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Consolidated Balance Sheets - USD ($)
Sep. 30, 2020
Dec. 31, 2019
ASSETS    
Cash and cash equivalents $ 117,753,672 $ 93,176,253
Investments 116,433,476 139,437,178
Accounts receivable 14,870,956 17,223,362
Prepaid expenses 3,171,198 2,857,468
Income taxes receivable 833,084 3,849,099
Property and equipment, net of depreciation 6,379,824 5,733,737
Deferred taxes 9,673,576 10,386,853
Total assets 269,115,786 272,663,950
Liabilities    
Accounts payable and accrued expenses 7,134,193 8,671,731
Accrued incentive compensation 19,235,903 26,615,510
Deferred compensation 28,654,074 30,342,204
Total liabilities 55,024,170 65,629,445
Redeemable noncontrolling interest 8,036,117 14,178,824
Permanent Shareholders’ equity    
Common stock, no par value: 7,000,000 shares authorized; 3,164,793 issued and outstanding at September 30, 2020 (inclusive of 189,568 unvested shares); 3,294,672 issued and outstanding at December 31, 2019 (inclusive of 227,844 unvested shares) 80,160,678 95,853,477
Preferred stock, undesignated, 1,000,000 shares authorized and unissued 0 0
Deferred equity compensation (15,735,586) (20,331,890)
Retained earnings 141,630,407 117,334,094
Total permanent shareholders’ equity 206,055,499 192,855,681
Total liabilities and shareholders’ equity $ 269,115,786 $ 272,663,950
Book value per share (usd per share) $ 65.11 $ 58.54