EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2020

EARNINGS PER SHARE [Abstract]

Schedule of Earnings per Share, Basic and Diluted

	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Shares outstanding
Weighted average common shares - basic		23,113,558		22,019,875		23,052,347		21,173,946
Effect of dilutive securities(1)		—		213,719		—		191,293
Weighted average common shares		23,113,558		22,233,594		23,052,347		21,365,239
Calculation of Earnings per Share - basic
Net income (loss)	$	(5,631)	$	10,954	$	(61,407)	$	37,941
Less:
Net income allocated to preferred stockholders		5,309		5,157		15,760		15,283
Net loss attributable to non-controlling interest		(1,005)		—		(3,604)		—
Net income allocated to unvested restricted shares(2)		—		56		—		203
Dividends declared on unvested restricted shares		—		n/a		92		n/a
Net income (loss) attributable to common shareholders, adjusted	$	(9,935)	$	5,741	$	(73,655)	$	22,455
Weighted average common shares - basic		23,113,558		22,019,875		23,052,347		21,173,946
Earnings (loss) per share - basic	$	(0.43)	$	0.26	$	(3.20)	$	1.06
Calculation of Earnings per Share - diluted
Net income (loss)	$	(5,631)	$	10,954	$	(61,407)	$	37,941
Less:
Net income allocated to preferred stockholders		5,309		5,157		15,760		15,283
Net loss attributable to non-controlling interest		(1,005)		—		(3,604)		—
Dividends declared on unvested restricted shares		—		n/a		92		n/a
Net income (loss) attributable to common shareholders, adjusted	$	(9,935)	$	5,797	$	(73,655)	$	22,658
Weighted average common shares - diluted(1)		23,113,558		22,233,594		23,052,347		21,365,239
Earnings (loss) per share - diluted	$	(0.43)	$	0.26	$	(3.20)	$	1.06

(1) Diluted earnings per share is calculated on the more dilutive of the treasury stock method or two-class method. For the three and nine months ended September 30, 2020, 2,354,407 OC Units and 1,699,478 OC Units respectively as well as their related losses were excluded from the calculation of diluted shares as they are not dilutive. 149,572 and 193,654 unvested restricted shares for the three and nine months ended September 30, 2020, respectively were also excluded as they are not dilutive.

(2) Unvested restricted shares of common stock with vesting based on service participate in dividends with unrestricted shares of common stock on a 1:1 basis and thus are considered participating securities under the two-class method for the three and nine months ended September 30, 2020 and 2019. Under the two-class method, losses are not allocated to participating securities, therefore no loss was allocated to unvested restricted shares for the three and nine months ended September 30, 2020.