Year ended

December 31,

2013

Year ended

December 31,

2012

Year ended

December 31,

2011

Numerator for basic and diluted earnings per common share:

Net income for the year

$

4,180,464

$

4,424,142

$

6,170,231

Denominator for basic and diluted earnings per common share:

Basic weighted average number of common shares outstanding

10,468,250

11,458,216

13,363,669

Effect of stock options

813,159

825,520

573,690

Diluted weighted average number of shares outstanding

11,281,409

12,283,736

13,937,359

Basic earnings per common share

$

0.40

$

0.39

$

0.46

Diluted earnings per common share

$

0.37

$

0.36

$

0.44