GAMCO Investors (GAMI) 10-K 15 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 01, 2016	Jun. 30, 2015
Entity Information [Line Items]
Entity Registrant Name	GAMCO INVESTORS, INC. ET AL
Entity Central Index Key	1,060,349
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 Public Float			$ 428,988,824
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Class A [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		10,684,107
Class B [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		19,106,792

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Investment advisory and incentive fees	$ 329,965	$ 360,498	$ 326,325
Distribution fees and other income	51,011	61,438	52,034
Total revenues	380,976	421,936	378,359
Expenses
Compensation	136,503	151,255	138,859
Stock based compensation	9,868	5,278	1,562
Management fee	15,503	18,663	14,344
Distribution costs	51,990	59,746	50,195
Other operating expenses	19,163	17,542	16,541
Total expenses	233,027	252,484	221,501
Operating income	147,949	169,452	156,858
Other income (expense)
Net gain from investments	4,953	4,282	5,145
Extinguishment of debt	(1,067)	(84)	(998)
Interest and dividend income	2,222	2,154	2,661
Interest expense	(8,636)	(7,653)	(10,033)
Shareholder-designated contributions	(6,396)	(134)	(10,626)
Total other income (expense), net	(8,924)	(1,435)	(13,851)
Income before income taxes	139,025	168,017	143,007
Income tax provision	51,726	61,734	52,974
Income from continuing operations	87,299	106,283	90,033
Income/(loss) from discontinued operations, net of taxes	(3,887)	3,107	26,820
Net income attributable to GAMCO Investors, Inc.'s shareholders	$ 83,412	$ 109,390	$ 116,853
Net income per share attributable to GAMCO Investors, Inc.'s shareholders:
Basic - Continuing operations (in dollars per share)	$ 3.43	$ 4.20	$ 3.51
Basic - Discontinued operations (in dollars per share)	(0.15)	0.12	1.05
Basic - Total (in dollars per share)	3.28	4.32	4.56
Diluted - Continuing operations (in dollars per share)	3.40	4.16	3.50
Diluted - Discontinued operations (in dollars per share)	(0.15)	0.12	1.04
Diluted - Total (in dollars per share)	$ 3.24	$ 4.28	$ 4.54
Weighted average shares outstanding:
Basic (in shares)	25,425	25,335	25,653
Diluted (in shares)	25,711	25,558	25,712
Actual shares outstanding (in shares)	29,821	25,855	26,086

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income		$ 83,412	$ 109,390	$ 116,853
Other comprehensive income/(loss), net of tax:
Foreign currency translation		(46)	(57)	20
Net unrealized gains/(losses) on securities available for sale	[1]	(8,300)	(5,168)	3,919
Other comprehensive income/(loss)		(8,346)	(5,225)	3,939
Comprehensive income attributable to GAMCO Investors, Inc.		$ 75,066	$ 104,165	$ 120,792
[1]	Net of income tax expense (benefit) of $(4,875), ($3,036) and $2,301 for 2015, 2014 and 2013, respectively.

CONSOLIDATED STATEMENTS OF COM4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net unrealized gains/(losses) on securities available for sale, income tax expense (benefit)	$ (4,875)	$ (3,036)	$ 2,301

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 13,719	$ 12,694
Investments in securities	32,975	38,942
Receivable from brokers	1,091	1,683
Investment advisory fees receivable	31,048	37,727
Receivable from affiliates	5,041	26,447
Capital lease	2,723	2,933
Goodwill and identifiable intangible assets	3,765	2,104
Income tax receivable	6,787	2,433
Other assets	6,878	7,829
Assets of discontinued operations (including receivable from affiliates of $5,772)	0	733,638
Total assets	104,027	866,430
LIABILITIES AND EQUITY
Payable to brokers	12	12
Income taxes payable and deferred tax liabilities	4,823	17,980
Capital lease obligation	5,170	5,253
Compensation payable	24,426	30,803
Securities sold, not yet purchased	129	0
Payable to affiliates	7,687	0
Accrued expenses and other liabilities	28,882	28,160
Liabilities of discontinued operations	0	75,930
Sub-total	71,129	158,138
AC 4% PIK Note (due November 30, 2020) (Note F)	250,000	0
Loan from GGCP (due December 28, 2016) (Note F)	35,000	0
5.875% Senior notes (due June 1, 2021)	24,225	100,000
Zero coupon subordinated debentures, Face value: $0.0 million at December 31, 2015 and $13.1 million at December 31, 2014 (matured on December 31, 2015)	0	12,163
Total liabilities	380,354	270,301
Redeemable noncontrolling interests from discontinued operations	$ 0	$ 68,334
Commitments and contingencies (Note J)
Equity
Preferred stock, $.001 par value; 10,000,000 shares authorized; none issued and outstanding	$ 0	$ 0
Additional paid-in capital	345	291,681
Retained earnings (deficit)	(34,224)	602,950
Accumulated comprehensive income	9,115	25,014
Treasury stock, at cost (4,758,794 and 8,725,221 shares, respectively)	(251,596)	(394,617)
Total GAMCO Investors, Inc. stockholders' equity	(276,327)	525,061
Noncontrolling interests from discontinued operations	0	2,734
Total equity	(276,327)	527,795
Total liabilities and equity	104,027	866,430
Class A [Member]
Equity
Common stock	14	14
Class B [Member]
Equity
Common stock	$ 19	$ 19

CONSOLIDATED STATEMENTS OF FIN6

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Receivable from affiliates		$ 5,772
LIABILITIES AND EQUITY
Zero coupon subordinated debentures, face value	$ 0	$ 13,100
Equity
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock, shares (in shares)	4,758,794	8,725,221
Class A [Member]
Equity
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	15,422,901	15,341,433
Common stock, shares outstanding (in shares)	10,664,107	6,616,212
Class B [Member]
Equity
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	24,000,000	24,000,000
Common stock, shares outstanding (in shares)	19,156,792	19,239,260
AC 4% PIK Note [Member]
LIABILITIES AND EQUITY
Debt instrument, interest rate	4.00%
Debt instrument, maturity date	Nov. 30, 2020
Loan from GGCP [Member]
LIABILITIES AND EQUITY
Debt instrument, maturity date	Dec. 28, 2016
5.875% Senior Notes [Member]
LIABILITIES AND EQUITY
Debt instrument, interest rate	5.875%
Debt instrument, maturity date	Jun. 1, 2021
Zero Coupon Subordinated Debentures [Member]
LIABILITIES AND EQUITY
Debt instrument, interest rate	0.00%
Debt instrument, maturity date	Dec. 31, 2015

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	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]
Balance at Dec. 31, 2012	$ 3,326	$ 33	$ 280,089	$ 408,295	$ 26,300	$ (347,109)	$ 370,934	$ 17,362
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of noncontrolling interests	(525)	0	0	0	0	0	(525)	(16,223)
Contributions from redeemable noncontrolling interests	0	0	0	0	0	0	0	5,150
Net income (loss)	50	0	0	116,853	0	0	116,903	462
Net unrealized gains (losses) on securities available for sale, net of income tax	0	0	0	0	17,301	0	17,301	0
Amounts reclassified from accumulated other comprehensive income, net of income tax benefit	0	0	0	0	(13,382)	0	(13,382)	0
Income tax effect of transaction with shareholders	0	0	243	0	0	0	243	0
Foreign currency translation	0	0	0	0	20	0	20	0
Dividends declared	0	0	0	(18,707)	0	0	(18,707)	0
Stock based compensation expense	0	0	2,072	0	0	0	2,072	0
Exercise of stock options including tax benefit	0	0	92	0	0	0	92	0
Purchase of treasury stock	0	0	0	0	0	(14,769)	(14,769)	0
Balance at Dec. 31, 2013	2,851	33	282,496	506,441	30,239	(361,878)	460,182	6,751
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of noncontrolling interests	0	0	0	0	0	0	0	(6,353)
Contributions from redeemable noncontrolling interests	0	0	0	0	0	0	0	72,093
Net income (loss)	(117)	0	0	109,390	0	0	109,273	(4,157)
Net unrealized gains (losses) on securities available for sale, net of income tax	0	0	0	0	(604)	0	(604)	0
Amounts reclassified from accumulated other comprehensive income, net of income tax benefit	0	0	0	0	(4,564)	0	(4,564)	0
Foreign currency translation	0	0	0	0	(57)	0	(57)	0
Dividends declared	0	0	0	(12,881)	0	0	(12,881)	0
Stock based compensation expense	0	0	7,199	0	0	0	7,199	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	(32,739)	(32,739)	0
Balance at Dec. 31, 2014	2,734	33	291,681	602,950	25,014	(394,617)	527,795	68,334
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of noncontrolling interests	0	0	0	0	0	0	0	0
Contributions from redeemable noncontrolling interests	0	0	0	0	0	0	0	0
Net income (loss)	0	0	0	83,412	0	0	83,412	0
Net unrealized gains (losses) on securities available for sale, net of income tax	0	0	0	0	(5,471)	0	(5,471)	0
Amounts reclassified from accumulated other comprehensive income, net of income tax benefit	0	0	0	0	(2,829)	0	(2,829)	0
Foreign currency translation	0	0	0	0	(46)	0	(46)	0
Dividends declared	0	0	0	(7,477)	0	0	(7,477)	0
Stock based compensation expense	0	0	9,868	0	0	0	9,868	0
Reduction of deferred tax asset for excess of recorded RSA tax benefit over actual tax benefit	0	0	(1,190)	0	0	0	(1,190)	0
Exercise of stock options including tax benefit	0	0	1,269	0	0	0	1,269	0
Purchase of treasury stock	0	0	0	0	0	(27,249)	(27,249)	0
Issuance of 4.4 million treasury shares to GSI	0	0	(20,270)	0	0	170,270	150,000	0
Spin-off of AC	(2,734)	0	(281,013)	(713,109)	(7,553)	0	(1,004,409)	(68,334)
Balance at Dec. 31, 2015	$ 0	$ 33	$ 345	$ (34,224)	$ 9,115	$ (251,596)	$ (276,327)	$ 0

