estate and Accumulated Depreciation [Abstract]

REAL ESTATE AND ACCUMULATED DEPRECIATION

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2012


							Costs Capitalized
	Initial Cost to Company						Subsequent to Acquisition
Description	Encumbrances		Land		Buildings & Improvements		Improvements		Carrying Costs
	$		$		$		$		$
Income Properties:
Bank of America, Garden Grove, CA		0		1,745,447		1,454,531		0		0
Bank of America, Laguna Beach, CA		0		1,231,328		1,649,972		0		0
Bank of America, Mission Viejo, CA (Puerta Real)		0		523,539		753,890		0		0
Bank of America, Mission Viejo, CA (Trabuco)		0		544,713		1,394,450		0		0
Bank of America, Westminster, CA		0		1,950,902		1,081,480		0		0
Barnes & Noble, Daytona Beach, FL		0		1,798,600		3,803,000		0		0
Best Buy, McDonough, GA		0		2,622,682		3,150,000		0		0
Buffalo Wild Wings, Phoenix, AZ		0		1,716,834		0		0		0
CVS, Clermont, FL		0		1,493,985		1,452,823		0		0
CVS, Clermont, FL		0		2,414,044		1,575,184		0		0
CVS, Melbourne, FL		0		1,567,788		919,186		0		0
CVS, Sanford, FL		0		1,565,176		1,890,671		0		0
CVS, Sanford, FL		0		2,345,694		1,275,625		0		0
CVS, Sebastian, FL		0		2,205,709		1,288,995		0		0
CVS, Sebring, FL		0		1,312,472		1,722,559		0		0
CVS, Tallahassee, FL		0		590,800		1,595,000		1,485,878		0
CVS, Vero Beach, FL		0		3,113,661		1,312,235		0		0
Dick’s Sporting Goods, McDonough, GA		0		3,934,022		4,725,000		0		0
Harris Teeter Supermarket, Charlotte, NC		0		5,601,837		3,409,338		0		0
JPMorgan Chase Bank, Chicago, IL		0		3,528,492		0		0		0
Lowe’s, Lexington, NC		0		5,048,640		4,548,880		0		0
PNC Bank, Alpharetta, GA⁽²⁾		0		3,402,926		426,100		0		0
PNC Bank, Altamonte Springs, FL		0		3,435,502		410,961		0		0
PNC Bank, Orlando, FL		0		2,875,052		418,992		0		0
Walgreens, Alpharetta, GA		0		3,265,623		1,406,160		0		0
Walgreens, Apopka, FL		0		2,390,532		1,354,080		0		0
Walgreens, Boulder, CO		0		3,474,934		3,415,186		0		0
Walgreens, Clermont, FL		0		3,021,665		1,269,449		0		0
Walgreens, Kissimmee, FL		0		1,327,846		1,770,986		0		0
Walgreens, Orlando, FL		0		2,280,841		1,148,507		0		0
Walgreens, Palm Bay, FL		0		1,102,640		3,157,360		0		0
Mason Commerce Center, Daytona Beach, FL		0		132,609		2,554,055		1,488,799		0
Concierge Office Building, Daytona Beach, FL		0		293,872		2,862,171		0		0
Agricultural Lands and Subsurface Interests		0		4,203,083		0		10,439,413		552,405

		0		78,063,490		59,196,826		13,414,090		552,405

Gross Amount at Which

Carried at Close of Period

December 31, 2012


										Date of
								Accumulated		Completion of	Date		Depr
	Land		Buildings		Total			Depreciation		Construction	Acquired		Life
	$		$		$			$
Income Properties:

Bank of America, Garden Grove, CA		1,745,447		1,454,531		3,199,978			3,030	N/A		12/13/12		40 Yrs.
Bank of America, Laguna Beach, CA		1,231,328		1,649,972		2,881,300			3,438	N/A		12/13/12		40 Yrs.
Bank of America, Mission Viejo, CA (Puerta Real)		523,539		753,890		1,277,429			1,571	N/A		12/13/12		40 Yrs.
Bank of America, Mission Viejo, CA (Trabuco)		544,713		1,394,450		1,939,163			2,905	N/A		12/13/12		40 Yrs.
Bank of America, Westminster, CA		1,950,902		1,081,480		3,032,382			2,253	N/A		12/13/12		40 Yrs.
Barnes & Noble, Daytona Beach, FL		1,798,600		3,803,000		5,601,600			1,140,900	N/A		01/11/01		40 Yrs.
Best Buy, McDonough, GA		2,622,682		3,150,000		5,772,682			518,438	N/A		06/15/06		40 Yrs.
Buffalo Wild Wings, Phoenix, AZ		1,716,834		0		1,716,834			0	N/A		09/30/12		N/A
CVS, Clermont, FL		1,493,985		1,452,823		2,946,808			367,979	N/A		11/22/02		40 Yrs.
CVS, Clermont, FL		2,414,044		1,575,184		3,989,228			278,939	N/A		12/15/05		40 Yrs.
CVS, Melbourne, FL		1,567,788		919,186		2,486,974			225,966	N/A		03/05/03		40 Yrs.
CVS, Sanford, FL		1,565,176		1,890,671		3,455,847			527,812	N/A		11/15/01		40 Yrs.
CVS, Sanford, FL		2,345,694		1,275,625		3,621,319			288,514	N/A		09/17/03		40 Yrs.
CVS, Sebastian, FL		2,205,709		1,288,995		3,494,704			279,988	N/A		04/23/04		40 Yrs.
CVS, Sebring, FL		1,312,472		1,722,559		3,035,031			427,051	N/A		02/04/03		40 Yrs.
CVS, Tallahassee, FL		1,411,550		2,260,128		3,671,678			508,151	N/A		12/13/00		40 Yrs.
CVS, Vero Beach, FL		3,113,661		1,312,235		4,425,896			248,778	N/A		06/02/05		40 Yrs.
Dick’s Sporting Goods, McDonough, GA		3,934,022		4,725,000		8,659,022			777,656	N/A		06/15/06		40 Yrs.
Harris Teeter Supermarket, Charlotte, NC		5,601,837		3,409,338		9,011,175			404,859	N/A		04/17/08		40 Yrs.
JPMorgan Chase Bank, Chicago, IL		3,528,492		0		3,528,492			0	N/A		11/30/12		N/A
Lowe’s, Lexington, NC		5,048,640		4,548,880		9,597,520			900,299	N/A		01/20/05		40 Yrs.
PNC Bank, Alpharetta, GA⁽²⁾		3,402,926		426,100		3,829,026			80,781	N/A		05/25/05		40 Yrs.
PNC Bank, Altamonte Springs, FL		3,435,502		410,961		3,846,463			78,768	N/A		05/12/05		40 Yrs.
PNC Bank, Orlando, FL		2,875,052		418,992		3,294,044			77,688	N/A		08/15/05		40 Yrs.
Walgreens, Alpharetta, GA		3,265,623		1,406,160		4,671,783			307,597	N/A		03/31/04		40 Yrs.
Walgreens, Apopka, FL		2,390,532		1,354,080		3,744,612			296,205	N/A		03/29/04		40 Yrs.
Walgreens, Boulder, CO		3,474,934		3,415,186		6,890,120			64,035	N/A		04/11/12		40 Yrs.
Walgreens, Clermont, FL		3,021,665		1,269,449		4,291,114			272,403	N/A		05/27/04		40 Yrs.
Walgreens, Kissimmee, FL		1,327,846		1,770,986		3,098,832			439,057	N/A		02/12/03		40 Yrs.
Walgreens, Orlando, FL		2,280,841		1,148,507		3,429,348			284,734	N/A		02/13/03		40 Yrs.
Walgreens, Palm Bay, FL		1,102,640		3,157,360		4,260,000			914,319	N/A		06/12/01		40 Yrs.
Mason Commerce Center, Daytona Beach, FL		132,609		4,042,854		4,175,463			597,847	09/01/08		N/A		40 Yrs.
Concierge Office Building, Daytona Beach, FL		293,872		2,862,171		3,156,043			362,488	07/1/09		N/A		40 Yrs.
Agricultural Lands and Subsurface Interests		15,194,901		0		15,194,901			451,052	Various		N/A

		89,876,058		61,350,753		151,226,811	⁽¹⁾		11,135,501

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2012


	2012			2011			2010
	$			$			$
Cost:

Balance at Beginning of Year		134,561,058			134,705,516			133,760,110
Additions and Improvements		24,552,841			3,050,496			945,406
Adjust to Fair Value		—			(68,454	)		—
Cost of Real Estate Sold		(7,887,088	)		(3,126,500	)		—

Balance at End of Year		151,226,811			134,561,058			134,705,516


	$			$			$
Accumulated Depreciation:

Balance at Beginning of Year		10,089,354			9,136,562			7,708,823
Depreciation		1,539,990			1,470,947			1,427,739
Depreciation on Real Estate Sold		(493,843	)		(518,155	)		—

Balance at End of Year		11,135,501			10,089,354			9,136,562


(1) Reconciliation to Consolidated Balance Sheet at December 31, 2012
Land, Timber, and Subsurface Interests	$	15,194,901
Income Properties: Land, Buildings, and Improvements		132,202,887

		147,397,788
(2) Assets Classified as Held for Sale on Balance Sheet		3,829,023

Total Per Schedule	$	151,226,811

- Definition

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

+ References + Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2012

Summary of Significant Accounting Policies [Abstract]

PRINCIPLES OF CONSOLIDATION

PRINCIPLES OF CONSOLIDATION

NATURE OF OPERATIONS

NATURE OF OPERATIONS

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS

Cash and cash equivalents includes cash on hand, bank demand accounts, and money market accounts having original maturities at acquisition date of 90 days or less.

RESTRICTED CASH

RESTRICTED CASH

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE

LAND AND DEVELOPMENT COSTS

LAND AND DEVELOPMENT COSTS

INTANGIBLE ASSETS

INTANGIBLE ASSETS


Year Ending December 31,	Amount
2013	$	449,862
2014		449,862
2015		425,624
2016		383,118
2017		321,396
Thereafter		2,497,564

Total	$	4,527,426

The weighted average amortization period of the in-place lease value is 18 years.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE

PROPERTY, PLANT, AND EQUIPMENT

PROPERTY, PLANT, AND EQUIPMENT

The range of estimated useful lives for property, plant, and equipment is as follows:


Golf Buildings and Improvements			10-43 Years
Golf Equipment			5-10 Years
Income Properties Buildings and Improvements			40 Years
Other Furnishings and Equipment			5-25 Years
Agriculture Equipment			5-10 Years

LONG-LIVED ASSETS

LONG-LIVED ASSETS

SALE OF REAL ESTATE

SALE OF REAL ESTATE

INCOME PROPERTIES

INCOME PROPERTIES

The rental of the Company’s income properties are classified as operating leases. The Company recognizes lease income on these properties on a straight-line basis over the term of the lease.

OPERATING LEASE EXPENSE

OPERATING LEASE EXPENSE

The Company leases property and equipment, which are classified as operating leases. The Company recognizes lease expense on a straight-line basis over the term of the lease.

GOLF OPERATIONS

GOLF OPERATIONS

OTHER REAL ESTATE INTERESTS

OTHER REAL ESTATE INTERESTS

UNFUNDED DEFERRED COMPENSATION PLANS

UNFUNDED DEFERRED COMPENSATION PLANS

PENSION

PENSION

The Company has funded a non-contributory, defined benefit pension plan (the “Pension Plan”), covering all eligible employees.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

Both the non-qualified stock option award and the restricted share award were determined to be equity-based awards under the Share-Based Payment Topic of FASB ASC.

