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Consolidated Balance Sheets - USD ($)
Dec. 31, 2015
Dec. 31, 2014
ASSETS    
Cash and cash equivalents $ 57,474,777 $ 35,777,140
Investment portfolio 52,490,820 45,427,456
Accounts receivable 18,579,302 16,514,146
Prepaid expenses 1,780,105 1,904,945
Income taxes receivable 1,402,137 0
Property and equipment, net of depreciation 4,253,361 2,425,949
Deferred taxes 9,206,079 5,658,992
Total assets 145,186,581 107,708,628
Liabilities    
Accounts payable and accrued expenses 7,651,324 6,550,770
Accrued incentive compensation 21,984,500 19,981,250
Deferred compensation 10,236,743 5,678,764
Income taxes payable 0 1,178,620
Total liabilities 39,872,567 33,389,404
Shareholders’ Equity    
Common stock, no par value 7,000,000 shares authorized; 3,414,338 issued and outstanding at December 31, 2015 (inclusive of 310,356 unvested shares); 3,317,728 issued and outstanding at December 31, 2014 (inclusive of 306,768 unvested shares) 102,536,527 84,855,693
Preferred stock, undesignated, 1,000,000 shares authorized and unissued 0 0
Deferred equity compensation (19,294,784) (12,566,133)
Retained Earnings 22,072,271 2,029,664
Total shareholders’ equity 105,314,014 74,319,224
Total liabilities and shareholders’ equity $ 145,186,581 $ 107,708,628
Book value per share $ 30.84 $ 22.40