Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Jun. 30, 2013 | Mar. 01, 2014 | Mar. 01, 2014 | |
Class A [Member] | Class B [Member] | |||
Entity Information [Line Items] | ' | ' | ' | ' |
Entity Registrant Name | 'GAMCO INVESTORS, INC. ET AL | ' | ' | ' |
Entity Central Index Key | '0001060349 | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 6,649,564 | 19,379,452 |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' |
Entity Public Float | ' | $0 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | ' | ' | ' |
Investment advisory and incentive fees | $336,658 | $288,480 | $268,024 |
Distribution fees and other income | 51,964 | 44,848 | 44,816 |
Institutional research services | 8,940 | 10,953 | 14,288 |
Total revenues | 397,562 | 344,281 | 327,128 |
Expenses | ' | ' | ' |
Compensation | 161,798 | 137,223 | 130,382 |
Stock based compensation | 2,072 | 13,583 | 2,588 |
Management fee | 18,829 | 13,018 | 12,270 |
Distribution costs | 48,936 | 40,842 | 44,427 |
Other operating expenses | 23,515 | 28,485 | 24,167 |
Total expenses | 255,150 | 233,151 | 213,834 |
Operating income | 142,412 | 111,130 | 113,294 |
Other income (expense) | ' | ' | ' |
Net gain from investments | 56,179 | 22,741 | 5,549 |
Extinguishment of debt | -998 | -6,307 | 2 |
Interest and dividend income | 7,095 | 5,651 | 6,594 |
Interest expense | -10,511 | -15,899 | -14,997 |
Shareholder-designated contribution | -10,626 | 0 | 0 |
Total other income (expense), net | 41,139 | 6,186 | -2,852 |
Income before income taxes | 183,551 | 117,316 | 110,442 |
Income tax provision | 66,186 | 41,721 | 40,767 |
Net income | 117,365 | 75,595 | 69,675 |
Net income (loss) attributable to noncontrolling interests | 512 | 56 | -7 |
Net income attributable to GAMCO Investors, Inc.'s shareholders | $116,853 | $75,539 | $69,682 |
Net income attributable to GAMCO Investors, Inc.'s shareholders | ' | ' | ' |
Basic (in dollars per share) | $4.56 | $2.87 | $2.62 |
Diluted (in dollars per share) | $4.54 | $2.86 | $2.61 |
Weighted average shares outstanding: | ' | ' | ' |
Basic (in shares) | 25,653 | 26,283 | 26,636 |
Diluted (in shares) | 25,712 | 26,436 | 26,724 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Comprehensive Income [Abstract] | ' | ' | ' | |||
Net income | $117,365 | $75,595 | $69,675 | |||
Other comprehensive income/(loss), net of tax: | ' | ' | ' | |||
Foreign currency translation | 20 | -28 | 8 | |||
Net unrealized gains/(losses) on securities available for sale (a) | 3,919 | [1] | 3,808 | [1] | -2,877 | [1] |
Other comprehensive income/(loss) | 3,939 | 3,780 | -2,869 | |||
Comprehensive income | 121,304 | 79,375 | 66,806 | |||
Less: Comprehensive income/(loss) attributable to noncontrolling interests | -512 | -56 | 7 | |||
Comprehensive income attributable to GAMCO Investors, Inc. | $120,792 | $79,319 | $66,813 | |||
[1] | Net of income tax expense of $2,236 for 2012, income tax benefit of ($1,690) for 2011 and income tax expense of $3,710 for 2010. |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Comprehensive Income [Abstract] | ' | ' | ' |
Net unrealized gains on securities available for sale, income tax | $2,301 | $2,236 | ($1,690) |
CONSOLIDATED_STATEMENTS_OF_FIN
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $210,451 | $190,608 |
Investments in securities | 231,228 | 218,843 |
Investments in sponsored registered investment companies | 44,042 | 61,872 |
Investments in partnerships | 95,992 | 97,549 |
Receivable from brokers | 49,461 | 50,655 |
Investment advisory fees receivable | 51,506 | 42,429 |
Receivable from affiliates | 6,238 | 4,457 |
Capital lease | 3,142 | 2,872 |
Goodwill and identifiable intangible asset | 5,358 | 5,358 |
Income tax receivable | 445 | 1,018 |
Other assets | 11,622 | 15,072 |
Total assets | 709,485 | 690,733 |
Liabilities and Equity | ' | ' |
Payable to brokers | 10,765 | 14,346 |
Income taxes payable and deferred tax liabilities | 39,846 | 25,398 |
Capital lease obligation | 5,323 | 4,949 |
Compensation payable | 34,663 | 10,535 |
Securities sold, not yet purchased | 6,178 | 3,136 |
Mandatorily redeemable noncontrolling interests | 1,355 | 1,342 |
Accrued expenses and other liabilities | 32,511 | 26,365 |
Sub-total | 130,641 | 86,071 |
5.5% Senior notes (due May 15, 2013) | 0 | 99,000 |
5.875% Senior notes (due June 1, 2021) | 100,000 | 100,000 |
Zero coupon subordinated debentures, Face value: $- million at December 31, 2013 and $21.7 million at December 31, 2012 (due December 31, 2015 | 11,911 | 17,366 |
Total liabilities | 242,552 | 302,437 |
Redeemable noncontrolling interests | 6,751 | 17,362 |
Commitments and contingencies (Note J) | ' | ' |
GAMCO Investors, Inc. stockholders' equity | ' | ' |
Preferred Stock | 0 | 0 |
Additional paid-in capital | 282,496 | 280,089 |
Retained earnings | 506,441 | 408,295 |
Accumulated other comprehensive income | 30,239 | 26,300 |
Treasury stock, at cost (8,081,561 and 6,943,248 shares, respectively) | -361,878 | -347,109 |
Total GAMCO Investors, Inc. stockholders' equity | 457,331 | 367,608 |
Noncontrolling interests | 2,851 | 3,326 |
Total equity | 460,182 | 370,934 |
Total liabilities and equity | 709,485 | 690,733 |
Class A [Member] | ' | ' |
GAMCO Investors, Inc. stockholders' equity | ' | ' |
Common Stock | 14 | 13 |
Class B [Member] | ' | ' |
GAMCO Investors, Inc. stockholders' equity | ' | ' |
Common Stock | $19 | $20 |
CONSOLIDATED_STATEMENTS_OF_FIN1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | Class A [Member] | Class A [Member] | Class B [Member] | Class B [Member] | ||
Liabilities and Equity | ' | ' | ' | ' | ' | ' |
Zero coupon subordinated debentures, face value | $13.80 | $21.70 | ' | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Preferred Stock, par value (in dollars per share) | $0.00 | $0.00 | ' | ' | ' | ' |
Preferred Stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | ' | ' | ' | ' |
Common Stock, par value (in dollars per share) | ' | ' | $0.00 | $0.00 | $0.00 | $0.00 |
Common Stock, shares authorized (in shares) | ' | ' | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 |
Common Stock, issued (in shares) | ' | ' | 15,012,719 | 14,203,146 | 24,000,000 | 24,000,000 |
Common Stock, outstanding (in shares) | ' | ' | 6,701,930 | 6,121,585 | 19,384,174 | 19,624,174 |
Treasury stock, shares (in shares) | 8,310,789 | 8,081,561 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Noncontrolling Interests [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Comprehensive Income [Member] | Treasury Stock [Member] | Total | Redeemable Noncontrolling Interests [Member] |
In Thousands | ||||||||
Balance at Dec. 31, 2010 | $3,579 | $33 | $262,108 | $370,272 | $25,389 | ($271,773) | $389,608 | $26,984 |
Redemptions of redeemable noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2,340 |
Contributions from redeemable noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22,418 |
Dividends paid to noncontrolling interests | -331 | 0 | 0 | 0 | 0 | 0 | -331 | 0 |
Deconsolidation of Partnership | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -40,998 |
Gain attributable to noncontrolling interest holders related to common control transaction | 205 | 0 | -287 | 0 | 0 | 0 | -82 | 0 |
Net income (loss) | -14 | 0 | 0 | 69,682 | 0 | 0 | 69,668 | 7 |
Net unrealized gains (losses) on securities available for sale, net of tax | 0 | 0 | 0 | 0 | -2,877 | 0 | -2,877 | 0 |
Foreign currency translation | 0 | 0 | 0 | 0 | 8 | 0 | 8 | 0 |
Dividends declared | 0 | 0 | 0 | -30,763 | 0 | 0 | -30,763 | 0 |
Stock based compensation expense | 0 | 0 | 2,588 | 0 | 0 | 0 | 2,588 | 0 |
Purchase of treasury stock | 0 | 0 | 0 | 0 | 0 | -20,408 | -20,408 | 0 |
Balance at Dec. 31, 2011 | 3,439 | 33 | 264,409 | 409,191 | 22,520 | -292,181 | 407,411 | 6,071 |
Redemptions of redeemable noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13,069 |
Contributions from redeemable noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24,189 |
Net income (loss) | -113 | 0 | 0 | 75,539 | 0 | 0 | 75,426 | 171 |
Net unrealized gains (losses) on securities available for sale, net of tax | 0 | 0 | 0 | 0 | 3,808 | 0 | 3,808 | 0 |
Foreign currency translation | 0 | 0 | 0 | 0 | -28 | 0 | -28 | 0 |
Dividends declared | 0 | 0 | 0 | -76,435 | 0 | 0 | -76,435 | 0 |
Stock based compensation expense | 0 | 0 | 13,583 | 0 | 0 | 0 | 13,583 | 0 |
Increase in Paid In Capital Due to excess of tax benefit of RSA | 0 | 0 | 1,072 | 0 | 0 | 0 | 1,072 | 0 |
Exercise of stock options including tax benefit | 0 | 0 | 1,025 | 0 | 0 | 0 | 1,025 | 0 |
Purchase of treasury stock | 0 | 0 | 0 | 0 | 0 | -54,928 | -54,928 | 0 |
Balance at Dec. 31, 2012 | 3,326 | 33 | 280,089 | 408,295 | 26,300 | -347,109 | 370,934 | 17,362 |
Redemptions of redeemable noncontrolling interests | -525 | 0 | 0 | 0 | 0 | 0 | -525 | -16,223 |
Contributions from redeemable noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5,150 |
Net income (loss) | 50 | 0 | 0 | 116,853 | 0 | 0 | 116,903 | 462 |
Net unrealized gains (losses) on securities available for sale, net of tax | 0 | 0 | 0 | 0 | 17,301 | 0 | 17,301 | 0 |
Amount reclassed out of accumulated other comprehensive income, net of income tax benefit | 0 | 0 | 0 | 0 | -13,382 | 0 | -13,382 | 0 |
Income tax effect of transaction with shareholders | 0 | 0 | 243 | 0 | ' | 0 | 243 | 0 |
Foreign currency translation | 0 | 0 | 0 | 0 | 20 | 0 | 20 | 0 |
Dividends declared | 0 | 0 | 0 | -18,707 | 0 | 0 | -18,707 | 0 |
Stock based compensation expense | 0 | 0 | 2,072 | 0 | 0 | 0 | 2,072 | 0 |
Exercise of stock options including tax benefit | 0 | 0 | 92 | 0 | 0 | 0 | 92 | 0 |
Purchase of treasury stock | 0 | 0 | 0 | 0 | 0 | -14,769 | -14,769 | 0 |
Balance at Dec. 31, 2013 | $2,851 | $33 | $282,496 | $506,441 | $30,239 | ($361,878) | $460,182 | $6,751 |
CONSOLIDATED_STATEMENTS_OF_EQU1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Consolidated Statements of Equity [Abstract] | ' | ' | ' |
Net unrealized gains on securities available for sale, income tax | $10,160 | ($2,236) | ($1,690) |
Amounts reclassed from accumulated other comprehensive income, income tax benefit | ($7,859) | ' | ' |
Dividends declared (in dollars per share) | $0.72 | $2.88 | $1.15 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating activities | ' | ' | ' |
Net income | $117,365,000 | $75,595,000 | $69,675,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' |
Equity in net gains from partnerships | -5,748,000 | -5,948,000 | -1,060,000 |
Depreciation and amortization | 766,000 | 777,000 | 825,000 |
Stock based compensation expense | 2,072,000 | 13,583,000 | 2,588,000 |
Deferred income taxes | 6,557,000 | 8,504,000 | -1,521,000 |
Tax benefit from exercise of stock options | 16,000 | 105,000 | 0 |
Foreign currency translation gain/(loss) | 20,000 | -28,000 | 8,000 |
Other-than-temporary loss on available for sale securities | 97,000 | 20,000 | 0 |
Donated securities | 1,931,000 | 448,000 | 167,000 |
Gains on sales of available for sale securities | -17,688,000 | -1,565,000 | -772,000 |
Accretion of zero coupon debentures | 1,253,000 | 3,155,000 | 4,572,000 |
(Gain) loss on extinguishment of debt | 998,000 | 6,307,000 | -2,000 |
(Increase) decrease in assets: | ' | ' | ' |
Investments in trading securities | 101,000 | 17,174,000 | -58,286,000 |
Investments in partnerships: | ' | ' | ' |
Contributions to partnerships | -12,257,000 | -27,443,000 | -15,483,000 |
Distributions from partnerships | 19,562,000 | 36,735,000 | 57,148,000 |
Receivable from brokers | 1,194,000 | -29,742,000 | -30,039,000 |
Investment advisory fees receivable | -9,078,000 | -10,272,000 | 12,718,000 |
Income tax receivable and deferred tax assets | 573,000 | -979,000 | 286,000 |
Other assets | 641,000 | 338,000 | -5,659,000 |
Increase (decrease) in liabilities: | ' | ' | ' |
Payable to brokers | -3,581,000 | 3,576,000 | 9,216,000 |
Income taxes payable and deferred tax liabilities | 5,590,000 | 432,000 | -4,456,000 |
Compensation payable | 24,128,000 | -7,162,000 | -6,076,000 |
Mandatorily redeemable noncontrolling interests | 13,000 | -44,000 | -137,000 |
Accrued expenses and other liabilities | 6,471,000 | 2,179,000 | 2,651,000 |
Total adjustments | 23,631,000 | 10,150,000 | -33,312,000 |
Net cash provided by operating activities | 140,996,000 | 85,745,000 | 36,363,000 |
Investing activities | ' | ' | ' |
Purchases of available for sale securities | -9,080,000 | -1,268,000 | -4,378,000 |
Proceeds from sales of available for sale securities | 37,888,000 | 3,184,000 | 6,054,000 |
Return of capital on available for sale securities | 1,459,000 | 2,531,000 | 2,306,000 |
Net cash provided by investing activities | 30,267,000 | 4,447,000 | 3,982,000 |
Financing activities | ' | ' | ' |
Contributions from redeemable noncontrolling interests | 5,150,000 | 24,189,000 | 22,418,000 |
Redemptions of redeemable noncontrolling interests | -16,223,000 | -13,069,000 | -2,340,000 |
Issuance of 5.875% Senior notes due June 1, 2021 | 0 | 0 | 100,000,000 |
Issuance costs on the 5.875% Senior notes due June 1, 2021 | 0 | 0 | -934,000 |
Repayment of 5.5% Convertible note due May 15, 2013 | -99,000,000 | 0 | 0 |
Redemptions of noncontrolling interests | -524,000 | 0 | ' |
Repurchase of Zero coupon subordinated debentures due December 31, 2015 | -7,705,000 | -56,215,000 | -32,000 |
Proceeds from exercise of stock options | 76,000 | 920,000 | 0 |
Dividends paid | -18,419,000 | -76,809,000 | -30,477,000 |
Payments to Noncontrolling Interests | 0 | 0 | -331,000 |
Purchase of treasury stock | -14,768,000 | -54,928,000 | -20,408,000 |
Net cash (used in) provided by financing activities | -151,413,000 | -175,912,000 | 67,896,000 |
Effect of exchange rates on cash and cash equivalents | -7,000 | -12,000 | 0 |
Net increase in cash and cash equivalents | 19,843,000 | -85,732,000 | 108,241,000 |
Cash and cash equivalents at beginning of period | 190,608,000 | 276,340,000 | 169,601,000 |
Decrease in cash from deconsolidation of partnership | 0 | 0 | 1,502,000 |
Cash and cash equivalents at end of period | 210,451,000 | 190,608,000 | 276,340,000 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Cash paid for interest | 9,797,000 | 10,049,000 | 9,539,000 |
Cash paid for taxes | $51,964,000 | $32,106,000 | $45,460,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Non-cash activity: | ' | ' | ' | ' | ' |
Decrease in cash from deconsolidation of partnership | $251 | $1,251 | $0 | $0 | $1,502 |
Decrease in net assets from deconsolidation of partnership | 36,644 | 2,852 | ' | ' | ' |
Decrease in noncontrolling interests from deconsolidation of that partnership | 36,895 | 4,103 | ' | ' | 0 |
Accrued restricted stock award dividends | ' | ' | 288 | 277 | 278 |
Change in deferred tax asset for restricted stock awards | ' | ' | ' | ($1,072) | ' |
5.5% Senior notes [Member] | ' | ' | ' | ' | ' |
Stated interest rate (in hundredths) | ' | ' | 5.50% | ' | ' |
Debt maturity date | ' | ' | 15-May-13 | ' | ' |
5.875% Senior notes [Member] | ' | ' | ' | ' | ' |
Stated interest rate (in hundredths) | ' | ' | 5.88% | ' | ' |
Debt maturity date | ' | ' | 1-Jun-21 | ' | ' |
0% Subordinated debentures [Member] | ' | ' | ' | ' | ' |
Debt maturity date | ' | ' | 31-Dec-15 | ' | ' |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Significant Accounting Policies [Abstract] | ' | |
Significant Accounting Policies | ' | |
A. Significant Accounting Policies | ||
Basis of Presentation | ||
GAMCO Investors, Inc. ("GBL" or the "Company") was incorporated in April 1998 in the state of New York, with no significant assets or liabilities and did not engage in any substantial business activities prior to the initial public offering ("Offering") of our shares. On February 9, 1999, we exchanged 24 million shares of our Class B Common Stock ("Class B Stock"), representing all of our then issued and outstanding common stock, with Gabelli Funds, Inc. ("GFI") and two of its subsidiaries in consideration for substantially all of the operating assets and liabilities of GFI, relating to its institutional and retail asset management, mutual fund advisory, underwriting and brokerage business (the "Reorganization"). GFI, which was renamed Gabelli Group Capital Partners, Inc. in 1999, is the majority shareholder of GBL and was renamed GGCP, Inc. ("GGCP") in 2005. During 2010, the shares of GBL owned by GGCP were transferred to GGCP Holdings LLC, a subsidiary of GGCP. In 2013, the Company changed its state of incorporation from New York to Delaware in a tax-free reorganization. | ||
The accompanying consolidated financial statements include the assets, liabilities and earnings of: | ||
· | GBL; and | |
· | Our wholly-owned subsidiaries: Gabelli Funds, LLC ("Funds Advisor"), GAMCO Asset Management Inc. ("GAMCO"), G.distributors, LLC ("G.distributors"), GAMCO Asset Management (UK) Limited, Gabelli Arbitrage Holdings LLC, Gabelli Trading Holdings LLC, Gabelli Fixed Income, Inc. ("Fixed Income") and its subsidiaries, GAMCO International Partners LLC, GAMCO Acquisition LLC, GAMCO Asset Management (Singapore) Pte. Ltd.; | |
· | Our majority-owned or majority-controlled subsidiaries: Gabelli Securities, Inc. ("GSI") and its subsidiaries; and | |
· | Certain investment partnerships ("Investment Partnerships") and offshore funds in which we have a direct or indirect controlling financial interest. Please see Note D included herein. | |
At December 31, 2013, 2012 and 2011, we owned approximately 94%, 93% and 93% respectively, of GSI. The consolidated financial statements comprise the financial statements of GBL and its subsidiaries as of December 31 of each year. The financial statements of the subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies. All intercompany transactions and balances have been eliminated. Subsidiaries are fully consolidated from the date of acquisition, being the date on which GBL obtains control, and continue to be consolidated until the date that such control ceases. | ||
Use of Estimates | ||
The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported on the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | ||
Nature of Operations | ||
GAMCO, Funds Advisor, Gabelli Fixed Income LLC ("Fixed Income LLC"), a wholly-owned subsidiary of Fixed Income and GSI are registered investment advisors under the Advisers Act of 1940. G.research, Inc. ("G.research"), a wholly-owned subsidiary of GSI, and G.distributors are registered broker-dealers with the Securities and Exchange Commission ("SEC") and are regulated by the Financial Industry Regulatory Authority ("FINRA"). G.research acts as an introducing broker, and all transactions for its customers are cleared through New York Stock Exchange ("NYSE") member firms on a fully-disclosed basis. Accordingly, open customer transactions are not reflected in the accompanying consolidated statements of financial condition. G.research is exposed to credit losses on these open positions in the event of nonperformance by its customers, pursuant to conditions of its clearing agreements with its clearing brokers. This exposure is reduced by the clearing brokers' policy of obtaining and maintaining adequate collateral and credit of the counterparties until the open transaction is completed. Refer to Major Revenue-Generating Services and Revenue Recognition section within Note A for additional discussion of GBL's business. | ||
Cash and Cash Equivalents | ||
Cash equivalents primarily consist of an affiliated money market mutual fund which is highly liquid. U.S. Treasury Bills and Notes with maturities of three months or less at the time of purchase are also considered cash equivalents. | ||
Securities Transactions | ||
Investments in securities are accounted for as either "trading securities" or "available for sale" and are stated at fair value. Management determines the appropriate classification of debt and equity securities at the time of purchase. U.S. Treasury Bills and Notes with maturities of greater than three months at the time of purchase are considered investments in securities. Securities that are not readily marketable are stated at their estimated fair values in accordance with Generally Accepted Accounting Principles ("GAAP"). A substantial portion of investments in securities are held for resale in anticipation of short-term market movements and therefore are classified as trading securities. Trading securities are stated at fair value, with any unrealized gains or losses reported in current period earnings in net gain/(loss) from investments on the consolidated statements of income. Available for sale ("AFS") investments are stated at fair value, with any unrealized gains or losses, net of taxes, reported as a component of other comprehensive income except for losses deemed to be other than temporary which are recorded as realized losses on the consolidated statements of income. Securities transactions and any related gains and losses are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the specific identified cost basis and are included in net gain/(loss) from investments on the consolidated statements of income. | ||
Available for sale securities are evaluated for other than temporary impairments each reporting period and any impairment charges are recorded in net gain/(loss) from investments on the consolidated statements of income. Management reviews all available for sale securities whose cost exceeds their fair value to determine if the impairment is other than temporary. Management uses qualitative factors such as diversification of the investment, the intent to hold the investment, the amount of time that the investment has been impaired and the severity of the decline in determining whether the impairment is other than temporary. | ||
Securities sold, but not yet purchased are recorded on the trade date, and are stated at fair value and represent obligations of GBL to purchase the securities at prevailing market prices. Therefore, the future satisfaction of such obligations may be for an amount greater or less than the amounts recorded on the consolidated statements of financial condition. The ultimate gains or losses recognized are dependent upon the prices at which these securities are purchased to settle the obligations under the sales commitments. Realized gains and losses from covers of securities sold, not yet purchased transactions are included in net gain/(loss) from investments on the consolidated statements of income. Securities sold, not yet purchased are stated at fair value, with any unrealized gains or losses reported in current period earnings in net gain/(loss) from investments on the consolidated statements of income. | ||
Consolidation | ||
In accordance with the consolidation assessment models set forth in ASC 810-10 and 810-20, the Company consolidates all investments in partnerships and affiliates in which the Company has a controlling interest or is deemed to be the primary beneficiary. In order to make this determination, an analysis is performed to determine if the entity is a variable interest entity ("VIE") or a voting interest entity ("VOE"). If the entity is a VIE, further analysis, as discussed below, is performed to determine if GBL is the primary beneficiary of the entity. If the entity is not a VIE, the Company will apply the VOE model as discussed below. | ||
Variable Interest Entities | ||
A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) the equity investors do not have the ability to make decisions about the entities' activities or obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the entity or (c) the voting rights are not proportional to their obligations to absorb the expected losses of the entity or their rights to receive the expected residual returns of the entity. The Company evaluates whether entities in which it has an interest are VIEs and whether the Company is the primary beneficiary of any VIEs identified in its analysis. The Company is determined to be the primary beneficiary if it absorbs a majority of the VIE's expected losses, expected residual returns, or both. If the Company is the primary beneficiary of a VIE, it consolidates that entity. If the Company is not the primary beneficiary, it accounts for its investment under the equity method. | ||
In June 2009 the Financial Accounting Standards Board ("FASB") amended the guidance on VIEs when it issued ASU 2009-17. This guidance requires that if a decision maker has a variable interest in a VIE, the decision maker is not solely acting in a fiduciary capacity and would be required to consolidate the VIE if it has both the power to direct the most significant activities of the VIE and economic exposure that could potentially be significant to the VIE. The Company is general partner or co-general partner of various sponsored partnerships and the investment manager of various sponsored offshore funds whose underlying assets consist primarily of marketable securities (the "affiliated entities"). If the Company were to apply such guidance it would be required to consolidate most of its affiliated entities. In February 2010, the FASB issued ASU 2010-10, which indefinitely deferred the effective date of the amendments to ASC 810-10 made by ASU 2009-17, for a reporting entity's interest in certain entities. Currently, interests in entities that qualify for the deferral are evaluated by applying the VIE model in ASC 810-10 (i.e., before the amendments by ASU 2009-17), while interests in entities that do not qualify for the deferral must be evaluated under the amendments in ASU 2009-17. Because all of the entities with which the Company is involved which would have been subject to the guidance in ASU 2009-17 were determined to qualify for the FASB's deferral of such guidance, the Company applies the guidance for VIEs that existed prior to the issuance of ASU 2009-17. | ||
Voting Interest Entities | ||
If the entity is not considered a VIE, it is treated as a VOE, and the Company applies the guidance in ASC 810-20 in determining whether the entity should be consolidated. Under ASC 810-20, the general partner or investment manager is deemed to control the entity and therefore must consolidate it unless the unaffiliated limited partners or shareholders (a) have the ability to remove the general partner or investment manager, without cause, (b) have the ability to dissolve the entity or (c) have substantive participating rights. If the unaffiliated limited partners or shareholders possess any of the foregoing rights, then the Company does not consolidate the entity, and either the equity or cost method of accounting is applied. If the unaffiliated limited partners or shareholders do not have any such rights, the Company consolidates the entity. | ||
Equity Method Investments | ||
Substantially all of GBL's equity method investees are entities that record their underlying investments at fair value. Therefore, under the equity method of accounting, GBL's share of the investee's underlying net income predominantly represents fair value adjustments in the investments held by the equity method investees. GBL's share of the investee's underlying net income or loss is based upon the most currently available information and is recorded as "Net gain/(loss) from investments" on the consolidated statements of income. Capital contributions are recorded as an increase in investments when paid, while withdrawals and distributions are recorded as reductions of the investments when received. Depending on the terms of the investment, the Company may be restricted as to the timing and amounts of withdrawals. | ||
See Note D. Investments in Partnerships, Offshore Funds and Variable Interest Entities for more detail as to the number and types of entities consolidated as well as the impact on the consolidated statements of financial condition and consolidated statements of income. | ||
Investments in Partnerships and Affiliates | ||
The Company is general partner or co-general partner of various affiliated entities. We also have investments in unaffiliated partnerships, offshore funds and other entities ("unaffiliated entities"). Given that we are not a general partner or investment manager in any unaffiliated entities, we do not earn any management or incentive fees and we do not have a controlling financial interest, we do not currently consolidate any unaffiliated entities. | ||
Our balance sheet caption "Investments in partnerships" includes those investments, in both affiliated and unaffiliated entities, which the Company accounts for under the equity method of accounting and certain investments in consolidated feeder funds ("CFFs") that the Company accounts for at fair value, as described below. | ||
For CFFs that own 100% of their offshore master funds, the Company retains the CFF's specialized investment company accounting (i.e., the CFFs account for their investment in master funds at fair value as opposed to consolidating the accounts of the master funds). | ||
The Company records noncontrolling interests in consolidated entities for which the Company's ownership is less than 100%. Refer to Noncontrolling Interests section within Note A for additional disclosures. | ||
Receivables from and Payables to Brokers | ||
Receivables from and payables to brokers consist of amounts arising from the purchases and sales of securities as well as cash amounts held in anticipation of investment. | ||
Major Revenue-Generating Services and Revenue Recognition | ||
The Company's revenues are derived primarily from investment advisory and incentive fees, institutional research services and distribution fees. | ||
Investment advisory and incentive fees are directly influenced by the level and mix of assets under management ("AUM") as fees are derived from a contractually-determined percentage of AUM for each account as well as incentive fees earned on certain accounts. Advisory fees from the open-end mutual funds, closed-end funds and sub-advisory accounts are computed daily or weekly based on average net assets and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. Advisory fees from Institutional and Private Wealth Management accounts are generally computed quarterly based on account values as of the end of the preceding quarter, and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. Management fees from investment partnerships and offshore funds are computed either monthly or quarterly, and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. The Company derived approximately 85%, 84% and 82% of its total revenues from advisory and management fees, including incentive fees, for the periods ended December 31, 2013, 2012 and 2011, respectively. These revenues vary depending upon the level of sales compared with redemptions, financial market conditions, performance and the fee structure for AUM. Revenues derived from the equity-oriented portfolios generally have higher management fee rates than fixed income portfolios. | ||
Revenues from investment partnerships and offshore funds also generally include an incentive allocation on the absolute gain in a portfolio or a fee of 20% of the economic profit as defined in the partnership agreement. The incentive allocation or fee is recognized at the end of the measurement period, which is annually, and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. There were $4.0 million and $3.0 million in incentive allocations or fees receivable as of December 31, 2013 and 2012, respectively. The Company also receives incentive fees from certain Institutional and Private Wealth Management accounts, which are based upon meeting or exceeding a specific benchmark index or indices. Incentive fees refer to fees earned when the return generated for the client exceeds the benchmark and can be earned even if the return to the client is negative as long as the return exceeds the benchmark. These fees are recognized, for each respective account, at the end of the stipulated contract period which is either quarterly or annually and varies by account. Receivables due for incentive fees earned are included in investment advisory fees receivable on the consolidated statements of financial condition. There were $3.4 million and $2.0 million in incentive fees receivable as of December 31, 2013 and 2012, respectively. Management fees on a majority of the closed-end preferred shares are received at year-end if the total return to common shareholders of the closed-end fund for the calendar year exceeds the dividend rate of the preferred shares. These fees are recognized at the end of the measurement period, which is annually. Receivables due for management fees on closed-end preferred shares are included in investment advisory fees receivable on the consolidated statements of financial condition. There were $7.3 million and $7.0 million in management fees receivable on closed-end preferred shares as of December 31, 2013 and 2012, respectively. For The GDL Fund, there is a performance fee earned as of the end of the calendar year if the total return of the fund is in excess of the 90 day T-Bill Index total return. This fee is recognized at the end of the measurement period, which is annually on a calendar year basis. Receivables due on incentive fees relating to The GDL Fund are included in investment advisory fees receivable on the consolidated statements of financial condition and were $6.2 million and $4.6 million as of December 31, 2013 and 2012, respectively. | ||
G.research provides institutional research services and earns brokerage commission revenues and sales manager fees on a trade-date basis from securities transactions executed on an agency basis on behalf of institutional clients and mutual funds, private wealth management clients and retail customers of affiliated companies. It has also been involved in syndicated underwriting activities that included public equity and debt offerings managed by major investment banks. Underwriting fees include underwriting revenues and syndicate profits and are accrued as earned. Underwriting fees include gains, losses, selling concessions and fees, net of syndicate expenses, arising from securities offerings in which the Company acts as underwriter or agent. It provides institutional investors and investment partnerships with investment ideas on numerous industries and special situations, with a particular focus on small-cap and mid-cap companies. Commission revenue and related clearing charges are recorded on a trade-date basis and are included in commission revenue and other operating expenses, respectively, on the consolidated statements of income. | ||
