XML 22 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income $ 46,314,388 $ 51,601,669 $ 46,594,132
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 1,159,380 888,197 712,112
Share-based compensation 8,896,610 8,582,069 8,205,084
Decrease (increase) in accounts receivable (1,014,839) (1,615,070) 486,491
Change in current income taxes 6,883,643 (3,003,072) 6,559,150
Change in deferred income taxes (5,622,396) 2,893,063 469,312
Gain on sale of subsidiary 0 0 (2,675,766)
Net loss / (gain) on investments 14,297,382 (9,730,751) (5,471,469)
Net change in securities held by Consolidated Funds (52,168,968) (5,511,669) (41,674,992)
Increase in accrued incentive compensation 5,366,864 6,705,424 4,578,431
Increase in deferred compensation 1,907,084 6,298,320 3,945,727
Excess income tax benefit from share-based compensation 0 0 (4,895,907)
Income tax benefit from dividends paid on restricted stock 0 0 (1,372,996)
Other changes in assets and liabilities 2,111,443 3,811,579 4,612,437
Net cash provided by operating activities 28,130,591 60,919,759 20,071,746
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property and equipment (781,951) (1,106,520) (484,509)
Purchase of Company sponsored investments (6,332,090) (21,044,429) (25,953,000)
Proceeds from sale of Company sponsored investments 2,353,144 2,597,130 19,543,607
Proceeds from sale of subsidiary, net of cash disposed 500,000 1,000,000 1,163,769
Net cash used in investing activities (4,260,897) (18,553,819) (5,730,133)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Value of shares withheld related to employee tax withholding (1,925,700) (4,966,042) (10,029,464)
Payment of dividends (28,094,564) (24,277,743) (20,465,736)
Repurchase of common stock 21,207,770 6,290,077 9,599,783
Repurchase of common stock (7,229,249) 0 0
Excess income tax benefit from share-based compensation 0 0 4,895,907
Income tax benefit from dividends paid on restricted stock 0 0 1,372,996
Net cash used in financing activities (16,041,743) (22,953,708) (14,626,514)
CASH AND CASH EQUIVALENTS      
Net change during the year 7,827,951 19,412,232 (284,901)
At beginning of year 76,602,108 57,189,876 57,474,777
At end of year 84,430,059 76,602,108 57,189,876
Supplemental cash flow information:      
Income taxes paid 17,408,094 29,527,299 19,639,173
Supplemental disclosure of non-cash transactions:      
Common stock issued as incentive compensation 4,109,197 3,892,424 3,879,431
Charitable donation of corporate investments and property and equipment 1,989,803 1,748,841 1,729,735
Cumulative-effect adjustment from the adoption of ASU 2015-02 (Note 2) 0 0 4,031,756
Net subscriptions (redemptions) of ETF Shares for marketable securities $ 6,282,621 $ (1,555,305) $ (244,200)