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Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013
REVENUES: |  |  |  |
Investment advisory | $ 21,940,096 | $ 17,090,321 | $ 41,850,903 | $ 32,944,314
Mutual fund administration, net | 3,500,117 | 2,823,780 | 6,778,406 | 5,345,162
Total revenue | 25,440,213 | 19,914,101 | 48,629,309 | 38,289,476
OPERATING EXPENSES: |  |  |  |
Compensation and related costs | 12,725,289 | 10,357,680 | 24,597,243 | 19,871,092
General and administrative | 1,715,833 | 1,421,116 | 3,297,188 | 2,813,584
Sales and marketing | 591,157 | 563,516 | 1,083,038 | 997,804
Mutual fund administration | 734,329 | 420,098 | 1,406,450 | 827,691
Total operating expenses | 15,766,608 | 12,762,410 | 30,383,919 | 24,510,171
NET OPERATING INCOME | 9,673,605 | 7,151,691 | 18,245,390 | 13,779,305
Investment income | 1,321,914 | 728,725 | 1,838,442 | 2,553,384
INCOME BEFORE TAXES | 10,995,519 | 7,880,416 | 20,083,832 | 16,332,689
Income tax provision | (4,067,485) | (3,168,871) | (7,406,199) | (6,290,412)
NET INCOME | $ 6,928,034 | $ 4,711,545 | $ 12,677,633 | $ 10,042,277
Earnings per share |  |  |  |
Basic (USD per share) | $ 2.17 | $ 1.45 | $ 3.98 | $ 3.12
Diluted (USD per share) | $ 2.12 | $ 1.45 | $ 3.90 | $ 3.12
Weighted average shares outstanding |  |  |  |
Basic (in shares) | 3,198,231 | 3,248,197 | 3,182,175 | 3,222,977
Diluted (in shares) | 3,268,296 | 3,248,197 | 3,254,672 | 3,222,977

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