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Condensed Consolidated Income Statement (unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Revenues:        
Royalties $ 5,277,494 $ 3,484,975 $ 15,574,234 $ 8,850,067
Licensing revenues 1,012,345 512,344 1,037,034 546,909
Total Revenues 6,289,839 3,997,319 16,611,268 9,396,976
Costs and expenses:        
Research and development 258,837 240,093 755,038 909,129
General and administrative 1,709,044 1,650,315 5,307,431 4,387,134
Total Cost and Expenses 1,967,881 1,890,408 6,062,469 5,296,263
Operating income 4,321,958 2,106,911 10,548,799 4,100,713
Other income:        
Interest income 26,744 8,121 58,946 22,444
Other income 1,477 15,468 6,110 30,745
Total other income 28,221 23,589 65,056 53,189
Income before income tax expense 4,350,179 2,130,500 10,613,855 4,153,902
Income tax expense (1,479,200) (735,737) (3,654,772) (1,427,184)
Net income $ 2,870,979 $ 1,394,763 $ 6,959,083 $ 2,726,718
Basic net income per share (in dollars per share) $ 0.42 $ 0.21 $ 1.02 $ 0.42
Diluted net income per share (in dollars per share) $ 0.39 $ 0.20 $ 0.96 $ 0.39
Shares used in computation of basic net income per share (in shares) 6,892,637 6,489,758 6,797,506 6,433,013
Shares used in computation of diluted net income per share (in shares) 7,316,287 7,074,154 7,259,338 7,039,225