EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2022

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 months ended March 31, 2022 and March 31, 2021:


	Three Months Ended March 31, 2022				Three Months Ended March 31, 2021
Net income			$	2,954,799			$	2,808,643

Less dividends:
Common stock	$	3,133,509			$	2,244,904
Preferred stock	1,184,958				3,708
			4,318,467				2,248,612
Undistributed earnings (deficit)			$	(1,363,668)			$	560,031


	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)		0.02		0.02
Total	$	0.09	$	0.05	$	0.11	$	0.11


	For the three months ended March 31,
	2022	2021
Basic weighted average shares of common stock	36,460,452	24,938,883
Weighted average of non-vested restricted stock	4,500	4,500
Diluted weighted average shares of common stock outstanding	36,464,952	24,943,383