INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

INCOME TAXES [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes consists of the following:

	Year ended December 31,
	2016			2015		2014
Current taxes:
Federal	$	8,571,034			4,428,344	$	1,939,830
State		98,881			49,185		17,872
Total current taxes		8,669,915			4,477,529		1,957,702
Deferred taxes:
Federal		(2,647,363	)		452,761		425,127
State		(19,787	)		3,038		3,878
Total deferred taxes		(2,667,150	)		455,799		429,005
Total provision for income taxes	$	6,002,765			4,933,328	$	2,386,707

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate of the Company differs from the federal statutory tax rate due to the following items:

	Year ended December 31,
	2016			2015			2014
Statutory rate		35.00	%		34.00	%		34.00	%
State income taxes, net of federal income tax benefit		0.26	%		0.25	%		0.17	%
Stock-based compensation		(0.50	)%		(0.46	)%		(0.40	)%
Miscellaneous other, net		(0.21	)%		0.11	%		0.17	%
Effective tax rate		34.55	%		33.90	%		33.94	%

Schedule of Deferred Tax Asset

The components of deferred income tax assets and liabilities are as follows:

	December 31,
	2016		2015
Deferred revenue	$	2,643,678	$	33,823
Stock option based compensation		536,065		490,405
Other		110,379		98,744
Net deferred tax asset	$	3,290,122	$	622,972