Three months ended

March 31,

2016

2015

Net income

$

6,373,489

$

4,177,889

Basic earnings per common share

$

0.54

$

0.52

Diluted earnings per common share

$

0.53

$

0.52

Weighted average common shares outstanding

11,793,620

7,975,910

Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan

160,329

121,534

Weighted average common and common equivalent shares outstanding

11,953,949

8,097,444