INCOME TAXES

INCOME TAXES

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

DERIVATIVE INSTRUMENT AND CERTAIN HEDGING ACTIVITY

DERIVATIVE INSTRUMENT AND CERTAIN HEDGING ACTIVITY

RECENTLY ISSUED ACCOUNTING STANDARDS

RECENTLY ISSUED ACCOUNTING STANDARDS

RECLASSIFICATIONS

RECLASSIFICATIONS

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2012

Summary of Significant Accounting Policies [Abstract]

Summary of estimated amortization expense

The estimated amortization expense for each of the calendar years 2013–2017 is as follows:


Year Ending December 31,	Amount
2013	$	449,862
2014		449,862
2015		425,624
2016		383,118
2017		321,396
Thereafter		2,497,564

Total	$	4,527,426

Schedule of estimated useful lives for property, plant, and equipment

The range of estimated useful lives for property, plant, and equipment is as follows:


Golf Buildings and Improvements			10-43 Years
Golf Equipment			5-10 Years
Income Properties Buildings and Improvements			40 Years
Other Furnishings and Equipment			5-25 Years
Agriculture Equipment			5-10 Years

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2012

Discontinued Operations [Abstract]

Summary of income from discontinued operations

The following is a summary of income from discontinued operations:


	Year ended December 31,
	2012			2011			2010
Leasing Revenue and Other Income	$	438,994		$	989,026		$	977,951
Costs and Other Expenses		(26,661	)		(201,017	)		(201,020	)

Income from Operations		412,333			788,009			776,931
Impairment Charges		(426,794	)		(68,454	)		—
Gain on Sale of Property		78,455			146,977			—

Income before Income Tax		63,994			866,532			776,931
Income Tax		(24,686	)		(334,265	)		(299,701	)

Income from Discontinued Operations	$	39,308		$	532,267		$	477,230

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References + Details

Investment Securities [Tables]

12 Months Ended

Dec. 31, 2012

Investment Securities [Abstract]

Summary of sale of investment securities and losses

Following is a table reflecting the sale of investment securities and losses recognized in the three years ended December 31, 2012:


	Year Ended December 31,
	2012		2011			2010
Proceeds from the Disposition of Investment Securities	$	—	$	6,929,493		$	5,903,865
Cost Basis of Investment Securities Sold		—		(7,069,929	)		(5,950,779	)


Loss recognized in Statement of Operation on the Disposition of Investment Securities	$	—	$	(140,436	)	$	(46,914	)

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (c)-(e)
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7534914&loc=d3e22054-111558

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 5.M)
-URI http://asc.fasb.org/extlink&oid=6784337&loc=d3e87990-122713

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 10
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 7, 13, 16, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 12
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 21
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 5
-Section M

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 5
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Taxes [Abstract]

Summary of provisions for income tax benefit (expense)

The provisions for income tax benefit (expense) are summarized as follows:


	2012					2011				2010
	Current		Deferred			Current		Deferred		Current		Deferred
Federal	$	7,054	$	(269,712	)	$	327,465	$	2,597,799	$	1,065,250	$	(561,921	)
State		34,950		(95,370	)		41,883		413,705		74,507		(26,792	)

Total	$	42,004	$	(365,082	)	$	369,348	$	3,011,504	$	1,139,757	$	(588,713	)

Summary of deferred income tax assets (liabilities)

The sources of these differences and the related deferred income tax assets (liabilities) are summarized as follows:


	Deferred Tax
	2012			2011
Deferred Income Tax Assets
Depreciation	$	2,142,204		$	1,609,610
Deferred Compensation		319,786			616,764
Charitable Contributions Carryforward		252,619			254,595
Deferred Lease Expense		1,428,121			1,462,797
Pension and Other Post Retirement Benefits		593,489			669,486
Stock Options		766,042			393,953
Impairment Reserves		1,688,979			2,553,236
Other-Net		352,572			—

Gross Deferred Income Tax Assets		7,543,812			7,560,441
Less-Valuation Allowance		(621,528	)		(607,353	)

Net Deferred Income Tax Assets		6,922,284			6,953,088

Deferred Income Tax Liabilities
Sales of Real Estate		(38,937,151	)		(38,666,418	)
Basis Difference in Joint Venture		(342,638	)		(342,638	)
Other-Net		—			(4,315	)

Total Deferred Income Tax Liabilities		(39,279,789	)		(39,013,371	)

Net Deferred Income Tax Liability	$	(32,357,505	)	$	(32,060,283	)

Reconciliation of income tax computed at federal statutory rate

Following is a reconciliation of the income tax computed at the federal statutory rate of 35% for 2012, 2011, and 2010:


	Year ended December 31,
	2012			2011			2010
Income Tax (Expense) Benefit Computed at Federal Statutory Rate	$	(309,040	)	$	3,016,759		$	570,930
(Decrease) Increase Resulting from:
State Income Tax, Net of Federal Income Tax Benefit		(24,242	)		303,175			56,774
Tax Exempt Interest Income		—			55,922			71,799
Adjustment to Valuation Allowance		—			(28,810	)		(216,406	)
Other Reconciling Items		10,204			33,806			67,947

(Expense) Benefit for Income Taxes	$	(323,078	)	$	3,380,852		$	551,044

Land and Development Costs (Tables)

12 Months Ended

Dec. 31, 2012

Land and Development Costs [Abstract]

Summary of land and development costs

Land and development costs at December 31, 2012 and 2011, are summarized as follows:


	December 31,
	2012		2011
Undeveloped Land	$	1,004,607	$	1,004,607
Developed Land and Development Costs		26,843,918		26,821,317

	$	27,848,525	$	27,825,924

Note Payable and Line of Credit (Tables)

12 Months Ended

Dec. 31, 2012

Notes Payable and Line of Credit [Abstract]

Summary of note payable


	December 31,
	2012		2011
NOTE PAYABLE
Payable monthly based on 20-year amortization, interest floating based on the 30-day LIBOR Market Index rate plus 1.25%. Principal balance due July 2012 (See discussion of interest rate swap below)	$	—	$	5,582,988
LINE OF CREDIT
A line of credit totaling $62.0 million, at December 31, 2012, expiring February 27, 2015, with interest at the 30-day LIBOR Market Index rate plus 175 basis points to LIBOR plus 250 basis points based on the total balance outstanding under the credit facility as a percentage of total asset value of the Company		29,126,849		—
A line of credit totaling $25.0 million, at December 31, 2011, paid off February 27, 2012, with interest at the 30-day LIBOR Market Index rate plus 2.5%		—		9,683,726

	$	29,126,849	$	15,266,714

Schedule of required annual principal payments on notes payable

The required annual principal payments on notes payable are as follows:


Year Ending December 31,	Amount
2013	$	—
2014		—
2015		29,126,849
2016		—
2017 and Thereafter		—

	$	29,126,849

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

Pension Plan (Tables)

12 Months Ended

Dec. 31, 2012

Pension Plan [Abstract]

Summary of components of Net Periodic Benefit Cost

Following are the components of the Net Period Benefit Cost:


	December 31,
	2012			2011			2010
Service Cost	$	94,374		$	298,378		$	265,495
Interest Cost		406,689			455,732			462,936
Expected Return on Plan Assets		(932,366	)		(396,687	)		(580,594	)
Amortization of Unrecognized Transition Gain		69,699			(7,487	)		(7,487	)
Amortization of Unrecognized Prior Service Cost		—			21,218			21,218
Amortization of Net Loss from Earlier Periods		390,400			(129,257	)		53,593

Net Periodic Benefit Cost	$	28,796		$	241,897		$	215,161

Schedule of Changes in Projected Benefit Obligations

The change in projected benefit obligation is as follows:


	December 31,
	2012			2011
Benefit Obligation at Beginning of Year	$	9,309,585		$	8,607,103
Service Cost		94,374			298,378
Interest Cost		406,689			455,732
Actuarial Loss		636,013			566,102
Benefits and Plan Expenses Paid		(619,207	)		(537,825	)
Curtailment		—			(79,905	)

Benefit Obligation at End of Year	$	9,827,454		$	9,309,585

Schedule of Changes in Fair Value of Plan Assets

The change in plan assets is as follows:


	December 31,
	2012			2011
Fair Value of Plan Assets at Beginning of Year	$	7,723,072		$	7,815,162
Actual Return on Plan Assets		932,366			396,687
Employer Contribution		473,540			49,048
Plan Expenses Paid		(84,131	)		(90,310	)
Benefits Paid		(535,076	)		(447,515	)

Fair Value of Plan Assets at End of Year	$	8,509,771		$	7,723,072

Schedule of funded status of the pension obligation

The funded status of the pension obligation consists of the following:


	December 31,
	2012			2011
Estimated Pension Benefit Obligation
Accumulated Benefit Obligation	$	(9,827,454	)	$	(9,389,490	)
Effect of Curtailment		—			79,905

Projected Benefit Obligation		(9,827,454	)		(9,309,585	)
Fair Value of Plan Assets		8,509,771			7,723,072

Accrued Pension Liability	$	(1,317,683	)	$	(1,586,513	)

Schedule of projected benefit obligation and the fair value of plan assets

The actuarial assumptions made to determine the projected benefit obligation and the fair value of plan assets are as follows:


	December 31,
	2012			2011
Weighted Average Discount Rate		4.00	%		4.50	%
Weighted Average Asset Rate of Return		7.00	%		7.00	%
Compensation Scale		N/A			N/A

Schedule of disbursements from plan assets

During the measurement period, disbursements from Pension Plan assets were as follows:


	December 31,
	2012		2011
Benefit Payments	$	535,076	$	447,515
Administrative Expenses		84,131		90,310

Total	$	619,207	$	537,825

Schedule of unrecognized (gain) or loss

The unrecognized (gain) or loss determined subsequent to last year’s measurement date is determined as follows:


Liability gain determined from the January 1, 2012 census and included in this year’s net periodic cost	$	(41,347	)
Asset loss occurring over the measurement period		(390,400	)
Loss due to assumption changes effective as of December 31, 2012		677,360

Total unrecognized loss	$	245,613

Schedule of plan's weighted average asset allocations

The Pension Plan’s weighted average asset allocations at December 31, 2012 and 2011 by asset category are as follows:


	December 31,
	2012			2011
Equity Securities		63	%		58	%
Fixed Income Securities		31	%		26	%
Cash and Money Market Funds		6	%		16	%

Total		100	%		100	%

Schedule of Fair Values of Plan Assets and Fair Value Measurements

The following is a table of the Fair Values of Pension Plan Assets and Fair Value Measurements at December 31, 2012:


Asset Category	Total		Quoted Prices in Active Markets (Level 1 Inputs)
Cash and Cash Equivalents	$	369,174	$	369,174
Equity Securities		5,305,492		5,305,492
Fixed Income Securities		2,835,105		2,835,105

Total	$	8,509,771	$	8,509,771

The following is a table of the Fair Values of Pension Plan Assets and Fair Value Measurements at December 31, 2011:


Asset Category	Total		Quoted Prices in Active Markets (Level 1 Inputs)
Cash and Cash Equivalents	$	1,245,742	$	1,245,742
Equity Securities		4,440,898		4,440,898
Fixed Income Securities		2,036,432		2,036,432

Total	$	7,723,072	$	7,723,072

Schedule of Estimated Future Benefit Payments

The following benefit payments, which reflect expected future service as appropriate, are expected to be paid.


Year Ending December 31,	Amount
2013	$	638,900
2014		643,100
2015		656,800
2016		667,000
2017		676,000
2018-2022		3,449,600

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2012

Stock-based Compensation [Abstract]

Summary of stock based compensation activity

A summary of activity during the twelve months ended December 31, 2012, is presented below:


Market Condition Non-Vested Restricted Shares	Shares			Wgt. Avg. Grant Date Fair Value
Outstanding at December 31, 2011		9,317		$	23.13
Granted		—			—
Vested		—			—
Forfeited		(1,417	)		23.13

Outstanding at December 31, 2012		7,900		$	23.13

Summary of stock based compensation activity for non-qualified stock option award

A summary of the activity for both awards during the year ended December 31, 2012, is presented below:


	Shares		Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2011		50,000	$	28.90
Granted		10,000		29.34
Exercised		—		—
Expired		—		—

Outstanding at December 31, 2012		60,000	$	28.97		8.70	$	122,200

Exercisable at December 31, 2012		16,666	$	28.90		8.60	$	35,167

Summary of market condition inducement grant of restricted shares

A summary of the activity for both awards during the year ended December 31, 2012, is presented below:


	Shares		Wtd. Avg. Fair Value
Outstanding at December 31, 2011		96,000	$	18.47
Granted		17,000	$	18.02
Vested		—		—
Forfeited		—		—

Outstanding at December 31, 2012		113,000	$	18.40

Summary of share option activity of stock option and stock appreciation rights under 2001 Plan

A summary of share option activity under the 2001 Plan as of December 31, 2012, and changes during the year ended is presented below:

Stock Options


	Shares			Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2011		205,800		$	53.12
Granted		—			—
Exercised		(5,600	)		20.12
Expired		(119,400	)		55.13

Outstanding at December 31, 2012		80,800		$	52.43		4.21	$	21,780

Exercisable at December 31, 2012		78,160		$	56.81		3.98	$	21,780

Stock Appreciation Rights


	Shares			Wtd. Avg. Fair Value		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2011		205,800		$	0.93
Granted		—			—
Exercised		(5,600	)		5.07
Expired		(119,400	)		0.73

Outstanding at December 31, 2012		80,800		$	1.12		4.21	$	11,728

Exercisable at December 31, 2012		78,160		$	0.92		3.98	$	11,728

Assumptions used in determining the fair value of stock options and stock appreciation rights

