diff --git a/tests/test_perf_tracking.py b/tests/test_perf_tracking.py
index eeb42b95..fbb802d7 100644
--- a/tests/test_perf_tracking.py
+++ b/tests/test_perf_tracking.py
@@ -33,6 +33,7 @@ import zipline.utils.math_utils as zp_math
 from zipline.gens.composites import date_sorted_sources
 from zipline.finance.trading import SimulationParameters
 from zipline.finance.blotter import Order
+from zipline.finance.commission import PerShare, PerTrade, PerDollar
 from zipline.finance import trading
 from zipline.protocol import DATASOURCE_TYPE
 from zipline.utils.factory import create_random_simulation_parameters
@@ -172,6 +173,29 @@ class TestCommissionEvents(unittest.TestCase):
                 self.sim_params
             )
 
+            # Test commission models and validate result
+            # Expected commission amounts:
+            # PerShare commission:  1.00, 1.00, 1.50 = $3.50
+            # PerTrade commission:  5.00, 5.00, 5.00 = $15.00
+            # PerDollar commission: 1.50, 3.00, 4.50 = $9.00
+            # Total commission = $3.50 + $15.00 + $9.00 = $27.50
+
+            # Create 3 transactions:  50, 100, 150 shares traded @ $20
+            transactions = [create_txn(events[0], 20, i)
+                            for i in [50, 100, 150]]
+
+            # Create commission models
+            models = [PerShare(cost=0.01, min_trade_cost=1.00),
+                      PerTrade(cost=5.00),
+                      PerDollar(cost=0.0015)]
+
+            # Aggregate commission amounts
+            total_commission = 0
+            for model in models:
+                for trade in transactions:
+                    total_commission += model.calculate(trade)[1]
+            self.assertEqual(total_commission, 27.5)
+
             cash_adj_dt = self.sim_params.first_open \
                 + datetime.timedelta(hours=3)
             cash_adjustment = factory.create_commission(1, 300.0,
diff --git a/zipline/finance/commission.py b/zipline/finance/commission.py
index f86b8b02..2512279b 100644
--- a/zipline/finance/commission.py
+++ b/zipline/finance/commission.py
@@ -17,28 +17,38 @@
 class PerShare(object):
     """
     Calculates a commission for a transaction based on a per
-    share cost.
+    share cost with an optional minimum cost per trade.
     """
 
-    def __init__(self, cost=0.03):
+    def __init__(self, cost=0.03, min_trade_cost=None):
         """
         Cost parameter is the cost of a trade per-share. $0.03
         means three cents per share, which is a very conservative
         (quite high) for per share costs.
+        min_trade_cost parameter is the minimum trade cost
+        regardless of the number of shares traded (e.g. $1.00).
         """
         self.cost = float(cost)
+        self.min_trade_cost = None if min_trade_cost is None\
+            else float(min_trade_cost)
 
     def __repr__(self):
-        return "{class_name}(cost={cost})".format(
-            class_name=self.__class__.__name__,
-            cost=self.cost)
+        return "{class_name}(cost={cost}, min trade cost={min_trade_cost})"\
+            .format(class_name=self.__class__.__name__,
+                    cost=self.cost,
+                    min_trade_cost=self.min_trade_cost)
 
     def calculate(self, transaction):
         """
         returns a tuple of:
         (per share commission, total transaction commission)
         """
-        return self.cost, abs(transaction.amount * self.cost)
+        commission = abs(transaction.amount * self.cost)
+        if self.min_trade_cost is None:
+            return self.cost, commission
+        else:
+            commission = max(commission, self.min_trade_cost)
+            return abs(commission / transaction.amount), commission
 
 
 class PerTrade(object):