EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2020 and June 30, 2019:

	Three Months Ended June 30, 2020				Three Months Ended June 30, 2019
Net income			$	1,878,703			$	1,394,170
Less dividends:
Common stock	$	1,870,754			$	1,776,575
Preferred stock	3,750				3,792
			1,874,504				1,780,367
Undistributed earnings (deficit)			$	4,199			$	(386,197)

	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)	—		—		—		(0.01)
Total	$	0.08	$	0.08	$	0.07	$	0.06

	Six Months Ended June 30, 2020				Six Months Ended June 30, 2019
Net income			$	3,430,374			$	2,868,937
Less dividends:
Common stock	$	3,741,170			$	3,434,711
Preferred stock	7,500				484,264
Deemed dividend on preferred stock related to redemption	—				3,093,028
			3,748,670				7,012,003
Undistributed earnings (deficit)			$	(318,296)			$	(4,143,066)

	Unvested Share-Based Payment Awards		Common Stock		Unvested Share-Based Payment Awards		Common Stock
Distributed earnings	$	0.15	$	0.15	$	0.14	$	0.14
Undistributed earnings (deficit)	$	—	$	(0.01)	$	—	$	(0.17)
Total	$	0.15	$	0.14	$	0.14	$	(0.03)

Schedule of Weighted Average Number of Shares

	For the three months ended June 30,
	2020	2019
Basic weighted average shares of common stock	24,935,372	23,683,164
Weighted average of non-vested restricted stock	4,203	4,500
Diluted weighted average shares of common stock outstanding	24,939,575	23,687,664

	For the six months ended June 30,
	2020	2019
Basic weighted average shares of common stock	24,921,177	23,683,164
Weighted average of non-vested restricted stock	4,352	4,500
Diluted weighted average shares of common stock outstanding	24,925,529	23,687,664