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Consolidated Balance Sheets - USD ($)
Jun. 30, 2019
Dec. 31, 2018
ASSETS    
Cash and cash equivalents $ 112,275,019 $ 84,430,059
Investments 150,772,310 203,488,217
Accounts receivable 22,210,625 20,290,283
Prepaid expenses 2,630,933 2,372,712
Property and equipment, net of depreciation 5,973,071 3,680,472
Deferred taxes 12,289,983 11,466,100
Total assets 306,151,941 325,727,843
Liabilities    
Accounts payable and accrued expenses 13,045,332 15,561,491
Accrued incentive compensation 11,020,000 26,754,167
Income taxes payable 2,255,368 2,768,681
Deferred compensation 28,060,153 22,387,874
Total liabilities 54,380,853 67,472,213
Redeemable noncontrolling interest 34,076,350 62,679,687
Permanent Shareholders’ equity    
Common stock, no par value 7,000,000 shares authorized; 3,443,464 issued and outstanding at June 30, 2019 (inclusive of 225,625 unvested shares); 3,499,285 issued and outstanding at December 31, 2018 (inclusive of 211,575 unvested shares) 116,835,709 124,933,060
Preferred stock, undesignated, 1,000,000 shares authorized and unissued 0 0
Deferred equity compensation (21,919,702) (22,008,054)
Retained earnings 122,778,731 92,650,937
Total permanent shareholders’ equity 217,694,738 195,575,943
Total liabilities and shareholders’ equity $ 306,151,941 $ 325,727,843
Book value per share (usd per share) $ 63.22 $ 55.89