EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 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 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

Schedule of Weighted Average Number of Shares

	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