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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2012	Aug. 01, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	CONSOLIDATED TOMOKA LAND CO
Entity Central Index Key	0000023795
Document Type	10-Q
Document Period End Date	Jun. 30, 2012
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		5,831,708

Consolidated Balance Sheets - USD ($)	Jun. 30, 2012	Dec. 31, 2011
ASSETS
Cash	$ 6,609,969	$ 6,174
Restricted Cash	4,374,407	2,779,511
Refundable Income Taxes		399,905
Land and Development Costs	27,847,134	27,825,924
Intangible Assets	3,878,070	3,572,096
Assets Held for Sale		7,694,710
Other Assets	8,019,993	8,023,872
Total assets before property, plant and equipment	50,729,573	50,302,192
Property, Plant, and Equipment:
Land, Timber, and Subsurface Interests	15,131,329	15,109,298
Golf Buildings, Improvements, and Equipment	2,535,294	2,535,294
Income Properties, Land, Buildings, and Improvements	118,454,794	111,564,673
Other Furnishings and Equipment	1,181,995	2,320,766
Total Property, Plant, and Equipment	137,303,412	131,530,031
Less, Accumulated Depreciation and Amortization	(11,468,836)	(11,566,420)
Net - Property, Plant, and Equipment	125,834,576	119,963,611
TOTAL ASSETS	176,564,149	170,265,803
LIABILITIES
Accounts Payable	929,237	385,685
Accrued Liabilities	6,317,931	7,317,676
Accrued Stock Based Compensation	220,034	484,489
Pension Liability	1,296,571	1,586,513
Income Taxes Payable	385,573
Deferred Income Taxes	32,176,602	32,060,283
Notes Payable	20,876,849	15,266,714
TOTAL LIABILITIES	62,202,797	57,101,360
Commitments and Contingencies
SHAREHOLDERS' EQUITY
Common Stock	5,725,442	5,724,147
Additional Paid in Capital	6,367,345	5,697,554
Treasury Stock	(453,654)
Retained Earnings	103,851,644	102,872,167
Accumulated Other Comprehensive Loss	(1,129,425)	(1,129,425)
TOTAL SHAREHOLDERS' EQUITY	114,361,352	113,164,443
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 176,564,149	$ 170,265,803

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Real Estate Operations:
Sales and Other Income	$ 930,477	$ 69,002	$ 2,004,197	$ 138,826
Costs and Other Expenses	(338,986)	(370,628)	(632,823)	(688,721)
Total Real Estate Income	591,491	(301,626)	1,371,374	(549,895)
Income Properties
Leasing Revenues and Other Income	2,454,689	2,227,488	4,793,712	4,435,697
Costs and Other Expenses	(672,821)	(613,778)	(1,327,410)	(1,223,530)
Total Properties Income	1,781,868	1,613,710	3,466,302	3,212,167
Golf Operations
Sales and Other Income	1,253,079	1,347,704	2,582,658	2,721,280
Costs and Other Expenses	(1,478,751)	(1,759,244)	(2,983,740)	(3,393,404)
Total Golf Operations	(225,672)	(411,540)	(401,082)	(672,124)
Total Real Estate Operations	2,147,687	900,544	4,436,594	1,990,148
Interest and Other Income	191,022	83,007	303,911	258,218
Operating Income	2,338,709	983,551	4,740,505	2,248,366
General and Administrative Expenses	(1,452,816)	(644,502)	(2,973,057)	(2,437,115)
Loss on Early Extinguishment of Debt			(245,726)
Income (Loss) from Continuing Operations
Before Income Taxes	885,893	339,049	1,521,722	(188,749)
Income Taxes	(336,089)	(95,758)	(579,185)	97,233
Income (Loss) from Continuing Operations	549,804	243,291	942,537	(91,516)
Income from Discontinued Operations (net of tax)	49,782	75,491	151,450	151,393
Net Income	$ 599,586	$ 318,782	$ 1,093,987	$ 59,877
Basic and Diluted Per Share Information:
Income (Loss) from Continuing Operations	$ 0.09	$ 0.04	$ 0.16	$ (0.02)
Income from Discontinued Operations (net of tax)	0.01	0.02	0.03	0.03
Net Income Per Share	0.10	0.06	0.19	0.01
Dividends Per Share	$ 0.02	$ 0.01	$ 0.02	$ 0.02

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Consolidated Statements of Comprehensive Income [Abstract]
Net Income	$ 599,586	$ 318,782	$ 1,093,987	$ 59,877
Cash Flow Hedging Derivative (net of tax of $28,991 and $59,923 respectively)		46,164		95,418
Mark to Market Available-for-Sale
Investment Securities (net of tax of $9,322)				(14,844)
Total Other Comprehensive Income, Net of Tax		46,164		80,574
Total Comprehensive Income	$ 599,586	$ 364,946	$ 1,093,987	$ 140,451

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Net of tax amount of other comprehensive income (loss) attributable to the parent entity.

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+ Details

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Consolidated Statements of Comprehensive Income [Abstract]
Cash flow derivative, tax	$ 28,991	$ 28,991	$ 59,923	$ 59,923
Investment Securities	$ 9,322	$ 9,322	$ 9,322	$ 9,322

Consolidated Statement of Shareholders' Equity (Unaudited) - 6 months ended Jun. 30, 2012 - USD ($)	Total	Common Stock	Additional Paid- In Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Loss
Net Income	$ 1,093,987				$ 1,093,987
Stock Repurchase	(453,654)			$ (453,654)
Exercise of Stock Options	37,529	1,295	36,234
Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options	633,557		633,557
Cash Dividends($0.02 per share)	(114,510)				(114,510)
Balance at Dec. 31, 2011	113,164,443	5,724,147	5,697,554		102,872,167	(1,129,425)
Balance at Jun. 30, 2012	$ 114,361,352	$ 5,725,442	$ 6,367,345	$ (453,654)	$ 103,851,644	$ (1,129,425)

- Definition

This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation".

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Consolidated Statement of Shareholder's Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Consolidated Statement of Shareholders' Equity [Abstract]
Dividends Per Share	$ 0.02	$ 0.01	$ 0.02	$ 0.02

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Cash Flow from Operating Activities
Net Income	$ 1,093,987	$ 59,877
Adjustments to Reconcile Net Income to Net Cash Provided by (Used In) Operating Activities:
Depreciation and Amortization	1,338,925	1,293,311
Gain on Disposition of Property, Plant, and Equipment	(354,019)	(124,950)
Deferred Income Taxes	116,319	(46,389)
Non-Cash Compensation	423,625	(41,179)
Decrease (Increase) in Assets:
Refundable Income Taxes	399,905	29,351
Land and Development Costs	(21,210)	(111,525)
Other Assets	(241,847)	90,472
(Decrease) Increase in Liabilities:
Accounts Payable	89,898	(787,254)
Income Taxes Payable	385,573	60,100
Accrued Liabilities and Accrued Stock Based Compensation	(1,308,772)	(25,531)
Net Cash Provided by Operating Activities	1,922,384	396,283
Cash Flow From Investing Activities:
Acquisition of Property, Plant, and Equipment	(6,927,626)	(2,177,740)
Investment in Intangible Assets	(506,096)	(130,070)
Increase in Restricted Cash for Acquisition through the Like-Kind Exchange Process	(1,594,896)
Proceeds from Calls or Maturities of Investment Securities		1,266,450
Acquisition of Investment Securities		(1,311,963)
Proceeds from Disposition of Property, Plant, and Equipment	517,605	124,950
Proceeds from Disposition of Assets Held for Sale	7,694,710
Net Cash Used in Investing Activities	(816,303)	(2,228,373)
Cash Flow from Financing Activities:
Proceeds from Notes Payable	22,341,849	2,535,000
Payments on Notes Payable	(16,731,714)	(791,344)
Cash Proceeds from Exercise of Stock Options	2,089	3,378
Dividends Paid	(114,510)	(114,481)
Net Cash Provided by Financing Activities	5,497,714	1,632,553
Net Increase (Decrease) in Cash	6,603,795	(199,537)
Cash, Beginning of Year	6,174	337,617
Cash, End of Period	$ 6,609,969	$ 138,080

