XML 33 R6.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Statements of Cash Flows (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 45,230,053 $ 44,239,522
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 892,463 868,243
Share-based compensation 6,724,201 6,472,823
Increase in accounts receivable (4,067,885) (90,525)
(Decrease) increase in current income taxes payable (1,352,069) 4,755,773
Change in deferred income taxes (922,277) (1,709,775)
Net gains on investments (17,465,565) (3,184,197)
Net change in securities held by Consolidated Funds 10,149,201 (47,246,344)
(Decrease) increase in accrued incentive compensation (4,756,871) 321,697
Increase in deferred compensation 6,028,924 4,951,871
Other changes in assets and liabilities (388,751) 252,238
Net cash provided by operating activities 40,071,424 9,631,326
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (609,836) (699,917)
Purchases of Company sponsored investments (10,955,556) (4,362,077)
Proceeds from sale of Company sponsored investments 43,245,298 1,789,359
Net cash on deconsolidation of company sponsored investments (22,723,853) 0
Net cash provided by (used in) investing activities 8,956,053 (3,272,635)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Value of shares withheld related to employee tax withholding (1,039,631) (1,602,528)
Net subscriptions received from redeemable noncontrolling interest holders 8,934,897 19,261,162
Repurchase of common stock (23,239,061) 0
Net cash (used in) provided by financing activities (15,343,795) 17,658,634
CASH AND CASH EQUIVALENTS    
Net change during the period 33,683,682 24,017,325
At beginning of period 84,430,059 76,602,108
At end of period 118,113,741 100,619,433
Supplemental cash flow information:    
Income taxes paid 16,641,951 11,400,094
Supplemental disclosure of non-cash transactions:    
Common stock issued as incentive compensation 3,655,296 4,109,197
Charitable donation of corporate investments 0 1,989,803
Net (redemptions) subscriptions of ETF shares for marketable securities $ (3,244,940) $ 3,260,445