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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Provision For Income Taxes | The components of the provision for income taxes are as follows:
| 2024 |  | 2023 |  | 2022
Currently payable: |  |  |  |  |
Federal | $ | 73,538,314 |  |  | $ | 85,978,954 |  |  | $ | 62,670,986 |
State | 4,678,030 |  |  | 6,242,525 |  |  | 4,310,783 |
Foreign | 1,931,008 |  |  | 2,091,533 |  |  | 1,761,732 |
Total | 80,147,352 |  |  | 94,313,012 |  |  | 68,743,501 |
Deferred income tax benefit: |  |  |  |  |
Primarily federal | (12,421,412) |  |  | (17,735,110) |  |  | (17,777,777) |
Provision for income taxes | $ | 67,725,940 |  |  | $ | 76,577,902 |  |  | $ | 50,965,724 |
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:
| 2024 |  | 2023 |  | 2022
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal income tax benefit | 0.8 |  |  | 0.8 |  |  | 0.9 |
Research tax credit | (1.8) |  |  | (1.3) |  |  | (1.8) |
(Decrease) Increase in reserve for uncertain tax provisions | 0.2 |  |  | — |  |  | (0.2) |
Non-deductible executive compensation | 0.3 |  |  | 0.1 |  |  | 0.3 |
Non-deductible expenses | 0.1 |  |  | 0.1 |  |  | 0.3 |
Foreign tax credit | (0.3) |  |  | (0.5) |  |  | (0.3) |
Foreign derived intangible income deduction | (5.9) |  |  | (5.1) |  |  | (6.2) |
Stock compensation | (0.4) |  |  | (0.4) |  |  | (0.6) |
Other | 0.3 |  |  | 0.5 |  |  | 0.4 |
Effective income tax rate | 14.3 | % |  | 15.2 | % |  | 13.8 | %
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, 2024 and 2023, are as follows:
| December 31,
| 2024 |  | 2023
Assets: |  |  |
Accruals not currently deductible | $ | 11,491,033 |  |  | $ | 10,989,677 |
Research and development costs | 80,310,573 |  |  | 70,252,363 |
Stock based compensation | 14,266,075 |  |  | 15,536,416 |
Excess tax over book depreciation | 14,747,529 |  |  | 7,060,777 |
Other | 5,212,157 |  |  | 4,025,082 |
Total deferred income tax assets | $ | 126,027,367 |  |  | $ | 107,864,315 |
Liabilities: |  |  |
Goodwill | $ | (51,613,808) |  |  | $ | (47,185,855) |
Intangible assets | (16,566,494) |  |  | (15,235,639) |
Other | (4,692,233) |  |  | (4,329,062) |
Total deferred income tax liabilities | $ | (72,872,535) |  |  | $ | (66,750,556) |
Net deferred income taxes | $ | 53,154,832 |  |  | $ | 41,113,759 |
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:
| 2024 |  | 2023 |  | 2022
Beginning of year | $ | 4,778,000 |  |  | $ | 4,630,000 |  |  | $ | 5,275,000 |
Additions based on tax positions related to the current year | 1,350,000 |  |  | 1,046,000 |  |  | 951,000 |
Additions for tax positions in prior years | 869,000 |  |  | 671,000 |  |  | 353,000 |
Reductions for tax positions in prior years | — |  |  | (31,000) |  |  | (26,000) |
Reductions as a result of a lapse of the applicable statute of limitations | (1,199,000) |  |  | (1,538,000) |  |  | (1,923,000) |
End of year | $ | 5,798,000 |  |  | $ | 4,778,000 |  |  | $ | 4,630,000 |

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