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($)	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Consolidated Statements of Cash Flows [Abstract]
Income taxes refunded	$ 227,500	$ 5,381
Repurchase of common stock share	14,634
Repurchase of common stock total cost	$ (453,654)

Description of Business and Principles of Interim Statements

6 Months Ended

Jun. 30, 2012

Description of Business and Principles of Interim Statements [Abstract]

DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS

NOTE 1. DESCRIPTION OF BUSINESS AND PRINCIPLES OF INTERIM STATEMENTS

Description of Business

The terms “us,” “we,” “our,” and “the Company” as used in this report refer to Consolidated-Tomoka Land Co. (“CTLC”) together with our consolidated subsidiaries.

We are a diversified real estate operating company. We own, acquire, and manage commercial real estate properties in four states in the U.S., with two self-developed properties located in Florida. We also own and manage a land portfolio in excess of 11,000 acres in Florida, of which approximately 10,200 acres are located within and form a substantial portion of the western boundary of the City of Daytona Beach and are well-located near central Florida’s Interstate 4 corridor and along both sides of Interstate 95. We also have golf course operations, conduct agricultural operations on Company owned land, own and manage subsurface oil and mineral rights, and lease property for billboards and hunting activities. The results of our agricultural and subsurface leasing operations are included in Real Estate Operations on our consolidated statement of operations. Our agricultural operations consist of growing, leasing, and selling timber and hay on approximately 10,200 acres of our land portfolio, which are managed by a third party. Our operations and land portfolio are predominantly located in Volusia County, Florida, with income properties located in Colorado, Florida, Georgia, and North Carolina.

Interim Financial Information

The unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures, which are normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles, have been omitted pursuant to those rules and regulations. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods. The consolidated format is designed to be read in conjunction with our last annual report on Form 10-K. For further information, refer to the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. 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.

Use of Estimates in 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 the 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.

The results of operations for the first six months of 2012 are not necessarily indicative of results to be expected for the year ending December 31, 2012.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-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 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 4, 14, 15
-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 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS140-4/FIN46(R)-8
-Paragraph 8, C1, C7
-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

Discontinued Operations

6 Months Ended

Jun. 30, 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. 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. In accordance with FAS 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. 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, for $3.925 million which was leased to Northern Tool and Equipment; and we sold our income property in Powder Springs, Georgia, for $4.09 million which was leased to Walgreen Co. A gain of $78,455 was recognized on the sale of the two properties in the quarter ended June 30, 2012. This gain includes the reversal of the $68,454 impairment charge in the fourth quarter of 2011, when the properties were classified as assets held for sale.

Following is a summary of income from discontinued operations for the periods:


	Three Months Ended						Six Months Ended
	June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011
Leasing Revenue and Other Income	$	2,590		$	165,516		$	168,106		$	331,032
Costs and Other Expenses		—			(42,616	)		—			(84,564	)

Income from Operations		2,590			122,900			168,106			246,468
Gain on Sale of Property		78,455			—			78,455			—

Income before Income Tax		81,045			122,900			246,561			246,468
Income Tax		(31,263	)		(47,409	)		(95,111	)		(95,075	)

Income from Discontinued Operations	$	49,782		$	75,491		$	151,450		$	151,393

- 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
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 205
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-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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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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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-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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-Name Accounting Standards Codification
-Topic 360
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-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230

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

Common Stock and Earnings (Loss) per Share

6 Months Ended

Jun. 30, 2012

Common Stock and Earnings (Loss) Per Share [Abstract]

COMMON STOCK AND EARNINGS (LOSS) PER SHARE

NOTE 3. COMMON STOCK AND EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the year. Diluted earnings (loss) per common share is based on the assumption of the conversion of stock options at the beginning of each period using the treasury stock method at average cost for the periods.


	Three Months Ended				Six Months Ended
	June 30, 2012		June 30, 2011		June 30, 2012		June 30, 2011
Income Available to Common Shareholders:
Income (Loss) from Continuing Operations	$	549,804	$	243,291	$	942,537	$	(91,516	)
Discontinued Operations		49,782		75,491		151,450		151,393

Net Income	$	599,586	$	318,782	$	1,093,987	$	59,877


Weighted Average Shares Outstanding		5,725,120		5,724,140		5,725,120		5,723,607
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		—		—		—		—

Total Shares Applicable to Diluted Earnings (Loss) Per Share		5,725,120		5,724,140		5,725,120		5,723,607


Basic and Diluted Per Share Information:

Income (Loss) from Continuing Operations	$	0.09	$	0.04	$	0.16	$	(0.02	)
Discontinued Operations		0.01		0.02		0.03		0.03

Net Income	$	0.10	$	0.06	$	0.19	$	0.01

No impact was considered on the conversion of stock options during the 2012 and 2011 periods as the effect would be anti-dilutive.

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2012

Fair Value of Financial Instruments [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 4. FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company accounts for financial instruments as required by the “Fair Value Measurements and Disclosure Topic of FASB ASC.” The carrying amounts of the Company’s financial assets and liabilities, including cash, restricted cash, accounts receivable, and accounts payable, approximate fair value because of the short maturity of these instruments. The carrying amount of the Company’s notes payable approximates fair value since the notes are at variable rates, which approximate current market rates for notes with similar risks and maturities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-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 159
-Paragraph 17-22, 27, 28
-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 107
-Paragraph 15A
-Subparagraph a-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 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-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 157
-Paragraph 32, 33, 34
-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 Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-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

6 Months Ended

Jun. 30, 2012

Pension Plan [Abstract]

PENSION PLAN

NOTE 5. PENSION PLAN

The Company has funded a non-contributory Defined Benefit Pension Plan (the “Plan”) covering all eligible employees. Effective December 31, 2011, the Company amended the Plan to freeze participant benefits with no future accrual after that date. Any current or future employee who was not a participant of the Plan on December 31, 2011, will not be eligible to enter the Plan. Although the Plan will remain active, the elimination of possible new entrants and future benefit accruals should reduce the Company’s contribution level over time. The contribution to the Plan in 2012 is expected to be approximately $330,000.

Following are the components of the Net Periodic Benefit Cost:


	Three Months Ended						Six Months Ended
	June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011

Service Cost	$	23,594		$	74,595		$	47,188		$	149,189
Interest Cost		101,672			113,933			203,344			227,866
Expected Return on Plan Assets		(135,492	)		(166,487	)		(270,984	)		(332,974	)
Net Amortization		17,425			9,053			34,850			18,107

Net Periodic Benefit Cost	$	7,199		$	31,094		$	14,398		$	62,188

- 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
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-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 8
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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.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
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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.