Following are assumptions used in determining the fair value of stock options and stock appreciation rights:


Assumptions at December 31,	2012			2011			2010
Expected Volatility		24.34	%		31.05	%		32.20	%
Expected Dividends		0.13	%		0.15	%		0.14	%
Expected Term		3 years			2 years			3 years
Risk-Free Rate		0.39	%		0.23	%		1.16	%

Schedule of stock-based compensation activity plan

Following is a table representing activity under the 2001 Plan for each of the three years ended December 31, 2012, 2011, and 2010:


	Year Ended December 31,
	2012		2011		2010
Options Exercised		5,600		1,600		2,400
Intrinsic Value of Options Exercised	$	54,352	$	2,128	$	17,724

Stock Appreciation Rights Exercised		5,600		1,600		2,400
Intrinsic Value of Stock Appreciation Rights Exercised	$	28,398	$	909	$	7,533

Options Expired		119,400		46,600		—
Weighted Average Exercise Price	$	55.13	$	52.72	$	—

Stock Appreciation Rights Expired		119,400		46,600		—
Weighted Average Fair Value	$	0.73	$	1.22	$	—

Shares Vested		10,120		36,920		41,920
Fair Value of Shares Vested	$	23,962	$	71,870	$	139,857

Recognized financial statements for stock options, stock appreciation rights, and restricted stock

Amounts recognized in the financial statements for stock options, stock appreciation rights, and restricted stock are as follows:


	Year Ended December 31,
	2012			2011			2010
Total Cost of Share-Based Plans Charged Against
Income (Added To) Before Tax Effect	$	1,047,335		$	253,812		$	(632,894	)

Income Tax Expense (Benefit)
Recognized in Income	$	(404,010	)	$	(97,908	)	$	244,139

Common Stock and Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2012

Common Stock and Earnings Per Share [Abstract]

Summary of common stock and earnings (loss) per share


	Year Ended December 31,
	2012		2011			2010
Income Available to Common Shareholders:
Income (Loss) from Continuing Operations	$	559,894	$	(5,238,458	)	$	(1,080,184	)
Discontinued Operations		39,308		532,267			477,230

Net Income (Loss)	$	599,202	$	(4,706,191	)	$	(602,954	)

Weighted Average Shares Outstanding		5,717,937		5,724,147			5,723,795
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		—		—			—

Total Shares Applicable to Diluted Earnings Per Share		5,717,937		5,724,147			5,723,795


Per Share Information:
Basic Net Income (Loss) Per Share
Income (Loss) from Continuing Operations	$	0.09	$	(0.91	)	$	(0.19	)
Discontinued Operations		0.01		0.09			0.08

Net Income (Loss)	$	0.10	$	(0.82	)	$	(0.11	)


Diluted Net Income (Loss) Per Share:
Income (Loss) from Continuing Operations	$	0.09	$	(0.91	)	$	(0.19	)
Discontinued Operations		0.01		0.09			0.08

Net Income (Loss)	$	0.10	$	(0.82	)	$	(0.11	)

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2012

Accrued Liabilities [Abstract]

Accrued liabilities on its consolidated balance sheets

Accrued liabilities consist of the following:


	As of
	December 31, 2012		December 31, 2011
Golf Course Lease	$	3,702,194	$	3,792,086
Deferred Compensation		828,998		1,598,871
Deferred Road Construction Costs		—		570,804
Accrued Property Taxes		—		237,967
Deferred Lease and Other Income		970,802		678,219
Other Post-Retirement Benefits		186,695		207,319
Legal Reserves		723,058		—
Other		560,596		232,410

	$	6,972,343	$	7,317,676

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2012

Commitments and Contingencies [Abstract]

Summary of minimum future rental payments under non-cancelable operating leases

Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2012, are summarized as follows:


Year Ending December 31,	Amounts
2013	$	635,134
2014		635,204
2015		639,625
2016		470,408
2017		269,528
2018 and thereafter (cumulative)		1,320,943

Total	$	3,970,842

Summary of minimum future rentals receipts under non-cancelable operating leases

Minimum future rental receipts under non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2012, are summarized as follows:


Year Ending December 31,	Amounts
2013	$	10,358,265
2014		10,393,517
2015		10,047,149
2016		9,914,370
2017		8,042,506
2018 and thereafter (cumulative)		62,404,943

Total	$	111,160,750

Business Segment Data (Tables)

12 Months Ended

Dec. 31, 2012

Business Segment Data [Abstract]

Summary of operations in different segments

Information about the Company’s operations in different segments for each of the three years ended December 31, 2012, 2011, and 2010 is as follows:


	Year Ended December 31,
	2012			2011			2010
Revenues:
Income Properties	$	9,559,942		$	8,776,080		$	8,688,980
Real Estate Operations		3,098,840			501,626			(926,884	)
Golf Operations		4,506,069			4,660,802			4,473,429
Other Income		164,979			124,776			40,721


	$	17,329,830		$	14,063,284		$	12,276,246

Operating Income (Loss):
Income Properties	$	8,883,846		$	8,249,121		$	8,175,108
Real Estate Operations		2,393,778			(250,504	)		(1,669,910	)
Golf Operations		(887,564	)		(1,332,835	)		(1,477,923	)
Other Income		(33,855	)		(526,647	)		(380,131	)
General and Corporate Expenses		(8,692,974	)		(14,263,539	)		(5,792,118	)


	$	1,663,231		$	(8,124,404	)	$	(1,144,974	)


Identifiable Assets:
Income Properties	$	130,726,326		$	116,943,722		$	116,329,125
Real Estate Operations		34,161,944			34,529,445			34,028,501
Golf Operations		3,230,225			2,858,448			6,888,141
Other		16,578,405			15,934,188			20,513,183


	$	184,696,900		$	170,265,803		$	177,758,950

Depreciation and Amortization:
Income Properties	$	1,927,453		$	1,753,079		$	1,707,052
Real Estate Operations		—			—			15
Golf Operations		173,110			359,743			491,350
Other		207,472			337,215			73,453


	$	2,308,035		$	2,450,037		$	2,271,870


Capital Expenditures:
Income Properties	$	24,467,236		$	2,363,593		$	482,005
Real Estate Operations		—			—			—
Golf Operations		343,969			267,273			79,673
Other		105,729			566,410			810,369


	$	24,916,634		$	3,197,276		$	1,372,047

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details

Summary of Significant Accounting Policies (Details) - USD ($)	Dec. 31, 2012	Dec. 31, 2011
Summary of estimated amortization expense
2013	$ 449,862
2014	449,862
2015	425,624
2016	383,118
2017	321,396
Thereafter	2,497,564
Total	$ 4,527,426	$ 3,572,096

Summary of Significant Accounting Policies (Details1)	12 Months Ended
Summary of Significant Accounting Policies (Details1)	Dec. 31, 2012
Golf Buildings and Improvements [Member] \| Maximum [Member]
Estimated useful lives for property, plant, and equipment
Useful lives for property, plant, and equipment	43 years
Golf Buildings and Improvements [Member] \| Minimum [Member]
Estimated useful lives for property, plant, and equipment
Useful lives for property, plant, and equipment	10 years
Golf Equipment [Member] \| Maximum [Member]
Estimated useful lives for property, plant, and equipment
Useful lives for property, plant, and equipment	10 years
Golf Equipment [Member] \| Minimum [Member]
Estimated useful lives for property, plant, and equipment
Useful lives for property, plant, and equipment	5 years
Income Properties Buildings and Improvements [Member]
Estimated useful lives for property, plant, and equipment
Useful lives for property, plant, and equipment	40 years
Other Furnishings and Equipment [Member] \| Maximum [Member]
Estimated useful lives for property, plant, and equipment
Useful lives for property, plant, and equipment	25 years
Other Furnishings and Equipment [Member] \| Minimum [Member]
Estimated useful lives for property, plant, and equipment
Useful lives for property, plant, and equipment	5 years
Agriculture Equipment [Member] \| Maximum [Member]
Estimated useful lives for property, plant, and equipment
Useful lives for property, plant, and equipment	10 years
Agriculture Equipment [Member] \| Minimum [Member]
Estimated useful lives for property, plant, and equipment
Useful lives for property, plant, and equipment	5 years

Summary of Significant Accounting Policies (Details Textual)	1 Months Ended	3 Months Ended		12 Months Ended
	Sep. 30, 2012 USD ($)	Jun. 30, 2012 USD ($)	Sep. 30, 2011 USD ($)	Dec. 31, 2012 USD ($) a Counties States Property shares	Dec. 31, 2011 USD ($) a Property Pansion_Plan shares	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)	Apr. 25, 2001 shares
Summary of Significant Accounting Policies (Textual) [Abstract]
Land portfolio \| a				317
Intangible asset, in place lease value net				$ 4,527,426	$ 3,572,096
Impairment Charges					$ 6,618,888
Award Plan, Number of common stock that may be issued \| shares								500,000
Stock Options awards granted \| shares
Shares of non vested restricted stock \| shares				7,900	9,317
Amortization Expense				$ 411,309	$ 423,989	421,170
Shares of non vested restricted stock \| shares
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Self-developed multi-tenant properties \| Property				2
Cash and Cash Equivalents Maximum Original Maturity Period				90 days
Restricted cash held in escrow				$ 0	2,779,511
Accounts receivable including other assets				158,050	93,644
Assets Held for Sale				$ 3,433,500	$ 7,694,710
Number of income properties \| Property				1	2
Depreciation and amortization of property plant and equipment				$ 1,800,207	$ 2,088,506	2,306,229
Commitment to fund for road construction costs							$ 1,125,000
Road construction costs amount paid						554,196
Liability recorded for road construction cost					570,804	570,804
Income from construction cost		$ 730,000
Reversal of the remaining commitment and a reimbursement		$ 160,000
Facilities operated by Company \| Property				2
Golf course and clubhouse facility membership period				12 months
Subsurface Interest in Number of Countries \| Counties				20
Subsurface interest area of land \| a				490,000
Subsurface interests given on leases on acres of land that have reached maturity \| a				800
Oil royalty income recognized				$ 286,536	$ 228,494	178,891
Oil exploration lease covering \| a					136,000
Bonus rental payment received	$ 922,114				$ 913,657
Oil exploration lease period					8 years
Guaranteed lease term				2 years
Lease income recognized				$ 919,141	$ 251,132
Deferred Compensation Plan Interest Rate				3.00%	6.00%
Deferred Compensation				$ 828,998	$ 1,598,871
Deferred compensation earnings allocated to the deferred compensation				40,575	91,552	125,012
Interest paid, capitalized				0	$ 28,733	$ 3,793
Subsurface interest net cost basis				$ 0
2001 Plan Expiry date				2011-04
Number of new option shares issued after April 2011 \| shares				0
Stock options vesting period				5 years
Stock options expiration period				10 years
Income property portfolio description				More than 50%
Income property portfolio, interest rate				50.00%
Number of states where own and manage commercial real estate properties \| States				7
Number of new entrants for pension plan \| Pansion_Plan					0
Future accrual for pension					$ 0
Maximum [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Additional annual rental payments receive if lease is continued				8 years
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Additional annual rental payments receive if lease is continued				8 years
Minimum [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Additional annual rental payments receive if lease is continued				3 years
Summary of Significant Accounting Policies (Additional Textual) [Abstract]
Additional annual rental payments receive if lease is continued				3 years
Holiday CVS [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Income Portfolio, Rent percentage				16.00%	18.00%	27.00%
Income Portfolio, Rent percentage based on rentable square feet				19.00%	22.00%	20.00%
Walgreen [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Income Portfolio, Rent percentage				13.00%	16.00%	23.00%
Income Portfolio, Rent percentage based on rentable square feet				17.00%	20.00%	17.00%
Restricted Shares Awards [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Common stock issued under stock ownership plan, Equity instruments \| shares				17,000
Shares of non vested restricted stock \| shares				113,000	96,000
Shares of non vested restricted stock \| shares
Non Qualified Stock Option Award [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Stock Options awards granted \| shares				10,000
2010 Plan [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Award Plan, Number of common stock that may be issued \| shares				210,000
2010 plan award termination description				The 2010 Plan will terminate on the tenth anniversary of the date that it was adopted by the Board, and no awards will be granted under the plan after that Date
Share Based awards, Maximum subscription per participant \| shares				50,000
Performance period				5 years
Shares of non vested restricted stock \| shares				1,417
Restricted stock vested \| shares				0
Restricted stock forfeited \| shares				4,250
2010 Plan [Member] \| Restricted Shares Awards [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Performance period				5 years
2010 Plan [Member] \| Restricted Shares Awards [Member] \| Mr. Albright [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Common stock issued under stock ownership plan, Equity instruments \| shares				96,000
2010 Plan [Member] \| Restricted Shares Awards [Member] \| Mr. Patten [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Common stock issued under stock ownership plan, Equity instruments \| shares				17,000
2010 Plan [Member] \| Non Qualified Stock Option Award [Member] \| Mr. Albright [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Stock Options awards granted \| shares				50,000
2010 Plan [Member] \| Non Qualified Stock Option Award [Member] \| Mr. Patten [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Stock Options awards granted \| shares				10,000
Golf operating assets [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Impairment Charges			$ 4,012,476
Land [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Land portfolio \| a				11,000
Impairment Charges			$ 2,606,412
Leases Acquired in Place [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Intangible asset, in place lease value net				$ 4,527,426	$ 3,572,096
Amortization period of in place lease value				18 years
Amortization Expense				$ 3,443,102	$ 2,588,823

