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Consolidated Statements of Income (unaudited) - USD ($) | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015
REVENUES: |  |  |  |
Investment advisory | $ 28,553,082 | $ 27,018,876 | $ 55,239,867 | $ 52,419,412
Mutual fund administration, net | 4,116,353 | 4,363,311 | 7,887,057 | 8,281,182
Total revenue | 32,669,435 | 31,382,187 | 63,126,924 | 60,700,594
OPERATING EXPENSES: |  |  |  |
Compensation and related costs | 13,381,347 | 12,667,426 | 25,780,056 | 25,452,206
General and administrative | 2,575,941 | 2,583,567 | 5,061,100 | 4,577,113
Sales and marketing | 1,061,046 | 1,160,451 | 2,054,168 | 1,770,152
Mutual fund administration | 951,852 | 848,657 | 1,827,918 | 1,585,030
Total operating expenses | 17,970,186 | 17,260,101 | 34,723,242 | 33,384,501
NET OPERATING INCOME | 14,699,249 | 14,122,086 | 28,403,682 | 27,316,093
Investment income | 692,666 | 457,340 | 1,439,888 | 1,802,023
INCOME BEFORE TAXES | 15,391,915 | 14,579,426 | 29,843,570 | 29,118,116
Income tax expense | (5,624,808) | (5,401,304) | (10,796,584) | (10,427,372)
NET INCOME | 9,767,107 | 9,178,122 | 19,046,986 | 18,690,744
Less: Net income attributable to redeemable noncontrolling interest | (52,555) | 0 | (66,771) | 0
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 9,714,552 | $ 9,178,122 | $ 18,980,215 | $ 18,690,744
Earnings per share attributable to common shareholders |  |  |  |
Basic (USD per share) | $ 2.85 | $ 2.79 | $ 5.58 | $ 5.75
Diluted (USD per share) | $ 2.84 | $ 2.73 | $ 5.58 | $ 5.61
Weighted average shares outstanding |  |  |  |
Basic (in shares) | 3,410,751 | 3,287,751 | 3,399,740 | 3,253,144
Diluted (in shares) | 3,415,192 | 3,367,280 | 3,403,198 | 3,331,521

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