EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2020 and September 30, 2019:

	Three Months Ended September 30, 2020				Three Months Ended September 30, 2019
Net income			$	2,551,010			$	2,157,748
Less dividends:
Common stock	$	2,120,188			$	1,776,575
Preferred stock	3,792				3,792
			2,123,980				1,780,367
Undistributed earnings (deficit)			$	427,030			$	377,381

	Unvested Share-Based Payment Awards		Common Stock		Unvested Share-Based Payment Awards		Common Stock
Distributed earnings	$	0.09	$	0.09	$	0.08	$	0.08
Undistributed earnings (deficit)	0.01		0.01		0.01		0.01
Total	$	0.10	$	0.10	$	0.09	$	0.09

	Nine Months Ended September 30, 2020				Nine Months Ended September 30, 2019
Net income			$	5,981,384			$	5,026,685
Less dividends:
Common stock	$	5,861,358			$	5,211,286
Preferred stock	11,292				488,056
Deemed dividend on preferred stock related to redemption	—				3,093,028
			5,872,650				8,792,370
Undistributed earnings (deficit)			$	108,734			$	(3,765,685)

	Unvested Share-Based Payment Awards		Common Stock		Unvested Share-Based Payment Awards		Common Stock
Distributed earnings	$	0.24	$	0.24	$	0.22	$	0.22
Undistributed earnings (deficit)	$	—	$	—	$	—	$	(0.16)
Total	$	0.24	$	0.24	$	0.22	$	0.06

Schedule of Weighted Average Number of Shares

	For the three months ended September 30,
	2020	2019
Basic weighted average shares of common stock	24,938,883	23,683,164
Weighted average of non-vested restricted stock	4,500	4,500
Diluted weighted average shares of common stock outstanding	24,943,383	23,687,664

	For the nine months ended September 30,
	2020	2019
Basic weighted average shares of common stock	24,927,122	23,683,164
Weighted average of non-vested restricted stock	4,402	4,500
Diluted weighted average shares of common stock outstanding	24,931,524	23,687,664