Discontinued Operations (Details) - USD ($)	3 Months Ended	12 Months Ended
Discontinued Operations (Details) - USD ($)	Jun. 30, 2012	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Summary of income from discontinued operations
Leasing Revenue and Other Income		$ 438,994	$ 989,026	$ 977,951
Costs and Other Expenses		(26,661)	(201,017)	(201,020)
Income from Operations		412,333	788,009	776,931
Impairment Charges		(426,794)	(68,454)
Gain on Sale of Property	$ 78,455	78,455	146,977
Income before Income Tax		63,994	866,532	776,931
Income Tax		(24,686)	(334,265)	(299,701)
Income from Discontinued Operations		$ 39,308	$ 532,267	$ 477,230

- Definition

Tax effect allocated to a disposal group that is classified as a component of the entity reported as a separate component of income before extraordinary items. Includes the tax effects of the following: income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b),(c)
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32672-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=18498875&loc=d3e38679-109324

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 47
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 46
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.12)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.14)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 13
-Article 7

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 47
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 15
-Article 5

+ Details

Discontinued Operations (Details Textual)	1 Months Ended	3 Months Ended		12 Months Ended
Discontinued Operations (Details Textual)	May 31, 2012 USD ($)	Jun. 30, 2012 USD ($) Property	Dec. 31, 2011 USD ($) Property	Dec. 31, 2012 USD ($) Property	Dec. 31, 2011 USD ($) Property	Dec. 31, 2010 USD ($)
Discontinued Operations (Textual) [Abstract]
Real Estate Operations				$ 3,098,840	$ 501,626	$ (926,884)
Discontinued Operations (Additional Textual) [Abstract]
Number of income properties \| Property			2	1	2
Lease expiration date			Jan. 31, 2010
Gain from Disposal of Property Discontinued Operation Before Income Tax		$ 78,455		$ 78,455	$ 146,977
Number of Investment Properties \| Property		2
Possible period during sales transaction			1 year
Lakeland Florida [Member]
Discontinued Operations (Textual) [Abstract]
Real Estate Operations			$ 2,900,000
North Carolina [Member]
Discontinued Operations (Textual) [Abstract]
Real Estate Operations	$ 3,900,000
Powder Springs [Member]
Discontinued Operations (Textual) [Abstract]
Real Estate Operations				$ 4,090,000

Impairment of Long Lived Assets (Details Textual)	3 Months Ended	12 Months Ended
Impairment of Long Lived Assets (Details Textual)	Sep. 30, 2011 USD ($) a	Dec. 31, 2012 USD ($) Indicators	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)
Impairment of Long Lived Assets (Textual) [Abstract]
Impairment Charges			$ 6,618,888
Accrued Liabilities		6,972,343	$ 7,317,676
Impairment of Long Lived Asset (Additional Textual) [Abstract]
Market fair value of the property	$ 2,500,000
Analysis of impairment land \| a	317
Income property held for sale of Long Lived Assets		$ 426,794
Impairment Indicators for other than income property held for sale \| Indicators		0
Golf operating assets [Member]
Impairment of Long Lived Assets (Textual) [Abstract]
Impairment Charges	$ 4,012,476
Land [Member]
Impairment of Long Lived Assets (Textual) [Abstract]
Impairment Charges	$ 2,606,412
Daytona Beach Land [Member]
Impairment of Long Lived Assets (Textual) [Abstract]
Accrued Liabilities		$ 238,000

Investment Securities (Details) - USD ($)	12 Months Ended
Investment Securities (Details) - USD ($)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Summary of sale of investment securities and losses
Proceeds from the Disposition of Investment Securities		$ 6,929,493	$ 5,903,865
Cost Basis of Investment Securities Sold		(7,069,929)	(5,950,779)
Loss recognized in Statement of Operation on the Disposition of Investment Securities		$ (140,436)	$ (46,914)

- Definition

This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments.

+ References

+ Details

Income Taxes (Details) - USD ($)	12 Months Ended
Income Taxes (Details) - USD ($)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Summary of provisions for income tax benefit (expense)
Federal - Current	$ 7,054	$ 327,465	$ 1,065,250
State - Current	34,950	41,883	74,507
Total - Current	42,004	369,348	1,139,757
Federal - Deferred	(269,712)	2,597,799	(561,921)
State - Deferred	(95,370)	413,705	(26,792)
Total - Deferred	$ (365,082)	$ 3,011,504	$ (588,713)

- Definition

The component of income tax expense for the period representing amounts paid or payable (or refundable) as determined by applying the provisions of enacted federal tax law to the domestic taxable Income or Loss from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Current Tax Expense (or Benefit)
-URI http://asc.fasb.org/extlink&oid=6509736

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-URI http://asc.fasb.org/extlink&oid=6889476&loc=d3e330036-122817

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 6
-Section I
-Paragraph Question 1-7

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 289
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

+ Details

- Definition

The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable Income or Loss from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Current Tax Expense (or Benefit)
-URI http://asc.fasb.org/extlink&oid=6509736

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-URI http://asc.fasb.org/extlink&oid=6889476&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 45
-Subparagraph a
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 6
-Section I
-Subsection 7

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 289
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

The component of income tax expense for the period representing amounts paid or payable (or refundable) as determined by applying the provisions of enacted state and local tax law to relevant amounts of taxable Income or Loss from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-URI http://asc.fasb.org/extlink&oid=6889476&loc=d3e330036-122817

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Current Tax Expense (or Benefit)
-URI http://asc.fasb.org/extlink&oid=6509736

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Subparagraph (a)
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
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-Article 4

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-Name Staff Accounting Bulletin (SAB)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

The component of total income tax expense for the period comprised of the increase (decrease) during the period in the entity's domestic deferred tax assets and liabilities attributable to continuing operations as determined by applying the provisions of the federally enacted tax law.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Deferred Tax Expense (or Benefit)
-URI http://asc.fasb.org/extlink&oid=6510177

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-URI http://asc.fasb.org/extlink&oid=6889476&loc=d3e330036-122817

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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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-Name Statement of Financial Accounting Standard (FAS)
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Staff Accounting Bulletin (SAB)
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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+ Details

- Definition

The component of total income tax expense for the period comprised of the increase (decrease) in the entity's state and local deferred tax assets and liabilities attributable to continuing operations as determined by applying the provisions of the applicable enacted tax laws.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Deferred Tax Expense (or Benefit)
-URI http://asc.fasb.org/extlink&oid=6510177

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 9
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 8, 16, 17, 289
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 6
-Section I
-Subsection 7

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

+ Details

Income Taxes (Details 1) - USD ($)	Dec. 31, 2012	Dec. 31, 2011
Deferred Income Tax Assets
Depreciation	$ 2,142,204	$ 1,609,610
Deferred Compensation	319,786	616,764
Charitable Contributions Carryforward	252,619	254,595
Deferred Lease Expense	1,428,121	1,462,797
Pension and Other Post Retirement Benefits	593,489	669,486
Stock Options	766,042	393,953
Impairment Reserves	1,688,979	2,553,236
Other-Net	352,572
Gross Deferred Income Tax Assets	7,543,812	7,560,441
Less-Valuation Allowance	(621,528)	(607,353)
Net Deferred Income Tax Assets	6,922,284	6,953,088
Deferred Income Tax Liabilities
Sales of Real Estate	(38,937,151)	(38,666,418)
Basis Difference in Joint Venture	(342,638)	(342,638)
Other - Net		(4,315)
Total Deferred Income Tax Liabilities	(39,279,789)	(39,013,371)
Net Deferred Income Tax Liability	$ (32,357,505)	$ (32,060,283)

Income Taxes (Details 2) - USD ($)	12 Months Ended
Income Taxes (Details 2) - USD ($)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Reconciliation of income tax computed at federal statutory rate
Income Tax (Expense) Benefit Computed at Federal Statutory Rate	$ (309,040)	$ 3,016,759	$ 570,930
(Decrease) Increase Resulting from:
State Income Tax, Net of Federal Income Tax Benefit	(24,242)	303,175	56,774
Tax Exempt Interest Income		55,922	71,799
Adjustment to Valuation Allowance		(28,810)	(216,406)
Other Reconciling Items	10,204	33,806	67,947
(Expense) Benefit for Income Taxes	$ (323,078)	$ 3,380,852	$ 551,044

- Definition

The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to pretax Income or Loss from continuing operations; income tax expense or benefit may include interest and penalties on tax uncertainties based on the entity's accounting policy.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (a),(b)
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-Name Accounting Standards Codification
-Topic 740
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-URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e32247-109318

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32672-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 45, 46
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 48
-Paragraph 15, 16, 19
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Income Taxes (Details Textual) - USD ($)	12 Months Ended
Income Taxes (Details Textual) - USD ($)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Income Taxes (Textual) [Abstract]
Less-Valuation Allowance	$ 621,528	$ 607,353
Valuation Allowance, Deferred Tax Asset, Change in Amount	14,175	1,702,434
Charitable Contributions Carryforward	$ 252,619	$ 254,595
Federal statutory rate	35.00%	35.00%	35.00%
Effective Income tax rates, income taxes attributable to the discontinued operations	36.70%	39.30%	29.40%
Accrued interest and penalties for uncertain tax positions	$ 0	$ 0	$ 0
Uncertain tax positions	0	29,000	216,000
Income tax paid		$ 335,467
Income tax refunds	$ 177,500		$ 1,243,711

Land and Development Costs (Details) - USD ($)	Dec. 31, 2012	Dec. 31, 2011
Summary of land and development costs
Undeveloped Land	$ 1,004,607	$ 1,004,607
Developed Land and Development Costs	26,843,918	26,821,317
Land and Development Costs, Total	$ 27,848,525	$ 27,825,924

Note Payable and Line of Credit (Details) - USD ($)	Dec. 31, 2012	Dec. 31, 2011
NOTE PAYABLE
Note Payable and Line of Credit	$ 29,126,849	$ 15,266,714
LINE OF CREDIT
Note Payable and Line of Credit	29,126,849	15,266,714
Line of Credit [Member]
NOTE PAYABLE
Note Payable and Line of Credit	29,126,849	9,683,726
LINE OF CREDIT
Note Payable and Line of Credit	$ 29,126,849	9,683,726
Note Payable to Banks [Member]
NOTE PAYABLE
Note Payable and Line of Credit		5,582,988
LINE OF CREDIT
Note Payable and Line of Credit		$ 5,582,988

Note Payable and Line of Credit (Details 1)	Dec. 31, 2012 USD ($)
Year Ending December 31,
2013
2014
2015	29,126,849
2016
2017 and Thereafter
Notes Payable	$ 29,126,849

