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EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2017
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings Per Share
The following tables provide additional disclosure regarding the computation for the three months ended March 31, 2017 and March 31, 2016:

 
 
Three Months Ended March 31, 2017
 
Three Months Ended March 31, 2016
Net income (loss)
 
 
 
$
2,369,141

 
 
 
$
(16,947,614
)
 
 
 
 
 
 
 
 
 
Less dividends paid:
 
 

 
 

 
 

 
 

Common stock
 
$
2,630,889

 
 

 
$
2,630,021

 
 

Preferred stock
 
880,509

 
 

 
880,509

 
 

 
 
 

 
3,511,398

 
 

 
3,510,530

Undistributed earnings (deficit)
 
 
 
$
(1,142,257
)
 
 
 
$
(20,458,144
)

 
 
Unvested Share-Based
Payment Awards
 
Common Stock
 
Unvested Share-Based
Payment Awards
 
Common Stock
Distributed earnings
 
$
0.15

 
$
0.15

 
$
0.18

 
$
0.18

Undistributed earnings (deficit)
 
(0.07
)
 
(0.07
)
 
(1.40
)
 
(1.40
)
Total
 
$
0.08

 
$
0.08

 
$
(1.22
)
 
$
(1.22
)