Distribution fees revenues are derived primarily from the distribution of Gabelli, GAMCO and Comstock open-end mutual funds ("Funds") advised by a subsidiary of GBL, Funds Advisor and a subsidiary of GGCP, Teton. Effective August 1, 2011, G.distributors distributes our open-end Funds pursuant to distribution agreements with each Fund. Under each distribution agreement with an open-end Fund, G.distributors offers and sells such open-end Fund shares on a continuous basis and pays all of the costs of marketing and selling the shares, including printing and mailing prospectuses and sales literature, advertising and maintaining sales and customer service personnel and sales and services fulfillment systems, and payments to the sponsors of third party distribution programs, financial intermediaries and G.distributors' sales personnel. G.distributors receive fees for such services pursuant to distribution plans adopted under provisions of Rule 12b-1 ("12b-1") of the Investment Company Act of 1940 ("Company Act"). G.distributors is the principal underwriter for funds distributed in multiple classes of shares which carry either a front-end or back-end sales charge. Prior to August 1, 2011, G.research was the distributor of the Gabelli, GAMCO and Comstock open-end Funds. | ||
Under the distribution plans, the open-end Class AAA shares of the Funds (except The Gabelli U.S. Treasury Money Market Fund, Gabelli Capital Asset Fund and The Gabelli ABC Fund) and the Class A shares of certain Funds pay G.distributors a distribution or service fee of .25% per year (except the Class A shares of the Westwood Funds which pay .50% per year and the Class A shares of the Gabelli Enterprise Mergers and Acquisitions Fund which pays .45% per year) on the average daily net assets of the fund. Class B and Class C shares have a 12b-1 distribution plan with a service and distribution fee totaling 1%. | ||
Distribution fees from the open-end mutual funds are computed daily based on average net assets. The amounts receivable for distribution fees are included in receivables from affiliates on the consolidated statements of financial condition. | ||
GBL also has investment gains or losses generated from its proprietary trading activities which are included in net gain/(loss) from investments on the consolidated statements of income. | ||
Distribution Costs | ||
We incur certain promotion and distribution costs, which are expensed as incurred, principally related to the sale of shares of open-end mutual funds, shares sold in the initial public offerings of our closed-end funds, and after-market support services related to our closed-end funds. Additionally, Funds Advisor has agreed to reimburse expenses on certain funds, beyond certain expense caps. | ||
Dividends and Interest Income and Interest Expense | ||
Dividends are recorded on the ex-dividend date. Interest income and interest expense are accrued as earned or incurred. | ||
Depreciation and Amortization | ||
Fixed assets other than leasehold improvements, with net book value of $682,000 and $680,000 at December 31, 2013 and 2012, respectively, which are included in other assets, are recorded at cost and depreciated using the straight-line method over their estimated useful lives from four to seven years. Accumulated depreciation was $2.4 million and $2.1 million at December 31, 2013 and 2012, respectively. Leasehold improvements, with net book value of $1.9 million and $2.1 million at December 31, 2013 and 2012, respectively, which are included in other assets, are recorded at cost and amortized using the straight-line method over their estimated useful lives or lease terms, whichever is shorter. The leased property under the capital lease is depreciated utilizing the straight-line method over the term of the lease, which expires on December 31, 2028. The capital lease was extended on June 11, 2013 to December 31, 2028 from December 31, 2023. For the years ended December 31, 2013, 2012 and 2011, depreciation and amortization were $766,000, $777,000 and $825,000, respectively. We estimate that depreciation and amortization will be approximately $790,000 annually over the next three years. | ||
Derivative Financial Instruments | ||
The Company recognizes all derivatives as either assets or liabilities measured at fair value and are included in either investments in securities or securities sold, not yet purchased on the consolidated statements of financial condition. From time to time, the Company will enter into hedging transactions to manage its exposure to foreign currencies and equity prices related to its proprietary investments. During 2013, 2012 and 2011, the Company had derivative transactions which resulted in net gains of $(775,000), net losses of $207,000 and net losses of $676,000, respectively. At December 31, 2013 and 2012 we held derivative contracts on 1.3 million equity shares and 1.2 million equity shares, respectively, and the net fair value was $120,000 and ($121,000), respectively, and are included as investments in securities on the consolidated statements of financial condition. These transactions are not designated as hedges for accounting purposes, and changes in fair values of these derivatives are included in net gain (loss) from investments on the consolidated statements of income and included in investments in trading securities or securities sold, not yet purchased on the consolidated statements of financial condition. | ||
Goodwill and Identifiable Intangible Assets | ||
Goodwill is initially measured as the excess of the cost of the acquired business over the sum of the amounts assigned to assets acquired less the liabilities assumed. At December 31, 2013 and 2012, goodwill recorded on the consolidated statements of financial condition relates to two reporting units, GSI and G.distributors, and the identifiable intangible asset is an investment advisory contact for the Gabelli Enterprise Mergers and Acquisition Fund. Goodwill and identifiable intangible assets are tested for impairment at least annually on November 30th and whenever certain triggering events are met. In assessing the recoverability of the identifiable intangible asset for 2013 and 2012, projections regarding estimated future cash flows and other factors are made to determine the fair value of the asset. | ||
In assessing the recoverability of goodwill for our annual impairment test on November 30, 2013 and 2012, we performed a qualitative assessment of whether it was more likely than not that an impairment has occurred and concluded that a quantitative analysis was not required. | ||
Income Taxes | ||
Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts on the consolidated financial statements using the statutory tax rates in effect for the year when the reported amount of the asset or liability is recovered or settled, respectively. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying values of deferred tax assets to the amount that is more likely than not to be realized. For each tax position taken or expected to be taken in a tax return, the Company determines whether it is more likely than not that the position will be sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation. A tax position that meets the more likely than not recognition threshold is measured to determine the amount of benefit to recognize. The tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. The Company recognizes the accrual of interest on uncertain tax positions and penalties in income tax provision on the consolidated statements of income. | ||
Noncontrolling Interests | ||
Noncontrolling interests that are mandatorily redeemable upon a certain date or event occurring are classified as liabilities and relates to certain shareholders of GSI who are employed by GBL, or its affiliates, who are required to sell their shares back to GSI at book value once they cease being employed by GBL, or its affiliates. Noncontrolling interests in investment partnerships and offshore funds that are redeemable at the option of the holder are classified as redeemable noncontrolling interests in the mezzanine section between liabilities and equity. All other noncontrolling interests are classified as equity and are presented within the equity section, separately from GBL's portion of equity. | ||
For the years ended December 31, 2013, 2012 and 2011, net income (loss) attributable to noncontrolling interests on the consolidated statements of income represents income attributable to certain minority stockholders of GSI as well as to certain limited partners of investment partnerships and offshore funds that are also consolidated. The income/expense attributable to the noncontrolling interests classified as liabilities is included in interest expense on the consolidated statements of income. | ||
Fair Values of Financial Instruments | ||
All of the instruments within cash and cash equivalents, investments in securities and securities sold, not yet purchased are measured at fair value. Certain investments in partnerships are also measured at fair value. | ||
The Company's assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy in accordance with the FASB's guidance on fair value measurement. The levels of the fair value hierarchy and their applicability to the Company are described below: | ||
- | Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date. Level 1 assets include cash equivalents, government obligations, open-end mutual funds, closed-end funds and equities. | |
- | Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities that are not active and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly-quoted intervals. Assets that generally are included in this category may include certain limited partnership interests in private funds and over the counter derivatives that have inputs to the valuations that can generally be corroborated by observable market data. | |
- | Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. Assets included in this category generally include equities that trade infrequently and direct private equity investments held within consolidated partnerships. | |
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Investments are transferred into or out of any level at their beginning period values. | ||
The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. | ||
The valuation process and policies reside with the financial reporting and accounting group which reports to the Chief Financial Officer. The Company uses the "market approach" valuation technique to value its investments in Level 3 investments. The Company's valuation of the Level 3 investments has been based upon either i) the recent sale prices of the issuer's equity securities or ii) the net assets, book value or cost basis of the issuer when there is no recent sales prices available. | ||
In the absence of a closing price, an average of the bid and ask price is used. Bid prices reflect the highest price that the market is willing to pay for an asset. Ask prices represent the lowest price that the market is willing to accept for an asset. | ||
Cash equivalents – Cash equivalents primarily consist of an affiliated money market mutual fund which is invested solely in U.S. Treasuries and valued based on the net asset value of the fund. U.S. Treasury Bills and Notes with maturities of three months or less at the time of purchase are also considered cash equivalents. Cash equivalents are valued using unadjusted quoted market prices. | ||
Investments in securities, Investments in sponsored registered investment companies and Securities sold, not yet purchased – Investments in securities, investments in sponsored registered investment companies and securities sold, not yet purchased are generally valued based on quoted prices from an exchange. To the extent these securities are actively traded, valuation adjustments are not applied, and they are categorized in Level 1 of the fair value hierarchy. Securities categorized in Level 2 investments are valued using other observable inputs. Nonpublic and infrequently traded investments are included in Level 3 of the fair value hierarchy because significant inputs to measure fair value are unobservable. | ||
Investments in Partnerships – The Company's investments include limited partner investments in consolidated feeder funds. The Company considers the net asset value of the master funds held by the consolidated feeder fund to be the best estimate of fair value. Investments in private funds that are redeemable at the measurement date or within the near term, are categorized in Level 2 of the fair value hierarchy. These funds primarily invest in long and short investments in debt and equity securities that are traded in public and over-the-counter exchanges in the United States and are generally classified as Level 1 assets or liabilities in the funds' financial statements. We may redeem our investments in these funds monthly with 30 days' notice. | ||
Earnings Per Share | ||
Basic earnings per share is based on the weighted-average number of common shares outstanding during each period less unvested restricted stock. Diluted earnings per share is based on basic shares plus the incremental shares that would be issued upon the assumed exercise of in-the-money stock options and unvested restricted stock using the treasury stock method. | ||
Management Fee | ||
Management fee expense is incentive-based and entirely variable compensation in the amount of 10% of the aggregate pre-tax profits before management fee which is paid to Mr. Gabelli or his designee for acting as CEO pursuant to his 2008 Employment Agreement so long as he is an executive of GBL and devotes the substantial majority of his working time to the business. In accordance with his 2008 Employment Agreement, he has allocated approximately $2.3 million, $0.7 million and $0.5 million of his management fee to certain other employees of the Company in 2013, 2012 and 2011, respectively, and waived $1.4 million in 2013. | ||
Stock Based Compensation | ||
The Company has granted restricted stock awards ("RSAs") and stock options to staff members which were recommended by the Company's Chairman, who did not receive an RSA or option award, and approved by the Compensation Committee of the Company's Board of Directors. We use a fair value based method of accounting for stock-based compensation provided to our employees. | ||
The estimated fair value of RSAs is determined by using the closing price of our Class A Stock on the day prior to the grant date. The total expense, which is reduced by estimated forfeitures, is recognized over the vesting period for these awards which is 30% over three years from the date of grant and 70% over five years from the date of grant, except for the August 2013 grant which is 30% over three years from the date of grant and 10% each year over years four through ten from the date of grant. The forfeiture rate is determined by reviewing historical forfeiture rates for previous stock-based compensation grants and is reviewed and updated quarterly, if necessary. During the vesting period, dividends to RSA holders are held for them until the RSA vesting dates and are forfeited if the grantee is no longer employed by the Company on the vesting dates. Dividends declared on these RSAs, less estimated forfeitures, are charged to retained earnings on the declaration date. During 2012, the Board of Directors accelerated the lapsing of restrictions on all RSAs outstanding at that time.. | ||
The estimated fair value of option awards on the grant date is determined using the Black Scholes option-pricing model. This sophisticated model utilizes a number of assumptions in arriving at its results, including the estimated life of the option, the risk free interest rate at the date of grant and the volatility of the underlying common stock. There may be other factors, which are not considered in the Black Scholes model, which may have an effect on the value of the options as well. The effects of changing any of the assumptions or factors employed by the Black Scholes model may result in a significantly different valuation for the options. The total expense based on the grant date fair value, which is reduced by estimated forfeitures, is recognized over the vesting period for these awards which is 75% over three years from the date of grant and 25% over four years from date of grant. The forfeiture rate is determined by reviewing historical forfeiture rates for previous stock-based compensation grants and is reviewed and updated quarterly, if necessary. | ||
Concentration of Credit Risk | ||
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and receivable from brokers. The Company maintains cash and cash equivalents primarily in the Gabelli U.S. Treasury Money Market Fund, which invests fully in instruments issued by the U.S. government, and has receivables from brokers with various brokers and financial institutions, where these balances can exceed the federally insured limit. The concentration of credit risk with respect to advisory fees receivable is generally limited due to the short payment terms extended to clients by the Company. In addition, the credit risk is further limited by virtue of the fact that no single advisory relationship provided over 10% of the total revenue of the Company during the years 2013, 2012, or 2011. All investments in securities are held at third party brokers or custodians. | ||
Business Segment | ||
The Company operates in one business segment, the investment advisory and asset management business. The Company conducts its investment advisory business principally through: GAMCO (Institutional and Private Wealth Management), Funds Advisor (Funds) and GSI (Investment Partnerships). The Company also provides institutional research through G.research, one of the Company's broker-dealer subsidiaries. The distribution of our open-end funds and underwriting of those Funds was conducted through G.distributors. | ||
Recent Accounting Developments | ||
In December 2011, the Financial Accounting Standards Board ("FASB") issued guidance which creates new disclosure requirements about the nature of an entity's right of offset and related arrangements associated with its financial instruments and derivative instruments. In January 2013, the FASB issued guidance which clarifies the scope of the disclosure requirements. The disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods therein, with retrospective application required. The new disclosures are designed to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards. The Company adopted this guidance on January 1, 2013 and now presents the disclosures required by this guidance in Note B. | ||
In July 2012, the FASB issued guidance allowing companies to first perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. If a company determines, on the basis of qualitative factors, that the fair value of such asset is not more likely than not impaired, it would not need to calculate the fair value of such asset. However, if a company concludes otherwise, it must calculate the fair value of the asset, compare the value with its carrying amount and record an impairment charge, if any. To perform the qualitative assessment, a company must identify and evaluate events and circumstances that could affect the significant inputs used to determine the fair value of an indefinite-lived intangible asset. This guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The Company adopted this guidance on January 1, 2013 without a material impact to the financial statements. | ||
In February 2013, the FASB issued guidance which adds new disclosure requirements for items reclassified out of accumulated other comprehensive income ("AOCI"). The guidance is intended to help entities improve the transparency of changes in other comprehensive income ("OCI") and items reclassified out of AOCI in their financial statements. It does not amend any existing requirements for reporting net income or OCI in the financial statements. The guidance requires entities to disclose additional information about reclassification adjustments, including changes in AOCI balances by component and significant items reclassified out of AOCI. The guidance requires an entity to present information about significant items reclassified out of AOCI by component either on the face of the statement where net income is presented or as a separate disclosure in the notes to the financial statements. The guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2012. The Company adopted this guidance on January 1, 2013 and now presents the disclosures required by this guidance in Note B. |
Investment_in_Securities
Investment in Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investment in Securities [Abstract] | ' | ||||||||||||||||||||||||
Investment in Securities | ' | ||||||||||||||||||||||||
B. Investments in Securities | |||||||||||||||||||||||||
Investments in securities at December 31, 2013 and 2012 consisted of the following: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||||
Government obligations | 37,986 | 37,994 | $ | 42,973 | 42,989 | ||||||||||||||||||||
Common stocks | 96,225 | 124,634 | 125,697 | 138,478 | |||||||||||||||||||||
Mutual funds | 21,074 | 23,285 | 1,072 | 1,484 | |||||||||||||||||||||
Other investments | 287 | 582 | 328 | 630 | |||||||||||||||||||||
Total trading securities | 155,572 | 186,495 | 170,070 | 183,581 | |||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||
Common stocks | 13,389 | 43,046 | 14,822 | 33,560 | |||||||||||||||||||||
Mutual funds | 843 | 1,687 | 1,105 | 1,702 | |||||||||||||||||||||
Total available for sale securities | 14,232 | 44,733 | 15,927 | 35,262 | |||||||||||||||||||||
Total investments in securities | $ | 169,804 | $ | 231,228 | $ | 185,997 | $ | 218,843 | |||||||||||||||||
Securities sold, not yet purchased at December 31, 2013 and 2012 consisted of the following: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||||
Common stocks | 5,319 | 6,023 | $ | 2,593 | $ | 2,867 | |||||||||||||||||||
Other | - | 155 | 184 | 269 | |||||||||||||||||||||
Total securities sold, not yet purchased | $ | 5,319 | $ | 6,178 | $ | 2,777 | $ | 3,136 | |||||||||||||||||
Investments in sponsored registered investment companies at December 31, 2013 and 2012 consisted of the following: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||||
Mutual funds | $ | 19 | $ | 10 | $ | 19 | $ | 20 | |||||||||||||||||
Total trading securities | 19 | 10 | 19 | 20 | |||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||
Closed-end funds | 23,100 | 40,624 | 35,868 | 58,511 | |||||||||||||||||||||
Mutual funds | 1,951 | 3,408 | 2,055 | 3,341 | |||||||||||||||||||||
Total available for sale securities | 25,051 | 44,032 | 37,923 | 61,852 | |||||||||||||||||||||
Total investments in sponsored registered | |||||||||||||||||||||||||
investment companies | $ | 25,070 | $ | 44,042 | $ | 37,942 | $ | 61,872 | |||||||||||||||||
The following table identifies all reclassifications out of accumulated other comprehensive income and into net income for the year ended December 31, 2013 (in thousands): | |||||||||||||||||||||||||
Amount | Affected Line Item in | Reason for | |||||||||||||||||||||||
Reclassified | in the Statements | Reclassification | |||||||||||||||||||||||
from AOCI | Of Income | from AOCI | |||||||||||||||||||||||
Twelve months ended | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
$ | 17,688 | Net gain from investments | Realized gain / (loss) on sale of AFS securities | ||||||||||||||||||||||
3,650 | Other operating expenses | Donation of AFS securities | |||||||||||||||||||||||
(97 | ) | Net gain from investments | Other than temporary impairment of AFS securities | ||||||||||||||||||||||
21,241 | Income before income taxes | ||||||||||||||||||||||||
(7,859 | ) | Income tax provision | |||||||||||||||||||||||
$ | 13,382 | Net income | |||||||||||||||||||||||
The Company is a party to enforceable master netting arrangements for swaps entered into as part of the Company's investment strategy. They are typically not used as hedging instruments. These swaps, while settled on a net basis with the counterparties, major U.S. financial institutions, are shown gross in assets and liabilities on the condensed consolidated statements of financial condition. The swaps have a firm contract end date and are closed out and settled when each contract expires. | |||||||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Statements of Financial Position | |||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | |||||||||||||||||||||||
Amounts of | Offset in the | Assets Presented | |||||||||||||||||||||||
Recognized | Statements of | in the Statements | Financial | Cash Collateral | |||||||||||||||||||||
Assets | Financial Position | of Financial Position | Instruments | Pledged | Net Amount | ||||||||||||||||||||
Swaps: | |||||||||||||||||||||||||
31-Dec-13 | $ | 275 | $ | - | $ | 275 | $ | -155 | $ | - | $ | 120 | |||||||||||||
31-Dec-12 | $ | 148 | $ | - | $ | 148 | $ | -132 | $ | - | $ | 16 | |||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Statements of Financial Position | |||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | |||||||||||||||||||||||
Amounts of | Offset in the | Liabilities Presented | |||||||||||||||||||||||
Recognized | Statements of | in the Statements | Financial | Cash Collateral | |||||||||||||||||||||
Liabilities | Financial Position | of Financial Position | Instruments | Pledged | Net Amount | ||||||||||||||||||||
Swaps: | |||||||||||||||||||||||||
31-Dec-13 | $ | 155 | $ | - | $ | 155 | $ | -155 | $ | - | $ | - | |||||||||||||
31-Dec-12 | $ | 132 | $ | - | $ | 132 | $ | -132 | $ | - | $ | - | |||||||||||||
The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available for sale investments as of December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Common stocks | 13,389 | 29,657 | $ | - | $ | 43,046 | |||||||||||||||||||
Closed-end Funds | 23,100 | 17,654 | (130 | ) | 40,624 | ||||||||||||||||||||
Mutual funds | 2,794 | 2,325 | (24 | ) | 5,095 | ||||||||||||||||||||
Total available for sale securities | $ | 39,283 | $ | 49,636 | $ | (154 | ) | $ | 88,765 | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Common stocks | $ | 14,822 | $ | 18,738 | $ | - | $ | 33,560 | |||||||||||||||||
Closed-end Funds | 35,868 | 22,645 | (2 | ) | 58,511 | ||||||||||||||||||||
Mutual funds | 3,160 | 1,883 | - | 5,043 | |||||||||||||||||||||
Total available for sale securities | $ | 53,850 | $ | 43,266 | $ | (2 | ) | $ | 97,114 | ||||||||||||||||
Increases in unrealized gains, net of taxes, for AFS securities for the years ended December 31, 2013 and 2012 of $17.3 million and $3.8 million have been included in other comprehensive income at December 31, 2013 and 2012, respectively. Increases in unrealized losses, net of taxes, for AFS securities for the year ended December 31, 2011 of $2.9 million have been included in other comprehensive income at December 31, 2011. The amount reclassified from other comprehensive income for the year ended December 31, 2013 was $13.4 million. Return of capital on available for sale securities were $1.5 million, $2.5 million and $2.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. Proceeds from sales of investments available for sale were approximately $37.9 million, $3.2 million and $6.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. For the years ended December 31, 2013, 2012 and 2011, gross gains on the sale of investments available for sale amounted to $17.7 million, $1.6 million and $772,000, respectively, and were reclassed from other comprehensive income into the consolidated statements of income. Gross losses on the sale of available for sale securities was $49,000 for the year ended December 31, 2013. There were no losses on the sale of investments available for sale for the years ended December 31, 2012 and 2011. The basis on which the cost of a security sold is determined is specific identification. Accumulated other comprehensive income on the consolidated statements of equity is primarily comprised of unrealized gains/losses, net of taxes, for AFS securities. | |||||||||||||||||||||||||
GBL has an established accounting policy and methodology to determine other-than-temporary impairment. Under this policy, available for sale securities are evaluated for other than temporary impairments and any impairment charges are recorded in net gain/(loss) from investments on the consolidated statements of income. Management reviews all available for sale securities whose cost exceeds their market value to determine if the impairment is other than temporary. Management uses qualitative factors such as diversification of the investment, the amount of time that the investment has been impaired, the intent to sell and the severity of the decline in determining whether the impairment is other than temporary. | |||||||||||||||||||||||||
Investments classified as available for sale that are in an unrealized loss position for which other-than-temporary impairment has not been recognized consisted of the following: | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||
Cost | Losses | Fair Value | Cost | Losses | Fair Value | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Closed-end Funds | $ | 912 | $ | (130 | ) | $ | 782 | $ | - | - | $ | - | |||||||||||||
Mutual Funds | 303 | (24 | ) | 279 | 73 | (2 | ) | 71 | |||||||||||||||||
Total available for sale securities | $ | 1,215 | $ | (154 | ) | $ | 1,061 | $ | 73 | $ | (2 | ) | $ | 71 | |||||||||||
At December 31, 2013, there were four holdings in loss positions which were not deemed to be other-than-temporarily impaired due to the length of time that they had been in a loss position and because they passed scrutiny in our evaluation of issuer-specific and industry-specific considerations. In these specific instances, the investments at December 31, 2013 were mutual funds and closed-end funds with diversified holdings across multiple companies and across multiple industries. One holding was impaired for one month, one for two months, one for four months and one for seven months at December 31, 2013. The value of these holdings at December 31, 2013 was $1.1 million. If these holdings were to continue to be impaired, we may need to record an impairment in a future period on the condensed consolidated statement of income for the amount of unrealized loss, which at December 31, 2013 was $0.2 million. | |||||||||||||||||||||||||
At December 31, 2012, there was one holding in a loss position which was not deemed to be other-than-temporarily impaired due to the length of time that it had been in a loss position and because it passed scrutiny in our evaluation of issuer-specific and industry-specific considerations. In this specific instance, the investment at December 31, 2012 was a closed-end fund with diversified holdings across multiple companies and across multiple industries. The one holding was impaired for one month at December 31, 2012. The value of this holding at December 31, 2012 was $71,000. | |||||||||||||||||||||||||
For the years ended December 31, 2013 and 2012, there were $97,000 and $20,000 of losses, respectively, on available for sale securities deemed to be other than temporary. For the year ended December 31, 2011, there were no losses on available for sale securities deemed to be other than temporary. |
Fair_Value
Fair Value | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Fair Value [Abstract] | ' | ||||||||||||||||||||||||||
Fair Value | ' | ||||||||||||||||||||||||||
C. Fair Value | |||||||||||||||||||||||||||
The following tables present information about the Company's assets and liabilities by major categories measured at fair value on a recurring basis as of December 31, 2013 and 2012 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: | |||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2013 (in thousands) | |||||||||||||||||||||||||||
Quoted Prices in Active | Significant Other | Significant | Balance as of | ||||||||||||||||||||||||
Markets for Identical | Observable | Unobservable | Decembr 31, | ||||||||||||||||||||||||
Assets | Assets (Level 1) | Inputs (Level 2) | Inputs (Level 3) | 2013 | |||||||||||||||||||||||
Cash equivalents | 209,913 | $ | - | $ | - | $ | 209,913 | ||||||||||||||||||||
Investments in partnerships | - | 25,253 | - | 25,253 | |||||||||||||||||||||||
Investments in securities: | |||||||||||||||||||||||||||
AFS - Common stocks | 43,046 | - | - | 43,046 | |||||||||||||||||||||||
AFS - Mutual funds | 1,687 | - | - | 1,687 | |||||||||||||||||||||||
Trading - Gov't obligations | 37,994 | - | - | 37,994 | |||||||||||||||||||||||
Trading - Common stocks | 123,927 | 7 | 700 | 124,634 | |||||||||||||||||||||||
Trading - Mutual funds | 23,285 | - | - | 23,285 | |||||||||||||||||||||||
Trading - Other | 23 | 275 | 284 | 582 | |||||||||||||||||||||||
Total investments in securities | 229,962 | 282 | 984 | 231,228 | |||||||||||||||||||||||
Investments in sponsored registered investment companies: | |||||||||||||||||||||||||||
AFS - Closed-end Funds | 40,624 | - | - | 40,624 | |||||||||||||||||||||||
AFS - Mutual Funds | 3,408 | - | - | 3,408 | |||||||||||||||||||||||
Trading - Mutual funds | 10 | - | - | 10 | |||||||||||||||||||||||
Total investments in sponsored registered investment companies | 44,042 | - | - | 44,042 | |||||||||||||||||||||||
Total investments | 274,004 | 25,535 | 984 | 300,523 | |||||||||||||||||||||||
Total assets at fair value Liabilities | $ | 483,917 | $ | 25,535 | $ | 984 | $ | 510,436 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||
Trading - Common stocks | $ | 6,023 | $ | - | $ | - | $ | 6,023 | |||||||||||||||||||
Trading - Other | - | 155 | - | 155 | |||||||||||||||||||||||
Securities sold, not yet purchased | $ | 6,023 | $ | 155 | $ | - | $ | 6,178 | |||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2012 (in thousands) | |||||||||||||||||||||||||||
Quoted Prices in Active | Significant Other | Significant | Balance as of | ||||||||||||||||||||||||
Markets for Identical | Observable | Unobservable | December 31, | ||||||||||||||||||||||||
Assets | Assets (Level 1) | Inputs (Level 2) | Inputs (Level 3) | 2012 | |||||||||||||||||||||||
Cash equivalents | $ | 190,475 | $ | - | $ | - | $ | 190,475 | |||||||||||||||||||
Investments in partnerships | - | 26,128 | - | 26,128 | |||||||||||||||||||||||
Investments in securities: | |||||||||||||||||||||||||||
AFS - Common stocks | 33,560 | - | - | 33,560 | |||||||||||||||||||||||
AFS - Mutual funds | 1,702 | - | - | 1,702 | |||||||||||||||||||||||
Trading - Gov't obligations | 42,989 | - | - | 42,989 | |||||||||||||||||||||||
Trading - Common stocks | 137,796 | 7 | 675 | 138,478 | |||||||||||||||||||||||
Trading - Mutual funds | 1,484 | - | - | 1,484 | |||||||||||||||||||||||
Trading - Other | 120 | 148 | 362 | 630 | |||||||||||||||||||||||
Total investments in securities | 217,651 | 155 | 1,037 | 218,843 | |||||||||||||||||||||||
Investments in sponsored registered investment companies: | |||||||||||||||||||||||||||
AFS - Closed-end Funds | 58,511 | - | - | 58,511 | |||||||||||||||||||||||
AFS - Mutual Funds | 3,341 | - | - | 3,341 | |||||||||||||||||||||||
