EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE

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 and nine months ended September 30, 2021 and September 30, 2020:

	Three Months Ended September 30, 2021				Three Months Ended September 30, 2020
Net income			$	2,374,468			$	2,551,010
Less dividends:
Common stock	$	2,245,310			$	2,120,188
Preferred stock	1,198,166				3,792
			3,443,476				2,123,980
Undistributed earnings (deficit)			$	(1,069,008)			$	427,030

	Unvested Share-Based Payment Awards		Common Stock		Unvested Share-Based Payment Awards		Common Stock
Distributed earnings	$	0.09	$	0.09	$	0.09	$	0.09
Undistributed earnings (deficit)	—		(0.04)		0.01		0.01
Total	$	0.09	$	0.05	$	0.10	$	0.10

	For the three months ended September 30,
	2021	2020
Basic weighted average shares of common stock	24,943,383	24,938,883
Weighted average of non-vested restricted stock	4,500	4,500
Diluted weighted average shares of common stock outstanding	24,947,883	24,943,383

	Nine Months Ended September 30, 2021				Nine Months Ended September 30, 2020
Net income			$	6,863,353			$	5,981,384
Less dividends:
Common stock	$	6,735,523			$	5,861,358
Preferred stock	1,927,542				11,292
			8,663,065				5,872,650
Undistributed earnings (deficit)			$	(1,799,712)			$	108,734

	Unvested Share-Based Payment Awards		Common Stock		Unvested Share-Based Payment Awards		Common Stock
Distributed earnings	$	0.27	$	0.27	$	0.24	$	0.24
Undistributed earnings (deficit)	—		(0.07)		—		—
Total	$	0.27	$	0.20	$	0.24	$	0.24

	For the nine months ended September 30,
	2021	2020
Basic weighted average shares of common stock	24,940,630	24,927,122
Weighted average of non-vested restricted stock	4,500	4,402
Diluted weighted average shares of common stock outstanding	24,945,130	24,931,524