Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Sep. 30, 2014 | Oct. 31, 2014 | Oct. 31, 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 | ' | 6,540,443 | 19,279,260 |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME UNAUDITED (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues | ' | ' | ' | ' |
Investment advisory and incentive fees | $92,591 | $80,438 | $270,544 | $230,488 |
Distribution fees and other income | 15,727 | 13,545 | 46,367 | 37,420 |
Institutional research services | 2,540 | 2,394 | 6,720 | 6,940 |
Total revenues | 110,858 | 96,377 | 323,631 | 274,848 |
Expenses | ' | ' | ' | ' |
Compensation | 43,316 | 39,803 | 131,258 | 113,214 |
Management fee | 3,756 | 5,629 | 13,628 | 14,455 |
Distribution costs | 15,101 | 12,769 | 44,087 | 35,650 |
Other operating expenses | 5,099 | 5,448 | 17,036 | 16,290 |
Total expenses | 67,272 | 63,649 | 206,009 | 179,609 |
Operating income | 43,586 | 32,728 | 117,622 | 95,239 |
Other income (expense) | ' | ' | ' | ' |
Net gain from investments | -9,086 | 19,334 | 7,602 | 43,766 |
Interest and dividend income | 1,084 | 1,134 | 3,557 | 4,986 |
Interest expense | -1,987 | -2,164 | -6,000 | -8,448 |
Shareholder-designated contribution | 0 | -313 | -134 | -5,313 |
Total other income, net | -9,989 | 17,991 | 5,025 | 34,991 |
Income before income taxes | 33,597 | 50,719 | 122,647 | 130,230 |
Income tax provision | 13,045 | 17,515 | 44,796 | 46,434 |
Net income | 20,552 | 33,204 | 77,851 | 83,796 |
Net income attributable to noncontrolling interests | -3,113 | 106 | -2,718 | 260 |
Net income attributable to GAMCO Investors, Inc.'s shareholders | $23,665 | $33,098 | $80,569 | $83,536 |
Net income attributable to GAMCO Investors, Inc.'s shareholders | ' | ' | ' | ' |
Basic (in dollars per share) | $0.94 | $1.29 | $3.17 | $3.25 |
Diluted (in dollars per share) | $0.93 | $1.29 | $3.15 | $3.25 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 25,296 | 25,625 | 25,385 | 25,682 |
Diluted (in shares) | 25,517 | 25,700 | 25,595 | 25,717 |
Dividends declared: (in dollars per share) | $0.06 | $0.06 | $0.18 | $0.16 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $20,552 | $33,204 | $77,851 | $83,796 |
Other comprehensive income, net of tax | ' | ' | ' | ' |
Foreign currency translation | -45 | 49 | -15 | 1 |
Net unrealized gains on securities available for sale, net of tax | -2,407 | -2,170 | -6,832 | -3,030 |
Other comprehensive income | -2,452 | -2,121 | -6,847 | -3,029 |
Comprehensive income | 18,100 | 31,083 | 71,004 | 80,767 |
Less: Comprehensive income attributable to noncontrolling interests | 3,113 | -106 | 2,718 | -260 |
Comprehensive income attributable to GAMCO Investors, Inc. | $21,213 | $30,977 | $73,722 | $80,507 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net unrealized gains on securities available for sale, income tax | ($1,414) | ($1,274) | ($4,013) | ($1,780) |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION UNAUDITED (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
ASSETS | ' | ' | ' |
Cash and cash equivalents | $358,421 | $210,451 | $245,411 |
Investments in securities | 254,630 | 231,228 | 237,744 |
Investments in sponsored registered investment companies | 39,520 | 44,042 | 43,688 |
Investments in partnerships | 107,434 | 95,992 | 97,752 |
Receivable from brokers | 79,885 | 49,461 | 43,854 |
Investment advisory fees receivable | 31,155 | 51,506 | 31,151 |
Income tax receivable | 2,433 | 445 | 433 |
Other assets | 25,282 | 26,360 | 34,589 |
Total assets | 898,760 | 709,485 | 734,622 |
Liabilities and Equity | ' | ' | ' |
Payable to brokers | 46,790 | 10,765 | 14,675 |
Income taxes payable and deferred tax liabilities | 27,412 | 39,846 | 28,726 |
Capital lease obligation | 5,272 | 5,323 | 5,331 |
Compensation payable | 93,535 | 34,663 | 86,174 |
Securities sold, not yet purchased | 14,180 | 6,178 | 7,725 |
Mandatorily redeemable noncontrolling interests | 1,304 | 1,355 | 1,327 |
Accrued expenses and other liabilities | 31,007 | 32,511 | 28,906 |
Sub-total | 219,500 | 130,641 | 172,864 |
5.5% Senior notes (due May 15, 2013) | 0 | 0 | 0 |
5.875% Senior notes (due June 1, 2021) | 100,000 | 100,000 | 100,000 |
Zero coupon subordinated debentures, Face value: $21.7 million at June 30, 2013 and December 31, 2012 and $86.3 million at June 30, 2012 (due December 31, 2015) | 11,941 | 11,911 | 17,347 |
Total liabilities | 331,441 | 242,552 | 290,211 |
Redeemable noncontrolling interests | 56,086 | 6,751 | 5,765 |
Commitments and contingencies (Note J) | ' | ' | ' |
GAMCO Investors, Inc. stockholders' equity | ' | ' | ' |
Preferred Stock | ' | ' | ' |
Additional paid-in capital | 289,664 | 282,496 | 281,194 |
Retained earnings | 582,357 | 506,441 | 487,702 |
Accumulated other comprehensive income | 23,392 | 30,239 | 23,271 |
Total GAMCO Investors, Inc. stockholders' equity | 508,494 | 457,331 | 435,857 |
Noncontrolling interests | 2,739 | 2,851 | 2,789 |
Total equity | 511,233 | 460,182 | 438,646 |
Total liabilities and equity | 898,760 | 709,485 | 734,622 |
Class A [Member] | ' | ' | ' |
GAMCO Investors, Inc. stockholders' equity | ' | ' | ' |
Common Stock | 14 | 14 | 14 |
Treasury stock, at cost (8,118,237, 8,081,561 and 7,167,981 shares, respectively) | -386,952 | -361,878 | -356,343 |
Class B [Member] | ' | ' | ' |
GAMCO Investors, Inc. stockholders' equity | ' | ' | ' |
Common Stock | $19 | $19 | $19 |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION UNAUDITED (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Millions, except Share data, unless otherwise specified | |||
Liabilities and Equity | ' | ' | ' |
Zero coupon subordinated debentures, face value | $13.10 | $13.80 | $20.50 |
GAMCO Investors, Inc. stockholders equity | ' | ' | ' |
Preferred Stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 |
Preferred Stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 |
Common Stock, outstanding (in shares) | 25,900,000 | 26,100,000 | 26,000,000 |
Class A [Member] | ' | ' | ' |
GAMCO Investors, Inc. stockholders equity | ' | ' | ' |
Common Stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 |
Common Stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 |
Common Stock, issued (in shares) | 15,230,433 | 15,012,719 | 14,833,469 |
Common Stock, outstanding (in shares) | 6,599,982 | 6,701,930 | 6,592,649 |
Treasury stock, shares (in shares) | 8,630,451 | 8,310,789 | 8,240,820 |
Class B [Member] | ' | ' | ' |
GAMCO Investors, Inc. stockholders equity | ' | ' | ' |
Common Stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 |
Common Stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 |
Common Stock, issued (in shares) | 24,000,000 | 24,000,000 | 24,000,000 |
Common Stock, outstanding (in shares) | 19,279,260 | 19,384,174 | 19,424,174 |
CONDENSED_CONSOLIDATED_STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED (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, 2012 | $3,326 | $33 | $280,089 | $408,295 | $26,300 | ($347,109) | $370,934 | $17,362 |
Redemptions of redeemable noncontrolling interests | -524 | 0 | 0 | 0 | 0 | 0 | -524 | -15,356 |
Contributions from redeemable noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,486 |
Net income | -13 | 0 | 0 | 83,536 | 0 | 0 | 83,523 | 273 |
Net unrealized gains on securities available for sale, net of tax | 0 | 0 | 0 | 0 | 9,331 | 0 | 9,331 | 0 |
Foreign currency translation | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 0 |
Dividends declared | 0 | 0 | 0 | -4,129 | 0 | 0 | -4,129 | 0 |
Stock based compensation expense | 0 | 0 | 770 | 0 | 0 | 0 | 770 | 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 | -9,234 | -9,234 | 0 |
Balance at Sep. 30, 2013 | 2,789 | 33 | 281,194 | 487,702 | 23,271 | -356,343 | 438,646 | 5,765 |
Balance at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reclassed out of accumulated other comprehensve income, net of income tax benefit | 0 | 0 | 0 | 0 | -12,361 | 0 | -12,361 | 0 |
Income tax effect of transaction with shareholders | 0 | 0 | 243 | 0 | 0 | 0 | 243 | 0 |
Foreign currency translation | ' | ' | ' | ' | ' | ' | 49 | ' |
Balance at Sep. 30, 2013 | 2,789 | 33 | 281,194 | 487,702 | 23,271 | -356,343 | 438,646 | 5,765 |
Balance at Dec. 31, 2013 | 2,851 | 33 | 282,496 | 506,441 | 30,239 | -361,878 | 460,182 | 6,751 |
Redemptions of redeemable noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1,666 |
Contributions from redeemable noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 53,607 |
Net income | -112 | 0 | 0 | 80,569 | 0 | 0 | 80,457 | -2,606 |
Net unrealized gains on securities available for sale, net of tax | 0 | 0 | 0 | 0 | -2,371 | 0 | -2,371 | 0 |
Amount reclassed out of accumulated other comprehensve income, net of income tax benefit | 0 | 0 | 0 | 0 | -4,461 | 0 | -4,461 | 0 |
Foreign currency translation | 0 | 0 | 0 | 0 | -15 | 0 | -15 | 0 |
Dividends declared | 0 | 0 | 0 | -4,653 | 0 | 0 | -4,653 | 0 |
Stock based compensation expense | 0 | 0 | 5,182 | 0 | 0 | 0 | 5,182 | 0 |
Exercise of stock options including tax benefit | 0 | 0 | 1,986 | 0 | 0 | 0 | 1,986 | 0 |
Purchase of treasury stock | 0 | 0 | 0 | 0 | 0 | -25,074 | -25,074 | 0 |
Balance at Sep. 30, 2014 | $2,739 | $33 | $289,664 | $582,357 | $23,392 | ($386,952) | $511,233 | $56,086 |
CONDENSED_CONSOLIDATED_STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Consolidated Statements of Equity [Abstract] | ' | ' |
Net unrealized gains on securities available for sale, income tax | $1,393 | $5,479 |
Amounts reclassed from accumulated other comprehensive income, income tax benefit | $2,620 | $7,259 |
Dividends declared (in dollars per share) | $0.18 | $0.16 |
CONDENSED_CONSOLIDATED_STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Operating activities | ' | ' |
Net income | $77,851,000 | $83,796,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Equity in net gains from partnerships | -572,000 | -1,211,000 |
Depreciation and amortization | 507,000 | 605,000 |
Stock based compensation expense | 5,182,000 | 770,000 |
Deferred income taxes | -3,472,000 | 1,495,000 |
Tax benefit from exercise of stock options | 349,000 | 16,000 |
Foreign currency translation gain/(loss) | -15,000 | 1,000 |
Other-than-temporary loss on available for sale securities | 69,000 | 14,000 |
Fair value of donated securities | 1,502,000 | 1,880,000 |
Gains on sales of available for sale securities | -3,511,000 | -16,191,000 |
Accretion of zero coupon debentures | 661,000 | 964,000 |
Loss on extinguishment of debt | 84,000 | 137,000 |
(Increase) decrease in assets: | ' | ' |
Investments in trading securities | -22,376,000 | -11,730,000 |
Investments in partnerships: | ' | ' |
Contributions to partnerships | -15,698,000 | -10,124,000 |
Distributions from partnerships | 4,828,000 | 11,134,000 |
Receivable from brokers | -30,424,000 | 6,801,000 |
Investment advisory fees receivable | 20,351,000 | 11,278,000 |
Income tax receivable and deferred tax assets | -1,988,000 | 584,000 |
Other assets | 563,000 | -7,436,000 |
Increase (decrease) in liabilities: | ' | ' |
Payable to brokers | 36,026,000 | 329,000 |
Income taxes payable and deferred tax liabilities | -4,950,000 | 3,613,000 |
Compensation payable | 58,873,000 | 75,639,000 |
Mandatorily redeemable noncontrolling interests | -51,000 | -15,000 |
Accrued expenses and other liabilities | -1,639,000 | 3,144,000 |
Total adjustments | 44,299,000 | 71,697,000 |
Net cash provided by operating activities | 122,150,000 | 155,493,000 |
Investing activities | ' | ' |
Purchases of available for sale securities | -6,252,000 | -8,427,000 |
Proceeds from sales of available for sale securities | 8,018,000 | 32,422,000 |
Return of capital on available for sale securities | 827,000 | 1,094,000 |
Net cash provided by investing activities | 2,593,000 | 25,089,000 |
Financing activities | ' | ' |
Contributions from redeemable noncontrolling interests | 53,607,000 | 3,486,000 |
Redemptions of redeemable noncontrolling interests | -1,666,000 | -15,356,000 |
Repayments of Senior Debt, Total | 0 | -99,000,000 |
Payments to Noncontrolling Interests | 0 | -524,000 |
Proceeds from exercise of stock options | 1,637,000 | 76,000 |
Repurchase of zero coupon subordinated debentures | -715,000 | -1,119,000 |
Dividends paid | -4,567,000 | -4,108,000 |
Purchase of treasury stock | -25,074,000 | -9,234,000 |
Net cash provided used in financing activities | 23,222,000 | -125,779,000 |
Effect of exchange rates on cash and cash equivalents | 5,000 | 0 |
Net increase in cash and cash equivalents | 147,970,000 | 54,803,000 |
Cash and cash equivalents at beginning of period | 210,451,000 | 190,608,000 |
Cash and cash equivalents at end of period | 358,421,000 | 245,411,000 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid for interest | 3,847,000 | 6,607,000 |
Cash paid for taxes | $52,956,000 | $40,500,000 |
CONDENSED_CONSOLIDATED_STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Non-cash activity: | ' | ' |
Accrued restricted stock award dividends | $86 | $21 |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Significant Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
A. Significant Accounting Policies | |
Basis of Presentation | |
Unless we have indicated otherwise, or the context otherwise requires, references in this report to "GAMCO Investors, Inc.," "GAMCO," "the Company," "GBL," "we," "us" and "our" or similar terms are to GAMCO Investors, Inc., its predecessors and its subsidiaries. | |
The unaudited interim condensed consolidated financial statements of GAMCO included herein have been prepared in conformity with generally accepted accounting principles ("GAAP") in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP in the United States for complete financial statements. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of financial position, results of operations and cash flows of GAMCO for the interim periods presented and are not necessarily indicative of a full year's results. | |
The condensed consolidated financial statements include the accounts of GAMCO and its subsidiaries. Intercompany accounts and transactions are eliminated. | |
These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013 from which the accompanying condensed consolidated financial statements were derived. | |
Use of Estimates | |
The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported on the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |
Recent Accounting Developments | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers," which supersedes the revenue recognition requirements in the Accounting Standards Codification ("Codification") Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The core principle of the new ASU No. 2014-09 is for companies to recognize revenue from the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. The ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods and is to be retrospectively applied. Early adoption is not permitted. The Company is currently evaluating this guidance and the impact it will have on its condensed consolidated financial statements. | |
In June 2014, the FASB issued an accounting update clarifying that entities should treat performance targets that could be met after the requisite service period of a share-based payment award as performance conditions that affect vesting. Therefore, an entity would not record compensation expense (measured as of the grant date) for an award where transfer to the employee is contingent upon satisfaction of the performance target until it becomes probable that the performance target will be met. The guidance is effective for the Company beginning January 1, 2016. Early adoption is permitted. This guidance is not expected to have a material impact on the Company's condensed consolidated financial statements. | |
Investment_in_Securities
Investment in Securities | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||
Investment in Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Investment in Securities | ' | ||||||||||||||||||||||||||||||||||||
B. Investment in Securities | |||||||||||||||||||||||||||||||||||||
Investments in securities at September 30, 2014, December 31, 2013 and September 30, 2013 consisted of the following: | |||||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-13 | |||||||||||||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||||||||||||||||
Government obligations | $ | 20,995 | $ | 20,999 | $ | 37,986 | $ | 37,994 | $ | 20,993 | $ | 21,000 | |||||||||||||||||||||||||
Common stocks | 167,714 | 190,939 | 96,225 | 124,634 | 143,731 | 166,443 | |||||||||||||||||||||||||||||||
Mutual funds | 2,416 | 3,373 | 21,074 | 23,285 | 11,073 | 12,010 | |||||||||||||||||||||||||||||||
Other investments | 753 | 1,550 | 287 | 582 | 406 | 419 | |||||||||||||||||||||||||||||||
Total trading securities | 191,878 | 216,861 | 155,572 | 186,495 | 176,203 | 199,872 | |||||||||||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||||||||||||||
Common stocks | 14,228 | 36,380 | 13,389 | 43,046 | 16,372 | 36,297 | |||||||||||||||||||||||||||||||
Mutual funds | 681 | 1,389 | 843 | 1,687 | 843 | 1,575 | |||||||||||||||||||||||||||||||
Total available for sale securities | 14,909 | 37,769 | 14,232 | 44,733 | 17,215 | 37,872 | |||||||||||||||||||||||||||||||
Total investments in securities | $ | 206,787 | $ | 254,630 | $ | 169,804 | $ | 231,228 | $ | 193,418 | $ | 237,744 | |||||||||||||||||||||||||
Securities sold, not yet purchased at September 30, 2014, December 31, 2013 and September 30, 2013 consisted of the following: | |||||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-13 | |||||||||||||||||||||||||||||||||||
Proceeds | Fair Value | Proceeds | Fair Value | Proceeds | Fair Value | ||||||||||||||||||||||||||||||||
Trading securities: | (In thousands) | ||||||||||||||||||||||||||||||||||||
Common stocks | $ | 11,699 | $ | 13,514 | $ | 5,319 | $ | 6,023 | $ | 6,411 | $ | 7,003 | |||||||||||||||||||||||||
Other investments | 71 | 666 | - | 155 | 526 | 722 | |||||||||||||||||||||||||||||||
Total securities sold, not yet purchased | $ | 11,770 | $ | 14,180 | $ | 5,319 | $ | 6,178 | $ | 6,937 | $ | 7,725 | |||||||||||||||||||||||||
Investments in sponsored registered investment companies at September 30, 2014, December 31,2013 and September 30, 2013 consisted of the following: | |||||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-13 | |||||||||||||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||||||||||||||||
Mutual funds | $ | 1 | $ | 1 | $ | 19 | $ | 10 | $ | 19 | $ | 12 | |||||||||||||||||||||||||
Total trading securities | 1 | 1 | 19 | 10 | 19 | 12 | |||||||||||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||||||||||||||
Closed-end funds | 21,819 | 36,142 | 23,100 | 40,624 | 23,850 | 40,272 | |||||||||||||||||||||||||||||||
Mutual funds | 1,922 | 3,377 | 1,951 | 3,408 | 2,031 | 3,404 | |||||||||||||||||||||||||||||||
Total available for sale securities | 23,741 | 39,519 | 25,051 | 44,032 | 25,881 | 43,676 | |||||||||||||||||||||||||||||||
Total investments in sponsored | |||||||||||||||||||||||||||||||||||||
registered investment companies | $ | 23,742 | $ | 39,520 | $ | 25,070 | $ | 44,042 | $ | 25,900 | $ | 43,688 | |||||||||||||||||||||||||
