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Consolidated Statements of Income (USD $) | 12 Months Ended
--- | ---
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011
REVENUES: |  |  |
Investment advisory | $ 69,966,377 | $ 57,783,131 | $ 56,016,708
Mutual fund administration, net | 11,465,327 | 8,874,177 | 7,878,556
Total revenue | 81,431,704 | 66,657,308 | 63,895,264
OPERATING EXPENSES: |  |  |
Compensation and related costs | 40,851,722 | 33,868,225 | 32,874,606
General and administrative | 6,042,781 | 4,986,559 | 4,737,831
Sales and marketing | 1,388,792 | 1,064,643 | 832,429
Third party distribution | 710,123 | 752,481 | 885,280
Mutual fund administration | 1,756,366 | 1,556,909 | 1,504,005
Total operating expenses | 50,749,784 | 42,228,817 | 40,834,151
NET OPERATING INCOME | 30,681,920 | 24,428,491 | 23,061,113
Investment income (loss) | 4,950,245 | 1,654,124 | (66,664)
INCOME BEFORE TAXES | 35,632,165 | 26,082,615 | 22,994,449
Income tax provision | (13,477,337) | (9,151,723) | (8,641,481)
NET INCOME | $ 22,154,828 | $ 16,930,892 | $ 14,352,968
Earnings per share |  |  |
Basic (per share) | $ 7.05 | $ 5.44 | $ 4.86
Diluted (per share) | $ 6.94 | $ 5.44 | $ 4.86
Weighted average shares outstanding |  |  |
Basic (in shares) | 3,142,083 | 3,111,328 | 2,951,751
Diluted (in shares) | 3,194,263 | 3,111,328 | 2,951,751

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