XML 13 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Income (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
REVENUES:        
Investment advisory $ 17,843,271 $ 14,619,221 $ 50,787,585 $ 43,095,368
Mutual fund administration, net 2,936,644 2,240,386 8,241,600 6,539,314
Total revenue 20,779,915 16,859,607 59,029,185 49,634,682
OPERATING EXPENSES:        
Compensation and related costs 10,817,675 8,725,570 30,688,766 25,591,782
General and administrative 1,552,592 1,230,528 4,366,176 3,633,071
Sales and marketing 325,866 275,491 978,059 751,341
Third party distribution 139,795 207,453 445,200 559,159
Mutual fund administration 474,386 390,345 1,302,077 1,218,040
Total operating expenses 13,310,314 10,829,387 37,780,278 31,753,393
NET OPERATING INCOME 7,469,601 6,030,220 21,248,907 17,881,289
Investment income 913,551 620,600 3,466,935 1,423,899
INCOME BEFORE TAXES 8,383,152 6,650,820 24,715,842 19,305,188
Income tax provision (3,021,416) (2,484,034) (9,311,828) (7,198,952)
NET INCOME $ 5,361,736 $ 4,166,786 $ 15,404,014 $ 12,106,236
Earnings per share        
Basic $ 1.70 $ 1.32 $ 4.91 $ 3.91
Diluted $ 1.67 $ 1.32 $ 4.84 $ 3.91
Weighted average shares outstanding        
Basic 3,160,039 3,153,585 3,135,466 3,095,409
Diluted 3,211,793 3,153,585 3,180,971 3,095,409