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Consolidated Balance Sheets - USD ($)
Sep. 30, 2018
Dec. 31, 2017
ASSETS    
Cash and cash equivalents $ 100,619,433 $ 76,602,108
Investment portfolio 212,389,477 138,476,022
Accounts receivable 19,365,969 19,220,279
Prepaid expenses 2,305,652 2,073,343
Income taxes receivable 0 4,114,962
Property and equipment, net of depreciation 3,908,750 4,057,901
Deferred taxes 7,553,479 5,843,704
Total assets 346,142,760 250,388,319
Liabilities    
Accounts payable and accrued expenses 13,654,401 11,890,403
Accrued incentive compensation 21,709,000 25,496,500
Deferred compensation 25,432,661 20,480,790
Income taxes payable 640,811 0
Total liabilities 61,436,873 57,867,693
Redeemable noncontrolling interest 60,714,693 20,076,806
Permanent Shareholders’ equity    
Common stock, no par value 7,000,000 shares authorized; 3,534,148 issued and outstanding at September 30, 2018 (inclusive of 207,500 unvested shares); 3,470,428 issued and outstanding at December 31, 2017 (inclusive of 191,900 unvested shares) 130,555,846 118,209,111
Preferred stock, undesignated, 1,000,000 shares authorized and unissued 0 0
Deferred equity compensation (22,502,206) (19,134,963)
Retained earnings 115,937,554 73,369,672
Total permanent shareholders’ equity 223,991,194 172,443,820
Total liabilities and shareholders’ equity $ 346,142,760 $ 250,388,319
Book value per share (usd per share) $ 63.38 $ 49.69