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
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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

Notes Payable

6 Months Ended

Jun. 30, 2012

Notes Payable [Abstract]

NOTES PAYABLE

NOTE 6. NOTES PAYABLE

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 facility as a percentage of total asset value of the Company. As of June 30, 2012, the interest rate was LIBOR plus 175 basis points. This facility also includes an accordion feature allowing the Company to increase the facility size up to $75 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.

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 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.

Notes payable consist of the following:


	June 30, 2012
	Total		Due Within One Year
$46 Million Credit Facility	$	20,876,849	$	—

	$	20,876,849	$	—

Payments applicable to reduction of principal amounts will be required as follows:


Year Ending June 30,
2013	$	—
2014		—
2015		20,876,849
2016		—
2017 and Thereafter		—

	$	20,876,849

At June 30, 2012, there was $25,123,151 capacity available on the existing $46,000,000 credit facility.

On July 17, 2012, we made a payment of approximately $4.2 million to pay down the Credit Facility.

For the first six months of 2012, interest expense was $276,411 with interest totaling $249,191 paid during the period. No interest was capitalized during the first six months of 2012.

For the first six months of 2011, interest expense was $378,002, net of $11,213 interest capitalized to construction in process during the period, with interest totaling $389,215 paid during the period.

The Company is in compliance with all of its debt covenants as of June 30, 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

Stock-based Compensation

6 Months Ended

Jun. 30, 2012

Stock-Based Compensation [Abstract]

STOCK-BASED COMPENSATION

NOTE 7. STOCK-BASED COMPENSATION

Under the 2010 Consolidated-Tomoka Land Co. Equity Incentive Plan (the “2010 Plan”), the Company granted to certain key employees non-vested restricted stock with vesting based upon the achievement of specified 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.

The Company used a Monte Carlo simulation valuation model to determine the fair value of its market condition 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 six months ended June 30, 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 June 30, 2012		7,900		$	23.13

As of June 30, 2012, there was $123,922 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 3.4 years.

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 the following equity awards:

•

Non-Qualified Stock Option Award: Pursuant to the Consolidated-Tomoka Land Co. Non-Qualified Stock Option Award Agreements between the Company and Mr. Albright and Mr. Patten (the “Stock Option Award Agreement”), 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 the grant dates. One-third of the options will vest on each of the first, second, and third anniversaries of the 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.

•

Restricted Share Award: “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.

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 a Monte Carlo simulation valuation 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.

A summary of the activity for both awards during the six months ended June 30, 2012, is presented below:

NON-QUALIFIED STOCK OPTION AWARD


	Shares		Wtd Avg Grant 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 June 30, 2012		60,000	$	28.97		9.20		—

Exercisable at June 30, 2012		—		—		—		—

As of June 30, 2012, there was $439,406 of unrecognized compensation related to non-qualified, non-vested stock option awards, which will be recognized over a period of 2.2 years.

MARKET CONDITION INDUCEMENT GRANT OF RESTRICTED SHARES


	Shares		Wtd Avg Ex Price
Outstanding at December 31, 2011		96,000	$	18.47
Granted		17,000		18.02
Vested		—		—
Forfeited		—		—

Outstanding at June 30, 2012		113,000	$	18.40

As of June 30, 2012, there was $1,119,696 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 1.4 years.

The Company has maintained 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. 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 June 30, 2012, and changes during the six months then ended is presented below:

STOCK OPTIONS


	Shares			Wtd Avg Grant Price		Wtd Avg Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2011		205,800		$	53.12
Granted		—			—
Exercised		(4,000	)		20.12
Expired		(82,200	)		54.96

Outstanding at June 30, 2012		119,600		$	52.95		4.79	$	31,176

Exercisable at June 30, 2012		105,680		$	54.50		4.57	$	31,176

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		(4,000	)		4.77
Expired		(82,200	)		0.42

Outstanding at June 30, 2012		119,600		$	0.63		4.79	$	16,787

Exercisable at June 30, 2012		105,680		$	0.58		4.57	$	16,787

In connection with the exercise of 4,000 option shares, 1,295 shares of stock were issued and 2,705 shares of stock were surrendered to relieve the stock option liability by $35,440. Cash proceeds of $2,089 were received on the exercise of stock options. The intrinsic value of the stock options and stock appreciation rights exercised during the period was $35,440 and $19,083, respectively.

As of June 30, 2012, there was $7,912 of unrecognized compensation related to stock options and stock appreciation rights under the 2001 Plan, which will be recognized over a weighted average period of 1.46 years.

- 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

Accrued Liabilities

6 Months Ended

Jun. 30, 2012

Accrued Liabilities [Abstract]

ACCRUED LIABILITIES

NOTE 8. ACCRUED LIABILITIES

The Company has certain accrued liabilities on its consolidated balance sheets, which consisted of the following:


	As of
	June 30, 2012		December 31, 2011
Golf Course Lease	$	3,860,127	$	3,792,086
Deferred Compensation		829,464		1,598,871
Deferred Road Construction Costs		—		570,804
Accrued Property Taxes		503,889		237,967
Deferred Lease and Other Income		483,149		678,219
Other Post-Retirement Benefits		199,545		166,000
Other		441,757		273,729

	$	6,317,931	$	7,317,676

As disclosed in Note 12, in July 2012, the Company entered into an agreement to, among other things, amend the remaining lease payments under the golf course lease whereby commencing September 1, 2012, and continuing throughout the initial lease term and any extension option (as defined in the Lease Agreement), the base rent payments will equal $250,000 per year subject to an annual rate adjustment beginning September 1, 2013 of 1.75%. 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 $3,860,127 as of June 30, 2012.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2012

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 9. COMMITMENTS AND CONTINGENCIES

In September 2010, St. Johns River Water Management District (the “District”) served the Company with an administrative complaint filed with the Florida Department 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. Any potential resolution regarding the remaining acreage is uncertain and an estimate of any range of loss is not determinable at this time.

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. 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 originally 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 through North Carolina counsel engaged by the Company to represent its interests in both the condemnation proceedings and the tenant matter. The Company, through counsel, 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 has 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. Harris Teeter has agreed that, pending the NCDOT determination, Harris Teeter will continue as a tenant.

The Company filed a lawsuit in the Circuit Court, Seventh Judicial Circuit, in and for Volusia County, Florida, in May 2010, 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 in Daytona Beach, Florida. 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 Court determined that the Company’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. BB&T was the only defendant that appeared at the hearing at which the Company and BB&T stated their agreement to entry of a final summary judgment of foreclosure in the Company’s favor. However, BB&T also stated its intention to appeal the final judgment based on the Court’s determination in the matter of priority.

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 cost of $453,654. The Program expired June 30, 2012. The repurchased shares are being held as treasury shares. The Company did not provide any recommendation regarding shareholder participation and the decision was entirely that of the shareholder as to whether to sell shares in this Program.

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.

- 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
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-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
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-SubTopic 20
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-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

Subsurface Interests

6 Months Ended

Jun. 30, 2012

Subsurface Interests [Abstract]

SUBSURFACE INTERESTS

NOTE 10. SUBSURFACE INTERESTS

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 $922,000, representing the guaranteed second year’s lease payment, is being held in escrow. The Company will also receive royalty payments if production occurs. Lease income is being recognized on a straight-line basis over the guaranteed lease term. Year-to-date through June 30, 2012, lease income totaling $457,059 has been recognized.

The Company currently receives oil royalty payments under a separate agreement. Oil royalty income is recognized as the Company receives its royalty payments. Year-to-date through June 30, 2012, oil royalty income totaling $161,484 has been recognized.