Trading - Mutual funds | 20 | - | - | 20 | |||||||||||||||||||||||
Total investments in sponsored registered investment companies | 61,872 | - | - | 61,872 | |||||||||||||||||||||||
Total investments | 279,523 | 26,283 | 1,037 | 306,843 | |||||||||||||||||||||||
Total assets at fair value Liabilities | $ | 469,998 | $ | 26,283 | $ | 1,037 | $ | 497,318 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||
Trading - Common stocks | $ | 2,867 | $ | - | $ | - | $ | 2,867 | |||||||||||||||||||
Trading - Other | - | 269 | - | 269 | |||||||||||||||||||||||
Securities sold, not yet purchased | $ | 2,867 | $ | 269 | $ | - | $ | 3,136 | |||||||||||||||||||
The following tables present additional information about assets by major categories measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value. | |||||||||||||||||||||||||||
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis for the year ended December 31, 2013 (in thousands) | |||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||||
Gains or | Total | ||||||||||||||||||||||||||
Total Realized and | (Losses) | Realized | Net | ||||||||||||||||||||||||
December | Unrealized Gains or | Included in | and | Transfers | |||||||||||||||||||||||
31, 2012 | (Losses) in Income | Other | Unrealized | In and/or | |||||||||||||||||||||||
Beginning | AFS | Comprehensive | Gains or | (Out) of | Ending | ||||||||||||||||||||||
Asset | Balance | Trading | Investments | Income | (Losses) | Purchases | Sales | Level 3 | Balance | ||||||||||||||||||
Financial instruments owned: | |||||||||||||||||||||||||||
Trading - Common stocks | $ | 675 | 25 | $ | - | $ | - | $ | 25 | $ | - | - | $ | - | $ | 700 | |||||||||||
Trading - Other | 362 | -2 | - | - | (2 | ) | 3 | -79 | - | 284 | |||||||||||||||||
Total | $ | 1,037 | $ | 23 | $ | - | $ | - | $ | 23 | $ | 3 | $ | -79 | $ | - | $ | 984 | |||||||||
There were no transfers between any Levels during the year ended December 31, 2013. | |||||||||||||||||||||||||||
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis for the year ended December 31, 2012 (in thousands) | |||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||||
Gains or | Total | ||||||||||||||||||||||||||
Total Realized and | (Losses) | Realized | Net | ||||||||||||||||||||||||
December | Unrealized Gains or | Included in | and | Transfers | |||||||||||||||||||||||
31, 2011 | (Losses) in Income | Other | Unrealized | In and/or | |||||||||||||||||||||||
Beginning | AFS | Comprehensive | Gains or | (Out) of | Ending | ||||||||||||||||||||||
Asset | Balance | Trading | Investments | Income | (Losses) | Purchases | Sales | Level 3 | Balance | ||||||||||||||||||
Financial instruments owned: | |||||||||||||||||||||||||||
Trading - Common stocks | $ | 670 | $ | 56 | $ | - | $ | - | $ | 56 | $ | 57 | $ | (108 | ) | $ | - | $ | 675 | ||||||||
Trading - Other | 284 | 88 | - | - | 88 | 18 | (28 | ) | - | 362 | |||||||||||||||||
Total | $ | 954 | $ | 144 | $ | - | $ | - | $ | 144 | $ | 75 | $ | (136 | ) | $ | - | $ | 1,037 | ||||||||
There were no transfers between any Levels during the year ended December 31, 2012. |
Investments_in_Partnerships_Of
Investments in Partnerships, Offshore Funds and Variable Interest Entities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments in Partnerships, Offshore Funds and Variable Interests [Abstract] | ' | ||||||||||||||||||||||||
Investments in Partnerships, Offshore Funds and Variable Interests | ' | ||||||||||||||||||||||||
D. Investment in Partnerships, Offshore Funds and Variable Interest Entities | |||||||||||||||||||||||||
The Company is general partner or co-general partner of various affiliated entities, in which the Company has investments totaling $82.0 million and $83.9 million at December 31, 2013 and 2012, respectively, and whose underlying assets consist primarily of marketable securities (the "affiliated entities"). We also have investments in unaffiliated entities of $14.0 million and $13.6 million at December 31, 2013 and 2012, respectively (the "unaffiliated entities"). We evaluate each entity for the appropriate accounting treatment and disclosure. Certain of the affiliated entities, and none of the unaffiliated entities, are consolidated. | |||||||||||||||||||||||||
For those entities where consolidation is not deemed to be appropriate, we report them in our statement of financial condition under the caption "Investments in partnerships". This caption includes those investments, in both affiliated and unaffiliated entities, which the Company accounts for under the equity method of accounting, as well as certain investments that the feeder funds hold that are carried at fair value, as described in Note C. The Company reflects the equity in earnings of these equity method investees and the change in fair value of the consolidated feeder funds ("CFFs") under the caption "Net gain/(loss) from investments" on the consolidated statements of income. | |||||||||||||||||||||||||
The following table highlights the number of entities, including voting interest entities ("VOEs"), that we consolidate as well as under which accounting guidance they are consolidated, including CFFs, which retain their specialized investment company accounting, partnerships and offshore funds. | |||||||||||||||||||||||||
Entities consolidated | |||||||||||||||||||||||||
CFFs | Partnerships | Offshore Funds | Total | ||||||||||||||||||||||
VIEs | VOEs | VIEs | VOEs | VIEs | VOEs | VIEs | VOEs | ||||||||||||||||||
Entities consolidated at December 31, 2010 | 1 | 2 | - | 2 | 1 | - | 2 | 4 | |||||||||||||||||
Additional consolidated entities | - | - | - | - | - | 1 | - | 1 | |||||||||||||||||
Deconsolidated entities | - | - | - | (1 | ) | (1 | ) | - | (1 | ) | -1 | ||||||||||||||
Entities consolidated at December 31, 2011 | 1 | 2 | - | 1 | - | 1 | 1 | 4 | |||||||||||||||||
Additional consolidated entities | - | - | - | - | - | - | - | - | |||||||||||||||||
Deconsolidated entities | - | - | - | - | - | - | - | - | |||||||||||||||||
Entities consolidated at December 31, 2012 | 1 | 2 | - | 1 | - | 1 | 1 | 4 | |||||||||||||||||
Additional consolidated entities | - | - | - | - | - | - | - | - | |||||||||||||||||
Deconsolidated entities | - | - | - | - | - | - | - | - | |||||||||||||||||
Entities consolidated at December 31, 2013 | 1 | 2 | - | 1 | - | 1 | 1 | 4 | |||||||||||||||||
At and for the year ended December 31, 2013, the one CFF VIE is consolidated, as the Company has been determined to be the primary beneficiary because it has an equity interest and absorbs the majority of the expected losses and/or expected gains. At and for the year ended December 31, 2013, the two CFF VOEs, the one Partnership VOE and the one Offshore Fund VOE are consolidated because the unaffiliated partners or shareholders lack substantive rights, and the Company, as either the general partner or investment manager, is deemed to have control. | |||||||||||||||||||||||||
On January 1, 2011, upon analysis of several factors, including the additional contribution of capital from unrelated third parties into a partnership that we consolidated for the year ended and as of December 31, 2010, we determined that the Company was no longer deemed to control the partnership, resulting in the deconsolidation of this partnership, effective January 1, 2011. The deconsolidation did not result in the recognition of any gain or loss. The Company continues to serve as the general partner and earns fees for this role, and it also maintains an investment in the deconsolidated partnership which is included in investments in partnerships on the consolidated statements of financial condition and is accounted for under the equity method (which approximates fair value). | |||||||||||||||||||||||||
Prior to January 1, 2011, we were consolidating two VIEs since we had determined that we were the primary beneficiary of each because we had equity interests and absorbed a majority of each entity's expected losses; therefore they were consolidated in the financial statements. On October 1, 2011, we deconsolidated one of these VIEs upon analysis of several factors, including the redemption of $49.2 million of proprietary capital from this VIE, as a result of which we determined that the Company was no longer deemed to be the primary beneficiary of the VIE. The deconsolidation did not result in the recognition of any gain or loss. The Company has not provided any financial support to these VIEs but does continue to serve as the investment manager and earn fees for this role, and it also maintains an investment in the deconsolidated VIE, which is included in investments in partnerships on the consolidated statement of financial condition and is accounted for under the equity method (which approximates fair value). | |||||||||||||||||||||||||
The following table breaks down the investments in partnerships line by accounting method, either fair value or equity method, and investment type (in thousands): | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Investment Type | |||||||||||||||||||||||||
Affiliated | Unaffiliated | ||||||||||||||||||||||||
Consolidated | |||||||||||||||||||||||||
Accounting method | Feeder Funds | Partnerships | Offshore Funds | Partnerships | Offshore Funds | Total | |||||||||||||||||||
Fair Value | $ | 25,253 | $ | - | $ | - | $ | - | $ | - | $ | 25,253 | |||||||||||||
Equity Method | - | 21,669 | 35,030 | 6,509 | 7,531 | 70,739 | |||||||||||||||||||
Total | $ | 25,253 | $ | 21,669 | $ | 35,030 | $ | 6,509 | $ | 7,531 | $ | 95,992 | |||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Investment Type | |||||||||||||||||||||||||
Affiliated | Unaffiliated | ||||||||||||||||||||||||
Consolidated | |||||||||||||||||||||||||
Accounting method | Feeder Funds | Partnerships | Offshore Funds | Partnerships | Offshore Funds | Total | |||||||||||||||||||
Fair Value | $ | 26,128 | $ | - | $ | - | $ | - | $ | - | $ | 26,128 | |||||||||||||
Equity Method | - | 28,158 | 29,679 | 6,505 | 7,079 | 71,421 | |||||||||||||||||||
Total | $ | 26,128 | $ | 28,158 | $ | 29,679 | $ | 6,505 | $ | 7,079 | $ | 97,549 | |||||||||||||
The following table includes the net impact by line item on the consolidated statements of financial condition for each category of entity consolidated (in thousands): | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Prior to | |||||||||||||||||||||||||
Consolidation | CFFs | Partnerships | Offshore Funds | As Reported | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 209,667 | $ | 450 | 334 | $ | - | 210,451 | |||||||||||||||||
Investments in securities | 276,244 | - | 7,473 | (8,447 | ) | 275,270 | |||||||||||||||||||
Investments in partnerships | 98,494 | 6,517 | (9,019 | ) | - | 95,992 | |||||||||||||||||||
Receivable from brokers | 35,151 | - | - | 14,310 | 49,461 | ||||||||||||||||||||
Investment advisory fees receivable | 52,509 | (24 | ) | (14 | ) | (965 | ) | 51,506 | |||||||||||||||||
Other assets | 27,433 | (2,339 | ) | 1,592 | 119 | 26,805 | |||||||||||||||||||
Total assets | $ | 699,498 | $ | 4,604 | $ | 366 | $ | 5,017 | $ | 709,485 | |||||||||||||||
Liabilities and equity | |||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 6,049 | $ | - | $ | - | $ | 129 | $ | 6,178 | |||||||||||||||
Accrued expenses and other liabilities | 121,356 | 165 | 29 | 2,913 | 124,463 | ||||||||||||||||||||
Total debt | 111,911 | - | - | - | 111,911 | ||||||||||||||||||||
Redeemable noncontrolling interests | - | 4,439 | 337 | 1,975 | 6,751 | ||||||||||||||||||||
Total equity | 460,182 | - | - | - | 460,182 | ||||||||||||||||||||
Total liabilities and equity | $ | 699,498 | $ | 4,604 | $ | 366 | $ | 5,017 | $ | 709,485 | |||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Prior to | |||||||||||||||||||||||||
Consolidation | CFFs | Partnerships | Offshore Funds | As Reported | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 189,743 | $ | - | $ | 865 | $ | - | $ | 190,608 | |||||||||||||||
Investments in securities | 275,491 | - | 6,964 | (1,740 | ) | 280,715 | |||||||||||||||||||
Investments in partnerships | 100,164 | 5,388 | (8,003 | ) | - | 97,549 | |||||||||||||||||||
Receivable from brokers | 25,972 | - | 1,480 | 23,203 | 50,655 | ||||||||||||||||||||
Investment advisory fees receivable | 42,425 | 9 | (5 | ) | - | 42,429 | |||||||||||||||||||
Other assets | 32,673 | (2,986 | ) | (1,000 | ) | 90 | 28,777 | ||||||||||||||||||
Total assets | $ | 666,468 | $ | 2,411 | $ | 301 | $ | 21,553 | $ | 690,733 | |||||||||||||||
Liabilities and equity | |||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 3,033 | $ | - | $ | - | $ | 103 | $ | 3,136 | |||||||||||||||
Accrued expenses and other liabilities | 76,135 | 384 | 21 | 6,395 | 82,935 | ||||||||||||||||||||
Total debt | 216,366 | - | - | - | 216,366 | ||||||||||||||||||||
Redeemable noncontrolling interests | - | 2,027 | 280 | 15,055 | 17,362 | ||||||||||||||||||||
Total equity | 370,934 | - | - | - | 370,934 | ||||||||||||||||||||
Total liabilities and equity | $ | 666,468 | $ | 2,411 | $ | 301 | $ | 21,553 | $ | 690,733 | |||||||||||||||
The CFFs, Partnerships and Offshore Funds columns above include only affiliated entities as no unaffiliated entities are consolidated. | |||||||||||||||||||||||||
The following table includes the net impact by line item on the consolidated statements of income for each category of entity consolidated (in thousands): | |||||||||||||||||||||||||
Twelve Months Ended December 31, 2013 | |||||||||||||||||||||||||
Prior to | |||||||||||||||||||||||||
Consolidation | CFFs | Partnerships | Offshore Funds | As Reported | |||||||||||||||||||||
Total revenues | $ | 399,565 | (53 | ) | (15 | ) | (1,935 | ) | 397,562 | ||||||||||||||||
Total expenses | 254,153 | 175 | 47 | 775 | 255,150 | ||||||||||||||||||||
Operating income | 145,412 | (228 | ) | (62 | ) | (2,710 | ) | 142,412 | |||||||||||||||||
Total other income, net | 37,676 | 475 | 111 | 2,877 | 41,139 | ||||||||||||||||||||
Income before income taxes | 183,088 | 247 | 49 | 167 | 183,551 | ||||||||||||||||||||
Income tax provision | 66,186 | - | - | - | 66,186 | ||||||||||||||||||||
Net income | 116,902 | 247 | 49 | 167 | 117,365 | ||||||||||||||||||||
Net income attributable to noncontrolling interests | 49 | 247 | 49 | 167 | 512 | ||||||||||||||||||||
Net income attributable to GAMCO | $ | 116,853 | $ | - | $ | - | $ | - | $ | 116,853 | |||||||||||||||
Twelve Months Ended December 31, 2012 | |||||||||||||||||||||||||
Prior to | |||||||||||||||||||||||||
Consolidation | CFFs | Partnerships | Offshore Funds | As Reported | |||||||||||||||||||||
Total revenues | $ | 346,195 | $ | 2 | $ | (6 | ) | $ | (1,910 | ) | $ | 344,281 | |||||||||||||
Total expenses | 232,313 | 132 | 39 | 667 | 233,151 | ||||||||||||||||||||
Operating income | 113,882 | (130 | ) | (45 | ) | (2,577 | ) | 111,130 | |||||||||||||||||
Total other income, net | 3,264 | 216 | 67 | 2,639 | 6,186 | ||||||||||||||||||||
Income before income taxes | 117,146 | 86 | 22 | 62 | 117,316 | ||||||||||||||||||||
Income tax provision | 41,721 | - | - | - | 41,721 | ||||||||||||||||||||
Net income | 75,425 | 86 | 22 | 62 | 75,595 | ||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | (114 | ) | 86 | 22 | 62 | 56 | |||||||||||||||||||
Net income attributable to GAMCO | $ | 75,539 | $ | - | $ | - | $ | - | $ | 75,539 | |||||||||||||||
Twelve Months Ended December 31, 2011 | |||||||||||||||||||||||||
Prior to | |||||||||||||||||||||||||
Consolidation | CFFs | Partnerships | Offshore Funds | As Reported | |||||||||||||||||||||
Total revenues | $ | 328,151 | $ | (24 | ) | $ | (3 | ) | $ | (996 | ) | $ | 327,128 | ||||||||||||
Total expenses | 212,844 | 121 | 40 | 829 | 213,834 | ||||||||||||||||||||
Operating income | 115,307 | (145 | ) | (43 | ) | (1,825 | ) | 113,294 | |||||||||||||||||
Total other income (expense), net | (4,872 | ) | 71 | 34 | 1,915 | (2,852 | ) | ||||||||||||||||||
Income before income taxes | 110,435 | (74 | ) | (9 | ) | 90 | 110,442 | ||||||||||||||||||
Income tax provision | 40,767 | - | - | - | 40,767 | ||||||||||||||||||||
Net income (loss) | 69,668 | (74 | ) | (9 | ) | 90 | 69,675 | ||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | (14 | ) | (74 | ) | (9 | ) | 90 | (7 | ) | ||||||||||||||||
Net income attributable to GAMCO | $ | 69,682 | $ | - | $ | - | $ | - | $ | 69,682 | |||||||||||||||
The CFFs, Partnerships and Offshore Funds columns above include only affiliated entities as no unaffiliated entities are consolidated. | |||||||||||||||||||||||||
Variable Interest Entities | |||||||||||||||||||||||||
We sponsor a number of investment vehicles where we are the general partner or investment manager. Certain of these vehicles are VIEs, but we are not the primary beneficiary, in all but one case, because we do not absorb a majority of the entities' expected losses or expected returns, and they are, therefore, not consolidated. We consolidate the one VIE where we are the primary beneficiary. The Company has not provided any financial or other support to these entities. The total assets of these non-consolidated VIEs at December 31, 2013 and 2012 were $72.7 million and $75.0 million, respectively. Our maximum exposure to loss as a result of our involvement with the VIEs is limited to the investment in one VIE and the deferred carried interest that we have in another. On December 31, 2013 and 2012, we had an investment in one of the VIE offshore funds of approximately $10.0 million and $7.7 million, respectively, which was included in investments in partnerships on the consolidated statements of financial condition. On December 31, 2013 and 2012, we had a deferred carried interest in one of the VIE offshore funds of approximately $45,000 and $45,000, respectively, which was included in investments in partnerships on the consolidated statements of financial condition. Additionally, as the general partner or investment manager to these VIEs the Company earns fees in relation to these roles, which given a decline in AUMs of the VIEs would result in lower fee revenues earned by the Company which would be reflected on the consolidated statement of income, consolidated statement of financial condition and consolidated statement of cash flows. | |||||||||||||||||||||||||
The assets of these VIEs may only be used to satisfy obligations of the VIEs. The following table presents the balances related to these VIEs that are consolidated and were included on the consolidated statements of financial condition as well as GAMCO's net interest in these VIEs. Only one VIE is consolidated at both December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Investments in partnerships | $ | 15,540 | $ | 18,507 | |||||||||||||||||||||
Accrued expenses and other liabilities | (2,022 | ) | (3,010 | ) | |||||||||||||||||||||
Redeemable noncontrolling interests | (1,120 | ) | (411 | ) | |||||||||||||||||||||
GAMCO's net interests in consolidated VIEs | $ | 12,398 | $ | 15,086 |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
E. Income Taxes | |||||||||||||
GBL and its greater than 80% owned operating subsidiaries file a consolidated federal income tax return. Accordingly, the income tax provision represents the aggregate of the amounts provided for all companies. | |||||||||||||
The provision for income taxes for the years ended December 31, 2013, 2012 and 2011 consisted of the following: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Federal: | |||||||||||||
Current | $ | 52,411 | $ | 28,362 | $ | 37,293 | |||||||
Deferred | 6,564 | 8,386 | (1,417 | ) | |||||||||
State and local: | |||||||||||||
Current | 7,217 | 4,855 | 4,995 | ||||||||||
Deferred | (6 | ) | 118 | (104 | ) | ||||||||
Total | $ | 66,186 | $ | 41,721 | $ | 40,767 | |||||||
A reconciliation of the Federal statutory income tax rate to the effective tax rate is set forth below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory Federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income tax, net of Federal benefit | 2.3 | 2.3 | 2.6 | ||||||||||
Other | (1.2 | ) | (1.7 | ) | (0.7 | ) | |||||||
Effective income tax rate | 36.1 | % | 35.6 | % | 36.9 | % | |||||||
Significant components of our deferred tax assets and liabilities are as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Stock compensation expense | 1,063 | $ | 307 | ||||||||||
Deferred compensation | 1,055 | 848 | |||||||||||
Intangible asset amortization | 62 | 145 | |||||||||||
Capital lease obligation | 807 | 768 | |||||||||||
Other | 184 | 143 | |||||||||||
Total deferred tax assets | 3,171 | 2,211 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Investments in securities available for sale | (13,403 | ) | (7,408 | ) | |||||||||
Investments in securities and partnerships | (19,553 | ) | (12,502 | ) | |||||||||
Contingent deferred sales commissions | (962 | ) | (496 | ) | |||||||||
Total deferred tax liabilities | (33,918 | ) | (20,406 | ) | |||||||||
Net deferred tax liabilities | $ | (30,747 | ) | $ | (18,195 | ) | |||||||
As a result of the accelerated vesting of the RSAs and in accordance with GAAP, an increase of $108,000 was recorded in additional paid in capital for the year ended December 31, 2012 as the actual tax benefit realized by the Company was greater than the previously recorded deferred tax benefit. | |||||||||||||
As of December 31, 2013 and 2012, the total amount of gross unrecognized tax benefits related to uncertain tax positions was approximately $12.9 million and $10.6 million, respectively, of which recognition of $8.4 million and $7.0 million, respectively, would impact the Company's effective tax rate. | |||||||||||||
As of December 31, 2013 and 2012, the net liability for unrecognized tax benefits related to uncertain tax positions was $12.0 million and $9.9 million, respectively, and is included in accrued expenses and other liabilities on the consolidated statements of financial condition. | |||||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits related to uncertain tax positions is as follows: | |||||||||||||
(in millions) | |||||||||||||
Balance at January 1, 2011 | $ | 8.8 | |||||||||||
Additions based on tax positions related to the current year | 0.7 | ||||||||||||
Additions for tax positions of prior years | - | ||||||||||||
Reductions for tax positions of prior years | (0.4 | ) | |||||||||||
Settlements | - | ||||||||||||
Balance at December 31, 2011 | 9.1 | ||||||||||||
Additions based on tax positions related to the current year | 1.1 | ||||||||||||
Additions for tax positions of prior years | 0.5 | ||||||||||||
Reductions for tax positions of prior years | - | ||||||||||||
Settlements | (0.1 | ) | |||||||||||
Balance at December 31, 2012 | 10.6 | ||||||||||||
Additions based on tax positions related to the current year | 2.4 | ||||||||||||
Additions for tax positions of prior years | 0.5 | ||||||||||||
Reductions for tax positions of prior years | (0.6 | ) | |||||||||||
Settlements | - | ||||||||||||
Balance at December 31, 2013 | $ | 12.9 | |||||||||||
The Company records penalties and interest related to tax uncertainties in income taxes. As of December 31, 2013 and 2012, the Company had recognized gross liabilities of approximately $5.2 million and $4.3 million related to interest and penalties, respectively. For the years ended December 31, 2013, 2012 and 2011, the Company recorded income tax expenses related to an increase in its liability for interest and penalties of $0.7 million, $0.6 million and $0.6 million, respectively. | |||||||||||||
The Company is currently being audited by New York State for years 2001 through 2006 but does not expect that any potential assessments will be material to its results of operations. The Company is subject to future audits by New York State for all years after 2006. The Company's remaining state income tax returns are subject to future audit for all years after 2008. The Company's Federal tax returns are subject to future audit for years after 2009. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
F. Earnings per Share | |||||||||||||
The computations of basic and diluted net income per share are as follows: | |||||||||||||
For the Years Ending December 31, | |||||||||||||
(In thousands, except per share amounts) | 2013 | 2012 | 2011 | ||||||||||
Basic: | |||||||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders | 116,853 | $ | 75,539 | $ | 69,682 | ||||||||
Weighted average shares outstanding | 25,653 | 26,283 | 26,636 | ||||||||||
Basic net income per share attributable to GAMCO | |||||||||||||
Investors, Inc.'s shareholders | 4.56 | $ | 2.87 | $ | 2.62 | ||||||||
Diluted: | |||||||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders | $ | 116,853 | $ | 75,539 | $ | 69,682 | |||||||
Weighted average share outstanding | 25,653 | 26,283 | 26,636 | ||||||||||
Dilutive stock options and restricted stock awards | 59 | 153 | 88 | ||||||||||
Total | 25,712 | 26,436 | 26,724 | ||||||||||
Diluted net income per share attributable to GAMCO | |||||||||||||
Investors, Inc.'s shareholders | 4.54 | $ | 2.86 | $ | 2.61 |
Debt
Debt | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt [Abstract] | ' | ||||||||||||||||
Debt | ' | ||||||||||||||||
G. Debt | |||||||||||||||||
Debt consists of the following: | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Carrying Value | Level 2 | Carrying Value | Level 2 | ||||||||||||||
(In thousands) | |||||||||||||||||
5.5% Senior notes | $ | - | $ | - | $ | 99,000 | $ | 100,485 | |||||||||
5.875% Senior notes | 100,000 | 108,500 | 100,000 | 106,250 | |||||||||||||
0% Subordinated debentures | 11,911 | 13,819 | 17,366 | 19,638 | |||||||||||||
Total | $ | 111,911 | $ | 122,319 | $ | 216,366 | $ | 226,373 | |||||||||
5.5% Senior notes | |||||||||||||||||
On May 15, 2003, the Company issued 10-year, $100 million senior notes. The senior notes, which were fully repaid on May 15, 2013, paid interest semi-annually at 5.5%. | |||||||||||||||||
5.875% Senior notes | |||||||||||||||||
On May 31, 2011, the Company issued $100 million of senior unsecured notes at par. The net proceeds of $99.1 million are being used for working capital and general corporate purposes, which may include acquisitions and seed investments. The issuance costs of $0.9 million have been capitalized and will be amortized over the term of the debt. The notes mature on June 1, 2021 and bear interest at 5.875% per annum, payable semi-annually on June 1 and December 1 of each year and commenced on December 1, 2011. Upon the occurrence of a change of control triggering event, as defined in the indenture, the Company would be required to offer to repurchase the notes at 101% of their principal amount. | |||||||||||||||||
Zero coupon Subordinated debentures due December 31, 2015 | |||||||||||||||||
On December 31, 2010, the Company issued $86.4 million in par value of five year zero coupon subordinated debentures due December 31, 2015 ("Debentures") to its shareholders of record on December 15, 2010 through the declaration of a special dividend of $3.20 per share. The Debentures have a par value of $100 and are callable at the option of the Company, in whole or in part, at any time or from time to time, at a redemption price equal to 100% of the principal amount of the Debentures to be redeemed. During 2013, 2012 and 2011, the Company repurchased 78,809 Debentures, 646,008 Debentures and 461 Debentures, respectively, having a face value of $7.9 million, $64.6 million and $46,100, respectively. The redemptions in 2013, 2012 and 2011 were accounted for as an extinguishment of debt and resulted in a loss of $1.0 million, $6.3 million and a gain of $2,000, respectively, which was included in extinguishment of debt on the consolidated statements of income. The debt is being accreted to its face value using the effective rate on the date of issuance of 7.45%. At December 31, 2013 and 2012, the debt was recorded at its accreted value of $11.9 million and $17.4 million, respectively. | |||||||||||||||||
The fair value of the Company's debt, which is a Level 2 valuation, is estimated based on either quoted market prices for the same or similar issues or on the current rates offered to the Company for debt of the same remaining maturities or using market standard models. Inputs into these models include credit rating, maturity and interest rate. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Stockholders' Equity [Abstract] | ' | ||||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||||
H. Equity | |||||||||||||||||||
Voting Rights | |||||||||||||||||||
The holders of Class A Stock and Class B Stock have identical rights except that (i) holders of Class A Stock are entitled to one vote per share, while holders of Class B Stock are entitled to ten votes per share on all matters to be voted on by shareholders in general, and (ii) holders of Class A Stock are not eligible to vote on matters relating exclusively to Class B Stock and vice versa. | |||||||||||||||||||
Stock Award and Incentive Plan | |||||||||||||||||||
The Company maintains two Plans approved by the shareholders, which are designed to provide incentives which will attract and retain individuals key to the success of GBL through direct or indirect ownership of our common stock. Benefits under the Plans may be granted in any one or a combination of stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, dividend equivalents and other stock or cash based awards. A maximum of 1.5 million shares of Class A Stock have been reserved for issuance under each of the Plans by a committee of the Board of Directors responsible for administering the Plans ("Compensation Committee"). Under the Plans, the committee may grant RSAs and either incentive or nonqualified stock options with a term not to exceed ten years from the grant date and at an exercise price that the committee may determine. | |||||||||||||||||||
During 2011, the Company issued 10,000 options at an exercise price of $45.77 having a grant date fair value of $18.66 per share. These options vest 75% after three years and 100% after four years from the date of grant and expire after ten years. | |||||||||||||||||||
During 2013, 2012 and 2011, the Company issued 576,950, 105,300 and 197,200 RSAs, respectively, at grant date fair values of $63.82, $43.49 and $48.80 per share, respectively. As of December 31, 2013, there were 566,950 RSA shares outstanding that were issued at an average grant price of $63.93 per share. All grants of RSAs were recommended by the Company's Chairman, who did not receive a RSA, and approved by the Compensation Committee of the Company's Board of Directors. This expense, net of estimated forfeitures, is recognized over the vesting period for these awards which is 30% over three years from the date of grant and 70% over five years from the date of grant, except for the August 2013 grant which is 30% over three years from the date of grant and 10% each year over years four through ten from the date of grant. During the vesting period, dividends to RSA holders are held for them until the RSA vesting dates and are forfeited if the grantee is no longer employed by the Company on the vesting dates. Dividends declared on these RSAs, less estimated forfeitures, are charged to retained earnings on the declaration date. | |||||||||||||||||||
During 2012, the Board of Directors accelerated the lapsing of restrictions on all outstanding RSAs resulting in recognition of $10.1 million in stock compensation expense during 2012 that would have been recorded in 2013 through 2016. | |||||||||||||||||||
A summary of the stock option and RSA activity for the years ended December 31, 2013 and 2012 is as follows: | |||||||||||||||||||
Options | RSAs | ||||||||||||||||||
Weighted Average | |||||||||||||||||||
Weighted Average | Grant Date | ||||||||||||||||||
Shares | Exercise Price | Shares | Fair Value | ||||||||||||||||
Outstanding at December 31, 2011 | 100,900 | $ | 37.81 | 275,600 | $ | 45.56 | |||||||||||||
Granted | - | - | 105,300 | 43.49 | |||||||||||||||
Forfeited | (500 | ) | 28.95 | (7,900 | ) | 45.21 | |||||||||||||
Exercised / Vested | (31,777 | ) | 28.95 | (373,000 | ) | 44.99 | |||||||||||||
Outstanding at December 31, 2012 | 68,623 | 41.79 | - | - | |||||||||||||||
Granted | - | - | 576,950 | 63.82 | |||||||||||||||
Forfeited | - | - | (10,000 | ) | 57.86 | ||||||||||||||
Exercised / Vested | (2,623 | ) | 28.95 | - | - | ||||||||||||||
Outstanding at December 31, 2013 | 66,000 | $ | 42.49 | 566,950 | $ | 63.93 | |||||||||||||
Shares available for future issuance at | |||||||||||||||||||
31-Dec-13 | 1,973,725 | ||||||||||||||||||
At December 31, 2013 and 2012, there were exercisable outstanding stock options of 62,000 and 59,623, respectively. The weighted average exercise price of the exercisable outstanding stock options at December 31, 2013 and 2012 was $42.14 per share and $41.12 per share, respectively. | |||||||||||||||||||
The table below represents for various prices, the weighted average characteristics of outstanding employee stock options at December 31, 2013. | |||||||||||||||||||
Exercise | Options | Weighted average remaining | Options currently | Exercise price of options | |||||||||||||||
price | outstanding | contractual life | exercisable | currently exercisable | |||||||||||||||
$ | 39.55 | 10,000 | 2.33 | 10,000 | $ | 39.55 | |||||||||||||
39.65 | 20,000 | 0.42 | 20,000 | 39.65 | |||||||||||||||
39.9 | 10,000 | 3.08 | 10,000 | 39.9 | |||||||||||||||
44.9 | 10,000 | 1.83 | 10,000 | 44.9 | |||||||||||||||
45.77 | 10,000 | 7.08 | - | N/A | |||||||||||||||
$ | 51.74 | 6,000 | 4.33 | 6,000 | $ | 51.74 | |||||||||||||
The weighted average estimated fair value of the options granted at their grant date using the Black-Scholes option-pricing model was as follows: | |||||||||||||||||||
2011 | |||||||||||||||||||
Weighted average fair value of options granted: | $ | 18.66 | |||||||||||||||||
Assumptions made: | |||||||||||||||||||
Expected volatility | 49% | ||||||||||||||||||
Risk free interest rate | 0.15% | ||||||||||||||||||
Expected life | 5 years | ||||||||||||||||||
Dividend yield | 0.26% | ||||||||||||||||||
The Company did not grant any options in 2013 or 2012. | |||||||||||||||||||
The expected volatility reflects the volatility of GBL stock over a period of approximately four years, prior to each respective grant date, based on month-end prices. The expected life reflected an estimate of the length of time the employees are expected to hold the options, including the vesting period, and is based, in part, on actual experience with other grants. The dividend yield for the grants reflected the assumption of a $0.03 per share quarterly dividend. The weighted average remaining contractual life of the outstanding options at December 31, 2013 was 2.69 years. | |||||||||||||||||||
The total compensation costs related to non-vested awards not yet recognized is approximately $28.4 million as of December 31, 2013. This will be recognized as expense in the following periods (in thousands): | |||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||
