Three months

ended

March 31, 2015

Three months

ended

March 31, 2014

Numerator for basic and diluted earnings per common share:

Net income for the period

$

2,833,943

$

476,839

Denominator for basic and diluted earnings per common share:

Basic weighted average number of common shares outstanding

11,142,628

11,028,559

Effect of outstanding stock options

437,419

611,058

Diluted weighted average number of shares outstanding

11,580,047

11,639,617

Basic earnings per common share

$

0.25

$

0.04

Diluted earnings per common share

$

0.24

$

0.04