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Consolidated Statements of Income (unaudited) - USD ($) | 3 Months Ended
--- | ---
Mar. 31, 2017 | Mar. 31, 2016
REVENUES: |  |
Investment advisory | $ 31,833,471 | $ 26,686,785
Mutual fund administration, net | 3,300,658 | 3,770,705
Total revenue | 35,134,129 | 30,457,490
OPERATING EXPENSES: |  |
Compensation and related costs | 13,679,149 | 12,398,708
General and administrative | 3,488,115 | 2,485,161
Sales and marketing | 1,129,719 | 993,122
Mutual fund administration | 1,000,616 | 876,066
Total operating expenses | 19,297,599 | 16,753,057
NET OPERATING INCOME | 15,836,530 | 13,704,433
Investment income, net | 3,786,188 | 747,222
INCOME BEFORE TAXES | 19,622,718 | 14,451,655
Income tax expense | (6,497,270) | (5,171,776)
NET INCOME | 13,125,448 | 9,279,879
Less: Net income attributable to redeemable noncontrolling interest | (368,553) | (14,216)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 12,756,895 | $ 9,265,663
Earnings per share attributable to common shareholders |  |
Basic (USD per share) | $ 3.72 | $ 2.73
Diluted (USD per share) | $ 3.71 | $ 2.73
Weighted average shares outstanding |  |
Basic (in shares) | 3,428,888 | 3,388,743
Diluted (in shares) | 3,435,329 | 3,393,396

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