EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 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 years ended December 31, 2021 and December 31, 2020:

 

	Year Ended December 31, 2021				Year Ended December 31, 2020
Net income			$	10,527,222			$	8,449,770
Less dividends expense:
Common stock	$	8,980,832			$	9,103,997
Preferred stock	3,112,500				15,000
			12,093,332				9,118,997
Undistributed earnings (deficit)			$	(1,566,110)			$	(669,227)

	Unvested Share-Based Payment Awards		Common Stock		Unvested Share-Based Payment Awards		Common Stock
Distributed earnings	$	0.36	$	0.36	$	0.37	$	0.37
Undistributed earnings (deficit)	$	—	$	(0.06)	—		(0.03)
Total	$	0.36	$	0.30	$	0.37	$	0.34

Schedule of Weighted Average Number of Shares

	For the years ended December 31,
	2021	2020
Basic weighted average shares of common stock outstanding	24,941,324	24,930,079
Weighted average of non-vested restricted stock	4,500	4,426
Diluted weighted average shares of common stock outstanding	24,945,824	24,934,505