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Consolidated Balance Sheets - USD ($)
Mar. 31, 2016
Dec. 31, 2015
ASSETS    
Cash and cash equivalents $ 49,337,654 $ 57,474,777
Investment portfolio 56,189,839 52,490,820
Accounts receivable 16,714,045 18,579,302
Prepaid expenses 1,880,449 1,780,105
Property and equipment, net of depreciation 4,242,557 4,253,361
Income taxes receivable 5,692,919 1,402,137
Deferred taxes 9,361,285 9,206,079
Total assets 143,418,748 145,186,581
Liabilities    
Accounts payable and accrued expenses 4,996,595 7,651,324
Accrued incentive compensation 4,627,000 21,984,500
Deferred compensation 12,520,233 10,236,743
Total liabilities 22,143,828 39,872,567
Redeemable noncontrolling interest 4,294,098 0
Shareholders’ equity    
Common stock, no par value 7,000,000 shares authorized; 3,409,281 issued and outstanding at March 31, 2016 (inclusive of 218,823 unvested shares); 3,414,338 issued and outstanding at December 31, 2015 (inclusive of 310,356 unvested shares) 107,438,271 102,536,527
Preferred stock, undesignated, 1,000,000 shares authorized and unissued 0 0
Deferred equity compensation (21,795,383) (19,294,784)
Retained earnings 31,337,934 22,072,271
Total shareholders’ equity 116,980,822 105,314,014
Total liabilities and shareholders’ equity $ 143,418,748 $ 145,186,581
Book value per share (usd per share) $ 34.31 $ 30.84