Earnings Per Share (EPS) (Tables)

6 Months Ended

Jun. 30, 2013

Earnings Per Share (EPS) [Abstract]

Basic EPS - Common Shares

		Six Months Ended June 30,
Numerator		2012		2013
Net income available to common shares	$	6,648,374	$	7,448,858
Less: Series B-1 Preferred Shares dividends		(205,833)		(937,012)
Less: Income attributable to non-vested share awards		(122,860)		(152,600)
Net income available to common shareholders	$	6,319,681	$	6,359,246
Denominator
Weighted average number of common shares outstanding, basic		16,014,439		22,729,343
Net income per common share, basic	$	0.39	$	0.28

Diluted EPS - Common Shares

		Six Months Ended June 30,
Numerator		2012		2013
Net income available to common shares	$	6,648,374	$	7,448,858
Less: Series B-1 Preferred Shares dividends		(205,833)		(937,012)
Plus: Series B-1 Preferred Shares dividends, if converted to common shares		-		937,012
Less: Income attributable to non-vested share awards		(122,860)		(152,600)
Net income available to common shareholders	$	6,319,681	$	7,296,258
Denominator
Weighted average number of common shares outstanding, basic		16,014,439		22,729,343
Effect of Series B-1 Preferred Shares, if converted to common shares		-		5,746,557
Weighted average number of common shares outstanding, diluted		16,014,439		28,475,900
Net income per common share, diluted	$	0.39	$	0.26