XML 15 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Income (unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
REVENUES:        
Investment advisory $ 32,558,324 $ 28,553,082 $ 64,323,301 $ 55,239,867
Mutual fund administration, net 2,984,217 4,116,353 6,258,313 7,887,057
Total revenue 35,542,541 32,669,435 70,581,614 63,126,924
OPERATING EXPENSES:        
Compensation and related costs 14,313,734 13,381,347 27,992,883 25,780,056
General and administrative 2,980,469 2,575,941 6,468,585 5,061,100
Sales and marketing 1,252,852 1,061,046 2,382,570 2,054,168
Mutual fund administration 1,028,738 951,852 2,029,354 1,827,918
Total operating expenses 19,575,793 17,970,186 38,873,392 34,723,242
NET OPERATING INCOME 15,966,748 14,699,249 31,708,222 28,403,682
Investment income, net 3,024,729 692,666 6,905,973 1,439,888
INCOME BEFORE TAXES 18,991,477 15,391,915 38,614,195 29,843,570
Income tax expense (6,024,458) (5,624,808) (12,521,728) (10,796,584)
NET INCOME 12,967,019 9,767,107 26,092,467 19,046,986
Less: Net income attributable to redeemable noncontrolling interest (328,580) (52,555) (697,133) (66,771)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 12,638,439 $ 9,714,552 $ 25,395,334 $ 18,980,215
Earnings per share attributable to common shareholders        
Basic (USD per share) $ 3.67 $ 2.85 $ 7.39 $ 5.58
Diluted (USD per share) $ 3.66 $ 2.84 $ 7.38 $ 5.58
Weighted average shares outstanding        
Basic (in shares) 3,443,783 3,410,751 3,436,391 3,399,740
Diluted (in shares) 3,449,128 3,415,192 3,441,022 3,403,198