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Consolidated Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
ASSETS    
Cash and cash equivalents $ 93,176,253 $ 84,430,059
Investments 139,437,178 203,488,217
Accounts receivable 17,223,362 20,290,283
Prepaid expenses 2,857,468 2,372,712
Income taxes receivable 3,849,099 0
Property and equipment, net of depreciation 5,733,737 3,680,472
Deferred taxes 10,386,853 11,466,100
Total assets 272,663,950 325,727,843
Liabilities    
Accounts payable and accrued expenses 8,671,731 15,561,491
Accrued incentive compensation 26,615,510 26,754,167
Income taxes payable 0 2,768,681
Deferred compensation 30,342,204 22,387,874
Total liabilities 65,629,445 67,472,213
Redeemable noncontrolling interest 14,178,824 62,679,687
Permanent Shareholders’ Equity    
Common stock, no par value 7,000,000 shares authorized; 3,294,672 issued and outstanding at December 31, 2019 (inclusive of 227,844 unvested shares); 3,499,285 issued and outstanding at December 31, 2018 (inclusive of 211,575 unvested shares) 95,853,477 124,933,060
Preferred stock, undesignated, 1,000,000 shares authorized and unissued 0 0
Deferred equity compensation (20,331,890) (22,008,054)
Retained Earnings 117,334,094 92,650,937
Total permanent shareholders’ equity 192,855,681 195,575,943
Total liabilities and shareholders’ equity $ 272,663,950 $ 325,727,843
Book value per share (in dollars per share) $ 58.54 $ 55.89