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Consolidated Balance Sheets - USD ($)
Sep. 30, 2019
Dec. 31, 2018
ASSETS    
Cash and cash equivalents $ 118,113,741 $ 84,430,059
Investments 133,978,699 203,488,217
Accounts receivable 16,269,731 20,290,283
Prepaid expenses 2,941,894 2,372,712
Property and equipment, net of depreciation 6,018,420 3,680,472
Deferred taxes 12,388,377 11,466,100
Total assets 289,710,862 325,727,843
Liabilities    
Accounts payable and accrued expenses 7,651,105 15,561,491
Accrued incentive compensation 18,342,000 26,754,167
Income taxes payable 1,416,612 2,768,681
Deferred compensation 28,416,798 22,387,874
Total liabilities 55,826,515 67,472,213
Redeemable noncontrolling interest 10,662,345 62,679,687
Permanent Shareholders’ equity    
Common stock, no par value: 7,000,000 shares authorized; 3,403,739 issued and outstanding at September 30, 2019 (inclusive of 235,144 unvested shares); 3,499,285 issued and outstanding at December 31, 2018 (inclusive of 211,575 unvested shares) 111,265,293 124,933,060
Preferred stock, undesignated, 1,000,000 shares authorized and unissued 0 0
Deferred equity compensation (22,239,482) (22,008,054)
Retained earnings 134,196,191 92,650,937
Total permanent shareholders’ equity 223,222,002 195,575,943
Total liabilities and shareholders’ equity $ 289,710,862 $ 325,727,843
Book value per share (usd per share) $ 65.58 $ 55.89