$ | 6,748 | $ | 6,733 | $ | 5,763 | $ | 3,382 | $ | 2,791 | ||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | |||||||||||||||
$ | 1,158 | $ | 840 | $ | 567 | $ | 328 | $ | 117 | ||||||||||
For the years ended December 31, 2013, 2012 and 2011, the Company recorded approximately $2.1 million, $13.6 million and $2.6 million, respectively, in stock based compensation expense which resulted in the recognition of tax benefits of approximately $0.8 million, $5.0 million and $0.8 million, respectively. The $13.6 million for the year ended December 31, 2012, includes $10.1 million in stock compensation expense as a result of accelerating all outstanding RSAs. There were no comparable reversals or acceleration in the years ended December 31, 2013 or 2011. | |||||||||||||||||||
There were no stock options exercised for the year ended December 31, 2011. For the years ended December 31, 2013 and 2012, the Company received approximately $76,000 and $0.9 million, respectively, from the exercise of stock options which resulted in tax benefits of $16,000 and $0.1 million, respectively. | |||||||||||||||||||
Stock Repurchase Program | |||||||||||||||||||
In 1999, the Board of Directors established the Stock Repurchase Program through which the Company has been authorized to purchase up to $9 million of Class A Stock. During 2011, the Board of Directors authorized additional repurchases of 500,000 shares in May. In November 2012, the Board of Directors authorized the purchase of up to 800,000 shares of Class A Stock through a modified "Dutch Auction" tender. 717,389 shares of this authorization were used when the tender concluded in December 2012. The remaining 82,611 shares under this authorization lapsed upon the conclusion of the tender. During 2013, the Board of Directors authorized additional repurchase of 500,000 shares in February and 500,000 shares in November. In 2013, 2012 and 2011, we repurchased 229,228 shares, 1,138,313 shares and 450,966 shares, respectively, at an average price of $64.41 per share, $48.25 per share and $45.24 per share, respectively. There remain 923,215 shares available under this program at December 31, 2013. Under the program, the Company has repurchased 8,711,593 shares at an average price of $42.25 per share and an aggregate cost of $368.1 million through December 31, 2013. | |||||||||||||||||||
Dividends | |||||||||||||||||||
During 2013, 2012 and 2011, the Company declared dividends of $0.72 per share, $2.88 per share and $1.15 per share, respectively, to class A and class B shareholders totaling $18.7 million, $76.4 million and $30.8 million, respectively. Under the terms of the RSA agreements, we accrue dividends, less estimated forfeitures, for RSA grantees from the date of grant but these dividends are held for grantees who are not entitled to receive dividends until their awards vest and only if they are still employed by the Company at those dates. As of December 31, 2013, dividends accrued on RSAs not yet vested were approximately $0.3 million. There were no dividends accrued at December 31, 2012 as there were no unvested RSAs outstanding. | |||||||||||||||||||
Shelf Registration | |||||||||||||||||||
In May 2012, the SEC declared effective the Company's "shelf" registration statement on Form S-3 giving the Company the flexibility to sell any combination of senior and subordinate debt securities, convertible debt securities and equity securities (including common and preferred securities) up to a total amount of $400 million. The shelf is available through May 30, 2015, at which time it may be renewed. |
Capital_Lease
Capital Lease | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Capital Lease Obligations [Abstract] | ' | ||||
Capital Lease Obligations | ' | ||||
I. Capital Lease | |||||
On December 5, 1997, prior to the Offering in 1999, the Company entered into a fifteen-year lease, expiring on April 30, 2013, of office space from an entity controlled by members of the Chairman's family. On June 11, 2013, the Company modified and extended its lease with M4E, LLC, the Company's landlord at 401 Theodore Fremd Ave, Rye, NY. The lease term was extended to December 31, 2028, and the base rental remained at $18 per square foot, or $1.1 million, for 2013. From January 1, 2014 through December 31, 2028, the base rental will be determined by the change in the consumer price index for the New York Metropolitan Area for November of the immediate prior year with the base period as November 2008 for the New York Metropolitan Area. | |||||
The lease has been accounted for as a capital lease as it transfers substantially all the benefits and risks of ownership to GBL. The Company has recorded the leased property as an asset and a capital lease obligation for the present value of the obligation of the leased property. The leased property is amortized on a straight-line basis from the date of the most recent extension to the end of the lease. The capital lease obligation is amortized over the same term using the interest method of accounting. Capital lease improvements are amortized from the date of expenditure through the end of the lease term or the useful life, whichever is shorter, on a straight-line basis. The lease provides that all operating expenses relating to the property (such as property taxes, utilities and maintenance) are to be paid by the lessee, GBL. These are recognized as expenses in the periods in which they are incurred. Accumulated amortization on the leased property was approximately $4.0 million and $3.8 million at December 31, 2013 and 2012, respectively. | |||||
Future minimum lease payments for this capitalized lease at December 31, 2013 are as follows: | |||||
(In thousands) | |||||
2014 | 1,175 | ||||
2015 | 1,080 | ||||
2016 | 1,080 | ||||
2017 | 1,080 | ||||
2018 | 1,080 | ||||
Thereafter | 10,800 | ||||
Total minimum obligations | 16,295 | ||||
Interest | 10,965 | ||||
Present value of net obligations | $ | 5,330 | |||
Lease payments under this agreement amounted to approximately $1.2 million, $1.1 million and $1.1 million for each of the years ended December 31, 2013, 2012 and 2011, respectively. The capital lease contains an escalation clause tied to the change in the New York Metropolitan Area Consumer Price Index which may cause the future minimum payments to exceed $1,080,000 annually. Future minimum lease payments have not been reduced by related minimum future sublease rentals of approximately $1.1 million due over the next ten years, which are due from affiliated entities. Total minimum obligations exclude the operating expenses to be borne by the Company, which are estimated to be approximately $0.8 million per year. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
J. Contractual Obligations | |||||
We rent office space under leases which expire at various dates through May 31, 2019. Future minimum lease commitments under these operating leases as of December 31, 2013 are as follows: | |||||
(In thousands) | |||||
2014 | 611 | ||||
2015 | 224 | ||||
2016 | 118 | ||||
2017 | 120 | ||||
2018 | 122 | ||||
2019 | 51 | ||||
Total | $ | 1,246 | |||
Equipment rentals and occupancy expense amounted to approximately $2.7 million, $2.8 million and $2.6 million, respectively, for the years ended December 31, 2013, 2012 and 2011. |
ShareholderDesignated_Contribu
Shareholder-Designated Contribution Plan | 12 Months Ended |
Dec. 31, 2013 | |
Shareholder-Designated Contribution Plan [Abstract] | ' |
Shareholder-Designated Contribution Plan [Text Block] | ' |
K. Shareholder-Designated Contribution Plan | |
During 2013, the Company established a Shareholder Designated Charitable Contribution program. Under the program, each shareholder is eligible to designate a charity to which the Company would make a donation based upon the actual number of shares registered in the shareholder's name. Shares held in nominee or street name were not eligible to participate. The Board of Directors approved two contributions during 2013 of $0.25 per registered share each. During 2013, the Company recorded a charge of $10.6 million, or $0.24 per diluted share, net of management fee and tax benefit, related to the contributions which was included in shareholder-designated contribution in the condensed consolidated statements of income. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
L. Related Party Transactions | |
The following is a summary of certain related party transactions. | |
GGCP Holdings LLC owns a majority of our Class B Stock, representing approximately 1% of the combined voting power and 1% of the outstanding shares of our common stock at December 31, 2013. | |
Capital Lease | |
We lease an approximately 60,000 square foot building located at 401 Theodore Fremd Avenue, Rye, New York as our headquarters (the "Building") from an entity controlled by members of the Chairman's family. See Note I. | |
We sub-lease approximately 3,300 square feet in the Building to LICT Corporation, a company for which Mr. Gabelli serves as Chairman and CEO, which pays rent at the rate of $28 per square foot plus $3 per square foot for electricity, subject to adjustment for increases in taxes and other operating expenses. The total amounts paid in 2013, 2012, and 2011 for rent and other expenses under this lease were $116,527, $114,716, and $119,025, respectively. Concurrent with the extension of the lease on the Building during 2008, we and LICT Corporation further agreed to extend the term of the sub-lease until December 2023 on the same terms and conditions. As of July 1, 2008, we also sub-lease approximately 1,600 square feet in the Building to Teton. Teton pays rent at the rate of $37.75 per square foot plus $3 per square foot for electricity, subject to adjustment for increases in taxes and other operating expenses. The total amount paid in 2013, 2012 and 2011 for rent and other expenses under this lease were $68,189, $67,361 and $69,330, respectively, and were recorded in other operating expenses as a credit on the consolidated statements of income. | |
Investment Advisory Services | |
GAMCO has entered into agreements to provide advisory and administrative services to MJG Associates, Inc., which is wholly-owned by Mr. Gabelli, with respect to the private investment funds managed by them. Pursuant to such agreements, MJG Associates, Inc. paid GAMCO $10,000 (excluding reimbursement of expenses) for each of the years 2013, 2012, and 2011. For 2013, 2012 and 2011, Manhattan Partners I, L.P. and Manhattan Partners II, L.P., investment partnerships for which John Gabelli Inc., an entity owned by John Gabelli, a brother of our Chairman, is the general partner, paid GAMCO investment advisory fees in the amount of $21,601, $21,660 and $19,608, respectively, and Manhattan Partners I, L.P. paid management fees in the amount of $0, $0 and $10,665, respectively, to the general partners of Gemini Global Partners, L.P. In addition, an entity that Mr. John Gabelli's wife is the sole shareholder of is the co-general partner of S.W.A.N. Partners, LP ("S.W.A.N."). S.W.A.N. paid GAMCO investment advisory fees in the amount of $32,740, $35,649 and $36,466 for 2013, 2012 and 2011, respectively, and is included in investment advisory and incentive fees on the consolidated statements of income. | |
Gabelli Securities International Limited ("GS International") was formed in 1994 to provide management and investment advisory services to offshore funds and accounts. Mr. Marc Gabelli, who is a son of our Chairman, owns 55% of GS International and GSI owns the remaining 45%. In 1994, Gabelli International Gold Fund Limited ("GIGFL"), an offshore investment company investing primarily in securities of issuers with gold-related activities, was formed and GS International entered into an agreement to provide management services to GIGFL. GSI in turn entered into an agreement with GS International to provide investment advisory services to GIGFL in return for receiving all investment management fees paid by GIGFL. Pursuant to such agreement, GSI received investment management fees of $13,478 and no incentive fees for 2013. Comparable amounts for 2012 were $23,192 and $0, respectively, and for 2011 they were $32,203 and $0, respectively. As of December 31, 2013 and 2012, there were $50,639 and $11,957, respectively, payable to GIGFL included in accrued expenses and other liabilities on the consolidated statements of financial condition relating to management fees. | |
In April 1999, Gabelli Global Partners, Ltd. ("GGP Ltd."), an offshore investment fund, was incorporated. GS International and Gemini Capital Management, LLC ("Gemini"), an entity owned by Mr. Marc Gabelli, were engaged by GGP Ltd. as investment advisors as of July 1, 1999. GGP Ltd. paid all of the management fees for 2013 and 2012 in the amounts of $148,909 and $80,761, respectively, to GS International. For 2013, GGP Ltd. paid all of the incentive fees in the amount of $31,217 to GSI International. There were no incentive fees earned in 2012. For 2011, Gemini received half of the management fees paid by GGP Ltd. in the amount of $45,668. As of December 31, 2013 and 2012, there were $0 and $59,390, respectively, receivable from GGP Ltd. included in investment advisory fees receivable on the consolidated statements of financial condition. | |
In April 1999, GSI formed Gabelli Global Partners, L.P., an investment limited partnership for which GSI and Gemini are the general partners. In March 2002, Gabelli Global Partners, L.P. changed its name to Gemini Global Partners, L.P. Gemini and GSI each received half of the management fee paid by the partnership to the general partners in 2013, 2012 and 2011 in the amounts of $76,776, $76,548 and $88,904, respectively. For 2013, Gemini and GSI each received half of the incentive fee in the amount of $15,018. There were no incentive fees earned in 2012 or 2011. As of December 31, 2013 and 2012, there were $36,418 and $36,257, respectively, receivable from Gemini Global Partners, L.P. included in investment advisory fees receivable on the consolidated statements of financial condition. | |
We serve as the investment advisor for the Funds and earn advisory fees based on predetermined percentages of the average net assets of the Funds. In addition, G.distributors has entered into distribution agreements with each of the Funds. As principal distributor, G.distributors incurs certain promotional and distribution costs related to the sale of Fund shares, for which it receives a distribution fee from the Funds or reimbursement from the investment advisor. G.research earns a majority of its commission revenue from transactions executed on behalf of clients of affiliated companies. Advisory and distribution fees receivable from the Funds were approximately $37.2 million and $30.2 million at December 31, 2013 and 2012, respectively. GBL earned approximately $0.9 million, $1.0 million and $1.4 million in 2013, 2012 and 2011, respectively, in advisory fee revenues and approximately $12,000, $13,000 and $15,000 in 2013, 2012 and 2011, respectively, in distribution fees from our proprietary investments in the Funds which are included in investment advisory and incentive fees and distribution fees and other income, respectively, on the consolidated statements of income. | |
Investments in Securities | |
At December 31, 2013 and 2012, approximately $81 million and $85 million, respectively, of our proprietary investment portfolio were managed by our analysts or portfolio managers other than Mr. Gabelli. The individuals managing these accounts receive 20% of the net profits, if any, earned on the accounts; however, some of the analysts are required to meet a hurdle rate of 5% before earning this 20% payout. In August 2006, a son of the Chairman was given responsibility for managing a proprietary investment account on which he would be paid, on an annual basis, 20% of any net profits earned on the account for the year. The account was initially funded with approximately $40 million during 2006. During 2013 and 2012, $2 million and $2 million, respectively, was transferred from this account back to the firm's proprietary account and is no longer subject to the 20% payout. For 2013 and 2012, this account was up 41.9% and 14.3%, respectively, and therefore he earned approximately $1.5 million and $230,000, respectively, for managing this account. For 2011, there was no payout for managing this account. | |
We had an aggregate investment in the Funds of approximately $253.9 million and $254.0 million at December 31, 2013 and 2012, respectively, of which approximately $209.8 million and $190.4 million was invested in an affiliated money market mutual fund, included in cash and cash equivalents, at December 31, 2013 and 2012, respectively. GBL earned approximately $19,000, $52,000, and $45,000 in 2013, 2012 and 2011, respectively, in dividend income from our investment in our money market mutual fund. Distributions from investments in our equity Funds, which are included within interest and dividend income on the consolidated statements of income, were approximately $2.3 million, $1.8 million and $2.2 million, in 2013, 2012 and 2011, respectively. | |
Investments in Partnerships | |
We had an aggregate investment in affiliated partnerships and offshore funds of approximately $82.0 million and $83.9 million at December 31, 2013 and 2012, respectively. | |
Compensation | |
Immediately preceding the Offering and in conjunction with the Reorganization, GBL and our Chairman and CEO entered into an employment agreement. This agreement was amended and approved by shareholders on November 30, 2007 and most recently re-approved by shareholders on May 6, 2011. | |
Under the terms of this agreement and consistent with the firm's practice since its inception in 1977, Mr. Gabelli will also continue receiving a percentage of revenues or net operating contribution, which are substantially derived from AUM, as compensation relating to or generated by the following activities: (i) managing or overseeing the management of various investment companies and partnerships, (ii) attracting mutual fund shareholders, (iii) attracting and managing Institutional and Private Wealth Management clients, and (iv) otherwise generating revenues for the Company. Such payments are made in a manner and at rates as agreed to from time to time by GAMCO, which rates have been and generally will be the same as those received by other professionals at GAMCO performing similar services. With respect to our Institutional and Private Wealth Management and mutual fund advisory business, we pay out up to 40% of the revenues or net operating contribution to the portfolio managers and marketing staff who introduce, service or generate such business, with payments involving the Institutional and Private Wealth Management accounts being typically based on revenues and payments involving the mutual funds being typically based on net operating contribution. | |
Mr. Gabelli has agreed that while he is employed by us he will not provide investment management services outside of GAMCO, except for certain permitted accounts as defined under the agreement. The 2008 Employment Agreement may not be amended without the approval of the Compensation Committee and Mr. Gabelli. | |
The Chairman and CEO receives compensation in the form of a management fee for managing the Company. Additionally, he earns compensation for acting as portfolio manager and/or attracting and providing client service to a large number of GAMCO's Institutional and Private Wealth Management clients, for creating and acting as portfolio manager of several open-end funds, for creating and acting as portfolio manager of the closed-end funds and for providing other services, including acting as portfolio and relationship manager of investment partnerships. | |
Other | |
On May 31, 2006, we entered into an Exchange and Standstill Agreement with Frederick J. Mancheski, a significant shareholder, pursuant to which, among other things, he agreed to exchange his 2,071,635 shares of Class B Stock, which he received on a pari passu basis with his investment in GGCP, for an equal number of shares of Class A Stock. The standstill expires on May 31, 2016. Under the terms of the standstill agreement, Mr. Mancheski agreed to, among other things, vote his shares in favor of the nominees and positions advocated by the Board of Directors. As stated in the latest available Form 13D filed by Mr. Mancheski on December 20, 2012, he continues to exercise voting control over 1,725,974 shares of Class A Stock. | |
For 2013, 2012, and 2011, we incurred variable costs of $483,000, $450,000, and $586,000, respectively, for actual usage (but not the fixed costs) relating to our use of aircraft in which GGCP owns the fractional interests. | |
As required by our Code of Ethics, our staff members are required to maintain their brokerage accounts at G.research unless they receive permission to maintain an outside account. G.research offers its entire staff the opportunity to engage in brokerage transactions at discounted commission rates. Accordingly, many of our staff members, including the executive officers or entities controlled by them, have brokerage accounts at G.research and have engaged in securities transactions at discounted rates. | |
G.research also participates in syndicated underwriting activities, some of which involve the issuance of preferred or common shares of Gabelli closed-end funds. During 2013, G.research participated as agent in the at the market offerings of The GAMCO Global Gold, Natural Resources & Income Trust and acted as Dealer Manager for The Gabelli Global Utility and Income Trust's Series A Preferred Share Rights Offering, and acted as co-manager in The GAMCO Global Gold, Natural Resources & Income Trust 5% Series B Cumulative Preferred Stock Offering. During 2012, G.research participated as agent in the secondary offerings of The GAMCO Global Gold, Natural Resources & Income Trust and acted as Dealer Manager for The Gabelli Equity Trust's Series F Cumulative Preferred Rights Offering, and acted as co-underwriter for The Gabelli Equity Trust's Series H Cumulative Preferred Stock Offering. During 2011, G.research participated as agent in the secondary offerings of The GAMCO Global Gold, Natural Resources & Income Trust. During 2013, 2012 and 2011 there were $0.8 million, $3.0 million and $3.2 million, respectively, included in institutional research services on the consolidated statements of income. | |
GBL and Teton entered into a transitional administrative and management service agreement in connection with the spin-off of Teton from GBL that formalized certain arrangements. Effective January 1, 2011, Teton and GBL renegotiated the terms of the sub-administration agreement from a flat 0.20% on the average net assets of the mutual funds managed by Teton to 0.20% on the first $370 million in average net assets, 0.12% on the next $630 million in average net assets and 0.10% on average net assets in excess of $1 billion, as compensation for providing mutual fund administration services and $15,000 per month for various administrative services. Prior to the spin-off these fees were eliminated in consolidation. During 2013, 2012 and 2011, there was $1.8 million, $1.5 million and $1.5 million, respectively, included in distribution fees and other income on the consolidated statements of income. |
Financial_Requirements
Financial Requirements | 12 Months Ended |
Dec. 31, 2013 | |
Financial Requirements [Abstract] | ' |
Financial Requirements | ' |
M. Financial Requirements | |
As registered broker-dealers, G.research and G.distributors are subject to the Uniform Net Capital Rule 15c3-1 (the "Rule") of the SEC. G.research and G.distributors compute their net capital under the alternative method permitted by the Rule which requires minimum net capital of $250,000. The Companies met or exceeded this requirement at December 31, 2013. | |
Our subsidiary, GAMCO Asset Management (UK) Limited is authorized and regulated by the Financial Conduct Authority ("FCA"). In February 2011, GAMCO Asset Management (UK) Limited increased its permitted license with the FCA's predecessor, the Financial Services Authority ("FSA") and has held Total Capital of £495,000 and £384,000 ($816,000 and $621,000 at December 31, 2013 and 2012, respectively) and had a Financial Resources Requirement of £226,000 and £198,000 ($373,000 and $320,000 at December 31, 2013 and 2012, respectively). We have consistently met or exceeded these minimum requirements. |
Administration_Fees
Administration Fees | 12 Months Ended |
Dec. 31, 2013 | |
Administration Fees [Abstract] | ' |
Administration Fees | ' |
N. Administration Fees | |
We have entered into administration agreements with other companies (the "Administrators"), whereby the Administrators provide certain services on behalf of several of the Funds and Investment Partnerships. Such services do not include the investment advisory and portfolio management services provided by GBL. The fees are negotiated based on predetermined percentages of the net assets of each of the Funds. |
Profit_Sharing_Plan_and_Incent
Profit Sharing Plan and Incentive Savings Plan | 12 Months Ended |
Dec. 31, 2013 | |
Profit Sharing Plan and Incentive Savings Plan [Abstract] | ' |
Profit Sharing Plan and Incentive Savings Plan | ' |
O. Profit Sharing Plan and Incentive Savings Plan | |
The Company has a qualified contributory employee profit sharing plan and incentive savings plan covering substantially all employees. Company contributions to the plans are determined annually by the Board of Directors but may not exceed the amount permitted as a deductible expense under the Internal Revenue Code. The Company accrued contributions of approximately $18,000, $52,000 and $13,000 to the plans for the years ended December 31, 2013, 2012 and 2011, respectively. |
Goodwill_and_Identifiable_Inta
Goodwill and Identifiable Intangible Assets | 12 Months Ended |
Dec. 31, 2013 | |
Goodwill and Identifiable Intangible Assets [Abstract] | ' |
Goodwill and Identifiable Intangible Assets | ' |
P. Goodwill and Identifiable Intangible Asset | |
During 2011, in connection with the transfer of the distribution business from G.research, a wholly-owned subsidiary of GSI, to G.distributors, a wholly-owned subsidiary of GBL, $213,000 of the goodwill was also transferred. An impairment analysis was performed in conjunction with this transfer, and the goodwill was not deemed to be impaired and no impairment charge was recorded. At December 31, 2013 and 2012, $3.5 million of goodwill is reflected on the consolidated statements of financial condition with $3.3 million related to GSI and $0.2 million related to G.distributors. The Company adopted the guidance issued by the FASB that allowed for a qualitative assessment of whether it is more likely than not that an impairment has occurred. At November 30, 2013 and November 30, 2012, management conducted its annual assessments of the recoverability of goodwill and determined that there was no impairment of goodwill on GBL's consolidated financial statements. | |
As a result of becoming the advisor to the Gabelli Enterprise Mergers and Acquisitions Fund and the associated consideration paid, the Company maintains an identifiable intangible asset of $1.9 million within other assets on the consolidated statements of financial condition at both December 31, 2013 and 2012. The investment advisory agreement is subject to annual renewal by the fund's Board of Directors, which the Company expects to be renewed, and the Company does not expect to incur additional expense as a result, which is consistent with other investment advisory agreements entered into by the Company. The advisory contract is next up for renewal in February 2015. At November 30, 2013 and November 30, 2012, management conducted its annual assessments of the recoverability of the intangible asset and determined that there was no impairment of it on GBL's consolidated financial statements. |
Other_Matters
Other Matters | 12 Months Ended |
Dec. 31, 2013 | |
Other Matters [Abstract] | ' |
Other Matters | ' |
Q. Other Matters | |
From time to time, the Company may be named in legal actions and proceedings. These actions may seek substantial or indeterminate compensatory as well as punitive damages or injunctive relief. The Company is also subject to governmental or regulatory examinations or investigations. The examinations or investigations could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief. For any such matters, the condensed consolidated financial statements include the necessary provisions for losses that the Company believes are probable and estimable. Furthermore, the Company evaluates whether there exist losses which may be reasonably possible and, if material, makes the necessary disclosures. Such amounts, both those that are probable and those that are reasonably possible, are not considered material to the Company's financial condition, operations or cash flows. | |
The investment management industry is likely to continue facing a high level of regulatory scrutiny and become subject to additional rules designed to increase disclosure, tighten controls and reduce potential conflicts of interest. In addition, the SEC has substantially increased its use of focused inquiries which request information from a number of fund complexes regarding particular practices or provisions of the securities laws. The Company participates in some of these inquiries in the normal course of our business. Changes in laws, regulations and administrative practices by regulatory authorities, and the associated compliance costs, have increased our cost structure and could in the future have a material impact. | |
The Company indemnifies the clearing brokers of G.research for losses they may sustain from the customer accounts that trade on margin introduced by our broker-dealer subsidiary. At December 31, 2013, the total amount of customer balances subject to indemnification (i.e. unsecured margin debits) was immaterial. The Company also has entered into arrangements with a number of other third parties which provide for indemnification of the third parties against losses, costs, claims and liabilities arising from the performance of obligations under the agreements. The Company has had no claims or payments pursuant to these or prior agreements, and believes the likelihood of such a claim being made is remote. The Company's estimate of the value of such agreements is de minimis, and therefore an accrual has not been made on the consolidated financial statements. |
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information | ' | ||||||||||||||||||||
R. Quarterly Financial Information (Unaudited) | |||||||||||||||||||||
Quarterly financial information for the years ended December 31, 2013 and 2012 is presented below. | |||||||||||||||||||||
2013 | |||||||||||||||||||||
1st | 2nd | 3rd | 4th | Total | |||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||
Revenues | $ | 86,181 | $ | 92,290 | $ | 96,377 | $ | 122,714 | $ | 397,562 | |||||||||||
Operating income | 30,727 | 31,784 | 32,728 | 47,173 | 142,412 | ||||||||||||||||
Net income attributable to GAMCO | |||||||||||||||||||||
Investors, Inc.'s shareholders | 22,545 | 27,893 | 33,098 | 33,317 | 116,853 | ||||||||||||||||
Net income attributable to GAMCO | |||||||||||||||||||||
Investors, Inc.'s shareholders per share: | |||||||||||||||||||||
Basic | 0.88 | 1.09 | 1.29 | 1.3 | 4.56 | ||||||||||||||||
Diluted | $ | 0.88 | 1.09 | 1.29 | 1.29 | $ | 4.54 | ||||||||||||||
2012 | |||||||||||||||||||||
1st | 2nd | 3rd | 4th | Total | |||||||||||||||||
Revenues | $ | 81,749 | $ | 81,024 | $ | 82,231 | $ | 99,277 | $ | 344,281 | |||||||||||
Operating income | 27,012 | 30,367 | 29,012 | 24,739 | 111,130 | ||||||||||||||||
Net income attributable to GAMCO | |||||||||||||||||||||
Investors, Inc.'s shareholders | 23,836 | 15,105 | 19,004 | 17,594 | 75,539 | ||||||||||||||||
Net income attributable to GAMCO | |||||||||||||||||||||
Investors, Inc.'s shareholders per share: | |||||||||||||||||||||
Basic | 0.9 | 0.58 | 0.72 | 0.67 | 2.87 | ||||||||||||||||
Diluted | $ | 0.9 | $ | 0.57 | $ | 0.72 | $ | 0.67 | $ | 2.86 |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
S. Subsequent Events | |
On January 9, 2014, the Company granted 2,100 RSAs at a grant date fair value of $81.99 per share to certain employees. The expense, net of forfeitures, will be recognized over the vesting period for this award which is 60% over three years from the date of the grant and 40% over five years from the date of grant. | |
On February 4, 2014, the Board of Directors declared a regular quarterly dividend of $0.06 per share to all of its shareholders, payable on March 25, 2014 to shareholders of record on March 11, 2014. The Company had increased its regular quarterly dividend from $0.05 per share in the third quarter of 2013. | |
From January 1, 2014 to March 6, 2014, the Company repurchased 69,594 shares at $78.32 per share. As a result, there are 853,621 shares available to be repurchased under our existing buyback plan at March 6, 2014. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Significant Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
Basis of Presentation | ||
GAMCO Investors, Inc. ("GBL" or the "Company") was incorporated in April 1998 in the state of New York, with no significant assets or liabilities and did not engage in any substantial business activities prior to the initial public offering ("Offering") of our shares. On February 9, 1999, we exchanged 24 million shares of our Class B Common Stock ("Class B Stock"), representing all of our then issued and outstanding common stock, with Gabelli Funds, Inc. ("GFI") and two of its subsidiaries in consideration for substantially all of the operating assets and liabilities of GFI, relating to its institutional and retail asset management, mutual fund advisory, underwriting and brokerage business (the "Reorganization"). GFI, which was renamed Gabelli Group Capital Partners, Inc. in 1999, is the majority shareholder of GBL and was renamed GGCP, Inc. ("GGCP") in 2005. During 2010, the shares of GBL owned by GGCP were transferred to GGCP Holdings LLC, a subsidiary of GGCP. In 2013, the Company changed its state of incorporation from New York to Delaware in a tax-free reorganization. | ||
The accompanying consolidated financial statements include the assets, liabilities and earnings of: | ||
· | GBL; and | |
· | Our wholly-owned subsidiaries: Gabelli Funds, LLC ("Funds Advisor"), GAMCO Asset Management Inc. ("GAMCO"), G.distributors, LLC ("G.distributors"), GAMCO Asset Management (UK) Limited, Gabelli Arbitrage Holdings LLC, Gabelli Trading Holdings LLC, Gabelli Fixed Income, Inc. ("Fixed Income") and its subsidiaries, GAMCO International Partners LLC, GAMCO Acquisition LLC, GAMCO Asset Management (Singapore) Pte. Ltd.; | |
