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Consolidated Statements of Income (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015
REVENUES: |  |  |  |
Investment advisory | $ 29,512,076 | $ 27,475,552 | $ 84,751,943 | $ 79,894,964
Mutual fund administration, net | 3,425,165 | 3,948,373 | 11,312,222 | 12,229,555
Total revenue | 32,937,241 | 31,423,925 | 96,064,165 | 92,124,519
OPERATING EXPENSES: |  |  |  |
Compensation and related costs | 12,714,404 | 12,941,017 | 38,494,459 | 38,393,223
General and administrative | 2,994,186 | 2,389,339 | 8,055,287 | 6,966,452
Sales and marketing | 1,052,101 | 1,107,989 | 3,106,269 | 2,878,141
Mutual fund administration | 1,037,987 | 844,563 | 2,865,905 | 2,429,593
Total operating expenses | 17,798,678 | 17,282,908 | 52,521,920 | 50,667,409
NET OPERATING INCOME | 15,138,563 | 14,141,017 | 43,542,245 | 41,457,110
Investment income (loss) | 3,555,368 | (3,512,134) | 4,995,255 | (1,710,111)
Gain on sale of subsidiary | 2,675,766 | 0 | 2,675,766 | 0
INCOME BEFORE TAXES | 21,369,697 | 10,628,883 | 51,213,266 | 39,746,999
Income tax expense | (7,700,732) | (3,900,423) | (18,497,315) | (14,327,795)
NET INCOME | 13,668,965 | 6,728,460 | 32,715,951 | 25,419,204
Less: Net income attributable to redeemable noncontrolling interest | (242,401) | 0 | (309,172) | 0
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 13,426,564 | $ 6,728,460 | $ 32,406,779 | $ 25,419,204
Earnings per share attributable to common shareholders |  |  |  |
Basic (USD per share) | $ 3.93 | $ 2.04 | $ 9.52 | $ 7.78
Diluted (USD per share) | $ 3.93 | $ 1.99 | $ 9.50 | $ 7.59
Weighted average shares outstanding |  |  |  |
Basic (in shares) | 3,413,164 | 3,297,337 | 3,405,460 | 3,268,037
Diluted (in shares) | 3,420,123 | 3,379,200 | 3,410,208 | 3,348,196

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