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EARNINGS PER SHARE (as restated)
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]
NOTE 16 – EARNINGS PER SHARE 
(as restated)
 
In accordance with ASC 260, outstanding instruments that contain rights to non-forfeitable dividends are considered participating securities. The Company is required to apply the two-class method or the treasury stock method of computing basic and diluted earnings per share when there are participating securities outstanding. The Company has determined that outstanding unvested restricted shares issued under the Manager Equity Plan are participating securities, and they are therefore included in the computation of basic and diluted earnings per share. The following tables provide additional disclosure regarding the computation for the three and nine months ended September 30, 2016 and September 30, 2015:
 
 
 
Three Months Ended September 30, 2016
 
 
Three Months Ended September 30, 2015
 
Net income (loss)
 
 
 
 
 
$
1,850,690
 
 
 
 
 
 
$
(1,698,722
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less dividends paid:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock
 
$
2,628,161
 
 
 
 
 
 
$
4,417,425
 
 
 
 
 
Preferred stock
 
 
880,509
 
 
 
 
 
 
 
880,509
 
 
 
 
 
 
 
 
 
 
 
 
3,508,670
 
 
 
 
 
 
 
5,297,934
 
Undistributed earnings (deficit)
 
 
 
 
 
$
(1,657,980
)
 
 
 
 
 
$
(6,996,656
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unvested Share-Based
 
 
 
 
 
Unvested Share-Based
 
 
 
 
 
 
Payment Awards
 
 
Common Stock
 
 
Payment Awards
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributed earnings
 
$
0.18
 
 
$
0.18
 
 
$
0.30
 
 
$
0.30
 
Undistributed earnings (deficit)
 
 
(0.11
)
 
 
(0.11
)
 
 
(0.48
)
 
 
(0.48
)
Total
 
$
0.07
 
 
$
0.07
 
 
$
(0.18
)
 
$
(0.18
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2016
 
 
Nine Months Ended September 30, 2015
 
Net income (loss)
 
 
 
 
 
$
(22,896,725
)
 
 
 
 
 
$
(3,028,000
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less dividends paid:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock
 
$
7,885,803
 
 
 
 
 
 
$
15,457,238
 
 
 
 
 
Preferred stock
 
 
2,631,744
 
 
 
 
 
 
 
2,631,744
 
 
 
 
 
 
 
 
 
 
 
 
10,517,547
 
 
 
 
 
 
 
18,088,982
 
Undistributed earnings (deficit)
 
 
 
 
 
$
(33,414,272
)
 
 
 
 
 
$
(21,116,982
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unvested Share-Based
 
 
 
 
 
Unvested Share-Based
 
 
 
 
 
 
Payment Awards
 
 
Common Stock
 
 
Payment Awards
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributed earnings
 
$
0.54
 
 
$
0.54
 
 
$
1.05
 
 
$
1.05
 
Undistributed earnings (deficit)
 
 
(2.29
)
 
 
(2.29
)
 
 
(1.43
)
 
 
(1.43
)
Total
 
$
(1.75
)
 
$
(1.75
)
 
$
(0.38
)
 
$
(0.38
)
 
No adjustment was required for the calculation of diluted earnings per share for the warrants described in Note 15 because the warrants’ exercise price is greater than the average market price of the common shares for the period, and thereby anti-dilutive.