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EARNINGS (LOSS) PER SHARE
 6 Months Ended
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,
2023202220232022
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 - basic7,532,106 7,478,973 7,532,080 7,505,673 
Operating Partnership Units - Class C1,599,898 1,312,382 — — 
Operating Partnership Units - Classes M, P and R1,506,307 1,430,135 — — 
Weighted average shares outstanding - diluted10,638,311 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.