EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2022 and September 30, 2021:

	Three Months Ended September 30, 2022				Three Months Ended September 30, 2021
Net income			$	1,500,275			$	2,374,468
Less dividends:
Common stock	$	3,133,869			$	2,245,310
Preferred stock	1,185,042				1,198,166
			4,318,911				3,443,476
Undistributed earnings (deficit)			$	(2,818,636)			$	(1,069,008)

	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)	—		(0.05)		—		(0.04)
Total	$	0.06	$	0.01	$	0.09	$	0.05

	Nine Months Ended September 30, 2022				Nine Months Ended September 30, 2021
Net income			7,798,926				$	6,863,353
Less dividends:
Common stock	$	9,401,247			$	6,735,523
Preferred stock	3,555,042				1,927,542
			12,956,289				8,663,065
Undistributed earnings (deficit)			$	(5,157,363)			$	(1,799,712)

	Unvested Share-Based Payment Awards		Common Stock		Unvested Share-Based Payment Awards		Common Stock
Distributed earnings	$	0.20	$	0.20	$	0.27	$	0.27
Undistributed earnings (deficit)	—		(0.11)		—		(0.07)
Total	$	0.20	$	0.09	$	0.27	$	0.20

Schedule of Weighted Average Number of Shares

	For the three months ended September 30,
	2022	2021
Basic weighted average shares of common stock	52,225,152	24,943,383
Weighted average of non-vested restricted stock	6,000	4,500
Diluted weighted average shares of common stock outstanding	52,231,152	24,947,883

	For the nine months ended September 30,
	2022	2021
Basic weighted average shares of common stock	47,026,745	24,940,630
Weighted average of non-vested restricted stock	5,088	4,500
Diluted weighted average shares of common stock outstanding	47,031,833	24,945,130