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Condensed Consolidated Income Statement (unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues:        
Royalties $ 4,702,631 $ 2,624,774 $ 10,296,740 $ 5,365,092
Licensing revenues 12,344 17,282 24,689 34,565
Total Revenues 4,714,975 2,642,056 10,321,429 5,399,657
Costs and expenses:        
Research and development 256,736 286,332 496,201 669,036
General and administrative 1,795,265 1,490,514 3,598,387 2,736,819
Total Cost and Expenses 2,052,001 1,776,846 4,094,588 3,405,855
Operating income 2,662,974 865,210 6,226,841 1,993,802
Other income:        
Interest income 18,482 7,352 32,202 14,323
Other income 0 10,449 4,633 15,277
Total other income 18,482 17,801 36,835 29,600
Income before income tax expense 2,681,456 883,011 6,263,676 2,023,402
Income tax expense (924,252) (305,045) (2,175,572) (691,447)
Net income $ 1,757,204 $ 577,966 $ 4,088,104 $ 1,331,955
Basic net income per share (in dollars per share) $ 0.26 $ 0.09 $ 0.61 $ 0.21
Diluted net income per share (in dollars per share) $ 0.24 $ 0.08 $ 0.57 $ 0.19
Shares used in computation of basic net income per share (in shares) 6,759,147 6,429,203 6,749,153 6,404,170
Shares used in computation of diluted net income per share (in shares) 7,233,133 7,009,625 7,225,806 7,018,533