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EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2018
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE
 
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 years ended December 31, 2018 and December 31, 2017:
 
 
Year Ended December 31, 2018
 
Year Ended December 31, 2017
Net income (loss)
 

 
$
(5,471,462
)
 
 

 
$
4,706,961

Less dividends paid:
 

 
 

 
 

 
 

Common stock
$
6,578,196

 
 

 
$
11,904,005

 
 

Preferred stock
3,528,588

 
 

 
3,522,036

 
 

 
 

 
10,106,784

 
 

 
15,426,041

Undistributed earnings
 

 
$
(15,578,246
)
 
 

 
$
(10,719,080
)
 
Unvested Share-Based
Payment Awards
 
Common Stock
 
Unvested Share-Based
Payment Awards
 
Common Stock
Distributed earnings
$
0.28

 
$
0.28

 
$
0.60

 
$
0.60

Undistributed earnings (deficit)
(0.66
)
 
(0.66
)
 
(0.54
)
 
(0.54
)
Total
$
(0.38
)
 
$
(0.38
)
 
$
0.06

 
$
0.06


 
Pursuant to an agreement dated January 18, 2018, XL Investments agreed to terminate all of its previously held warrants to purchase 3,753,492 shares of common stock held by it, and therefore no adjustment was needed for the calculation of diluted earnings per share for the year ended December 31, 2018. No adjustment was required for the calculation of diluted earnings per share for the year ended December 31, 2017, for the warrants described in Note 17 because the warrants' exercise price was greater than the average market price of the common shares for the period, and thereby anti-dilutive. For the year ended December 31, 2018, the weighted average number of shares of common stock outstanding to calculate the basic and diluted earnings per share was 23,613,636 and for the year ended December 31, 2017, the weighted average number of shares of common stock outstanding to calculate the basic and diluted earnings per share was 20,048,128.