Note Payable and Line of Credit (Details Textual) - USD ($)	1 Months Ended		12 Months Ended
	Feb. 28, 2013	Sep. 30, 2012	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Feb. 27, 2012	Jul. 01, 2002	Apr. 08, 2002
Note Payable and Line of Credit (Additional Textual) [Abstract]
Deferred loan costs write off			$ 245,726
Long Term Debt LIBOR Plus interest rate, Reckoning Period			30 days
Interest rate swap agreement long-term finance			$ 29,126,849	15,266,714
Cash Flow Hedging Derivative (Net of Tax)				314,361	106,716
Note Payable and Line of Credit (Textual) [Abstract]
Initial disbursement of credit facility			9,700,000
Interest paid			491,048	684,008	693,496
Interest capitalized			0	28,733	3,793
Credit facility capacity available	$ 20,500,000		32,873,151
Capacity available on existing credit facility		$ 62,000,000	66,000,000
Interest expense			$ 536,018	655,275	689,703
Tax expense reclassified to earnings				115,858
Interest rate addition on LIBOR			1.966%
Interest Rate Swap [Member]
Note Payable and Line of Credit (Additional Textual) [Abstract]
Cost of entering into Interest rate swap agreement								$ 188,600
Interest rate swap agreement long-term finance, interest rate							7.35%
Interest rate swap agreement long-term finance							$ 8,000,000
Accrued Liability					511,779
Cash Flow Hedging Derivative (Net of Tax)				314,361	$ 106,716
Note Payable to Banks [Member]
Note Payable and Line of Credit (Additional Textual) [Abstract]
LIBOR plus interest rate			1.25%
Notes Payable amortization period			20 years
Long Term Debt LIBOR Plus interest rate, Reckoning Period			30 days
Interest rate swap agreement long-term finance				5,582,988
Line of Credit [Member]
Note Payable and Line of Credit (Additional Textual) [Abstract]
LIBOR plus interest rate			2.50%
Interest rate swap agreement long-term finance			$ 29,126,849	$ 9,683,726
Line of Credit Amended [Member]
Note Payable and Line of Credit (Additional Textual) [Abstract]
Line of Credit Facility LIBOR Plus interest rate period Reckoning Period				30 days
Line of credit facility, maximum borrowing capacity			$ 62,000,000
Expansion of credit facility related to credit agreement	$ 66,000,000	$ 62,000,000
Line of Credit New [Member]
Note Payable and Line of Credit (Additional Textual) [Abstract]
Revolving credit facility						$ 46,000,000
LIBOR plus interest rate			1.75%
Increased amount of credit facility						$ 75,000,000
Line of Credit New [Member] \| Minimum [Member]
Note Payable and Line of Credit (Additional Textual) [Abstract]
Interest rate Description			LIBOR plus 175 basis points
LIBOR plus interest rate						1.75%
Line of Credit New [Member] \| Maximum [Member]
Note Payable and Line of Credit (Additional Textual) [Abstract]
Interest rate Description			LIBOR plus 250 basis points
LIBOR plus interest rate						2.50%
Sun Trust Bank [Member]
Note Payable and Line of Credit (Additional Textual) [Abstract]
Revolving credit facility			$ 25,000,000
Term loan			5,600,000
Deferred loan costs write off			$ 245,726
Expiring date of Line of Credit			Feb. 27, 2015
Term loan maturity date			Jul. 01, 2012
Revolving credit facility expiration date			Jun. 27, 2014

Pension Plan (Details) - USD ($)	12 Months Ended
Pension Plan (Details) - USD ($)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Summary of components of Net Periodic Benefit Cost
Service Cost	$ 94,374	$ 298,378	$ 265,495
Interest Cost	406,689	455,732	462,936
Expected Return on Plan Assets	(932,366)	(396,687)	(580,594)
Amortization of Unrecognized Transition Gain	69,699	(7,487)	(7,487)
Amortization of Unrecognized Prior Service Cost		21,218	21,218
Amortization of Net Loss from Earlier Periods	390,400	(129,257)	53,593
Net Periodic Benefit Cost	$ 28,796	$ 241,897	$ 215,161

- Definition

An amount calculated as a basis for determining the extent of delayed recognition of the effects of changes in the fair value of assets. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 30
-Glossary Expected Return on Plan Assets
-URI http://asc.fasb.org/extlink&oid=6512136

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Glossary Expected Return on Plan Assets
-URI http://asc.fasb.org/extlink&oid=6512171

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Topic 715
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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

The increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time.

+ References + Details

- Definition

The actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during the period. The portion of the expected postretirement benefit obligation attributed to employee service during the period. The service cost component is a portion of the benefit obligation and is unaffected by the funded status of the plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Service Cost (Component of Net Periodic Pension Cost)
-URI http://asc.fasb.org/extlink&oid=6525008

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
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-Paragraph 1
-Subparagraph (h)(1)
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
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-Paragraph 1
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a, h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Pension Plan (Details 1) - USD ($)	12 Months Ended
Pension Plan (Details 1) - USD ($)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Schedule of Changes in Projected Benefit Obligations
Benefit Obligation at Beginning of Year	$ 9,309,585	$ 8,607,103
Service Cost	94,374	298,378	$ 265,495
Interest Cost	406,689	455,732	462,936
Actuarial Loss	636,013	566,102
Benefits and Plan Expenses Paid	(619,207)	(537,825)
Curtailment		(79,905)
Benefit Obligation at End of Year	$ 9,827,454	$ 9,309,585	$ 8,607,103

- Definition

1) For defined benefit pension plans, the benefit obligation is the projected benefit obligation, which is the actuarial present value as of a date of all benefits attributed by the pension benefit formula to employee service rendered prior to that date. 2) For other postretirement defined benefit plans, the benefit obligation is the accumulated postretirement benefit obligation, which is the actuarial present value of benefits attributed to employee service rendered to a particular date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Projected Benefit Obligation
-URI http://asc.fasb.org/extlink&oid=6522206

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accumulated Postretirement Benefit Obligation
-URI http://asc.fasb.org/extlink&oid=6503904

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 6
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph E1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

The amount of decrease that is related to an event that significantly reduces the expected years of future service of present employees or eliminates for a significant number of employees the accrual of defined benefits for some or all of their future services.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(10)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Plan Curtailment
-URI http://asc.fasb.org/extlink&oid=6520938

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 30
-Section 15
-Paragraph 6
-Subparagraph (a)(2)
-URI http://asc.fasb.org/extlink&oid=7577095&loc=d3e8001-114927

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 88
-Paragraph 6
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

The increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time.

+ References + Details

- Definition

+ References

+ Details

Pension Plan (Details 2) - USD ($)	12 Months Ended
Pension Plan (Details 2) - USD ($)	Dec. 31, 2012	Dec. 31, 2011
Schedule of Changes in Fair Value of Plan Assets
Fair Value of Plan Assets at Beginning of Year	$ 7,723,072	$ 7,815,162
Actual Return on Plan Assets	932,366	396,687
Employer Contribution	473,540	49,048
Plan Expenses Paid	(84,131)	(90,310)
Benefits Paid	(535,076)	(447,515)
Fair Value of Plan Assets at End of Year	$ 8,509,771	$ 7,723,072

- Definition

The difference between fair value of plan assets at the end of the period and the fair value at the beginning of the period, adjusted for contributions and payments of benefits during the period, and after adjusting for taxes and other expenses, as applicable.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Actual Return on Plan Assets (Component of Net Periodic Postretirement Benefit Cost)
-URI http://asc.fasb.org/extlink&oid=6504192

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Actual Return on Plan Assets (Component of Net Periodic Pension Cost)
-URI http://asc.fasb.org/extlink&oid=6504226

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph d(iv)(b)(i)
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 106
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+ Details

- Definition

The amount of payments made for which participants are entitled under a pension plan, including pension benefits, death benefits, and benefits due on termination of employment. Also includes payments made under a postretirement benefit plan, including prescription drug benefits, health care benefits, life insurance benefits, and legal, educational and advisory services. This item represents a periodic decrease to the plan obligations and a decrease to plan assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39716-114964

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 30
-Glossary Benefits
-URI http://asc.fasb.org/extlink&oid=6506267

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Glossary Benefits
-URI http://asc.fasb.org/extlink&oid=6506309

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-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
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-Paragraph 1
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Postretirement Benefits
-URI http://asc.fasb.org/extlink&oid=6521376

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-Name Accounting Standards Codification
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-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS106-2
-Paragraph 22
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-Name Statement of Financial Accounting Standard (FAS)
-Number 87
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Assets, usually stocks, bonds, and other investments, that have been segregated and restricted (usually in a trust) to provide benefits, at their fair value as of the measurement date. Plan assets include amounts contributed by the employer (and by employees for a contributory plan) and amounts earned from investing the contributions, less benefits paid. If a plan has liabilities other than for benefits, those non-benefit obligations may be considered as reductions of plan assets.

+ References + Details

Pension Plan (Details 3) - USD ($)	12 Months Ended
Pension Plan (Details 3) - USD ($)	Dec. 31, 2011	Dec. 31, 2012	Dec. 31, 2010
Estimated Pension Benefit Obligation
Accumulated Benefit Obligation	$ (9,389,490)	$ (9,827,454)
Effect of Curtailment	79,905
Projected Benefit Obligation	(9,309,585)	(9,827,454)	$ (8,607,103)
Fair Value of Plan Assets	7,723,072	8,509,771	$ 7,815,162
Accrued Pension Liability	$ (1,586,513)	$ (1,317,683)

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
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-Paragraph 1
-Subparagraph (a)(10)
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Plan Curtailment
-URI http://asc.fasb.org/extlink&oid=6520938

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
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-Subparagraph a
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 88
-Paragraph 6
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Number 106
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+ Details

- Definition

+ References + Details

- Definition

This represents the entire liability recognized in the balance sheet that is associated with the defined benefit plans.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
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-Paragraph 2
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-Paragraph 1
-Subparagraph (SX 210.9-03.15)
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 944
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-Section S99
-Paragraph 1
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-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 6
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Pension Plan (Details 4)	12 Months Ended
Pension Plan (Details 4)	Dec. 31, 2012	Dec. 31, 2011
Schedule of projected benefit obligation and the fair value of plan assets
Weighted Average Discount Rate	4.00%	4.50%
Weighted Average Asset Rate of Return	7.00%	7.00%
Compensation Scale

Pension Plan (Details 5) - USD ($)	12 Months Ended
Pension Plan (Details 5) - USD ($)	Dec. 31, 2012	Dec. 31, 2011
Schedule of disbursements from plan assets
Benefits Payments	$ 535,076	$ 447,515
Administrative Expenses	84,131	90,310
Total	$ 619,207	$ 537,825

Pension Plan (Details 6)	Dec. 31, 2012 USD ($)
Schedule of unrecognized (gain) or loss
Liability gain determined from the January 1, 2012 census and included in this year's net periodic cost	$ (41,347)
Asset loss occurring over the measurement period	(390,400)
Loss due to assumption changes effective as of December 31, 2012	677,360
Total unrecognized loss	$ 245,613

Pension Plan (Details 7)	Dec. 31, 2012	Dec. 31, 2011
Schedule of plan's weighted average asset allocations
Total	100.00%	100.00%
Equity Securities [Member]
Schedule of plan's weighted average asset allocations
Total	63.00%	58.00%
Fixed Income Securities [Member]
Schedule of plan's weighted average asset allocations
Total	31.00%	26.00%
Cash and Money Market Funds [Member]
Schedule of plan's weighted average asset allocations
Total	6.00%	16.00%

Pension Plan (Details 8) - USD ($)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Schedule of Fair Values of Plan Assets and Fair Value Measurements
Total	$ 8,509,771	$ 7,723,072	$ 7,815,162
Quoted Prices in Active Markets (Level 1 Inputs) [Member]
Schedule of Fair Values of Plan Assets and Fair Value Measurements
Total	8,509,771	7,723,072
Cash and Cash Equivalents [Member]
Schedule of Fair Values of Plan Assets and Fair Value Measurements
Total	369,174	1,245,742
Cash and Cash Equivalents [Member] \| Quoted Prices in Active Markets (Level 1 Inputs) [Member]
Schedule of Fair Values of Plan Assets and Fair Value Measurements
Total	369,174	1,245,742
Equity Securities [Member]
Schedule of Fair Values of Plan Assets and Fair Value Measurements
Total	5,305,492	4,440,898
Equity Securities [Member] \| Quoted Prices in Active Markets (Level 1 Inputs) [Member]
Schedule of Fair Values of Plan Assets and Fair Value Measurements
Total	5,305,492	4,440,898
Fixed Income Securities [Member]
Schedule of Fair Values of Plan Assets and Fair Value Measurements
Total	2,835,105	2,036,432
Fixed Income Securities [Member] \| Quoted Prices in Active Markets (Level 1 Inputs) [Member]
Schedule of Fair Values of Plan Assets and Fair Value Measurements
Total	$ 2,835,105	$ 2,036,432

- Definition

+ References + Details

Pension Plan (Details 9)	Dec. 31, 2012 USD ($)
Schedule of Estimated Future Benefit Payments
2013	$ 638,900
2014	643,100
2015	656,800
2016	667,000
2017	676,000
2018-2022	$ 3,449,600