· | Our majority-owned or majority-controlled subsidiaries: Gabelli Securities, Inc. ("GSI") and its subsidiaries; and | |
· | Certain investment partnerships ("Investment Partnerships") and offshore funds in which we have a direct or indirect controlling financial interest. Please see Note D included herein. | |
At December 31, 2013, 2012 and 2011, we owned approximately 94%, 93% and 93% respectively, of GSI. The consolidated financial statements comprise the financial statements of GBL and its subsidiaries as of December 31 of each year. The financial statements of the subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies. All intercompany transactions and balances have been eliminated. Subsidiaries are fully consolidated from the date of acquisition, being the date on which GBL obtains control, and continue to be consolidated until the date that such control ceases. | ||
Use of Estimates | ' | |
Use of Estimates | ||
The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported on the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | ||
Nature of Operations | ' | |
Nature of Operations | ||
GAMCO, Funds Advisor, Gabelli Fixed Income LLC ("Fixed Income LLC"), a wholly-owned subsidiary of Fixed Income and GSI are registered investment advisors under the Advisers Act of 1940. G.research, Inc. ("G.research"), a wholly-owned subsidiary of GSI, and G.distributors are registered broker-dealers with the Securities and Exchange Commission ("SEC") and are regulated by the Financial Industry Regulatory Authority ("FINRA"). G.research acts as an introducing broker, and all transactions for its customers are cleared through New York Stock Exchange ("NYSE") member firms on a fully-disclosed basis. Accordingly, open customer transactions are not reflected in the accompanying consolidated statements of financial condition. G.research is exposed to credit losses on these open positions in the event of nonperformance by its customers, pursuant to conditions of its clearing agreements with its clearing brokers. This exposure is reduced by the clearing brokers' policy of obtaining and maintaining adequate collateral and credit of the counterparties until the open transaction is completed. Refer to Major Revenue-Generating Services and Revenue Recognition section within Note A for additional discussion of GBL's business. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents | ||
Cash equivalents primarily consist of an affiliated money market mutual fund which is highly liquid. U.S. Treasury Bills and Notes with maturities of three months or less at the time of purchase are also considered cash equivalents. | ||
Securities Transactions | ' | |
Securities Transactions | ||
Investments in securities are accounted for as either "trading securities" or "available for sale" and are stated at fair value. Management determines the appropriate classification of debt and equity securities at the time of purchase. U.S. Treasury Bills and Notes with maturities of greater than three months at the time of purchase are considered investments in securities. Securities that are not readily marketable are stated at their estimated fair values in accordance with Generally Accepted Accounting Principles ("GAAP"). A substantial portion of investments in securities are held for resale in anticipation of short-term market movements and therefore are classified as trading securities. Trading securities are stated at fair value, with any unrealized gains or losses reported in current period earnings in net gain/(loss) from investments on the consolidated statements of income. Available for sale ("AFS") investments are stated at fair value, with any unrealized gains or losses, net of taxes, reported as a component of other comprehensive income except for losses deemed to be other than temporary which are recorded as realized losses on the consolidated statements of income. Securities transactions and any related gains and losses are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the specific identified cost basis and are included in net gain/(loss) from investments on the consolidated statements of income. | ||
Available for sale securities are evaluated for other than temporary impairments each reporting period and any impairment charges are recorded in net gain/(loss) from investments on the consolidated statements of income. Management reviews all available for sale securities whose cost exceeds their fair value to determine if the impairment is other than temporary. Management uses qualitative factors such as diversification of the investment, the intent to hold the investment, the amount of time that the investment has been impaired and the severity of the decline in determining whether the impairment is other than temporary. | ||
Securities sold, but not yet purchased are recorded on the trade date, and are stated at fair value and represent obligations of GBL to purchase the securities at prevailing market prices. Therefore, the future satisfaction of such obligations may be for an amount greater or less than the amounts recorded on the consolidated statements of financial condition. The ultimate gains or losses recognized are dependent upon the prices at which these securities are purchased to settle the obligations under the sales commitments. Realized gains and losses from covers of securities sold, not yet purchased transactions are included in net gain/(loss) from investments on the consolidated statements of income. Securities sold, not yet purchased are stated at fair value, with any unrealized gains or losses reported in current period earnings in net gain/(loss) from investments on the consolidated statements of income. | ||
Consolidation | ' | |
Consolidation | ||
In accordance with the consolidation assessment models set forth in ASC 810-10 and 810-20, the Company consolidates all investments in partnerships and affiliates in which the Company has a controlling interest or is deemed to be the primary beneficiary. In order to make this determination, an analysis is performed to determine if the entity is a variable interest entity ("VIE") or a voting interest entity ("VOE"). If the entity is a VIE, further analysis, as discussed below, is performed to determine if GBL is the primary beneficiary of the entity. If the entity is not a VIE, the Company will apply the VOE model as discussed below. | ||
Variable Interest Entities | ||
A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) the equity investors do not have the ability to make decisions about the entities' activities or obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the entity or (c) the voting rights are not proportional to their obligations to absorb the expected losses of the entity or their rights to receive the expected residual returns of the entity. The Company evaluates whether entities in which it has an interest are VIEs and whether the Company is the primary beneficiary of any VIEs identified in its analysis. The Company is determined to be the primary beneficiary if it absorbs a majority of the VIE's expected losses, expected residual returns, or both. If the Company is the primary beneficiary of a VIE, it consolidates that entity. If the Company is not the primary beneficiary, it accounts for its investment under the equity method. | ||
In June 2009 the Financial Accounting Standards Board ("FASB") amended the guidance on VIEs when it issued ASU 2009-17. This guidance requires that if a decision maker has a variable interest in a VIE, the decision maker is not solely acting in a fiduciary capacity and would be required to consolidate the VIE if it has both the power to direct the most significant activities of the VIE and economic exposure that could potentially be significant to the VIE. The Company is general partner or co-general partner of various sponsored partnerships and the investment manager of various sponsored offshore funds whose underlying assets consist primarily of marketable securities (the "affiliated entities"). If the Company were to apply such guidance it would be required to consolidate most of its affiliated entities. In February 2010, the FASB issued ASU 2010-10, which indefinitely deferred the effective date of the amendments to ASC 810-10 made by ASU 2009-17, for a reporting entity's interest in certain entities. Currently, interests in entities that qualify for the deferral are evaluated by applying the VIE model in ASC 810-10 (i.e., before the amendments by ASU 2009-17), while interests in entities that do not qualify for the deferral must be evaluated under the amendments in ASU 2009-17. Because all of the entities with which the Company is involved which would have been subject to the guidance in ASU 2009-17 were determined to qualify for the FASB's deferral of such guidance, the Company applies the guidance for VIEs that existed prior to the issuance of ASU 2009-17. | ||
Voting Interest Entities | ||
If the entity is not considered a VIE, it is treated as a VOE, and the Company applies the guidance in ASC 810-20 in determining whether the entity should be consolidated. Under ASC 810-20, the general partner or investment manager is deemed to control the entity and therefore must consolidate it unless the unaffiliated limited partners or shareholders (a) have the ability to remove the general partner or investment manager, without cause, (b) have the ability to dissolve the entity or (c) have substantive participating rights. If the unaffiliated limited partners or shareholders possess any of the foregoing rights, then the Company does not consolidate the entity, and either the equity or cost method of accounting is applied. If the unaffiliated limited partners or shareholders do not have any such rights, the Company consolidates the entity. | ||
Equity Method Investments | ||
Substantially all of GBL's equity method investees are entities that record their underlying investments at fair value. Therefore, under the equity method of accounting, GBL's share of the investee's underlying net income predominantly represents fair value adjustments in the investments held by the equity method investees. GBL's share of the investee's underlying net income or loss is based upon the most currently available information and is recorded as "Net gain/(loss) from investments" on the consolidated statements of income. Capital contributions are recorded as an increase in investments when paid, while withdrawals and distributions are recorded as reductions of the investments when received. Depending on the terms of the investment, the Company may be restricted as to the timing and amounts of withdrawals. | ||
See Note D. Investments in Partnerships, Offshore Funds and Variable Interest Entities for more detail as to the number and types of entities consolidated as well as the impact on the consolidated statements of financial condition and consolidated statements of income. | ||
Investments in Partnerships and Affiliates | ' | |
Investments in Partnerships and Affiliates | ||
The Company is general partner or co-general partner of various affiliated entities. We also have investments in unaffiliated partnerships, offshore funds and other entities ("unaffiliated entities"). Given that we are not a general partner or investment manager in any unaffiliated entities, we do not earn any management or incentive fees and we do not have a controlling financial interest, we do not currently consolidate any unaffiliated entities. | ||
Our balance sheet caption "Investments in partnerships" includes those investments, in both affiliated and unaffiliated entities, which the Company accounts for under the equity method of accounting and certain investments in consolidated feeder funds ("CFFs") that the Company accounts for at fair value, as described below. | ||
For CFFs that own 100% of their offshore master funds, the Company retains the CFF's specialized investment company accounting (i.e., the CFFs account for their investment in master funds at fair value as opposed to consolidating the accounts of the master funds). | ||
The Company records noncontrolling interests in consolidated entities for which the Company's ownership is less than 100%. Refer to Noncontrolling Interests section within Note A for additional disclosures. | ||
Receivables from and Payables to Brokers | ' | |
Receivables from and Payables to Brokers | ||
Receivables from and payables to brokers consist of amounts arising from the purchases and sales of securities as well as cash amounts held in anticipation of investment. | ||
Major Revenue-Generating Services and Revenue Recognition | ' | |
Major Revenue-Generating Services and Revenue Recognition | ||
The Company's revenues are derived primarily from investment advisory and incentive fees, institutional research services and distribution fees. | ||
Investment advisory and incentive fees are directly influenced by the level and mix of assets under management ("AUM") as fees are derived from a contractually-determined percentage of AUM for each account as well as incentive fees earned on certain accounts. Advisory fees from the open-end mutual funds, closed-end funds and sub-advisory accounts are computed daily or weekly based on average net assets and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. Advisory fees from Institutional and Private Wealth Management accounts are generally computed quarterly based on account values as of the end of the preceding quarter, and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. Management fees from investment partnerships and offshore funds are computed either monthly or quarterly, and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. The Company derived approximately 85%, 84% and 82% of its total revenues from advisory and management fees, including incentive fees, for the periods ended December 31, 2013, 2012 and 2011, respectively. These revenues vary depending upon the level of sales compared with redemptions, financial market conditions, performance and the fee structure for AUM. Revenues derived from the equity-oriented portfolios generally have higher management fee rates than fixed income portfolios. | ||
Revenues from investment partnerships and offshore funds also generally include an incentive allocation on the absolute gain in a portfolio or a fee of 20% of the economic profit as defined in the partnership agreement. The incentive allocation or fee is recognized at the end of the measurement period, which is annually, and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. There were $4.0 million and $3.0 million in incentive allocations or fees receivable as of December 31, 2013 and 2012, respectively. The Company also receives incentive fees from certain Institutional and Private Wealth Management accounts, which are based upon meeting or exceeding a specific benchmark index or indices. Incentive fees refer to fees earned when the return generated for the client exceeds the benchmark and can be earned even if the return to the client is negative as long as the return exceeds the benchmark. These fees are recognized, for each respective account, at the end of the stipulated contract period which is either quarterly or annually and varies by account. Receivables due for incentive fees earned are included in investment advisory fees receivable on the consolidated statements of financial condition. There were $3.4 million and $2.0 million in incentive fees receivable as of December 31, 2013 and 2012, respectively. Management fees on a majority of the closed-end preferred shares are received at year-end if the total return to common shareholders of the closed-end fund for the calendar year exceeds the dividend rate of the preferred shares. These fees are recognized at the end of the measurement period, which is annually. Receivables due for management fees on closed-end preferred shares are included in investment advisory fees receivable on the consolidated statements of financial condition. There were $7.3 million and $7.0 million in management fees receivable on closed-end preferred shares as of December 31, 2013 and 2012, respectively. For The GDL Fund, there is a performance fee earned as of the end of the calendar year if the total return of the fund is in excess of the 90 day T-Bill Index total return. This fee is recognized at the end of the measurement period, which is annually on a calendar year basis. Receivables due on incentive fees relating to The GDL Fund are included in investment advisory fees receivable on the consolidated statements of financial condition and were $6.2 million and $4.6 million as of December 31, 2013 and 2012, respectively. | ||
G.research provides institutional research services and earns brokerage commission revenues and sales manager fees on a trade-date basis from securities transactions executed on an agency basis on behalf of institutional clients and mutual funds, private wealth management clients and retail customers of affiliated companies. It has also been involved in syndicated underwriting activities that included public equity and debt offerings managed by major investment banks. Underwriting fees include underwriting revenues and syndicate profits and are accrued as earned. Underwriting fees include gains, losses, selling concessions and fees, net of syndicate expenses, arising from securities offerings in which the Company acts as underwriter or agent. It provides institutional investors and investment partnerships with investment ideas on numerous industries and special situations, with a particular focus on small-cap and mid-cap companies. Commission revenue and related clearing charges are recorded on a trade-date basis and are included in commission revenue and other operating expenses, respectively, on the consolidated statements of income. | ||
Distribution fees revenues are derived primarily from the distribution of Gabelli, GAMCO and Comstock open-end mutual funds ("Funds") advised by a subsidiary of GBL, Funds Advisor and a subsidiary of GGCP, Teton. Effective August 1, 2011, G.distributors distributes our open-end Funds pursuant to distribution agreements with each Fund. Under each distribution agreement with an open-end Fund, G.distributors offers and sells such open-end Fund shares on a continuous basis and pays all of the costs of marketing and selling the shares, including printing and mailing prospectuses and sales literature, advertising and maintaining sales and customer service personnel and sales and services fulfillment systems, and payments to the sponsors of third party distribution programs, financial intermediaries and G.distributors' sales personnel. G.distributors receive fees for such services pursuant to distribution plans adopted under provisions of Rule 12b-1 ("12b-1") of the Investment Company Act of 1940 ("Company Act"). G.distributors is the principal underwriter for funds distributed in multiple classes of shares which carry either a front-end or back-end sales charge. Prior to August 1, 2011, G.research was the distributor of the Gabelli, GAMCO and Comstock open-end Funds. | ||
Under the distribution plans, the open-end Class AAA shares of the Funds (except The Gabelli U.S. Treasury Money Market Fund, Gabelli Capital Asset Fund and The Gabelli ABC Fund) and the Class A shares of certain Funds pay G.distributors a distribution or service fee of .25% per year (except the Class A shares of the Westwood Funds which pay .50% per year and the Class A shares of the Gabelli Enterprise Mergers and Acquisitions Fund which pays .45% per year) on the average daily net assets of the fund. Class B and Class C shares have a 12b-1 distribution plan with a service and distribution fee totaling 1%. | ||
Distribution fees from the open-end mutual funds are computed daily based on average net assets. The amounts receivable for distribution fees are included in receivables from affiliates on the consolidated statements of financial condition. | ||
GBL also has investment gains or losses generated from its proprietary trading activities which are included in net gain/(loss) from investments on the consolidated statements of income. | ||
Distribution Costs | ' | |
Distribution Costs | ||
We incur certain promotion and distribution costs, which are expensed as incurred, principally related to the sale of shares of open-end mutual funds, shares sold in the initial public offerings of our closed-end funds, and after-market support services related to our closed-end funds. Additionally, Funds Advisor has agreed to reimburse expenses on certain funds, beyond certain expense caps. | ||
Dividends and Interest Income and Interest Expense | ' | |
Dividends and Interest Income and Interest Expense | ||
Dividends are recorded on the ex-dividend date. Interest income and interest expense are accrued as earned or incurred. | ||
Depreciation and Amortization | ' | |
Depreciation and Amortization | ||
Fixed assets other than leasehold improvements, with net book value of $682,000 and $680,000 at December 31, 2013 and 2012, respectively, which are included in other assets, are recorded at cost and depreciated using the straight-line method over their estimated useful lives from four to seven years. Accumulated depreciation was $2.4 million and $2.1 million at December 31, 2013 and 2012, respectively. Leasehold improvements, with net book value of $1.9 million and $2.1 million at December 31, 2013 and 2012, respectively, which are included in other assets, are recorded at cost and amortized using the straight-line method over their estimated useful lives or lease terms, whichever is shorter. The leased property under the capital lease is depreciated utilizing the straight-line method over the term of the lease, which expires on December 31, 2028. The capital lease was extended on June 11, 2013 to December 31, 2028 from December 31, 2023. For the years ended December 31, 2013, 2012 and 2011, depreciation and amortization were $766,000, $777,000 and $825,000, respectively. We estimate that depreciation and amortization will be approximately $790,000 annually over the next three years. | ||
Derivative Financial Instruments | ' | |
Derivative Financial Instruments | ||
The Company recognizes all derivatives as either assets or liabilities measured at fair value and are included in either investments in securities or securities sold, not yet purchased on the consolidated statements of financial condition. From time to time, the Company will enter into hedging transactions to manage its exposure to foreign currencies and equity prices related to its proprietary investments. During 2013, 2012 and 2011, the Company had derivative transactions which resulted in net gains of $(775,000), net losses of $207,000 and net losses of $676,000, respectively. At December 31, 2013 and 2012 we held derivative contracts on 1.3 million equity shares and 1.2 million equity shares, respectively, and the net fair value was $120,000 and ($121,000), respectively, and are included as investments in securities on the consolidated statements of financial condition. These transactions are not designated as hedges for accounting purposes, and changes in fair values of these derivatives are included in net gain (loss) from investments on the consolidated statements of income and included in investments in trading securities or securities sold, not yet purchased on the consolidated statements of financial condition. | ||
Goodwill and Identifiable Intangible Assets | ' | |
Goodwill and Identifiable Intangible Assets | ||
Goodwill is initially measured as the excess of the cost of the acquired business over the sum of the amounts assigned to assets acquired less the liabilities assumed. At December 31, 2013 and 2012, goodwill recorded on the consolidated statements of financial condition relates to two reporting units, GSI and G.distributors, and the identifiable intangible asset is an investment advisory contact for the Gabelli Enterprise Mergers and Acquisition Fund. Goodwill and identifiable intangible assets are tested for impairment at least annually on November 30th and whenever certain triggering events are met. In assessing the recoverability of the identifiable intangible asset for 2013 and 2012, projections regarding estimated future cash flows and other factors are made to determine the fair value of the asset. | ||
In assessing the recoverability of goodwill for our annual impairment test on November 30, 2013 and 2012, we performed a qualitative assessment of whether it was more likely than not that an impairment has occurred and concluded that a quantitative analysis was not required. | ||
Income Taxes | ' | |
Income Taxes | ||
Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts on the consolidated financial statements using the statutory tax rates in effect for the year when the reported amount of the asset or liability is recovered or settled, respectively. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying values of deferred tax assets to the amount that is more likely than not to be realized. For each tax position taken or expected to be taken in a tax return, the Company determines whether it is more likely than not that the position will be sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation. A tax position that meets the more likely than not recognition threshold is measured to determine the amount of benefit to recognize. The tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. The Company recognizes the accrual of interest on uncertain tax positions and penalties in income tax provision on the consolidated statements of income. | ||
Noncontrolling Interests | ' | |
Noncontrolling Interests | ||
Noncontrolling interests that are mandatorily redeemable upon a certain date or event occurring are classified as liabilities and relates to certain shareholders of GSI who are employed by GBL, or its affiliates, who are required to sell their shares back to GSI at book value once they cease being employed by GBL, or its affiliates. Noncontrolling interests in investment partnerships and offshore funds that are redeemable at the option of the holder are classified as redeemable noncontrolling interests in the mezzanine section between liabilities and equity. All other noncontrolling interests are classified as equity and are presented within the equity section, separately from GBL's portion of equity. | ||
For the years ended December 31, 2013, 2012 and 2011, net income (loss) attributable to noncontrolling interests on the consolidated statements of income represents income attributable to certain minority stockholders of GSI as well as to certain limited partners of investment partnerships and offshore funds that are also consolidated. The income/expense attributable to the noncontrolling interests classified as liabilities is included in interest expense on the consolidated statements of income. | ||
Fair Values of Financial Instruments | ' | |
Fair Values of Financial Instruments | ||
All of the instruments within cash and cash equivalents, investments in securities and securities sold, not yet purchased are measured at fair value. Certain investments in partnerships are also measured at fair value. | ||
The Company's assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy in accordance with the FASB's guidance on fair value measurement. The levels of the fair value hierarchy and their applicability to the Company are described below: | ||
- | Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date. Level 1 assets include cash equivalents, government obligations, open-end mutual funds, closed-end funds and equities. | |
- | Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities that are not active and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly-quoted intervals. Assets that generally are included in this category may include certain limited partnership interests in private funds and over the counter derivatives that have inputs to the valuations that can generally be corroborated by observable market data. | |
- | Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. Assets included in this category generally include equities that trade infrequently and direct private equity investments held within consolidated partnerships. | |
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Investments are transferred into or out of any level at their beginning period values. | ||
The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. | ||
The valuation process and policies reside with the financial reporting and accounting group which reports to the Chief Financial Officer. The Company uses the "market approach" valuation technique to value its investments in Level 3 investments. The Company's valuation of the Level 3 investments has been based upon either i) the recent sale prices of the issuer's equity securities or ii) the net assets, book value or cost basis of the issuer when there is no recent sales prices available. | ||
In the absence of a closing price, an average of the bid and ask price is used. Bid prices reflect the highest price that the market is willing to pay for an asset. Ask prices represent the lowest price that the market is willing to accept for an asset. | ||
Cash equivalents – Cash equivalents primarily consist of an affiliated money market mutual fund which is invested solely in U.S. Treasuries and valued based on the net asset value of the fund. U.S. Treasury Bills and Notes with maturities of three months or less at the time of purchase are also considered cash equivalents. Cash equivalents are valued using unadjusted quoted market prices. | ||
Investments in securities, Investments in sponsored registered investment companies and Securities sold, not yet purchased – Investments in securities, investments in sponsored registered investment companies and securities sold, not yet purchased are generally valued based on quoted prices from an exchange. To the extent these securities are actively traded, valuation adjustments are not applied, and they are categorized in Level 1 of the fair value hierarchy. Securities categorized in Level 2 investments are valued using other observable inputs. Nonpublic and infrequently traded investments are included in Level 3 of the fair value hierarchy because significant inputs to measure fair value are unobservable. | ||
Investments in Partnerships – The Company's investments include limited partner investments in consolidated feeder funds. The Company considers the net asset value of the master funds held by the consolidated feeder fund to be the best estimate of fair value. Investments in private funds that are redeemable at the measurement date or within the near term, are categorized in Level 2 of the fair value hierarchy. These funds primarily invest in long and short investments in debt and equity securities that are traded in public and over-the-counter exchanges in the United States and are generally classified as Level 1 assets or liabilities in the funds' financial statements. We may redeem our investments in these funds monthly with 30 days' notice. | ||
Earnings Per Share | ' | |
Earnings Per Share | ||
Basic earnings per share is based on the weighted-average number of common shares outstanding during each period less unvested restricted stock. Diluted earnings per share is based on basic shares plus the incremental shares that would be issued upon the assumed exercise of in-the-money stock options and unvested restricted stock using the treasury stock method. | ||
Management Fee | ' | |
Management Fee | ||
Management fee expense is incentive-based and entirely variable compensation in the amount of 10% of the aggregate pre-tax profits before management fee which is paid to Mr. Gabelli or his designee for acting as CEO pursuant to his 2008 Employment Agreement so long as he is an executive of GBL and devotes the substantial majority of his working time to the business. In accordance with his 2008 Employment Agreement, he has allocated approximately $2.3 million, $0.7 million and $0.5 million of his management fee to certain other employees of the Company in 2013, 2012 and 2011, respectively, and waived $1.4 million in 2013. | ||
Stock Based Compensation | ' | |
Stock Based Compensation | ||
The Company has granted restricted stock awards ("RSAs") and stock options to staff members which were recommended by the Company's Chairman, who did not receive an RSA or option award, and approved by the Compensation Committee of the Company's Board of Directors. We use a fair value based method of accounting for stock-based compensation provided to our employees. | ||
The estimated fair value of RSAs is determined by using the closing price of our Class A Stock on the day prior to the grant date. The total expense, which is reduced by estimated forfeitures, is recognized over the vesting period for these awards which is 30% over three years from the date of grant and 70% over five years from the date of grant, except for the August 2013 grant which is 30% over three years from the date of grant and 10% each year over years four through ten from the date of grant. The forfeiture rate is determined by reviewing historical forfeiture rates for previous stock-based compensation grants and is reviewed and updated quarterly, if necessary. During the vesting period, dividends to RSA holders are held for them until the RSA vesting dates and are forfeited if the grantee is no longer employed by the Company on the vesting dates. Dividends declared on these RSAs, less estimated forfeitures, are charged to retained earnings on the declaration date. During 2012, the Board of Directors accelerated the lapsing of restrictions on all RSAs outstanding at that time.. | ||
The estimated fair value of option awards on the grant date is determined using the Black Scholes option-pricing model. This sophisticated model utilizes a number of assumptions in arriving at its results, including the estimated life of the option, the risk free interest rate at the date of grant and the volatility of the underlying common stock. There may be other factors, which are not considered in the Black Scholes model, which may have an effect on the value of the options as well. The effects of changing any of the assumptions or factors employed by the Black Scholes model may result in a significantly different valuation for the options. The total expense based on the grant date fair value, which is reduced by estimated forfeitures, is recognized over the vesting period for these awards which is 75% over three years from the date of grant and 25% over four years from date of grant. The forfeiture rate is determined by reviewing historical forfeiture rates for previous stock-based compensation grants and is reviewed and updated quarterly, if necessary. | ||
