Should I ask for a raise?

You should definitely ask for a raise

You're almost certainly warranted in asking for a raise if you're:
* Highly valued and continuing to take on more responsibility
* Able to document your accomplishments and point to ...

Pros: Sometimes asking for a raise can put the idea of your value into the mind of ... Cons: Timing is everything. If you ask for a raise and ...
You are probably not in a position to ask for a raise

You should probably think twice before asking for a raise, or at least be comfortable that you may be turned down. Most companies grant raises based on increasing responsibility of ...

Pros: good feedback Cons: disappointing