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Consolidated Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
ASSETS    
Cash and cash equivalents $ 76,602,108 $ 57,189,876
Investment portfolio 138,476,022 108,015,635
Accounts receivable 19,220,279 18,605,209
Prepaid expenses 2,073,343 2,032,726
Income taxes receivable 4,114,962 1,111,890
Property and equipment, net of depreciation 4,057,901 4,025,758
Deferred taxes 5,843,704 8,736,767
Total assets 250,388,319 199,717,861
Liabilities    
Accounts payable and accrued expenses 11,890,403 9,787,048
Accrued incentive compensation 25,496,500 22,683,500
Deferred compensation 20,480,790 14,182,470
Total liabilities 57,867,693 46,653,018
Redeemable noncontrolling interest 20,076,806 13,840,688
Permanent Shareholders’ Equity    
Common stock, no par value 7,000,000 shares authorized; 3,470,428 issued and outstanding at December 31, 2017 (inclusive of 191,900 unvested shares); 3,411,556 issued and outstanding at December 31, 2016 (inclusive of 201,800 unvested shares) 118,209,111 109,293,803
Preferred stock, undesignated, 1,000,000 shares authorized and unissued 0 0
Deferred equity compensation (19,134,963) (17,728,106)
Retained Earnings 73,369,672 47,658,458
Total permanent shareholders’ equity 172,443,820 139,224,155
Total liabilities and shareholders’ equity $ 250,388,319 $ 199,717,861
Book value per share $ 49.69 $ 40.81