EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2024

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 months ended March 31, 2024 and March 31, 2023:

	Three Months Ended March 31, 2024				Three Months Ended March 31, 2023
Net income			$	6,980,182			$	5,766,691
Less dividends:
Common stock	$	3,658,012			$	3,133,869
Preferred stock	1,184,999				1,184,958
			4,843,011				4,318,827
Undistributed earnings			$	2,137,171			$	1,447,864

	Unvested Share-Based Payment Awards		Common Stock		Unvested Share-Based Payment Awards		Common Stock
Distributed earnings	$	0.00	$	0.07	$	0.06	$	0.06
Undistributed earnings	0.00		0.04		0.03		0.03
Total	$	0.00	$	0.11	$	0.09	$	0.09

Schedule of Weighted Average Number of Shares

	For the three months ended March 31,
	2024	2023
Basic weighted average shares of common stock	52,249,299	52,225,152
Weighted average of non-vested restricted stock	—	6,000
Diluted weighted average shares of common stock outstanding	52,249,299	52,231,152