EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021 and March 31, 2020:

	Three Months Ended March 31, 2021				Three Months Ended March 31, 2020
Net income			$	2,808,643			$	1,551,671
Less dividends:
Common stock	$	2,244,904			$	1,870,416
Preferred stock	3,708				3,750
			2,248,612				1,874,166
Undistributed earnings (deficit)			$	560,031			$	(322,495)

	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)	0.02		0.02		—		(0.02)
Total	$	0.11	$	0.11	$	0.08	$	0.06

Schedule of Weighted Average Number of Shares

	For the three months ended March 31,
	2021	2020
Basic weighted average shares of common stock	24,938,883	24,906,983
Weighted average of non-vested restricted stock	4,500	4,500
Diluted weighted average shares of common stock outstanding	24,943,383	24,911,483