CONSOLIDATED STATEMENTS OF EQU8

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CONSOLIDATED STATEMENTS OF EQUITY [Abstract]
Net unrealized gains (losses) on securities available for sale, income tax	$ (3,213)	$ (356)	$ 10,160
Amounts reclassed from accumulated other comprehensive income, income tax benefit	$ (1,662)	$ (2,680)	$ (7,859)
Dividends declared (in dollars per share)	$ 0.28	$ 0.50	$ 0.72
Exercise of stock options, tax benefit	$ 102	$ 349	$ 16
Issuance of treasury shares (in shares)	4.4

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities
Net income	$ 83,412	$ 109,390	$ 116,853
Loss/(income) from discontinued operations, net of taxes	3,887	(3,107)	(26,820)
Income from continuing operations	87,299	106,283	90,033
Adjustments to reconcile net income to net cash provided by operating activities from continuing operations:
Depreciation and amortization	618	669	749
Stock based compensation expense	9,868	5,278	1,562
Deferred income taxes	1,166	3,493	(113)
Tax benefit from exercise of stock options	102	349	16
Foreign currency translation gain/(loss)	(46)	(57)	20
Donated securities	1,945	1,486	1,893
Gains on sales of available for sale securities	(6)	(587)	(1,324)
Accretion of zero coupon debentures	628	885	1,253
Loss on extinguishment of debt	1,067	84	998
Acquisition of identifiable intangible asset	(1,661)	0	0
(Increase) decrease in assets:
Investments in trading securities	(240)	0	0
Receivable from affiliates	21,393	0	0
Receivable from brokers	592	(1,055)	(628)
Investment advisory fees receivable	6,679	8,528	(8,093)
Income tax receivable and deferred tax assets	(4,354)	(1,988)	570
Other assets	529	10,289	(2,901)
Increase (decrease) in liabilities:
Payable to affiliates	7,333	(410)	295
Payable to brokers	1	(752)	763
Income taxes payable and deferred tax liabilities	(10,401)	(896)	(2,238)
Compensation payable	(6,369)	11,116	13,394
Mandatorily redeemable noncontrolling interests	0	0	0
Accrued expenses and other liabilities	987	(2,257)	8,448
Total adjustments	29,831	34,175	14,664
Net cash provided by operating activities from continuing operations	117,130	140,458	104,697
Investing activities
Purchases of available for sale securities	(6,279)	(5,024)	(4,398)
Proceeds from sales of available for sale securities	81	3,877	5,262
Net cash provided by (used in) investing activities from continuing operations	(6,198)	(1,147)	864
Financing activities
Repayment of 5.5% senior note due May 15, 2013	0	0	(99,000)
Repurchase of Zero coupon subordinated debentures due December 31, 2015	(13,101)	(716)	(7,705)
Repurchase of 5.875% Senior note due June 1, 2021	(76,533)	0	0
Loan from GGCP due December 28, 2016	35,000	0	0
Net cash transferred to AC	(21,739)	(86,703)	(19,683)
Proceeds from exercise of stock options	1,167	1,637	76
Dividends paid	(7,468)	(12,618)	(18,419)
Purchase of treasury stock	(27,249)	(32,739)	(14,768)
Net cash used in financing activities from continuing operations	(109,923)	(131,139)	(159,499)
Cash flows of discontinued operations
Net cash provided by (used in) operating activities	54,335	(76,618)	36,299
Net cash provided by (used in) investing activities	(41,463)	3,839	29,403
Net cash provided by (used in) financing activities	(12,871)	66,367	(11,597)
Net cash provided by (used in) discontinued operations	1	(6,412)	54,105
Effect of exchange rates on cash and cash equivalents	15	19	(7)
Net increase in cash and cash equivalents	1,025	1,779	160
Cash and cash equivalents at beginning of period	12,694	10,915	10,755
Cash and cash equivalents at end of period	13,719	12,694	10,915
Supplemental disclosures of cash flow information:
Cash paid for interest	7,011	6,671	9,797
Cash paid for taxes	$ 59,657	$ 70,103	$ 51,964

CONSOLIDATED STATEMENTS OF CA10

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands, shares in Millions	Nov. 30, 2015	Nov. 28, 2015	Nov. 01, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Non-cash activity:
Accrued restricted stock award dividends				$ 175	$ 263	$ 288
Reduction to current tax payable for excess of actual tax benefit over recorded restricted stock award tax benefit				1,190
Increase to additional paid-in capital for excess of actual tax benefit over recorded restricted stock award tax benefit				$ (1,190)
Non-cash identifiable intangible asset acquired			$ 1,200
Shares issued in exchange for debt (in shares)		4.4
Principal amount of debt acquired in exchange transaction		$ 150,000
Debt instrument, term	5 years	5 years
Debt instrument, face amount	$ 250,000
Net assets transferred in connection with spin-off	$ 601,700
5.5% Senior Notes [Member]
Debt instrument, interest rate				5.50%
Debt instrument, maturity date				May 15, 2013
Zero Coupon Subordinated Debentures [Member]
Debt instrument, interest rate				0.00%
Debt instrument, maturity date				Dec. 31, 2015
5.875% Senior Notes [Member]
Debt instrument, interest rate				5.875%
Debt instrument, maturity date				Jun. 1, 2021
Loan from GGCP Due December 2016 [Member]
Debt instrument, maturity date				Dec. 28, 2016
Non-cash activity:
Debt instrument, term				1 year
Debt instrument, face amount				$ 35,000
GSI Note [Member]
Debt instrument, interest rate		4.00%
AC 4% PIK Note [Member]
Debt instrument, interest rate	4.00%			4.00%
Debt instrument, maturity date				Nov. 30, 2020
Non-cash activity:
Debt instrument, face amount	$ 250,000
Associated Capital Group, Inc. [Member] | AC 4% PIK Note [Member]
Debt instrument, interest rate	4.00%