Management determines the appropriate classification of debt and equity securities at the time of purchase and reevaluates such designation as of the date of each statement of financial condition. Investments in United States Treasury Bills and Notes with maturities of greater than three months at the time of purchase are classified as investments in securities, and those with maturities of three months or less at the time of purchase are classified as cash equivalents. The portion of investments in securities held for resale in anticipation of short-term market movements are classified as trading securities. Trading securities are stated at fair value, with any unrealized gains or losses reported in current period earnings. Available for sale ("AFS") investments are stated at fair value, with any unrealized gains or losses, net of taxes, reported as a component of equity except for losses deemed to be other than temporary ("OTT") which are recorded as realized losses in the condensed consolidated statements of income. | |||||||||||||||||||||||||||||||||||||
The following table identifies all reclassifications out of accumulated other comprehensive income ("AOCI") into income for the three and nine months ended September 30, 2014 and 2013 (in thousands): | |||||||||||||||||||||||||||||||||||||
Amount | Affected Line Items | Reason for | |||||||||||||||||||||||||||||||||||
Reclassified | in the Statements | Reclassification | |||||||||||||||||||||||||||||||||||
from AOCI | Of Income | from AOCI | |||||||||||||||||||||||||||||||||||
Three months ended September 30, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
$ | 348 | $ | 5,745 | Net gain/(loss) from investments | Realized gain on sale of AFS securities | ||||||||||||||||||||||||||||||||
- | 3,112 | Other operating expenses/net gain from investments | Realized gain on donation of AFS securities | ||||||||||||||||||||||||||||||||||
348 | 8,857 | Income before income taxes | |||||||||||||||||||||||||||||||||||
(129 | ) | (3,277 | ) | Income tax provision | |||||||||||||||||||||||||||||||||
$ | 219 | $ | 5,580 | Net income | |||||||||||||||||||||||||||||||||
Amount | Affected Line Items | Reason for | |||||||||||||||||||||||||||||||||||
Reclassified | in the Statements | Reclassification | |||||||||||||||||||||||||||||||||||
from AOCI | Of Income | from AOCI | |||||||||||||||||||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
$ | 3,511 | $ | 16,191 | Net gain/(loss) from investments | Realized gain on sale of AFS securities | ||||||||||||||||||||||||||||||||
3,639 | 3,443 | Other operating expenses/net gain from investments | Realized gain on donation of AFS securities | ||||||||||||||||||||||||||||||||||
(69 | ) | (14 | ) | Net gain/(loss) from investments | OTT impairment of AFS securities | ||||||||||||||||||||||||||||||||
7,081 | 19,620 | Income before income taxes | |||||||||||||||||||||||||||||||||||
(2,620 | ) | (7,259 | ) | Income tax provision | |||||||||||||||||||||||||||||||||
$ | 4,461 | $ | 12,361 | Net income | |||||||||||||||||||||||||||||||||
The Company recognizes all derivatives as either assets or liabilities measured at fair value and includes them in either investments in securities or securities sold, not yet purchased on the condensed consolidated statements of financial condition. From time to time, the Company and/or the partnerships and offshore funds that the Company consolidates will enter into hedging transactions to manage their exposure to foreign currencies and equity prices related to their proprietary investments. For the three months ended September 30, 2014 and 2013, the Company had transactions in equity derivatives which resulted in net gains of $661,000 and $191,000, respectively. For the nine months ended September 30, 2014 and 2013, the Company had transactions in equity derivatives which resulted in net gains of $591,000 and $471,000, respectively. At September 30, 2014, December 31, 2013 and September 30, 2013, we held derivative contracts on 2.3 million equity shares, 1.3 million equity shares and 1.6 million equity shares, respectively, and the fair value was $134,000, $120,000 and ($143,000), respectively; these are included in investments in securities in the condensed consolidated statements of financial condition. These transactions are not designated as hedges for accounting purposes, and therefore changes in fair values of these derivatives are included in net gain/(loss) from investments in the condensed consolidated statements of income. | |||||||||||||||||||||||||||||||||||||
The Company is a party to enforceable master netting arrangements for swaps entered into as part of the investment strategy of the Company's proprietary portfolio. 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 Condition | |||||||||||||||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | |||||||||||||||||||||||||||||||||||
Amounts of | Offset in the | Assets Presented | |||||||||||||||||||||||||||||||||||
Recognized | Statements of | in the Statements of | Financial | Cash Collateral | |||||||||||||||||||||||||||||||||
Assets | Financial Condition | Financial Condition | Instruments | Received | Net Amount | ||||||||||||||||||||||||||||||||
Swaps: | (in thousands) | ||||||||||||||||||||||||||||||||||||
30-Sep-14 | $ | 800 | $ | - | $ | 800 | $ | (657 | ) | $ | - | $ | 143 | ||||||||||||||||||||||||
31-Dec-13 | 275 | - | 275 | (155 | ) | - | 120 | ||||||||||||||||||||||||||||||
30-Sep-13 | $ | 101 | $ | - | $ | 101 | $ | (101 | ) | $ | - | $ | - | ||||||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||||||||||||||
Statements of Financial Condition | |||||||||||||||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | |||||||||||||||||||||||||||||||||||
Amounts of | Offset in the | Liabilities Presented | |||||||||||||||||||||||||||||||||||
Recognized | Statements of | in the Statements of | Financial | Cash Collateral | |||||||||||||||||||||||||||||||||
Liabilities | Financial Condition | Financial Condition | Instruments | Pledged | Net Amount | ||||||||||||||||||||||||||||||||
Swaps: | (in thousands) | ||||||||||||||||||||||||||||||||||||
30-Sep-14 | $ | 657 | $ | - | $ | 657 | $ | (657 | ) | $ | - | $ | - | ||||||||||||||||||||||||
31-Dec-13 | 155 | - | 155 | (155 | ) | - | - | ||||||||||||||||||||||||||||||
30-Sep-13 | $ | 135 | $ | - | $ | 135 | $ | (101 | ) | $ | - | $ | 34 | ||||||||||||||||||||||||
The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available for sale investments as of September 30, 2014, December 31, 2013 and September 30, 2013: | |||||||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Common stocks | $ | 14,228 | $ | 22,152 | $ | - | $ | 36,380 | |||||||||||||||||||||||||||||
Closed-end Funds | 21,819 | 14,325 | (2 | ) | 36,142 | ||||||||||||||||||||||||||||||||
Mutual funds | 2,603 | 2,163 | - | 4,766 | |||||||||||||||||||||||||||||||||
Total available for sale securities | $ | 38,650 | $ | 38,640 | $ | (2 | ) | $ | 77,288 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Common stocks | $ | 16,372 | $ | 19,925 | $ | - | $ | 36,297 | |||||||||||||||||||||||||||||
Closed-end Funds | 23,850 | 16,545 | (123 | ) | 40,272 | ||||||||||||||||||||||||||||||||
Mutual funds | 2,874 | 2,141 | (36 | ) | 4,979 | ||||||||||||||||||||||||||||||||
Total available for sale securities | $ | 43,096 | $ | 38,611 | $ | (159 | ) | $ | 81,548 | ||||||||||||||||||||||||||||
Unrealized changes in fair value, net of taxes, for the three months ended September 30, 2014 and September 30, 2013 of $2.4 million in losses and $2.2 million in losses, respectively, have been included in other comprehensive income, a component of equity, at September 30, 2014 and September 30, 2013. Return of capital on available for sale securities was $0.3 million and $0.5 million for the three months ended September 30, 2014 and September 30, 2013, respectively. Proceeds from sales of investments available for sale were approximately $1.5 million and $10.4 million for the three months ended September 30, 2014 and September 30, 2013, respectively. For the three months ended September 30, 2014 and September 30, 2013, gross gains on the sale of investments available for sale amounted to $0.3 million and $5.7 million, respectively, and were reclassified from other comprehensive income into net gain from investments in the condensed consolidated statements of income. There were no losses on the sale of investments available for sale for the three months ended September 30, 2014 or September 30, 2013. Unrealized changes in fair value, net of taxes, for the nine months ended September 30, 2014 and September 30, 2013 of $6.8 million in losses and $3.0 million in losses, respectively, have been included in other comprehensive income, a component of equity, at September 30, 2014 and September 30, 2013. Return of capital on available for sale securities was $0.8 million and $1.1 million for the nine months ended September 30, 2014 and September 30, 2013, respectively. Proceeds from sales of investments available for sale were approximately $8.0 million and $32.4 million for the nine months ended September 30, 2014 and September 30, 2013, respectively. For the nine months ended September 30, 2014 and September 30, 2013, gross gains on the sale of investments available for sale amounted to $3.5 million and $16.2 million, respectively, and were reclassified from other comprehensive income into net gain from investments in the condensed consolidated statements of income. There were no losses on the sale of investments available for sale for the nine months ended September 30, 2014 or September 30, 2013.The basis on which the cost of a security sold is determined using specific identification. | |||||||||||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-13 | |||||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||||||||||||||
Cost | Losses | Fair Value | Cost | Losses | Fair Value | Cost | Losses | Fair Value | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Cosed-end funds | $ | 79 | $ | (2 | ) | $ | 77 | $ | 912 | $ | (130 | ) | $ | 782 | $ | 941 | $ | (123 | ) | $ | 818 | ||||||||||||||||
Mutual Funds | - | - | - | 303 | (24 | ) | 279 | 365 | (36 | ) | 329 | ||||||||||||||||||||||||||
Total | $ | 79 | $ | (2 | ) | $ | 77 | $ | 1,215 | $ | (154 | ) | $ | 1,061 | $ | 1,306 | $ | (159 | ) | $ | 1,147 | ||||||||||||||||
At September 30, 2014, 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 September 30, 2014 was a closed-end fund with diversified holdings across multiple companies and across multiple industries. The one holding was impaired for one month at September 30, 2014. The value of this holding at September 30, 2014 was $0.1 million. | |||||||||||||||||||||||||||||||||||||
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 open-end 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. | |||||||||||||||||||||||||||||||||||||
At September 30, 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 September 30, 2013 were open- and closed-end funds with diversified holdings across multiple companies and across multiple industries. All holdings were impaired for four months at September 30, 2013. The value of these holdings at September 30, 2013 was $1.1 million. | |||||||||||||||||||||||||||||||||||||
There were no losses on AFS securities for the three months ended September 30, 2014 or September 30, 2013. For the nine months ended September 30, 2014 and September 30, 2013, there were $69,000 and $14,000 of losses, respectively, on available for sale securities deemed to be other than temporary and a loss has been recorded in net gain from investments. |
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||
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 September 30, 2014, December 31, 2013 and September 30, 2013 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 September 30, 2014 (in thousands) | |||||||||||||||||||||||||||||||||||||
Quoted Prices in Active | Significant Other | Significant | Balance as of | ||||||||||||||||||||||||||||||||||
Markets for Identical | Observable | Unobservable | September 30, | ||||||||||||||||||||||||||||||||||
Assets | Assets (Level 1) | Inputs (Level 2) | Inputs (Level 3) | 2014 | |||||||||||||||||||||||||||||||||
Cash equivalents | $ | 358,210 | $ | - | $ | - | $ | 358,210 | |||||||||||||||||||||||||||||
Investments in partnerships | - | 24,094 | - | 24,094 | |||||||||||||||||||||||||||||||||
Investments in securities: | |||||||||||||||||||||||||||||||||||||
AFS - Common stocks | 36,380 | - | - | 36,380 | |||||||||||||||||||||||||||||||||
AFS - Mutual funds | 1,389 | - | - | 1,389 | |||||||||||||||||||||||||||||||||
Trading - Gov't obligations | 20,999 | - | - | 20,999 | |||||||||||||||||||||||||||||||||
Trading - Common stocks | 190,215 | - | 724 | 190,939 | |||||||||||||||||||||||||||||||||
Trading - Mutual funds | 3,373 | - | - | 3,373 | |||||||||||||||||||||||||||||||||
Trading - Other | 453 | 803 | 294 | 1,550 | |||||||||||||||||||||||||||||||||
Total investments in securities | 252,809 | 803 | 1,018 | 254,630 | |||||||||||||||||||||||||||||||||
Investments in sponsored registered investment companies: | |||||||||||||||||||||||||||||||||||||
AFS - Closed-end Funds | 36,142 | - | - | 36,142 | |||||||||||||||||||||||||||||||||
AFS - Mutual Funds | 3,377 | - | - | 3,377 | |||||||||||||||||||||||||||||||||
Trading - Mutual funds | 1 | - | - | 1 | |||||||||||||||||||||||||||||||||
Total investments in sponsored | |||||||||||||||||||||||||||||||||||||
registered investment companies | 39,520 | - | - | 39,520 | |||||||||||||||||||||||||||||||||
Total investments | 292,329 | 24,897 | 1,018 | 318,244 | |||||||||||||||||||||||||||||||||
Total assets at fair value | $ | 650,539 | $ | 24,897 | $ | 1,018 | $ | 676,454 | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||
Trading - Common stocks | $ | 13,514 | $ | - | $ | - | $ | 13,514 | |||||||||||||||||||||||||||||
Trading - Other | - | 666 | - | 666 | |||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 13,514 | $ | 666 | $ | - | $ | 14,180 | |||||||||||||||||||||||||||||
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 | December 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 | $ | 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 September 30, 2013 (in thousands) | |||||||||||||||||||||||||||||||||||||
Quoted Prices in Active | Significant Other | Significant | Balance as of | ||||||||||||||||||||||||||||||||||
Markets for Identical | Observable | Unobservable | September 30, | ||||||||||||||||||||||||||||||||||
Assets | Assets (Level 1) | Inputs (Level 2) | Inputs (Level 3) | 2013 | |||||||||||||||||||||||||||||||||
Cash equivalents | $ | 244,144 | $ | - | $ | - | $ | 244,144 | |||||||||||||||||||||||||||||
Investments in partnerships | - | 23,146 | - | 23,146 | |||||||||||||||||||||||||||||||||
Investments in securities: | |||||||||||||||||||||||||||||||||||||
AFS - Common stocks | 36,297 | - | - | 36,297 | |||||||||||||||||||||||||||||||||
AFS - Mutual funds | 1,575 | - | - | 1,575 | |||||||||||||||||||||||||||||||||
Trading - Gov't obligations | 21,000 | - | - | 21,000 | |||||||||||||||||||||||||||||||||
Trading - Common stocks | 165,776 | - | 667 | 166,443 | |||||||||||||||||||||||||||||||||
Trading - Mutual funds | 12,010 | - | - | 12,010 | |||||||||||||||||||||||||||||||||
Trading - Other | 32 | 104 | 283 | 419 | |||||||||||||||||||||||||||||||||
Total investments in securities | 236,690 | 104 | 950 | 237,744 | |||||||||||||||||||||||||||||||||
Investments in sponsored registered investment companies: | |||||||||||||||||||||||||||||||||||||
AFS - Closed-end Funds | 40,272 | - | - | 40,272 | |||||||||||||||||||||||||||||||||
AFS - Mutual Funds | 3,404 | - | - | 3,404 | |||||||||||||||||||||||||||||||||
Trading - Mutual funds | 12 | - | - | 12 | |||||||||||||||||||||||||||||||||
Total investments in sponsored | |||||||||||||||||||||||||||||||||||||
registered investment companies | 43,688 | - | - | 43,688 | |||||||||||||||||||||||||||||||||
Total investments | 280,378 | 23,250 | 950 | 304,578 | |||||||||||||||||||||||||||||||||
Total assets at fair value | $ | 524,522 | $ | 23,250 | $ | 950 | $ | 548,722 | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||
Trading - Common stocks | $ | 7,003 | $ | - | $ | - | $ | 7,003 | |||||||||||||||||||||||||||||
Trading - Other | - | 722 | - | 722 | |||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 7,003 | $ | 722 | $ | - | $ | 7,725 | |||||||||||||||||||||||||||||
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 and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30, 2014 (in thousands) | |||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||||||||||||||
Gains or | Total | ||||||||||||||||||||||||||||||||||||
Total Realized and | (Losses) | Realized | |||||||||||||||||||||||||||||||||||
June | Unrealized Gains or | Included in | and | Transfers | |||||||||||||||||||||||||||||||||
30, 2014 | (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 | $ | 716 | $ | 8 | $ | - | $ | - | $ | 8 | $ | - | $ | - | $ | - | $ | 724 | |||||||||||||||||||
Trading - Other | 294 | - | - | - | - | - | - | - | 294 | ||||||||||||||||||||||||||||
Total | $ | 1,010 | $ | 8 | $ | - | $ | - | $ | 8 | - | $ | - | $ | - | $ | 1,018 | ||||||||||||||||||||
There were no transfers between any Levels during the three months ended September 30, 2014. | |||||||||||||||||||||||||||||||||||||
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30, 2013 (in thousands) | |||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||||||||||||||
Gains or | Total | ||||||||||||||||||||||||||||||||||||
Total Realized and | (Losses) | Realized | |||||||||||||||||||||||||||||||||||
June | Unrealized Gains or | Included in | and | Transfers | |||||||||||||||||||||||||||||||||
30, 2013 | (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 | $ | 669 | $ | (2 | ) | $ | - | $ | - | $ | (2 | ) | $ | - | $ | - | $ | - | $ | 667 | |||||||||||||||||
Trading - Other | 284 | (1 | ) | - | - | (1 | ) | - | - | - | 283 | ||||||||||||||||||||||||||
Total | $ | 953 | $ | (3 | ) | $ | - | $ | - | $ | (3 | ) | $ | - | $ | - | $ | - | $ | 950 | |||||||||||||||||
There were no transfers between any Levels during the three months ended September 30, 2013. | |||||||||||||||||||||||||||||||||||||
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2014 (in thousands) | |||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||||||||||||||
Gains or | Total | ||||||||||||||||||||||||||||||||||||
Total Realized and | (Losses) | Realized | |||||||||||||||||||||||||||||||||||
December | Unrealized Gains or | Included in | and | Transfers | |||||||||||||||||||||||||||||||||
31, 2013 | (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 | $ | 700 | $ | 24 | $ | - | $ | - | $ | 24 | $ | - | $ | - | $ | - | $ | 724 | |||||||||||||||||||
Trading - Other | 284 | - | - | - | - | 10 | - | - | 294 | ||||||||||||||||||||||||||||
Total | $ | 984 | $ | 24 | $ | - | $ | - | $ | 24 | 10 | $ | - | $ | - | $ | 1,018 | ||||||||||||||||||||
There were no transfers between any Levels during the nine months ended September 30, 2014. | |||||||||||||||||||||||||||||||||||||
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2013 (in thousands) | |||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||||||||||||||
Gains or | Total | ||||||||||||||||||||||||||||||||||||
Total Realized and | (Losses) | Realized | |||||||||||||||||||||||||||||||||||
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 | $ | (8 | ) | $ | - | $ | - | $ | (8 | ) | $ | - | $ | - | $ | - | $ | 667 | |||||||||||||||||
Trading - Other | 362 | (3 | ) | - | - | (3 | ) | 3 | (79 | ) | - | 283 | |||||||||||||||||||||||||
