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Consolidated Balance Sheets - USD ($)
Jun. 30, 2015
Dec. 31, 2014
ASSETS    
Cash and cash equivalents $ 43,008,747 $ 35,777,140
Investment portfolio 53,360,847 45,427,456
Accounts receivable 18,019,839 16,514,146
Prepaid expenses 1,666,206 1,904,945
Property and equipment, net of depreciation 4,157,440 2,425,949
Income taxes receivable 2,007,855 0
Deferred taxes 6,454,400 5,658,992
Total assets 128,675,334 107,708,628
Liabilities    
Accounts payable and accrued expenses 6,426,067 6,550,770
Accrued incentive compensation 12,743,000 19,981,250
Deferred compensation 10,211,281 5,678,764
Income taxes payable 0 1,178,620
Total liabilities 29,380,348 33,389,404
Shareholders’ equity    
Common stock, no par value 7,000,000 shares authorized; 3,396,172 issued and outstanding at June 30, 2015 (inclusive of 307,163 unvested shares); 3,317,728 issued and outstanding at December 31, 2014 (inclusive of 306,768 unvested shares) 97,899,697 84,855,693
Preferred stock, undesignated, 1,000,000 shares authorized and unissued 0 0
Deferred equity compensation (19,325,119) (12,566,133)
Retained earnings 20,720,408 2,029,664
Total shareholders’ equity 99,294,986 74,319,224
Total liabilities and shareholders’ equity $ 128,675,334 $ 107,708,628
Book value per share (usd per share) $ 29.24 $ 22.4