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Consolidated Balance Sheets - USD ($)
Mar. 31, 2020
Dec. 31, 2019
ASSETS    
Cash and cash equivalents $ 97,311,557 $ 93,176,253
Investments 104,519,064 139,437,178
Accounts receivable 13,350,220 17,223,362
Prepaid expenses 2,958,185 2,857,468
Income taxes receivable 551,756 3,849,099
Property and equipment, net of depreciation 5,472,268 5,733,737
Deferred taxes 13,078,566 10,386,853
Total assets 237,241,616 272,663,950
Liabilities    
Accounts payable and accrued expenses 6,620,951 8,671,731
Accrued incentive compensation 7,419,223 26,615,510
Deferred compensation 22,867,172 30,342,204
Total liabilities 36,907,346 65,629,445
Redeemable noncontrolling interest 9,554,350 14,178,824
Permanent Shareholders’ equity    
Common stock, no par value: 7,000,000 shares authorized; 3,247,515 issued and outstanding at March 31, 2020 (inclusive of 226,369 unvested shares); 3,294,672 issued and outstanding at December 31, 2019 (inclusive of 227,844 unvested shares) 90,602,468 95,853,477
Preferred stock, undesignated, 1,000,000 shares authorized and unissued 0 0
Deferred equity compensation (18,686,750) (20,331,890)
Retained earnings 118,864,202 117,334,094
Total permanent shareholders’ equity 190,779,920 192,855,681
Total liabilities and shareholders’ equity $ 237,241,616 $ 272,663,950
Book value per share (usd per share) $ 58.75 $ 58.54