NET INCOME PER SHARE (Tables)

12 Months Ended

Dec. 31, 2021

NET INCOME PER SHARE [Abstract]

Reconciliation of Numerator and Denominator of Diluted Net Income Per Share Computations

The following is a reconciliation of the numerator and denominator of the diluted net income per share computations for the periods presented below:

	Year Ended December 31,
(in thousands, except share data)	2021			2020
Numerator:
Net income	$	34,718		$	48,565
Less: preferred stock dividend		(1,219	)		(1,378	)
Less: allocation to preferred stockholders		(5,601	)		(8,224	)
Less: allocation to restricted stockholders		(1,796	)		(2,150	)
Net income allocated to common stockholders	$	26,102		$	36,813
Basic net income per share:
Denominator:
Weighted average common shares outstanding		25,080,789			24,748,496
Basic net income per share	$	1.04		$	1.49
Diluted net income per share:
Denominator:
Weighted average number of:
Common shares outstanding		25,080,789			24,748,496
Dilutive potential common shares outstanding:
Series A Preferred Stocck		-			-
Unvested restricted stock		-			-
Stock options		-			-
Dilutive shares outstanding		25,080,789			24,748,496
Diluted net income per share	$	1.04		$	1.49

Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table summarizes the potential weighted average shares of common stock that were excluded from the determination of our diluted shares outstanding as they were anti-dilutive:

	Year Ended December 31,
	2021		2020
Series A preferred stock		5,381,356		5,381,356
Unvested restricted stock		825,569		632,693
		6,206,925		6,014,049