EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020 and March 31, 2019:

	Three Months Ended March 31, 2020				Three Months Ended March 31, 2019
Net income			$	1,551,671			$	1,474,767
Less dividends:
Common stock	$	1,870,416			$	1,658,136
Preferred stock	3,750				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 Stock		Unvested 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)

Schedule of Weighted Average Number of Shares

	For the three months ended March 31,
	2020	2019
Basic weighted average shares of common stock	24,906,983	23,683,164
Weighted average of non-vested restricted stock	4,500	4,500
Diluted weighted average shares of common stock outstanding	24,911,483	23,687,664