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Consolidated Statements of Income (unaudited) - USD ($) | 3 Months Ended
--- | ---
Mar. 31, 2016 | Mar. 31, 2015
REVENUES: |  |
Investment advisory | $ 26,686,785 | $ 25,400,536
Mutual fund administration, net | 3,770,705 | 3,917,871
Total revenue | 30,457,490 | 29,318,407
OPERATING EXPENSES: |  |
Compensation and related costs | 12,398,708 | 12,784,781
General and administrative | 2,485,161 | 1,993,547
Sales and marketing | 993,122 | 609,700
Mutual fund administration | 876,066 | 736,373
Total operating expenses | 16,753,057 | 16,124,401
NET OPERATING INCOME | 13,704,433 | 13,194,006
Investment income | 747,222 | 1,344,683
INCOME BEFORE TAXES | 14,451,655 | 14,538,689
Income tax expense | (5,171,776) | (5,026,067)
NET INCOME | 9,279,879 | 9,512,622
Less: Net income attributable to redeemable noncontrolling interest | (14,216) | 0
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 9,265,663 | $ 9,512,622
Earnings per share attributable to common shareholders |  |
Basic (USD per share) | $ 2.73 | $ 2.96
Diluted (USD per share) | $ 2.73 | $ 2.89
Weighted average shares outstanding |  |
Basic (in shares) | 3,388,743 | 3,218,154
Diluted (in shares) | 3,393,396 | 3,296,168

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