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Consolidated Statements of Cash Flows (unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 31,889,151 $ 11,110,111
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 577,706 507,737
Share-based compensation 3,268,734 3,635,931
Decrease (increase) in accounts receivable (4,889,865) 3,230,897
Change in current income taxes 460,963 5,903,671
Change in deferred income taxes 1,365,779 (794,862)
Net (gains) losses on investments (10,647,261) 12,135,645
Net change in securities held by Consolidated Funds (14,055,138) 169,476
Decrease in accrued incentive compensation (9,671,157) (10,265,331)
Increase (decrease) in deferred compensation 1,638,388 (3,649,491)
Other changes in assets and liabilities 2,889,156 (285,183)
Net cash provided by operating activities 2,826,456 21,698,601
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (662,714) (864,508)
Purchase of Company sponsored investments (12,433,151) (11,879,416)
Proceeds from sale of Company sponsored investments 4,566,647 24,662,847
Net cash provided by (used in) investing activities (8,529,218) 11,918,923
CASH FLOWS FROM FINANCING ACTIVITIES:    
Value of shares withheld related to employee tax withholding (687,583) (1,483,030)
Payment of dividends (6,343,500) 0
Net subscriptions (redemptions) received from redeemable noncontrolling interest holders 3,531,713 (1,986,415)
Repurchase of common stock (1,928,651) (11,984,473)
Proceeds received under employee stock purchase plan 413,635 0
Net cash used in financing activities (5,014,386) (15,453,918)
CASH AND CASH EQUIVALENTS    
Net change during the period (10,717,148) 18,163,606
At beginning of period 98,478,202 93,176,253
At end of period 87,761,054 111,339,859
Supplemental cash flow information:    
Income taxes paid 9,123,643 438,440
Supplemental disclosure of non-cash transactions:    
Common stock issued as incentive compensation 529,806 3,396,359
Charitable donation of corporate investments $ 366,555 $ 0