Earnings (Loss) per Share and per Unit (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Computation of Basic Net Earnings (Loss) Per Share

The computation of the Company’s basic net earnings (loss) per share is presented below:

	Twelve Months Ended				Twelve Months Ended				Twelve Months Ended
	December 31, 2022				December 31, 2021				December 31, 2020
Numerator
Net income (loss)	$	33,959,848			$	(28,539,640	)		$	(53,682,905	)
Less: Net income allocated to participating share awards		(113,405	)			—		(1)		—		(1)
Net (income) loss attributable to non-controlling interest		(1,423,327	)			2,318,166				4,489,341
Declared and undeclared distributions to preferred stockholders		(7,634,219	)			(7,541,891	)			(8,755,642	)
Gain on extinguishment of preferred stock		64,518				361,476				—
Net income (loss) attributable to common stockholders for EPS computation	$	24,853,415			$	(33,401,889	)		$	(57,949,206	)
Denominator
Weighted average number common shares outstanding for basic EPS computation		17,802,772				15,531,684				14,312,049
Effect of dilutive participating securities:
Unvested restricted shares		—		(1)		—		(1)		—		(1)
Weighted average number common and common equivalent shares outstanding for diluted EPS computation		17,802,772				15,531,684				14,312,049
Basic net income (loss) per common share:
Undistributed income (loss)	$	1.40			$	(2.15	)		$	(4.05	)
Total basic	$	1.40			$	(2.15	)		$	(4.05	)
Diluted net income (loss) per common share:
Undistributed income (loss)	$	1.40			$	(2.15	)		$	(4.05	)
Allocation of participating share awards		—		(1)		—		(1)		—		(1)
Total diluted	$	1.40			$	(2.15	)		$	(4.05	)

(1) Anti-dilutive, therefore not included.

Computation of Basic Earnings (Loss) Per Unit

The computation of basic earnings (loss) per general and limited partnership unit in the Operating Partnership is presented below:

	Twelve Months Ended				Twelve Months Ended				Twelve Months Ended
	December 31, 2022				December 31, 2021				December 31, 2020
Numerator
Net income (loss)	$	33,959,848			$	(28,539,640	)		$	(53,682,905	)
Less: Net income allocated to participating unit awards		(113,405	)			—		(1)		—		(1)
Declared and undeclared distributions to preferred unitholders		(7,634,219	)			(7,541,891	)			(8,755,642	)
Gain on extinguishment of preferred units		64,518				361,476				—
Net income (loss) attributable to unitholders for EPU computation	$	26,276,742			$	(35,720,055	)		$	(62,438,547	)
Denominator
Weighted average number of units outstanding for basic EPU computation		19,266,320				17,186,789				16,065,499
Effect of dilutive participating securities:
Unvested restricted units		—		(1)		—		(1)		—		(1)
Weighted average number of equivalent units outstanding for diluted EPU computation		19,266,320				17,186,789				16,065,499
Basic net income (loss) per unit:
Undistributed income (loss)	$	1.36			$	(2.08	)		$	(3.89	)
Total basic	$	1.36			$	(2.08	)		$	(3.89	)
Diluted net income (loss) per unit:
Undistributed income (loss)	$	1.36			$	(2.08	)		$	(3.89	)
Allocation of participating unit awards		—		(1)		—		(1)		—		(1)
Total diluted	$	1.36			$	(2.08	)		$	(3.89	)

(1) Anti-dilutive, therefore not included.