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Consolidated Balance Sheets (USD $)
Sep. 30, 2014
Dec. 31, 2013
ASSETS    
Cash and cash equivalents $ 42,444,685 $ 33,106,972
Investment portfolio 34,989,899 18,726,070
Accounts receivable 15,351,246 13,002,295
Prepaid expenses 1,866,204 1,489,713
Furniture and equipment, net of depreciation 1,425,536 964,943
Income tax receivable 2,443,952 0
Deferred taxes 4,928,266 8,063,425
Total assets 103,449,788 75,353,418
Liabilities    
Accounts payable and accrued expenses 4,573,758 4,049,240
Accrued incentive compensation 20,462,000 19,606,881
Deferred compensation 5,304,623 1,287,745
Income taxes payable 0 5,466,562
Total liabilities 30,340,381 30,410,428
Commitments and contingencies 0 0
Shareholders’ equity    
Common stock, no par value 7,000,000 shares authorized; 3,314,167 issued and outstanding at September 30, 2014 (inclusive of 313,112 unvested shares); 3,257,247 issued and outstanding at December 31, 2013 (inclusive of 312,099 unvested shares) 81,837,321 72,642,933
Preferred stock, undesignated, 1,000,000 shares authorized and unissued 0 0
Deferred equity compensation (11,453,744) (11,397,560)
Retained earnings (accumulated deficit) 2,725,830 (16,302,383)
Total shareholders’ equity 73,109,407 44,942,990
Total liabilities and shareholders’ equity $ 103,449,788 $ 75,353,418
Book value per share $ 22.06 $ 13.80