Income (Loss) Per Share and Per Unit (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Income (Loss) Per Share

The computation of basic and diluted net income (loss) per share is presented below:

	Three Months Ended			Three Months Ended				Nine Months Ended			Nine Months Ended
	September 30, 2022			September 30, 2021				September 30, 2022			September 30, 2021
	(unaudited)			(unaudited)				(unaudited)			(unaudited)
Numerator
Net income (loss)	$	1,972,563		$	(2,528,221	)		$	28,766,978		$	(11,657,814	)
Less: Net (income)allocated to non-vested share awards		(6,597	)		—		(1)		(94,522	)		—		(1)
Net (income) loss attributable to non-controlling interest		51,094			290,168				(1,317,225	)		1,169,344
Declared and undeclared distributions to preferred stockholders		(1,813,820	)		(2,079,028	)			(5,639,906	)		(5,797,551	)
Gain on extinguishment of preferred stock		(97,157	)		—				64,518			93,342
Net income (loss) attributable to common stockholders	$	106,083		$	(4,317,081	)		$	21,779,843		$	(16,192,679	)
Denominator
Weighted average number common shares outstanding for basic EPS computation		18,045,365			16,033,610				17,598,153			15,036,920
Effect of dilutive securities:
Unvested restricted shares		65,000			—		(1)		63,901			—		(1)
Stock compensation awards unissued		37,912			—		(1)		129,002			—		(1)
Unearned ESOP shares		411,389			—		(1)		418,710			—		(1)
Weighted average number common and common equivalent shares outstanding for diluted EPS computation		18,559,666			16,033,610				18,209,766			15,036,920
Basic net income (loss) per common share:
Undistributed income (loss)	$	0.01		$	(0.27	)		$	1.24		$	(1.08	)
Allocation of (income) loss to non-vested share awards		—			—				—			—
Total basic	$	0.01		$	(0.27	)		$	1.24		$	(1.08	)
Diluted net income (loss) per common share:
Undistributed income (loss)	$	0.01		$	(0.27	)		$	1.20		$	(1.08	)
Allocation of (income) loss to non-vested share awards		—			—				—			—
Total diluted	$	0.01		$	(0.27	)		$	1.20		$	(1.08	)

(1) Item is excluded in the calculation of diluted EPS due to its antidilutive effect.

Computation of Basic and Diluted Net Income (Loss) Per Unit

Income (Loss) Per Unit – The computation of basic and diluted net income (loss) per unit is presented below:

	Three Months Ended			Three Months Ended				Nine Months Ended			Nine Months Ended
	September 30, 2022			September 30, 2021				September 30, 2022			September 30, 2021
	(unaudited)			(unaudited)				(unaudited)			(unaudited)
Numerator
Net income (loss)	$	1,972,563		$	(2,528,221	)		$	28,766,978		$	(11,657,814	)
Less: Net (income)allocated to non-vested unit awards		(6,597	)		—		(1)		(94,522	)		—		(1)
Declared and undeclared distributions to preferred unitholders		(1,813,820	)		(2,079,028	)			(5,639,906	)		(5,797,551	)
Gain on extinguishment of preferred units		(97,157	)		—				64,518			93,342
Net income (loss) attributable to unitholders	$	54,989		$	(4,607,249	)		$	23,097,068		$	(17,362,023	)
Denominator
Weighted average number of units outstanding for basic EPU computation		19,501,310			17,446,920				19,116,224			16,457,973
Effect of dilutive securities:
Unvested restricted units		37,912			—		(1)		129,002			—		(1)
Unit compensation awards unissued		65,000			—		(1)		62,606			—		(1)
Weighted average number of equivalent units outstanding for diluted EPU computation		19,604,222			17,446,920				19,307,832			16,457,973
Basic net income (loss) per unit:
Undistributed income (loss)	$	0.00		$	(0.26	)		$	1.21		$	(1.05	)
Allocation of (income) loss to non-vested unit awards		—			—				—			—
Total basic	$	0.00		$	(0.26	)		$	1.21		$	(1.05	)
Diluted net income (loss) per unit:
Undistributed income (loss)	$	0.00		$	(0.26	)		$	1.20		$	(1.05	)
Allocation of (income) loss to non-vested unit awards		—			—				—			—
Total diluted	$	0.00		$	(0.26	)		$	1.20		$	(1.05	)

(1) Item is excluded in the calculation of diluted EPU due to its antidilutive effect.