Total | $ | 1,037 | $ | (11 | ) | $ | - | $ | - | $ | (11 | ) | $ | 3 | $ | (79 | ) | $ | - | $ | 950 | ||||||||||||||||
There were no transfers between any Levels during the nine months ended September 30, 2013. | |||||||||||||||||||||||||||||||||||||
Investments_in_Partnerships_Of
Investments in Partnerships, Offshore Funds and Variable Interest Entities | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Investments in Partnerships, Offshore Funds and Variable Interests [Abstract] | ' | ||||||||||||||||||||||||||||||||
Investments in Partnerships, Offshore Funds and Variable Interests | ' | ||||||||||||||||||||||||||||||||
D. Investments in Partnerships, Offshore Funds and Variable Interest Entities ("VIEs") | |||||||||||||||||||||||||||||||||
The Company is general partner or co-general partner of various affiliated entities in which the Company has investments totaling $93.2 million, $82.0 million and $84.3 million at September 30, 2014, December 31, 2013 and September 30, 2013, respectively, and whose underlying assets consist primarily of marketable securities (the "affiliated entities"). We also have investments in unaffiliated entities of $14.2 million, $14.0 million and $13.5 million at September 30, 2014, December 31, 2013 and September 30, 2013, respectively (the "unaffiliated entities"). On a quarterly basis 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 condensed consolidated 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 condensed 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 in consolidation, partnerships and offshore funds. | |||||||||||||||||||||||||||||||||
Entities consolidated | |||||||||||||||||||||||||||||||||
CFFs | Partnerships | Offshore Funds | Total | ||||||||||||||||||||||||||||||
VIEs | VOEs | VIEs | VOEs | VIEs | VOEs | VIEs | VOEs | ||||||||||||||||||||||||||
Entities consolidated at December 31, 2012 | 1 | 2 | - | 1 | - | 1 | 1 | 4 | |||||||||||||||||||||||||
Additional consolidated entities | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Deconsolidated entities | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Entities consolidated at September 30, 2013 | 1 | 2 | - | 1 | - | 1 | 1 | 4 | |||||||||||||||||||||||||
Additional consolidated entities | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Deconsolidated entities | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Entities consolidated at December 31, 2013 | 1 | 2 | - | 1 | - | 1 | 1 | 4 | |||||||||||||||||||||||||
Additional consolidated entities | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Deconsolidated entities | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Entities consolidated at September 30, 2014 | 1 | 2 | - | 1 | - | 1 | 1 | 4 | |||||||||||||||||||||||||
At and for the nine months ended September 30, 2014 and 2013 and at 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 nine months ended September 30, 2014 and 2013 and at 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. | |||||||||||||||||||||||||||||||||
The following table breaks down the investments in partnerships line by accounting method, either fair value or equity method, and investment type (in thousands): | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Investment Type | |||||||||||||||||||||||||||||||||
Affiliated | Unaffiliated | ||||||||||||||||||||||||||||||||
Consolidated | |||||||||||||||||||||||||||||||||
Accounting method | Feeder Funds | Partnerships | Offshore Funds | Partnerships | Offshore Funds | Total | |||||||||||||||||||||||||||
Fair Value | $ | 24,094 | $ | - | $ | - | $ | - | $ | - | $ | 24,094 | |||||||||||||||||||||
Equity Method | - | 34,967 | 34,185 | 6,611 | 7,577 | 83,340 | |||||||||||||||||||||||||||
Total | $ | 24,094 | $ | 34,967 | $ | 34,185 | $ | 6,611 | $ | 7,577 | $ | 107,434 | |||||||||||||||||||||
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 | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Investment Type | |||||||||||||||||||||||||||||||||
Affiliated | Unaffiliated | ||||||||||||||||||||||||||||||||
Consolidated | |||||||||||||||||||||||||||||||||
Accounting method | Feeder Funds | Partnerships | Offshore Funds | Partnerships | Offshore Funds | Total | |||||||||||||||||||||||||||
Fair Value | $ | 23,146 | $ | - | $ | - | $ | - | $ | - | $ | 23,146 | |||||||||||||||||||||
Equity Method | - | 26,717 | 34,460 | 6,080 | 7,349 | 74,606 | |||||||||||||||||||||||||||
Total | $ | 23,146 | $ | 26,717 | $ | 34,460 | $ | 6,080 | $ | 7,349 | $ | 97,752 | |||||||||||||||||||||
The following table includes the net impact by line item on the condensed consolidated statements of financial condition for each category of entity consolidated (in thousands): | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Prior to | Offshore | ||||||||||||||||||||||||||||||||
Consolidation | CFFs | Partnerships | Funds | As Reported | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 358,316 | $ | 7 | $ | 98 | $ | - | $ | 358,421 | |||||||||||||||||||||||
Investments in securities | 203,280 | - | 8,836 | 42,514 | 254,630 | ||||||||||||||||||||||||||||
Investments in sponsored investment companies | 39,520 | - | - | - | 39,520 | ||||||||||||||||||||||||||||
Investments in partnerships | 110,679 | 4,684 | (7,929 | ) | - | 107,434 | |||||||||||||||||||||||||||
Receivable from brokers | 31,388 | - | 306 | 48,191 | 79,885 | ||||||||||||||||||||||||||||
Investment advisory fees receivable | 31,221 | 17 | (1 | ) | (82 | ) | 31,155 | ||||||||||||||||||||||||||
Other assets | 28,528 | 24 | (1,000 | ) | 163 | 27,715 | |||||||||||||||||||||||||||
Total assets | $ | 802,932 | $ | 4,732 | $ | 310 | $ | 90,786 | $ | 898,760 | |||||||||||||||||||||||
Liabilities and equity | |||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 13,549 | $ | - | $ | - | $ | 631 | $ | 14,180 | |||||||||||||||||||||||
Accrued expenses and other liabilities | 166,209 | 71 | 31 | 39,009 | 205,320 | ||||||||||||||||||||||||||||
Total debt | 111,941 | - | - | - | 111,941 | ||||||||||||||||||||||||||||
Redeemable noncontrolling interests | - | 4,661 | 279 | 51,146 | 56,086 | ||||||||||||||||||||||||||||
Total equity | 511,233 | - | - | - | 511,233 | ||||||||||||||||||||||||||||
Total liabilities and equity | $ | 802,932 | $ | 4,732 | $ | 310 | $ | 90,786 | $ | 898,760 | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Prior to | Offshore | ||||||||||||||||||||||||||||||||
Consolidation | CFFs | Partnerships | Funds | As Reported | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 209,667 | $ | 450 | $ | 334 | $ | - | $ | 210,451 | |||||||||||||||||||||||
Investments in securities | 232,211 | - | 7,464 | (8,447 | ) | 231,228 | |||||||||||||||||||||||||||
Investments in sponsored investment companies | 44,033 | - | 9 | - | 44,042 | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Prior to | Offshore | ||||||||||||||||||||||||||||||||
Consolidation | CFFs | Partnerships | Funds | As Reported | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 243,995 | $ | 1,082 | $ | 334 | $ | - | $ | 245,411 | |||||||||||||||||||||||
Investments in securities | 240,113 | - | 7,400 | (9,769 | ) | 237,744 | |||||||||||||||||||||||||||
Investments in sponsored investment companies | 43,677 | - | 11 | - | 43,688 | ||||||||||||||||||||||||||||
Investments in partnerships | 104,010 | 3,253 | (9,511 | ) | - | 97,752 | |||||||||||||||||||||||||||
Receivable from brokers | 26,981 | - | 2,115 | 14,758 | 43,854 | ||||||||||||||||||||||||||||
Investment advisory fees receivable | 31,241 | (8 | ) | (1 | ) | (81 | ) | 31,151 | |||||||||||||||||||||||||
Other assets | 34,947 | - | - | 75 | 35,022 | ||||||||||||||||||||||||||||
Total assets | $ | 724,964 | $ | 4,327 | $ | 348 | $ | 4,983 | $ | 734,622 | |||||||||||||||||||||||
Liabilities and equity | |||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 7,577 | $ | - | $ | - | $ | 148 | $ | 7,725 | |||||||||||||||||||||||
Accrued expenses and other liabilities | 161,394 | 1,146 | 32 | 2,567 | 165,139 | ||||||||||||||||||||||||||||
Total debt | 117,347 | - | - | - | 117,347 | ||||||||||||||||||||||||||||
Redeemable noncontrolling interests | - | 3,181 | 316 | 2,268 | 5,765 | ||||||||||||||||||||||||||||
Total equity | 438,646 | - | - | - | 438,646 | ||||||||||||||||||||||||||||
Total liabilities and equity | $ | 724,964 | $ | 4,327 | $ | 348 | $ | 4,983 | $ | 734,622 | |||||||||||||||||||||||
The following table includes the net impact by line item on the condensed consolidated statements of income for each category of entity consolidated (in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Prior to | Offshore | ||||||||||||||||||||||||||||||||
Consolidation | CFFs | Partnerships | Funds | As Reported | |||||||||||||||||||||||||||||
Total revenues | $ | 111,073 | $ | (7 | ) | $ | - | $ | (208 | ) | $ | 110,858 | |||||||||||||||||||||
Total expenses | 66,980 | 20 | 12 | 260 | 67,272 | ||||||||||||||||||||||||||||
Operating income | 44,093 | (27 | ) | (12 | ) | (468 | ) | 43,586 | |||||||||||||||||||||||||
Total other income/(expense), net | (7,462 | ) | (186 | ) | (18 | ) | (2,323 | ) | (9,989 | ) | |||||||||||||||||||||||
Income before income taxes | 36,631 | (213 | ) | (30 | ) | (2,791 | ) | 33,597 | |||||||||||||||||||||||||
Income tax provision | 13,045 | - | - | - | 13,045 | ||||||||||||||||||||||||||||
Net income | 23,586 | (213 | ) | (30 | ) | (2,791 | ) | 20,552 | |||||||||||||||||||||||||
Net loss attributable to noncontrolling interests | (79 | ) | (213 | ) | (30 | ) | (2,791 | ) | (3,113 | ) | |||||||||||||||||||||||
Net income attributable to GAMCO | $ | 23,665 | $ | - | $ | - | $ | - | $ | 23,665 | |||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Prior to | Offshore | ||||||||||||||||||||||||||||||||
Consolidation | CFFs | Partnerships | Funds | As Reported | |||||||||||||||||||||||||||||
Total revenues | $ | 96,620 | $ | (8 | ) | $ | (1 | ) | $ | (234 | ) | $ | 96,377 | ||||||||||||||||||||
Total expenses | 63,400 | 46 | 11 | 192 | 63,649 | ||||||||||||||||||||||||||||
Operating income | 33,220 | (54 | ) | (12 | ) | (426 | ) | 32,728 | |||||||||||||||||||||||||
Total other income, net | 17,404 | 94 | 31 | 462 | 17,991 | ||||||||||||||||||||||||||||
Income before income taxes | 50,624 | 40 | 19 | 36 | 50,719 | ||||||||||||||||||||||||||||
Income tax provision | 17,515 | - | - | - | 17,515 | ||||||||||||||||||||||||||||
Net income | 33,109 | 40 | 19 | 36 | 33,204 | ||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | 11 | 40 | 19 | 36 | 106 | ||||||||||||||||||||||||||||
Net income attributable to GAMCO | $ | 33,098 | $ | - | $ | - | $ | - | $ | 33,098 | |||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Prior to | Offshore | ||||||||||||||||||||||||||||||||
Consolidation | CFFs | Partnerships | Funds | As Reported | |||||||||||||||||||||||||||||
Total revenues | $ | 324,287 | $ | (21 | ) | $ | (2 | ) | $ | (633 | ) | $ | 323,631 | ||||||||||||||||||||
Total expenses | 205,207 | 34 | 38 | 730 | 206,009 | ||||||||||||||||||||||||||||
Operating income | 119,080 | (55 | ) | (40 | ) | (1,363 | ) | 117,622 | |||||||||||||||||||||||||
Total other income/(expense), net | 6,172 | 20 | 19 | (1,186 | ) | 5,025 | |||||||||||||||||||||||||||
Income before income taxes | 125,252 | (35 | ) | (21 | ) | (2,549 | ) | 122,647 | |||||||||||||||||||||||||
Income tax provision | 44,796 | - | - | - | 44,796 | ||||||||||||||||||||||||||||
Net income | 80,456 | (35 | ) | (21 | ) | (2,549 | ) | 77,851 | |||||||||||||||||||||||||
Net loss attributable to noncontrolling interests | (113 | ) | (35 | ) | (21 | ) | (2,549 | ) | (2,718 | ) | |||||||||||||||||||||||
Net income attributable to GAMCO | $ | 80,569 | $ | - | $ | - | $ | - | $ | 80,569 | |||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Prior to | Offshore | ||||||||||||||||||||||||||||||||
Consolidation | CFFs | Partnerships | Funds | As Reported | |||||||||||||||||||||||||||||
Total revenues | $ | 275,689 | $ | (20 | ) | $ | (2 | ) | $ | (819 | ) | $ | 274,848 | ||||||||||||||||||||
Total expenses | 178,858 | 134 | 36 | 581 | 179,609 | ||||||||||||||||||||||||||||
Operating income | 96,831 | (154 | ) | (38 | ) | (1,400 | ) | 95,239 | |||||||||||||||||||||||||
Total other income, net | 33,125 | 228 | 79 | 1,559 | 34,991 | ||||||||||||||||||||||||||||
Income before income taxes | 129,956 | 74 | 41 | 159 | 130,230 | ||||||||||||||||||||||||||||
Income tax provision | 46,434 | - | - | - | 46,434 | ||||||||||||||||||||||||||||
Net income | 83,522 | 74 | 41 | 159 | 83,796 | ||||||||||||||||||||||||||||
Net income/(loss) attributable to noncontrolling interests | (14 | ) | 74 | 41 | 159 | 260 | |||||||||||||||||||||||||||
Net income attributable to GAMCO | $ | 83,536 | $ | - | $ | - | $ | 0 | $ | 83,536 | |||||||||||||||||||||||
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 and/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 those VIEs where we are not the primary beneficiary. The total net assets of these non-consolidated VIEs at September 30, 2014, December 31, 2013 and September 30, 2013 were $59.8 million, $72.7 million and $77.7 million, respectively. Our maximum exposure to loss as a result of our involvement with the non-consolidated VIEs is limited to the investment in two VIEs and the deferred carried interest that we have in another. On September 30, 2014, we had an investment in two of the non-consolidated VIE offshore funds of approximately $8.0 million. On December 31, 2013 and September 30, 2013, we had an investment in one of the non-consolidated VIE offshore funds of approximately $10.0 million and $9.9 million, respectively, which was included in investments in partnerships on the condensed consolidated statements of financial condition. On September 30, 2014, December 31, 2013 and September 30, 2013, we had a deferred carried interest in one of the non-consolidated VIE offshore funds of $44,000, $45,000 and $45,000, respectively, which was included in investments in partnerships on the condensed 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 condensed consolidated statement of income, condensed consolidated statement of financial condition and condensed 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 the VIE that is consolidated and is included on the condensed consolidated statements of financial condition as well as GAMCO's net interest in this VIE. Only one VIE was consolidated at September 30, 2014, December 31, 2013 and September 30, 2013: | |||||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | - | $ | 1,082 | |||||||||||||||||||||||||||
Investments in partnerships | 13,618 | 15,540 | 13,782 | ||||||||||||||||||||||||||||||
Accrued expenses and other liabilities | (15 | ) | (2,022 | ) | (1,088 | ) | |||||||||||||||||||||||||||
Redeemable noncontrolling interests | (962 | ) | (1,120 | ) | - | ||||||||||||||||||||||||||||
GAMCO's net interests in consolidated VIE | $ | 12,642 | $ | 12,398 | $ | 13,776 |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
E. Income Taxes | |
The effective tax rate ("ETR) for the three months ended September 30,2014 was 38.8% compared to 34.5% for the prior year three month period. Excluding net income (loss) attributable to noncontrolling interests the ETR was 35.5% and 34.6% for the third quarters of 2014 and 2013, respectively. The ETR for the nine months ended September 30, 2014 was 36.5% compared to 35.7% for the prior year nine month period. Excluding net income (loss) attributable to noncontrolling interests the ETR was 35.7% for both the nine months ended September 30, 2014 and 2013. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
F. Earnings Per Share | |||||||||||||||||
The computations of basic and diluted net income per share are as follows: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic: | |||||||||||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders | $ | 23,665 | $ | 33,098 | $ | 80,569 | $ | 83,536 | |||||||||
Weighted average shares outstanding | 25,296 | 25,625 | 25,385 | 25,682 | |||||||||||||
Basic net income attributable to GAMCO Investors, Inc.'s | |||||||||||||||||
shareholders per share | $ | 0.94 | $ | 1.29 | $ | 3.17 | $ | 3.25 | |||||||||
Diluted: | |||||||||||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders | $ | 23,665 | $ | 33,098 | $ | 80,569 | $ | 83,536 | |||||||||
Weighted average share outstanding | 25,296 | 25,625 | 25,385 | 25,682 | |||||||||||||
Dilutive stock options and restricted stock awards | 221 | 75 | 210 | 35 | |||||||||||||
Total | 25,517 | 25,700 | 25,595 | 25,717 | |||||||||||||
Diluted net income attributable to GAMCO Investors, Inc.'s | |||||||||||||||||
shareholders per share | $ | 0.93 | $ | 1.29 | $ | 3.15 | $ | 3.25 |
Debt
Debt | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Debt [Abstract] | ' | ||||||||||||||||||||||||
Debt | ' | ||||||||||||||||||||||||
G. Debt | |||||||||||||||||||||||||
Debt consists of the following: | |||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-13 | |||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||
Value | Level 2 | Value | Level 2 | Value | Level 2 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
5.875% Senior notes | $ | 100,000 | $ | 108,200 | $ | 100,000 | $ | 108,500 | $ | 100,000 | $ | 108,000 | |||||||||||||
0% Subordinated debentures | 11,941 | 12,775 | 11,911 | 13,819 | 17,347 | 19,349 | |||||||||||||||||||
Total | $ | 111,941 | $ | 120,975 | $ | 111,911 | $ | 122,319 | $ | 117,347 | $ | 127,349 | |||||||||||||
5.5% Senior notes | |||||||||||||||||||||||||
On May 15, 2003, the Company issued 10-year, $100 million senior notes. The senior notes, which matured and 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 10-year, $100 million senior notes. 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 the three month period ended September 30, 2014 the Company repurchased 1,032 Debentures having a face value of $0.1 million. The redemptions were accounted for as extinguishments of debt and resulted in a loss of $10,000, which was included in net gain from investments on the condensed consolidated statements of income. There were no repurchases during the three month period ended September 30, 2013. During the nine month periods ended September 30, 2014 and September 30, 2013, the Company repurchased 7,165 Debentures and 11,974 Debentures, respectively, having a face value of $0.7 million and $1.2 million, respectively. The redemptions were accounted for as extinguishments of debt and resulted in losses of $84,000 and $0.1 million, respectively. The debt is being accreted to its face value using the effective rate on the date of issuance of 7.45%. At September 30, 2014, December 31, 2013 and September 30, 2013, the debt was recorded at its accreted value of $11.9 million, $11.9 million and $17.3 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 in these standard models include credit rating, maturity and interest rate. | |||||||||||||||||||||||||
On May 30, 2012, the Securities and Exchange Commission ("SEC") declared effective the "shelf" registration statement filed by the Company. The "shelf" provides the Company with the flexibility of issuing any combination of senior and subordinated debt securities, convertible securities and common and preferred securities up to a total amount of $500 million and replaced the existing shelf registration which expired in July 2012. As of September 30, 2014, $400 million is available on the shelf. | |||||||||||||||||||||||||
H. Stockholders' Equity | |||||||||||||||||||||||||
