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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Components of Provision For Income Taxes | The components of the provision for income taxes are as follows:
| 2023 |  | 2022 |  | 2021
Currently payable: |  |  |  |  |
Federal | $ | 85,978,954 |  |  | $ | 62,670,986 |  |  | $ | 89,507,896 |
State | 6,242,525 |  |  | 4,310,783 |  |  | 5,642,926 |
Foreign | 2,091,533 |  |  | 1,761,732 |  |  | 2,098,433 |
Total | 94,313,012 |  |  | 68,743,501 |  |  | 97,249,255 |
Deferred income tax benefit: |  |  |  |  |
Primarily federal | (17,735,110) |  |  | (17,777,777) |  |  | (41,694,751) |
Provision for income taxes | $ | 76,577,902 |  |  | $ | 50,965,724 |  |  | $ | 55,554,504 |
Schedule of Effective Income Tax Rates Different from Statutory Federal Income Tax Rates | The effective income tax rates are different from the statutory federal income tax rates for the following reasons:
| 2023 |  | 2022 |  | 2021
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal income tax benefit | 0.8 |  |  | 0.9 |  |  | 0.7 |
Research tax credit | (1.3) |  |  | (1.8) |  |  | (1.0) |
(Decrease) Increase in reserve for uncertain tax provisions | — |  |  | (0.2) |  |  | 0.1 |
Non-deductible executive compensation | 0.1 |  |  | 0.3 |  |  | 0.1 |
Non-deductible expenses | 0.1 |  |  | 0.3 |  |  | — |
Foreign tax credit | (0.5) |  |  | (0.3) |  |  | (0.2) |
Foreign derived intangible income deduction | (5.1) |  |  | (6.2) |  |  | (6.3) |
Stock compensation | (0.4) |  |  | (0.6) |  |  | (1.3) |
Other | 0.5 |  |  | 0.4 |  |  | 0.2 |
Effective income tax rate | 15.2 | % |  | 13.8 | % |  | 13.3 | %
Schedule of Deferred Income Tax Assets And Liabilities | The tax effect of temporary differences which give rise to deferred income tax assets and liabilities at December 31, 2023 and 2022, are as follows:
| December 31,
| 2023 |  | 2022
Assets: |  |  |
Accruals not currently deductible | $ | 10,989,677 |  |  | $ | 9,778,184 |
Research and development costs | 70,252,363 |  |  | 58,501,232 |
Stock based compensation | 15,536,416 |  |  | 14,670,250 |
Excess tax over book depreciation | 7,060,777 |  |  | — |
Other | 4,025,082 |  |  | 4,722,513 |
Total deferred income tax assets | $ | 107,864,315 |  |  | $ | 87,672,179 |
Liabilities: |  |  |
Excess tax over book depreciation | $ | — |  |  | $ | (3,460,485) |
Goodwill | (47,185,855) |  |  | (42,580,026) |
Intangible assets | (15,235,639) |  |  | (13,268,772) |
Other | (4,329,062) |  |  | (2,834,196) |
Total deferred income tax liabilities | $ | (66,750,556) |  |  | $ | (62,143,479) |
Net deferred income taxes | $ | 41,113,759 |  |  | $ | 25,528,700 |
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| 2023 |  | 2022 |  | 2021
Beginning of year | $ | 4,630,000 |  |  | $ | 5,275,000 |  |  | $ | 4,864,000 |
Additions based on tax positions related to the current year | 1,046,000 |  |  | 951,000 |  |  | 1,023,000 |
Additions for tax positions in prior years | 671,000 |  |  | 353,000 |  |  | 364,000 |
Reductions for tax positions in prior years | (31,000) |  |  | (26,000) |  |  | (51,000) |
Reductions as a result of a lapse of the applicable statute of limitations | (1,538,000) |  |  | (1,923,000) |  |  | (925,000) |
End of year | $ | 4,778,000 |  |  | $ | 4,630,000 |  |  | $ | 5,275,000 |

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