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EARNINGS PER SHARE | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE The following information sets forth the computations of basic and diluted earnings per common share for the three and nine months ended September 30, 2025 and 2024:
| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net income | $ | 4,054,959 |  |  | $ | 1,738,363 |  |  | $ | 10,512,710 |  |  | $ | 5,014,451 |
Dividends paid on unvested restricted stock | (55,606) |  |  | — |  |  | (196,787) |  |  | — |
Net income attributable to common shareholders | 3,999,353 |  |  | 1,738,363 |  |  | 10,315,923 |  |  | 5,014,451 |
Divided by: |  |  |  |  |  |  |
Basic weighted average shares of common stock outstanding | 13,247,030 |  |  | 6,800,500 |  |  | 12,571,091 |  |  | 6,800,500 |
Weighted average unvested restricted stock | 37,056 |  |  | 25,405 |  |  | 24,665 |  |  | 25,405 |
Diluted weighted average shares of common stock outstanding | 13,284,086 |  |  | 6,825,905 |  |  | 12,595,756 |  |  | 6,825,905 |
Basic earnings per common share | $ | 0.30 |  |  | $ | 0.26 |  |  | $ | 0.82 |  |  | $ | 0.74 |
Diluted earnings per common share | $ | 0.30 |  |  | $ | 0.25 |  |  | $ | 0.82 |  |  | $ | 0.73 |
Diluted earnings per common share was computed using the treasury stock method for restricted stock. Diluted earnings per common share excluded 107,684 and 75,622 weighted average unvested restricted stock due to anti-dilutive effect for the three and nine months ended September 30, 2025, respectively, and 33,998 and 33,998 for the three and nine months ended September 30, 2024, respectively.

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