Shares outstanding were 25.9 million, 26.1 million and 26.0 million on September 30, 2014, December 31, 2013 and September 30, 2013, respectively. | |||||||||||||||||||||||||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||
Stockholders' Equity [Abstract] | ' | ||||||||||||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||||||||||||
Dividends | |||||||||||||||||||||||||||
Payment Date | Record Date | Amount | |||||||||||||||||||||||||
Three months ended March 31, 2014 | 25-Mar-14 | 11-Mar-14 | $ | 0.06 | |||||||||||||||||||||||
Three months ended June 30, 2014 | 24-Jun-14 | 10-Jun-14 | $ | 0.06 | |||||||||||||||||||||||
Three months ended September 30, 2014 | 30-Sep-14 | 16-Sep-14 | 0.06 | ||||||||||||||||||||||||
Nine months ended September 30, 2014 | $ | 0.18 | |||||||||||||||||||||||||
Three months ended March 31, 2013 | 26-Mar-13 | 12-Mar-13 | $ | 0.05 | |||||||||||||||||||||||
Three months ended June 30, 2013 | 25-Jun-13 | 11-Jun-13 | $ | 0.05 | |||||||||||||||||||||||
Three months ended September 30, 2013 | 24-Sep-13 | 10-Sep-13 | $ | 0.06 | |||||||||||||||||||||||
Nine months ended September 30, 2013 | $ | 0.16 | |||||||||||||||||||||||||
Voting Rights | |||||||||||||||||||||||||||
The holders of Class A Common stock ("Class A Stock") and Class B Common stock ("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, the 1999 Plan and the 2002 Plan, which are designed to provide incentives which will attract and retain individuals key to the success of GAMCO through direct or indirect ownership of our common stock. Benefits under both the 1999 and 2002 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 were originally reserved for issuance under each of the 1999 and 2002 Plans by a committee of the Board of Directors responsible for administering the Plans ("Compensation Committee"). In November 2013, the shareholders approved an amendment to the Company's 2002 Stock Award and Incentive Plan to increase the number of shares of Class A Stock authorized and reserved for issuance by 2 million. Under the Plans, the committee may grant restricted stock awards ("RSA") 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 Compensation committee may determine. Options granted under the plans typically vest 75% after three years and 100% after four years from the date of grant and expire after ten years. RSA shares granted under the Plans typically vest 30% after three years and 100% after five years. | |||||||||||||||||||||||||||
On September 15, 2014 and January 9, 2014, the Company approved the granting of 83,500 RSA shares and 2,100 RSA shares, respectively, at a grant date fair value of 73.41 per share and 81.99 per share, respectively. As of September 30, 2014, December 31, 2013 and September 30, 2013, there were 639,750 RSA shares, 566,950 RSA shares and 427,700 RSA shares outstanding, respectively, that were previously issued at an average weighted grant price of $65.12, $63.93 and $57.86, respectively. All grants of the RSA shares were recommended by the Company's Chairman, who did not receive a RSA, and approved by the Compensation Committee. 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 and September 2014 grants which are 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. | |||||||||||||||||||||||||||
For the three months ended September 30, 2014 and September 30, 2013, we recognized stock-based compensation expense of $1.8 million and $0.7 million, respectively. For the nine months ended September 30, 2014 and September 30, 2013, we recognized stock-based compensation expense of $5.2 million and $0.8 million, respectively. Actual and projected stock-based compensation expense for RSA shares and options for the years ended December 31, 2014 through December 31, 2023 (based on awards currently issued or granted) is as follows ($ in thousands): | |||||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||||||||
Q1 | $ | 15 | $ | 1,700 | $ | 1,962 | $ | 1,961 | $ | 1,171 | $ | 908 | |||||||||||||||
Q2 | 15 | 1,697 | 1,961 | 1,961 | 1,171 | 908 | |||||||||||||||||||||
Q3 | 741 | 1,785 | 1,961 | 1,607 | 1,040 | 828 | |||||||||||||||||||||
Q4 | 1,301 | 1,965 | 1,961 | 1,346 | 910 | 659 | |||||||||||||||||||||
Full Year | $ | 2,072 | $ | 7,147 | $ | 7,845 | $ | 6,875 | $ | 4,292 | $ | 3,303 | |||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | 2024 | ||||||||||||||||||||||
Q1 | $ | 429 | $ | 319 | $ | 227 | $ | 146 | $ | 76 | $ | 12 | |||||||||||||||
Q2 | 429 | 319 | 227 | 146 | 76 | 12 | |||||||||||||||||||||
Q3 | 364 | 264 | 179 | 104 | 38 | 8 | |||||||||||||||||||||
Q4 | 319 | 227 | 146 | 76 | 12 | - | |||||||||||||||||||||
Full Year | $ | 1,541 | $ | 1,129 | $ | 779 | $ | 472 | $ | 202 | $ | 32 | |||||||||||||||
The total compensation cost related to non-vested options not yet recognized is approximately $28.4 million as of September 30, 2014. There were no options exercised for the three months ended September 30, 2014 or September 30, 2013. For the nine months ended September 30, 2014 and 2013, proceeds from the exercise of 40,000 stock options and 2,623 stock options, respectively, were $1.6 million and $76,000, respectively, resulting in a tax benefit to GAMCO of $0.3 million and $16,000, respectively. | |||||||||||||||||||||||||||
Stock Repurchase Program | |||||||||||||||||||||||||||
In March 1999, GAMCO's Board of Directors established the Stock Repurchase Program to grant management the authority to repurchase shares of our Class A Common Stock. On February 5, 2013, our Board of Directors authorized an incremental 500,000 shares to be added to the current buyback authorization. For the three months ended September 30, 2014 and September 30, 2013, the Company repurchased 94,942 shares and 40,857 shares, respectively, at an average price per share of $77.67 and $72.40, respectively. For the nine months ended September 30, 2014 and September 30, 2013, the Company repurchased 319,662 shares and 159,259 shares, respectively, at an average price per share of $78.43 and $57.97, respectively. From the inception of the program through September 30, 2014, 9,031,255 shares have been repurchased at an average price of $43.53 per share. At September 30, 2014, the total shares available under the program to be repurchased in the future were 603,553. |
Goodwill_and_Identifiable_Inta
Goodwill and Identifiable Intangible Assets | 9 Months Ended |
Sep. 30, 2014 | |
Goodwill and Identifiable Intangible Assets [Abstract] | ' |
Goodwill and Identifiable Intangible Assets | ' |
I. Goodwill and Identifiable Intangible Assets | |
At September 30, 2014, $3.5 million of goodwill is reflected within other assets on the condensed consolidated statements of financial condition with $3.3 million related to a 94%-owned subsidiary, Gabelli Securities, Inc. and $0.2 million related to G.distributors, LLC. The Company assesses the recoverability of goodwill at least annually, or more often should events warrant, using a qualitative assessment of whether it is more likely than not that an impairment has occurred to determine if a quantitative analysis is required. There were no indicators of impairment for the three months ended September 30, 2014 or September 30, 2013, and as such there was no impairment analysis performed or charge recorded. | |
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 condensed consolidated statements of financial condition at September 30, 2014, December 31, 2013 and September 30, 2013. 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. The Company assesses the recoverability of this intangible asset at least annually, or more often should events warrant. There were no indicators of impairment for the three months ended September 30, 2014 or September 30, 2013, and as such there was no impairment analysis performed or charge recorded. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
J. Commitments and Contingencies | |
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 Company indemnifies the clearing brokers of G.research, Inc., our broker-dealer subsidiary, for losses they may sustain from the customer accounts that trade on margin introduced by it. At September 30, 2014, the total amount of customer balances subject to indemnification (i.e. unsecured margin debits) was immaterial. The Company also has entered into arrangements with various other third parties many of 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 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 condensed consolidated financial statements. |
ShareholderDesignated_Contribu
Shareholder-Designated Contribution Plan | 9 Months Ended |
Sep. 30, 2014 | |
Shareholder-Designated Contribution Plan [Abstract] | ' |
Shareholder-Designated Contribution Plan | ' |
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 the first nine months of 2013, the Company recorded a charge of $5.3 million, or $0.12 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. | |
During the fourth quarter of 2013, the Company recorded a charge of $5.3 million, or $0.12 per diluted share, net of management fee and tax benefit, as an estimate of the expected contribution to be made relating to the $0.25 per share contribution approved by the Board in November 2013. Based upon the number of registered shares that participated in the program, the Company recorded an additional charge of $134,000 during the first nine months of 2014. | |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
L. Subsequent Events | |
From October 1, 2014 to November 7, 2014, the Company repurchased 59,539 shares at $77.42 per share. | |
On November 6, 2014, the Board of Directors declared a special dividend of $0.25 per share and a regular quarterly dividend of $0.07 per share to all of its shareholders, both payable on December 30, 2014 to shareholders of record on December 16, 2014. | |
The Board of Directors has authorized management to explore a potential restructure that will enable the Company to further increase its market focus. While this may involve a split-up of certain facets of our business, there are numerous regulatory related and other issues that may preclude pursuit of any alternative. Management does not plan to give periodic updates on the Company’s progress. | |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Significant Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
Unless we have indicated otherwise, or the context otherwise requires, references in this report to "GAMCO Investors, Inc.," "GAMCO," "the Company," "GBL," "we," "us" and "our" or similar terms are to GAMCO Investors, Inc., its predecessors and its subsidiaries. | |
The unaudited interim condensed consolidated financial statements of GAMCO included herein have been prepared in conformity with generally accepted accounting principles ("GAAP") in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP in the United States for complete financial statements. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of financial position, results of operations and cash flows of GAMCO for the interim periods presented and are not necessarily indicative of a full year's results. | |
The condensed consolidated financial statements include the accounts of GAMCO and its subsidiaries. Intercompany accounts and transactions are eliminated. | |
These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013 from which the accompanying condensed consolidated financial statements were derived. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported on the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |
Recent Accounting Developments | ' |
Recent Accounting Developments | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers," which supersedes the revenue recognition requirements in the Accounting Standards Codification ("Codification") Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The core principle of the new ASU No. 2014-09 is for companies to recognize revenue from the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. The ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods and is to be retrospectively applied. Early adoption is not permitted. The Company is currently evaluating this guidance and the impact it will have on its condensed consolidated financial statements. | |
In June 2014, the FASB issued an accounting update clarifying that entities should treat performance targets that could be met after the requisite service period of a share-based payment award as performance conditions that affect vesting. Therefore, an entity would not record compensation expense (measured as of the grant date) for an award where transfer to the employee is contingent upon satisfaction of the performance target until it becomes probable that the performance target will be met. The guidance is effective for the Company beginning January 1, 2016. Early adoption is permitted. This guidance is not expected to have a material impact on the Company's condensed consolidated financial statements. | |
Investment_in_Securities_Table
Investment in Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||
Investment in Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Investments in securities | ' | ||||||||||||||||||||||||||||||||||||
Investments in securities at September 30, 2014, December 31, 2013 and September 30, 2013 consisted of the following: | |||||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-13 | |||||||||||||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||||||||||||||||
Government obligations | $ | 20,995 | $ | 20,999 | $ | 37,986 | $ | 37,994 | $ | 20,993 | $ | 21,000 | |||||||||||||||||||||||||
Common stocks | 167,714 | 190,939 | 96,225 | 124,634 | 143,731 | 166,443 | |||||||||||||||||||||||||||||||
Mutual funds | 2,416 | 3,373 | 21,074 | 23,285 | 11,073 | 12,010 | |||||||||||||||||||||||||||||||
Other investments | 753 | 1,550 | 287 | 582 | 406 | 419 | |||||||||||||||||||||||||||||||
Total trading securities | 191,878 | 216,861 | 155,572 | 186,495 | 176,203 | 199,872 | |||||||||||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||||||||||||||
Common stocks | 14,228 | 36,380 | 13,389 | 43,046 | 16,372 | 36,297 | |||||||||||||||||||||||||||||||
Mutual funds | 681 | 1,389 | 843 | 1,687 | 843 | 1,575 | |||||||||||||||||||||||||||||||
Total available for sale securities | 14,909 | 37,769 | 14,232 | 44,733 | 17,215 | 37,872 | |||||||||||||||||||||||||||||||
Total investments in securities | $ | 206,787 | $ | 254,630 | $ | 169,804 | $ | 231,228 | $ | 193,418 | $ | 237,744 | |||||||||||||||||||||||||
Securities sold, not yet purchased | ' | ||||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased at September 30, 2014, December 31, 2013 and September 30, 2013 consisted of the following: | |||||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-13 | |||||||||||||||||||||||||||||||||||
Proceeds | Fair Value | Proceeds | Fair Value | Proceeds | Fair Value | ||||||||||||||||||||||||||||||||
Trading securities: | (In thousands) | ||||||||||||||||||||||||||||||||||||
Common stocks | $ | 11,699 | $ | 13,514 | $ | 5,319 | $ | 6,023 | $ | 6,411 | $ | 7,003 | |||||||||||||||||||||||||
Other investments | 71 | 666 | - | 155 | 526 | 722 | |||||||||||||||||||||||||||||||
Total securities sold, not yet purchased | $ | 11,770 | $ | 14,180 | $ | 5,319 | $ | 6,178 | $ | 6,937 | $ | 7,725 | |||||||||||||||||||||||||
Investments in sponsored registered investment companies | ' | ||||||||||||||||||||||||||||||||||||
Investments in sponsored registered investment companies at September 30, 2014, December 31,2013 and September 30, 2013 consisted of the following: | |||||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-13 | |||||||||||||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||||||||||||||||
Mutual funds | $ | 1 | $ | 1 | $ | 19 | $ | 10 | $ | 19 | $ | 12 | |||||||||||||||||||||||||
Total trading securities | 1 | 1 | 19 | 10 | 19 | 12 | |||||||||||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||||||||||||||
Closed-end funds | 21,819 | 36,142 | 23,100 | 40,624 | 23,850 | 40,272 | |||||||||||||||||||||||||||||||
Mutual funds | 1,922 | 3,377 | 1,951 | 3,408 | 2,031 | 3,404 | |||||||||||||||||||||||||||||||
Total available for sale securities | 23,741 | 39,519 | 25,051 | 44,032 | 25,881 | 43,676 | |||||||||||||||||||||||||||||||
Total investments in sponsored | |||||||||||||||||||||||||||||||||||||
registered investment companies | $ | 23,742 | $ | 39,520 | $ | 25,070 | $ | 44,042 | $ | 25,900 | $ | 43,688 | |||||||||||||||||||||||||
Reclassifications out of accumulated other comprehensive income | ' | ||||||||||||||||||||||||||||||||||||
The following table identifies all reclassifications out of accumulated other comprehensive income ("AOCI") into income for the three and nine months ended September 30, 2014 and 2013 (in thousands): | |||||||||||||||||||||||||||||||||||||
Amount | Affected Line Items | Reason for | |||||||||||||||||||||||||||||||||||
Reclassified | in the Statements | Reclassification | |||||||||||||||||||||||||||||||||||
from AOCI | Of Income | from AOCI | |||||||||||||||||||||||||||||||||||
Three months ended September 30, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
$ | 348 | $ | 5,745 | Net gain/(loss) from investments | Realized gain on sale of AFS securities | ||||||||||||||||||||||||||||||||
- | 3,112 | Other operating expenses/net gain from investments | Realized gain on donation of AFS securities | ||||||||||||||||||||||||||||||||||
348 | 8,857 | Income before income taxes | |||||||||||||||||||||||||||||||||||
(129 | ) | (3,277 | ) | Income tax provision | |||||||||||||||||||||||||||||||||
$ | 219 | $ | 5,580 | Net income | |||||||||||||||||||||||||||||||||
Amount | Affected Line Items | Reason for | |||||||||||||||||||||||||||||||||||
Reclassified | in the Statements | Reclassification | |||||||||||||||||||||||||||||||||||
from AOCI | Of Income | from AOCI | |||||||||||||||||||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
$ | 3,511 | $ | 16,191 | Net gain/(loss) from investments | Realized gain on sale of AFS securities | ||||||||||||||||||||||||||||||||
3,639 | 3,443 | Other operating expenses/net gain from investments | Realized gain on donation of AFS securities | ||||||||||||||||||||||||||||||||||
(69 | ) | (14 | ) | Net gain/(loss) from investments | OTT impairment of AFS securities | ||||||||||||||||||||||||||||||||
7,081 | 19,620 | Income before income taxes | |||||||||||||||||||||||||||||||||||
(2,620 | ) | (7,259 | ) | Income tax provision | |||||||||||||||||||||||||||||||||
$ | 4,461 | $ | 12,361 | 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 investment strategy of the Company's proprietary portfolio. 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 Condition | |||||||||||||||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | |||||||||||||||||||||||||||||||||||
Amounts of | Offset in the | Assets Presented | |||||||||||||||||||||||||||||||||||
Recognized | Statements of | in the Statements of | Financial | Cash Collateral | |||||||||||||||||||||||||||||||||
Assets | Financial Condition | Financial Condition | Instruments | Received | Net Amount | ||||||||||||||||||||||||||||||||
Swaps: | (in thousands) | ||||||||||||||||||||||||||||||||||||
30-Sep-14 | $ | 800 | $ | - | $ | 800 | $ | (657 | ) | $ | - | $ | 143 | ||||||||||||||||||||||||
31-Dec-13 | 275 | - | 275 | (155 | ) | - | 120 | ||||||||||||||||||||||||||||||
30-Sep-13 | $ | 101 | $ | - | $ | 101 | $ | (101 | ) | $ | - | $ | - | ||||||||||||||||||||||||