Income Taxes

6 Months Ended

Jun. 30, 2012

Income Taxes [Abstract]

INCOME TAXES

NOTE 11. INCOME TAXES

The effective income tax rate for the three-month and six-month periods ended June 30, 2012, including income taxes attributable to the discontinued operations, was 38.0% and 38.1%, respectively. There was no change to unrecognized tax benefits during the periods. For the three-month period ended June 30, 2011 the effective income tax rate including income taxes attributable to the discontinued operations, was 31.0%. For the six month period ended June 30, 2011, an income tax benefit of $2,158 was recorded on income before tax of $57,717, equivalent to a negative effective tax rate including income taxes attributable to the discontinued operations, of 3.7%. The tax amounts recognized in 2011 were impacted by the recognition of approximately $24,000 of previously unrecognized tax benefits. The provision for income taxes reflects the Company’s estimate of the effective rate expected to be applicable for the full fiscal year, adjusted for any discrete events, which are reported in the period that they occur. The Company and its subsidiaries file consolidated income tax returns in the United States Federal jurisdiction and in several states. The Internal Revenues Service has audited the Company’s consolidated federal tax returns through the year 2006, with all proposed adjustments settled.

- 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
-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
-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
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-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

Subsequent Events

6 Months Ended

Jun. 30, 2012

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 12. SUBSEQUENT EVENTS

On July 25, 2012, CTLC through an affiliated company, which is a consolidated subsidiary, received fully executed copies of that certain Fifth Amendment to the Lease Agreement (the “Amendment”), whereby, effective as of July 18, 2012, the lease agreement entered into in August of 1997, between the Company, as the tenant/lessee, and the City of Daytona Beach, a Florida municipal corporation (the ‘City’), as Lessor, (the ‘Lease Agreement’) was amended. See Note 8.

The Amendment provides, among other things, the following amended terms to the Lease Agreement:

Commencing September 1, 2012, and continuing throughout the initial lease term and any extension option (as defined in the Lease Agreement), the base rent payments will equal $250,000 per year subject to an annual rate adjustment beginning September 1, 2013, of 1.75%;

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 following amounts:

5% of gross revenues (as defined in the Amendment) exceeding $5,500,000 up to $6,500,000;

7% of gross revenues (as defined in the Amendment) exceeding $6,500,000.

The Company will spend no less than $200,000 prior to September 1, 2015, for certain capital improvements to the facilities.

Business Segment Data

6 Months Ended

Jun. 30, 2012

Business Segment Data [Abstract]

BUSINESS SEGMENT DATA

NOTE 13. BUSINESS SEGMENT DATA

The Company primarily operates in three business segments: real estate, income properties, and golf. Real estate operations include land transactions, agricultural operations, and leasing properties for oil and mineral exploration.

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

Information about the Company’s operations in different segments is as follows:


	Three Months Ended						Six Months Ended
	June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011
Revenues:
Real Estate	$	930,477		$	69,002		$	2,004,197		$	138,826
Income Properties		2,454,689			2,227,488			4,793,712			4,435,697
Golf		1,253,079			1,347,704			2,582,658			2,721,280
General, Corporate, and Other		191,022			83,007			303,911			258,218

	$	4,829,267		$	3,727,201		$	9,684,478		$	7,554,021

Income (Loss):

Real Estate	$	591,491		$	(301,626	)	$	1,371,374		$	(549,895	)
Income Properties		1,781,868			1,613,710			3,466,302			3,212,167
Golf		(225,672	)		(411,540	)		(401,082	)		(672,124	)
General, Corporate, and Other		(1,261,794	)		(561,495	)		(2,914,872	)		(2,178,897	)

	$	885,893		$	339,049		$	1,521,722		$	(188,749	)

Depreciation and Amortization:
Real Estate	$	11,072		$	49,157		$	30,907		$	106,723
Income Properties		487,778			466,982			948,902			932,152
Golf		43,444			102,072			87,207			205,737
General, Corporate, and Other		13,097			16,832			26,183			48,699

	$	555,391		$	635,043		$	1,093,199		$	1,293,311

Capital Expenditures:
Real Estate	$	12,549		$	83,545		$	22,031		$	304,930
Income Properties		6,890,120			1,727,507			6,890,120			1,868,125
Golf		—			2,179			—			4,155
General, Corporate, and Other		15,547			—			15,475			530

	$	6,918,144		$	1,813,231		$	6,927,626		$	2,177,740


	As of
	June 30, 2012		December 31, 2011
Identifiable Assets:
Real Estate	$	45,165,626	$	45,314,133
Income Properties		117,375,633		116,943,722
Golf		3,404,331		2,858,448
General, Corporate, and Other		10,618,559		5,149,500

	$	176,564,149	$	170,265,803

Income represents income (loss) from continuing operations before income taxes. Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. General corporate assets and assets used in the Company’s other operations consist primarily of cash, property, plant, and equipment. There were no transactions between segments for either of the periods.

- 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
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-SubTopic 10
-Section 50
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-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
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Paragraph 42
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-Paragraph 10
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

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-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

Concentration of Risks and Uncertainties

6 Months Ended

Jun. 30, 2012

Concentration of Risks and Uncertainties [Abstract]

CONCENTRATION OF RISKS AND UNCERTAINTIES

NOTE 14. CONCENTRATION OF RISKS AND UNCERTAINTIES

The Company’s real estate investments are concentrated in the State of Florida. Uncertainty of the duration of the prolonged real estate and economic slump could have an adverse impact on the Company’s real estate values.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6327-108592

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13531-108611

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
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-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6404-108592

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 18
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6351-108592

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13537-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 94-6
-Paragraph 21, 22, 24
-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 107
-Paragraph 15A
-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

Recently Issued Accounting Policies

6 Months Ended

Jun. 30, 2012

Recently Issued Accounting Policies [Abstract]

RECENTLY ISSUED ACCOUNTING POLICIES

NOTE 15. RECENTLY ISSUED ACCOUNTING POLICIES

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.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22583-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=6958853&loc=d3e46468-122699

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-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 2
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
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-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 01
-Paragraph b
-Subparagraph 6
-Article 10

+ Details

Description of Business and Principles of Interim Statements (Policies)	6 Months Ended
	Jun. 30, 2012
Description of Business and Principles of Interim Statements [Abstract]
Description of Business	*Description of Business* The terms “us,” “we,” “our,” and “the Company” as used in this report refer to Consolidated-Tomoka Land Co. (“CTLC”) together with our consolidated subsidiaries. We are a diversified real estate operating company. We own, acquire, and manage commercial real estate properties in four states in the U.S., with two self-developed properties located in Florida. We also own and manage a land portfolio in excess of 11,000 acres in Florida, of which approximately 10,200 acres are located within and form a substantial portion of the western boundary of the City of Daytona Beach and are well-located near central Florida’s Interstate 4 corridor and along both sides of Interstate 95. We also have golf course operations, conduct agricultural operations on Company owned land, own and manage subsurface oil and mineral rights, and lease property for billboards and hunting activities. The results of our agricultural and subsurface leasing operations are included in Real Estate Operations on our consolidated statement of operations. Our agricultural operations consist of growing, leasing, and selling timber and hay on approximately 10,200 acres of our land portfolio, which are managed by a third party. Our operations and land portfolio are predominantly located in Volusia County, Florida, with income properties located in Colorado, Florida, Georgia, and North Carolina.
Interim Financial Information	*Interim Financial Information* The unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures, which are normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles, have been omitted pursuant to those rules and regulations. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods. The consolidated format is designed to be read in conjunction with our last annual report on Form 10-K. For further information, refer to the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.
Principles of Consolidation	*Principles of Consolidation* The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. 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.
Use of Estimates in Preparation of Financial Statements	*Use of Estimates in 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 the 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. The results of operations for the first six months of 2012 are not necessarily indicative of results to be expected for the year ending December 31, 2012.
Fair value measurements and disclosure	The Company accounts for financial instruments as required by the “Fair Value Measurements and Disclosure Topic of FASB ASC.” The carrying amounts of the Company’s financial assets and liabilities, including cash, restricted cash, accounts receivable, and accounts payable, approximate fair value because of the short maturity of these instruments. The carrying amount of the Company’s notes payable approximates fair value since the notes are at variable rates, which approximate current market rates for notes with similar risks and maturities.
Presentation of comprehensive income	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.
Offsetting financial assets and financial liabilities	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.