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Significant Accounting Policies [Abstract]
Significant Accounting Policies	A. Significant Accounting Policies Basis of Presentation GAMCO Investors, Inc. (“GBL” or the “Company”) was incorporated in April 1998 in the state of New York, with no significant assets or liabilities and did not engage in any substantial business activities prior to the initial public offering (“Offering”) of our shares. On February 9, 1999, we exchanged 24 million shares of our Class B Common Stock (“Class B Stock”), representing all of our then issued and outstanding common stock, with Gabelli Funds, Inc. (“GFI”) and two of its subsidiaries in consideration for substantially all of the operating assets and liabilities of GFI, relating to its institutional and retail asset management, mutual fund advisory, underwriting and brokerage business (the “Reorganization”). GFI, which was renamed Gabelli Group Capital Partners, Inc. in 1999, is the majority shareholder of GBL and was renamed GGCP, Inc. (“GGCP”) in 2005. During 2010, the shares of GBL owned by GGCP were transferred to GGCP Holdings LLC, a subsidiary of GGCP. In 2014, the Company changed its state of incorporation from New York to Delaware in a tax-free reorganization. On November 30, 2015 (the “Spin-Off Date”), GBL distributed to its stockholders all of the outstanding common stock of Associated Capital Group, Inc. (“AC”) and its subsidiaries along with certain cash and other assets (the “Spin-off”). AC owns and operates, directly or indirectly, the alternatives and the institutional research businesses previously owned and operated by GBL. In the Spin-off, each holder of GAMCO’s Class A Common Stock (“Class A Stock”) of record as of 5:00 p.m. New York City time on November 12, 2015 (the “Record Date”), received one share of AC Class A common stock for each share of GAMCO Class A Stock held on the Record Date. Each record holder of GAMCO’s Class B Stock received one share of AC Class B common stock for each share of GAMCO Class B Stock held on the Record Date. Subsequent to the Spin-off, GAMCO no longer consolidates the financial results of AC or certain investment partnerships and offshore funds in which we had a direct or indirect controlling financial interest for the purposes of GAMCO’s financial reporting and the historical financial results of AC and certain investment partnerships and offshore funds have been reflected in the Company’s consolidated financial statements as discontinued operations for all periods presented through the Spin-off Date. The accompanying consolidated financial statements include the assets, liabilities and earnings of: · GBL; · Our wholly-owned subsidiaries: Gabelli Funds, LLC (“Funds Advisor”), GAMCO Asset Management Inc. (“GAMCO”), G.distributors, LLC (“G.distributors”), GAMCO Asset Management (UK) Limited, Gabelli Fixed Income, Inc. (“Fixed Income”) and its subsidiaries, GAMCO International Partners LLC, and GAMCO Acquisition LLC. The consolidated financial statements comprise the financial statements of GBL and its subsidiaries as of December 31 of each year. The financial statements of the subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies. All intercompany transactions and balances have been eliminated. Subsidiaries are fully consolidated from the date of acquisition, being the date on which GBL obtains control, and continue to be consolidated until the date that such control ceases. Reclassifications Certain amounts reported for the prior periods in the accompanying consolidated financial statements have been reclassified in order to conform to the current period’s presentation. Assets and liabilities related to the Spin-off on the Company’s consolidated statement of financial condition as of December 31, 2014 have been reclassified as assets and liabilities of discontinued operations (See Note P. Discontinued Operations for further details). All assets and liabilities related to discontinued operations are excluded from the footnotes for all periods presented unless otherwise noted. In addition, the historical results of AC and certain investment partnerships and offshore funds have been reflected in the accompanying consolidated statements of income for the years ended December 31, 2015, 2014 and 2013 as discontinued operations and financial information related to discontinued operations has been excluded from the notes to these financial statements for all periods presented. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Nature of Operations GAMCO, Funds Advisor, Gabelli Fixed Income LLC (“Fixed Income LLC”), a wholly-owned subsidiary of Fixed Income are registered investment advisors under the Advisers Act of 1940. G.distributors is a registered broker-dealer with the Securities and Exchange Commission (“SEC”) and is regulated by the Financial Industry Regulatory Authority (“FINRA”). Refer to Major Revenue-Generating Services and Revenue Recognition section within Note A for additional discussion of GBL's business. Cash and Cash Equivalents Cash equivalents primarily consist of an affiliated money market mutual fund which is highly liquid. U.S. Treasury Bills and Notes with maturities of three months or less at the time of purchase are also considered cash equivalents. Securities Transactions Investments in securities are accounted for as either “trading securities” or “available for sale” and are stated at fair value. Management determines the appropriate classification of debt and equity securities at the time of purchase. U.S. Treasury Bills and Notes with maturities of greater than three months at the time of purchase are considered investments in securities. Securities that are not readily marketable are stated at their estimated fair values in accordance with GAAP. A portion of investments in securities are held for resale in anticipation of short-term market movements and therefore are classified as trading securities. Trading securities are stated at fair value, with any unrealized gains or losses reported in current period earnings in net gain/(loss) from investments on the consolidated statements of income. Available for sale (“AFS”) investments are stated at fair value, with any unrealized gains or losses, net of taxes, reported as a component of other comprehensive income except for losses deemed to be other than temporary which are recorded as realized losses on the consolidated statements of income. Securities transactions and any related gains and losses are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the specific identified cost basis and are included in net gain/(loss) from investments on the consolidated statements of income. Available for sale securities are evaluated for other than temporary impairments each reporting period and any impairment charges are recorded in net gain/(loss) from investments on the consolidated statements of income. Management reviews all available for sale securities whose cost exceeds their fair value to determine if the impairment is other than temporary. Management uses qualitative factors such as diversification of the investment, the intent to hold the investment, the amount of time that the investment has been impaired and the severity of the decline in determining whether the impairment is other than temporary. Securities sold, but not yet purchased are recorded on the trade date, and are stated at fair value and represent obligations of GBL to purchase the securities at prevailing market prices. Therefore, the future satisfaction of such obligations may be for an amount greater or less than the amounts recorded on the consolidated statements of financial condition. The ultimate gains or losses recognized are dependent upon the prices at which these securities are purchased to settle the obligations under the sales commitments. Realized gains and losses from covers of securities sold, not yet purchased transactions are included in net gain/(loss) from investments on the consolidated statements of income. Securities sold, not yet purchased are stated at fair value, with any unrealized gains or losses reported in current period earnings in net gain/(loss) from investments on the consolidated statements of income. Consolidation In accordance with the consolidation assessment models set forth in ASC 810-10 and 810-20, the Company consolidates all investments in partnerships and affiliates in which the Company has a controlling interest or is deemed to be the primary beneficiary. In order to make this determination, an analysis is performed to determine if the entity is a variable interest entity (“VIE”) or a voting interest entity (“VOE”). If the entity is a VIE, further analysis, as discussed below, is performed to determine if GBL is the primary beneficiary of the entity. If the entity is not a VIE, the Company will apply the VOE model as discussed below. Variable Interest Entities A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) the equity investors do not have the ability to make decisions about the entities’ activities or obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the entity or (c) the voting rights are not proportional to their obligations to absorb the expected losses of the entity or their rights to receive the expected residual returns of the entity. The Company evaluates whether entities in which it has an interest are VIEs and whether the Company is the primary beneficiary of any VIEs identified in its analysis. The Company is determined to be the primary beneficiary if it absorbs a majority of the VIE’s expected losses, expected residual returns, or both. If the Company is the primary beneficiary of a VIE, it consolidates that entity. If the Company is not the primary beneficiary, it accounts for its investment under the equity method. In June 2009 the Financial Accounting Standards Board (“FASB”) amended the guidance on VIEs when it issued Accounting Standards Update (“ASU”) 2009-17. This guidance requires that if a decision maker has a variable interest in a VIE, the decision maker is not solely acting in a fiduciary capacity and would be required to consolidate the VIE if it has both the power to direct the most significant activities of the VIE and economic exposure that could potentially be significant to the VIE. The Company is general partner or co-general partner of various sponsored partnerships and the investment manager of various sponsored offshore funds whose underlying assets consist primarily of marketable securities (the “affiliated entities”). If the Company were to apply such guidance it would be required to consolidate most of its affiliated entities. In February 2010, the FASB issued ASU 2010-10, which indefinitely deferred the effective date of the amendments to ASC 810-10 made by ASU 2009-17, for a reporting entity’s interest in certain entities. Currently, interests in entities that qualify for the deferral are evaluated by applying the VIE model in ASC 810-10 (i.e., before the amendments by ASU 2009-17), while interests in entities that do not qualify for the deferral must be evaluated under the amendments in ASU 2009-17. Because all of the entities with which the Company is involved which would have been subject to the guidance in ASU 2009-17 were determined to qualify for the FASB’s deferral of such guidance, the Company applies the guidance for VIEs that existed prior to the issuance of ASU 2009-17. Voting Interest Entities If the entity is not considered a VIE, it is treated as a VOE, and the Company applies the guidance in ASC 810-20 in determining whether the entity should be consolidated. Under ASC 810-20, the general partner or investment manager is deemed to control the entity and therefore must consolidate it unless the unaffiliated limited partners or shareholders (a) have the ability to remove the general partner or investment manager, without cause, (b) have the ability to dissolve the entity or (c) have substantive participating rights. If the unaffiliated limited partners or shareholders possess any of the foregoing rights, then the Company does not consolidate the entity, and either the equity or cost method of accounting is applied. If the unaffiliated limited partners or shareholders do not have any such rights, the Company consolidates the entity. Major Revenue-Generating Services and Revenue Recognition The Company’s revenues are derived primarily from investment advisory and incentive fees and distribution fees. Investment advisory and incentive fees are directly influenced by the level and mix of assets under management (“AUM”) as fees are derived from a contractually-determined percentage of AUM for each account as well as incentive fees earned on certain accounts. Advisory fees from the open-end funds, closed-end funds and sub-advisory accounts are computed daily or weekly based on average net assets and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. Advisory fees from Institutional and Private Wealth Management accounts are generally computed quarterly based on account values as of the end of the preceding quarter, and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. The Company derived approximately 87%, 85% and 86% of its total revenues from advisory and management fees, including incentive fees, for the periods ended December 31, 2015, 2014 and 2013, respectively. These revenues vary depending upon the level of sales compared with redemptions, financial market conditions, performance and the fee structure for AUM. Revenues derived from the equity-oriented portfolios generally have higher management fee rates than fixed income portfolios. The Company receives incentive fees from certain Institutional and Private Wealth Management accounts, which are based upon meeting or exceeding a specific benchmark index or indices. Incentive fees refer to fees earned when the return generated for the client exceeds the benchmark and can be earned even if the return to the client is negative as long as the return exceeds the benchmark. These fees are recognized, for each respective account, at the end of the stipulated contract period which is either quarterly or annually and varies by account. Receivables due for incentive fees earned are included in investment advisory fees receivable on the consolidated statements of financial