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Consolidated Balance Sheets - USD ($)
Sep. 30, 2017
Dec. 31, 2016
ASSETS    
Cash and cash equivalents $ 89,890,396 $ 57,189,876
Investment portfolio 129,743,381 108,015,635
Accounts receivable 17,711,289 18,605,209
Prepaid expenses 2,210,563 2,032,726
Income taxes receivable 1,543,958 1,111,890
Property and equipment, net of depreciation 3,689,621 4,025,758
Deferred taxes 10,390,291 8,736,767
Total assets 255,179,499 199,717,861
Liabilities    
Accounts payable and accrued expenses 10,404,894 9,787,048
Accrued incentive compensation 21,060,000 22,683,500
Deferred compensation 19,571,038 14,182,470
Total liabilities 51,035,932 46,653,018
Redeemable noncontrolling interest 19,464,643 13,840,688
Shareholders’ equity    
Common stock, no par value 7,000,000 shares authorized; 3,468,565 issued and outstanding at September 30, 2017 (inclusive of 203,650 unvested shares); 3,411,556 issued and outstanding at December 31, 2016 (inclusive of 201,800 unvested shares) 119,167,093 109,293,803
Preferred stock, undesignated, 1,000,000 shares authorized and unissued 0 0
Deferred equity compensation (20,240,809) (17,728,106)
Retained earnings 85,752,640 47,658,458
Total shareholders’ equity 184,678,924 139,224,155
Total liabilities and shareholders’ equity $ 255,179,499 $ 199,717,861
Book value per share (usd per share) $ 53.24 $ 40.81