EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 16 – EARNINGS PER SHARE

In accordance with ASC 260, outstanding instruments that contain rights to nonforfeitable 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 years ended December 31, 2014 and December 31, 2013:

	Year Ended December 31, 2014				Years Ended December 31, 2013
Net income			$	3,313,785			$	3,226,430
Less dividends paid:
Common stock	$	18,229,875			$	10,082,871
Unvested share-based
payment awards		2,887,296				44,827
				21,117,171				10,127,698
Undistributed earnings			$	(17,803,386)			$	(6,901,268)

	Unvested Share-Based				Unvested Share-Based
	Payment Awards		Common Stock		Payment Awards		Common Stock
Distributed earnings	$	1.47	$	1.47	$	-	$	1.64
Undistributed earnings (deficit)		(1.44)		(1.44)		(1.12)		(1.12)
Total	$	0.03	$	0.03	$	(1.12)	$	0.52

No adjustment was required for the calculation of diluted earnings per share for the warrants described in Note 9 because the warrants’ exercise price is greater than the average market price of the common shares for the period, and thereby anti-dilutive.