EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

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 three and six months ended June 30, 2024 and June 30, 2023:

	Three Months Ended June 30, 2024				Three Months Ended June 30, 2023
Net income			$	4,598,446			$	2,574,227
Less dividends:
Common stock	$	4,182,019			$	3,133,869
Preferred stock	1,185,001				1,185,042
			5,367,020				4,318,911
Undistributed earnings			$	(768,574)			$	(1,744,684)

	Unvested Share-Based Payment Awards		Common Stock		Unvested Share-Based Payment Awards		Common Stock
Distributed earnings	$	0.00	$	0.08	$	0.06	$	0.06
Undistributed earnings	0.00		(0.01)		0.00		(0.03)
Total	$	0.00	$	0.07	$	0.06	$	0.03

	For the three months ended June 30,
	2024	2023
Basic weighted average shares of common stock	52,266,174	52,226,141
Weighted average of non-vested restricted stock	—	5,011
Diluted weighted average shares of common stock outstanding	52,266,174	52,231,152

	Six Months Ended June 30, 2024				Six Months Ended June 30, 2023
Net income			11,578,628				$	8,340,918
Less dividends:
Common stock	$	7,840,030			$	6,267,738
Preferred stock	2,370,000				2,370,000
Undistributed earnings			10,210,030				8,637,738
			$	1,368,598			$	(296,820)

	Unvested Share-Based Payment Awards		Common Stock		Unvested Share-Based Payment Awards		Common Stock
Distributed earnings	$	0.00	$	0.15	$	0.12	$	0.12
Undistributed earnings	0.00		0.03		0.00		(0.01)
Total	$	0.00	$	0.18	$	0.12	$	0.11

	For the six months ended June 30,
	2024	2023
Basic weighted average shares of common stock	52,257,737	52,225,649
Weighted average of non-vested restricted stock	—	5,503
Diluted weighted average shares of common stock outstanding	52,257,737	52,231,152