- Definition

Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2197480

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 40
-Section 45
-URI http://asc.fasb.org/section&trid=2197723

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 323
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-URI http://asc.fasb.org/subtopic&trid=2196966

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 325
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-URI http://asc.fasb.org/subtopic&trid=2197087

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.3A-02)
-URI http://asc.fasb.org/extlink&oid=6959686&loc=d3e355033-122828

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=16385135&loc=d3e33801-111570

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 4
-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 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 5, 6, 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.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 96-16
-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 FASB Interpretation (FIN)
-Number 46R
-Paragraph 4
-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 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 20
-Subparagraph a(2)
-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 Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-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 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 97-2
-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 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph k
-Article 1

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 140
-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 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02, 03
-Article 3A

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 14, 15
-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

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2012

Discontinued Operations [Abstract]

Summary of income from discontinued operations


	Three Months Ended						Six Months Ended
	June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011
Leasing Revenue and Other Income	$	2,590		$	165,516		$	168,106		$	331,032
Costs and Other Expenses		—			(42,616	)		—			(84,564	)

Income from Operations		2,590			122,900			168,106			246,468
Gain on Sale of Property		78,455			—			78,455			—

Income before Income Tax		81,045			122,900			246,561			246,468
Income Tax		(31,263	)		(47,409	)		(95,111	)		(95,075	)

Income from Discontinued Operations	$	49,782		$	75,491		$	151,450		$	151,393

- 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

Common Stock and Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2012

Common Stock and Earnings (Loss) Per Share [Abstract]

Summary of common stock and earnings (loss) per share


	Three Months Ended				Six Months Ended
	June 30, 2012		June 30, 2011		June 30, 2012		June 30, 2011
Income Available to Common Shareholders:
Income (Loss) from Continuing Operations	$	549,804	$	243,291	$	942,537	$	(91,516	)
Discontinued Operations		49,782		75,491		151,450		151,393

Net Income	$	599,586	$	318,782	$	1,093,987	$	59,877


Weighted Average Shares Outstanding		5,725,120		5,724,140		5,725,120		5,723,607
Common Shares Applicable to Stock
Options Using the Treasury Stock Method		—		—		—		—

Total Shares Applicable to Diluted Earnings (Loss) Per Share		5,725,120		5,724,140		5,725,120		5,723,607


Basic and Diluted Per Share Information:

Income (Loss) from Continuing Operations	$	0.09	$	0.04	$	0.16	$	(0.02	)
Discontinued Operations		0.01		0.02		0.03		0.03

Net Income	$	0.10	$	0.06	$	0.19	$	0.01

No impact was considered on the conversion of stock options during the 2012 and 2011 periods as the effect would be anti-dilutive.

Pension Plan (Tables)

6 Months Ended

Jun. 30, 2012

Pension Plan [Abstract]

Summary of components of net periodic benefit cost


	Three Months Ended						Six Months Ended
	June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011

Service Cost	$	23,594		$	74,595		$	47,188		$	149,189
Interest Cost		101,672			113,933			203,344			227,866
Expected Return on Plan Assets		(135,492	)		(166,487	)		(270,984	)		(332,974	)
Net Amortization		17,425			9,053			34,850			18,107

Net Periodic Benefit Cost	$	7,199		$	31,094		$	14,398		$	62,188

Notes Payable (Tables)

6 Months Ended

Jun. 30, 2012

Notes Payable [Abstract]

Summary of notes payable


	June 30, 2012
	Total		Due Within One Year
$46 Million Credit Facility	$	20,876,849	$	—

	$	20,876,849	$	—

Summary of payments applicable to reduction of principal amounts


Year Ending June 30,
2013	$	—
2014		—
2015		20,876,849
2016		—
2017 and Thereafter		—

	$	20,876,849

- 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
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-SubTopic 10
-Section 50
-Paragraph 8
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-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1A
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-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

Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2012

Stock-Based Compensation [Abstract]

Summary of stock based compensation activity

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 June 30, 2012		7,900		$	23.13

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


	Shares		Wtd Avg Grant 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 June 30, 2012		60,000	$	28.97		9.20		—

Exercisable at June 30, 2012		—		—		—		—

Summary of market condition inducement grant of restricted shares


	Shares		Wtd Avg Ex Price
Outstanding at December 31, 2011		96,000	$	18.47
Granted		17,000		18.02
Vested		—		—
Forfeited		—		—

Outstanding at June 30, 2012		113,000	$	18.40

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


	Shares			Wtd Avg Grant Price		Wtd Avg Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2011		205,800		$	53.12
Granted		—			—
Exercised		(4,000	)		20.12
Expired		(82,200	)		54.96

Outstanding at June 30, 2012		119,600		$	52.95		4.79	$	31,176

Exercisable at June 30, 2012		105,680		$	54.50		4.57	$	31,176


	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		(4,000	)		4.77
Expired		(82,200	)		0.42

Outstanding at June 30, 2012		119,600		$	0.63		4.79	$	16,787

Exercisable at June 30, 2012		105,680		$	0.58		4.57	$	16,787

Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2012

Accrued Liabilities [Abstract]

Accrued liabilities on its consolidated balance sheets


	As of
	June 30, 2012		December 31, 2011
Golf Course Lease	$	3,860,127	$	3,792,086
Deferred Compensation		829,464		1,598,871
Deferred Road Construction Costs		—		570,804
Accrued Property Taxes		503,889		237,967
Deferred Lease and Other Income		483,149		678,219
Other Post-Retirement Benefits		199,545		166,000
Other		441,757		273,729

	$	6,317,931	$	7,317,676

Business Segment Data (Tables)

6 Months Ended

Jun. 30, 2012

Business Segment Data [Abstract]

Summary of operations in different segments


	Three Months Ended						Six Months Ended
	June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011
Revenues:
Real Estate	$	930,477		$	69,002		$	2,004,197		$	138,826
Income Properties		2,454,689			2,227,488			4,793,712			4,435,697
Golf		1,253,079			1,347,704			2,582,658			2,721,280
General, Corporate, and Other		191,022			83,007			303,911			258,218

	$	4,829,267		$	3,727,201		$	9,684,478		$	7,554,021

Income (Loss):

Real Estate	$	591,491		$	(301,626	)	$	1,371,374		$	(549,895	)
Income Properties		1,781,868			1,613,710			3,466,302			3,212,167
Golf		(225,672	)		(411,540	)		(401,082	)		(672,124	)
General, Corporate, and Other		(1,261,794	)		(561,495	)		(2,914,872	)		(2,178,897	)