condition. There were no incentive fees receivable as of December 31, 2015. There were $0.2 million in incentive fees receivable as of December 31, 2014. For The GDL Fund, there is a performance fee earned as of the end of the calendar year if the total return of the fund is in excess of the 90 day T-Bill Index total return. This fee is recognized at the end of the measurement period, which is annually on a calendar year basis. Receivables due on incentive fees relating to The GDL Fund are included in investment advisory fees receivable on the consolidated statements of financial condition and were $3.7 million and $0.8 million as of December 31, 2015 and 2014, respectively. Management fees on a majority of the closed-end preferred shares are received at year-end if the total return to common shareholders of the closed-end fund for the calendar year exceeds the dividend rate of the preferred shares. These fees are recognized at the end of the measurement period, which is annually. Receivables due for management fees on closed-end preferred shares are included in investment advisory fees receivable on the consolidated statements of financial condition. There were no management fees receivable on closed-end preferred shares as of December 31, 2015. There were $6.3 million in management fees receivable on closed-end preferred shares as of December 31, 2014. Distribution fees revenues are derived primarily from the distribution of Gabelli, GAMCO and Comstock open-end funds (“Funds”) advised by a subsidiary of GBL, Funds Advisor and a subsidiary of GGCP, Teton. Effective August 1, 2011, G.distributors distributes our open-end Funds pursuant to distribution agreements with each Fund. Under each distribution agreement with an open-end Fund, G.distributors offers and sells such open-end Fund shares on a continuous basis and pays all of the costs of marketing and selling the shares, including printing and mailing prospectuses and sales literature, advertising and maintaining sales and customer service personnel and sales and services fulfillment systems, and payments to the sponsors of third party distribution programs, financial intermediaries and G.distributors’ sales personnel. G.distributors receives fees for such services pursuant to distribution plans adopted under provisions of Rule 12b-1 (“12b-1”) of the Investment Company Act of 1940 (“Company Act”). G.distributors is the principal underwriter for funds distributed in multiple classes of shares which carry either a front-end or back-end sales charge. Prior to August 1, 2011, G.research, an indirect subsidiary of AC, was the distributor of the Gabelli, GAMCO and Comstock open-end Funds. Under the distribution plans, the open-end Class AAA shares of the Funds (except The Gabelli U.S. Treasury Money Market Fund, Gabelli Capital Asset Fund and The Gabelli ABC Fund) and the Class A shares of certain Funds pay G.distributors a distribution or service fee of 0.25% per year (except the Class A shares of the Westwood Funds which pay 0.50% per year and the Class A shares of the Gabelli Enterprise Mergers and Acquisitions Fund which pays 0.45% per year) on the average daily net assets of the Fund. Class B and Class C shares have a 12b-1 distribution plan with a service and distribution fee totaling 1%. Sales of class B shares were discontinued in 2014. Distribution fees from the open-end funds are computed daily based on average net assets. The amounts receivable for distribution fees are included in receivables from affiliates on the consolidated statements of financial condition. GBL also has investment gains or losses generated from its proprietary trading activities which are included in net gain/(loss) from investments on the consolidated statements of income. Distribution Costs We incur certain promotion and distribution costs, which are expensed as incurred, principally related to the sale of shares of Funds, shares sold in the initial public offerings of our closed-end funds, and after-market support services related to our closed-end funds. Additionally, Funds Advisor has agreed to reimburse expenses on certain funds, beyond certain expense caps. The reimbursed expenses are presented on a gross basis in distribution costs in the consolidated statements of income. Dividends and Interest Income and Interest Expense Dividends are recorded on the ex-dividend date. Interest income and interest expense are accrued as earned or incurred. Depreciation and Amortization Fixed assets other than leasehold improvements, with net book value of Goodwill and Identifiable Intangible Assets Goodwill is initially measured as the excess of the cost of the acquired business over the sum of the amounts assigned to assets acquired less the liabilities assumed. At December 31, 2015 and 2014, goodwill recorded on the consolidated statements of financial condition relates to G.distributors. At December 31, 2015, the identifiable intangible assets are the investment advisory contracts for the Gabelli Enterprise Mergers and Acquisition Fund, for the Bancroft Fund Ltd. and the Ellsworth Growth and Income Fund Ltd., all of which relate to Funds Advisor. At December 31, 2014, the identifiable intangible asset is the investment advisory contract for the Gabelli Enterprise Mergers and Acquisition Fund which relates to Funds Advisor. Goodwill and identifiable intangible assets are tested for impairment at least annually on November 30 th In assessing the recoverability of goodwill for our annual impairment test on November 30, 2015 and 2014, we performed a qualitative assessment of whether it was more likely than not that an impairment has occurred and concluded that a quantitative analysis was not required. Income Taxes Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts on the consolidated financial statements using the statutory tax rates in effect for the year when the reported amount of the asset or liability is recovered or settled, respectively. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying values of deferred tax assets to the amount that is more likely than not to be realized. For each tax position taken or expected to be taken in a tax return, the Company determines whether it is more likely than not that the position will be sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation. A tax position that meets the more likely than not recognition threshold is measured to determine the amount of benefit to recognize. The tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. The Company recognizes the accrual of interest on uncertain tax positions and penalties in income tax provision on the consolidated statements of income. Fair Values of Financial Instruments All of the instruments within cash and cash equivalents, investments in securities and securities sold, not yet purchased are measured at fair value. Certain investments in partnerships are also measured at fair value. The Company’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy in accordance with the FASB’s guidance on fair value measurement. The levels of the fair value hierarchy and their applicability to the Company are described below: - Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date. Level 1 assets include cash equivalents, government obligations, open-end funds, closed-end funds and equities. - Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities that are not active and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly-quoted intervals. Assets that generally are included in this category may include certain limited partnership interests in private funds and over the counter derivatives that have inputs to the valuations that can generally be corroborated by observable market data. - Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. Assets included in this category generally include equities that trade infrequently and direct private equity investments held within consolidated partnerships. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Investments are transferred into or out of any level at their beginning period values. The availability of observable inputs can vary from instrument to instrument and is affected by a wide variety of factors, including, for example, the type of instrument, whether the instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. The valuation process and policies reside with the financial reporting and accounting group which reports to the Co-Chief Accounting Officers. The Company uses the “market approach” valuation technique to value its investments in Level 3 investments. The Company’s valuation of the Level 3 investments has been based upon either i) the recent sale prices of the issuer’s equity securities or ii) the net assets, book value or cost basis of the issuer when there is no recent sales prices available. In the absence of a closing price, an average of the bid and ask price is used. Bid prices reflect the highest price that the market is willing to pay for an asset. Ask prices represent the lowest price that the market is willing to accept for an asset. Cash equivalents Investments in securities and Securities sold, not yet purchased Earnings Per Share Basic earnings per share is based on the weighted-average number of common shares outstanding during each period less unvested restricted stock. Diluted earnings per share is based on basic shares plus the incremental shares that would be issued upon the assumed exercise of in-the-money stock options and unvested restricted stock using the treasury stock method. Management Fee Management fee expense is incentive-based and entirely variable compensation in the amount of 10% of the aggregate pre-tax profits before management fee which is paid to Mr. Gabelli or his designee for acting as CEO pursuant to his 2008 Employment Agreement so long as he is an executive of GBL and devotes the substantial majority of his working time to the business. In accordance with his 2008 Employment Agreement, he has allocated approximately $1.9 million, $4.0 million and $2.3 million of his management fee to certain other employees of the Company in 2015, 2014 and 2013, respectively, and waived $1.4 million in 2013. Stock Based Compensation The Company has granted restricted stock awards (“RSAs”) and stock options to staff members which were recommended by the Company’s Chairman, who did not receive an RSA or option award, and approved by the Compensation Committee of the Company’s Board of Directors. We use a fair value based method of accounting for stock-based compensation provided to our employees. The estimated fair value of RSAs is determined by using the closing price of Class A Common Stock ("Class A Stock") on the day prior to the grant date. The total expense, which is reduced by estimated forfeitures, is recognized over the vesting period for these awards which is either (1) 30% over three years from the date of grant and 70% over five years from the date of grant or (2) 30% over three years from the date of grant and 10% each year over years four through ten from the date of grant. The forfeiture rate is determined by reviewing historical forfeiture rates for previous stock-based compensation grants and is reviewed and updated quarterly, if necessary. During the vesting period, dividends to RSA holders are held for them until the RSA vesting dates and are forfeited if the grantee is no longer employed by the Company on the vesting dates. Dividends declared on these RSAs, less estimated forfeitures, are charged to retained earnings on the declaration date. The estimated fair value of option awards on the grant date is determined using the Black Scholes option-pricing model. This sophisticated model utilizes a number of assumptions in arriving at its results, including the estimated life of the option, the risk free interest rate at the date of grant and the volatility of the underlying common stock. There may be other factors, which are not considered in the Black Scholes model, which may have an effect on the value of the options as well. The effects of changing any of the assumptions or factors employed by the Black Scholes model may result in a significantly different valuation for the options. The total expense based on the grant date fair value, which is reduced by estimated forfeitures, is recognized over the vesting period for these awards which is 75% over three years from the date of grant and 25% over four years from date of grant. The forfeiture rate is determined by reviewing historical forfeiture rates for previous stock-based compensation grants and is reviewed and updated quarterly, if necessary. In connection with the Spin-off of AC and in accordance with GAAP, the Company has allocated the stock compensation costs between GBL and AC based upon each employee’s individual allocation of their responsibilities between GBL and AC. See note H. Equity for further details. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and receivable from brokers. The Company maintains cash and cash equivalents primarily in the Gabelli U.S. Treasury Money Market Fund, which invests fully in instruments issued by the U.S. government, and has receivables from brokers with various brokers and financial institutions, where these balances can exceed the federally insured limit. The concentration of credit risk with respect to advisory fees receivable is generally limited due to the short payment terms extended to clients by the Company. In addition, the credit risk is further limited by virtue of the fact that no single advisory relationship provided over 10% of the total revenue of the Company during the years 2015, 2014, or 2013. All investments in securities are held at third party brokers or custodians. Business Segment The Company operates in one business segment, the investment advisory and asset management business. The Company conducts its investment advisory business principally through: GAMCO (Institutional and Private Wealth Management) and Funds Advisor (Funds). The distribution of our open-end funds and underwriting of those Funds was conducted through G.distributors. Recent Accounting Developments In May 2014, the FASB issued 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, 2017, 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 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