Gross Amounts Not Offset in the | |||||||||||||||||||||||||||||||||||||
Statements of Financial Condition | |||||||||||||||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | |||||||||||||||||||||||||||||||||||
Amounts of | Offset in the | Liabilities Presented | |||||||||||||||||||||||||||||||||||
Recognized | Statements of | in the Statements of | Financial | Cash Collateral | |||||||||||||||||||||||||||||||||
Liabilities | Financial Condition | Financial Condition | Instruments | Pledged | Net Amount | ||||||||||||||||||||||||||||||||
Swaps: | (in thousands) | ||||||||||||||||||||||||||||||||||||
30-Sep-14 | $ | 657 | $ | - | $ | 657 | $ | (657 | ) | $ | - | $ | - | ||||||||||||||||||||||||
31-Dec-13 | 155 | - | 155 | (155 | ) | - | - | ||||||||||||||||||||||||||||||
30-Sep-13 | $ | 135 | $ | - | $ | 135 | $ | (101 | ) | $ | - | $ | 34 | ||||||||||||||||||||||||
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 September 30, 2014, December 31, 2013 and September 30, 2013: | |||||||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Common stocks | $ | 14,228 | $ | 22,152 | $ | - | $ | 36,380 | |||||||||||||||||||||||||||||
Closed-end Funds | 21,819 | 14,325 | (2 | ) | 36,142 | ||||||||||||||||||||||||||||||||
Mutual funds | 2,603 | 2,163 | - | 4,766 | |||||||||||||||||||||||||||||||||
Total available for sale securities | $ | 38,650 | $ | 38,640 | $ | (2 | ) | $ | 77,288 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Common stocks | $ | 16,372 | $ | 19,925 | $ | - | $ | 36,297 | |||||||||||||||||||||||||||||
Closed-end Funds | 23,850 | 16,545 | (123 | ) | 40,272 | ||||||||||||||||||||||||||||||||
Mutual funds | 2,874 | 2,141 | (36 | ) | 4,979 | ||||||||||||||||||||||||||||||||
Total available for sale securities | $ | 43,096 | $ | 38,611 | $ | (159 | ) | $ | 81,548 | ||||||||||||||||||||||||||||
Investments classified as available for sale unrealized loss position | ' | ||||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-13 | |||||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||||||||||||||
Cost | Losses | Fair Value | Cost | Losses | Fair Value | Cost | Losses | Fair Value | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Cosed-end funds | $ | 79 | $ | (2 | ) | $ | 77 | $ | 912 | $ | (130 | ) | $ | 782 | $ | 941 | $ | (123 | ) | $ | 818 | ||||||||||||||||
Mutual Funds | - | - | - | 303 | (24 | ) | 279 | 365 | (36 | ) | 329 | ||||||||||||||||||||||||||
Total | $ | 79 | $ | (2 | ) | $ | 77 | $ | 1,215 | $ | (154 | ) | $ | 1,061 | $ | 1,306 | $ | (159 | ) | $ | 1,147 |
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||
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 September 30, 2014, December 31, 2013 and September 30, 2013 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 September 30, 2014 (in thousands) | |||||||||||||||||||||||||||||||||||||
Quoted Prices in Active | Significant Other | Significant | Balance as of | ||||||||||||||||||||||||||||||||||
Markets for Identical | Observable | Unobservable | September 30, | ||||||||||||||||||||||||||||||||||
Assets | Assets (Level 1) | Inputs (Level 2) | Inputs (Level 3) | 2014 | |||||||||||||||||||||||||||||||||
Cash equivalents | $ | 358,210 | $ | - | $ | - | $ | 358,210 | |||||||||||||||||||||||||||||
Investments in partnerships | - | 24,094 | - | 24,094 | |||||||||||||||||||||||||||||||||
Investments in securities: | |||||||||||||||||||||||||||||||||||||
AFS - Common stocks | 36,380 | - | - | 36,380 | |||||||||||||||||||||||||||||||||
AFS - Mutual funds | 1,389 | - | - | 1,389 | |||||||||||||||||||||||||||||||||
Trading - Gov't obligations | 20,999 | - | - | 20,999 | |||||||||||||||||||||||||||||||||
Trading - Common stocks | 190,215 | - | 724 | 190,939 | |||||||||||||||||||||||||||||||||
Trading - Mutual funds | 3,373 | - | - | 3,373 | |||||||||||||||||||||||||||||||||
Trading - Other | 453 | 803 | 294 | 1,550 | |||||||||||||||||||||||||||||||||
Total investments in securities | 252,809 | 803 | 1,018 | 254,630 | |||||||||||||||||||||||||||||||||
Investments in sponsored registered investment companies: | |||||||||||||||||||||||||||||||||||||
AFS - Closed-end Funds | 36,142 | - | - | 36,142 | |||||||||||||||||||||||||||||||||
AFS - Mutual Funds | 3,377 | - | - | 3,377 | |||||||||||||||||||||||||||||||||
Trading - Mutual funds | 1 | - | - | 1 | |||||||||||||||||||||||||||||||||
Total investments in sponsored | |||||||||||||||||||||||||||||||||||||
registered investment companies | 39,520 | - | - | 39,520 | |||||||||||||||||||||||||||||||||
Total investments | 292,329 | 24,897 | 1,018 | 318,244 | |||||||||||||||||||||||||||||||||
Total assets at fair value | $ | 650,539 | $ | 24,897 | $ | 1,018 | $ | 676,454 | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||
Trading - Common stocks | $ | 13,514 | $ | - | $ | - | $ | 13,514 | |||||||||||||||||||||||||||||
Trading - Other | - | 666 | - | 666 | |||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 13,514 | $ | 666 | $ | - | $ | 14,180 | |||||||||||||||||||||||||||||
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 | December 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 | $ | 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 September 30, 2013 (in thousands) | |||||||||||||||||||||||||||||||||||||
Quoted Prices in Active | Significant Other | Significant | Balance as of | ||||||||||||||||||||||||||||||||||
Markets for Identical | Observable | Unobservable | September 30, | ||||||||||||||||||||||||||||||||||
Assets | Assets (Level 1) | Inputs (Level 2) | Inputs (Level 3) | 2013 | |||||||||||||||||||||||||||||||||
Cash equivalents | $ | 244,144 | $ | - | $ | - | $ | 244,144 | |||||||||||||||||||||||||||||
Investments in partnerships | - | 23,146 | - | 23,146 | |||||||||||||||||||||||||||||||||
Investments in securities: | |||||||||||||||||||||||||||||||||||||
AFS - Common stocks | 36,297 | - | - | 36,297 | |||||||||||||||||||||||||||||||||
AFS - Mutual funds | 1,575 | - | - | 1,575 | |||||||||||||||||||||||||||||||||
Trading - Gov't obligations | 21,000 | - | - | 21,000 | |||||||||||||||||||||||||||||||||
Trading - Common stocks | 165,776 | - | 667 | 166,443 | |||||||||||||||||||||||||||||||||
Trading - Mutual funds | 12,010 | - | - | 12,010 | |||||||||||||||||||||||||||||||||
Trading - Other | 32 | 104 | 283 | 419 | |||||||||||||||||||||||||||||||||
Total investments in securities | 236,690 | 104 | 950 | 237,744 | |||||||||||||||||||||||||||||||||
Investments in sponsored registered investment companies: | |||||||||||||||||||||||||||||||||||||
AFS - Closed-end Funds | 40,272 | - | - | 40,272 | |||||||||||||||||||||||||||||||||
AFS - Mutual Funds | 3,404 | - | - | 3,404 | |||||||||||||||||||||||||||||||||
Trading - Mutual funds | 12 | - | - | 12 | |||||||||||||||||||||||||||||||||
Total investments in sponsored | |||||||||||||||||||||||||||||||||||||
registered investment companies | 43,688 | - | - | 43,688 | |||||||||||||||||||||||||||||||||
Total investments | 280,378 | 23,250 | 950 | 304,578 | |||||||||||||||||||||||||||||||||
Total assets at fair value | $ | 524,522 | $ | 23,250 | $ | 950 | $ | 548,722 | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||
Trading - Common stocks | $ | 7,003 | $ | - | $ | - | $ | 7,003 | |||||||||||||||||||||||||||||
Trading - Other | - | 722 | - | 722 | |||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 7,003 | $ | 722 | $ | - | $ | 7,725 | |||||||||||||||||||||||||||||
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 and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30, 2014 (in thousands) | |||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||||||||||||||
Gains or | Total | ||||||||||||||||||||||||||||||||||||
Total Realized and | (Losses) | Realized | |||||||||||||||||||||||||||||||||||
June | Unrealized Gains or | Included in | and | Transfers | |||||||||||||||||||||||||||||||||
30, 2014 | (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 | $ | 716 | $ | 8 | $ | - | $ | - | $ | 8 | $ | - | $ | - | $ | - | $ | 724 | |||||||||||||||||||
Trading - Other | 294 | - | - | - | - | - | - | - | 294 | ||||||||||||||||||||||||||||
Total | $ | 1,010 | $ | 8 | $ | - | $ | - | $ | 8 | - | $ | - | $ | - | $ | 1,018 | ||||||||||||||||||||
There were no transfers between any Levels during the three months ended September 30, 2014. | |||||||||||||||||||||||||||||||||||||
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30, 2013 (in thousands) | |||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||||||||||||||
Gains or | Total | ||||||||||||||||||||||||||||||||||||
Total Realized and | (Losses) | Realized | |||||||||||||||||||||||||||||||||||
June | Unrealized Gains or | Included in | and | Transfers | |||||||||||||||||||||||||||||||||
30, 2013 | (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 | $ | 669 | $ | (2 | ) | $ | - | $ | - | $ | (2 | ) | $ | - | $ | - | $ | - | $ | 667 | |||||||||||||||||
Trading - Other | 284 | (1 | ) | - | - | (1 | ) | - | - | - | 283 | ||||||||||||||||||||||||||
Total | $ | 953 | $ | (3 | ) | $ | - | $ | - | $ | (3 | ) | $ | - | $ | - | $ | - | $ | 950 | |||||||||||||||||
There were no transfers between any Levels during the three months ended September 30, 2013. | |||||||||||||||||||||||||||||||||||||
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2014 (in thousands) | |||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||||||||||||||
Gains or | Total | ||||||||||||||||||||||||||||||||||||
Total Realized and | (Losses) | Realized | |||||||||||||||||||||||||||||||||||
December | Unrealized Gains or | Included in | and | Transfers | |||||||||||||||||||||||||||||||||
31, 2013 | (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 | $ | 700 | $ | 24 | $ | - | $ | - | $ | 24 | $ | - | $ | - | $ | - | $ | 724 | |||||||||||||||||||
Trading - Other | 284 | - | - | - | - | 10 | - | - | 294 | ||||||||||||||||||||||||||||
Total | $ | 984 | $ | 24 | $ | - | $ | - | $ | 24 | 10 | $ | - | $ | - | $ | 1,018 | ||||||||||||||||||||
There were no transfers between any Levels during the nine months ended September 30, 2014. | |||||||||||||||||||||||||||||||||||||
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2013 (in thousands) | |||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||||||||||||||
Gains or | Total | ||||||||||||||||||||||||||||||||||||
Total Realized and | (Losses) | Realized | |||||||||||||||||||||||||||||||||||
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 | $ | (8 | ) | $ | - | $ | - | $ | (8 | ) | $ | - | $ | - | $ | - | $ | 667 | |||||||||||||||||
Trading - Other | 362 | (3 | ) | - | - | (3 | ) | 3 | (79 | ) | - | 283 | |||||||||||||||||||||||||
Total | $ | 1,037 | $ | (11 | ) | $ | - | $ | - | $ | (11 | ) | $ | 3 | $ | (79 | ) | $ | - | $ | 950 | ||||||||||||||||
There were no transfers between any Levels during the nine months ended September 30, 2013. | |||||||||||||||||||||||||||||||||||||
Investments_in_Partnerships_Of1
Investments in Partnerships, Offshore Funds and Variable Interest Entities (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
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 in consolidation, partnerships and offshore funds. | |||||||||||||||||||||||||||||||||
Entities consolidated | |||||||||||||||||||||||||||||||||
CFFs | Partnerships | Offshore Funds | Total | ||||||||||||||||||||||||||||||
VIEs | VOEs | VIEs | VOEs | VIEs | VOEs | VIEs | VOEs | ||||||||||||||||||||||||||
Entities consolidated at December 31, 2012 | 1 | 2 | - | 1 | - | 1 | 1 | 4 | |||||||||||||||||||||||||
Additional consolidated entities | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Deconsolidated entities | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Entities consolidated at September 30, 2013 | 1 | 2 | - | 1 | - | 1 | 1 | 4 | |||||||||||||||||||||||||
Additional consolidated entities | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Deconsolidated entities | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Entities consolidated at December 31, 2013 | 1 | 2 | - | 1 | - | 1 | 1 | 4 | |||||||||||||||||||||||||
Additional consolidated entities | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Deconsolidated entities | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Entities consolidated at September 30, 2014 | 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): | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Investment Type | |||||||||||||||||||||||||||||||||
Affiliated | Unaffiliated | ||||||||||||||||||||||||||||||||
Consolidated | |||||||||||||||||||||||||||||||||
Accounting method | Feeder Funds | Partnerships | Offshore Funds | Partnerships | Offshore Funds | Total | |||||||||||||||||||||||||||
Fair Value | $ | 24,094 | $ | - | $ | - | $ | - | $ | - | $ | 24,094 | |||||||||||||||||||||
Equity Method | - | 34,967 | 34,185 | 6,611 | 7,577 | 83,340 | |||||||||||||||||||||||||||
Total | $ | 24,094 | $ | 34,967 | $ | 34,185 | $ | 6,611 | $ | 7,577 | $ | 107,434 | |||||||||||||||||||||
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 | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Investment Type | |||||||||||||||||||||||||||||||||
Affiliated | Unaffiliated | ||||||||||||||||||||||||||||||||
Consolidated | |||||||||||||||||||||||||||||||||
Accounting method | Feeder Funds | Partnerships | Offshore Funds | Partnerships | Offshore Funds | Total | |||||||||||||||||||||||||||
Fair Value | $ | 23,146 | $ | - | $ | - | $ | - | $ | - | $ | 23,146 | |||||||||||||||||||||
Equity Method | - | 26,717 | 34,460 | 6,080 | 7,349 | 74,606 | |||||||||||||||||||||||||||
Total | $ | 23,146 | $ | 26,717 | $ | 34,460 | $ | 6,080 | $ | 7,349 | $ | 97,752 | |||||||||||||||||||||
Condensed Consolidated Statements Of Financial Condition By Entity Consolidated | ' | ||||||||||||||||||||||||||||||||
The following table includes the net impact by line item on the condensed consolidated statements of financial condition for each category of entity consolidated (in thousands): | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Prior to | Offshore | ||||||||||||||||||||||||||||||||
Consolidation | CFFs | Partnerships | Funds | As Reported | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 358,316 | $ | 7 | $ | 98 | $ | - | $ | 358,421 | |||||||||||||||||||||||
Investments in securities | 203,280 | - | 8,836 | 42,514 | 254,630 | ||||||||||||||||||||||||||||
Investments in sponsored investment companies | 39,520 | - | - | - | 39,520 | ||||||||||||||||||||||||||||
Investments in partnerships | 110,679 | 4,684 | (7,929 | ) | - | 107,434 | |||||||||||||||||||||||||||
Receivable from brokers | 31,388 | - | 306 | 48,191 | 79,885 | ||||||||||||||||||||||||||||
Investment advisory fees receivable | 31,221 | 17 | (1 | ) | (82 | ) | 31,155 | ||||||||||||||||||||||||||
Other assets | 28,528 | 24 | (1,000 | ) | 163 | 27,715 | |||||||||||||||||||||||||||
Total assets | $ | 802,932 | $ | 4,732 | $ | 310 | $ | 90,786 | $ | 898,760 | |||||||||||||||||||||||
Liabilities and equity | |||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 13,549 | $ | - | $ | - | $ | 631 | $ | 14,180 | |||||||||||||||||||||||
Accrued expenses and other liabilities | 166,209 | 71 | 31 | 39,009 | 205,320 | ||||||||||||||||||||||||||||
Total debt | 111,941 | - | - | - | 111,941 | ||||||||||||||||||||||||||||
Redeemable noncontrolling interests | - | 4,661 | 279 | 51,146 | 56,086 | ||||||||||||||||||||||||||||
Total equity | 511,233 | - | - | - | 511,233 | ||||||||||||||||||||||||||||
Total liabilities and equity | $ | 802,932 | $ | 4,732 | $ | 310 | $ | 90,786 | $ | 898,760 | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Prior to | Offshore | ||||||||||||||||||||||||||||||||
Consolidation | CFFs | Partnerships | Funds | As Reported | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 209,667 | $ | 450 | $ | 334 | $ | - | $ | 210,451 | |||||||||||||||||||||||
Investments in securities | 232,211 | - | 7,464 | (8,447 | ) | 231,228 | |||||||||||||||||||||||||||
Investments in sponsored investment companies | 44,033 | - | 9 | - | 44,042 | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Prior to | Offshore | ||||||||||||||||||||||||||||||||
Consolidation | CFFs | Partnerships | Funds | As Reported | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 243,995 | $ | 1,082 | $ | 334 | $ | - | $ | 245,411 | |||||||||||||||||||||||
Investments in securities | 240,113 | - | 7,400 | (9,769 | ) | 237,744 | |||||||||||||||||||||||||||
Investments in sponsored investment companies | 43,677 | - | 11 | - | 43,688 | ||||||||||||||||||||||||||||
Investments in partnerships | 104,010 | 3,253 | (9,511 | ) | - | 97,752 | |||||||||||||||||||||||||||
Receivable from brokers | 26,981 | - | 2,115 | 14,758 | 43,854 | ||||||||||||||||||||||||||||
Investment advisory fees receivable | 31,241 | (8 | ) | (1 | ) | (81 | ) | 31,151 | |||||||||||||||||||||||||
Other assets | 34,947 | - | - | 75 | 35,022 | ||||||||||||||||||||||||||||
Total assets | $ | 724,964 | $ | 4,327 | $ | 348 | $ | 4,983 | $ | 734,622 | |||||||||||||||||||||||
Liabilities and equity | |||||||||||||||||||||||||||||||||
Securities sold, not yet purchased | $ | 7,577 | $ | - | $ | - | $ | 148 | $ | 7,725 | |||||||||||||||||||||||
Accrued expenses and other liabilities | 161,394 | 1,146 | 32 | 2,567 | 165,139 | ||||||||||||||||||||||||||||
Total debt | 117,347 | - | - | - | 117,347 | ||||||||||||||||||||||||||||
Redeemable noncontrolling interests | - | 3,181 | 316 | 2,268 | 5,765 | ||||||||||||||||||||||||||||
Total equity | 438,646 | - | - | - | 438,646 | ||||||||||||||||||||||||||||
Total liabilities and equity | $ | 724,964 | $ | 4,327 | $ | 348 | $ | 4,983 | $ | 734,622 | |||||||||||||||||||||||
Condensed Consolidated Statements Of Income By Entity Consolidated | ' | ||||||||||||||||||||||||||||||||
The following table includes the net impact by line item on the condensed consolidated statements of income for each category of entity consolidated (in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Prior to | Offshore | ||||||||||||||||||||||||||||||||
Consolidation | CFFs | Partnerships | Funds | As Reported | |||||||||||||||||||||||||||||
Total revenues | $ | 111,073 | $ | (7 | ) | $ | - | $ | (208 | ) | $ | 110,858 | |||||||||||||||||||||
Total expenses | 66,980 | 20 | 12 | 260 | 67,272 | ||||||||||||||||||||||||||||
Operating income | 44,093 | (27 | ) | (12 | ) | (468 | ) | 43,586 | |||||||||||||||||||||||||
Total other income/(expense), net | (7,462 | ) | (186 | ) | (18 | ) | (2,323 | ) | (9,989 | ) | |||||||||||||||||||||||
Income before income taxes | 36,631 | (213 | ) | (30 | ) | (2,791 | ) | 33,597 | |||||||||||||||||||||||||
Income tax provision | 13,045 | - | - | - | 13,045 | ||||||||||||||||||||||||||||
Net income | 23,586 | (213 | ) | (30 | ) | (2,791 | ) | 20,552 | |||||||||||||||||||||||||
Net loss attributable to noncontrolling interests | (79 | ) | (213 | ) | (30 | ) | (2,791 | ) | (3,113 | ) | |||||||||||||||||||||||
Net income attributable to GAMCO | $ | 23,665 | $ | - | $ | - | $ | - | $ | 23,665 | |||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Prior to | Offshore | ||||||||||||||||||||||||||||||||
Consolidation | CFFs | Partnerships | Funds | As Reported | |||||||||||||||||||||||||||||
Total revenues | $ | 96,620 | $ | (8 | ) | $ | (1 | ) | $ | (234 | ) | $ | 96,377 | ||||||||||||||||||||
Total expenses | 63,400 | 46 | 11 | 192 | 63,649 | ||||||||||||||||||||||||||||
Operating income | 33,220 | (54 | ) | (12 | ) | (426 | ) | 32,728 | |||||||||||||||||||||||||