	$	885,893		$	339,049		$	1,521,722		$	(188,749	)

Depreciation and Amortization:
Real Estate	$	11,072		$	49,157		$	30,907		$	106,723
Income Properties		487,778			466,982			948,902			932,152
Golf		43,444			102,072			87,207			205,737
General, Corporate, and Other		13,097			16,832			26,183			48,699

	$	555,391		$	635,043		$	1,093,199		$	1,293,311

Capital Expenditures:
Real Estate	$	12,549		$	83,545		$	22,031		$	304,930
Income Properties		6,890,120			1,727,507			6,890,120			1,868,125
Golf		—			2,179			—			4,155
General, Corporate, and Other		15,547			—			15,475			530

	$	6,918,144		$	1,813,231		$	6,927,626		$	2,177,740


	As of
	June 30, 2012		December 31, 2011
Identifiable Assets:
Real Estate	$	45,165,626	$	45,314,133
Income Properties		117,375,633		116,943,722
Golf		3,404,331		2,858,448
General, Corporate, and Other		10,618,559		5,149,500

	$	176,564,149	$	170,265,803

- 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

Description of Business and Principles of Interim Statements (Details)	Jun. 30, 2012 a Property
Description of Business and Principles of Interim Statements (Textual) [Abstract]
Self developed properties \| Property	2
Commercial real estate properties \| Property	4
Land portfolio \| a	11,000
Area of land within the western boundary \| a	10,200

Discontinued Operations (Details) - USD ($)	3 Months Ended		6 Months Ended
Discontinued Operations (Details) - USD ($)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Summary of income from discontinued operations
Leasing Revenue and Other Income	$ 2,590	$ 165,516	$ 168,106	$ 331,032
Costs and Other Expenses		(42,616)		(84,564)
Income from Operations	2,590	122,900	168,106	246,468
Gain on Sale of Property	78,455		78,455
Income before Income Tax	81,045	122,900	246,561	246,468
Income Tax	(31,263)	(47,409)	(95,111)	(95,075)
Income from Discontinued Operations (net of tax)	$ 49,782	$ 75,491	$ 151,450	$ 151,393

- 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
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-Name Accounting Standards Codification
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-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=18498875&loc=d3e38679-109324

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
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-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
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-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
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-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)	3 Months Ended	6 Months Ended
Discontinued Operations (Details Textual)	Jun. 30, 2012 USD ($) Property	Jun. 30, 2012 USD ($) Property
Discontinued Operations (Textual) [Abstract]
Gain on Sale of Property	$ 78,455	$ 78,455
Discontinued Operations (Additional Textual) [Abstract]
Number of income properties \| Property	3	3
Lease expiration date		Jan. 31, 2010
Impairment charge	$ 68,454
Northern Tool [Member]
Discontinued Operations (Textual) [Abstract]
Gain on Sale of Property	3,925,000
Walgreen Company [Member]
Discontinued Operations (Textual) [Abstract]
Gain on Sale of Property	$ 4,090,000

Common Stock and Earnings (Loss) Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Income Available to Common Shareholders:
Income (Loss) from Continuing Operations	$ 549,804	$ 243,291	$ 942,537	$ (91,516)
Discontinued Operations	49,782	75,491	151,450	151,393
Net Income	$ 599,586	$ 318,782	$ 1,093,987	$ 59,877
Weighted Average Shares Outstanding	5,725,120	5,724,140	5,725,120	5,723,607
Common Shares Applicable to Stock
Options Using the Treasury Stock Method
Total Shares Applicable to Diluted Earnings (Loss) Per Share	5,725,120	5,724,140	5,725,120	5,723,607
Basic and Diluted Per Share Information:
Income (Loss) from Continuing Operations	$ 0.09	$ 0.04	$ 0.16	$ (0.02)
Discontinued Operations	0.01	0.02	0.03	0.03
Net Income	$ 0.10	$ 0.06	$ 0.19	$ 0.01

Pension Plan (Details) - USD ($)	3 Months Ended		6 Months Ended
Pension Plan (Details) - USD ($)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Summary of components of net periodic benefit cost
Service Cost	$ 23,594	$ 74,595	$ 47,188	$ 149,189
Interest Cost	101,672	113,933	203,344	227,866
Expected Return on Plan Assets	(135,492)	(166,487)	(270,984)	(332,974)
Net Amortization	17,425	9,053	34,850	18,107
Net Periodic Benefit Cost	$ 7,199	$ 31,094	$ 14,398	$ 62,188

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)(3)
-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
-Section 50
-Paragraph 1
-Subparagraph (h)(1)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 715
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-Paragraph 1
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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 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 Textual)	6 Months Ended
Pension Plan (Details Textual)	Jun. 30, 2012 USD ($)
Pension Plan (Textual) [Abstract]
Expected contribution to defined benefit plan	$ 330,000

Notes Payable (Details) - USD ($)	Jun. 30, 2012	Dec. 31, 2011
Summary of Notes payable
$46 Million Credit Facility, Total	$ 20,876,849
Notes Payable	20,876,849	$ 15,266,714
$46 Million Credit Facility, Due Within One Year
Notes Payable, Due Within One Year

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

- Definition

The carrying value as of the balance sheet date of the current portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Notes Payable (Details 1)	Jun. 30, 2012 USD ($)
Year Ending June 30,
2013
2014
2015	20,876,849
2016
2017 and Thereafter
Long-term Debt, Total	$ 20,876,849

Notes Payable (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
Notes Payable (Details Textual) - USD ($)	Feb. 27, 2012	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Jul. 17, 2012	Jul. 01, 2012
Line of Credit Facility [Line Items]
Line of credit facility LIBOR Plus interest rate		1.75%		1.75%
Revolving credit facility	$ 46,000,000
Revolving credit facility, maturity date	Feb. 27, 2015
Deferred loan costs write off				$ 245,726
Notes Payable (Textual) [Abstract]
Credit agreement , description				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.
Line of credit facility LIBOR Plus interest rate period	30 days
Increased amount of credit facility	$ 75,000,000
Restrictive covenants terms				(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.
Interest expense				$ 276,411	378,002
Interest paid				249,191	389,215
Interest capitalized				0	$ 11,213
Initial disbursement of credit facility							$ 9,700,000
Capacity available on the existing Credit facility				46,000,000
Credit facility capacity available		25,123,151		25,123,151
Periodic payment of credit facility						$ 4,200,000
Minimum [Member]
Line of Credit Facility [Line Items]
Line of credit facility LIBOR Plus interest rate	1.75%
Maximum [Member]
Line of Credit Facility [Line Items]
Line of credit facility LIBOR Plus interest rate	2.50%
Sun Trust Bank [Member]
Line of Credit Facility [Line Items]
Revolving credit facility		25,000,000		$ 25,000,000
Revolving credit facility, maturity date				Jun. 27, 2014
Term loan		$ 5,600,000		$ 5,600,000
Term loan maturity date				Jul. 01, 2012
Deferred loan costs write off				$ 245,726

Stock-based Compensation (Details)	6 Months Ended
Stock-based Compensation (Details)	Jun. 30, 2012 $ / shares shares
Summary of stock based compensation activity
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, exercised \| $ / shares	$ 23.13
Stock based compensation, shares outstanding, beginning balance \| shares	9,317
Stock based compensation, shares outstanding, ending balance \| shares	7,900
Stock based compensation, weighted average shares, beginning balance \| $ / shares	$ 23.13
Stock based compensation, weighted average shares, ending balance \| $ / shares	$ 23.13

