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EARNINGS PER SHARE
3 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
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 three months ended March 31, 2020 and March 31, 2019:

 Three Months Ended March 31, 2020Three Months Ended March 31, 2019
Net income$1,551,671  $1,474,767  
Less dividends:    
Common stock$1,870,416   $1,658,136   
Preferred stock3,750   480,472   
Deemed dividend on preferred stock related to redemption—  3,093,028  
 1,874,166   5,231,636  
Undistributed earnings (deficit)$(322,495) $(3,756,869) 

Unvested Share-Based
Payment Awards
Common StockUnvested Share-Based
Payment Awards
Common Stock
Distributed earnings$0.08  $0.08  $0.07  $0.07  
Undistributed earnings (deficit)—  (0.02) —  (0.16) 
Total$0.08  $0.06  $0.07  $(0.09) 

For the three months ended March 31,
20202019
Basic weighted average shares of common stock24,906,983  23,683,164  
Weighted average of non-vested restricted stock4,500  4,500  
Diluted weighted average shares of common stock outstanding24,911,483  23,687,664