Concentration of Credit Risk | ' | |
Concentration of Credit Risk | ||
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and receivable from brokers. The Company maintains cash and cash equivalents primarily in the Gabelli U.S. Treasury Money Market Fund, which invests fully in instruments issued by the U.S. government, and has receivables from brokers with various brokers and financial institutions, where these balances can exceed the federally insured limit. The concentration of credit risk with respect to advisory fees receivable is generally limited due to the short payment terms extended to clients by the Company. In addition, the credit risk is further limited by virtue of the fact that no single advisory relationship provided over 10% of the total revenue of the Company during the years 2013, 2012, or 2011. All investments in securities are held at third party brokers or custodians. | ||
Business Segment | ' | |
Business Segment | ||
The Company operates in one business segment, the investment advisory and asset management business. The Company conducts its investment advisory business principally through: GAMCO (Institutional and Private Wealth Management), Funds Advisor (Funds) and GSI (Investment Partnerships). The Company also provides institutional research through G.research, one of the Company's broker-dealer subsidiaries. The distribution of our open-end funds and underwriting of those Funds was conducted through G.distributors. | ||
Recent Accounting Developments | ' | |
Recent Accounting Developments | ||
In December 2011, the Financial Accounting Standards Board ("FASB") issued guidance which creates new disclosure requirements about the nature of an entity's right of offset and related arrangements associated with its financial instruments and derivative instruments. In January 2013, the FASB issued guidance which clarifies the scope of the disclosure requirements. The disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods therein, with retrospective application required. The new disclosures are designed to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards. The Company adopted this guidance on January 1, 2013 and now presents the disclosures required by this guidance in Note B. | ||
In July 2012, the FASB issued guidance allowing companies to first perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. If a company determines, on the basis of qualitative factors, that the fair value of such asset is not more likely than not impaired, it would not need to calculate the fair value of such asset. However, if a company concludes otherwise, it must calculate the fair value of the asset, compare the value with its carrying amount and record an impairment charge, if any. To perform the qualitative assessment, a company must identify and evaluate events and circumstances that could affect the significant inputs used to determine the fair value of an indefinite-lived intangible asset. This guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The Company adopted this guidance on January 1, 2013 without a material impact to the financial statements. | ||
In February 2013, the FASB issued guidance which adds new disclosure requirements for items reclassified out of accumulated other comprehensive income ("AOCI"). The guidance is intended to help entities improve the transparency of changes in other comprehensive income ("OCI") and items reclassified out of AOCI in their financial statements. It does not amend any existing requirements for reporting net income or OCI in the financial statements. The guidance requires entities to disclose additional information about reclassification adjustments, including changes in AOCI balances by component and significant items reclassified out of AOCI. The guidance requires an entity to present information about significant items reclassified out of AOCI by component either on the face of the statement where net income is presented or as a separate disclosure in the notes to the financial statements. The guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2012. The Company adopted this guidance on January 1, 2013 and now presents the disclosures required by this guidance in Note B. |
Investment_in_Securities_Table
Investment in Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investment in Securities [Abstract] | ' | ||||||||||||||||||||||||
Investments in securities | ' | ||||||||||||||||||||||||
Investments in securities at December 31, 2013 and 2012 consisted of the following: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||||
Government obligations | 37,986 | 37,994 | $ | 42,973 | 42,989 | ||||||||||||||||||||
Common stocks | 96,225 | 124,634 | 125,697 | 138,478 | |||||||||||||||||||||
Mutual funds | 21,074 | 23,285 | 1,072 | 1,484 | |||||||||||||||||||||
Other investments | 287 | 582 | 328 | 630 | |||||||||||||||||||||
Total trading securities | 155,572 | 186,495 | 170,070 | 183,581 | |||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||
Common stocks | 13,389 | 43,046 | 14,822 | 33,560 | |||||||||||||||||||||
Mutual funds | 843 | 1,687 | 1,105 | 1,702 | |||||||||||||||||||||
Total available for sale securities | 14,232 | 44,733 | 15,927 | 35,262 | |||||||||||||||||||||
Total investments in securities | $ | 169,804 | $ | 231,228 | $ | 185,997 | $ | 218,843 | |||||||||||||||||
Securities sold, not yet purchased | ' | ||||||||||||||||||||||||
Securities sold, not yet purchased at December 31, 2013 and 2012 consisted of the following: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||||
Common stocks | 5,319 | 6,023 | $ | 2,593 | $ | 2,867 | |||||||||||||||||||
Other | - | 155 | 184 | 269 | |||||||||||||||||||||
Total securities sold, not yet purchased | $ | 5,319 | $ | 6,178 | $ | 2,777 | $ | 3,136 | |||||||||||||||||
Investments in sponsored registered investment companies | ' | ||||||||||||||||||||||||
Investments in sponsored registered investment companies at December 31, 2013 and 2012 consisted of the following: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||||
Mutual funds | $ | 19 | $ | 10 | $ | 19 | $ | 20 | |||||||||||||||||
Total trading securities | 19 | 10 | 19 | 20 | |||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||
Closed-end funds | 23,100 | 40,624 | 35,868 | 58,511 | |||||||||||||||||||||
Mutual funds | 1,951 | 3,408 | 2,055 | 3,341 | |||||||||||||||||||||
Total available for sale securities | 25,051 | 44,032 | 37,923 | 61,852 | |||||||||||||||||||||
Total investments in sponsored registered | |||||||||||||||||||||||||
investment companies | $ | 25,070 | $ | 44,042 | $ | 37,942 | $ | 61,872 | |||||||||||||||||
Reclassifications out of accumulated other comprehensive income | ' | ||||||||||||||||||||||||
The following table identifies all reclassifications out of accumulated other comprehensive income and into net income for the year ended December 31, 2013 (in thousands): | |||||||||||||||||||||||||
Amount | Affected Line Item in | Reason for | |||||||||||||||||||||||
Reclassified | in the Statements | Reclassification | |||||||||||||||||||||||
from AOCI | Of Income | from AOCI | |||||||||||||||||||||||
Twelve months ended | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
$ | 17,688 | Net gain from investments | Realized gain / (loss) on sale of AFS securities | ||||||||||||||||||||||
3,650 | Other operating expenses | Donation of AFS securities | |||||||||||||||||||||||
(97 | ) | Net gain from investments | Other than temporary impairment of AFS securities | ||||||||||||||||||||||
21,241 | Income before income taxes | ||||||||||||||||||||||||
(7,859 | ) | Income tax provision | |||||||||||||||||||||||
$ | 13,382 | Net income | |||||||||||||||||||||||
Master netting arrangements for swaps | ' | ||||||||||||||||||||||||
The Company is a party to enforceable master netting arrangements for swaps entered into as part of the Company's investment strategy. They are typically not used as hedging instruments. These swaps, while settled on a net basis with the counterparties, major U.S. financial institutions, are shown gross in assets and liabilities on the condensed consolidated statements of financial condition. The swaps have a firm contract end date and are closed out and settled when each contract expires. | |||||||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Statements of Financial Position | |||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | |||||||||||||||||||||||
Amounts of | Offset in the | Assets Presented | |||||||||||||||||||||||
Recognized | Statements of | in the Statements | Financial | Cash Collateral | |||||||||||||||||||||
Assets | Financial Position | of Financial Position | Instruments | Pledged | Net Amount | ||||||||||||||||||||
Swaps: | |||||||||||||||||||||||||
31-Dec-13 | $ | 275 | $ | - | $ | 275 | $ | -155 | $ | - | $ | 120 | |||||||||||||
31-Dec-12 | $ | 148 | $ | - | $ | 148 | $ | -132 | $ | - | $ | 16 | |||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Statements of Financial Position | |||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | |||||||||||||||||||||||
Amounts of | Offset in the | Liabilities Presented | |||||||||||||||||||||||
Recognized | Statements of | in the Statements | Financial | Cash Collateral | |||||||||||||||||||||
Liabilities | Financial Position | of Financial Position | Instruments | Pledged | Net Amount | ||||||||||||||||||||
Swaps: | |||||||||||||||||||||||||
31-Dec-13 | $ | 155 | $ | - | $ | 155 | $ | -155 | $ | - | $ | - | |||||||||||||
31-Dec-12 | $ | 132 | $ | - | $ | 132 | $ | -132 | $ | - | $ | - | |||||||||||||
Summary of Available-for-sale Securities | ' | ||||||||||||||||||||||||
The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available for sale investments as of December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Common stocks | 13,389 | 29,657 | $ | - | $ | 43,046 | |||||||||||||||||||
Closed-end Funds | 23,100 | 17,654 | (130 | ) | 40,624 | ||||||||||||||||||||
Mutual funds | 2,794 | 2,325 | (24 | ) | 5,095 | ||||||||||||||||||||
Total available for sale securities | $ | 39,283 | $ | 49,636 | $ | (154 | ) | $ | 88,765 | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Common stocks | $ | 14,822 | $ | 18,738 | $ | - | $ | 33,560 | |||||||||||||||||
Closed-end Funds | 35,868 | 22,645 | (2 | ) | 58,511 | ||||||||||||||||||||
Mutual funds | 3,160 | 1,883 | - | 5,043 | |||||||||||||||||||||
Total available for sale securities | $ | 53,850 | $ | 43,266 | $ | (2 | ) | $ | 97,114 | ||||||||||||||||
Investments classified as available for sale unrealized loss position | ' | ||||||||||||||||||||||||
Investments classified as available for sale that are in an unrealized loss position for which other-than-temporary impairment has not been recognized consisted of the following: | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||
Cost | Losses | Fair Value | Cost | Losses | Fair Value | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Closed-end Funds | $ | 912 | $ | (130 | ) | $ | 782 | $ | - | - | $ | - | |||||||||||||
Mutual Funds | 303 | (24 | ) | 279 | 73 | (2 | ) | 71 | |||||||||||||||||
Total available for sale securities | $ | 1,215 | $ | (154 | ) | $ | 1,061 | $ | 73 | $ | (2 | ) | $ | 71 |
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Fair Value [Abstract] | ' | ||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||||||||||||
The following tables present information about the Company's assets and liabilities by major categories measured at fair value on a recurring basis as of December 31, 2013 and 2012 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: | |||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2013 (in thousands) | |||||||||||||||||||||||||||
Quoted Prices in Active | Significant Other | Significant | Balance as of | ||||||||||||||||||||||||
Markets for Identical | Observable | Unobservable | Decembr 31, | ||||||||||||||||||||||||
Assets | Assets (Level 1) | Inputs (Level 2) | Inputs (Level 3) | 2013 | |||||||||||||||||||||||
Cash equivalents | 209,913 | $ | - | $ | - | $ | 209,913 | ||||||||||||||||||||
Investments in partnerships | - | 25,253 | - | 25,253 | |||||||||||||||||||||||
Investments in securities: | |||||||||||||||||||||||||||
AFS - Common stocks | 43,046 | - | - | 43,046 | |||||||||||||||||||||||
AFS - Mutual funds | 1,687 | - | - | 1,687 | |||||||||||||||||||||||
Trading - Gov't obligations | 37,994 | - | - | 37,994 | |||||||||||||||||||||||
Trading - Common stocks | 123,927 | 7 | 700 | 124,634 | |||||||||||||||||||||||
Trading - Mutual funds | 23,285 | - | - | 23,285 | |||||||||||||||||||||||
Trading - Other | 23 | 275 | 284 | 582 | |||||||||||||||||||||||
Total investments in securities | 229,962 | 282 | 984 | 231,228 | |||||||||||||||||||||||
Investments in sponsored registered investment companies: | |||||||||||||||||||||||||||
AFS - Closed-end Funds | 40,624 | - | - | 40,624 | |||||||||||||||||||||||
AFS - Mutual Funds | 3,408 | - | - | 3,408 | |||||||||||||||||||||||
Trading - Mutual funds | 10 | - | - | 10 | |||||||||||||||||||||||
Total investments in sponsored registered investment companies | 44,042 | - | - | 44,042 | |||||||||||||||||||||||
Total investments | 274,004 | 25,535 | 984 | 300,523 | |||||||||||||||||||||||
Total assets at fair value Liabilities | $ | 483,917 | $ | 25,535 | $ | 984 | $ | 510,436 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||
Trading - Common stocks | $ | 6,023 | $ | - | $ | - | $ | 6,023 | |||||||||||||||||||
Trading - Other | - | 155 | - | 155 | |||||||||||||||||||||||
Securities sold, not yet purchased | $ | 6,023 | $ | 155 | $ | - | $ | 6,178 | |||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2012 (in thousands) | |||||||||||||||||||||||||||
Quoted Prices in Active | Significant Other | Significant | Balance as of | ||||||||||||||||||||||||
Markets for Identical | Observable | Unobservable | December 31, | ||||||||||||||||||||||||
Assets | Assets (Level 1) | Inputs (Level 2) | Inputs (Level 3) | 2012 | |||||||||||||||||||||||
Cash equivalents | $ | 190,475 | $ | - | $ | - | $ | 190,475 | |||||||||||||||||||
Investments in partnerships | - | 26,128 | - | 26,128 | |||||||||||||||||||||||
Investments in securities: | |||||||||||||||||||||||||||
AFS - Common stocks | 33,560 | - | - | 33,560 | |||||||||||||||||||||||
AFS - Mutual funds | 1,702 | - | - | 1,702 | |||||||||||||||||||||||
Trading - Gov't obligations | 42,989 | - | - | 42,989 | |||||||||||||||||||||||
Trading - Common stocks | 137,796 | 7 | 675 | 138,478 | |||||||||||||||||||||||
Trading - Mutual funds | 1,484 | - | - | 1,484 | |||||||||||||||||||||||
Trading - Other | 120 | 148 | 362 | 630 | |||||||||||||||||||||||
Total investments in securities | 217,651 | 155 | 1,037 | 218,843 | |||||||||||||||||||||||
Investments in sponsored registered investment companies: | |||||||||||||||||||||||||||
AFS - Closed-end Funds | 58,511 | - | - | 58,511 | |||||||||||||||||||||||
AFS - Mutual Funds | 3,341 | - | - | 3,341 | |||||||||||||||||||||||
Trading - Mutual funds | 20 | - | - | 20 | |||||||||||||||||||||||
Total investments in sponsored registered investment companies | 61,872 | - | - | 61,872 | |||||||||||||||||||||||
Total investments | 279,523 | 26,283 | 1,037 | 306,843 | |||||||||||||||||||||||
Total assets at fair value Liabilities | $ | 469,998 | $ | 26,283 | $ | 1,037 | $ | 497,318 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||
Trading - Common stocks | $ | 2,867 | $ | - | $ | - | $ | 2,867 | |||||||||||||||||||
Trading - Other | - | 269 | - | 269 | |||||||||||||||||||||||
Securities sold, not yet purchased | $ | 2,867 | $ | 269 | $ | - | $ | 3,136 | |||||||||||||||||||
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||||||||||||
The following tables present additional information about assets by major categories measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value. | |||||||||||||||||||||||||||
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis for the year ended December 31, 2013 (in thousands) | |||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||||
Gains or | Total | ||||||||||||||||||||||||||
Total Realized and | (Losses) | Realized | Net | ||||||||||||||||||||||||
December | Unrealized Gains or | Included in | and | Transfers | |||||||||||||||||||||||
31, 2012 | (Losses) in Income | Other | Unrealized | In and/or | |||||||||||||||||||||||
Beginning | AFS | Comprehensive | Gains or | (Out) of | Ending | ||||||||||||||||||||||
Asset | Balance | Trading | Investments | Income | (Losses) | Purchases | Sales | Level 3 | Balance | ||||||||||||||||||
Financial instruments owned: | |||||||||||||||||||||||||||
Trading - Common stocks | $ | 675 | 25 | $ | - | $ | - | $ | 25 | $ | - | - | $ | - | $ | 700 | |||||||||||
Trading - Other | 362 | -2 | - | - | (2 | ) | 3 | -79 | - | 284 | |||||||||||||||||
Total | $ | 1,037 | $ | 23 | $ | - | $ | - | $ | 23 | $ | 3 | $ | -79 | $ | - | $ | 984 | |||||||||
There were no transfers between any Levels during the year ended December 31, 2013. | |||||||||||||||||||||||||||
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis for the year ended December 31, 2012 (in thousands) | |||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||||
Gains or | Total | ||||||||||||||||||||||||||
Total Realized and | (Losses) | Realized | Net | ||||||||||||||||||||||||
December | Unrealized Gains or | Included in | and | Transfers | |||||||||||||||||||||||
31, 2011 | (Losses) in Income | Other | Unrealized | In and/or | |||||||||||||||||||||||
Beginning | AFS | Comprehensive | Gains or | (Out) of | Ending | ||||||||||||||||||||||
Asset | Balance | Trading | Investments | Income | (Losses) | Purchases | Sales | Level 3 | Balance | ||||||||||||||||||
Financial instruments owned: | |||||||||||||||||||||||||||
Trading - Common stocks | $ | 670 | $ | 56 | $ | - | $ | - | $ | 56 | $ | 57 | $ | (108 | ) | $ | - | $ | 675 | ||||||||
Trading - Other | 284 | 88 | - | - | 88 | 18 | (28 | ) | - | 362 | |||||||||||||||||
Total | $ | 954 | $ | 144 | $ | - | $ | - | $ | 144 | $ | 75 | $ | (136 | ) | $ | - | $ | 1,037 | ||||||||
There were no transfers between any Levels during the year ended December 31, 2012. |
Investments_in_Partnerships_Of1
Investments in Partnerships, Offshore Funds and Variable Interest Entities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments in Partnerships, Offshore Funds and Variable Interests [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Number of Entities Consolidated | ' | ||||||||||||||||||||||||
The following table highlights the number of entities, including voting interest entities ("VOEs"), that we consolidate as well as under which accounting guidance they are consolidated, including CFFs, which retain their specialized investment company accounting, partnerships and offshore funds. | |||||||||||||||||||||||||
Entities consolidated | |||||||||||||||||||||||||
CFFs | Partnerships | Offshore Funds | Total | ||||||||||||||||||||||
VIEs | VOEs | VIEs | VOEs | VIEs | VOEs | VIEs | VOEs | ||||||||||||||||||
Entities consolidated at December 31, 2010 | 1 | 2 | - | 2 | 1 | - | 2 | 4 | |||||||||||||||||
Additional consolidated entities | - | - | - | - | - | 1 | - | 1 | |||||||||||||||||
Deconsolidated entities | - | - | - | (1 | ) | (1 | ) | - | (1 | ) | -1 | ||||||||||||||
Entities consolidated at December 31, 2011 | 1 | 2 | - | 1 | - | 1 | 1 | 4 | |||||||||||||||||
Additional consolidated entities | - | - | - | - | - | - | - | - | |||||||||||||||||
Deconsolidated entities | - | - | - | - | - | - | - | - | |||||||||||||||||
Entities consolidated at December 31, 2012 | 1 | 2 | - | 1 | - | 1 | 1 | 4 | |||||||||||||||||
Additional consolidated entities | - | - | - | - | - | - | - | - | |||||||||||||||||
Deconsolidated entities | - | - | - | - | - | - | - | - | |||||||||||||||||
Entities consolidated at December 31, 2013 | 1 | 2 | - | 1 | - | 1 | 1 | 4 | |||||||||||||||||
Investments in Partnerships by Accounting Method | ' | ||||||||||||||||||||||||
The following table breaks down the investments in partnerships line by accounting method, either fair value or equity method, and investment type (in thousands): | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Investment Type | |||||||||||||||||||||||||
Affiliated | Unaffiliated | ||||||||||||||||||||||||
Consolidated | |||||||||||||||||||||||||
Accounting method | Feeder Funds | Partnerships | Offshore Funds | Partnerships | Offshore Funds | Total | |||||||||||||||||||
Fair Value | $ | 25,253 | $ | - | $ | - | $ | - | $ | - | $ | 25,253 | |||||||||||||
Equity Method | - | 21,669 | 35,030 | 6,509 | 7,531 | 70,739 | |||||||||||||||||||
Total | $ | 25,253 | $ | 21,669 | $ | 35,030 | $ | 6,509 | $ | 7,531 | $ | 95,992 | |||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Investment Type | |||||||||||||||||||||||||
Affiliated | Unaffiliated | ||||||||||||||||||||||||
Consolidated | |||||||||||||||||||||||||
Accounting method | Feeder Funds | Partnerships | Offshore Funds | Partnerships | Offshore Funds | Total | |||||||||||||||||||
Fair Value | $ | 26,128 | $ | - | $ | - | $ | - | $ | - | $ | 26,128 | |||||||||||||
Equity Method | - | 28,158 | 29,679 | 6,505 | 7,079 | 71,421 | |||||||||||||||||||
Total | $ | 26,128 | $ | 28,158 | $ | 29,679 | $ | 6,505 | $ | 7,079 | $ | 97,549 | |||||||||||||
Condensed Consolidated Statements Of Financial Condition By Entity Consolidated | ' | ||||||||||||||||||||||||
The following table includes the net impact by line item on the consolidated statements of financial condition for each category of entity consolidated (in thousands): | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Prior to | |||||||||||||||||||||||||
Consolidation | CFFs | Partnerships | Offshore Funds | As Reported | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 209,667 | $ | 450 | 334 | $ | - | 210,451 | |||||||||||||||||
Investments in securities | 276,244 | - | 7,473 | (8,447 | ) | 275,270 | |||||||||||||||||||
Investments in partnerships | 98,494 | 6,517 | (9,019 | ) | - | 95,992 | |||||||||||||||||||
Receivable from brokers | 35,151 | - | - | 14,310 | 49,461 | ||||||||||||||||||||
Investment advisory fees receivable | 52,509 | (24 | ) | (14 | ) | (965 | ) | 51,506 | |||||||||||||||||
Other assets | 27,433 | (2,339 | ) | 1,592 | 119 | 26,805 | |||||||||||||||||||
Total assets | $ | 699,498 | $ | 4,604 | $ | 366 | $ | 5,017 | $ | 709,485 | |||||||||||||||
Liabilities and equity | |||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 6,049 | $ | - | $ | - | $ | 129 | $ | 6,178 | |||||||||||||||
Accrued expenses and other liabilities | 121,356 | 165 | 29 | 2,913 | 124,463 | ||||||||||||||||||||
Total debt | 111,911 | - | - | - | 111,911 | ||||||||||||||||||||
Redeemable noncontrolling interests | - | 4,439 | 337 | 1,975 | 6,751 | ||||||||||||||||||||
Total equity | 460,182 | - | - | - | 460,182 | ||||||||||||||||||||
Total liabilities and equity | $ | 699,498 | $ | 4,604 | $ | 366 | $ | 5,017 | $ | 709,485 | |||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Prior to | |||||||||||||||||||||||||
Consolidation | CFFs | Partnerships | Offshore Funds | As Reported | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 189,743 | $ | - | $ | 865 | $ | - | $ | 190,608 | |||||||||||||||
Investments in securities | 275,491 | - | 6,964 | (1,740 | ) | 280,715 | |||||||||||||||||||
Investments in partnerships | 100,164 | 5,388 | (8,003 | ) | - | 97,549 | |||||||||||||||||||
Receivable from brokers | 25,972 | - | 1,480 | 23,203 | 50,655 | ||||||||||||||||||||
Investment advisory fees receivable | 42,425 | 9 | (5 | ) | - | 42,429 | |||||||||||||||||||
Other assets | 32,673 | (2,986 | ) | (1,000 | ) | 90 | 28,777 | ||||||||||||||||||
Total assets | $ | 666,468 | $ | 2,411 | $ | 301 | $ | 21,553 | $ | 690,733 | |||||||||||||||
Liabilities and equity | |||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 3,033 | $ | - | $ | - | $ | 103 | $ | 3,136 | |||||||||||||||
Accrued expenses and other liabilities | 76,135 | 384 | 21 | 6,395 | 82,935 | ||||||||||||||||||||
Total debt | 216,366 | - | - | - | 216,366 | ||||||||||||||||||||
Redeemable noncontrolling interests | - | 2,027 | 280 | 15,055 | 17,362 | ||||||||||||||||||||
Total equity | 370,934 | - | - | - | 370,934 | ||||||||||||||||||||
Total liabilities and equity | $ | 666,468 | $ | 2,411 | $ | 301 | $ | 21,553 | $ | 690,733 | |||||||||||||||
The CFFs, Partnerships and Offshore Funds columns above include only affiliated entities as no unaffiliated entities are consolidated. | |||||||||||||||||||||||||
Condensed Consolidated Statements Of Income By Entity Consolidated | ' | ||||||||||||||||||||||||
The following table includes the net impact by line item on the consolidated statements of income for each category of entity consolidated (in thousands): | |||||||||||||||||||||||||
Twelve Months Ended December 31, 2013 | |||||||||||||||||||||||||
Prior to | |||||||||||||||||||||||||
Consolidation | CFFs | Partnerships | Offshore Funds | As Reported | |||||||||||||||||||||
Total revenues | $ | 399,565 | (53 | ) | (15 | ) | (1,935 | ) | 397,562 | ||||||||||||||||
Total expenses | 254,153 | 175 | 47 | 775 | 255,150 | ||||||||||||||||||||
Operating income | 145,412 | (228 | ) | (62 | ) | (2,710 | ) | 142,412 | |||||||||||||||||
Total other income, net | 37,676 | 475 | 111 | 2,877 | 41,139 | ||||||||||||||||||||
Income before income taxes | 183,088 | 247 | 49 | 167 | 183,551 | ||||||||||||||||||||
Income tax provision | 66,186 | - | - | - | 66,186 | ||||||||||||||||||||
Net income | 116,902 | 247 | 49 | 167 | 117,365 | ||||||||||||||||||||
Net income attributable to noncontrolling interests | 49 | 247 | 49 | 167 | 512 | ||||||||||||||||||||
Net income attributable to GAMCO | $ | 116,853 | $ | - | $ | - | $ | - | $ | 116,853 | |||||||||||||||
Twelve Months Ended December 31, 2012 | |||||||||||||||||||||||||
Prior to | |||||||||||||||||||||||||
Consolidation | CFFs | Partnerships | Offshore Funds | As Reported | |||||||||||||||||||||
Total revenues | $ | 346,195 | $ | 2 | $ | (6 | ) | $ | (1,910 | ) | $ | 344,281 | |||||||||||||
Total expenses | 232,313 | 132 | 39 | 667 | 233,151 | ||||||||||||||||||||
Operating income | 113,882 | (130 | ) | (45 | ) | (2,577 | ) | 111,130 | |||||||||||||||||
Total other income, net | 3,264 | 216 | 67 | 2,639 | 6,186 | ||||||||||||||||||||
Income before income taxes | 117,146 | 86 | 22 | 62 | 117,316 | ||||||||||||||||||||
Income tax provision | 41,721 | - | - | - | 41,721 | ||||||||||||||||||||
Net income | 75,425 | 86 | 22 | 62 | 75,595 | ||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | (114 | ) | 86 | 22 | 62 | 56 | |||||||||||||||||||
Net income attributable to GAMCO | $ | 75,539 | $ | - | $ | - | $ | - | $ | 75,539 | |||||||||||||||
Twelve Months Ended December 31, 2011 | |||||||||||||||||||||||||
Prior to | |||||||||||||||||||||||||
Consolidation | CFFs | Partnerships | Offshore Funds | As Reported | |||||||||||||||||||||
Total revenues | $ | 328,151 | $ | (24 | ) | $ | (3 | ) | $ | (996 | ) | $ | 327,128 | ||||||||||||
Total expenses | 212,844 | 121 | 40 | 829 | 213,834 | ||||||||||||||||||||
Operating income | 115,307 | (145 | ) | (43 | ) | (1,825 | ) | 113,294 | |||||||||||||||||
Total other income (expense), net | (4,872 | ) | 71 | 34 | 1,915 | (2,852 | ) | ||||||||||||||||||
Income before income taxes | 110,435 | (74 | ) | (9 | ) | 90 | 110,442 | ||||||||||||||||||
Income tax provision | 40,767 | - | - | - | 40,767 | ||||||||||||||||||||
Net income (loss) | 69,668 | (74 | ) | (9 | ) | 90 | 69,675 | ||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | (14 | ) | (74 | ) | (9 | ) | 90 | (7 | ) | ||||||||||||||||
Net income attributable to GAMCO | $ | 69,682 | $ | - | $ | - | $ | - | $ | 69,682 | |||||||||||||||
The CFFs, Partnerships and Offshore Funds columns above include only affiliated entities as no unaffiliated entities are consolidated. | |||||||||||||||||||||||||
GAMCO's Net Interest in Consolidated VIEs | ' | ||||||||||||||||||||||||
The assets of these VIEs may only be used to satisfy obligations of the VIEs. The following table presents the balances related to these VIEs that are consolidated and were included on the consolidated statements of financial condition as well as GAMCO's net interest in these VIEs. Only one VIE is consolidated at both December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Investments in partnerships | $ | 15,540 | $ | 18,507 | |||||||||||||||||||||
Accrued expenses and other liabilities | (2,022 | ) | (3,010 | ) | |||||||||||||||||||||
Redeemable noncontrolling interests | (1,120 | ) | (411 | ) | |||||||||||||||||||||
GAMCO's net interests in consolidated VIEs | $ | 12,398 | $ | 15,086 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Provision for income taxes | ' | ||||||||||||
The provision for income taxes for the years ended December 31, 2013, 2012 and 2011 consisted of the following: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Federal: | |||||||||||||
Current | $ | 52,411 | $ | 28,362 | $ | 37,293 | |||||||
Deferred | 6,564 | 8,386 | (1,417 | ) | |||||||||
State and local: | |||||||||||||
Current | 7,217 | 4,855 | 4,995 | ||||||||||
Deferred | (6 | ) | 118 | (104 | ) | ||||||||
Total | $ | 66,186 | $ | 41,721 | $ | 40,767 | |||||||
Reconciliation of the Federal statutory income tax rate to the effective tax rate | ' | ||||||||||||
A reconciliation of the Federal statutory income tax rate to the effective tax rate is set forth below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory Federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income tax, net of Federal benefit | 2.3 | 2.3 | 2.6 | ||||||||||
Other | (1.2 | ) | (1.7 | ) | (0.7 | ) | |||||||
Effective income tax rate | 36.1 | % | 35.6 | % | 36.9 | % | |||||||
Components of our deferred tax assets and liabilities | ' | ||||||||||||
Significant components of our deferred tax assets and liabilities are as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Stock compensation expense | 1,063 | $ | 307 | ||||||||||
Deferred compensation | 1,055 | 848 | |||||||||||
Intangible asset amortization | 62 | 145 | |||||||||||
Capital lease obligation | 807 | 768 | |||||||||||
Other | 184 | 143 | |||||||||||
Total deferred tax assets | 3,171 | 2,211 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Investments in securities available for sale | (13,403 | ) | (7,408 | ) | |||||||||
Investments in securities and partnerships | (19,553 | ) | (12,502 | ) | |||||||||
Contingent deferred sales commissions | (962 | ) | (496 | ) | |||||||||
Total deferred tax liabilities | (33,918 | ) | (20,406 | ) | |||||||||
Net deferred tax liabilities | $ | (30,747 | ) | $ | (18,195 | ) | |||||||
gross unrecognized tax benefits roll forward | ' | ||||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits related to uncertain tax positions is as follows: | |||||||||||||
(in millions) | |||||||||||||
Balance at January 1, 2011 | $ | 8.8 | |||||||||||
Additions based on tax positions related to the current year | 0.7 | ||||||||||||
Additions for tax positions of prior years | - | ||||||||||||
Reductions for tax positions of prior years | (0.4 | ) | |||||||||||
Settlements | - | ||||||||||||
Balance at December 31, 2011 | 9.1 | ||||||||||||
Additions based on tax positions related to the current year | 1.1 | ||||||||||||
Additions for tax positions of prior years | 0.5 | ||||||||||||
Reductions for tax positions of prior years | - | ||||||||||||
Settlements | (0.1 | ) | |||||||||||
Balance at December 31, 2012 | 10.6 | ||||||||||||
Additions based on tax positions related to the current year | 2.4 | ||||||||||||
Additions for tax positions of prior years | 0.5 | ||||||||||||
Reductions for tax positions of prior years | (0.6 | ) | |||||||||||
Settlements | - | ||||||||||||
Balance at December 31, 2013 | $ | 12.9 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Computations of basic and diluted net income per share | ' | ||||||||||||
The computations of basic and diluted net income per share are as follows: | |||||||||||||
For the Years Ending December 31, | |||||||||||||
(In thousands, except per share amounts) | 2013 | 2012 | 2011 | ||||||||||
Basic: | |||||||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders | 116,853 | $ | 75,539 | $ | 69,682 | ||||||||
Weighted average shares outstanding | 25,653 | 26,283 | 26,636 | ||||||||||
Basic net income per share attributable to GAMCO | |||||||||||||
Investors, Inc.'s shareholders | 4.56 | $ | 2.87 | $ | 2.62 | ||||||||
Diluted: | |||||||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders | $ | 116,853 | $ | 75,539 | $ | 69,682 | |||||||
Weighted average share outstanding | 25,653 | 26,283 | 26,636 | ||||||||||
Dilutive stock options and restricted stock awards | 59 | 153 | 88 | ||||||||||
Total | 25,712 | 26,436 | 26,724 | ||||||||||
Diluted net income per share attributable to GAMCO | |||||||||||||
Investors, Inc.'s shareholders | 4.54 | $ | 2.86 | $ | 2.61 |
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt [Abstract] | ' | ||||||||||||||||
Schedule of Debt | ' | ||||||||||||||||
Debt consists of the following: | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Carrying Value | Level 2 | Carrying Value | Level 2 | ||||||||||||||
(In thousands) | |||||||||||||||||
5.5% Senior notes | $ | - | $ | - | $ | 99,000 | $ | 100,485 | |||||||||
5.875% Senior notes | 100,000 | 108,500 | 100,000 | 106,250 | |||||||||||||
0% Subordinated debentures | 11,911 | 13,819 | 17,366 | 19,638 | |||||||||||||
Total | $ | 111,911 | $ | 122,319 | $ | 216,366 | $ | 226,373 | |||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Stockholders' Equity [Abstract] | ' | ||||||||||||||||||
Summary of the stock option and RSA activity | ' | ||||||||||||||||||
A summary of the stock option and RSA activity for the years ended December 31, 2013 and 2012 is as follows: | |||||||||||||||||||
Options | RSAs | ||||||||||||||||||
Weighted Average | |||||||||||||||||||
Weighted Average | Grant Date | ||||||||||||||||||
Shares | Exercise Price | Shares | Fair Value | ||||||||||||||||
Outstanding at December 31, 2011 | 100,900 | $ | 37.81 | 275,600 | $ | 45.56 | |||||||||||||
Granted | - | - | 105,300 | 43.49 | |||||||||||||||
Forfeited | (500 | ) | 28.95 | (7,900 | ) | 45.21 | |||||||||||||
Exercised / Vested | (31,777 | ) | 28.95 | (373,000 | ) | 44.99 | |||||||||||||
Outstanding at December 31, 2012 | 68,623 | 41.79 | - | - | |||||||||||||||
Granted | - | - | 576,950 | 63.82 | |||||||||||||||
Forfeited | - | - | (10,000 | ) | 57.86 | ||||||||||||||
Exercised / Vested | (2,623 | ) | 28.95 | - | - | ||||||||||||||
Outstanding at December 31, 2013 | 66,000 | $ | 42.49 | 566,950 | $ | 63.93 | |||||||||||||
Shares available for future issuance at | |||||||||||||||||||
31-Dec-13 | 1,973,725 | ||||||||||||||||||
Weighted average characteristics of outstanding employee stock options | ' | ||||||||||||||||||
The table below represents for various prices, the weighted average characteristics of outstanding employee stock options at December 31, 2013. | |||||||||||||||||||
