EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of 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, 2023 and June 30, 2022:

	Three Months Ended June 30, 2023				Three Months Ended June 30, 2022
Net income			$	2,574,227			$	3,343,852
Less dividends:
Common stock	$	3,133,869			$	3,133,869
Preferred stock	1,185,042				1,185,042
			4,318,911				4,318,911
Undistributed earnings (deficit)			$	(1,744,684)			$	(975,059)

	Unvested Share-Based Payment Awards		Common Stock		Unvested Share-Based Payment Awards		Common Stock
Distributed earnings	$	0.06	$	0.06	$	0.06	$	0.06
Undistributed earnings (deficit)	0.00		(0.03)		0.00		(0.02)
Total	$	0.06	$	0.03	$	0.06	$	0.04

	Six Months Ended June 30, 2023				Six Months Ended June 30, 2022
Net income			$	8,340,918			$	6,298,651
Less dividends:
Common stock	$	6,267,738			$	6,267,378
Preferred stock	2,370,000				2,370,000
			8,637,738				8,637,378
Undistributed earnings (deficit)			$	(296,820)			$	(2,338,727)

	Unvested Share-Based Payment Awards		Common Stock		Unvested Share-Based Payment Awards		Common Stock
Distributed earnings	$	0.12	$	0.12	$	0.14	$	0.14
Undistributed earnings (deficit)	0.00		0.00		0.00		(0.05)
Total	$	0.12	$	0.12	$	0.14	$	0.09

Schedule of Weighted Average Number of Shares

	For the three months ended June 30,
	2023	2022
Basic weighted average shares of common stock	52,226,141	52,221,394
Weighted average of non-vested restricted stock	5,011	4,747
Diluted weighted average shares of common stock outstanding	52,231,152	52,226,141

	For the six months ended June 30,
	2023	2022
Basic weighted average shares of common stock	52,225,649	44,384,462
Weighted average of non-vested restricted stock	5,503	4,624
Diluted weighted average shares of common stock outstanding	52,231,152	44,389,086