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v3.8.0.1

Consolidated Statements of Income (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016
REVENUES: |  |  |  |
Investment advisory | $ 33,782,603 | $ 29,512,076 | $ 98,105,905 | $ 84,751,943
Mutual fund administration, net | 2,989,026 | 3,425,165 | 9,247,339 | 11,312,222
Total revenue | 36,771,629 | 32,937,241 | 107,353,244 | 96,064,165
OPERATING EXPENSES: |  |  |  |
Compensation and related costs | 14,446,102 | 12,714,404 | 42,438,985 | 38,494,459
General and administrative | 3,088,000 | 2,994,186 | 9,556,585 | 8,055,287
Sales and marketing | 1,230,306 | 1,052,101 | 3,612,877 | 3,106,269
Mutual fund administration | 1,119,889 | 1,037,987 | 3,149,242 | 2,865,905
Total operating expenses | 19,884,297 | 17,798,678 | 58,757,689 | 52,521,920
NET OPERATING INCOME | 16,887,332 | 15,138,563 | 48,595,555 | 43,542,245
Investment income, net | 2,767,747 | 3,555,368 | 9,673,720 | 4,995,255
Gain on sale of subsidiary | 0 | 2,675,766 | 0 | 2,675,766
INCOME BEFORE TAXES | 19,655,079 | 21,369,697 | 58,269,275 | 51,213,266
Income tax expense | (6,496,980) | (7,700,732) | (19,018,708) | (18,497,315)
NET INCOME | 13,158,099 | 13,668,965 | 39,250,567 | 32,715,951
Less: Net income attributable to redeemable noncontrolling interest | (459,252) | (242,401) | (1,156,385) | (309,172)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 12,698,847 | $ 13,426,564 | $ 38,094,182 | $ 32,406,779
Earnings per share attributable to common shareholders |  |  |  |
Basic (USD per share) | $ 3.68 | $ 3.93 | $ 11.07 | $ 9.52
Diluted (USD per share) | $ 3.67 | $ 3.93 | $ 11.05 | $ 9.50
Weighted average shares outstanding |  |  |  |
Basic (in shares) | 3,454,178 | 3,413,164 | 3,442,402 | 3,405,460
Diluted (in shares) | 3,461,418 | 3,420,123 | 3,447,976 | 3,410,208

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