Total other income, net | 17,404 | 94 | 31 | 462 | 17,991 | ||||||||||||||||||||||||||||
Income before income taxes | 50,624 | 40 | 19 | 36 | 50,719 | ||||||||||||||||||||||||||||
Income tax provision | 17,515 | - | - | - | 17,515 | ||||||||||||||||||||||||||||
Net income | 33,109 | 40 | 19 | 36 | 33,204 | ||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | 11 | 40 | 19 | 36 | 106 | ||||||||||||||||||||||||||||
Net income attributable to GAMCO | $ | 33,098 | $ | - | $ | - | $ | - | $ | 33,098 | |||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Prior to | Offshore | ||||||||||||||||||||||||||||||||
Consolidation | CFFs | Partnerships | Funds | As Reported | |||||||||||||||||||||||||||||
Total revenues | $ | 324,287 | $ | (21 | ) | $ | (2 | ) | $ | (633 | ) | $ | 323,631 | ||||||||||||||||||||
Total expenses | 205,207 | 34 | 38 | 730 | 206,009 | ||||||||||||||||||||||||||||
Operating income | 119,080 | (55 | ) | (40 | ) | (1,363 | ) | 117,622 | |||||||||||||||||||||||||
Total other income/(expense), net | 6,172 | 20 | 19 | (1,186 | ) | 5,025 | |||||||||||||||||||||||||||
Income before income taxes | 125,252 | (35 | ) | (21 | ) | (2,549 | ) | 122,647 | |||||||||||||||||||||||||
Income tax provision | 44,796 | - | - | - | 44,796 | ||||||||||||||||||||||||||||
Net income | 80,456 | (35 | ) | (21 | ) | (2,549 | ) | 77,851 | |||||||||||||||||||||||||
Net loss attributable to noncontrolling interests | (113 | ) | (35 | ) | (21 | ) | (2,549 | ) | (2,718 | ) | |||||||||||||||||||||||
Net income attributable to GAMCO | $ | 80,569 | $ | - | $ | - | $ | - | $ | 80,569 | |||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Prior to | Offshore | ||||||||||||||||||||||||||||||||
Consolidation | CFFs | Partnerships | Funds | As Reported | |||||||||||||||||||||||||||||
Total revenues | $ | 275,689 | $ | (20 | ) | $ | (2 | ) | $ | (819 | ) | $ | 274,848 | ||||||||||||||||||||
Total expenses | 178,858 | 134 | 36 | 581 | 179,609 | ||||||||||||||||||||||||||||
Operating income | 96,831 | (154 | ) | (38 | ) | (1,400 | ) | 95,239 | |||||||||||||||||||||||||
Total other income, net | 33,125 | 228 | 79 | 1,559 | 34,991 | ||||||||||||||||||||||||||||
Income before income taxes | 129,956 | 74 | 41 | 159 | 130,230 | ||||||||||||||||||||||||||||
Income tax provision | 46,434 | - | - | - | 46,434 | ||||||||||||||||||||||||||||
Net income | 83,522 | 74 | 41 | 159 | 83,796 | ||||||||||||||||||||||||||||
Net income/(loss) attributable to noncontrolling interests | (14 | ) | 74 | 41 | 159 | 260 | |||||||||||||||||||||||||||
Net income attributable to GAMCO | $ | 83,536 | $ | - | $ | - | $ | 0 | $ | 83,536 | |||||||||||||||||||||||
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 the VIE that is consolidated and is included on the condensed consolidated statements of financial condition as well as GAMCO's net interest in this VIE. Only one VIE was consolidated at September 30, 2014, December 31, 2013 and September 30, 2013: | |||||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | - | $ | 1,082 | |||||||||||||||||||||||||||
Investments in partnerships | 13,618 | 15,540 | 13,782 | ||||||||||||||||||||||||||||||
Accrued expenses and other liabilities | (15 | ) | (2,022 | ) | (1,088 | ) | |||||||||||||||||||||||||||
Redeemable noncontrolling interests | (962 | ) | (1,120 | ) | - | ||||||||||||||||||||||||||||
GAMCO's net interests in consolidated VIE | $ | 12,642 | $ | 12,398 | $ | 13,776 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic: | |||||||||||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders | $ | 23,665 | $ | 33,098 | $ | 80,569 | $ | 83,536 | |||||||||
Weighted average shares outstanding | 25,296 | 25,625 | 25,385 | 25,682 | |||||||||||||
Basic net income attributable to GAMCO Investors, Inc.'s | |||||||||||||||||
shareholders per share | $ | 0.94 | $ | 1.29 | $ | 3.17 | $ | 3.25 | |||||||||
Diluted: | |||||||||||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders | $ | 23,665 | $ | 33,098 | $ | 80,569 | $ | 83,536 | |||||||||
Weighted average share outstanding | 25,296 | 25,625 | 25,385 | 25,682 | |||||||||||||
Dilutive stock options and restricted stock awards | 221 | 75 | 210 | 35 | |||||||||||||
Total | 25,517 | 25,700 | 25,595 | 25,717 | |||||||||||||
Diluted net income attributable to GAMCO Investors, Inc.'s | |||||||||||||||||
shareholders per share | $ | 0.93 | $ | 1.29 | $ | 3.15 | $ | 3.25 |
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Debt [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Debt | ' | ||||||||||||||||||||||||
Debt consists of the following: | |||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-13 | |||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||
Value | Level 2 | Value | Level 2 | Value | Level 2 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
5.875% Senior notes | $ | 100,000 | $ | 108,200 | $ | 100,000 | $ | 108,500 | $ | 100,000 | $ | 108,000 | |||||||||||||
0% Subordinated debentures | 11,941 | 12,775 | 11,911 | 13,819 | 17,347 | 19,349 | |||||||||||||||||||
Total | $ | 111,941 | $ | 120,975 | $ | 111,911 | $ | 122,319 | $ | 117,347 | $ | 127,349 |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||
Stockholders' Equity [Abstract] | ' | ||||||||||||||||||||||||||
Dividends | ' | ||||||||||||||||||||||||||
Dividends | |||||||||||||||||||||||||||
Payment Date | Record Date | Amount | |||||||||||||||||||||||||
Three months ended March 31, 2014 | 25-Mar-14 | 11-Mar-14 | $ | 0.06 | |||||||||||||||||||||||
Three months ended June 30, 2014 | 24-Jun-14 | 10-Jun-14 | $ | 0.06 | |||||||||||||||||||||||
Three months ended September 30, 2014 | 30-Sep-14 | 16-Sep-14 | 0.06 | ||||||||||||||||||||||||
Nine months ended September 30, 2014 | $ | 0.18 | |||||||||||||||||||||||||
Three months ended March 31, 2013 | 26-Mar-13 | 12-Mar-13 | $ | 0.05 | |||||||||||||||||||||||
Three months ended June 30, 2013 | 25-Jun-13 | 11-Jun-13 | $ | 0.05 | |||||||||||||||||||||||
Three months ended September 30, 2013 | 24-Sep-13 | 10-Sep-13 | $ | 0.06 | |||||||||||||||||||||||
Nine months ended September 30, 2013 | $ | 0.16 | |||||||||||||||||||||||||
Actual and projected stock-based compensation expense for RSA shares and options | ' | ||||||||||||||||||||||||||
For the three months ended September 30, 2014 and September 30, 2013, we recognized stock-based compensation expense of $1.8 million and $0.7 million, respectively. For the nine months ended September 30, 2014 and September 30, 2013, we recognized stock-based compensation expense of $5.2 million and $0.8 million, respectively. Actual and projected stock-based compensation expense for RSA shares and options for the years ended December 31, 2014 through December 31, 2023 (based on awards currently issued or granted) is as follows ($ in thousands): | |||||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||||||||
Q1 | $ | 15 | $ | 1,700 | $ | 1,962 | $ | 1,961 | $ | 1,171 | $ | 908 | |||||||||||||||
Q2 | 15 | 1,697 | 1,961 | 1,961 | 1,171 | 908 | |||||||||||||||||||||
Q3 | 741 | 1,785 | 1,961 | 1,607 | 1,040 | 828 | |||||||||||||||||||||
Q4 | 1,301 | 1,965 | 1,961 | 1,346 | 910 | 659 | |||||||||||||||||||||
Full Year | $ | 2,072 | $ | 7,147 | $ | 7,845 | $ | 6,875 | $ | 4,292 | $ | 3,303 | |||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | 2024 | ||||||||||||||||||||||
Q1 | $ | 429 | $ | 319 | $ | 227 | $ | 146 | $ | 76 | $ | 12 | |||||||||||||||
Q2 | 429 | 319 | 227 | 146 | 76 | 12 | |||||||||||||||||||||
Q3 | 364 | 264 | 179 | 104 | 38 | 8 | |||||||||||||||||||||
Q4 | 319 | 227 | 146 | 76 | 12 | - | |||||||||||||||||||||
Full Year | $ | 1,541 | $ | 1,129 | $ | 779 | $ | 472 | $ | 202 | $ | 32 | |||||||||||||||
Investment_in_Securities_Part_
Investment in Securities, Part I (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Share data in Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Available for sale securities: | ' | ' | ' | ' | ' |
Available-for-sale Securities, Cost | $38,650,000 | $43,096,000 | $38,650,000 | $43,096,000 | $39,283,000 |
Available for sale securities, Fair Value | 77,288,000 | 81,548,000 | 77,288,000 | 81,548,000 | 88,765,000 |
Investments in securities | 254,630,000 | 237,744,000 | 254,630,000 | 237,744,000 | 231,228,000 |
Amount Reclassified from AOCI [Abstract] | ' | ' | ' | ' | ' |
Net gain from investments - Realized gain / (loss) on sale of securities | 348,000 | 5,745,000 | 3,511,000 | 16,191,000 | ' |
Other operating expenses | 0 | 3,112,000 | 3,639,000 | 3,443,000 | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment for Write-down of Securities Included in Net Income, before Tax | 0 | 0 | -69,000 | -14,000 | ' |
Income before income taxes | 348,000 | 8,857,000 | 7,081,000 | 19,620,000 | ' |
Income tax provision | -129,000 | -3,277,000 | -2,620,000 | -7,259,000 | ' |
Net income | 219,000 | 5,580,000 | 4,461,000 | 12,361,000 | ' |
Gross Amounts Not Offset in the Statements of Financial Position, Liabilities [Abstract] | ' | ' | ' | ' | ' |
Net gain/(loss) on equity derivative | 661,000 | 191,000 | 591,000 | 471,000 | ' |
Shares under derivative contract (in shares) | 2.3 | 1.6 | 2.3 | 1.6 | 1.3 |
Derivative fair value of derivative net | 134,000 | -143,000 | 134,000 | -143,000 | 120,000 |
Swaps [Member] | ' | ' | ' | ' | ' |
Offsetting Derivative Assets [Abstract] | ' | ' | ' | ' | ' |
Gross amounts of recognized assets | 800,000 | 101,000 | 800,000 | 101,000 | 275,000 |
Gross amounts offset in the Statements of Financial Position | 0 | 0 | 0 | 0 | 0 |
Net Amounts of Assets Presented in the Statements of Financial Position | 800,000 | 101,000 | 800,000 | 101,000 | 275,000 |
Gross Amounts Not Offset in the Statements of Financial Position, Assets [Abstract] | ' | ' | ' | ' | ' |
Financial Instruments | -657,000 | -101,000 | -657,000 | -101,000 | -155,000 |
Cash collateral received | 0 | 0 | 0 | 0 | 0 |
Net amount | 143,000 | 0 | 143,000 | 0 | 120,000 |
Offsetting Derivative Liabilities [Abstract] | ' | ' | ' | ' | ' |
Gross amounts of recognized liabilities | 657,000 | 135,000 | 657,000 | 135,000 | 155,000 |
Gross amounts offset in the Statements of Financial Position | 0 | 0 | 0 | 0 | 0 |
Net Amounts of Assets Presented in the Statements of Financial Position | 657,000 | 135,000 | 657,000 | 135,000 | 155,000 |
Gross Amounts Not Offset in the Statements of Financial Position, Liabilities [Abstract] | ' | ' | ' | ' | ' |
Financial Instruments | -657,000 | -101,000 | -657,000 | -101,000 | -155,000 |
Cash collateral received | 0 | 0 | 0 | 0 | 0 |
Net amount | 0 | 34,000 | 0 | 34,000 | 0 |
Investment in Securities [Member] | ' | ' | ' | ' | ' |
Trading securities: | ' | ' | ' | ' | ' |
Trading Securities, Cost | 206,787,000 | 193,418,000 | 206,787,000 | 193,418,000 | 169,804,000 |
Trading securities, fair value | 254,630,000 | 237,744,000 | 254,630,000 | 237,744,000 | 231,228,000 |
Investment in Securities [Member] | Trading Securities [Member] | ' | ' | ' | ' | ' |
Trading securities: | ' | ' | ' | ' | ' |
Trading Securities, Cost | 191,878,000 | 176,203,000 | 191,878,000 | 176,203,000 | 155,572,000 |
Trading securities, fair value | 216,861,000 | 199,872,000 | 216,861,000 | 199,872,000 | 186,495,000 |
Trading Securities: | ' | ' | ' | ' | ' |
Cost | 11,770,000 | 6,937,000 | 11,770,000 | 6,937,000 | 5,319,000 |
Fair Value | 14,180,000 | 7,725,000 | 14,180,000 | 7,725,000 | 6,178,000 |
Investment in Securities [Member] | Trading Securities [Member] | Government obligations [Member] | ' | ' | ' | ' | ' |
Trading securities: | ' | ' | ' | ' | ' |
Trading Securities, Cost | 20,995,000 | 20,993,000 | 20,995,000 | 20,993,000 | 37,986,000 |
Trading securities, fair value | 20,999,000 | 21,000,000 | 20,999,000 | 21,000,000 | 37,994,000 |
Investment in Securities [Member] | Trading Securities [Member] | Common Stock [Member] | ' | ' | ' | ' | ' |
Trading securities: | ' | ' | ' | ' | ' |
Trading Securities, Cost | 167,714,000 | 143,731,000 | 167,714,000 | 143,731,000 | 96,225,000 |
Trading securities, fair value | 190,939,000 | 166,443,000 | 190,939,000 | 166,443,000 | 124,634,000 |
Trading Securities: | ' | ' | ' | ' | ' |
Cost | 11,699,000 | 6,411,000 | 11,699,000 | 6,411,000 | 5,319,000 |
Fair Value | 13,514,000 | 7,003,000 | 13,514,000 | 7,003,000 | 6,023,000 |
Investment in Securities [Member] | Trading Securities [Member] | Mutual Funds [Member] | ' | ' | ' | ' | ' |
Trading securities: | ' | ' | ' | ' | ' |
Trading Securities, Cost | 2,416,000 | 11,073,000 | 2,416,000 | 11,073,000 | 21,074,000 |
Trading securities, fair value | 3,373,000 | 12,010,000 | 3,373,000 | 12,010,000 | 23,285,000 |
Investment in Securities [Member] | Trading Securities [Member] | Other Investments [Member] | ' | ' | ' | ' | ' |
Trading securities: | ' | ' | ' | ' | ' |
Trading Securities, Cost | 753,000 | 406,000 | 753,000 | 406,000 | 287,000 |
Trading securities, fair value | 1,550,000 | 419,000 | 1,550,000 | 419,000 | 582,000 |
Trading Securities: | ' | ' | ' | ' | ' |
Cost | 71,000 | 526,000 | 71,000 | 526,000 | 0 |
Fair Value | 666,000 | 722,000 | 666,000 | 722,000 | 155,000 |
Investment in Securities [Member] | Available-for-sale Securities [Member] | ' | ' | ' | ' | ' |
Trading securities: | ' | ' | ' | ' | ' |
Trading Securities, Cost | 14,909,000 | 17,215,000 | 14,909,000 | 17,215,000 | 14,232,000 |
Trading securities, fair value | 37,769,000 | 37,872,000 | 37,769,000 | 37,872,000 | 44,733,000 |
Investment in Securities [Member] | Available-for-sale Securities [Member] | Common Stock [Member] | ' | ' | ' | ' | ' |
Trading securities: | ' | ' | ' | ' | ' |
Trading Securities, Cost | 14,228,000 | 16,372,000 | 14,228,000 | 16,372,000 | 13,389,000 |
Trading securities, fair value | 36,380,000 | 36,297,000 | 36,380,000 | 36,297,000 | 43,046,000 |
Investment in Securities [Member] | Available-for-sale Securities [Member] | Mutual Funds [Member] | ' | ' | ' | ' | ' |
Trading securities: | ' | ' | ' | ' | ' |
Trading Securities, Cost | 681,000 | 843,000 | 681,000 | 843,000 | 843,000 |
Trading securities, fair value | 1,389,000 | 1,575,000 | 1,389,000 | 1,575,000 | 1,687,000 |
Investment in Sponsored Registered Investment Companies [Member] | ' | ' | ' | ' | ' |
Available for sale securities: | ' | ' | ' | ' | ' |
Available-for-sale Securities, Cost | 23,742,000 | 25,900,000 | 23,742,000 | 25,900,000 | 25,070,000 |
Available for sale securities, Fair Value | 39,520,000 | 43,688,000 | 39,520,000 | 43,688,000 | 44,042,000 |
Investment in Sponsored Registered Investment Companies [Member] | Trading Securities [Member] | ' | ' | ' | ' | ' |
Available for sale securities: | ' | ' | ' | ' | ' |
Available-for-sale Securities, Cost | 1,000 | 19,000 | 1,000 | 19,000 | 19,000 |
Available for sale securities, Fair Value | 1,000 | 12,000 | 1,000 | 12,000 | 10,000 |
Investment in Sponsored Registered Investment Companies [Member] | Trading Securities [Member] | Mutual Funds [Member] | ' | ' | ' | ' | ' |
Available for sale securities: | ' | ' | ' | ' | ' |
Available-for-sale Securities, Cost | 1,000 | 19,000 | 1,000 | 19,000 | 19,000 |
Available for sale securities, Fair Value | 1,000 | 12,000 | 1,000 | 12,000 | 10,000 |
Investment in Sponsored Registered Investment Companies [Member] | Available-for-sale Securities [Member] | ' | ' | ' | ' | ' |
Available for sale securities: | ' | ' | ' | ' | ' |
Available-for-sale Securities, Cost | 23,741,000 | 25,881,000 | 23,741,000 | 25,881,000 | 25,051,000 |
Available for sale securities, Fair Value | 39,519,000 | 43,676,000 | 39,519,000 | 43,676,000 | 44,032,000 |
Investment in Sponsored Registered Investment Companies [Member] | Available-for-sale Securities [Member] | Mutual Funds [Member] | ' | ' | ' | ' | ' |
Available for sale securities: | ' | ' | ' | ' | ' |
Available-for-sale Securities, Cost | 1,922,000 | 2,031,000 | 1,922,000 | 2,031,000 | 1,951,000 |
Available for sale securities, Fair Value | 3,377,000 | 3,404,000 | 3,377,000 | 3,404,000 | 3,408,000 |
Investment in Sponsored Registered Investment Companies [Member] | Available-for-sale Securities [Member] | Closed end Funds [Member] | ' | ' | ' | ' | ' |
Available for sale securities: | ' | ' | ' | ' | ' |
Available-for-sale Securities, Cost | 21,819,000 | 23,850,000 | 21,819,000 | 23,850,000 | 23,100,000 |
Available for sale securities, Fair Value | $36,142,000 | $40,272,000 | $36,142,000 | $40,272,000 | $40,624,000 |
Investment_in_Securities_Part_1
Investment in Securities, Part II (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
InvestmentHoldinginLossPosition | InvestmentHoldinginLossPosition | InvestmentHoldinginLossPosition | InvestmentHoldinginLossPosition | InvestmentHoldinginLossPosition | ||
Available for Sale Securities, Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value [Abstract] | ' | ' | ' | ' | ' | ' |
Cost | $38,650,000 | $43,096,000 | $38,650,000 | $43,096,000 | $39,283,000 | ' |
Gross unrealized gains | 38,640,000 | 38,611,000 | 38,640,000 | 38,611,000 | 49,636,000 | ' |
Gross unrealized losses | -2,000 | -159,000 | -2,000 | -159,000 | -154,000 | ' |
Total available for sale securities | 77,288,000 | 81,548,000 | 77,288,000 | 81,548,000 | 88,765,000 | ' |
Unrealized changes to fair value net of taxes included in other comprehensive income | -2,407,000 | -2,170,000 | -6,832,000 | -3,030,000 | ' | ' |
Return of capital on available for sale securities | 266,000 | 469,000 | 827,000 | 1,094,000 | ' | ' |
Proceeds from sale of investment available for sale | 1,500,000 | 10,444,000 | 8,018,000 | 32,422,000 | ' | ' |
Gross realized gains on sale of investment available for sale | 300,000 | 5,700,000 | 3,500,000 | 16,200,000 | ' | ' |
Investments classified as available for sale unrealized loss position [Abstract] | ' | ' | ' | ' | ' | ' |
Cost | 79,000 | 1,306,000 | 79,000 | 1,306,000 | 1,215,000 | ' |
Unrealized Losses | ' | ' | -2,000 | -159,000 | -154,000 | ' |
Fair Value | 77,000 | 1,147,000 | 77,000 | 1,147,000 | 1,061,000 | ' |
Number of investment holding in loss positions | 1 | 4 | 1 | 4 | 4 | ' |
Investment holding impairment period (in months) | '1 month | '4 months | ' | ' | ' | '7 months |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 0 | 0 | 69,000 | 14,000 | ' | ' |
Common Stock [Member] | ' | ' | ' | ' | ' | ' |
Available for Sale Securities, Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value [Abstract] | ' | ' | ' | ' | ' | ' |
Cost | 14,228,000 | 16,372,000 | 14,228,000 | 16,372,000 | 13,389,000 | ' |
Gross unrealized gains | 22,152,000 | 19,925,000 | 22,152,000 | 19,925,000 | 29,657,000 | ' |
Gross unrealized losses | 0 | 0 | 0 | 0 | 0 | ' |
Total available for sale securities | 36,380,000 | 36,297,000 | 36,380,000 | 36,297,000 | 43,046,000 | ' |
Closed-end Funds [Member] | ' | ' | ' | ' | ' | ' |
Available for Sale Securities, Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value [Abstract] | ' | ' | ' | ' | ' | ' |
Cost | 21,819,000 | 23,850,000 | 21,819,000 | 23,850,000 | 23,100,000 | ' |
Gross unrealized gains | 14,325,000 | 16,545,000 | 14,325,000 | 16,545,000 | 17,654,000 | ' |
Gross unrealized losses | -2,000 | -123,000 | -2,000 | -123,000 | -130,000 | ' |
Total available for sale securities | 36,142,000 | 40,272,000 | 36,142,000 | 40,272,000 | 40,624,000 | ' |
Investments classified as available for sale unrealized loss position [Abstract] | ' | ' | ' | ' | ' | ' |
Cost | 79,000 | 941,000 | 79,000 | 941,000 | 912,000 | ' |
Unrealized Losses | ' | ' | -2,000 | -123,000 | -130,000 | ' |
Fair Value | 77,000 | 818,000 | 77,000 | 818,000 | 782,000 | ' |
Mutual Funds [Member] | ' | ' | ' | ' | ' | ' |