Exercise | Options | Weighted average remaining | Options currently | Exercise price of options | |||||||||||||||
price | outstanding | contractual life | exercisable | currently exercisable | |||||||||||||||
$ | 39.55 | 10,000 | 2.33 | 10,000 | $ | 39.55 | |||||||||||||
39.65 | 20,000 | 0.42 | 20,000 | 39.65 | |||||||||||||||
39.9 | 10,000 | 3.08 | 10,000 | 39.9 | |||||||||||||||
44.9 | 10,000 | 1.83 | 10,000 | 44.9 | |||||||||||||||
45.77 | 10,000 | 7.08 | - | N/A | |||||||||||||||
$ | 51.74 | 6,000 | 4.33 | 6,000 | $ | 51.74 | |||||||||||||
Weighted average estimated fair value of the options granted at their grant date using the Black-Scholes | ' | ||||||||||||||||||
The weighted average estimated fair value of the options granted at their grant date using the Black-Scholes option-pricing model was as follows: | |||||||||||||||||||
2011 | |||||||||||||||||||
Weighted average fair value of options granted: | $ | 18.66 | |||||||||||||||||
Assumptions made: | |||||||||||||||||||
Expected volatility | 49% | ||||||||||||||||||
Risk free interest rate | 0.15% | ||||||||||||||||||
Expected life | 5 years | ||||||||||||||||||
Dividend yield | 0.26% | ||||||||||||||||||
Actual and projected stock-based compensation expense for RSA shares and options | ' | ||||||||||||||||||
The total compensation costs related to non-vested awards not yet recognized is approximately $28.4 million as of December 31, 2013. This will be recognized as expense in the following periods (in thousands): | |||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||
$ | 6,748 | $ | 6,733 | $ | 5,763 | $ | 3,382 | $ | 2,791 | ||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | |||||||||||||||
$ | 1,158 | $ | 840 | $ | 567 | $ | 328 | $ | 117 |
Capital_Lease_Tables
Capital Lease (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Capital Lease Obligations [Abstract] | ' | ||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | ||||
Future minimum lease payments for this capitalized lease at December 31, 2013 are as follows: | |||||
(In thousands) | |||||
2014 | 1,175 | ||||
2015 | 1,080 | ||||
2016 | 1,080 | ||||
2017 | 1,080 | ||||
2018 | 1,080 | ||||
Thereafter | 10,800 | ||||
Total minimum obligations | 16,295 | ||||
Interest | 10,965 | ||||
Present value of net obligations | $ | 5,330 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies [Abstract] | ' | ||||
Future minimum lease commitments under these operating leases | ' | ||||
We rent office space under leases which expire at various dates through May 31, 2019. Future minimum lease commitments under these operating leases as of December 31, 2013 are as follows: | |||||
(In thousands) | |||||
2014 | 611 | ||||
2015 | 224 | ||||
2016 | 118 | ||||
2017 | 120 | ||||
2018 | 122 | ||||
2019 | 51 | ||||
Total | $ | 1,246 |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information [Abstract] | ' | ||||||||||||||||||||
Schedule of quarterly financial information | ' | ||||||||||||||||||||
Quarterly financial information for the years ended December 31, 2013 and 2012 is presented below. | |||||||||||||||||||||
2013 | |||||||||||||||||||||
1st | 2nd | 3rd | 4th | Total | |||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||
Revenues | $ | 86,181 | $ | 92,290 | $ | 96,377 | $ | 122,714 | $ | 397,562 | |||||||||||
Operating income | 30,727 | 31,784 | 32,728 | 47,173 | 142,412 | ||||||||||||||||
Net income attributable to GAMCO | |||||||||||||||||||||
Investors, Inc.'s shareholders | 22,545 | 27,893 | 33,098 | 33,317 | 116,853 | ||||||||||||||||
Net income attributable to GAMCO | |||||||||||||||||||||
Investors, Inc.'s shareholders per share: | |||||||||||||||||||||
Basic | 0.88 | 1.09 | 1.29 | 1.3 | 4.56 | ||||||||||||||||
Diluted | $ | 0.88 | 1.09 | 1.29 | 1.29 | $ | 4.54 | ||||||||||||||
2012 | |||||||||||||||||||||
1st | 2nd | 3rd | 4th | Total | |||||||||||||||||
Revenues | $ | 81,749 | $ | 81,024 | $ | 82,231 | $ | 99,277 | $ | 344,281 | |||||||||||
Operating income | 27,012 | 30,367 | 29,012 | 24,739 | 111,130 | ||||||||||||||||
Net income attributable to GAMCO | |||||||||||||||||||||
Investors, Inc.'s shareholders | 23,836 | 15,105 | 19,004 | 17,594 | 75,539 | ||||||||||||||||
Net income attributable to GAMCO | |||||||||||||||||||||
Investors, Inc.'s shareholders per share: | |||||||||||||||||||||
Basic | 0.9 | 0.58 | 0.72 | 0.67 | 2.87 | ||||||||||||||||
Diluted | $ | 0.9 | $ | 0.57 | $ | 0.72 | $ | 0.67 | $ | 2.86 |
Significant_Accounting_Policie2
Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | |||
Basis of Presentation [Abstract] | ' | ' | ' |
Percentage interest owned in subsidiary (in hundredths) | 94.00% | 93.00% | 93.00% |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Portion of revenue derived from advisory and management fees (in hundredths) | 85.00% | 84.00% | 82.00% |
Incentive allocation performance fee percentage (in hundredths) | 20.00% | ' | ' |
Investment partnership incentive allocation receivable | $4,000,000 | $3,000,000 | ' |
Institutional and private wealth management incentive fees receivable | 3,400,000 | 2,000,000 | ' |
Management fees receivable on closed-end preferred shares | 7,300,000 | 7,000,000 | ' |
GDL fund performance fee receivable | 6,200,000 | 4,600,000 | ' |
Derivative Financial Instruments [Abstract] | ' | ' | ' |
Net loss on foreign currency derivatives | -775,000 | 207,000 | 676,000 |
Equity shares under derivative contracts (in shares) | 1.3 | 1.2 | ' |
Fair value of foreign currency contracts | 120,000 | -121,000 | ' |
Goodwill and Identifiable Intangible Assets [Abstract] | ' | ' | ' |
Number of reporting units relating to goodwill | 2 | ' | ' |
Management Fee [Abstract] | ' | ' | ' |
Management fee expense percentage (in hundredths) | 10.00% | ' | ' |
Management fee allocated to other employees | 2,300,000 | 700,000 | 500,000 |
Management fee waived | 1,400,000 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting percentage for RSAs over the first three years | 30.00% | ' | ' |
Vesting percentage for RSAs over the first five years | 70.00% | ' | ' |
Vesting percentage for options over the first three years (in hundredths) | 75.00% | ' | ' |
Vesting percentage for options over the first four years (in hundredths) | 25.00% | ' | ' |
Vesting period for recognition of 30 percent of RSA compensation expense | '3 years | ' | ' |
Vesting period for recognition of 70 percent of RSA compensation expense | '5 years | ' | ' |
Vesting period for recognition of 75 percent of stock options compensation expense | '3 years | ' | ' |
Vesting period for recognition of 100 percent of stock options compensation expense | '4 years | ' | ' |
Business Segment [Abstract] | ' | ' | ' |
Number of Operating Segments | 1 | ' | ' |
Restricted stock awards - August 2013 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting percentage for RSAs over the first three years | 30.00% | ' | ' |
Vesting percentage for RSAs over the first ten years (in hundredths) | 10.00% | ' | ' |
Vesting period for recognition of 30 percent of RSA compensation expense | '3 years | ' | ' |
Vesting period for recognition of 100 percent of stock options compensation expense | '10 years | ' | ' |
Fixed assets other than leasehold improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Fixed assets with net book value | 682,000 | 680,000 | ' |
Accumulated Depreciation | 2,400,000 | 2,100,000 | ' |
Fixed assets other than leasehold improvements [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of assets | '4 years | ' | ' |
Fixed assets other than leasehold improvements [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of assets | '7 years | ' | ' |
Leasehold Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Fixed assets with net book value | 1,900,000 | 2,100,000 | ' |
Depreciation and amortization | 766,000 | 777,000 | 825,000 |
Estimated annual depreciation and amortization expense | $790,000 | ' | ' |
Period of estimate for future depreciation and amortization | '3 years | ' | ' |
Open end Class AAA shares of the Funds [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Fee percentages paid to distributors based on fund performance (in hundredths) | 0.25% | ' | ' |
Westwood Funds [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Fee percentages paid to distributors based on fund performance (in hundredths) | 0.50% | ' | ' |
Class A shares of the Gabelli Enterprise Mergers and Acquisitions Fund [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Fee percentages paid to distributors based on fund performance (in hundredths) | 0.45% | ' | ' |
Class B and Class C shares [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Fee percentages paid to distributors based on fund performance (in hundredths) | 1.00% | ' | ' |
Investment_in_Securities_Part_
Investment in Securities, Part I (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Available for sale securities: | ' | ' |
Cost | $39,283 | $53,850 |
Fair Value | 88,765 | 97,114 |
Cost | 169,804 | 185,997 |
Fair value | 231,228 | 218,843 |
Amount Reclassified from AOCI [Abstract] | ' | ' |
Net gain from investments - Realized gain / (loss) on sale of securities | 17,688 | ' |
Other operating expenses | 3,650 | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment for Write-down of Securities Included in Net Income, before Tax | -97 | ' |
Income before income taxes | 21,241 | ' |
Income tax provision | -7,859 | ' |
Net income | 13,382 | ' |
Offsetting Derivative Assets [Abstract] | ' | ' |
Gross amounts of recognized assets | 275 | 148 |
Gross amounts offset in the Statements of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statements of Financial Position | 275 | 148 |
Gross Amounts Not Offset in the Statements of Financial Position, Assets [Abstract] | ' | ' |
Financial Instruments | -155 | -132 |
Cash collateral received | 0 | 0 |
Net amount | 120 | 16 |
Offsetting Derivative Liabilities [Abstract] | ' | ' |
Gross amounts of recognized liabilities | 155 | 132 |
Gross amounts offset in the Statements of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statements of Financial Position | 155 | 132 |
Gross Amounts Not Offset in the Statements of Financial Position, Liabilities [Abstract] | ' | ' |
Financial Instruments | -155 | -132 |
Cash collateral received | 0 | 0 |
Net amount | 0 | 0 |
Trading Securities [Member] | ' | ' |
Trading securities: | ' | ' |
Cost | 155,572 | 170,070 |
Fair Value | 186,495 | 183,581 |
Trading Securities: | ' | ' |
Cost | 5,319 | 2,777 |
Fair Value | 6,178 | 3,136 |
Trading Securities [Member] | Government obligations [Member] | ' | ' |
Trading securities: | ' | ' |
Cost | 37,986 | 42,973 |
Fair Value | 37,994 | 42,989 |
Trading Securities [Member] | Common Stock [Member] | ' | ' |
Trading securities: | ' | ' |
Cost | 96,225 | 125,697 |
Fair Value | 124,634 | 138,478 |
Trading Securities: | ' | ' |
Cost | 5,319 | 2,593 |
Fair Value | 6,023 | 2,867 |
Trading Securities [Member] | Mutual Funds [Member] | ' | ' |
Trading securities: | ' | ' |
Cost | 21,074 | 1,072 |
Fair Value | 23,285 | 1,484 |
Trading Securities [Member] | Other Investments [Member] | ' | ' |
Trading securities: | ' | ' |
Cost | 287 | 328 |
Fair Value | 582 | 630 |
Trading Securities: | ' | ' |
Cost | 0 | 184 |
Fair Value | 155 | 269 |
Available-for-sale Securities [Member] | ' | ' |
Available for sale securities: | ' | ' |
Cost | 14,232 | 15,927 |
Fair Value | 44,733 | 35,262 |
Available-for-sale Securities [Member] | Common Stock [Member] | ' | ' |
Available for sale securities: | ' | ' |
Cost | 13,389 | 14,822 |
Fair Value | 43,046 | 33,560 |
Available-for-sale Securities [Member] | Mutual Funds [Member] | ' | ' |
Available for sale securities: | ' | ' |
Cost | 843 | 1,105 |
Fair Value | 1,687 | 1,702 |
Investment in Sponsored Registered Investment Companies [Member] | ' | ' |
Available for sale securities: | ' | ' |
Cost | 25,070 | 37,942 |
Fair value | 44,042 | 61,872 |
Investment in Sponsored Registered Investment Companies [Member] | Trading Securities [Member] | ' | ' |
Trading securities: | ' | ' |
Cost | 19 | 19 |
Fair Value | 10 | 20 |
Investment in Sponsored Registered Investment Companies [Member] | Trading Securities [Member] | Mutual Funds [Member] | ' | ' |
Trading securities: | ' | ' |
Cost | 19 | 19 |
Fair Value | 10 | 20 |
Investment in Sponsored Registered Investment Companies [Member] | Available-for-sale Securities [Member] | ' | ' |
Available for sale securities: | ' | ' |
Cost | 25,051 | 37,923 |
Fair Value | 44,032 | 61,852 |
Investment in Sponsored Registered Investment Companies [Member] | Available-for-sale Securities [Member] | Mutual Funds [Member] | ' | ' |
Available for sale securities: | ' | ' |
Cost | 1,951 | 2,055 |
Fair Value | 3,408 | 3,341 |
Investment in Sponsored Registered Investment Companies [Member] | Available-for-sale Securities [Member] | Closed end Funds [Member] | ' | ' |
Available for sale securities: | ' | ' |
Cost | 23,100 | 35,868 |
Fair Value | $40,624 | $58,511 |
Investment_in_Securities_Part_1
Investment in Securities, Part II (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
InvestmentHoldinginLossPosition | InvestmentHoldinginLossPosition | ||
Available for Sale Securities, Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value [Abstract] | ' | ' | ' |
Cost | $39,283,000 | $53,850,000 | ' |
Gross unrealized gains | 49,636,000 | 43,266,000 | ' |
Gross unrealized losses | -154,000 | -2,000 | ' |
Total available for sale securities | 88,765,000 | 97,114,000 | ' |
Unrealized changes to fair value net of taxes included in other comprehensive income | 17,301,000 | 3,808,000 | -2,877,000 |
Amount reclassified from other comprehensive income | 13,400,000 | ' | ' |
Return of capital on available for sale securities | 1,459,000 | 2,531,000 | 2,306,000 |
Proceeds from sale of investment available for sale | 37,888,000 | 3,184,000 | 6,054,000 |
Gross realized gains on sale of investment available for sale | 17,700,000 | 1,600,000 | 772,000 |
Gross losses on sale of investments available for sale reclassed from other comprehensive income | 49,000 | 0 | 0 |
Investments classified as available for sale unrealized loss position [Abstract] | ' | ' | ' |
Cost | 1,215,000 | 73,000 | ' |
Unrealized Losses | -154,000 | -2,000 | ' |
Fair Value | 1,061,000 | 71,000 | ' |
Number of investment holding in loss positions | 4 | 1 | ' |
Investment holding impairment period (in months) | '7 months | '1 month | ' |
Value of impaired investment | 1,100,000 | 71,000 | ' |
Losses deemed to be other than temporary | 97,000 | 20,000 | 0 |
Common Stock [Member] | ' | ' | ' |
Available for Sale Securities, Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value [Abstract] | ' | ' | ' |
Cost | 13,389,000 | 14,822,000 | ' |
Gross unrealized gains | 29,657,000 | 18,738,000 | ' |
Gross unrealized losses | 0 | 0 | ' |
Total available for sale securities | 43,046,000 | 33,560,000 | ' |
Closed-end Funds [Member] | ' | ' | ' |
Available for Sale Securities, Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value [Abstract] | ' | ' | ' |
Cost | 23,100,000 | 35,868,000 | ' |
Gross unrealized gains | 17,654,000 | 22,645,000 | ' |
Gross unrealized losses | -130,000 | -2,000 | ' |
Total available for sale securities | 40,624,000 | 58,511,000 | ' |
Investments classified as available for sale unrealized loss position [Abstract] | ' | ' | ' |
Cost | 912,000 | 0 | ' |
Unrealized Losses | -130,000 | 0 | ' |
Fair Value | 782,000 | 0 | ' |
Mutual Funds [Member] | ' | ' | ' |
Available for Sale Securities, Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value [Abstract] | ' | ' | ' |
Cost | 2,794,000 | 3,160,000 | ' |
Gross unrealized gains | 2,325,000 | 1,883,000 | ' |
Gross unrealized losses | -24,000 | 0 | ' |
Total available for sale securities | 5,095,000 | 5,043,000 | ' |
Investments classified as available for sale unrealized loss position [Abstract] | ' | ' | ' |
Cost | 303,000 | 73,000 | ' |
Unrealized Losses | -24,000 | -2,000 | ' |
Fair Value | $279,000 | $71,000 | ' |
Fair_Value_Details
Fair Value (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ' | ' |
Investments in partnerships | $25,253 | $26,128 |
Investments in securities: | ' | ' |
Total investments in securities | 169,804 | 185,997 |
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis [Roll Forward] | ' | ' |
Beginning Balance | 1,037 | 954 |
Total Realized and Unrealized Gains or (Losses) in Income -Trading | 23 | 144 |
Total Realized and Unrealized Gains or (Losses) in Income - AFS Investments | 0 | 0 |
Total Unrealized Gains or (Losses) Included in Other Comprehensive Income | 0 | 0 |
Total Realized and Unrealized Gains or (Losses) | 23 | 144 |
Purchases | 3 | 75 |
Sales | -79 | -136 |
Transfers In and/or (Out) of Level 3 | 0 | 0 |
Ending Balance | 984 | 1,037 |
Trading - Common stocks [Member] | ' | ' |
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis [Roll Forward] | ' | ' |
Beginning Balance | 675 | 670 |
Total Realized and Unrealized Gains or (Losses) in Income -Trading | 25 | 56 |
Total Realized and Unrealized Gains or (Losses) in Income - AFS Investments | 0 | 0 |
Total Unrealized Gains or (Losses) Included in Other Comprehensive Income | 0 | 0 |
Total Realized and Unrealized Gains or (Losses) | 25 | 56 |
Purchases | 0 | 57 |
Sales | 0 | -108 |
Transfers In and/or (Out) of Level 3 | 0 | 0 |
Ending Balance | 700 | 675 |
Trading - Other [Member] | ' | ' |
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis [Roll Forward] | ' | ' |
Beginning Balance | 362 | 284 |
Total Realized and Unrealized Gains or (Losses) in Income -Trading | -2 | 88 |
Total Realized and Unrealized Gains or (Losses) in Income - AFS Investments | 0 | 0 |
Total Unrealized Gains or (Losses) Included in Other Comprehensive Income | 0 | 0 |
Total Realized and Unrealized Gains or (Losses) | -2 | 88 |
Purchases | 3 | 18 |
Sales | -79 | -28 |
Transfers In and/or (Out) of Level 3 | 0 | 0 |
Ending Balance | 284 | 362 |
Recurring Basis [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents | 209,913 | 190,475 |
Investments in partnerships | 25,253 | 26,128 |
Investments in securities: | ' | ' |
AFS-Common stocks | 43,046 | 33,560 |
AFS-Mutual Funds | 1,687 | 1,702 |
Trading-Government obligations | 37,994 | 42,989 |
Trading-Common Stocks | 124,634 | 138,478 |
Trading-Mutual Funds | 23,285 | 1,484 |
Trading-Other | 582 | 630 |
Total investments in securities | 231,228 | 218,843 |
Investments in sponsored registered investment companies: [Abstract] | ' | ' |
AFS - Closed-end Funds | 40,624 | 58,511 |
AFS - Mutual Funds | 3,408 | 3,341 |
Trading - Mutual Funds | 10 | 20 |
Total investments in sponsored registered investment companies | 44,042 | 61,872 |
Total investments | 300,523 | 306,843 |
Total assets at fair value | 510,436 | 497,318 |
Liabilities | ' | ' |
Trading-Common Stocks | 6,023 | 2,867 |
Trading-Other | 155 | 269 |
Securities sold, not yet purchased | 6,178 | 3,136 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring Basis [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents | 209,913 | 190,475 |
Investments in partnerships | 0 | 0 |
Investments in securities: | ' | ' |
AFS-Common stocks | 43,046 | 33,560 |
AFS-Mutual Funds | 1,687 | 1,702 |
Trading-Government obligations | 37,994 | 42,989 |
Trading-Common Stocks | 123,927 | 137,796 |
Trading-Mutual Funds | 23,285 | 1,484 |
Trading-Other | 23 | 120 |
Total investments in securities | 229,962 | 217,651 |
Investments in sponsored registered investment companies: [Abstract] | ' | ' |
AFS - Closed-end Funds | 40,624 | 58,511 |
AFS - Mutual Funds | 3,408 | 3,341 |
Trading - Mutual Funds | 10 | 20 |
Total investments in sponsored registered investment companies | 44,042 | 61,872 |
Total investments | 274,004 | 279,523 |
Total assets at fair value | 483,917 | 469,998 |
Liabilities | ' | ' |
Trading-Common Stocks | 6,023 | 2,867 |
Trading-Other | 0 | 0 |
Securities sold, not yet purchased | 6,023 | 2,867 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring Basis [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents | 0 | 0 |
Investments in partnerships | 25,253 | 26,128 |
Investments in securities: | ' | ' |
AFS-Common stocks | 0 | 0 |
AFS-Mutual Funds | 0 | 0 |
Trading-Government obligations | 0 | 0 |
Trading-Common Stocks | 7 | 7 |
Trading-Mutual Funds | 0 | 0 |
Trading-Other | 275 | 148 |
Total investments in securities | 282 | 155 |
Investments in sponsored registered investment companies: [Abstract] | ' | ' |
AFS - Closed-end Funds | 0 | 0 |
AFS - Mutual Funds | 0 | 0 |
Trading - Mutual Funds | 0 | 0 |
Total investments in sponsored registered investment companies | 0 | 0 |
Total investments | 25,535 | 26,283 |
Total assets at fair value | 25,535 | 26,283 |
Liabilities | ' | ' |
Trading-Common Stocks | 0 | 0 |
Trading-Other | 155 | 269 |
Securities sold, not yet purchased | 155 | 269 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring Basis [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents | 0 | 0 |
Investments in partnerships | 0 | 0 |
Investments in securities: | ' | ' |
AFS-Common stocks | 0 | 0 |
AFS-Mutual Funds | 0 | 0 |
Trading-Government obligations | 0 | 0 |
Trading-Common Stocks | 700 | 675 |
Trading-Mutual Funds | 0 | 0 |
Trading-Other | 284 | 362 |
Total investments in securities | 984 | 1,037 |
Investments in sponsored registered investment companies: [Abstract] | ' | ' |
AFS - Closed-end Funds | 0 | 0 |
AFS - Mutual Funds | 0 | 0 |
Trading - Mutual Funds | 0 | 0 |
Total investments in sponsored registered investment companies | 0 | 0 |
Total investments | 984 | 1,037 |
Total assets at fair value | 984 | 1,037 |
Liabilities | ' | ' |
Trading-Common Stocks | 0 | 0 |
Trading-Other | 0 | 0 |
Securities sold, not yet purchased | $0 | $0 |
Investments_in_Partnerships_Of2
Investments in Partnerships, Offshore Funds and Variable Interest Entities, Part I (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Entity | Entity | Entity | |
Variable Interest Entity [Line Items] | ' | ' | ' |
Investments in affiliated entities | $82,000,000 | $83,900,000 | ' |
Investments in unaffiliated entities | 14,000,000 | 13,600,000 | ' |
Investments in Partnerships by Accounting Method [Abstract] | ' | ' | ' |
Fair value | 25,253,000 | 26,128,000 | ' |
Equity Method | 70,739,000 | 71,421,000 | ' |
Total | 95,992,000 | 97,549,000 | ' |
Maximum exposure to loss related to VIEs | 10,000,000 | 7,700,000 | ' |
Deferred carried interest in VIE | 45,000 | 45,000 | ' |
Total VIE assets | 72,700,000 | 75,000,000 | ' |
VIE [Member] | ' | ' | ' |
Entities Consolidated [Roll Forward] | ' | ' | ' |
Entities consolidated at beginning of period | 1 | 1 | 2 |
Additional consolidated entities | 0 | 0 | 0 |
Deconsolidated entities | 0 | 0 | -1 |
Entities consolidated at end of period | 1 | 1 | 1 |
Investments in Partnerships by Accounting Method [Abstract] | ' | ' | ' |
Total | 15,540,000 | 18,507,000 | ' |
VOE [Member] | ' | ' | ' |
Entities Consolidated [Roll Forward] | ' | ' | ' |
Entities consolidated at beginning of period | 4 | 4 | 4 |
Additional consolidated entities | 0 | 0 | 1 |
Deconsolidated entities | 0 | 0 | -1 |
Entities consolidated at end of period | 4 | 4 | 4 |
Prior to Consolidations [Member] | ' | ' | ' |
Investments in Partnerships by Accounting Method [Abstract] | ' | ' | ' |
Total | 98,494,000 | 100,164,000 | ' |
CFFs [Member] | ' | ' | ' |
Investments in Partnerships by Accounting Method [Abstract] | ' | ' | ' |
Total | 6,517,000 | 5,388,000 | ' |
CFFs [Member] | Affiliated [Member] | ' | ' | ' |
Investments in Partnerships by Accounting Method [Abstract] | ' | ' | ' |
Fair value | 25,253,000 | 26,128,000 | ' |
Equity Method | 0 | 0 | ' |
Total | 25,253,000 | 26,128,000 | ' |
CFFs [Member] | VIE [Member] | ' | ' | ' |
Entities Consolidated [Roll Forward] | ' | ' | ' |
Entities consolidated at beginning of period | 1 | 1 | 1 |
Additional consolidated entities | 0 | 0 | 0 |
Deconsolidated entities | 0 | 0 | 0 |
Entities consolidated at end of period | 1 | 1 | 1 |
CFFs [Member] | VOE [Member] | ' | ' | ' |
Entities Consolidated [Roll Forward] | ' | ' | ' |
Entities consolidated at beginning of period | 2 | 2 | 2 |
Additional consolidated entities | 0 | 0 | 0 |
Deconsolidated entities | 0 | 0 | 0 |
Entities consolidated at end of period | 2 | 2 | 2 |
Partnerships [Member] | ' | ' | ' |
Investments in Partnerships by Accounting Method [Abstract] | ' | ' | ' |
Total | -9,019,000 | -8,003,000 | ' |
Partnerships [Member] | Affiliated [Member] | ' | ' | ' |
Investments in Partnerships by Accounting Method [Abstract] | ' | ' | ' |
Fair value | 0 | 0 | ' |
Equity Method | 21,669,000 | 28,158,000 | ' |
Total | 21,669,000 | 28,158,000 | ' |
Partnerships [Member] | Unaffiliated [Member] | ' | ' | ' |
Investments in Partnerships by Accounting Method [Abstract] | ' | ' | ' |
Fair value | 0 | 0 | ' |
Equity Method | 6,509,000 | 6,505,000 | ' |
Total | 6,509,000 | 6,505,000 | ' |
Partnerships [Member] | VIE [Member] | ' | ' | ' |
Entities Consolidated [Roll Forward] | ' | ' | ' |
Entities consolidated at beginning of period | 0 | 0 | 0 |
Additional consolidated entities | 0 | 0 | 0 |
Deconsolidated entities | 0 | 0 | 0 |
Entities consolidated at end of period | 0 | 0 | 0 |
Partnerships [Member] | VOE [Member] | ' | ' | ' |
Entities Consolidated [Roll Forward] | ' | ' | ' |
Entities consolidated at beginning of period | 1 | 1 | 2 |
Additional consolidated entities | 0 | 0 | 0 |
Deconsolidated entities | 0 | 0 | -1 |
Entities consolidated at end of period | 1 | 1 | 1 |
Offshore Funds [Member] | ' | ' | ' |
Investments in Partnerships by Accounting Method [Abstract] | ' | ' | ' |
Total | 0 | 0 | ' |
Offshore Funds [Member] | Affiliated [Member] | ' | ' | ' |
Investments in Partnerships by Accounting Method [Abstract] | ' | ' | ' |
Fair value | 0 | 0 | ' |
Equity Method | 35,030,000 | 29,679,000 | ' |
Total | 35,030,000 | 29,679,000 | ' |
Offshore Funds [Member] | Unaffiliated [Member] | ' | ' | ' |
Investments in Partnerships by Accounting Method [Abstract] | ' | ' | ' |
Fair value | 0 | 0 | ' |
Equity Method | 7,531,000 | 7,079,000 | ' |
Total | $7,531,000 | $7,079,000 | ' |
Offshore Funds [Member] | VIE [Member] | ' | ' | ' |
Entities Consolidated [Roll Forward] | ' | ' | ' |
Entities consolidated at beginning of period | 0 | 0 | 1 |
Additional consolidated entities | 0 | 0 | 0 |
Deconsolidated entities | 0 | 0 | -1 |
Entities consolidated at end of period | 0 | 0 | 0 |
Offshore Funds [Member] | VOE [Member] | ' | ' | ' |
Entities Consolidated [Roll Forward] | ' | ' | ' |
Entities consolidated at beginning of period | 1 | 1 | 0 |
Additional consolidated entities | 0 | 0 | 1 |
Deconsolidated entities | 0 | 0 | 0 |
Entities consolidated at end of period | 1 | 1 | 1 |
Investments_in_Partnerships_Of3
Investments in Partnerships, Offshore Funds and Variable Interest Entities, Part II (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents at end of period | $210,451 | ' | ' | ' | $190,608 | ' | ' | ' | $210,451 | $190,608 | $276,340 | $169,601 |
Investments in securities | 231,228 | ' | ' | ' | 218,843 | ' | ' | ' | 231,228 | 218,843 | ' | ' |
Investments in sponsored investment companies | 44,042 | ' | ' | ' | 61,872 | ' | ' | ' | 44,042 | 61,872 | ' | ' |
Investments in partnerships | 95,992 | ' | ' | ' | 97,549 | ' | ' | ' | 95,992 | 97,549 | ' | ' |
Receivable from brokers | 49,461 | ' | ' | ' | 50,655 | ' | ' | ' | 49,461 | 50,655 | ' | ' |
Total assets | 709,485 | ' | ' | ' | 690,733 | ' | ' | ' | 709,485 | 690,733 | ' | ' |
Liabilities and Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities sold, not yet purchased | 6,178 | ' | ' | ' | 3,136 | ' | ' | ' | 6,178 | 3,136 | ' | ' |
Redeemable noncontrolling interests | 6,751 | ' | ' | ' | 17,362 | ' | ' | ' | 6,751 | 17,362 | ' | ' |
Total equity | 460,182 | ' | ' | ' | 370,934 | ' | ' | ' | 460,182 | 370,934 | 407,411 | 389,608 |
Total liabilities and equity | 709,485 | ' | ' | ' | 690,733 | ' | ' | ' | 709,485 | 690,733 | ' | ' |
Condensed Consolidated Statements of Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 397,562 | 344,281 | 327,128 | ' |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 255,150 | 233,151 | 213,834 | ' |
Operating income | 47,173 | 32,728 | 31,784 | 30,727 | 24,739 | 29,012 | 30,367 | 27,012 | 142,412 | 111,130 | 113,294 | ' |
Total other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 41,139 | 6,186 | -2,852 | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 183,551 | 117,316 | 110,442 | ' |
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 66,186 | 41,721 | 40,767 | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 117,365 | 75,595 | 69,675 | ' |
Net income/(loss) attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 512 | 56 | -7 | ' |
Net income attributable to GAMCO Investors, Inc.'s shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 116,853 | 75,539 | 69,682 | ' |
VIE [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in partnerships | 15,540 | ' | ' | ' | 18,507 | ' | ' | ' | 15,540 | 18,507 | ' | ' |
Liabilities and Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued expense and other liabilities | -2,022 | ' | ' | ' | -3,010 | ' | ' | ' | -2,022 | -3,010 | ' | ' |
Redeemable noncontrolling interests | -1,120 | ' | ' | ' | -411 | ' | ' | ' | -1,120 | -411 | ' | ' |
GAMCO's net interests in consolidated VIEs | 12,398 | ' | ' | ' | 15,086 | ' | ' | ' | 12,398 | 15,086 | ' | ' |
As Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents at end of period | 210,451 | ' | ' | ' | 190,608 | ' | ' | ' | 210,451 | 190,608 | ' | ' |
Investments in securities | 275,270 | ' | ' | ' | 280,715 | ' | ' | ' | 275,270 | 280,715 | ' | ' |
Investments in partnerships | 95,992 | ' | ' | ' | 97,549 | ' | ' | ' | 95,992 | 97,549 | ' | ' |
Receivable from brokers | 49,461 | ' | ' | ' | 50,655 | ' | ' | ' | 49,461 | 50,655 | ' | ' |
Investment advisory fees receivable | 51,506 | ' | ' | ' | 42,429 | ' | ' | ' | 51,506 | 42,429 | ' | ' |
Other asset | 26,805 | ' | ' | ' | 28,777 | ' | ' | ' | 26,805 | 28,777 | ' | ' |
Total assets | 709,485 | ' | ' | ' | 690,733 | ' | ' | ' | 709,485 | 690,733 | ' | ' |
Liabilities and Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities sold, not yet purchased | 6,178 | ' | ' | ' | 3,136 | ' | ' | ' | 6,178 | 3,136 | ' | ' |
Accrued expense and other liabilities | 124,463 | ' | ' | ' | 82,935 | ' | ' | ' | 124,463 | 82,935 | ' | ' |
Total Debt | 111,911 | ' | ' | ' | 216,366 | ' | ' | ' | 111,911 | 216,366 | ' | ' |
Redeemable noncontrolling interests | 6,751 | ' | ' | ' | 17,362 | ' | ' | ' | 6,751 | 17,362 | ' | ' |
Total equity | 460,182 | ' | ' | ' | 370,934 | ' | ' | ' | 460,182 | 370,934 | ' | ' |
Total liabilities and equity | 709,485 | ' | ' | ' | 690,733 | ' | ' | ' | 709,485 | 690,733 | ' | ' |
Prior to Consolidations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents at end of period | 209,667 | ' | ' | ' | 189,743 | ' | ' | ' | 209,667 | 189,743 | ' | ' |
Investments in securities | 276,244 | ' | ' | ' | 275,491 | ' | ' | ' | 276,244 | 275,491 | ' | ' |
Investments in partnerships | 98,494 | ' | ' | ' | 100,164 | ' | ' | ' | 98,494 | 100,164 | ' | ' |
Receivable from brokers | 35,151 | ' | ' | ' | 25,972 | ' | ' | ' | 35,151 | 25,972 | ' | ' |
Investment advisory fees receivable | 52,509 | ' | ' | ' | 42,425 | ' | ' | ' | 52,509 | 42,425 | ' | ' |
Other asset | 27,433 | ' | ' | ' | 32,673 | ' | ' | ' | 27,433 | 32,673 | ' | ' |
Total assets | 699,498 | ' | ' | ' | 666,468 | ' | ' | ' | 699,498 | 666,468 | ' | ' |
Liabilities and Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities sold, not yet purchased | 6,049 | ' | ' | ' | 3,033 | ' | ' | ' | 6,049 | 3,033 | ' | ' |
Accrued expense and other liabilities | 121,356 | ' | ' | ' | 76,135 | ' | ' | ' | 121,356 | 76,135 | ' | ' |
Total Debt | 111,911 | ' | ' | ' | 216,366 | ' | ' | ' | 111,911 | 216,366 | ' | ' |
Redeemable noncontrolling interests | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Total equity | 460,182 | ' | ' | ' | 370,934 | ' | ' | ' | 460,182 | 370,934 | ' | ' |
Total liabilities and equity | 699,498 | ' | ' | ' | 666,468 | ' | ' | ' | 699,498 | 666,468 | ' | ' |
Condensed Consolidated Statements of Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 399,565 | 346,195 | 328,151 | ' |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 254,153 | 232,313 | 212,844 | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 145,412 | 113,882 | 115,307 | ' |
Total other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 37,676 | 3,264 | -4,872 | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 183,088 | 117,146 | 110,435 | ' |
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 66,186 | 41,721 | 40,767 | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 116,902 | 75,425 | 69,668 | ' |
Net income/(loss) attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 49 | -114 | -14 | ' |
Net income attributable to GAMCO Investors, Inc.'s shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 116,853 | 75,539 | 69,682 | ' |
CFFs [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents at end of period | 450 | ' | ' | ' | 0 | ' | ' | ' | 450 | 0 | ' | ' |
Investments in securities | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Investments in partnerships | 6,517 | ' | ' | ' | 5,388 | ' | ' | ' | 6,517 | 5,388 | ' | ' |
Receivable from brokers | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Investment advisory fees receivable | -24 | ' | ' | ' | 9 | ' | ' | ' | -24 | 9 | ' | ' |
Other asset | -2,339 | ' | ' | ' | -2,986 | ' | ' | ' | -2,339 | -2,986 | ' | ' |
Total assets | 4,604 | ' | ' | ' | 2,411 | ' | ' | ' | 4,604 | 2,411 | ' | ' |
Liabilities and Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities sold, not yet purchased | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Accrued expense and other liabilities | 165 | ' | ' | ' | 384 | ' | ' | ' | 165 | 384 | ' | ' |
Total Debt | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Redeemable noncontrolling interests | 4,439 | ' | ' | ' | 2,027 | ' | ' | ' | 4,439 | 2,027 | ' | ' |
Total equity | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Total liabilities and equity | 4,604 | ' | ' | ' | 2,411 | ' | ' | ' | 4,604 | 2,411 | ' | ' |
Condensed Consolidated Statements of Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | -53 | 2 | -24 | ' |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 175 | 132 | 121 | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -228 | -130 | -145 | ' |
Total other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 475 | 216 | 71 | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 247 | 86 | -74 | ' |
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 247 | 86 | -74 | ' |
Net income/(loss) attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 247 | 86 | -74 | ' |
Net income attributable to GAMCO Investors, Inc.'s shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' |
