XML 17 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements of Cash Flows (unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 19,046,986 $ 18,690,744
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 334,327 279,024
Stock-based compensation 4,170,356 4,074,437
(Increase)/decrease in accounts receivable 1,733,640 (1,505,693)
Change in current income taxes 3,250,999 (1,566,748)
Change in deferred income taxes (249,058) (795,408)
Net investment income (1,226,058) (1,786,994)
Decrease in accrued incentive compensation (7,146,569) (3,411,792)
Increase in deferred compensation 2,315,389 4,532,517
Excess income tax benefit from stock-based compensation (4,421,408) (1,619,727)
Income tax benefit from dividends paid on restricted stock (925,000) 0
Other changes in assets and liabilities 693,251 227,075
Net cash provided by operating activities 17,576,855 17,117,435
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (248,835) (722,352)
Cost of seed capital investments purchased (6,133,800) (11,040,594)
Proceeds from sale of seed capital investments 6,510,550 3,492,995
Net cash provided by (used in) investing activities 127,915 (8,269,951)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Value of shares withheld related to employee tax withholding (9,075,447) (3,235,604)
Excess income tax benefit from stock-based compensation 4,421,408 1,619,727
Income tax benefit from dividends paid on restricted stock 925,000 0
Net redemptions of redeemable noncontrolling interest (706,113) 0
Net cash used in financing activities (4,435,152) (1,615,877)
CASH AND CASH EQUIVALENTS    
Net change during the period 13,269,618 7,231,607
At beginning of period 57,474,777 35,777,140
At end of period 70,744,395 43,008,747
Supplemental cash flow information:    
Income taxes paid 7,794,643 12,789,528
Supplemental disclosure of non-cash transactions:    
Common stock issued as incentive compensation 3,879,431 3,826,458
Charitable donation of corporate investments 1,729,735 1,401,202
Cumulative-effect adjustment from the adoption of ASU 2015-02 (Note 2) 4,031,756 0
Net issuance of ETF shares for marketable securities $ 2,254,210 $ 0