Three months

ended

June 30, 2014

Three months

ended

June 30, 2013

Six months

ended

June 30, 2014

Six months

ended

June 30, 2013

Numerator for basic and diluted earnings per common share:

Net income for the period

$

1,347,182

$

587,630

$

1,824,021

$

664,209

Denominator for basic and diluted earnings per common share:

Basic weighted average number of common shares outstanding

11,219,101

10,080,815

11,124,357

10,081,831

Effect of outstanding stock options

510,446

988,898

560,172

991,673

Diluted weighted average number of shares outstanding

11,729,547

11,069,713

11,684,529

11,073,504

Basic earnings per common share

$

0.12

$

0.06

$

0.16

$

0.07

Diluted earnings per common share

$

0.11

$

0.05

$

0.16

$

0.06