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EARNINGS (LOSS) PER SHARE | 6 Months Ended
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Jun. 30, 2023
Earnings Per Share [Abstract] |
EARNINGS (LOSS) PER SHARE | EARNINGS (LOSS) PER SHARE The Company reports a dual presentation of basic earnings per share (“Basic EPS”) and diluted earnings per share (“Diluted EPS”). Basic EPS excludes dilution and is computed by dividing net income or loss by the weighted average number of common shares outstanding during the period. Diluted EPS uses the treasury stock method or the if-converted method, where applicable, to compute for the potential dilution that would occur if dilutive securities or commitments to issue common stock were exercised (see Note 12 for additional information). The following table presents the computation of the Company's basic and diluted net income (loss) per share attributable to common stockholders for the three and six months ended June 30, 2023 and 2022:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Numerator - Basic: |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 4,629,953 |  |  | $ | 2,390,344 |  |  | $ | 51,032 |  |  | $ | (9,682,820) |
Less: net (income) loss attributable to noncontrolling interest in Operating Partnership |  | (649,643) |  |  | (219,214) |  |  | 166,556 |  |  | 1,708,815 |
Preferred stock dividends |  | (921,875) |  |  | (921,875) |  |  | (1,843,750) |  |  | (1,843,750) |
Net income (loss) attributable to common stockholders |  | $ | 3,058,435 |  |  | $ | 1,249,255 |  |  | $ | (1,626,162) |  |  | $ | (9,817,755) |
Numerator - Diluted |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 4,629,953 |  |  | $ | 2,390,344 |  |  | $ | 51,032 |  |  | $ | (9,682,820) |
Preferred stock dividends |  | (921,875) |  |  | (921,875) |  |  | (1,843,750) |  |  | (1,843,750) |
Net income (loss) attributable to common stockholders |  | $ | 3,708,078 |  |  | $ | 1,468,469 |  |  | $ | (1,792,718) |  |  | $ | (11,526,570) |
Denominator: |  |  |  |  |  |  |  |
Weighted average shares outstanding - basic |  | 7,532,106 |  |  | 7,478,973 |  |  | 7,532,080 |  |  | 7,505,673 |
Operating Partnership Units - Class C |  | 1,599,898 |  |  | 1,312,382 |  |  | — |  |  | — |
Operating Partnership Units - Classes M, P and R |  | 1,506,307 |  |  | 1,430,135 |  |  | — |  |  | — |
Weighted average shares outstanding - diluted |  | 10,638,311 |  |  | 10,221,490 |  |  | 7,532,080 |  |  | 7,505,673 |
Earnings (loss) per share attributable to common stockholders: |  |  |  |  |  |  |  |
Basic |  | $ | 0.41 |  |  | $ | 0.17 |  |  | $ | (0.22) |  |  | $ | (1.31) |
Diluted |  | $ | 0.35 |  |  | $ | 0.14 |  |  | $ | (0.22) |  |  | $ | (1.31) |
During the six months ended June 30, 2023 and 2022, the weighted average dilutive effect of 2,962,447 shares and 2,735,350 shares, respectively, related to units of limited partnership interest in the Operating Partnership as discussed in Note 11 were excluded from the computation of Diluted EPS because their effect would be anti-dilutive. There were no other outstanding securities or commitments to issue common stock that would have a dilutive effect for the periods then ended.

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