EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

The following tables provide additional disclosure regarding the computation for the years ended December 31, 2019 and December 31, 2018: 

	Year Ended December 31, 2019				Year Ended December 31, 2018
Net income (loss)			$	6,248,890			$	(5,471,462)
Less dividends expense:
Common stock	$	6,988,198			$	6,578,196
Preferred stock	491,764				3,528,588
Deemed dividend on preferred stock redemption	3,093,028				—
			10,572,990				10,106,784
Undistributed (deficit)			$	(4,324,100)			$	(15,578,246)

	Unvested Share-Based Payment Awards		Common Stock		Unvested Share-Based Payment Awards		Common Stock
Distributed earnings	$	0.30	$	0.30	$	0.28	$	0.28
Undistributed (deficit)	$	—	$	(0.19)	—		(0.66)
Total	$	0.30	$	0.11	$	0.28	$	(0.38)

Schedule of Weighted Average Number of Shares

	For the years ended December 31,
	2019	2018
Basic weighted average shares of common stock outstanding	23,685,223	23,607,891
Weighted average of non-vested restricted stock	2,589	5,745
Diluted weighted average shares of common stock outstanding	23,687,812	23,613,636