Investment in Securities

Investment in Securities	12 Months Ended
	Dec. 31, 2015
Investment in Securities [Abstract]
Investment in Securities	B. Investments in Securities Investments in securities at December 31, 2015 and 2014 consisted of the following: 2015 2014 Cost Fair Value Cost Fair Value (In thousands) Trading securities: Common stocks $ 385 $ 368 $ - $ - Total trading securities 385 368 - - Available for sale securities: Common stocks 17,898 32,607 13,637 38,942 Total available for sale securities 17,898 32,607 13,637 38,942 Total investments in securities $ 18,283 $ 32,975 $ 13,637 $ 38,942 Securities sold, not yet purchased at December 31, 2015 and 2014 consisted of the following: 2015 2014 Cost Fair Value Cost Fair Value (In thousands) Trading securities: Common stocks $ 123 $ 129 $ - $ - Total securities sold, not yet purchased $ 123 $ 129 $ - $ - The following table identifies all reclassifications out of accumulated other comprehensive income and into net income for the year ended December 31, 2015 and 2014 (in thousands): Amount Affected Line Item Reason for Reclassified in the Statements Reclassification from AOCI of Income from AOCI Twelve months ended December 31, 2015 2014 $ 6 $ 587 Net gain from investments Realized gain / (loss) on sale of AFS securities 4,485 3,695 Other operating expenses Donation of AFS securities 4,491 4,282 Income before income taxes (1,662 ) (1,584 ) Income tax benefit $ 2,829 $ 2,698 Net income The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available for sale investments as of December 31, 2015 and December 31, 2014: December 31, 2015 Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Common stocks $ 17,898 $ 14,709 $ - $ 32,607 Total available for sale securities $ 17,898 $ 14,709 $ - $ 32,607 December 31, 2014 Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Common stocks $ 13,637 $ 25,305 $ - $ 38,942 Total available for sale securities $ 13,637 $ 25,305 $ - $ 38,942 Increases in unrealized losses, net of taxes, for AFS securities for the years ended December 31, 2015 and 2014 of $5.5 million and $0.6 million have been included in other comprehensive income at December 31, 2015 and 2014, respectively. Increases in unrealized gains, net of taxes, for AFS securities for the year ended December 31, 2013 of $17.3 million have been included in other comprehensive income at December 31, 2013. The amount reclassified from other comprehensive income for the years ended December 31, 2015, 2014 and 2013 was $2.8 million, $4.6 million and $13.4 million, respectively. Proceeds from sales of investments available for sale were approximately $0.1 million, $3.9 million and $5.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. For the years ended December 31, 2015, 2014 and 2013, gross gains on the sale of investments available for sale amounted to $6,000, $0.6 million and $1.3 million, respectively, and were reclassed from other comprehensive income into the consolidated statements of income. There were no losses on the sale of investments available for sale for the years ended December 31, 2015, 2014 and 2013. The basis on which the cost of a security sold is determined is specific identification. Accumulated other comprehensive income on the consolidated statements of equity is primarily comprised of unrealized gains/losses, net of taxes, for AFS securities. GBL has an established accounting policy and methodology to determine other-than-temporary impairment on available for sale securities. Under this policy, available for sale securities are evaluated for other than temporary impairments and any impairment charges are recorded in net gain/(loss) from investments on the consolidated statements of income. Management reviews all available for sale securities whose cost exceeds their market value to determine if the impairment is other than temporary. Management uses qualitative factors such as diversification of the investment, the amount of time that the investment has been impaired, the intent to sell and the severity of the decline in determining whether the impairment is other than temporary. There were no investments classified as available for sale that were in an unrealized loss position at either December 31, 2015 or December 31, 2014. For the years ended December 31, 2015, 2014 and 2013 there were no losses on available for sale securities that were deemed to be other than temporary.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2015
Fair Value [Abstract]
Fair Value	C. Fair Value The following tables present information about the Company’s assets and liabilities by major categories measured at fair value on a recurring basis as of December 31, 2015 and 2014 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2015 (in thousands) Quoted Prices in Active Significant Other Significant Balance as of Markets for Identical Observable Observable December 31, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) 2015 Cash equivalents $ 13,538 $ - $ - $ 13,538 Investments in securities: AFS - Common stocks 32,607 - - 32,607 Trading - Common stocks 368 - - 368 Total investments in securities 32,975 - - 32,975 Total assets at fair value $ 46,513 $ - $ - $ 46,513 Liabilities Securities sold, not yet purchased: Trading - Common stocks $ 129 $ - $ - $ 129 Total securities sold, not yet purchased $ 129 $ - $ - $ 129 During the year ended December 31, 2015, there were no transfers between any Level 1 and Level 2 holdings, or between Level 1 and Level 3 holdings. Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2014 (in thousands) Quoted Prices in Active Significant Other Significant Balance as of Markets for Identical Observable Observable December 31, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) 2014 Cash equivalents $ 12,467 $ - $ - $ 12,467 Investments in securities: AFS - Common stocks 38,942 - - 38,942 Trading - Common stocks - - - - Total investments in securities 38,942 - - 38,942 Total assets at fair value $ 51,409 $ - $ - $ 51,409 Liabilities Securities sold, not yet purchased: Trading - Common stocks $ - $ - $ - $ - Total securities sold, not yet purchased $ - $ - $ - $ - During the year ended December 31, 2014, there were no transfers between any Level 1 and Level 2 holdings, or between Level 1 and Level 3 holdings. Other than certain securities which were part of the Spin-off, the Company did not hold any Level 2 or 3 securities at either December 31, 2015 or December 31, 2014.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Taxes [Abstract]
Income Taxes	D. Income Taxes GBL and its greater than 80% owned operating subsidiaries file a consolidated federal income tax return. Accordingly, the income tax provision represents the aggregate of the amounts provided for all companies. The provision for income taxes for the years ended December 31, 2015, 2014 and 2013 consisted of the following: 2015 2014 2013 (In thousands) Federal: Current $ 47,699 $ 58,194 $ 45,333 Deferred (1,441 ) (2,876 ) 371 State and local: Current 5,359 6,595 7,255 Deferred 109 (179 ) 15 Total $ 51,726 $ 61,734 $ 52,974 A reconciliation of the Federal statutory income tax rate to the effective tax rate is set forth below: 2015 2014 2013 Statutory Federal income tax rate 35.0 % 35.0 % 35.0 % State income tax, net of Federal benefit 2.7 2.5 2.3 Other (0.5) (0.8) (0.3) Effective income tax rate 37.2 % 36.7 % 37.0 % Significant components of our deferred tax assets and liabilities are as follows: 2015 2014 (In thousands) Deferred tax assets: Stock compensation expense $ 4,857 $ 3,542 Deferred compensation 1,268 1,852 Deferred gain on asset sale - 2,000 Capital lease obligation 905 859 Other 287 - Total deferred tax assets 7,317 8,253 Deferred tax liabilities: Investments in securities available for sale (5,443 ) (9,362 ) Contingent deferred sales commissions (419 ) (780 ) Intangible asset amortization (111 ) - Other - (25 ) Total deferred tax liabilities (5,973 ) (10,167 ) Net deferred tax assets (liabilities) $ 1,344 $ (1,914 ) As a result of the accelerated vesting of the RSAs and in accordance with GAAP, a decrease of $1.2 million was recorded in additional paid in capital for the year ended December 31, 2015 as the actual tax benefit realized by the Company was less than the previously recorded deferred tax benefit. As of December 31, 2015 and 2014, the total amount of gross unrecognized tax benefits related to uncertain tax positions was approximately $18.4 million and $16.0 million, respectively, of which recognition of $11.9 million and $10.4 million, respectively, would impact the Company’s effective tax rate. As of December 31, 2015 and 2014, the net liability for unrecognized tax benefits related to uncertain tax positions was $17.6 million and $15.0 million, respectively, and is included in accrued expenses and other liabilities on the consolidated statements of financial condition. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits related to uncertain tax positions is as follows: (in millions) Balance at January 1, 2013 $ 10.6 Additions based on tax positions related to the current year 2.4 Additions for tax positions of prior years 0.5 Reductions for tax positions of prior years (0.6 ) Settlements - Balance at December 31, 2013 12.9 Additions based on tax positions related to the current year 3.1 Additions for tax positions of prior years - Reductions for tax positions of prior years - Settlements - Balance at December 31, 2014 16.0 Additions based on tax positions related to the current year 2.8 Additions for tax positions of prior years 0.1 Reductions for tax positions of prior years (0.5 ) Settlements - Balance at December 31, 2015 $ 18.4 The Company records penalties and interest related to tax uncertainties in income taxes. As of December 31, 2015 and 2014, the Company had recognized gross liabilities of approximately $8.0 million and $6.7 million related to interest and penalties, respectively. For the years ended December 31, 2015, 2014 and 2013, the Company recorded income tax expenses related to an increase in its liability for interest and penalties of $1.1 million, $1.0 million and $0.7 million, respectively. The Company is currently being audited by the Internal Revenue Service for 2014, New York State for years 2001 through 2011 and the State of Illinois for years 2010 through 2012 but does not expect that any potential assessments will be material to its results of operations. The Company is subject to future audits by New York State for all years after 2011. The Company’s remaining state income tax returns are subject to future audit for all years after 2009. The Company’s Federal tax returns are subject to future audit for 2012 and 2013.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2015
Earnings per Share [Abstract]
Earnings per Share	E. Earnings per Share The computations of basic and diluted net income per share are as follows: For the Years Ending December 31, (In thousands, except per share amounts) 2015 2014 2013 Basic: Income from continuing operations $ 87,299 $ 106,283 $ 90,033 Gain/(loss) from discontinued operations, net of taxes (3,887 ) 3,107 26,820 Net income attributable to GAMCO Investors, Inc.'s shareholders $ 83,412 $ 109,390 $ 116,853 Weighted average shares outstanding 25,425 25,335 25,653 Basic net income per share attributable to GAMCO Investors, Inc.'s shareholders Continuing operations $ 3.43 $ 4.20 $ 3.51 Discontinued operations (0.15 ) 0.12 1.05 Total $ 3.28 $ 4.32 $ 4.56 Diluted: Income from continuing operations $ 87,299 $ 106,283 $ 90,033 Gain/(loss) from discontinued operations, net of taxes (3,887 ) 3,107 26,820 Net income attributable to GAMCO Investors, Inc.'s shareholders $ 83,412 $ 109,390 $ 116,853 Weighted average share outstanding 25,425 25,335 25,653 Dilutive stock options and restricted stock awards 286 223 59 Total 25,711 25,558 25,712 Diluted net income per share attributable to GAMCO Investors, Inc.'s shareholders Continuing operations $ 3.40 $ 4.16 $ 3.50 Discontinued operations (0.15 ) 0.12 1.04 Total $ 3.24 $ 4.28 $ 4.54

