Three months ended September 30,

Nine months ended September 30,

2015

2014

2015

2014

Numerator for basic and diluted earnings per common share:

Net income for the period

$

3,159,457

$

2,690,905

$

8,278,395

$

4,514,926

Denominator for basic and diluted earnings per common share:

Basic weighted average number of common shares outstanding

10,984,869

11,321,175

11,057,634

11,190,684

Effect of outstanding stock options

387,813

466,574

412,023

528,226

Diluted weighted average number of shares outstanding

$

11,372,682

$

11,787,749

$

11,469,657

$

11,718,910

Basic earnings per common share

$

0.29

$

0.24

$

0.75

$

0.40

Diluted earnings per common share

$

0.28

$

0.23

$

0.72

$

0.39