Pension Plan (Details Textual)	12 Months Ended
Pension Plan (Details Textual)	Dec. 31, 2012 USD ($) Securities Age	Dec. 31, 2011 USD ($) Pansion_Plan
Pension Plan (Additional Textual) [Abstract]
Short-term obligations of the U.S. government, percentage of consolidated assets	4.00%
Pension Plan (Textual) [Abstract]
Defined benefit plan, General Information	The Company maintains a defined benefit plan for all employees who have attained the age of 21 and completed one year of service. The pension benefits are based primarily on years of service and the average compensation for the five highest consecutive years during the final ten years of employment. The benefit formula generally provides for a life annuity benefit.
Pension benefits average compensation highest consecutive years	5 years
Pension benefits average compensation highest consecutive final years of employment	10 years
Total contribution to defined benefit plan	$ 473,540	$ 49,048
Excess of the unrecognized (gain) or loss, Amortization period	12 years 5 months 27 days
Excess of the unrecognized (gain) or loss of the projected benefit obligation, percent	10.00%
Excess of the unrecognized (gain) or loss of the market related value of assets, percent	10.00%
Number of Security Except short term obligations constitute more than 4% of Consolidated assets \| Securities	0
Number of new entrants for pension plan \| Pansion_Plan		0
Future accrual for pension		$ 0
Maximum [Member]
Pension Plan (Additional Textual) [Abstract]
Estimated contributions to defined benefit plan	$ 400,000
Minimum [Member]
Pension Plan (Additional Textual) [Abstract]
Defined benefit plan, eligibility age criteria \| Age	21
Defined benefit plan eligibility year of service rendered	1 year
Estimated contributions to defined benefit plan	$ 350,000
Cash and Cash Equivalents [Member]
Pension Plan (Additional Textual) [Abstract]
Allocation of investments	10.00%
Common equities [Member]
Pension Plan (Additional Textual) [Abstract]
Allocation of investments	60.00%
Fixed Income Securities [Member]
Pension Plan (Additional Textual) [Abstract]
Allocation of investments	40.00%

Post Retirement Benefit Plans Other than Pensions (Details Textual)	12 Months Ended
	Dec. 31, 2012 USD ($) Age	Dec. 31, 2011 USD ($)
Post Retirement Benefit Plans Other Than Pensions (Textual) [Abstract]
Post retirement benefit plans other than pensions, Life Insurance plan, coverage value maximum \| $	$ 5,000
Accrued post-retirement benefit cost \| $	$ 186,695	$ 207,319
Post-retirement life benefit programs [Member]
Post Retirement Benefit Plans Other Than Pensions (Textual) [Abstract]
Post retirement benefit plans other than pensions, supplemental benefits, Age \| Age	55
Post retirement benefit plans other than pensions, supplemental benefits, Years of Service	20 years
Post-retirement supplemental Medicare benefits programs [Member]
Post Retirement Benefit Plans Other Than Pensions (Textual) [Abstract]
Post retirement benefit plans other than pensions, supplemental benefits, Age \| Age	65
Post retirement benefit plans other than pensions, supplemental benefits, Years of Service	20 years

Stock-Based Compensation (Details)	12 Months Ended
Stock-Based Compensation (Details)	Dec. 31, 2012 $ / shares shares
Summary of stock based compensation activity
Share based compensation, Shares Outstanding, beginning balance \| shares	9,317
Stock based compensation, Weighted Average Shares, beginning balance \| $ / shares	$ 23.13
Stock based compensation, Shares, Granted \| shares
Stock based compensation, Weighted Average Shares, Granted \| $ / shares
Stock based compensation, Shares Vested \| shares
Stock based compensation, Weighted Average Shares Vested \| $ / shares
Stock based compensation, Forfeited \| shares	(1,417)
Stock based compensation, Weighted Average Shares, Forfeited \| $ / shares	$ 23.13
Share based compensation, Shares Outstanding, ending balance \| shares	7,900
Stock based compensation, Weighted Average Shares, ending balance \| $ / shares	$ 23.13

Stock-Based Compensation (Details 1)	12 Months Ended
Stock-Based Compensation (Details 1)	Dec. 31, 2012 USD ($) $ / shares shares
Summary of stock based compensation activity for non-qualified stock option award
Stock based compensation, Shares, Granted \| shares
Stock based compensation, Weighted Average Shares, beginning balance	$ 23.13
Stock based compensation, Weighted Average Shares, Granted
Stock based compensation, Weighted Average Shares, Exercised	23.13
Stock based compensation, Weighted Average Shares, ending balance	$ 23.13
Non Qualified Stock Option Award [Member]
Summary of stock based compensation activity for non-qualified stock option award
Stock based compensation, Shares Outstanding, beginning balance \| shares	50,000
Stock based compensation, Shares, Granted \| shares	10,000
Stock based compensation, Shares Exercised \| shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period \| shares
Stock based compensation, Shares Outstanding, ending balance \| shares	60,000
Stock based compensation, Shares, Exercisable \| shares	16,666
Stock based compensation, Weighted Average Shares, beginning balance	$ 28.90
Stock based compensation, Weighted Average Shares, Granted	29.34
Stock based compensation, Weighted Average Shares, Exercised
Stock based compensation, Weighted Average Shares, shares expired
Stock based compensation, Weighted Average Shares, ending balance	28.97
Stock based compensation, Weighted Average Shares, Exercisable	$ 28.90
Stock based compensation, Weighted Average Remaining Contractual Term	8 years 8 months 12 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable	8 years 7 months 6 days
Stock based compensation, Aggregate Intrinsic Value, ending balance \| $	$ 122,200
Stock based compensation, Aggregate Intrinsic Value, Exercisable \| $	$ 35,167

Stock-Based Compensation (Details 2)	12 Months Ended
Stock-Based Compensation (Details 2)	Dec. 31, 2012 $ / shares shares
Summary of market condition inducement grant of restricted shares
Share based compensation, Shares Outstanding, beginning balance	9,317
Stock based compensation, Shares Vested
Stock based compensation, Forfeited	(1,417)
Share based compensation, Shares Outstanding, ending balance	7,900
Restricted Shares [Member]
Summary of market condition inducement grant of restricted shares
Share based compensation, Shares Outstanding, beginning balance	96,000
Stock based compensation, Shares, Granted	17,000
Stock based compensation, Shares Vested
Stock based compensation, Forfeited
Share based compensation, Shares Outstanding, ending balance	113,000
Stock based compensation, Weighted Average Shares, beginning balance \| $ / shares	$ 18.47
Stock based compensation, Weighted Average Shares Granted \| $ / shares	18.02
Stock based compensation, Weighted Average Shares Vested \| $ / shares
Stock based compensation, Weighted Average Shares Forfeited \| $ / shares
Stock based compensation, Weighted Average Shares, ending balance \| $ / shares	$ 18.40

Stock-Based Compensation (Details 3) - USD ($)	12 Months Ended
Stock-Based Compensation (Details 3) - USD ($)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Summary of share option activity of stock option and stock appreciation rights under 2001 Plan
Stock based compensation, Shares, Granted
Stock based compensation, Weighted Average Shares, beginning balance	$ 23.13
Stock based compensation, Weighted Average Shares, Granted
Stock based compensation, Weighted Average Shares, Exercised	23.13
Stock based compensation, Weighted Average Shares, ending balance	$ 23.13	$ 23.13
Stock Options [Member]
Summary of share option activity of stock option and stock appreciation rights under 2001 Plan
Stock based compensation, Shares, Granted	0	0	0
2001 Plan [Member]
Summary of share option activity of stock option and stock appreciation rights under 2001 Plan
Stock based compensation, Shares Exercised	(5,600)	(1,600)	(2,400)
Stock based compensation, Shares, Expired	(119,400)	(46,600)
Stock based compensation, Weighted Average Shares, shares expired	$ 55.13	$ 52.72
2001 Plan [Member] \| Stock Options [Member]
Summary of share option activity of stock option and stock appreciation rights under 2001 Plan
Stock based compensation, Shares Outstanding, beginning balance	205,800
Stock based compensation, Shares, Granted
Stock based compensation, Shares Exercised	(5,600)
Stock based compensation, Shares, Expired	(119,400)
Stock based compensation, Shares Outstanding, ending balance	80,800	205,800
Stock based compensation, Shares, Exercisable	78,160
Stock based compensation, Weighted Average Shares, beginning balance	$ 53.12
Stock based compensation, Weighted Average Shares, Granted
Stock based compensation, Weighted Average Shares, Exercised	20.12
Stock based compensation, Weighted Average Shares, shares expired	55.13
Stock based compensation, Weighted Average Shares, ending balance	52.43	$ 53.12
Stock based compensation, Weighted Average Shares, Exercisable	$ 56.81
Stock based compensation, Weighted Average Remaining Contractual Term	4 years 2 months 16 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable	3 years 11 months 23 days
Stock based compensation, Aggregate Intrinsic Value, ending balance	$ 21,780
Stock based compensation, Aggregate Intrinsic Value, Exercisable	$ 21,780
2001 Plan [Member] \| Stock Appreciation Rights [Member]
Summary of share option activity of stock option and stock appreciation rights under 2001 Plan
Stock based compensation, Shares Outstanding, beginning balance	205,800
Stock based compensation, Shares, Granted
Stock based compensation, Shares Exercised	(5,600)
Stock based compensation, Shares, Expired	(119,400)
Stock based compensation, Shares Outstanding, ending balance	80,800	205,800
Stock based compensation, Shares, Exercisable	78,160
Stock based compensation, Weighted Average Shares, beginning balance	$ 0.93
Stock based compensation, Weighted Average Shares, Granted
Stock based compensation, Weighted Average Shares, Exercised	5.07
Stock based compensation, Weighted Average Shares, shares expired	0.73
Stock based compensation, Weighted Average Shares, ending balance	1.12	$ 0.93
Stock based compensation, Weighted Average Shares, Exercisable	$ 0.92
Stock based compensation, Weighted Average Remaining Contractual Term	4 years 2 months 16 days
Stock based compensation, Weighted Average Remaining Contractual Term, Exercisable	3 years 11 months 23 days
Stock based compensation, Aggregate Intrinsic Value, ending balance	$ 11,728
Stock based compensation, Aggregate Intrinsic Value, Exercisable	$ 11,728

Stock-Based Compensation (Details 4)	12 Months Ended
Stock-Based Compensation (Details 4)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Assumptions used in determining the fair value of stock options and stock appreciation rights
Expected Volatility	24.34%	31.05%	32.20%
Expected Dividends	0.13%	0.15%	0.14%
Expected Term	3 years	2 years	3 years
Risk-Free Rate	0.39%	0.23%	1.16%

Stock-Based Compensation (Details 5) - 2001 Plan [Member] - USD ($)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Schedule of Stock Based Compensation Activity Plan
Options Exercised	5,600	1,600	2,400
Intrinsic Value of Options Exercised	$ 54,352	$ 2,128	$ 17,724
Stock Appreciation Rights Exercised	5,600	1,600	2,400
Intrinsic Value of Stock Appreciation Rights Exercised	$ 28,398	$ 909	$ 7,533
Options expired	119,400	46,600
Weighted average exercised price	$ 55.13	$ 52.72
Stock Appreciation Rights Expired	119,400	46,600
Weighted Average Fair Value	$ 0.73	$ 1.22
Shares Vested	10,120	36,920	41,920
Fair Value of Shares Vested	$ 23,962	$ 71,870	$ 139,857

Stock-Based Compensation (Details 6) - USD ($)	12 Months Ended
Stock-Based Compensation (Details 6) - USD ($)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Recognized financial statements for stock options, stock appreciation rights, and restricted stock
Total Cost of Share-Based Plans Charged Against Income (Added To) Before Tax Effect	$ 1,047,335	$ 253,812	$ (632,894)
Income Tax Expense (Benefit) Recognized in Income	$ (404,010)	$ (97,908)	$ 244,139

- Definition

Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.