Debt

Debt	12 Months Ended
	Dec. 31, 2015
Debt [Abstract]
Debt	F. Debt Debt consists of the following: December 31, 2015 December 31, 2014 Carrying Fair Value Carrying Fair Value Value Level 2 Value Level 2 (In thousands) AC 4% PIK Note $ 250,000 $ 250,000 $ - $ - Loan from GGCP 35,000 35,000 - - 5.875% Senior notes 24,225 24,437 100,000 110,123 0% Subordinated debentures - - 12,163 13,000 Total $ 309,225 $ 309,437 $ 112,163 $ 123,123 AC 4% PIK Note In connection with the spin-off of AC on November 30, 2015, the Company issued a $250 million promissory note (the “AC 4% PIK Note”) payable to AC. The AC 4% PIK Note bears interest at 4.0% per annum. The original principal amount has a maturity date of November 30, 2020. Interest on the AC 4% PIK Note will accrue from the date of the last interest payment, or if no interest has been paid, from the effective date of the AC 4% PIK Note. At the election of the Company, payment of interest on the AC 4% PIK Note may be paid in kind (in whole or in part) on the then-outstanding principal amount (a “PIK Amount”) in lieu of cash. The Company will repay the original principal amount of the AC 4% PIK Note to AC in five equal annual installments of $50 million on each interest payment date up to and including the maturity date. All PIK Amounts added to the outstanding principal amount of the AC 4% PIK Note will mature on the fifth anniversary from the date the PIK Amount was added to the outstanding principal of the AC 4% PIK Note. In no event may any interest be paid in kind subsequent to November 30, 2019. The Company may prepay the AC 4% PIK Note (in whole or in part) prior to maturity without penalty. 5.875% Senior notes On May 31, 2011, the Company issued $100 million of senior unsecured notes (“Senior Notes”) at par. The net proceeds of $99.1 million are being used for working capital and general corporate purposes, which may include acquisitions and seed investments. The issuance costs of $0.9 million have been capitalized and will be amortized over the term of the debt or pro rata upon a repurchase. 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 a change of control triggering event, as defined in the indenture, the Company is required to offer to repurchase the notes at 101% of their principal amount. On November 18, 2015, the Company commenced a tender offer (the “Offer”) to purchase for cash up to $100 million aggregate principal amount of the Senior Notes at a price of 101% of the principal amount. $75.8 million of face value Senior Notes were tendered upon the expiration of the Offer. The tender was accounted for as an extinguishment of debt and resulted in a loss of $0.8 million and is included in extinguishment of debt on the consolidated statements of income. In connection with the tender, the Company also expensed $0.4 million of pro rata unamortized issuance costs which was included in interest expense on the consolidated statements of income. At December 31, 2015 and 2014, the debt was recorded at its face value of $24.2 million and $100.0 million, respectively. Loan from GGCP In connection with the Offer, the Company borrowed $35.0 million from GGCP. The loan has a term of one year and bears interest at 90-day LIBOR plus 3.25%, reset and payable quarterly. Under the terms of the loan agreement, the Company is required to fully pay the loan prior to any accelerated payment of the AC 4% PIK Note. 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 had a par value of $100 and were 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 2015, 2014 and 2013, the Company repurchased 62,242 Debentures, 7,178 Debentures and 78,809 Debentures, respectively, having a face value of $6.2 million, $0.7 million and $7.9 million, respectively. The redemptions in 2015, 2014 and 2013 were accounted for as an extinguishment of debt and resulted in a loss of $0.3 million, $0.1 million and $1.0 million, respectively, which was included in extinguishment of debt on the consolidated statements of income. The debt was being accreted to its face value using the effective rate on the date of issuance of 7.45%. At December 31, 2014, the debt was recorded at its accreted value of $12.2 million. The debt matured on December 31, 2015 and was fully paid at that time. The fair value of the Company’s debt, which is a Level 2 valuation, is estimated based on either quoted market prices for the same or similar issues or on the current rates offered to the Company for debt of the same remaining maturities or using market standard models. Inputs into these models include credit rating, maturity and interest rate.

Equity

Equity	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Equity	G. Equity Voting Rights The holders of Class A Stock and Class B Stock have identical rights except that (i) holders of Class A Stock are entitled to one vote per share, while holders of Class B Stock are entitled to ten votes per share on all matters to be voted on by shareholders in general, and (ii) holders of Class A Stock are not eligible to vote on matters relating exclusively to Class B Stock and vice versa. Stock Award and Incentive Plan The Company maintains two Plans approved by the shareholders, which are designed to provide incentives which will attract and retain individuals key to the success of GBL through direct or indirect ownership of our common stock. Benefits under the Plans may be granted in any one or a combination of stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, dividend equivalents and other stock or cash based awards. A maximum of 3.5 million shares of Class A Stock have been reserved for issuance under the Plans by a committee of the Board of Directors responsible for administering the Plans (“Compensation Committee”). Under the Plans, the committee may grant RSAs and either incentive or nonqualified stock options with a term not to exceed ten years from the grant date and at an exercise price that the committee may determine. During 2014 and 2013, the Company issued 158,600 and 576,950 RSAs, respectively, at grant date fair values of $80.23 and $63.82 per share, respectively. There were no RSAs issued during 2015. As of December 31, 2015 and 2014, there were 553,100 RSA shares and 710,750 RSA shares, respectively, outstanding that were issued at an average grant price of $64.02 per share and $67.45 per share, respectively. All grants of RSAs were recommended by the Company's Chairman, who did not receive a RSA, and approved by the Compensation Committee of the Company's Board of Directors. This expense, net of estimated forfeitures, is recognized over the vesting period for these awards which is either (1) 30% over three years from the date of grant and 70% over five years from the date of grant or (2) 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 RSAs issued by GAMCO prior to the spin-off of AC on November 30, 2015, the Company expenses the portion of the RSAs that correspond to the employee allocation between GAMCO and AC. During 2015, the Board of Directors accelerated the lapsing of restrictions on the November 2013 grant of RSAs resulting in recognition of $3.5 million in stock compensation expense during 2015 that would have been recorded in 2016 through 2018. A summary of the stock option and RSA activity for the years ended December 31, 2015 and 2014 is as follows: Options RSAs Weighted Average Weighted Average Grant Date Shares Exercise Price Shares Fair Value Outstanding at December 31, 2013 $ 66,000 $ 42.49 566,950 $ 63.93 Granted - - 158,600 80.23 Forfeited - - (14,800 ) 69.38 Exercised / Vested (40,000 ) 40.94 - - Outstanding at December 31, 2014 26,000 44.89 710,750 67.45 Granted - - - - Forfeited - - (27,000 ) 69.50 Exercised / Vested (26,000 ) 39.55 (130,650 ) 81.55 Outstanding at December 31, 2015 $ - $ - 553,100 $ 64.02 Shares available for future issuance at December 31, 2015 $ 1,856,925 At December 31, 2014, there were exercisable outstanding stock options of 23,500. The weighted average exercise price of the exercisable outstanding stock options at December 31, 2014 was $44.80 per share. The total compensation costs related to non-vested awards not yet recognized is approximately $10.8 million as of December 31, 2015. This will be recognized as expense in the following periods (in thousands): 2016 2017 2018 2019 2020 $ 3,569 $ 2,492 $ 1,685 $ 1,348 $ 737 2021 2022 2023 2024 $ 497 $ 300 $ 127 $ 19 For the years ended December 31, 2015, 2014 and 2013, the Company recorded approximately $9.9 million, $5.3 million and $1.6 million, respectively, in stock based compensation expense which resulted in the recognition of tax benefits of approximately $3.7 million, $2.0 million and $0.6 million, respectively. The $9.9 million for the year ended December 31, 2015, includes $3.5 million in stock compensation expense as a result of accelerating the November 2013 grant of RSAs. There were no comparable accelerations in the years ended December 31, 2014 or 2013. For the years ended December 31, 2015, 2014 and 2013, the Company received approximately $1.2 million, $1.6 million and $76,000, respectively, from the exercise of stock options which resulted in tax benefits of $0.1 million, $0.3 million and $16,000, respectively. Stock Repurchase Program In 1999, the Board of Directors established the Stock Repurchase Program through which the Company has been authorized to purchase up to $9 million of Class A Stock. The Board of Directors authorized additional repurchase of 500,000 shares in February 2013, 500,000 shares in November 2013 and 500,000 shares in August 2015. In 2015, 2014 and 2013, we repurchased 426,628 shares, 414,432 shares and 229,228 shares, respectively, at an average price of $63.85 per share, $78.99 per share and $64.41 per share, respectively (For 2015, 413,228 shares were at an average investment of $64.86 per share prior to the distribution of AC on November 30, 2015 and 13,400 shares were at an average price of $32.56 following the distribution of AC). There remain 582,155 shares available under this program at December 31, 2015. Under the program, the Company has repurchased 9,552,653 shares at an average price of $44.81 per share and an aggregate cost of $428.0 million through December 31, 2015. 9,539,253 of these shares were purchased prior to the spin-off of AC to GBL shareholders. The December 31, 2015 closing prices of GBL and AC shares on the NYSE were $31.04 and $30.50, respectively. Dividends During 2015, 2014 and 2013, the Company declared dividends of $0.28 per share, $0.50 per share and $0.72 per share, respectively, to class A and class B shareholders totaling $7.5 million, $12.9 million and $18.7 million, respectively. Under the terms of the RSA agreements, we accrue dividends, less estimated forfeitures, for RSA grantees from the date of grant but these dividends are held for grantees who are not entitled to receive dividends until their awards vest and only if they are still employed by the Company at those dates. As of December 31, 2015 and 2014, dividends accrued on RSAs not yet vested were approximately $0.6 million and $0.6 million, respectively. Shelf Registration In April 2015, the SEC declared effective the Company’s “shelf” registration statement on Form S-3 giving the Company the flexibility to sell any combination of senior and subordinate debt securities, convertible debt securities and equity securities (including common and preferred securities) up to a total amount of $500 million. The shelf is available through April 2018, at which time it may be renewed.