Available for Sale Securities, Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value [Abstract] | ' | ' | ' | ' | ' | ' |
Cost | 2,603,000 | 2,874,000 | 2,603,000 | 2,874,000 | 2,794,000 | ' |
Gross unrealized gains | 2,163,000 | 2,141,000 | 2,163,000 | 2,141,000 | 2,325,000 | ' |
Gross unrealized losses | 0 | -36,000 | 0 | -36,000 | -24,000 | ' |
Total available for sale securities | 4,766,000 | 4,979,000 | 4,766,000 | 4,979,000 | 5,095,000 | ' |
Investments classified as available for sale unrealized loss position [Abstract] | ' | ' | ' | ' | ' | ' |
Cost | 0 | 365,000 | 0 | 365,000 | 303,000 | ' |
Unrealized Losses | ' | ' | 0 | -36,000 | -24,000 | ' |
Fair Value | $0 | $329,000 | $0 | $329,000 | $279,000 | ' |
Fair_Value_Details
Fair Value (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Assets | ' | ' | ' | ' | ' |
Investments in partnerships | $24,094 | $23,146 | $24,094 | $23,146 | $25,253 |
Liabilities | ' | ' | ' | ' | ' |
Securities sold, not yet purchased | 14,180 | 7,725 | 14,180 | 7,725 | 6,178 |
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis [Roll Forward] | ' | ' | ' | ' | ' |
Beginning Balance | 1,010 | 953 | 984 | 1,037 | ' |
Total Realized and Unrealized Gains or (Losses) - Trading | 8 | -3 | 24 | -11 | ' |
Total Realized and Unrealized Gains or (Losses) in Income - AFS Investments | 0 | 0 | 0 | 0 | ' |
Total Unrealized Gains or (Losses) Included in Other Comprehensive Income | 0 | 0 | 0 | 0 | ' |
Total Realized and Unrealized Gains or (Losses) | 8 | -3 | 24 | -11 | ' |
Purchases | 0 | 0 | 10 | 3 | ' |
Sales | 0 | 0 | 0 | 79 | ' |
Transfers In and/or (Out) of Level 3 | 0 | 0 | 0 | 0 | ' |
Ending Balance | 1,018 | 950 | 1,018 | 950 | ' |
Trading - Common stocks [Member] | ' | ' | ' | ' | ' |
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis [Roll Forward] | ' | ' | ' | ' | ' |
Beginning Balance | 716 | 669 | 700 | 675 | ' |
Total Realized and Unrealized Gains or (Losses) - Trading | 8 | -2 | 24 | -8 | ' |
Total Realized and Unrealized Gains or (Losses) in Income - AFS Investments | 0 | 0 | 0 | 0 | ' |
Total Unrealized Gains or (Losses) Included in Other Comprehensive Income | 0 | 0 | 0 | 0 | ' |
Total Realized and Unrealized Gains or (Losses) | 8 | -2 | 24 | -8 | ' |
Purchases | 0 | 0 | 0 | 0 | ' |
Sales | 0 | 0 | 0 | 0 | ' |
Transfers In and/or (Out) of Level 3 | 0 | 0 | 0 | 0 | ' |
Ending Balance | 724 | 667 | 724 | 667 | ' |
Trading - Other [Member] | ' | ' | ' | ' | ' |
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis [Roll Forward] | ' | ' | ' | ' | ' |
Beginning Balance | 294 | 284 | 284 | 362 | ' |
Total Realized and Unrealized Gains or (Losses) - Trading | 0 | -1 | 0 | -3 | ' |
Total Realized and Unrealized Gains or (Losses) in Income - AFS Investments | 0 | 0 | 0 | 0 | ' |
Total Unrealized Gains or (Losses) Included in Other Comprehensive Income | 0 | 0 | 0 | 0 | ' |
Total Realized and Unrealized Gains or (Losses) | 0 | -1 | 0 | -3 | ' |
Purchases | 0 | 0 | 10 | 3 | ' |
Sales | 0 | 0 | 0 | 79 | ' |
Transfers In and/or (Out) of Level 3 | 0 | 0 | 0 | 0 | ' |
Ending Balance | 294 | 283 | 294 | 283 | ' |
Recurring Basis [Member] | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' |
Cash equivalents | 358,210 | 244,144 | 358,210 | 244,144 | 209,913 |
Investments in partnerships | 24,094 | 23,146 | 24,094 | 23,146 | 25,253 |
Investments in securities: | ' | ' | ' | ' | ' |
AFS-Common stocks | 36,380 | 36,297 | 36,380 | 36,297 | 43,046 |
AFS-Mutual Funds | 1,389 | 1,575 | 1,389 | 1,575 | 1,687 |
Trading-Government obligations | 20,999 | 21,000 | 20,999 | 21,000 | 37,994 |
Trading-Common Stocks | 190,939 | 166,443 | 190,939 | 166,443 | 124,634 |
Trading-Mutual Funds | 3,373 | 12,010 | 3,373 | 12,010 | 23,285 |
Trading-Other | 1,550 | 419 | 1,550 | 419 | 582 |
Total investments in securities | 254,630 | 237,744 | 254,630 | 237,744 | 231,228 |
Investments in sponsored registered investment companies: [Abstract] | ' | ' | ' | ' | ' |
AFS - Closed-end Funds | 36,142 | 40,272 | 36,142 | 40,272 | 40,624 |
AFS - Mutual Funds | 3,377 | 3,404 | 3,377 | 3,404 | 3,408 |
Trading - Mutual Funds | 1 | 12 | 1 | 12 | 10 |
Total investments in sponsored registered investment companies | 39,520 | 43,688 | 39,520 | 43,688 | 44,042 |
Total investments | 318,244 | 304,578 | 318,244 | 304,578 | 300,523 |
Total assets at fair value | 676,454 | 548,722 | 676,454 | 548,722 | 510,436 |
Liabilities | ' | ' | ' | ' | ' |
Trading-Common Stocks | 13,514 | 7,003 | 13,514 | 7,003 | 6,023 |
Trading-Other | 666 | 722 | 666 | 722 | 155 |
Securities sold, not yet purchased | 14,180 | 7,725 | 14,180 | 7,725 | 6,178 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring Basis [Member] | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' |
Cash equivalents | 358,210 | 244,144 | 358,210 | 244,144 | 209,913 |
Investments in partnerships | 0 | 0 | 0 | 0 | 0 |
Investments in securities: | ' | ' | ' | ' | ' |
AFS-Common stocks | 36,380 | 36,297 | 36,380 | 36,297 | 43,046 |
AFS-Mutual Funds | 1,389 | 1,575 | 1,389 | 1,575 | 1,687 |
Trading-Government obligations | 20,999 | 21,000 | 20,999 | 21,000 | 37,994 |
Trading-Common Stocks | 190,215 | 165,776 | 190,215 | 165,776 | 123,927 |
Trading-Mutual Funds | 3,373 | 12,010 | 3,373 | 12,010 | 23,285 |
Trading-Other | 453 | 32 | 453 | 32 | 23 |
Total investments in securities | 252,809 | 236,690 | 252,809 | 236,690 | 229,962 |
Investments in sponsored registered investment companies: [Abstract] | ' | ' | ' | ' | ' |
AFS - Closed-end Funds | 36,142 | 40,272 | 36,142 | 40,272 | 40,624 |
AFS - Mutual Funds | 3,377 | 3,404 | 3,377 | 3,404 | 3,408 |
Trading - Mutual Funds | 1 | 12 | 1 | 12 | 10 |
Total investments in sponsored registered investment companies | 39,520 | 43,688 | 39,520 | 43,688 | 44,042 |
Total investments | 292,329 | 280,378 | 292,329 | 280,378 | 274,004 |
Total assets at fair value | 650,539 | 524,522 | 650,539 | 524,522 | 483,917 |
Liabilities | ' | ' | ' | ' | ' |
Trading-Common Stocks | 13,514 | 7,003 | 13,514 | 7,003 | 6,023 |
Trading-Other | 0 | 0 | 0 | 0 | 0 |
Securities sold, not yet purchased | 13,514 | 7,003 | 13,514 | 7,003 | 6,023 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring Basis [Member] | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' |
Cash equivalents | 0 | 0 | 0 | 0 | 0 |
Investments in partnerships | 24,094 | 23,146 | 24,094 | 23,146 | 25,253 |
Investments in securities: | ' | ' | ' | ' | ' |
AFS-Common stocks | 0 | 0 | 0 | 0 | 0 |
AFS-Mutual Funds | 0 | 0 | 0 | 0 | 0 |
Trading-Government obligations | 0 | 0 | 0 | 0 | 0 |
Trading-Common Stocks | 0 | 0 | 0 | 0 | 7 |
Trading-Mutual Funds | 0 | 0 | 0 | 0 | 0 |
Trading-Other | 803 | 104 | 803 | 104 | 275 |
Total investments in securities | 803 | 104 | 803 | 104 | 282 |
Investments in sponsored registered investment companies: [Abstract] | ' | ' | ' | ' | ' |
AFS - Closed-end Funds | 0 | 0 | 0 | 0 | 0 |
AFS - Mutual Funds | 0 | 0 | 0 | 0 | 0 |
Trading - Mutual Funds | 0 | 0 | 0 | 0 | 0 |
Total investments in sponsored registered investment companies | 0 | 0 | 0 | 0 | 0 |
Total investments | 24,897 | 23,250 | 24,897 | 23,250 | 25,535 |
Total assets at fair value | 24,897 | 23,250 | 24,897 | 23,250 | 25,535 |
Liabilities | ' | ' | ' | ' | ' |
Trading-Common Stocks | 0 | 0 | 0 | 0 | 0 |
Trading-Other | 666 | 722 | 666 | 722 | 155 |
Securities sold, not yet purchased | 666 | 722 | 666 | 722 | 155 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring Basis [Member] | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' |
Cash equivalents | 0 | 0 | 0 | 0 | 0 |
Investments in partnerships | 0 | 0 | 0 | 0 | 0 |
Investments in securities: | ' | ' | ' | ' | ' |
AFS-Common stocks | 0 | 0 | 0 | 0 | 0 |
AFS-Mutual Funds | 0 | 0 | 0 | 0 | 0 |
Trading-Government obligations | 0 | 0 | 0 | 0 | 0 |
Trading-Common Stocks | 724 | 667 | 724 | 667 | 700 |
Trading-Mutual Funds | 0 | 0 | 0 | 0 | 0 |
Trading-Other | 294 | 283 | 294 | 283 | 284 |
Total investments in securities | 1,018 | 950 | 1,018 | 950 | 984 |
Investments in sponsored registered investment companies: [Abstract] | ' | ' | ' | ' | ' |
AFS - Closed-end Funds | 0 | 0 | 0 | 0 | 0 |
AFS - Mutual Funds | 0 | 0 | 0 | 0 | 0 |
Trading - Mutual Funds | 0 | 0 | 0 | 0 | 0 |
Total investments in sponsored registered investment companies | 0 | 0 | 0 | 0 | 0 |
Total investments | 1,018 | 950 | 1,018 | 950 | 984 |
Total assets at fair value | 1,018 | 950 | 1,018 | 950 | 984 |
Liabilities | ' | ' | ' | ' | ' |
Trading-Common Stocks | 0 | 0 | 0 | 0 | 0 |
Trading-Other | 0 | 0 | 0 | 0 | 0 |
Securities sold, not yet purchased | $0 | $0 | $0 | $0 | $0 |
Investments_in_Partnerships_Of2
Investments in Partnerships, Offshore Funds and Variable Interest Entities, Part I (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Entity | Entity | Entity | Entity | |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Investments in affiliated entities | $93,200,000 | $84,300,000 | ' | $82,000,000 |
Investments in unaffiliated entities | 14,200,000 | 13,500,000 | ' | 14,000,000 |
Investments in Partnerships by Accounting Method [Abstract] | ' | ' | ' | ' |
Fair value | 24,094,000 | 23,146,000 | ' | 25,253,000 |
Equity Method Investments | 83,340,000 | 74,606,000 | ' | 70,739,000 |
Total | 107,434,000 | 97,752,000 | ' | 95,992,000 |
Maximum exposure to loss related to VIEs | 8,000,000 | 9,900,000 | ' | 10,000,000 |
Deferred carried interest in VIE | 44,000 | 45,000 | ' | 45,000 |
Total VIE assets | 59,800,000 | 77,700,000 | ' | 72,700,000 |
VIE [Member] | ' | ' | ' | ' |
Entities Consolidated [Roll Forward] | ' | ' | ' | ' |
Entities consolidated at beginning of period | ' | ' | ' | 1 |
Additional consolidated entities | 0 | 0 | 0 | ' |
Deconsolidated entities | 0 | 0 | 0 | ' |
Entities consolidated at end of period | 1 | 1 | 1 | 1 |
Investments in Partnerships by Accounting Method [Abstract] | ' | ' | ' | ' |
Total | 13,618,000 | 13,782,000 | ' | 15,540,000 |
VOE [Member] | ' | ' | ' | ' |
Entities Consolidated [Roll Forward] | ' | ' | ' | ' |
Entities consolidated at beginning of period | ' | ' | ' | 4 |
Additional consolidated entities | 0 | 0 | 0 | ' |
Deconsolidated entities | 0 | 0 | 0 | ' |
Entities consolidated at end of period | 4 | 4 | 4 | 4 |
Prior to Consolidations [Member] | ' | ' | ' | ' |
Investments in Partnerships by Accounting Method [Abstract] | ' | ' | ' | ' |
Total | 110,679,000 | 104,010,000 | ' | 98,494,000 |
CFFs [Member] | ' | ' | ' | ' |
Investments in Partnerships by Accounting Method [Abstract] | ' | ' | ' | ' |
Total | 4,684,000 | 3,253,000 | ' | 6,517,000 |
CFFs [Member] | Affiliated [Member] | ' | ' | ' | ' |
Investments in Partnerships by Accounting Method [Abstract] | ' | ' | ' | ' |
Fair value | 24,094,000 | 23,146,000 | ' | 25,253,000 |
Equity Method Investments | 0 | 0 | ' | 0 |
Total | 24,094,000 | 23,146,000 | ' | 25,253,000 |
CFFs [Member] | VIE [Member] | ' | ' | ' | ' |
Entities Consolidated [Roll Forward] | ' | ' | ' | ' |
Entities consolidated at beginning of period | ' | ' | ' | 1 |
Additional consolidated entities | 0 | 0 | 0 | ' |
Deconsolidated entities | 0 | 0 | 0 | ' |
Entities consolidated at end of period | 1 | 1 | 1 | 1 |
CFFs [Member] | VOE [Member] | ' | ' | ' | ' |
Entities Consolidated [Roll Forward] | ' | ' | ' | ' |
Entities consolidated at beginning of period | ' | ' | ' | 2 |
Additional consolidated entities | 0 | 0 | 0 | ' |
Deconsolidated entities | 0 | 0 | 0 | ' |
Entities consolidated at end of period | 2 | 2 | 2 | 2 |
Partnerships [Member] | ' | ' | ' | ' |
Investments in Partnerships by Accounting Method [Abstract] | ' | ' | ' | ' |
Total | -7,929,000 | -9,511,000 | ' | -9,019,000 |
Partnerships [Member] | Affiliated [Member] | ' | ' | ' | ' |
Investments in Partnerships by Accounting Method [Abstract] | ' | ' | ' | ' |
Fair value | 0 | 0 | ' | 0 |
Equity Method Investments | 34,967,000 | 26,717,000 | ' | 21,669,000 |
Total | 34,967,000 | 26,717,000 | ' | 21,669,000 |
Partnerships [Member] | Unaffiliated [Member] | ' | ' | ' | ' |
Investments in Partnerships by Accounting Method [Abstract] | ' | ' | ' | ' |
Fair value | 0 | 0 | ' | 0 |
Equity Method Investments | 6,611,000 | 6,080,000 | ' | 6,509,000 |
Total | 6,611,000 | 6,080,000 | ' | 6,509,000 |
Partnerships [Member] | VIE [Member] | ' | ' | ' | ' |
Entities Consolidated [Roll Forward] | ' | ' | ' | ' |
Entities consolidated at beginning of period | ' | ' | ' | 0 |
Additional consolidated entities | 0 | 0 | 0 | ' |
Deconsolidated entities | 0 | 0 | 0 | ' |
Entities consolidated at end of period | 0 | 0 | 0 | 0 |
Partnerships [Member] | VOE [Member] | ' | ' | ' | ' |
Entities Consolidated [Roll Forward] | ' | ' | ' | ' |
Entities consolidated at beginning of period | ' | ' | ' | 1 |
Additional consolidated entities | 0 | 0 | 0 | ' |
Deconsolidated entities | 0 | 0 | 0 | ' |
Entities consolidated at end of period | 1 | 1 | 1 | 1 |
Offshore Funds [Member] | ' | ' | ' | ' |
Investments in Partnerships by Accounting Method [Abstract] | ' | ' | ' | ' |
Total | 0 | 0 | ' | 0 |
Offshore Funds [Member] | Affiliated [Member] | ' | ' | ' | ' |
Investments in Partnerships by Accounting Method [Abstract] | ' | ' | ' | ' |
Fair value | 0 | 0 | ' | 0 |
Equity Method Investments | 34,185,000 | 34,460,000 | ' | 35,030,000 |
Total | 34,185,000 | 34,460,000 | ' | 35,030,000 |
Offshore Funds [Member] | Unaffiliated [Member] | ' | ' | ' | ' |
Investments in Partnerships by Accounting Method [Abstract] | ' | ' | ' | ' |
Fair value | 0 | 0 | ' | 0 |
Equity Method Investments | 7,577,000 | 7,349,000 | ' | 7,531,000 |
Total | $7,577,000 | $7,349,000 | ' | $7,531,000 |
Offshore Funds [Member] | VIE [Member] | ' | ' | ' | ' |
Entities Consolidated [Roll Forward] | ' | ' | ' | ' |
Entities consolidated at beginning of period | ' | ' | ' | 0 |
Additional consolidated entities | 0 | 0 | 0 | ' |
Deconsolidated entities | 0 | 0 | 0 | ' |
Entities consolidated at end of period | 0 | 0 | 0 | 0 |
Offshore Funds [Member] | VOE [Member] | ' | ' | ' | ' |
Entities Consolidated [Roll Forward] | ' | ' | ' | ' |
Entities consolidated at beginning of period | ' | ' | ' | 1 |
Additional consolidated entities | 0 | 0 | 0 | ' |
Deconsolidated entities | 0 | 0 | 0 | ' |
Entities consolidated at end of period | 1 | 1 | 1 | 1 |
Investments_in_Partnerships_Of3
Investments in Partnerships, Offshore Funds and Variable Interest Entities, Part II (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets [Abstract] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents at end of period | $358,421 | $245,411 | $358,421 | $245,411 | $210,451 | $190,608 |
Investments in securities | 254,630 | 237,744 | 254,630 | 237,744 | 231,228 | ' |
Investments in sponsored investment companies | 39,520 | 43,688 | 39,520 | 43,688 | 44,042 | ' |
Investments in partnerships | 107,434 | 97,752 | 107,434 | 97,752 | 95,992 | ' |
Receivable from brokers | 79,885 | 43,854 | 79,885 | 43,854 | 49,461 | ' |
Investment advisory fees receivable | 31,155 | 31,151 | 31,155 | 31,151 | 51,506 | ' |
Other asset | 27,715 | 35,022 | 27,715 | 35,022 | 26,805 | ' |
Total assets | 898,760 | 734,622 | 898,760 | 734,622 | 709,485 | ' |
Liabilities and Equity [Abstract] | ' | ' | ' | ' | ' | ' |
Securities sold, not yet purchased | 14,180 | 7,725 | 14,180 | 7,725 | 6,178 | ' |
Accrued expense and other liabilities | 205,320 | 165,139 | 205,320 | 165,139 | 124,463 | ' |
Total Debt | 111,941 | 117,347 | 111,941 | 117,347 | 111,911 | ' |
Redeemable noncontrolling interests | 56,086 | 5,765 | 56,086 | 5,765 | 6,751 | ' |
Total equity | 511,233 | 438,646 | 511,233 | 438,646 | 460,182 | 370,934 |
Total liabilities and equity | 898,760 | 734,622 | 898,760 | 734,622 | 709,485 | ' |
Condensed Consolidated Statements of Income [Abstract] | ' | ' | ' | ' | ' | ' |
Total revenues | 110,858 | 96,377 | 323,631 | 274,848 | ' | ' |
Total expenses | 67,272 | 63,649 | 206,009 | 179,609 | ' | ' |
Operating income | 43,586 | 32,728 | 117,622 | 95,239 | ' | ' |
Total other income, net | -9,989 | 17,991 | 5,025 | 34,991 | ' | ' |
Income before income taxes | 33,597 | 50,719 | 122,647 | 130,230 | ' | ' |
Income tax provision | 13,045 | 17,515 | 44,796 | 46,434 | ' | ' |
Net income | 20,552 | 33,204 | 77,851 | 83,796 | ' | ' |
Net income/(loss) attributable to noncontrolling interests | -3,113 | 106 | -2,718 | 260 | ' | ' |
Net income attributable to GAMCO Investors, Inc.'s shareholders | 23,665 | 33,098 | 80,569 | 83,536 | ' | ' |
VIE [Member] | ' | ' | ' | ' | ' | ' |
Assets [Abstract] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents at end of period | 1 | 1,082 | 1 | 1,082 | 0 | ' |
Investments in partnerships | 13,618 | 13,782 | 13,618 | 13,782 | 15,540 | ' |
Liabilities and Equity [Abstract] | ' | ' | ' | ' | ' | ' |
Accrued expense and other liabilities | -15 | -1,088 | -15 | -1,088 | -2,022 | ' |
Redeemable noncontrolling interests | -962 | 0 | -962 | 0 | -1,120 | ' |
GAMCO's net interests in consolidated VIEs | 12,642 | 13,776 | 12,642 | 13,776 | 12,398 | ' |
Prior to Consolidations [Member] | ' | ' | ' | ' | ' | ' |
Assets [Abstract] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents at end of period | 358,316 | 243,995 | 358,316 | 243,995 | 209,667 | ' |
Investments in securities | 203,280 | 240,113 | 203,280 | 240,113 | 232,211 | ' |
Investments in sponsored investment companies | 39,520 | 43,677 | 39,520 | 43,677 | 44,033 | ' |
Investments in partnerships | 110,679 | 104,010 | 110,679 | 104,010 | 98,494 | ' |
Receivable from brokers | 31,388 | 26,981 | 31,388 | 26,981 | 35,151 | ' |
Investment advisory fees receivable | 31,221 | 31,241 | 31,221 | 31,241 | 52,509 | ' |
Other asset | 28,528 | 34,947 | 28,528 | 34,947 | 27,433 | ' |
Total assets | 802,932 | 724,964 | 802,932 | 724,964 | 699,498 | ' |
Liabilities and Equity [Abstract] | ' | ' | ' | ' | ' | ' |
Securities sold, not yet purchased | 13,549 | 7,577 | 13,549 | 7,577 | 6,049 | ' |
Accrued expense and other liabilities | 166,209 | 161,394 | 166,209 | 161,394 | 121,356 | ' |
Total Debt | 111,941 | 117,347 | 111,941 | 117,347 | 111,911 | ' |
Redeemable noncontrolling interests | 0 | 0 | 0 | 0 | 0 | ' |
Total equity | 511,233 | 438,646 | 511,233 | 438,646 | 460,182 | ' |
Total liabilities and equity | 802,932 | 724,964 | 802,932 | 724,964 | 699,498 | ' |
Condensed Consolidated Statements of Income [Abstract] | ' | ' | ' | ' | ' | ' |
Total revenues | 111,073 | 96,620 | 324,287 | 275,689 | ' | ' |
Total expenses | 66,980 | 63,400 | 205,207 | 178,858 | ' | ' |
Operating income | 44,093 | 33,220 | 119,080 | 96,831 | ' | ' |
Total other income, net | -7,462 | 17,404 | 6,172 | 33,125 | ' | ' |
Income before income taxes | 36,631 | 50,624 | 125,252 | 129,956 | ' | ' |
Income tax provision | 13,045 | 17,515 | 44,796 | 46,434 | ' | ' |
Net income | 23,586 | 33,109 | 80,456 | 83,522 | ' | ' |
Net income/(loss) attributable to noncontrolling interests | -79 | 11 | -113 | -14 | ' | ' |
Net income attributable to GAMCO Investors, Inc.'s shareholders | 23,665 | 33,098 | 80,569 | 83,536 | ' | ' |
CFFs [Member] | ' | ' | ' | ' | ' | ' |
Assets [Abstract] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents at end of period | 7 | 1,082 | 7 | 1,082 | 450 | ' |
Investments in securities | 0 | 0 | 0 | 0 | 0 | ' |
Investments in sponsored investment companies | 0 | 0 | 0 | 0 | 0 | ' |
Investments in partnerships | 4,684 | 3,253 | 4,684 | 3,253 | 6,517 | ' |
Receivable from brokers | 0 | 0 | 0 | 0 | 0 | ' |
Investment advisory fees receivable | 17 | -8 | 17 | -8 | -24 | ' |
Other asset | 24 | 0 | 24 | 0 | -2,339 | ' |