Stock-based Compensation (Details 1)	6 Months Ended
Stock-based Compensation (Details 1)	Jun. 30, 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, granted \| $ / shares
Stock based compensation, shares exercised \| shares	1,417
Stock based compensation, weighted average shares, exercised \| $ / shares	$ 23.13
Stock based compensation, shares outstanding, beginning balance \| shares	9,317
Stock based compensation, shares outstanding, ending balance \| shares	7,900
Stock based compensation, weighted average shares, beginning balance \| $ / shares	$ 23.13
Stock based compensation, weighted average shares, ending balance \| $ / shares	$ 23.13
Non Qualified Stock Option Award [Member]
Summary of stock based compensation activity for non-qualified stock option award
Stock based compensation, shares, granted \| shares	10,000
Stock based compensation, weighted average shares, granted \| $ / shares	$ 29.34
Stock based compensation, shares exercised \| shares
Stock based compensation, weighted average shares, exercised \| $ / shares
Stock based compensation, shares, expired \| shares
Stock based compensation, weighted average shares, expired \| $ / shares
Stock based compensation, shares outstanding, beginning balance \| shares	50,000
Stock based compensation, shares outstanding, ending balance \| shares	60,000
Stock based compensation, weighted average shares, beginning balance \| $ / shares	$ 28.90
Stock based compensation, weighted average shares, ending balance \| $ / shares	$ 28.97
Stock based compensation, shares, exercisable \| shares
Stock based compensation, weighted average shares, exercisable \| $ / shares
Stock based compensation, weighted average remaining contractual term	9 years 2 months 12 days
Stock based compensation, aggregate intrinsic value \| $
Stock based compensation, weighted average remaining contractual term, exercisable	0 years
Stock based compensation, aggregate intrinsic value, exercisable \| $

Stock-based Compensation (Details 2) - Restricted Shares [Member]	6 Months Ended
	Jun. 30, 2012 $ / shares shares
Summary of Market Condition Inducement Grant of Restricted Shares
Stock based compensation, shares, granted \| shares	17,000
Stock based compensation, shares vested \| shares
Stock based compensation, shares forfeited \| shares
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, beginning balance \| $ / shares	18.47
Stock based compensation, weighted average shares, ending balance \| $ / shares	$ 18.40
Stock based compensation, shares, beginning balance \| shares	96,000
Stock based compensation, shares, ending balance \| shares	113,000

Stock-based Compensation (Details 3)	6 Months Ended
Stock-based Compensation (Details 3)	Jun. 30, 2012 USD ($) $ / shares shares
Summary of share option activity of stock option and stock appreciation right sunder 2001 Plan
Stock based compensation, shares, granted
Stock based compensation, weighted average shares, granted \| $ / shares
Stock based compensation, Forfeited	(1,417)
Stock based compensation, weighted average shares, exercised \| $ / shares	$ 23.13
Stock based compensation, shares outstanding, beginning balance	9,317
Stock based compensation, shares outstanding, ending balance	7,900
Stock based compensation, weighted average shares, beginning balance \| $ / shares	$ 23.13
Stock based compensation, weighted average shares, ending balance \| $ / shares	$ 23.13
Stock Appreciation Rights [Member]
Summary of share option activity of stock option and stock appreciation right sunder 2001 Plan
Stock based compensation, Forfeited	(4,000)
2001 Plan [Member] \| Stock Options [Member]
Summary of share option activity of stock option and stock appreciation right sunder 2001 Plan
Stock based compensation, shares, granted
Stock based compensation, weighted average shares, granted \| $ / shares
Stock based compensation, Forfeited	(4,000)
Stock based compensation, weighted average shares, exercised \| $ / shares	$ 20.12
Stock based compensation, shares, expired	(82,200)
Stock based compensation, weighted average shares, shares expired \| $ / shares	$ 54.96
Stock based compensation, shares outstanding, beginning balance	205,800
Stock based compensation, shares outstanding, ending balance	119,600
Stock based compensation, weighted average shares, beginning balance \| $ / shares	$ 53.12
Stock based compensation, weighted average shares, ending balance \| $ / shares	$ 52.95
Stock based compensation, shares, exercisable	105,680
Stock based compensation, weighted average shares, exercisable \| $ / shares	$ 54.50
Stock based compensation, weighted average remaining contractual term	4 years 9 months 15 days
Stock based compensation, aggregate intrinsic value \| $	$ 31,176
Stock based compensation, weighted average remaining contractual term, exercisable	4 years 6 months 26 days
Stock based compensation, aggregate intrinsic value, exercisable \| $	$ 31,176
2001 Plan [Member] \| Stock Appreciation Rights [Member]
Summary of share option activity of stock option and stock appreciation right sunder 2001 Plan
Stock based compensation, shares, granted
Stock based compensation, weighted average shares, granted \| $ / shares
Stock based compensation, Forfeited	(4,000)
Stock based compensation, weighted average shares, exercised \| $ / shares	$ 4.77
Stock based compensation, shares, expired	(82,200)
Stock based compensation, weighted average shares, shares expired \| $ / shares	$ 0.42
Stock based compensation, shares outstanding, beginning balance	205,800
Stock based compensation, shares outstanding, ending balance	119,600
Stock based compensation, weighted average shares, beginning balance \| $ / shares	$ 0.93
Stock based compensation, weighted average shares, ending balance \| $ / shares	$ 0.63
Stock based compensation, shares, exercisable	105,680
Stock based compensation, weighted average shares, exercisable \| $ / shares	$ 0.58
Stock based compensation, weighted average remaining contractual term	4 years 9 months 15 days
Stock based compensation, aggregate intrinsic value \| $	$ 16,787
Stock based compensation, weighted average remaining contractual term, exercisable	4 years 6 months 26 days
Stock based compensation, aggregate intrinsic value, exercisable \| $	$ 16,787

Stock-based Compensation (Details Textual) - USD ($)	6 Months Ended
Stock-based Compensation (Details Textual) - USD ($)	Jun. 30, 2012	Jun. 30, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period of compensation cost to be recognized	3 years 4 months 24 days
Common stock issued under stock ownership plan
Stock based compensation, shares exercised	1,417
Cash Proceeds from Exercise of Stock Options	$ 2,089	$ 3,378
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
2001 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiry of option	(a) the tenth anniversary of the grant date, (b) twelve months after Mr. Albright's death or termination for disability, or (c) thirty days after the termination of Mr. Albright's employment for any reason other than death or disability.
Unrecognized compensation cost	$ 439,406
Weighted average period of compensation cost to be recognized	2 years 2 months 12 days
Common stock issued under stock ownership plan	10,000
Stock based compensation, shares exercised
Non Qualified Stock Option Award [Member] \| 2010 Plan [Member] \| Mr. Albright [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued under stock ownership plan	50,000
Non Qualified Stock Option Award [Member] \| 2010 Plan [Member] \| Mr. Patten [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued under stock ownership plan	10,000
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 123,922
Weighted average period of compensation cost to be recognized	1 year 4 months 24 days
Common stock issued under stock ownership plan, Equity instruments	17,000
Unrecognized compensation related to non-qualified stock option awards market condition non-vested restricted shares	$ 1,119,696
Stock-based Compensation (Textual) [Abstract]
Stock vested under restricted shares
Restricted Shares [Member] \| 2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	5 years
Restricted Shares [Member] \| 2010 Plan [Member] \| Mr. Albright [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued under stock ownership plan, Equity instruments	96,000
Restricted Shares [Member] \| 2010 Plan [Member] \| Mr. Patten [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued under stock ownership plan, Equity instruments	17,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of stock exercised	$ 35,440
Stock Options [Member] \| 2001 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 7,912
Weighted average period of compensation cost to be recognized	1 year 5 months 16 days
Common stock issued under stock ownership plan
Stock based compensation, shares exercised	4,000
Stock option plan 2001 expiration date	2010
Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, shares exercised	4,000
Option shares issued under stock appreciation rights	1,295
Option shares surrendered under stock appreciation rights	2,705
Stock option liability	$ 35,440
Cash Proceeds from Exercise of Stock Options	2,089
Intrinsic value of stock exercised	$ 19,083
Stock Appreciation Rights [Member] \| 2001 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued under stock ownership plan
Stock based compensation, shares exercised	4,000