Capital Lease

Capital Lease	12 Months Ended
	Dec. 31, 2015
Capital Lease [Abstract]
Capital Lease	H. Capital Lease On December 5, 1997, prior to the Offering in 1999, the Company entered into a fifteen-year lease, expiring on April 30, 2014, of office space from an entity controlled by members of the Chairman's family. On June 11, 2013, the Company modified and extended its lease with M4E, LLC, the Company’s landlord at 401 Theodore Fremd Ave, Rye, NY. The lease term was extended to December 31, 2028, and the base rental remained at $18 per square foot, or $1.1 million, for 2014. From January 1, 2015 through December 31, 2028, the base rental will be determined by the change in the consumer price index for the New York Metropolitan Area for November of the immediate prior year with the base period as November 2008 for the New York Metropolitan Area. The lease has been accounted for as a capital lease as it transfers substantially all the benefits and risks of ownership to GBL. The Company has recorded the leased property as an asset and a capital lease obligation for the present value of the obligation of the leased property. The leased property is amortized on a straight-line basis from the date of the most recent extension to the end of the lease. The capital lease obligation is amortized over the same term using the interest method of accounting. Capital lease improvements are amortized from the date of expenditure through the end of the lease term or the useful life, whichever is shorter, on a straight-line basis. The lease provides that all operating expenses relating to the property (such as property taxes, utilities and maintenance) are to be paid by the lessee, GBL. These are recognized as expenses in the periods in which they are incurred. Accumulated amortization on the leased property was approximately $4.4 million and $4.2 million at December 31, 2015 and 2014, respectively. Future minimum lease payments for this capitalized lease at December 31, 2015 are as follows: (In thousands) 2016 $ 1,191 2017 1,080 2018 1,080 2019 1,080 2020 1,080 Thereafter 8,640 Total minimum obligations 14,151 Interest 8,974 Present value of net obligations $ 5,177 Lease payments under this agreement amounted to approximately $1.2 million, $1.2 million and $1.2 million for each of the years ended December 31, 2015, 2014 and 2013, respectively. The capital lease contains an escalation clause tied to the change in the New York Metropolitan Area Consumer Price Index which may cause the future minimum payments to exceed $1,080,000 annually. Future minimum lease payments have not been reduced by related minimum future sublease rentals of approximately $0.9 million due over the next eight years, which are due from affiliated entities. Total minimum obligations exclude the operating expenses to be borne by the Company, which are estimated to be approximately $0.8 million per year.

Contractual Obligations

Contractual Obligations	12 Months Ended
	Dec. 31, 2015
Contractual Obligations [Abstract]
Contractual Obligations	I. Contractual Obligations We rent office space under leases which expire at various dates through November 30, 2019. Future minimum lease commitments under these operating leases as of December 31, 2015 are as follows: (In thousands) 2016 $ 849 2017 548 2018 459 2019 358 Total $ 2,214 Equipment rentals and occupancy expense amounted to approximately $2.3 million, $2.0 million and $2.1 million for the years ended December 31, 2015, 2014 and 2013, respectively.

Shareholder-Designated Contribu

Shareholder-Designated Contribution Plan	12 Months Ended
	Dec. 31, 2015
Shareholder-Designated Contribution Plan [Abstract]
Shareholder-Designated Contribution Plan	J. 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 and one contribution during 2015 of $0.25 per registered share. During 2015 and 2013, the Company recorded a charge of $6.4 million, or $0.12 per diluted share, net of management fee and tax benefit and $10.6 million, or $0.24 per diluted share, net of management fee and tax benefit, respectively, related to the contributions which were included in shareholder-designated contribution on the consolidated statements of income. Based upon the number of registered shares that participated in the program in 2013, the Company recorded an additional charge of $134,000 during 2014.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	K. Related Party Transactions The following is a summary of certain related party transactions. GGCP Holdings LLC owns a majority of our Class B Stock, representing approximately 91% of the combined voting power and 62% of the outstanding shares of our common stock at December 31, 2015. GSI, a subsidiary of AC, owns 4.4 million shares of our Class A Stock, representing approximately 2% of the combined voting power and 15% of the outstanding shares of our common stock at December 31, 2015. Capital Lease We lease an approximately 60,000 square foot building located at 401 Theodore Fremd Avenue, Rye, New York as our headquarters (the “Building”) from an entity controlled by members of the Chairman’s family. See Notes H and I. We sub-lease approximately 3,300 square feet in the Building to LICT Corporation, a company for which Mr. Gabelli serves as Chairman and CEO, which pays rent at the rate of $28 per square foot plus $3 per square foot for electricity, subject to adjustment for increases in taxes and other operating expenses. The total amounts paid in 2015, 2014, and 2013 for rent and other expenses under this lease were $119,686, $117,640, and $116,527, respectively. Concurrent with the extension of the lease on the Building during 2008, we and LICT Corporation further agreed to extend the term of the sub-lease until December 2023 on the same terms and conditions. As of July 1, 2008, we also sub-lease approximately 1,600 square feet in the Building to Teton. Teton pays rent at the rate of $37.75 per square foot plus $3 per square foot for electricity, subject to adjustment for increases in taxes and other operating expenses. The total amount paid in 2015, 2014 and 2013 for rent and other expenses under this lease were $69,632, $68,697 and $68,189, respectively, and were recorded in other operating expenses as a credit on the consolidated statements of income. Investment Advisory Services GAMCO has entered into agreements to provide advisory and administrative services to MJG Associates, Inc., which is wholly-owned by Mr. Gabelli, with respect to the private investment funds managed by them. Pursuant to such agreements, MJG Associates, Inc. paid GAMCO $10,000 (excluding reimbursement of expenses) for each of the years 2015, 2014, and 2013. For 2015, 2014 and 2013, Manhattan Partners I, L.P. and Manhattan Partners II, L.P., investment partnerships for which John Gabelli Inc., an entity owned by John Gabelli, a brother of the Company's Chairman, is the general partner, paid GAMCO investment advisory fees in the amount of $13,595, $14,483 and $21,601, respectively. In addition, an entity in which Mr. John Gabelli’s wife is the sole shareholder, is the co-general partner of S.W.A.N. Partners, LP (“S.W.A.N.”). S.W.A.N. paid GAMCO investment advisory fees in the amount of $20,406, $22,094 and $32,740 for 2015, 2014 and 2013, respectively, and is included in investment advisory and incentive fees on the consolidated statements of income. The Company serves as the investment advisor for the Funds and earns advisory fees based on predetermined percentages of the average net assets of the Funds. In addition, G.distributors has entered into distribution agreements with each of the Funds. As principal distributor, G.distributors incurs certain promotional and distribution costs related to the sale of Fund shares, for which it receives a distribution fee from the Funds or reimbursement from the investment advisor. For 2015, 2014 and 2013, the Company received $47.7 million, $56.1 million and $47.4 million, respectively, in distributions fees. Advisory and distribution fees receivable from the Funds were approximately $24.1 million and $31.6 million at December 31, 2015 and 2014, respectively. Compensation Immediately preceding the Offering and in conjunction with the Reorganization, GBL and our Chairman and CEO entered into an employment agreement. This agreement was amended and approved by shareholders on November 30, 2007 and most recently re-approved by shareholders on May 6, 2011. Under the terms of this agreement and consistent with the firm’s practice since its inception in 1977, Mr. Gabelli will also continue receiving a percentage of revenues or net operating contribution, which are substantially derived from AUM, as compensation relating to or generated by the following activities: (i) managing or overseeing the management of various investment companies and partnerships, (ii) attracting mutual fund shareholders, (iii) attracting and managing Institutional and Private Wealth Management clients, and (iv) otherwise generating revenues for the Company. Such payments are made in a manner and at rates as agreed to from time to time by GAMCO, which rates have been and generally will be the same as those received by other professionals at GAMCO performing similar services. With respect to our Institutional and Private Wealth Management and mutual fund advisory business, we pay out up to 40% of the revenues or net operating contribution to the portfolio managers and marketing staff who introduce, service or generate such business, with payments involving the Institutional and Private Wealth Management accounts being typically based on revenues and payments involving the mutual funds being typically based on net operating contribution. Mr. Gabelli has agreed that while he is employed by us he will not provide investment management services outside of GAMCO, except for certain permitted accounts as defined under the agreement. The 2008 Employment Agreement may not be amended without the approval of the Compensation Committee and Mr. Gabelli. The Chairman and CEO receives compensation in the form of a management fee for managing the Company. Additionally, he earns compensation for acting as portfolio manager and/or attracting and providing client service to a large number of GAMCO's Institutional and Private Wealth Management clients, for creating and acting as portfolio manager of several open-end funds, for creating and acting as portfolio manager of the closed-end funds and for providing other services. Other On May 31, 2006, the Company entered into an Exchange and Standstill Agreement with Frederick J. Mancheski, a significant shareholder, pursuant to which, among other things, he agreed to exchange his 2,071,635 shares of Class B Stock, which he received on a pari passu basis with his investment in GGCP, for an equal number of shares of Class A Stock. The standstill expires on May 31, 2016. Under the terms of the standstill agreement, Mr. Mancheski agreed to, among other things, vote his shares in favor of the nominees and positions advocated by the Board of Directors. As stated in the latest available Form 13D filed by Mr. Mancheski on July 2, 2015, he continues to exercise voting control over 1,705,974 shares of Class A Stock. For 2015, 2014, and 2013, we incurred variable costs (but not the fixed costs) of $432,000, $458,000, and $483,000, respectively, for actual usage relating to our use of aircraft in which GGCP owns the fractional interests. GBL and Teton entered into a transitional administrative and management service agreement in connection with the spin-off of Teton from GBL that formalized certain arrangements. Effective January 1, 2011, Teton and GBL renegotiated the terms of the sub-administration agreement from a flat 0.20% on the average net assets of the mutual funds managed by Teton to 0.20% on the first $370 million in average net assets, 0.12% on the next $630 million in average net assets and 0.10% on average net assets in excess of $1 billion, as compensation for providing mutual fund administration services and $15,000 per month for various administrative services. Effective April 1, 2014, the administrative services fee was increased to $25,000 per month. Prior to the spin-off these fees were eliminated in consolidation. During 2015, 2014 and 2013, there was $2.2 million, $2.3 million and $1.8 million, respectively, included in distribution fees and other income on the consolidated statements of income. Effective January 1, 2014, GAMCO and Funds Advisor each entered into a research services agreement with G.research, LLC, a wholly-owned subsidiary of Gabelli Securities, Inc., for G.research, LLC to provide them with the same types of research services that it provides to its other clients. For both 2015 and 2014, GAMCO and Funds Advisor paid G.research, LLC $0.7 million and $0.8 million, respectively. GAMCO and AC entered into a transitional administrative and management services agreement in connection with the Spin-off. The agreement calls for GAMCO to provide to AC certain services including but not limited to: accounting, financial reporting and consolidation services, including the services of a financial and operations principal; treasury services, including, without limitation, insurance and risk management services and administration of benefits; tax planning, tax return preparation, recordkeeping and reporting services; human resources, including but not limited to the sourcing of permanent and temporary employees as needed, recordkeeping, performance reviews and terminations; legal and compliance advice, including the services of a Chief Compliance Officer; technical/technology consulting; and operations and general administrative assistance, including office space, office equipment and furniture, payroll, procurement, and administrative personnel. In addition, AC will provide GAMCO with payroll services. All services provided under the agreement by GAMCO to AC or by AC to GAMCO will be charged at cost. The agreement is terminable by either party on 30 days’ prior written notice to the other party and has a term of twelve months. At December 31, 2014, GSI owed GAMCO a demand loan of $16 million bearing interest at 5.5% annually. On December 28, 2015, GSI repaid the demand loan in full plus accrued and unpaid interest. The interest paid by GSI to GAMCO during 2015 and 2014 was $0.9 million and $1.0 million, respectively. In connection with the spin-off of AC on November 30, 2015, the Company issued the AC 4% PIK Note. During 2015, GAMCO recorded interest expense of $0.8 million. See Note F. Debt for further details. In connection with the Offer, the Company borrowed $35.0 million from GGCP. During 2015, GAMCO recorded interest expense of $15,000. See Note F. Debt for further details.