Partnerships [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents at end of period | 334 | ' | ' | ' | 865 | ' | ' | ' | 334 | 865 | ' | ' |
Investments in securities | 7,473 | ' | ' | ' | 6,964 | ' | ' | ' | 7,473 | 6,964 | ' | ' |
Investments in partnerships | -9,019 | ' | ' | ' | -8,003 | ' | ' | ' | -9,019 | -8,003 | ' | ' |
Receivable from brokers | 0 | ' | ' | ' | 1,480 | ' | ' | ' | 0 | 1,480 | ' | ' |
Investment advisory fees receivable | -14 | ' | ' | ' | -5 | ' | ' | ' | -14 | -5 | ' | ' |
Other asset | 1,592 | ' | ' | ' | -1,000 | ' | ' | ' | 1,592 | -1,000 | ' | ' |
Total assets | 366 | ' | ' | ' | 301 | ' | ' | ' | 366 | 301 | ' | ' |
Liabilities and Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities sold, not yet purchased | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Accrued expense and other liabilities | 29 | ' | ' | ' | 21 | ' | ' | ' | 29 | 21 | ' | ' |
Total Debt | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Redeemable noncontrolling interests | 337 | ' | ' | ' | 280 | ' | ' | ' | 337 | 280 | ' | ' |
Total equity | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Total liabilities and equity | 366 | ' | ' | ' | 301 | ' | ' | ' | 366 | 301 | ' | ' |
Condensed Consolidated Statements of Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | -15 | -6 | -3 | ' |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 47 | 39 | 40 | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -62 | -45 | -43 | ' |
Total other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 111 | 67 | 34 | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 49 | 22 | -9 | ' |
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 49 | 22 | -9 | ' |
Net income/(loss) attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 49 | 22 | -9 | ' |
Net income attributable to GAMCO Investors, Inc.'s shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' |
Offshore Funds [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents at end of period | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Investments in securities | -8,447 | ' | ' | ' | -1,740 | ' | ' | ' | -8,447 | -1,740 | ' | ' |
Investments in partnerships | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Receivable from brokers | 14,310 | ' | ' | ' | 23,203 | ' | ' | ' | 14,310 | 23,203 | ' | ' |
Investment advisory fees receivable | -965 | ' | ' | ' | 0 | ' | ' | ' | -965 | 0 | ' | ' |
Other asset | 119 | ' | ' | ' | 90 | ' | ' | ' | 119 | 90 | ' | ' |
Total assets | 5,017 | ' | ' | ' | 21,553 | ' | ' | ' | 5,017 | 21,553 | ' | ' |
Liabilities and Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities sold, not yet purchased | 129 | ' | ' | ' | 103 | ' | ' | ' | 129 | 103 | ' | ' |
Accrued expense and other liabilities | 2,913 | ' | ' | ' | 6,395 | ' | ' | ' | 2,913 | 6,395 | ' | ' |
Total Debt | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Redeemable noncontrolling interests | 1,975 | ' | ' | ' | 15,055 | ' | ' | ' | 1,975 | 15,055 | ' | ' |
Total equity | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Total liabilities and equity | 5,017 | ' | ' | ' | 21,553 | ' | ' | ' | 5,017 | 21,553 | ' | ' |
Condensed Consolidated Statements of Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | -1,935 | -1,910 | -996 | ' |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 775 | 667 | 829 | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -2,710 | -2,577 | -1,825 | ' |
Total other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 2,877 | 2,639 | 1,915 | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 167 | 62 | 90 | ' |
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 167 | 62 | 90 | ' |
Net income/(loss) attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 167 | 62 | 90 | ' |
Net income attributable to GAMCO Investors, Inc.'s shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Federal: [Abstract] | ' | ' | ' |
Current | $52,411,000 | $28,362,000 | $37,293,000 |
Deferred | 6,564,000 | 8,386,000 | -1,417,000 |
State and local: [Abstract] | ' | ' | ' |
Current | 7,217,000 | 4,855,000 | 4,995,000 |
Deferred | -6,000 | 118,000 | -104,000 |
Total | 66,186,000 | 41,721,000 | 40,767,000 |
Effective income tax rate reconciliation [Abstract] | ' | ' | ' |
Statutory Federal income tax rate (in hundredths) | 35.00% | 35.00% | 35.00% |
State income tax, net of Federal benefit (in hundredths) | 2.30% | 2.30% | 2.60% |
Other (in hundredths) | -1.20% | -1.70% | -0.70% |
Effective income tax rate (in hundredths) | 36.10% | 35.60% | 36.90% |
Deferred tax assets [Abstract] | ' | ' | ' |
Stock compensation expense | 1,063,000 | 307,000 | ' |
Deferred compensation | 1,055,000 | 848,000 | ' |
Intangible asset amortization | 62,000 | 145,000 | ' |
Capital lease obligation | 807,000 | 768,000 | ' |
Other | 184,000 | 143,000 | ' |
Total deferred tax assets | 3,171,000 | 2,211,000 | ' |
Deferred tax liabilities [Abstract] | ' | ' | ' |
Investments in securities available for sale | -13,403,000 | -7,408,000 | ' |
Investments In securities and partnerships | -19,553,000 | -12,502,000 | ' |
Contingent deferred sales commissions | -962,000 | -496,000 | ' |
Total deferred tax liabilities | -33,918,000 | -20,406,000 | ' |
Net deferred tax assets (liabilities) | -30,747,000 | -18,195,000 | ' |
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits [Roll Forward] | ' | ' | ' |
Balance beginning of the period | 10,600,000 | 9,100,000 | 8,800,000 |
Additions based on tax positions related to the current year | 2,400,000 | 1,100,000 | 700,000 |
Additions for tax positions of prior years | 500,000 | 500,000 | 0 |
Reductions for tax positions of prior years | -600,000 | 0 | -400,000 |
Settlements | 0 | -100,000 | 0 |
Balance end of the period | 12,900,000 | 10,600,000 | 9,100,000 |
Recognition of unrecognized tax benefits effect | 8,400,000 | 7,000,000 | ' |
Net liability for unrecognized tax benefits | 12,000,000 | 9,900,000 | ' |
Penalties and interest accruals related to tax uncertainties in income taxes | 5,200,000 | 4,300,000 | ' |
Income tax expenses related to an increase in its liability for interest and penalties | 700,000 | 600,000 | 600,000 |
Increase to Additional Paid in Capital from RSA acceleration | ' | $108,000 | ' |
State Jurisdiction [Member] | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Income Tax Examination, Year under Examination | '2006 | ' | ' |
State Jurisdiction [Member] | Minimum [Member] | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Income Tax Examination, Year under Examination | '2001 | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Basic: | ' | ' | ' |
Net income attributable to GAMCO Investors, Inc.'s shareholders | $116,853 | $75,539 | $69,682 |
Weighted average shares outstanding (in shares) | 25,653 | 26,283 | 26,636 |
Basic net income attributable to GAMCO Investors, Inc.'s shareholders per share (in dollars per share) | $4.56 | $2.87 | $2.62 |
Diluted: | ' | ' | ' |
Net income attributable to GAMCO Investors, Inc.'s shareholders | $116,853 | $75,539 | $69,682 |
Weighted average shares outstanding (in shares) | 25,653 | 26,283 | 26,636 |
Dilutive stock options and restricted stock awards (in shares) | 59 | 153 | 88 |
Total (in shares) | 25,712 | 26,436 | 26,724 |
Diluted net income attributable to GAMCO Investors, Inc.'s shareholders per share (in dollars per share) | $4.54 | $2.86 | $2.61 |
Debt_Details
Debt (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Long-term debt [Abstract] | ' | ' | ' |
Carrying Value | $111,911,000 | $216,366,000 | ' |
Fair Value Level 2 | 122,319,000 | 226,373,000 | ' |
Loss (gain) on extinguishment of debt | 998,000 | 6,307,000 | -2,000 |
5.5% Senior notes [Member] | ' | ' | ' |
Long-term debt [Abstract] | ' | ' | ' |
Carrying Value | 0 | 99,000,000 | ' |
Fair Value Level 2 | 0 | 100,485,000 | ' |
Debt maturity date | 15-May-13 | ' | ' |
Stated interest rate (in hundredths) | 5.50% | ' | ' |
Debt maturity period | '10 years | ' | ' |
Face value of debt | 100,000,000 | ' | ' |
5.5% Senior notes [Member] | Level 2 [Member] | ' | ' | ' |
Long-term debt [Abstract] | ' | ' | ' |
Debt maturity date | 15-May-13 | ' | ' |
5.875% Senior notes [Member] | ' | ' | ' |
Long-term debt [Abstract] | ' | ' | ' |
Carrying Value | 100,000,000 | 100,000,000 | ' |
Fair Value Level 2 | 108,500,000 | 106,250,000 | ' |
Debt maturity date | 1-Jun-21 | ' | ' |
Stated interest rate (in hundredths) | 5.88% | ' | ' |
Net proceeds from debt issuance | 99,100,000 | ' | ' |
Issuance cost of senior notes | 900,000 | ' | ' |
Debt maturity period | '10 years | ' | ' |
Face value of debt | 100,000,000 | ' | ' |
Percentage principal amount to offered to repurchase notes (in hundredths) | 101.00% | ' | ' |
0% Subordinated debentures [Member] | ' | ' | ' |
Long-term debt [Abstract] | ' | ' | ' |
Carrying Value | 11,911,000 | 17,366,000 | ' |
Fair Value Level 2 | 13,819,000 | 19,638,000 | ' |
Debt maturity date | 31-Dec-15 | ' | ' |
0% Subordinated debentures [Member] | Level 2 [Member] | ' | ' | ' |
Long-term debt [Abstract] | ' | ' | ' |
Debt maturity date | 31-Dec-15 | ' | ' |
Stated interest rate (in hundredths) | 0.00% | ' | ' |
Effective interest rate (in hundredths) | 7.45% | ' | ' |
Debt maturity period | '5 years | ' | ' |
Face value of debt | 86,400,000 | ' | ' |
Dividends declared related to issuance of debt (in dollars per share) | $3.20 | ' | ' |
Par value of debt issued (in dollars per share) | $100 | ' | ' |
Debt redemption price as percentage of principal amount (in hundredths) | 100.00% | ' | ' |
Number of debentures repurchased | 78,809 | 646,008 | 461 |
Face value of repurchased debentures | 7,900,000 | 64,600,000 | 46,100 |
Loss (gain) on extinguishment of debt | $1,000,000 | $6,307,000 | ($2,000) |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 06, 2013 | |
IncentivePlan | ||||
Stock Award and Incentive Plan [Abstract] | ' | ' | ' | ' |
Number of incentive plans | 2 | ' | ' | ' |
Voting Rights [Abstract] | ' | ' | ' | ' |
Term of nonqualified stock options, maximum (in years) | '10 years | ' | ' | ' |
Percentage options granted under plans vest after three years (in hundredths) | 75.00% | ' | ' | ' |
Percentage options granted under plan vest after four years (in hundredths) | 100.00% | ' | ' | ' |
Vesting period for 75 percent of stock options | '3 years | ' | ' | ' |
Vesting period for 100 percent of stock options | '4 years | ' | ' | ' |
Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' |
Restricted stock award shares approved grant date fair value (in dollars per share) | ' | ' | ' | $57.86 |
Percentage stock based compensation expense recognize over three years vesting period (in hundredths) | 30.00% | ' | ' | ' |
Percentage stock based compensation expense recognize over five years vesting period (in hundredths) | 70.00% | ' | ' | ' |
Vesting period for recognition of 30 percent of stock based compensation expense (in years) | '3 years | ' | ' | ' |
Vesting period for recognition of 70 percent of stock based compensation expense (in years) | '5 years | ' | ' | ' |
Stock based compensation expense | $2,100,000 | $13,600,000 | $2,600,000 | ' |
Actual and projected stock based compensation expense for RSA shares and options [Abstract] | ' | ' | ' | ' |
Actual stock based compensation expense | 2,072,000 | 13,583,000 | 2,588,000 | ' |
Projected stock based compensation expense 2014 | 6,748,000 | ' | ' | ' |
Projected stock based compensation expense 2015 | 6,733,000 | ' | ' | ' |
Projected stock based compensation expense 2016 | 5,763,000 | ' | ' | ' |
Projected stock based compensation expense 2017 | 3,382,000 | ' | ' | ' |
Projected stock based compensation expense 2018 | 2,791,000 | ' | ' | ' |
Projected stock based compensation expense 2019 | 1,158,000 | ' | ' | ' |
Projected stock based compensation expense 2020 | 840,000 | ' | ' | ' |
Projected stock based compensation expense 2021 | 567,000 | ' | ' | ' |
Projected stock based compensation expense 2022 | 328,000 | ' | ' | ' |
Projected stock based compensation expense 2023 | 117,000 | ' | ' | ' |
Compensation cost related to non-vested restricted stock awards and options not yet recognized | 28,400,000 | ' | ' | ' |
Proceeds from exercise of stock options | 76,000 | 920,000 | 0 | ' |
Tax benefit from exercise of stock options | 16,000 | 105,300 | ' | ' |
Tax benefit from RSA compensation | 800,000 | 5,000,000 | 843,000 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price [Line Items] | ' | ' | ' | ' |
Options currently exercisable (in shares) | 62,000 | 59,623 | ' | ' |
Exercise price of options currently exercisable (in dollars per share) | $42.14 | $41.12 | ' | ' |
Weighted average fair value of options granted | $18.66 | ' | ' | ' |
Assumptions made [Abstract] | ' | ' | ' | ' |
Expected volatility (in hundredths) | 49.00% | ' | ' | ' |
Risk free interest rate (in hundredths) | 0.15% | ' | ' | ' |
Expected life | '5 years | ' | ' | ' |
Dividend yield (in hundredths) | 0.26% | ' | ' | ' |
Expected volatility term | ' | '4 years | ' | ' |
Estimated Quarterly dividend factored into the fair value of options (in dollars per share) | $0.03 | ' | ' | ' |
The weighted average remaining contractual life of the outstanding options | '2 years 8 months 8 days | ' | ' | ' |
$39.55 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price [Line Items] | ' | ' | ' | ' |
Exercise price (in dollars per share) | $39.55 | ' | ' | ' |
Options outstanding (in shares) | 10,000 | ' | ' | ' |
Weighted average remaining contractual life | '2 years 3 months 29 days | ' | ' | ' |
Options currently exercisable (in shares) | 10,000 | ' | ' | ' |
Exercise price of options currently exercisable (in dollars per share) | $39.55 | ' | ' | ' |
$39.65 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price [Line Items] | ' | ' | ' | ' |
Exercise price (in dollars per share) | $39.65 | ' | ' | ' |
Options outstanding (in shares) | 20,000 | ' | ' | ' |
Weighted average remaining contractual life | '0 years 5 months 1 day | ' | ' | ' |
Options currently exercisable (in shares) | 20,000 | ' | ' | ' |
Exercise price of options currently exercisable (in dollars per share) | $39.65 | ' | ' | ' |
$39.90 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price [Line Items] | ' | ' | ' | ' |
Exercise price (in dollars per share) | $39.90 | ' | ' | ' |
Options outstanding (in shares) | 10,000 | ' | ' | ' |
Weighted average remaining contractual life | '3 years 0 months 29 days | ' | ' | ' |
Options currently exercisable (in shares) | 10,000 | ' | ' | ' |
Exercise price of options currently exercisable (in dollars per share) | $39.90 | ' | ' | ' |
$44.90 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price [Line Items] | ' | ' | ' | ' |
Exercise price (in dollars per share) | $44.90 | ' | ' | ' |
Options outstanding (in shares) | 10,000 | ' | ' | ' |
Weighted average remaining contractual life | '1 year 9 months 29 days | ' | ' | ' |
Options currently exercisable (in shares) | 10,000 | ' | ' | ' |
Exercise price of options currently exercisable (in dollars per share) | $44.90 | ' | ' | ' |
$45.77 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price [Line Items] | ' | ' | ' | ' |
Exercise price (in dollars per share) | $45.77 | ' | ' | ' |
Options outstanding (in shares) | 10,000 | ' | ' | ' |
Weighted average remaining contractual life | '7 years 0 months 29 days | ' | ' | ' |
Options currently exercisable (in shares) | 0 | ' | ' | ' |
$51.74 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price [Line Items] | ' | ' | ' | ' |
Exercise price (in dollars per share) | $51.74 | ' | ' | ' |
Options outstanding (in shares) | 6,000 | ' | ' | ' |
Weighted average remaining contractual life | '4 years 3 months 29 days | ' | ' | ' |
Options currently exercisable (in shares) | 6,000 | ' | ' | ' |
Exercise price of options currently exercisable (in dollars per share) | $51.74 | ' | ' | ' |
Class A [Member] | ' | ' | ' | ' |
Voting Rights [Abstract] | ' | ' | ' | ' |
Number of votes per share | 1 | ' | ' | ' |
Number of shares reserved for issuance under each plan, maximum (in shares) | 1,500,000 | ' | ' | ' |
Class B [Member] | ' | ' | ' | ' |
Voting Rights [Abstract] | ' | ' | ' | ' |
Number of votes per share | 10 | ' | ' | ' |
Stock Options [Member] | ' | ' | ' | ' |
Shares outstanding [Roll Forward] | ' | ' | ' | ' |
Outstanding at beginning of period (in shares) | 68,623 | 100,900 | ' | ' |
Granted (in shares) | 0 | 0 | 10,000 | ' |
Forfeited (in shares) | 0 | -500 | ' | ' |
Exercised / Vested (in shares) | -2,623 | -31,777 | ' | ' |
Outstanding at end of period (in shares) | 66,000 | 68,623 | 100,900 | ' |
Shares available for future issuance at the end of the period | 1,973,725 | ' | ' | ' |
Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' |
Outstanding at beginning of period (in dollars per share) | $41.79 | $37.81 | ' | ' |
Granted (in dollars per share) | $0 | $0 | ' | ' |
Forfeited (in dollars per share) | $0 | $28.95 | ' | ' |
Exercised / Vested (in dollars per share) | $28.95 | $28.95 | ' | ' |
Outstanding at end of period (in dollars per share) | $42.49 | $41.79 | $37.81 | ' |
Weighted average exercise price of the exercisable outstanding stock options (in dollars per share) | ' | ' | $45.77 | ' |
Actual and projected stock based compensation expense for RSA shares and options [Abstract] | ' | ' | ' | ' |
Stock options exercised (in shares) | -2,623 | -31,777 | ' | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
Shares outstanding [Roll Forward] | ' | ' | ' | ' |
Outstanding at beginning of period (in shares) | 0 | 275,600 | ' | ' |
Granted (in shares) | 576,950 | 105,300 | 197,200 | ' |
Forfeited (in shares) | -10,000 | -7,900 | ' | ' |
Exercised / Vested (in shares) | 0 | -373,000 | ' | ' |
Outstanding at end of period (in shares) | 566,950 | 0 | 275,600 | ' |
Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' |
Outstanding at beginning of period (in dollars per share) | $0 | $45.56 | ' | ' |
Granted (in dollars per share) | $63.82 | $43.49 | ' | ' |
Forfeited (in dollars per share) | $57.86 | $45.21 | ' | ' |
Exercised / Vested (in dollars per share) | $0 | $44.99 | ' | ' |
Outstanding at end of period (in dollars per share) | $63.93 | $0 | $45.56 | ' |
Restricted stock award shares approved grant date fair value (in dollars per share) | $63.82 | $43.49 | $48.80 | ' |
RSA shares outstanding (in shares) | 566,950 | ' | ' | ' |
Average weighted grant price (in dollars per share) | $63.93 | ' | ' | ' |
Stock based compensation expense | ' | $10,100,000 | ' | ' |
Actual and projected stock based compensation expense for RSA shares and options [Abstract] | ' | ' | ' | ' |
Stock options exercised (in shares) | 0 | -373,000 | ' | ' |
Restricted stock awards - August 2013 [Member] | ' | ' | ' | ' |
Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' |
Percentage stock based compensation expense recognize over three years vesting period (in hundredths) | 30.00% | ' | ' | ' |
Percentage stock based compensation expense recognize over five years vesting period (in hundredths) | 10.00% | ' | ' | ' |
Vesting period for recognition of 30 percent of stock based compensation expense (in years) | '3 years | ' | ' | ' |
Maximum [Member] | Restricted stock awards - August 2013 [Member] | ' | ' | ' | ' |
Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' |
Vesting period for recognition of 70 percent of stock based compensation expense (in years) | '10 years | ' | ' | ' |
Minimum [Member] | Restricted stock awards - August 2013 [Member] | ' | ' | ' | ' |
Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' |
Vesting period for recognition of 70 percent of stock based compensation expense (in years) | '4 years | ' | ' | ' |
Stockholders_Equity_Other_Deta
Stockholders' Equity, Other (Details) (USD $) | 12 Months Ended | 177 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Nov. 06, 2013 | Feb. 05, 2013 |
Stock Repurchase Program [Abstract] | ' | ' | ' | ' | ' | ' |
Incremental Class A shares authorized to buyback | ' | ' | ' | $9 | ' | ' |
Incremental shares authorized to buyback (in shares) | ' | 800,000 | 500,000 | ' | 500,000 | 500,000 |
Shares repurchased (in shares) | 229,228 | 1,138,313 | 450,966 | 8,711,593 | ' | ' |
Treasury Stock, Shares, Acquired | ' | 717,389 | ' | ' | ' | ' |
Shares lapsed (in shares) | ' | 82,611 | ' | ' | ' | ' |
Average price per share of repurchased shares (in dollars per share) | $64.41 | $48.25 | $45.24 | $42.25 | ' | ' |
Share available under program to repurchase (in shares) | 923,215 | ' | ' | 923,215 | ' | ' |
Treasury Stock Acquired, Value | ' | ' | ' | 368.1 | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' |
Dividends paid (in dollars per share) | $0.72 | $2.88 | $1.15 | ' | ' | ' |
Dividend cost | 18.7 | 76.4 | 30.8 | ' | ' | ' |
Share based compensation dividends accrued | 0.3 | 0 | ' | 0.3 | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Amount available for issuance under shelf registration agreement | ' | $400 | ' | ' | ' | ' |
Capital_Lease_Details
Capital Lease (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | |
Component of Operating Other Cost and Expense [Line Items] | ' | ' | ' | ' |
Lease term | '15 years | ' | ' | ' |
Base rent per square foot (in dollars per square foot) | 18 | ' | ' | ' |
Lease expense | $1,200,000 | $1,100,000 | $1,100,000 | $1,100,000 |
Accumulated amortization on the leased property | 4,000,000 | 3,800,000 | ' | ' |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' |
2014 | 1,175,000 | ' | ' | ' |
2015 | 1,080,000 | ' | ' | ' |
2016 | 1,080,000 | ' | ' | ' |
2017 | 1,080,000 | ' | ' | ' |
2018 | 1,080,000 | ' | ' | ' |
Thereafter | 10,800,000 | ' | ' | ' |
Total minimum obligations | 16,295,000 | ' | ' | ' |
Interest | 10,965,000 | ' | ' | ' |
Present value of net obligations | 5,330,000 | ' | ' | ' |
Capital Leases, Future Minimum Payments Due | 1,080,000 | ' | ' | ' |
Future sublease rentals | 1,100,000 | ' | ' | ' |
Term of capital lease sublease rentals | '10 years | ' | ' | ' |
Estimated annual operating expenses to be borne by the Company | $800,000 | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
2014 | $611,000 | ' | ' |
2015 | 224,000 | ' | ' |
2016 | 118,000 | ' | ' |
2017 | 120,000 | ' | ' |
2018 | 122,000 | ' | ' |
2019 | 51,000 | ' | ' |
Total | 1,246,000 | ' | ' |
Operating Leases, Rent Expense | $2,700,000 | $2,800,000 | $2,600,000 |
ShareholderDesignated_Contribu1
Shareholder-Designated Contribution Plan (Details) (USD $) | 12 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Contribution | |
Shareholder-Designated Contribution Plan [Abstract] | ' |
Shareholder-designated contribution | 2 |
Shareholder-designated contribution, diluted per share (in dollars per share) | $0.24 |
Initial contribution per registered share to Shareholder-designated charitable contribution program (in dollars per share) | $0.25 |
Expected expense related to Shareholder-designated charitable contribution program | $10.60 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Percentage of ownership (in hundredths) | 55.00% | ' | ' | ' |
GGCP Holdings LLC [Member] | Common Class B [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Ownership percentage of voting rights (in hundredths) | 93.00% | ' | ' | ' |
Percentage of ownership (in hundredths) | 72.00% | ' | ' | ' |
Entity controlled by members of the Chairman's family [Member] | ' | ' | ' | ' |
Capital Lease [Abstract] | ' | ' | ' | ' |
Area of lease space (in square feet) | 60,000 | ' | ' | ' |
LICT Corporation [Member] | ' | ' | ' | ' |
Capital Lease [Abstract] | ' | ' | ' | ' |
Area of lease space (in square feet) | 3,300 | ' | ' | ' |
Sublease rental base rate | $116,527 | $114,716 | $119,025 | ' |
Sublease rental base rate (in dollars per square foot) | 28 | ' | ' | ' |
Sublease rental rate for utilities and taxes on sublease property (in dollars per square foot) | 3 | ' | ' | ' |
Teton [Member] | ' | ' | ' | ' |
Capital Lease [Abstract] | ' | ' | ' | ' |
Area of lease space (in square feet) | 1,600 | ' | ' | ' |
Sublease rental base rate | 68,189 | 67,361 | 69,330 | ' |
Sublease rental base rate (in dollars per square foot) | 37.75 | ' | ' | ' |
Sublease rental rate for utilities and taxes on sublease property (in dollars per square foot) | 3 | ' | ' | ' |
MJG Associates, Inc [Member] | G B L [Member] | Advisory fees [Member] | ' | ' | ' | ' |
Investment Advisory Services [Abstract] | ' | ' | ' | ' |
Revenue from related parties | 10,000 | 10,000 | 10,000 | ' |
Manhattan Partners I, L.P [Member] | G B L [Member] | Management fee [Member] | ' | ' | ' | ' |
Investment Advisory Services [Abstract] | ' | ' | ' | ' |
Fees paid | 0 | 0 | 10,665 | ' |
Manhattan Partners I, L.P [Member] | G B L [Member] | Advisory fees [Member] | ' | ' | ' | ' |
Investment Advisory Services [Abstract] | ' | ' | ' | ' |
Revenue from related parties | 21,601 | 21,660 | 19,608 | ' |
S.W.A.N. Partners, LP [Member] | G B L [Member] | Advisory fees [Member] | ' | ' | ' | ' |
Investment Advisory Services [Abstract] | ' | ' | ' | ' |
Revenue from related parties | 32,740 | 35,649 | 36,466 | ' |
GSI [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Percentage of ownership (in hundredths) | 45.00% | ' | ' | ' |
GSI [Member] | Management fee [Member] | ' | ' | ' | ' |
Investment Advisory Services [Abstract] | ' | ' | ' | ' |
Revenue from related parties | ' | ' | ' | 45,928 |
Fees paid | ' | ' | ' | 15,680 |
GSI [Member] | Incentive fees from related party [Member] | ' | ' | ' | ' |
Investment Advisory Services [Abstract] | ' | ' | ' | ' |
Revenue from related parties | 31,217 | 0 | ' | 61,808 |
Fees paid | ' | ' | ' | 28,197 |
GSI [Member] | Gabelli Global Partners Ltd [Member] | Advisory fees [Member] | ' | ' | ' | ' |
Investment Advisory Services [Abstract] | ' | ' | ' | ' |
Due from Affiliates | 0 | 59,390 | ' | ' |
GSI [Member] | Gemini Capital Management, LLC [Member] | Management fee [Member] | ' | ' | ' | ' |
Investment Advisory Services [Abstract] | ' | ' | ' | ' |
Revenue from related parties | 148,909 | 80,761 | 45,668 | ' |
Gabelli International Gold Fund Limited [Member] | Management fee [Member] | ' | ' | ' | ' |
Investment Advisory Services [Abstract] | ' | ' | ' | ' |
Revenue from related parties | 13,478 | 23,192 | 32,203 | ' |
Due to Affiliate | 50,639 | 11,957 | ' | ' |
Gabelli International Gold Fund Limited [Member] | Incentive fees from related party [Member] | ' | ' | ' | ' |
Investment Advisory Services [Abstract] | ' | ' | ' | ' |
Revenue from related parties | 0 | 0 | 0 | 0 |
Gemini Capital Management, LLC [Member] | Gabelli Global Partners Ltd [Member] | Incentive fees from related party [Member] | ' | ' | ' | ' |
Investment Advisory Services [Abstract] | ' | ' | ' | ' |
Revenue from related parties | 15,018 | 0 | 0 | ' |
Gemini Capital Management, LLC [Member] | Gabelli Global Partners Ltd [Member] | Advisory fees [Member] | ' | ' | ' | ' |
Investment Advisory Services [Abstract] | ' | ' | ' | ' |
Due from Affiliates | 36,418 | 36,257 | ' | ' |
Gemini Capital Management, LLC [Member] | Gemini Capital Management, LLC [Member] | Management fee [Member] | ' | ' | ' | ' |
Investment Advisory Services [Abstract] | ' | ' | ' | ' |
Revenue from related parties | 76,776 | 76,548 | 88,904 | ' |
Affiliated funds [Member] | G B L [Member] | Advisory fees [Member] | ' | ' | ' | ' |
Investment Advisory Services [Abstract] | ' | ' | ' | ' |
Revenue from related parties | 900,000 | 1,000,000 | 1,400,000 | ' |
Affiliated funds [Member] | G.distributors, LLC [Member] | Advisory and distribution fees [Member] | ' | ' | ' | ' |
Investment Advisory Services [Abstract] | ' | ' | ' | ' |
Revenue from related parties | 37,200,000 | 30,200,000 | ' | ' |
Affiliated funds [Member] | G.distributors, LLC [Member] | Distribution fees [Member] | ' | ' | ' | ' |
Investment Advisory Services [Abstract] | ' | ' | ' | ' |
Revenue from related parties | $12,000 | $13,000 | $15,000 | ' |
Related_Party_Transactions_Inv
Related Party Transactions, Investments in Securities (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2006 | |
Investments in Securities [Abstract] | ' | ' | ' | ' |
Proprietary investment account | $81,000,000 | $85,000,000 | ' | ' |
Initial funding of proprietary account for a son of the Chairman | ' | ' | ' | 40,000,000 |
Increase in proprietary account managed by son of Chairman (in hundredths) | 41.90% | 14.30% | ' | ' |
Fees paid to son of Chairman on proprietary account | 1,500,000 | 230,000 | 0 | ' |
Investments in Partnerships [Abstract] | ' | ' | ' | ' |
Investment in affiliated partnerships and offshore funds | 82,000,000 | 83,900,000 | ' | ' |
Affiliated funds [Member] | ' | ' | ' | ' |
Investments in Securities [Abstract] | ' | ' | ' | ' |
Aggregate investment in funds | 253,900,000 | 254,000,000 | ' | ' |
Affiliated funds [Member] | Money Market Funds [Member] | ' | ' | ' | ' |
Investments in Securities [Abstract] | ' | ' | ' | ' |
Aggregate investment in funds | 209,800,000 | 190,400,000 | ' | ' |
Dividend income | 19,000 | 52,000 | 45,000 | ' |
Affiliated funds [Member] | Equity Funds [Member] | ' | ' | ' | ' |
Investments in Securities [Abstract] | ' | ' | ' | ' |
Distributions from investments in our own Equity Funds | 2,300,000 | 1,800,000 | 2,200,000 | ' |
Analyst or Portfolio Manager [Member] | ' | ' | ' | ' |
Investments in Securities [Abstract] | ' | ' | ' | ' |
Percentage of net profits earned on fund performance (in hundredths) | 20.00% | ' | ' | ' |
Hurdle rate percentage (in hundredths) | 5.00% | ' | ' | ' |
Transferred from the proprietary account to the proprietary fund | $2,000,000 | $2,000,000 | ' | ' |
Related_Party_Transactions_Com
Related Party Transactions, Compensation and Other (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | 31-May-06 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Significant Shareholder [Member] | Significant Shareholder [Member] | G G C P [Member] | G G C P [Member] | G G C P [Member] | GBL and Teton [Member] | GBL and Teton [Member] | GBL and Teton [Member] | ||||
Common Class A [Member] | Common Class B [Member] | ||||||||||
Compensation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage payout of revenues or net operating contribution to the portfolio managers and marketing staff who introduce, service or generate private wealth management business (in hundredths) | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares included in the Exchange and Standstill agreement (in shares) | ' | ' | ' | 1,725,974 | 2,071,635 | ' | ' | ' | ' | ' | ' |
Variable costs incurred on use of aircraft | ' | ' | ' | ' | ' | $483,000 | $450,000 | $586,000 | ' | ' | ' |
Institutional research services | 800,000 | 3,000,000 | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Flat sub-administration agreement percentage on mutual funds (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% |
Administration fees percentage on first tier of net assets (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | ' | ' |
First tier net assets maximum | ' | ' | ' | ' | ' | ' | ' | ' | 370,000,000 | ' | ' |
Administration fees percentage on second tier of net assets (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 0.12% | ' | ' |
Second tier net assets maximum | ' | ' | ' | ' | ' | ' | ' | ' | 630,000,000 | ' | ' |
Administration fees percentage on third tier of net assets (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 0.10% | ' | ' |
Third tier net assets minimum | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' |
Various administrative services monthly fee | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | 15,000 | 15,000 |
Administrative and management services | ' | ' | ' | ' | ' | ' | ' | ' | $1,800,000 | $1,500,000 | $1,500,000 |
Financial_Requirements_Details
Financial Requirements (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
USD ($) | GBP (£) | USD ($) | GBP (£) | |
Financial Requirements [Abstract] | ' | ' | ' | ' |
Minimum capital requirement | $250,000 | ' | ' | ' |
Own funds | 816,000 | 495,000 | 621,000 | 384,000 |
Own Funds requirement | $373,000 | £ 226,000 | $320,000 | £ 198,000 |
Profit_Sharing_Plan_and_Incent1
Profit Sharing Plan and Incentive Savings Plan (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' |
Accrued contributions | $18,000 | $52,000 | $13,000 |
Goodwill_and_Identifiable_Inta1
Goodwill and Identifiable Intangible Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 |
GSI [Member] | G.distributors, LLC [Member] | G.distributors, LLC [Member] | |||
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill | $3,500,000 | $3,500,000 | $3,300,000 | $200,000 | $213,000 |
Identifiable Intangible Asset | $1,900,000 | $1,900,000 | ' | ' | ' |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $122,714 | $96,377 | $92,290 | $86,181 | $99,277 | $82,231 | $81,024 | $81,749 | $397,562 | $344,281 | ' |
Operating income | 47,173 | 32,728 | 31,784 | 30,727 | 24,739 | 29,012 | 30,367 | 27,012 | 142,412 | 111,130 | 113,294 |
Net income attributable to GAMCO Investors, Inc.'s shareholders | $33,317 | $33,098 | $27,893 | $22,545 | $17,594 | $19,004 | $15,105 | $23,836 | $116,853 | $75,539 | ' |
Net income attributable to GAMCO Investors, Inc.'s shareholders per share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $1.30 | $1.29 | $1.09 | $0.88 | $0.67 | $0.72 | $0.58 | $0.90 | $4.56 | $2.87 | ' |
Diluted (in dollars per share) | $1.29 | $1.29 | $1.09 | $0.88 | $0.67 | $0.72 | $0.57 | $0.90 | $4.54 | $2.86 | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 177 Months Ended | 3 Months Ended | 0 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Quarterly Dividend [Member] | |||||
Repurchase of Common Stock [Member] | Restricted Stock [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
RSAs granted (in shares) | ' | ' | ' | ' | ' | ' | 2,100 | ' |
Restricted stock award shares approved grant date fair value (in dollars per share) | ' | ' | ' | ' | ' | ' | $81.99 | ' |
Percentage stock based compensation expense recognize over three years vesting period (in hundredths) | 30.00% | ' | ' | ' | ' | ' | 60.00% | ' |
Stock based compensation expense recognize over five years vesting period | 70.00% | ' | ' | ' | ' | ' | 40.00% | ' |
Vesting Period For Recognition Of 60 Percent Of Stock Based Compensation Expense | ' | ' | ' | ' | ' | ' | '3 years | ' |
Vesting period for recognition of 40 percent of stock based compensation expense | ' | ' | ' | ' | ' | ' | '5 years | ' |
Dividends declared (in dollars per share) | $0.72 | $2.88 | $1.15 | ' | ' | ' | ' | $0.06 |
Dividends declared date | ' | ' | ' | ' | ' | ' | ' | 4-Feb-14 |
Dividends payable date | ' | ' | ' | ' | ' | ' | ' | 25-Mar-14 |
Dividends record date | ' | ' | ' | ' | ' | ' | ' | 11-Mar-14 |
Stock repurchased (in shares) | ' | ' | ' | ' | 69,594 | ' | ' | ' |
Average price per share of repurchased shares (in dollars per share) | $64.41 | $48.25 | $45.24 | $42.25 | $78.32 | ' | ' | ' |
Remaining shares authorized to be repurchased, subsequent events (in shares) | 923,215 | ' | ' | 923,215 | ' | 853,621 | ' | ' |