+ References + Details

Stock-Based Compensation (Details Textual) - USD ($)	12 Months Ended
Stock-Based Compensation (Details Textual) - USD ($)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Stock Based Compensation (Additional Textual) [Abstract]
Weighted average period of compensation cost to be recognized	1 year
Stock based compensation, Shares, Granted
Liability for Stock Based Compensation	$ 265,311	$ 484,489
Stock-based Compensation (Textual) [Abstract]
Restricted share award average closing prices, period	60 days
Restricted share award closing prices range per share, Minimum	$ 36
Restricted share award closing prices range per share, Maximum	$ 65
Stock price condition applicable period	6 years
Percent of options vested in each anniversaries Description	One-third of the options will vest on each of the first, second, and third anniversaries of their respective grant dates, provided they are an employee of the Company on those dates.
Restricted shares vesting description	The restricted shares will vest in six increments based upon the price per share of Company common stock during the term of their employment (or within 60 days after termination of employment by the Company without cause), meeting or exceeding the target trailing 60-day average closing prices ranging
Number of new stock options issued After 2010	0
2010 Plan [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Performance period	5 years
2001 Plan [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Common stock could be issued under stock option plan 2001	500,000
Number of new stock options issued under 2001 plan	0
Non Qualified Stock Option Award [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Unrecognized compensation related to non-qualified stock option awards market condition non-vested restricted shares	$ 338,204
Weighted average period of compensation cost to be recognized	1 year 8 months 12 days
Stock based compensation, Shares, Granted	10,000
Expiry of option	(a) the tenth anniversary of the grant date, (b) twelve months after Mr. Albright's or Mr. Patten's death or termination for disability, or (c) thirty days after the termination of Mr. Albright's or Mr. Patten's employment for any reason other than death or disability.
Non Qualified Stock Option Award [Member] \| 2010 Plan [Member] \| Mr. Albright [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Stock based compensation, Shares, Granted	50,000
Non Qualified Stock Option Award [Member] \| 2010 Plan [Member] \| Mr. Patten [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Stock based compensation, Shares, Granted	10,000
Restricted Shares [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Unrecognized compensation related to non-qualified stock option awards market condition non-vested restricted shares	$ 67,777
Weighted average period of compensation cost to be recognized	2 years 10 months 24 days
Stock based compensation, Shares, Granted	17,000
Unrecognized compensation cost	$ 735,732
Restricted Shares [Member] \| 2010 Plan [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Performance period	5 years
Restricted Shares [Member] \| 2010 Plan [Member] \| Mr. Albright [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Stock based compensation, Shares, Granted	96,000
Restricted Shares [Member] \| 2010 Plan [Member] \| Mr. Patten [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Stock based compensation, Shares, Granted	17,000
Stock Options [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Stock based compensation, Shares, Granted	0	0	0
Stock Options [Member] \| 2001 Plan [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Stock based compensation, Shares, Granted
Stock option plan 2001 expiration date	2010
Stock Options and Stock Appreciation Rights [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Stock based compensation, Shares, Granted	0	0	0
Stock Options and Stock Appreciation Rights [Member] \| Quoted Prices in Active Markets (Level 1 Inputs) [Member]
Stock Based Compensation (Additional Textual) [Abstract]
Liability for Stock Based Compensation	$ 265,311	$ 484,489

Common Stock and Earnings Per Share (Details) - USD ($)	12 Months Ended
Common Stock and Earnings Per Share (Details) - USD ($)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Income Available to Common Shareholders:
Income (Loss) from Continuing Operations	$ 559,894	$ (5,238,458)	$ (1,080,184)
Discontinued Operations	39,308	532,267	477,230
Net Income (Loss)	$ 599,202	$ (4,706,191)	$ (602,954)
Weighted Average Shares Outstanding	5,717,937	5,724,147	5,723,795
Common Shares Applicable to Stock
Options Using the Treasury Stock Method
Total Shares Applicable to Diluted Earnings Per Share	5,717,937	5,724,147	5,723,795
Basic Net Income (Loss) Per Share
Income (Loss) from Continuing Operations	$ 0.09	$ (0.91)	$ (0.19)
Discontinued Operations	0.01	0.09	0.08
Net Income (Loss)	0.10	(0.82)	(0.11)
Diluted Net Income (Loss) Per Share:
Income (Loss) from Continuing Operations	0.09	(0.91)	(0.19)
Discontinued Operations	0.01	0.09	0.08
Net Income (Loss)	$ 0.10	$ (0.82)	$ (0.11)

Common Stock and Earnings Per Share (Details Textual) - shares	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Common Stock and Earnings Per Share (Textual) [Abstract]
Number of Anti-dilutive common shares	123,347	205,113	202,037

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Accrued Liabilities (Details) - USD ($)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Accrued liabilities on its consolidated balance sheets
Golf Course Lease	$ 3,702,194	$ 3,792,086
Deferred Compensation	828,998	1,598,871
Deferred Road Construction Costs		570,804	$ 570,804
Accrued Property Taxes		237,967
Deferred Lease and Other Income	970,802	678,219
Other Post-Retirement Benefits	186,695	207,319
Legal Reserves	723,058
Other	560,596	232,410
Accrued Liabilities	$ 6,972,343	$ 7,317,676

Accrued Liabilities (Details Textual)	1 Months Ended	12 Months Ended
Accrued Liabilities (Details Textual)	Jul. 31, 2012 USD ($) Lease_Renewal	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)
Accrued Liabilities (Additional Textual) [Abstract]
Annual rate adjustment percentage		1.75%
Capital expenditures agreed under lease arrangement	$ 200,000
Description of additional rent payable	Company will pay additional rent to the City in the amounts of 5% of gross revenues (as defined in the Lease Amendment) exceeding $5,500,000 up to $6,500,000 and 7% of gross revenues (as defined in the Amendment) exceeding $6,500,000.
Additional rent percentage on up to sixty five lacks gross revenue	5.00%
Additional rent percentage on exceeding sixty five lacks gross revenue	7.00%
Gross revenue value for additional rent under lease amendment lower limit	$ 5,500,000
Gross revenue value for additional rent under lease amendment upper limit	6,500,000
Gross revenue value for additional rent under lease amendment option two	6,500,000
Estimated accrual for deferred rent on straight -line basis		$ 3,702,194	$ 3,792,086
Rent deferred, no longer due.	$ 3,000,000
Remaining Lease Term	10 years
Lease maturity period	2022
No of lease renewal option \| Lease_Renewal	7
Lease renewal period	5 years
Maximum [Member]
Accrued Liabilities (Textual) [Abstract]
Base rent payments per year	$ 500,000
Minimum [Member]
Accrued Liabilities (Textual) [Abstract]
Base rent payments per year	$ 250,000

Commitments and Contingencies (Details)	Dec. 31, 2012 USD ($)
Summary of minimum future rental payments under non-cancelable operating leases
2013	$ 635,134
2014	635,204
2015	639,625
2016	470,408
2017	269,528
2018 and thereafter (cumulative)	1,320,943
Total	$ 3,970,842

Commitments and Contingencies (Details 1)	Dec. 31, 2012 USD ($)
Summary of minimum future rentals receipts under non-cancelable operating leases
2013	$ 10,358,265
2014	10,393,517
2015	10,047,149
2016	9,914,370
2017	8,042,506
2018 and thereafter (cumulative)	62,404,943
Total	$ 111,160,750

Commitments and Contingencies (Details Textual)	1 Months Ended		3 Months Ended	12 Months Ended
Commitments and Contingencies (Details Textual)	Sep. 30, 2012 USD ($)	May 31, 2012	Sep. 30, 2012 USD ($)	Dec. 31, 2012 USD ($) a	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	May 31, 2010 USD ($)
Commitments and Contingencies (Additional Textual) [Abstract]
Rental Expense under operating leases	$ 250,000			$ 666,438	$ 902,414	$ 879,028
Number of acres in which company engaged in normal and customary agricultural practices for operations \| a				117
Number of acres which requires an Environmental Resource Permit prior to the commencement of operations \| a				101
Summary judgment of foreclosure hearing date				Jun. 22, 2012
Settlement reserve accrued			$ 611,691
Additional reserve reflect value of additional underdeveloped acres and cost				$ 723,058
Minimum [Member]
Commitments and Contingencies (Textual) [Abstract]
Amount of the judgment plus interest				$ 4,400,000
FM Bayberry Cove Holding LLC [Member]
Commitments and Contingencies (Textual) [Abstract]
Claim of lien on real property							$ 3,800,000
NCDOT [Member] \| Maximum [Member]
Commitments and Contingencies (Textual) [Abstract]
Months to reach a final decision on its consideration		18 months
NCDOT [Member] \| Minimum [Member]
Commitments and Contingencies (Textual) [Abstract]
Months to reach a final decision on its consideration		6 months

Treasury Stock (Details Textual) - USD ($)	Dec. 31, 2012	Apr. 26, 2012	Dec. 31, 2011
Treasury Stock (Textual) [Abstract]
Number of shares purchased	14,634		0
Costs of shares purchased	$ 453,654
Maximum [Member]
Treasury Stock (Textual) [Abstract]
Number of shares held by shareholders		100
Odd Lot Buy Back Program [Member]
Treasury Stock (Textual) [Abstract]
Description of number of shares held by shareholder maximum		Less than 100
Number of shares purchased		14,634
Costs of shares purchased		$ 453,654
Buy back expiration date		Jun. 30, 2012

Business Segment Data (Details) - USD ($)	12 Months Ended
Business Segment Data (Details) - USD ($)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Summary of operations in different segments
Revenues	$ 17,329,830	$ 14,063,284	$ 12,276,246
Operating Income (Loss)	1,663,231	(8,124,404)	(1,144,974)
Identifiable Assets	184,696,900	170,265,803	177,758,950
Depreciation and Amortization	2,308,035	2,450,037	2,271,870
Capital Expenditures	24,916,634	3,197,276	1,372,047
Income Properties [Member]
Summary of operations in different segments
Revenues	9,559,942	8,776,080	8,688,980
Operating Income (Loss)	8,883,846	8,249,121	8,175,108
Identifiable Assets	130,726,326	116,943,722	116,329,125
Depreciation and Amortization	1,927,453	1,753,079	1,707,052
Capital Expenditures	24,467,236	2,363,593	482,005
Real Estate Operations [Member]
Summary of operations in different segments
Revenues	3,098,840	501,626	(926,884)
Operating Income (Loss)	2,393,778	(250,504)	(1,669,910)
Identifiable Assets	34,161,944	34,529,445	34,028,501
Depreciation and Amortization			15
Capital Expenditures
Golf Operations [Member]
Summary of operations in different segments
Revenues	4,506,069	4,660,802	4,473,429
Operating Income (Loss)	(887,564)	(1,332,835)	(1,477,923)
Identifiable Assets	3,230,225	2,858,448	6,888,141
Depreciation and Amortization	173,110	359,743	491,350
Capital Expenditures	343,969	267,273	79,673
Other Income [Member]
Summary of operations in different segments
Revenues	164,979	124,776	40,721
Operating Income (Loss)	(33,855)	(526,647)	(380,131)
Other [Member]
Summary of operations in different segments
Identifiable Assets	16,578,405	15,934,188	20,513,183
Depreciation and Amortization	207,472	337,215	73,453
Capital Expenditures	105,729	566,410	810,369
General and Corporate Expenses [Member]
Summary of operations in different segments
Operating Income (Loss)	$ (8,692,974)	$ (14,263,539)	$ (5,792,118)

Business Segment Data (Details Textual)	12 Months Ended
Business Segment Data (Details Textual)	Dec. 31, 2012 USD ($) Segment
Business Segment Data (Textual) [Abstract]
Number of Operating Segment \| Segment	3
Percent of identifiable assets income property operations	70.70%
Percent of revenue income property operations	55.20%
Golf operation description	Our golf operations consist of a single property located in Daytona Beach, Florida with two 18-hole championship golf courses
Prior Period Reclassification Adjustment \| $	$ 0

Modification of an Accounting Treatment (Details Textual)	3 Months Ended
	Jun. 30, 2010 USD ($) $ / shares	Jun. 30, 2009 USD ($) Land
Modification of an Accounting Treatment (Textual) [Abstract]
Number of parcels of land sold \| Land		2
Joint funding agreement, funding commitment by each participant		$ 1,125,000
Joint funding agreement, Aggregate funding commitment		9,900,000
land development cost		1,125,000
Road construction contribution recorded as reduction of land sales price		$ 1,125,000
Reduced revenues and profits from real estate sales	$ 1,125,000
Reducing income tax expense and deferred taxes	405,000
Modification of accounting treatment, net decrease in net income	$ 720,000
Modification of accounting treatment, net decrease in earning per share \| $ / shares	$ 0.13

