Three

months

ended

September

30, 2014

Three

months

ended

September

30, 2013

Nine

months

ended

September

30, 2014

Nine

months

ended

September

30, 2013

Numerator for basic and diluted earnings per common share:

Net income for the period

$

2,690,905

$

2,593,360

$

4,514,926

$

3,257,569

Denominator for basic and diluted earnings per common share:

Basic weighted average number of common shares outstanding

11,321,175

10,795,896

11,190,684

10,322,469

Effect of outstanding stock options

466,574

614,079

528,226

864,839

Diluted weighted average number of shares outstanding

11,787,749

11,409,975

11,718,910

11,187,308

Basic earnings per common share

$

0.24

$

0.24

$

0.40

$

0.32

Diluted earnings per common share

$

0.23

$

0.23

$

0.39

$

0.29