Accrued Liabilities (Details) - USD ($)	Jun. 30, 2012	Dec. 31, 2011
Accrued liabilities on its consolidated balance sheets
Golf Course Lease	$ 3,860,127	$ 3,792,086
Deferred Compensation	829,464	1,598,871
Deferred Road Construction Costs		570,804
Accrued Property Taxes	503,889	237,967
Deferred Lease and Other Income	483,149	678,219
Other Post-Retirement Benefits	199,545	166,000
Other	441,757	273,729
Accrued Liabilities	$ 6,317,931	$ 7,317,676

Accrued Liabilities (Details Textual)	6 Months Ended
Accrued Liabilities (Details Textual)	Jun. 30, 2012 USD ($)
Accrued Liabilities (Textual) [Abstract]
Base rent payments	$ 250,000
Annual rate adjustment percentage	1.75%
Estimated accrual for deferred rent	$ 3,860,127

Commitments and Contingencies (Details)	1 Months Ended		6 Months Ended
Commitments and Contingencies (Details)	May 31, 2012	Apr. 26, 2012 USD ($) shares	Jun. 30, 2012	Sep. 30, 2010 a	May 31, 2010 USD ($)
Commitments and Contingencies (Textual) [Abstract]
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
Description of Number of Shares Held By Shareholder Maximum		Less than 100
Number of shares purchased under voluntary Odd-Lot Buy-Back Program \| shares		14,634
Costs of shares purchased under voluntary Odd-Lot Buy-Back Program \| $		$ 453,654
Odd-Lot Buy Back Program expiration date			Jun. 30, 2012
FM Bayberry Cove Holding LLC [Member]
Loss Contingencies [Line Items]
Claim of lien on real property \| $					$ 3,800,000
NCDOT [Member] \| Minimum [Member]
Loss Contingencies [Line Items]
Months to reach a final decision on its consideration	6 months
NCDOT [Member] \| Maximum [Member]
Loss Contingencies [Line Items]
Months to reach a final decision on its consideration	18 months

Subsurface Interests (Details)	6 Months Ended	12 Months Ended
Subsurface Interests (Details)	Jun. 30, 2012 USD ($)	Dec. 31, 2011 USD ($) a
Subsurface Interests (Textual) [Abstract]
Oil exploration lease period		8 years
Area of oil exploration lease \| a		136,000
Receipt of first year bonus rental payment		$ 913,657
Additional guaranteed second year's lease payment held in escrow		$ 922,000
Lease income	$ 457,059
Oil royalty income	$ 161,484

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Income Taxes (Textual) [Abstract]
Effective income tax rate including income taxes attributable to the discontinued operations	38.00%	31.00%	38.10%	31.00%
Change in unrecognized tax benefits			$ 0
Income tax benefit				$ 2,158
Income before tax				$ 57,717
Negative effective tax rate including income taxes attributable to the discontinued operations				3.70%
Unrecognized tax benefits					$ 24,000

- Definition

Overall income (loss) from a disposal group that is classified as a component of the entity, before income tax, reported as a separate component of income before extraordinary items. Includes the following (before income 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 + Details

Subsequent Events (Details)	6 Months Ended
Subsequent Events (Details)	Jun. 30, 2012 USD ($)
Subsequent Events (Additional Textual) [Abstract]
Lease Agreement, effective date	Jul. 18, 2012
Base rent payments	$ 250,000
Annual rate adjustment percentage	1.75%
Maximum amount of certain capital improvements	$ 200,000
5% of gross revenues [Member]
Subsequent Events (Textual) [Abstract]
Percentage of gross revenues	5.00%
7% of gross revenues [Member]
Subsequent Events (Textual) [Abstract]
Gross revenue as defined in amendment exceeding amount	$ 6,500,000
Percentage of gross revenues	7.00%
Minimum [Member] \| 5% of gross revenues [Member]
Subsequent Events (Textual) [Abstract]
Gross revenue as defined in amendment exceeding amount	$ 5,500,000
Maximum [Member] \| 5% of gross revenues [Member]
Subsequent Events (Textual) [Abstract]
Gross revenue as defined in amendment exceeding amount	$ 6,500,000

Business Segment Data (Details) - USD ($)	3 Months Ended		6 Months Ended
Business Segment Data (Details) - USD ($)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Summary of operations in different segments
Revenues	$ 4,829,267	$ 3,727,201	$ 9,684,478	$ 7,554,021
Income (Loss)	885,893	339,049	1,521,722	(188,749)
Depreciation and Amortization	555,391	635,043	1,338,925	1,293,311
Capital Expenditures, total	6,918,144	1,813,231	6,927,626	2,177,740
Identifiable Assets, total	176,564,149		176,564,149		$ 170,265,803
Real Estate [Member]
Summary of operations in different segments
Revenues	930,477	69,002	2,004,197	138,826
Income (Loss)	591,491	(301,626)	1,371,374	(549,895)
Depreciation and Amortization	11,072	49,157	30,907	106,723
Capital Expenditures, total	12,549	83,545	22,031	304,930
Identifiable Assets, total	45,165,626		45,165,626		45,314,133
Income Properties [Member]
Summary of operations in different segments
Revenues	2,454,689	2,227,488	4,793,712	4,435,697
Income (Loss)	1,781,868	1,613,710	3,466,302	3,212,167
Depreciation and Amortization	487,778	466,982	948,902	932,152
Capital Expenditures, total	6,890,120	1,727,507	6,890,120	1,868,125
Identifiable Assets, total	117,375,633		117,375,633		116,943,722
Golf [Member]
Summary of operations in different segments
Revenues	1,253,079	1,347,704	2,582,658	2,721,280
Income (Loss)	(225,672)	(411,540)	(401,082)	(672,124)
Depreciation and Amortization	43,444	102,072	87,207	205,737
Capital Expenditures, total		2,179		4,155
Identifiable Assets, total	3,404,331		3,404,331		2,858,448
General, Corporate, and Other [Member]
Summary of operations in different segments
Revenues	191,022	83,007	303,911	258,218
Income (Loss)	(1,261,794)	(561,495)	(2,914,872)	(2,178,897)
Depreciation and Amortization	13,097	$ 16,832	26,183	48,699
Capital Expenditures, total	15,547		15,475	$ 530
Identifiable Assets, total	$ 10,618,559		$ 10,618,559		$ 5,149,500