Subsequent Events (Details Textual)	1 Months Ended				12 Months Ended
Subsequent Events (Details Textual)	Mar. 31, 2013 USD ($)	Feb. 28, 2013 USD ($) ft² Contract	Jan. 31, 2013 USD ($) ft² Building	Sep. 30, 2012 USD ($)	Dec. 31, 2012 USD ($) a Property	Mar. 08, 2013 Property	Jan. 23, 2013 USD ($) ft² a	Jan. 03, 2013 USD ($) Property	Dec. 31, 2011 Property
Subsequent Events (Textual) [Abstract]
Area of land \| a					317
Capacity available on existing credit facility				$ 62,000,000	$ 66,000,000
Contract in place \| Contract		0
Number of income properties \| Property					1				2
Subsequent Events [Member]
Subsequent Events (Textual) [Abstract]
Number of properties acquired \| Property								4
Acquired properties purchase price								$ 8,015,737
Initial lease term			15 years
UBS Real Estate Securities Inc. [Member] \| Subsequent Events [Member]
Subsequent Events (Textual) [Abstract]
Repayment of loan		$ 7,300,000
New Mortgage loan Maturity date		2018-02
Fixed interest rate of mortgage loan		3.67%
Mortgage loan security description		secured by its interest in the two-building office complex
Big Lots [Member] \| Subsequent Events [Member]
Subsequent Events (Textual) [Abstract]
Acquired properties purchase price							$ 5,001,500
Initial lease term			10 years
Area of acquired building \| ft²							34,512
Area of land \| a							3.62
Hilton Resorts Corporation [Member] \| Subsequent Events [Member]
Subsequent Events (Textual) [Abstract]
Number of properties acquired \| Building			2
Acquired properties purchase price			$ 14,600,000
Initial lease term			8 years
Area of acquired building \| ft²			133,000
PNC Bank [Member] \| Subsequent Events [Member]
Subsequent Events (Textual) [Abstract]
Area of acquired building \| ft²		4,128
Sale price of interest in building under lease		$ 3,550,000
Loss due to Estimated fair value of Property held for sale		426,794
Capacity available on existing credit facility		$ 66,000,000
CVS [Member] \| Subsequent Events [Member]
Subsequent Events (Textual) [Abstract]
Area of acquired building \| ft²		13,824
Sale price of interest in building under lease		$ 4,050,000
Bank of America [Member] \| Subsequent Events [Member]
Subsequent Events (Textual) [Abstract]
Repayment of loan	$ 23,100,000
New Mortgage loan Maturity date	2023-04
Fixed interest rate of mortgage loan						3.67%
Number of income properties \| Property						14

Real Estate and Accumulated Depreciation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012	Dec. 31, 2011
Initial Cost to Company
Real Estate Encumbrances				$ 0
Land				78,063,490
Buildings & Improvements				59,196,826
Costs Capitalized Subsequent to Acquisition
Improvements				13,414,090
Carrying Costs				552,405
Gross Amount at Which Carried at Close of Period
Land				89,876,058
Buildings				61,350,753
Total				151,226,811
Accumulated Depreciation				11,135,501
(1) Reconciliation to Consolidated Balance Sheet at December 31, 2012
Income Properties Land, Buildings, and Improvements				132,202,887	$ 111,564,673
Real Estate [Member]
Cost:
Balance at Beginning of Year	$ 134,561,058	$ 134,705,516	$ 133,760,110
Additions and Improvements	24,552,841	3,050,496	945,406
Adjust to Fair Value		(68,454)
Cost of Real Estate Sold	(7,887,088)	(3,126,500)
Balance at End of Year	151,226,811	134,561,058	134,705,516
Accumulated Depreciation:
Balance at Beginning of Year	10,089,354	9,136,562	7,708,823
Depreciation and Amortization	1,539,990	1,470,947	1,427,739
Depreciation on Real Estate Sold	(493,843)	(518,155)
Balance at End of Year	11,135,501	10,089,354	9,136,562
(1) Reconciliation to Consolidated Balance Sheet at December 31, 2012
Land, Timber, and Subsurface Interests				15,194,901
Income Properties Land, Buildings, and Improvements				132,202,887
Land Timber Subsurface Interests and Income Properties				147,397,788
(2) Assets Classified as Held for Sale on Balance Sheet				3,829,023
Total Per Schedule	$ 134,561,058	$ 134,705,516	$ 133,760,110	151,226,811	$ 134,561,058
Bank of America, Garden Grove, CA [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				1,745,447
Buildings & Improvements				1,454,531
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				1,745,447
Buildings				1,454,531
Total				3,199,978
Accumulated Depreciation				3,030
Date Acquired	Dec. 13, 2012
Depr Life	40 years
Bank of America, Laguna Beach, CA [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				1,231,328
Buildings & Improvements				1,649,972
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				1,231,328
Buildings				1,649,972
Total				2,881,300
Accumulated Depreciation				3,438
Date Acquired	Dec. 13, 2012
Depr Life	40 years
Bank of America, Mission Viejo, CA (Puerta Real) [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				523,539
Buildings & Improvements				753,890
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				523,539
Buildings				753,890
Total				1,277,429
Accumulated Depreciation				1,571
Date Acquired	Dec. 13, 2012
Depr Life	40 years
Bank of America, Mission Viejo, CA (Trabuco) [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				544,713
Buildings & Improvements				1,394,450
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				544,713
Buildings				1,394,450
Total				1,939,163
Accumulated Depreciation				2,905
Date Acquired	Dec. 13, 2012
Depr Life	40 years
Bank of America, Westminster, CA [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				1,950,902
Buildings & Improvements				1,081,480
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				1,950,902
Buildings				1,081,480
Total				3,032,382
Accumulated Depreciation				2,253
Date Acquired	Dec. 13, 2012
Depr Life	40 years
Barnes & Noble, Daytona Beach, FL [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				1,798,600
Buildings & Improvements				3,803,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				1,798,600
Buildings				3,803,000
Total				5,601,600
Accumulated Depreciation				1,140,900
Date Acquired	Jan. 11, 2001
Depr Life	40 years
Best Buy, McDonough, GA [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				2,622,682
Buildings & Improvements				3,150,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				2,622,682
Buildings				3,150,000
Total				5,772,682
Accumulated Depreciation				518,438
Date Acquired	Jun. 15, 2006
Depr Life	40 years
Buffalo Wild Wings, Phoenix, AZ [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				1,716,834
Buildings & Improvements				0
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				1,716,834
Buildings				0
Total				1,716,834
Accumulated Depreciation				0
Date Acquired	Sep. 30, 2012
CVS, Clermont, FL [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				1,493,985
Buildings & Improvements				1,452,823
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				1,493,985
Buildings				1,452,823
Total				2,946,808
Accumulated Depreciation				367,979
Date Acquired	Nov. 22, 2002
Depr Life	40 years
CVS, Clermont, FL [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				2,414,044
Buildings & Improvements				1,575,184
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				2,414,044
Buildings				1,575,184
Total				3,989,228
Accumulated Depreciation				278,939
Date Acquired	Dec. 15, 2005
Depr Life	40 years
CVS, Melbourne, FL [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				1,567,788
Buildings & Improvements				919,186
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				1,567,788
Buildings				919,186
Total				2,486,974
Accumulated Depreciation				225,966
Date Acquired	Mar. 05, 2003
Depr Life	40 years
CVS, Sanford, FL [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				1,565,176
Buildings & Improvements				1,890,671
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				1,565,176
Buildings				1,890,671
Total				3,455,847
Accumulated Depreciation				527,812
Date Acquired	Nov. 15, 2001
Depr Life	40 years
CVS, Sanford, FL [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				2,345,694
Buildings & Improvements				1,275,625
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				2,345,694
Buildings				1,275,625
Total				3,621,319
Accumulated Depreciation				288,514
Date Acquired	Sep. 17, 2003
Depr Life	40 years
CVS, Sebastian, FL [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				2,205,709
Buildings & Improvements				1,288,995
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				2,205,709
Buildings				1,288,995
Total				3,494,704
Accumulated Depreciation				279,988
Date Acquired	Apr. 23, 2004
Depr Life	40 years
CVS, Sebring, FL [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				1,312,472
Buildings & Improvements				1,722,559
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				1,312,472
Buildings				1,722,559
Total				3,035,031
Accumulated Depreciation				427,051
Date Acquired	Feb. 04, 2003
Depr Life	40 years
CVS, Tallahassee, FL [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				590,800
Buildings & Improvements				1,595,000
Costs Capitalized Subsequent to Acquisition
Improvements				1,485,878
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				1,411,550
Buildings				2,260,128
Total				3,671,678
Accumulated Depreciation				508,151
Date Acquired	Dec. 13, 2000
Depr Life	40 years
CVS, Vero Beach, FL [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				3,113,661
Buildings & Improvements				1,312,235
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				3,113,661
Buildings				1,312,235
Total				4,425,896
Accumulated Depreciation				248,778
Date Acquired	Jun. 02, 2005
Depr Life	40 years
Dick's Sporting Goods, McDonough, GA [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				3,934,022
Buildings & Improvements				4,725,000
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				3,934,022
Buildings				4,725,000
Total				8,659,022
Accumulated Depreciation				777,656
Date Acquired	Jun. 15, 2006
Depr Life	40 years
Harris Teeter Supermarket, Charlotte, NC [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				5,601,837
Buildings & Improvements				3,409,338
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				5,601,837
Buildings				3,409,338
Total				9,011,175
Accumulated Depreciation				404,859
Date Acquired	Apr. 17, 2008
Depr Life	40 years
JPMorgan Chase Bank, Chicago, IL [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				3,528,492
Buildings & Improvements				0
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				3,528,492
Buildings				0
Total				3,528,492
Accumulated Depreciation				0
Date Acquired	Nov. 30, 2012
Lowe's, Lexington, NC [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				5,048,640
Buildings & Improvements				4,548,880
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				5,048,640
Buildings				4,548,880
Total				9,597,520
Accumulated Depreciation				900,299
Date Acquired	Jan. 20, 2005
Depr Life	40 years
PNC Bank, Alpharetta, GA [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				3,402,926
Buildings & Improvements				426,100
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				3,402,926
Buildings				426,100
Total				3,829,026
Accumulated Depreciation				80,781
Date Acquired	May 25, 2005
Depr Life	40 years
PNC Bank, Altamonte Springs FL [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				3,435,502
Buildings & Improvements				410,961
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				3,435,502
Buildings				410,961
Total				3,846,463
Accumulated Depreciation				78,768
Date Acquired	May 12, 2005
Depr Life	40 years
PNC Bank, Orlando, FL [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				2,875,052
Buildings & Improvements				418,992
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				2,875,052
Buildings				418,992
Total				3,294,044
Accumulated Depreciation				77,688
Date Acquired	Aug. 15, 2005
Depr Life	40 years
Walgreens, Alpharetta, GA [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				3,265,623
Buildings & Improvements				1,406,160
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				3,265,623
Buildings				1,406,160
Total				4,671,783
Accumulated Depreciation				307,597
Date Acquired	Mar. 31, 2004
Depr Life	40 years
Walgreens, Apopka, FL [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				2,390,532
Buildings & Improvements				1,354,080
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				2,390,532
Buildings				1,354,080
Total				3,744,612
Accumulated Depreciation				296,205
Date Acquired	Mar. 29, 2004
Depr Life	40 years
Walgreens, Boulder, CO [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				3,474,934
Buildings & Improvements				3,415,186
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				3,474,934
Buildings				3,415,186
Total				6,890,120
Accumulated Depreciation				64,035
Date Acquired	Apr. 11, 2012
Depr Life	40 years
Walgreens, Clermont, FL [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				3,021,665
Buildings & Improvements				1,269,449
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				3,021,665
Buildings				1,269,449
Total				4,291,114
Accumulated Depreciation				272,403
Date Acquired	May 27, 2004
Depr Life	40 years
Walgreens, Kissimmee, FL [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				1,327,846
Buildings & Improvements				1,770,986
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				1,327,846
Buildings				1,770,986
Total				3,098,832
Accumulated Depreciation				439,057
Date Acquired	Feb. 12, 2003
Depr Life	40 years
Walgreens, Orlando, FL [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				2,280,841
Buildings & Improvements				1,148,507
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				2,280,841
Buildings				1,148,507
Total				3,429,348
Accumulated Depreciation				284,734
Date Acquired	Feb. 13, 2003
Depr Life	40 years
Walgreens, Palm Bay, FL [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				1,102,640
Buildings & Improvements				3,157,360
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				1,102,640
Buildings				3,157,360
Total				4,260,000
Accumulated Depreciation				914,319
Date Acquired	Jun. 12, 2001
Depr Life	40 years
Mason Commerce Center, Daytona Beach, FL [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				132,609
Buildings & Improvements				2,554,055
Costs Capitalized Subsequent to Acquisition
Improvements				1,488,799
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				132,609
Buildings				4,042,854
Total				4,175,463
Accumulated Depreciation				597,847
Date of Completion of Construction	Sep. 01, 2008
Depr Life	40 years
Concierge Office Building, Daytona Beach, FL [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				293,872
Buildings & Improvements				2,862,171
Costs Capitalized Subsequent to Acquisition
Improvements				0
Carrying Costs				0
Gross Amount at Which Carried at Close of Period
Land				293,872
Buildings				2,862,171
Total				3,156,043
Accumulated Depreciation				362,488
Date of Completion of Construction	Jul. 01, 2009
Depr Life	40 years
Agricultural Lands and Subsurface Interests [Member]
Initial Cost to Company
Real Estate Encumbrances				0
Land				4,203,083
Buildings & Improvements				0
Costs Capitalized Subsequent to Acquisition
Improvements				10,439,413
Carrying Costs				552,405
Gross Amount at Which Carried at Close of Period
Land				15,194,901
Buildings				0
Total				15,194,901
Accumulated Depreciation				$ 451,052