NET INCOME PER SHARE (Tables)

12 Months Ended

Dec. 31, 2022

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)	2022			2021
Numerator:
Net income	$	12,634		$	34,718
Less: preferred stock dividend		(1,111	)		(1,219	)
Less: allocation to preferred stockholders		(1,753	)		(5,601	)
Less: allocation to restricted stockholders		(559	)		(1,796	)
Net income allocated to common stockholders	$	9,211		$	26,102
Basic net income per share:
Denominator:
Weighted average common shares outstanding		25,879,483			25,080,789
Basic net income per share	$	0.36		$	1.04
Diluted net income per share:
Denominator:
Weighted average number of:
Common shares outstanding		25,879,483			25,080,789
Dilutive potential common shares outstanding:
Series A preferred stock		-			-
Unvested restricted stock		-			-
Stock options		-			-
Dilutive shares outstanding		25,879,483			25,080,789
Diluted net income per share	$	0.36		$	1.04

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,
	2022		2021
Series A preferred stock		-		5,381,356
Unvested restricted stock		516,233		825,569
		516,233		6,206,925