EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2022

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 six months ended June 30, 2022 and June 30, 2021:

	Three Months Ended June 30, 2022				Three Months Ended June 30, 2021
Net income			$	3,343,852			$	1,680,242
Less dividends:
Common stock	$	3,133,869			$	2,245,309
Preferred stock	1,185,042				725,667
			4,318,911				2,970,976
Undistributed earnings (deficit)			$	(975,059)			$	(1,290,734)

	Unvested Share-Based Payment Awards		Common Stock		Unvested Share-Based Payment Awards		Common Stock
Distributed earnings	$	0.06	$	0.06	$	0.09	$	0.09
Undistributed earnings (deficit)	—		(0.02)		—		(0.05)
Total	$	0.06	$	0.04	$	0.09	$	0.04

	Six Months Ended June 30, 2022				Six Months Ended June 30, 2021
Net income			6,298,651				$	4,488,885
Less dividends:
Common stock	$	6,267,378			$	4,490,214
Preferred stock	2,370,000				729,375
			8,637,378				5,219,589
Undistributed earnings (deficit)			$	(2,338,727)			$	(730,704)

	Unvested Share-Based Payment Awards		Common Stock		Unvested Share-Based Payment Awards		Common Stock
Distributed earnings	$	0.14	$	0.14	$	0.18	$	0.18
Undistributed earnings (deficit)	—		(0.05)		—		(0.03)
Total	$	0.14	$	0.09	$	0.18	$	0.15

Schedule of Weighted Average Number of Shares

	For the three months ended June 30,
	2022	2021
Basic weighted average shares of common stock	52,221,394	24,939,575
Weighted average of non-vested restricted stock	4,747	4,500
Diluted weighted average shares of common stock outstanding	52,226,141	24,944,075

	For the six months ended June 30,
	2022	2021
Basic weighted average shares of common stock	44,384,462	24,939,231
Weighted average of non-vested restricted stock	4,624	4,500
Diluted weighted average shares of common stock outstanding	44,389,086	24,943,731