INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Provision For Income Taxes

The components of the provision for income taxes are as follows:

	2023		2022		2021
Currently payable:
Federal	$	85,978,954	$	62,670,986	$	89,507,896
State	6,242,525		4,310,783		5,642,926
Foreign	2,091,533		1,761,732		2,098,433
Total	94,313,012		68,743,501		97,249,255
Deferred income tax benefit:
Primarily federal	(17,735,110)		(17,777,777)		(41,694,751)
Provision for income taxes	$	76,577,902	$	50,965,724	$	55,554,504

Schedule of Effective Income Tax Rates Different from Statutory Federal Income Tax Rates

The effective income tax rates are different from the statutory federal income tax rates for the following reasons:

	2023		2022		2021
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal income tax benefit	0.8		0.9		0.7
Research tax credit	(1.3)		(1.8)		(1.0)
(Decrease) Increase in reserve for uncertain tax provisions	—		(0.2)		0.1
Non-deductible executive compensation	0.1		0.3		0.1
Non-deductible expenses	0.1		0.3		—
Foreign tax credit	(0.5)		(0.3)		(0.2)
Foreign derived intangible income deduction	(5.1)		(6.2)		(6.3)
Stock compensation	(0.4)		(0.6)		(1.3)
Other	0.5		0.4		0.2
Effective income tax rate	15.2	%	13.8	%	13.3	%

Schedule of Deferred Income Tax Assets And Liabilities

The tax effect of temporary differences which give rise to deferred income tax assets and liabilities at    December 31, 2023 and 2022, are as follows: 

	December 31,
	2023		2022
Assets:
Accruals not currently deductible	$	10,989,677	$	9,778,184
Research and development costs	70,252,363		58,501,232
Stock based compensation	15,536,416		14,670,250
Excess tax over book depreciation	7,060,777		—
Other	4,025,082		4,722,513
Total deferred income tax assets	$	107,864,315	$	87,672,179
Liabilities:
Excess tax over book depreciation	$	—	$	(3,460,485)
Goodwill	(47,185,855)		(42,580,026)
Intangible assets	(15,235,639)		(13,268,772)
Other	(4,329,062)		(2,834,196)
Total deferred income tax liabilities	$	(66,750,556)	$	(62,143,479)
Net deferred income taxes	$	41,113,759	$	25,528,700

Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	2023		2022		2021
Beginning of year	$	4,630,000	$	5,275,000	$	4,864,000
Additions based on tax positions related to the current year	1,046,000		951,000		1,023,000
Additions for tax positions in prior years	671,000		353,000		364,000
Reductions for tax positions in prior years	(31,000)		(26,000)		(51,000)
Reductions as a result of a lapse of the applicable statute of limitations	(1,538,000)		(1,923,000)		(925,000)
End of year	$	4,778,000	$	4,630,000	$	5,275,000