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Consolidated Balance Sheets - USD ($)
Jun. 30, 2018
Dec. 31, 2017
ASSETS    
Cash and cash equivalents $ 78,227,005 $ 76,602,108
Investment portfolio 205,200,638 138,476,022
Accounts receivable 20,884,354 19,220,279
Prepaid expenses 2,139,139 2,073,343
Income taxes receivable 0 4,114,962
Property and equipment, net of depreciation 4,202,536 4,057,901
Deferred taxes 7,097,692 5,843,704
Total assets 317,751,364 250,388,319
Liabilities    
Accounts payable and accrued expenses 20,470,960 11,890,403
Accrued incentive compensation 14,534,000 25,496,500
Deferred compensation 24,449,750 20,480,790
Income taxes payable 439,811 0
Total liabilities 59,894,521 57,867,693
Redeemable noncontrolling interest 50,777,801 20,076,806
Permanent Shareholders’ equity    
Common stock, no par value 7,000,000 shares authorized; 3,532,634 issued and outstanding at June 30, 2018 (inclusive of 213,700 unvested shares); 3,470,428 issued and outstanding at December 31, 2017 (inclusive of 191,900 unvested shares) 130,369,411 118,209,111
Preferred stock, undesignated, 1,000,000 shares authorized and unissued 0 0
Deferred equity compensation (24,019,869) (19,134,963)
Retained earnings 100,729,500 73,369,672
Total permanent shareholders’ equity 207,079,042 172,443,820
Total liabilities and shareholders’ equity $ 317,751,364 $ 250,388,319
Book value per share (usd per share) $ 58.62 $ 49.69