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Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Dec. 31, 2016
ASSETS    
Cash and cash equivalents $ 70,504,429 $ 57,189,876
Investment portfolio 126,027,827 108,015,635
Accounts receivable 17,778,026 18,605,209
Prepaid expenses 2,055,954 2,032,726
Income taxes receivable 0 1,111,890
Property and equipment, net of depreciation 3,586,094 4,025,758
Deferred taxes 9,933,828 8,736,767
Total assets 229,886,158 199,717,861
Liabilities    
Accounts payable and accrued expenses 8,491,628 9,787,048
Accrued incentive compensation 13,756,000 22,683,500
Deferred compensation 19,119,772 14,182,470
Income taxes payable 73,499 0
Total liabilities 41,440,899 46,653,018
Redeemable noncontrolling interest 17,734,895 13,840,688
Shareholders’ equity    
Common stock, no par value 7,000,000 shares authorized; 3,457,775 issued and outstanding at June 30, 2017 (inclusive of 200,500 unvested shares); 3,411,556 issued and outstanding at December 31, 2016 (inclusive of 201,800 unvested shares) 116,845,374 109,293,803
Preferred stock, undesignated, 1,000,000 shares authorized and unissued 0 0
Deferred equity compensation (19,188,802) (17,728,106)
Retained earnings 73,053,792 47,658,458
Total shareholders’ equity 170,710,364 139,224,155
Total liabilities and shareholders’ equity $ 229,886,158 $ 199,717,861
Book value per share (usd per share) $ 49.37 $ 40.81