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v3.3.1.900

Consolidated Statements of Income - USD ($) | 12 Months Ended
--- | ---
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013
REVENUES: |  |  |
Investment advisory | $ 107,915,557 | $ 89,900,834 | $ 69,966,377
Mutual fund administration, net | 16,510,429 | 14,657,931 | 11,465,327
Total revenue | 124,425,986 | 104,558,765 | 81,431,704
OPERATING EXPENSES: |  |  |
Compensation and related costs | 47,951,039 | 43,892,336 | 40,851,722
General and administrative | 10,245,866 | 8,099,410 | 6,042,781
Sales and marketing | 4,179,064 | 2,222,382 | 2,098,915
Mutual fund administration | 3,330,265 | 2,884,495 | 1,756,366
Total operating expenses | 65,706,234 | 57,098,623 | 50,749,784
NET OPERATING INCOME | 58,719,752 | 47,460,142 | 30,681,920
Investment income (loss) | (736,590) | 2,905,794 | 4,950,245
INCOME BEFORE TAXES | 57,983,162 | 50,365,936 | 35,632,165
Income tax expense | (20,908,665) | (18,785,005) | (13,477,337)
NET INCOME | $ 37,074,497 | $ 31,580,931 | $ 22,154,828
Earnings per share |  |  |
Basic (per share) | $ 11.31 | $ 9.88 | $ 7.05
Diluted (per share) | $ 11.03 | $ 9.67 | $ 6.94
Weighted average shares outstanding |  |  |
Basic (in shares) | 3,277,920 | 3,196,127 | 3,142,083
Diluted (in shares) | 3,359,786 | 3,266,168 | 3,194,263

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