XML 19 R7.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Income (unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
REVENUES:        
Revenue $ 31,175,755 $ 34,592,372 $ 91,350,429 $ 100,716,763
OPERATING EXPENSES:        
Compensation and related costs, excluding deferred compensation expense (benefit) 13,704,075 15,714,531 41,679,020 43,613,578
Deferred compensation expense (benefit) 1,961,361 356,645 (2,368,980) 4,051,531
General and administrative 3,096,115 3,543,236 7,924,624 10,331,295
Sales and marketing 1,581,142 1,443,328 4,185,606 4,261,311
Mutual fund administration 863,463 778,093 2,467,732 2,488,809
Total operating expenses 21,206,156 21,835,833 53,888,002 64,746,524
NET OPERATING INCOME 9,969,599 12,756,539 37,462,427 35,970,239
Investment income (loss), net 5,052,794 2,822,947 (5,782,674) 23,627,419
NET INCOME BEFORE TAXES 15,022,393 15,579,486 31,679,753 59,597,658
Income tax expense 3,881,810 4,062,849 9,429,059 14,367,605
NET INCOME 11,140,583 11,516,637 22,250,694 45,230,053
Net loss (income) attributable to redeemable noncontrolling interest 575,068 99,177 (2,045,619) 3,684,799
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 10,565,515 $ 11,417,460 $ 24,296,313 $ 41,545,254
Earnings per share attributable to common shareholders        
Basic (USD per share) $ 3.30 $ 3.35 $ 7.52 $ 12.00
Diluted (USD per share) $ 3.30 $ 3.35 $ 7.52 $ 12.00
Weighted average shares outstanding        
Basic (in shares) 3,200,957 3,411,632 3,231,452 3,460,959
Diluted (in shares) 3,200,957 3,411,632 3,231,452 3,461,159
Investment advisory        
REVENUES:        
Revenue $ 29,362,652 $ 32,498,101 $ 86,219,325 $ 94,521,491
Mutual fund administration revenue, net        
REVENUES:        
Revenue $ 1,813,103 $ 2,094,271 $ 5,131,104 $ 6,195,272