XML 54 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 12,677,633 $ 10,042,277
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation on furniture and equipment 146,232 165,533
Stock-based compensation 3,608,289 3,006,652
Increase in accounts receivable (1,478,276) (1,191,096)
Change in current income taxes (6,943,752) 627,348
Change in deferred income taxes 2,431,661 (1,366,935)
Net investment gain (2,057,435) (2,644,562)
Increase (decrease) in accrued compensation 1,369,876 (853,327)
Excess income tax benefit from stock-based compensation (226,873) 0
Other changes in assets and liabilities 130,017 (416,160)
Net cash provided by operating activities 9,657,372 7,369,730
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of furniture and equipment (80,033) (334,429)
Cost of investments purchased and other portfolio activity (15,308,201) (2,000,000)
Net cash used in investing activities (15,388,234) (2,334,429)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Value of shares withheld related to employee tax withholding (365,420) (56,732)
Excess income tax benefit from stock-based compensation 226,873 0
Net cash used in financing activities (138,547) (56,732)
CASH AND CASH EQUIVALENTS    
Net change during the period (5,869,409) 4,978,569
At beginning of period 33,106,972 7,870,908
At end of period 27,237,563 12,849,477
Supplemental cash flow information:    
Income taxes paid 12,089,759 7,030,000
Supplemental disclosure of non-cash transactions:    
Common stock issued as incentive compensation $ 3,753,088 $ 4,606,008