Total assets | 4,732 | 4,327 | 4,732 | 4,327 | 4,604 | ' |
Liabilities and Equity [Abstract] | ' | ' | ' | ' | ' | ' |
Securities sold, not yet purchased | 0 | 0 | 0 | 0 | 0 | ' |
Accrued expense and other liabilities | 71 | 1,146 | 71 | 1,146 | 165 | ' |
Total Debt | 0 | 0 | 0 | 0 | 0 | ' |
Redeemable noncontrolling interests | 4,661 | 3,181 | 4,661 | 3,181 | 4,439 | ' |
Total equity | 0 | 0 | 0 | 0 | 0 | ' |
Total liabilities and equity | 4,732 | 4,327 | 4,732 | 4,327 | 4,604 | ' |
Condensed Consolidated Statements of Income [Abstract] | ' | ' | ' | ' | ' | ' |
Total revenues | -7 | -8 | -21 | -20 | ' | ' |
Total expenses | 20 | 46 | 34 | 134 | ' | ' |
Operating income | -27 | -54 | -55 | -154 | ' | ' |
Total other income, net | -186 | 94 | 20 | 228 | ' | ' |
Income before income taxes | -213 | 40 | -35 | 74 | ' | ' |
Income tax provision | 0 | 0 | 0 | 0 | ' | ' |
Net income | -213 | 40 | -35 | 74 | ' | ' |
Net income/(loss) attributable to noncontrolling interests | -213 | 40 | -35 | 74 | ' | ' |
Net income attributable to GAMCO Investors, Inc.'s shareholders | 0 | 0 | 0 | 0 | ' | ' |
Partnerships [Member] | ' | ' | ' | ' | ' | ' |
Assets [Abstract] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents at end of period | 98 | 334 | 98 | 334 | 334 | ' |
Investments in securities | 8,836 | 7,400 | 8,836 | 7,400 | 7,464 | ' |
Investments in sponsored investment companies | 0 | 11 | 0 | 11 | 9 | ' |
Investments in partnerships | -7,929 | -9,511 | -7,929 | -9,511 | -9,019 | ' |
Receivable from brokers | 306 | 2,115 | 306 | 2,115 | 0 | ' |
Investment advisory fees receivable | -1 | -1 | -1 | -1 | -14 | ' |
Other asset | -1,000 | 0 | -1,000 | 0 | 1,592 | ' |
Total assets | 310 | 348 | 310 | 348 | 366 | ' |
Liabilities and Equity [Abstract] | ' | ' | ' | ' | ' | ' |
Securities sold, not yet purchased | 0 | 0 | 0 | 0 | 0 | ' |
Accrued expense and other liabilities | 31 | 32 | 31 | 32 | 29 | ' |
Total Debt | 0 | 0 | 0 | 0 | 0 | ' |
Redeemable noncontrolling interests | 279 | 316 | 279 | 316 | 337 | ' |
Total equity | 0 | 0 | 0 | 0 | 0 | ' |
Total liabilities and equity | 310 | 348 | 310 | 348 | 366 | ' |
Condensed Consolidated Statements of Income [Abstract] | ' | ' | ' | ' | ' | ' |
Total revenues | ' | -1 | -2 | -2 | ' | ' |
Total expenses | 12 | 11 | 38 | 36 | ' | ' |
Operating income | -12 | -12 | -40 | -38 | ' | ' |
Total other income, net | -18 | 31 | 19 | 79 | ' | ' |
Income before income taxes | -30 | 19 | -21 | 41 | ' | ' |
Income tax provision | 0 | 0 | 0 | 0 | ' | ' |
Net income | -30 | 19 | -21 | 41 | ' | ' |
Net income/(loss) attributable to noncontrolling interests | -30 | 19 | -21 | 41 | ' | ' |
Net income attributable to GAMCO Investors, Inc.'s shareholders | 0 | 0 | 0 | 0 | ' | ' |
Offshore Funds [Member] | ' | ' | ' | ' | ' | ' |
Assets [Abstract] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents at end of period | 0 | 0 | 0 | 0 | 0 | ' |
Investments in securities | 42,514 | -9,769 | 42,514 | -9,769 | -8,447 | ' |
Investments in sponsored investment companies | 0 | 0 | 0 | 0 | 0 | ' |
Investments in partnerships | 0 | 0 | 0 | 0 | 0 | ' |
Receivable from brokers | 48,191 | 14,758 | 48,191 | 14,758 | 14,310 | ' |
Investment advisory fees receivable | -82 | -81 | -82 | -81 | -965 | ' |
Other asset | 163 | 75 | 163 | 75 | 119 | ' |
Total assets | 90,786 | 4,983 | 90,786 | 4,983 | 5,017 | ' |
Liabilities and Equity [Abstract] | ' | ' | ' | ' | ' | ' |
Securities sold, not yet purchased | 631 | 148 | 631 | 148 | 129 | ' |
Accrued expense and other liabilities | 39,009 | 2,567 | 39,009 | 2,567 | 2,913 | ' |
Total Debt | 0 | 0 | 0 | 0 | 0 | ' |
Redeemable noncontrolling interests | 51,146 | 2,268 | 51,146 | 2,268 | 1,975 | ' |
Total equity | 0 | 0 | 0 | 0 | 0 | ' |
Total liabilities and equity | 90,786 | 4,983 | 90,786 | 4,983 | 5,017 | ' |
Condensed Consolidated Statements of Income [Abstract] | ' | ' | ' | ' | ' | ' |
Total revenues | -208 | -234 | -633 | -819 | ' | ' |
Total expenses | 260 | 192 | 730 | 581 | ' | ' |
Operating income | -468 | -426 | -1,363 | -1,400 | ' | ' |
Total other income, net | -2,323 | 462 | -1,186 | 1,559 | ' | ' |
Income before income taxes | -2,791 | 36 | -2,549 | 159 | ' | ' |
Income tax provision | 0 | 0 | 0 | 0 | ' | ' |
Net income | -2,791 | 36 | -2,549 | 159 | ' | ' |
Net income/(loss) attributable to noncontrolling interests | -2,791 | 36 | -2,549 | 159 | ' | ' |
Net income attributable to GAMCO Investors, Inc.'s shareholders | $0 | $0 | $0 | $0 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Taxes [Abstract] | ' | ' | ' | ' |
Effective income tax rate (in hundredths) | 38.80% | 34.50% | 36.50% | 35.70% |
Adjusted effective income tax rate (in hundredths) | 35.50% | 34.60% | 35.70% | 35.70% |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Basic: | ' | ' | ' | ' |
Net income attributable to GAMCO Investors, Inc.'s shareholders | $23,665 | $33,098 | $80,569 | $83,536 |
Weighted average shares outstanding (in shares) | 25,296 | 25,625 | 25,385 | 25,682 |
Basic net income attributable to GAMCO Investors, Inc.'s shareholders per share (in dollars per share) | $0.94 | $1.29 | $3.17 | $3.25 |
Diluted: | ' | ' | ' | ' |
Net income attributable to GAMCO Investors, Inc.'s shareholders | $23,665 | $33,098 | $80,569 | $83,536 |
Weighted average shares outstanding (in shares) | 25,296 | 25,625 | 25,385 | 25,682 |
Dilutive stock options and restricted stock awards (in shares) | 221 | 75 | 210 | 35 |
Total (in shares) | 25,517 | 25,700 | 25,595 | 25,717 |
Diluted net income attributable to GAMCO Investors, Inc.'s shareholders per share (in dollars per share) | $0.93 | $1.29 | $3.15 | $3.25 |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
DebentureRepurchased | DebentureRepurchased | DebentureRepurchased | DebentureRepurchased | ||
Long-term debt [Abstract] | ' | ' | ' | ' | ' |
Carrying Value | $111,941,000 | $117,347,000 | $111,941,000 | $117,347,000 | $111,911,000 |
Fair Value Level 2 | 120,975,000 | 127,349,000 | 120,975,000 | 127,349,000 | 122,319,000 |
Loss on extinguishment of debt | ' | ' | -84,000 | -137,000 | ' |
5.5% Senior notes [Member] | ' | ' | ' | ' | ' |
Long-term debt [Abstract] | ' | ' | ' | ' | ' |
Debt maturity date | 15-May-13 | ' | ' | ' | ' |
Stated interest rate (in hundredths) | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% |
Debt maturity period | '10 years | ' | ' | ' | ' |
Face value of debt | 100,000,000 | ' | 100,000,000 | ' | ' |
5.875% Senior notes [Member] | ' | ' | ' | ' | ' |
Long-term debt [Abstract] | ' | ' | ' | ' | ' |
Carrying Value | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 |
Debt maturity date | 1-Jun-21 | ' | ' | ' | ' |
Stated interest rate (in hundredths) | 5.88% | 5.88% | 5.88% | 5.88% | 5.88% |
Debt maturity period | '10 years | ' | ' | ' | ' |
Face value of debt | 100,000,000 | ' | 100,000,000 | ' | ' |
Percentage principal amount to offered to repurchase notes (in hundredths) | 101.00% | ' | ' | ' | ' |
5.875% Senior notes [Member] | Level 2 [Member] | ' | ' | ' | ' | ' |
Long-term debt [Abstract] | ' | ' | ' | ' | ' |
Fair Value Level 2 | 108,200,000 | 108,000,000 | 108,200,000 | 108,000,000 | 108,500,000 |
0% Subordinated debentures [Member] | ' | ' | ' | ' | ' |
Long-term debt [Abstract] | ' | ' | ' | ' | ' |
Carrying Value | 11,941,000 | 17,347,000 | 11,941,000 | 17,347,000 | 11,911,000 |
Debt maturity date | 31-Dec-15 | ' | ' | ' | ' |
Stated interest rate (in hundredths) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Effective interest rate (in hundredths) | 7.45% | 7.45% | 7.45% | 7.45% | 7.45% |
Debentures repurchased (face value) | 103,200 | 0 | 716,200 | 1,200,000 | ' |
Debentures repurchased (loss in dollars) | 10,000 | 0 | 84,000 | 137,000 | ' |
Debt maturity period | '5 years | ' | ' | ' | ' |
Face value of debt | 86,400,000 | ' | 86,400,000 | ' | ' |
Dividends declared related to issuance of debt (in dollars per share) | $3.20 | ' | ' | ' | ' |
Par value of debentures | 100,000,000 | ' | 100,000,000 | ' | ' |
Debt redemption price as percentage of principal amount (in hundredths) | 100.00% | ' | 100.00% | ' | ' |
Number of debentures repurchased | 1,032 | 0 | 7,165 | 11,974 | ' |
Maximum amount of debt and equity to be issued under Shelf Registration | 500,000,000 | ' | 500,000,000 | ' | ' |
Amount available for debt and equity issuance under Shelf Registration | 400,000,000 | ' | 400,000,000 | ' | ' |
0% Subordinated debentures [Member] | Level 2 [Member] | ' | ' | ' | ' | ' |
Long-term debt [Abstract] | ' | ' | ' | ' | ' |
Fair Value Level 2 | $12,775,000 | $19,349,000 | $12,775,000 | $19,349,000 | $13,819,000 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 183 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Feb. 05, 2013 | Sep. 30, 2014 | Mar. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |
IncentivePlan | Q1 [Member] | Q1 [Member] | Q2 [Member] | Q2 [Member] | Q3 [Member] | Q3 [Member] | Q4 [Member] | Q4 [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Quarterly Dividend [Member] | Quarterly Dividend [Member] | Quarterly Dividend [Member] | Quarterly Dividend [Member] | Quarterly Dividend [Member] | Quarterly Dividend [Member] | Class A [Member] | Class A [Member] | Class A [Member] | Class B [Member] | Class B [Member] | Class B [Member] | |||||||||||
Award Made on September 15, 2014 [Member] | Award Made on January 9, 2014 [Member] | Award Made in August 2013 and September 2014 [Member] | VoteperShare | VoteperShare | |||||||||||||||||||||||||||||||
Stockholders' Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares outstanding (in shares) | 25,900,000 | ' | ' | 26,000,000 | ' | ' | 25,900,000 | 26,000,000 | 26,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,599,982 | 6,701,930 | 6,592,649 | 19,279,260 | 19,384,174 | 19,424,174 |
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared (in dollars per share) | $0.06 | ' | ' | $0.06 | ' | ' | $0.18 | $0.16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.06 | $0.06 | $0.06 | $0.06 | $0.05 | $0.05 | ' | ' | ' | ' | ' | ' |
Dividend payment date | 30-Sep-14 | 24-Jun-14 | 25-Mar-14 | 24-Sep-13 | 25-Jun-13 | 26-Mar-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend record date | 16-Sep-14 | 10-Jun-14 | 11-Mar-14 | 10-Sep-13 | 11-Jun-13 | 12-Mar-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Voting Rights [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of votes per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | 10 | ' | ' |
Stock Award and Incentive Plan [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of incentive plans | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares reserved for issuance under each plan, maximum (in shares) | 1,500,000 | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RSA shares outstanding (in shares) | 639,750 | ' | ' | 427,700 | ' | ' | 639,750 | 427,700 | 566,950 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average weighted grant price (in dollars per share) | ' | ' | ' | ' | ' | ' | $65.12 | $57.86 | $63.93 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage stock based compensation expense recognize over three years vesting period (in hundredths) | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage stock based compensation expense recognize over five years vesting period (in hundredths) | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage stock based compensation expense recognize each year over years four through ten vesting period (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period for recognition of 30 percent of stock based compensation expense (in years) | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period for recognition of 70 percent of stock based compensation expense (in years) | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RSAs granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100 | 83,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock award shares approved grant date fair value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $81.99 | $73.41 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual and projected stock based compensation expense for RSA shares and options [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual stock based compensation expense | $1,785,000 | ' | ' | $741,000 | ' | ' | $5,182,000 | $770,000 | ' | ' | ' | ' | $15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Eleven | 32,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000 | ' | 12,000 | ' | 8,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Projected stock based compensation expense 2013 | 2,072,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | 741,000 | ' | 1,301,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Projected stock based compensation expense 2014 | 7,147,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | 1,697,000 | ' | 1,785,000 | ' | 1,965,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Projected stock based compensation expense 2015 | 7,845,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,962,000 | ' | 1,961,000 | ' | 1,961,000 | ' | 1,961,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Three | 6,875,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,961,000 | ' | 1,961,000 | ' | 1,607,000 | ' | 1,346,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Ten | 202,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76,000 | ' | 76,000 | ' | 38,000 | ' | 12,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Six | 1,541,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 429,000 | ' | 429,000 | ' | 364,000 | ' | 319,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Seven | 1,129,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 319,000 | ' | 319,000 | ' | 264,000 | ' | 227,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Nine | 472,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 146,000 | ' | 146,000 | ' | 104,000 | ' | 76,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Four | 4,292,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,171,000 | ' | 1,171,000 | ' | 1,040,000 | ' | 910,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Five | 3,303,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 908,000 | ' | 908,000 | ' | 828,000 | ' | 659,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Eight | 779,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 227,000 | ' | 227,000 | ' | 179,000 | ' | 146,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation cost related to non-vested restricted stock awards and options not yet recognized | 28,400,000 | ' | ' | ' | ' | ' | 28,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercised (in shares) | 0 | ' | ' | 0 | ' | ' | 40,000 | 2,623 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from exercise of stock options | 0 | ' | ' | ' | ' | ' | 1,637,000 | 76,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit from exercise of stock options | $0 | ' | ' | ' | ' | ' | $349,000 | $16,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental Class A shares authorized to buyback (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares repurchased (in shares) | 94,942 | ' | ' | 40,857 | ' | ' | 319,662 | 159,259 | ' | 9,031,255 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average price per share of repurchased shares (in dollars per share) | $77.67 | ' | ' | $72.40 | ' | ' | $78.43 | $57.97 | ' | $43.53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share available under program to repurchase (in shares) | 603,553 | ' | ' | ' | ' | ' | 603,553 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill_and_Identifiable_Inta1
Goodwill and Identifiable Intangible Assets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | |||
Goodwill [Line Items] | ' | ' | ' |
Goodwill | $3.50 | ' | ' |
Percentage interest owned in subsidiary (in hundredths) | 94.00% | ' | ' |
Identifiable Intangible Asset | 1.9 | 1.9 | 1.9 |
Subsidiary [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 3.3 | ' | ' |
G.distributors, LLC [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | $0.20 | ' | ' |
ShareholderDesignated_Contribu1
Shareholder-Designated Contribution Plan (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Shareholder-Designated Contribution Plan [Abstract] | ' | ' | ' | ' |
Shareholder-designated contribution | 2 | ' | ' | ' |
Shareholder-designated contribution, diluted per share (in dollars per share) | $0 | $0.12 | ' | $0.12 |
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 | ' | $5,300 | $134 | $5,313 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 9 Months Ended | 183 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Feb. 05, 2013 |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average price per share of repurchased shares (in dollars per share) | $77.67 | ' | ' | ' | $72.40 | ' | ' | $78.43 | $57.97 | $43.53 | ' |
Shares available to be repurchased (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 |
Shares authorized for issuance (in shares) | 1,500,000 | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' |
Dividends declared (in dollars per share) | $0.06 | ' | ' | ' | $0.06 | ' | ' | $0.18 | $0.16 | ' | ' |
Dividends payable date | 30-Sep-14 | 24-Jun-14 | 25-Mar-14 | ' | 24-Sep-13 | 25-Jun-13 | 26-Mar-13 | ' | ' | ' | ' |
Dividends record date | 16-Sep-14 | 10-Jun-14 | 11-Mar-14 | ' | 10-Sep-13 | 11-Jun-13 | 12-Mar-13 | ' | ' | ' | ' |
Expected expense related to Shareholder-designated charitable contribution program | ' | ' | ' | $5,300 | ' | ' | ' | $134 | $5,313 | ' | ' |
Percentage stock based compensation expense recognize over three years vesting period (in hundredths) | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation expense recognize over five years vesting period | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period for recognition of 30 percent of stock based compensation expense | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period for recognition of 70 percent of stock based compensation expense | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage stock based compensation expense recognize over three years vesting period (in hundredths) | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation expense recognize over five years vesting period | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period for recognition of 30 percent of stock based compensation expense | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period for recognition of 70 percent of stock based compensation expense | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent Event [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchased (in shares) | 59,539 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average price per share of repurchased shares (in dollars per share) | $77.42 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Special dividend declared (in dollars per share) | $0.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Dividend [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared (in dollars per share) | $0.06 | 0.06 | 0.06 | ' | $0.06 | 0.05 | 0.05 | ' | ' | ' | ' |
Quarterly Dividend [Member] | Subsequent Event [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared (in dollars per share) | $0.07 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared date | 6-Nov-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends payable date | 30-Dec-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends record date | 16-Dec-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |