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Consolidated Balance Sheets - USD ($)
Dec. 31, 2018
Dec. 31, 2017
ASSETS    
Cash and cash equivalents $ 84,430,059 $ 76,602,108
Investments 203,488,217 138,476,022
Accounts receivable 20,290,283 19,220,279
Prepaid expenses 2,372,712 2,073,343
Income taxes receivable 0 4,114,962
Property and equipment, net of depreciation 3,680,472 4,057,901
Deferred taxes 11,466,100 5,843,704
Total assets 325,727,843 250,388,319
Liabilities    
Accounts payable and accrued expenses 15,561,491 11,890,403
Accrued incentive compensation 26,754,167 25,496,500
Income taxes payable 2,768,681 0
Deferred compensation 22,387,874 20,480,790
Total liabilities 67,472,213 57,867,693
Redeemable noncontrolling interest 62,679,687 20,076,806
Permanent Shareholders’ Equity    
Common stock, no par value 7,000,000 shares authorized; 3,499,285 issued and outstanding at December 31, 2018 (inclusive of 211,575 unvested shares); 3,470,428 issued and outstanding at December 31, 2017 (inclusive of 191,900 unvested shares) 124,933,060 118,209,111
Preferred stock, undesignated, 1,000,000 shares authorized and unissued 0 0
Deferred equity compensation (22,008,054) (19,134,963)
Retained Earnings 92,650,937 73,369,672
Total permanent shareholders’ equity 195,575,943 172,443,820
Total liabilities and shareholders’ equity $ 325,727,843 $ 250,388,319
Book value per share (in dollars per share) $ 55.89 $ 49.69