EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

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 years ended December 31, 2023 and December 31, 2022:


	Year Ended December 31, 2023				Year Ended December 31, 2022
Net income			$	19,714,496			$	9,863,660
Less dividends expense:
Common stock	$	13,581,323			$	12,535,116
Preferred stock	4,740,000				4,740,000
			18,321,323		—		17,275,116
Undistributed earnings (deficit)			$	1,393,173			$	(7,411,456)


	Unvested Share-Based Payment Awards		Common Stock		Unvested Share-Based Payment Awards		Common Stock
Distributed earnings	$	0.26	$	0.26	$	0.26	$	0.26
Undistributed earnings (deficit)	$	0.03	$	0.03	—		(0.15)
Total	$	0.29	$	0.29	$	0.26	$	0.11


	For the years ended December 31,
	2023	2022
Basic weighted average shares of common stock outstanding	52,228,567	48,337,029
Weighted average of non-vested restricted stock	2,729	5,318
Diluted weighted average shares of common stock outstanding	52,231,296	48,342,347