Financial Requirements

Financial Requirements	12 Months Ended
	Dec. 31, 2015
Financial Requirements [Abstract]
Financial Requirements	L. Financial Requirements As a registered broker-dealer, G.distributors is subject to the Uniform Net Capital Rule 15c3-1 (the “Rule”) of the SEC. These regulatory capital requirements, while not specific encumbrances on assets, restrict the total assets of this subsidiary broker-dealer to the extent they are needed to fulfill the regulatory capital requirements. Accordingly, this restriction limits the transfer of funds from this subsidiary to the Company in the form of cash dividends or otherwise. This restriction is 120% of its minimum net capital. G.distributors computes its net capital under the alternative method permitted by the Rule which requires minimum net capital of $250,000, and it exceeded this requirement at December 31, 2015. Our subsidiary, GAMCO Asset Management (UK) Limited is authorized and regulated by the Financial Conduct Authority (“FCA”). In February 2011, GAMCO Asset Management (UK) Limited increased its permitted license with the FCA’s predecessor, the Financial Services Authority (“FSA”) and has held Total Capital of £519,000 and £504,000 ($769,000 and $783,000 at December 31, 2015 and 2014, respectively) and had a Financial Resources Requirement of £262,000 and £210,000 ($388,000 and $326,000 at December 31, 2015 and 2014, respectively). We have consistently met or exceeded these minimum requirements.

Administration Fees

Administration Fees	12 Months Ended
	Dec. 31, 2015
Administration Fees [Abstract]
Administration Fees	M. Administration Fees We have entered into administration agreements with other companies (the “Administrators”), whereby the Administrators provide certain services on behalf of several of the Funds. Such services do not include the investment advisory and portfolio management services provided by GBL. The fees are negotiated based on predetermined percentages of the net assets of each of the Funds.

Profit Sharing Plan and Incenti

Profit Sharing Plan and Incentive Savings Plan	12 Months Ended
	Dec. 31, 2015
Profit Sharing Plan and Incentive Savings Plan [Abstract]
Profit Sharing Plan and Incentive Savings Plan	N. Profit Sharing Plan and Incentive Savings Plan The Company has a qualified contributory employee profit sharing plan and incentive savings plan covering substantially all employees. Company contributions to the plans are determined annually by the Board of Directors but may not exceed the amount permitted as a deductible expense under the Internal Revenue Code. The Company accrued contributions of approximately $26,000 and $23,000 to the plans for the years ended December 31, 2015 and 2013, respectively. For the year ended December 31, 2014, the Company used unvested contributions that were forfeited from prior year’s matching to satisfy the current year’s contribution.

Identifiable Intangible Asset

Identifiable Intangible Asset	12 Months Ended
	Dec. 31, 2015
Identifiable Intangible Asset [Abstract]
Identifiable Intangible Asset	O. Identifiable Intangible Asset As a result of becoming the advisor to the Gabelli Enterprise Mergers and Acquisitions Fund and the associated consideration paid, the Company maintains an identifiable intangible asset of $1.9 million within other assets on the consolidated statements of financial condition at both December 31, 2015 and 2014. 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 for the Gabelli Enterprise Mergers and Acquisitions Fund are next up for renewal in February 2017. On November 1, 2015, as a result of becoming the advisor to the Bancroft Fund Ltd. and the Ellsworth Growth and Income Fund Ltd. and the associated consideration paid, the Company maintains an identifiable intangible asset of $1.6 million within other assets on the consolidated statement of financial condition at December 31, 2015. The advisory contracts for the Bancroft Fund Ltd. and the Ellsworth Growth and Income Fund Ltd. are both next up for renewal in November 2017. At November 30, 2015 and November 30, 2014, management conducted its annual assessments of the recoverability of the intangible assets and determined that there was no impairment of it on GBL’s consolidated financial statements.

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2015
Discontinued Operations [Abstract]
Discontinued Operations	P. Discontinued Operations As a result of the Spin-off, the results of AC’s operations through the Spin-off Date, as well as transaction costs related to the Spin-off, have been classified in the consolidated statements of income as discontinued operations for all periods presented. There was no gain or loss on the Spin-off for the Company, and it was a tax-free spin-off to GAMCO’s shareholders. GAMCO does not have any significant continuing involvement in the operations of AC after the Spin-off, and GAMCO will not have the ability to influence operating or financial policies of AC. GAMCO and AC do have a common Chief Executive Officer for a transition period, and GBL does provide certain services to AC under a Transition Services Agreement (see Note K. Related Party Transactions for details). GAMCO also has debt on its consolidated statement of financial condition at December 31, 2015 that is payable to AC. That GAMCO note pays interest at 4%, which is payable in cash or PIK, and will be paid off ratably over five years, or sooner at GAMCO’s option (see Note F. Debt for details). AC owns 4.4 million shares of GAMCO’s Class A Stock on which it will receive dividends, if and when they are declared (see Note K. Related Party Transactions for details). As with all stockholders, employees and directors of GAMCO received one share of AC stock for each share of GAMCO stock that they held on the record date for the distribution. Some of these AC shares are unvested restricted stock awards to the extent an employee’s holdings consisted of unvested GAMCO restricted stock awards on the record date. The vesting provisions remain unchanged (see Note G. Equity for details). The 2015 results include $2.4 million in costs incurred with respect to the Spin-off and are included in Other operating expenses below. Operating results for the period from January 1, 2015 through November 30, 2015 and the full years 2014 and 2013 are summarized below: Year Ended December 31, 2015 2014 2013 Revenues Investment advisory and incentive fees $ 8,552 $ 9,750 $ 10,478 Distribution fees and other income 279 325 447 Institutional research services 8,973 10,925 8,940 Total revenues 17,804 21,000 19,865 Expenses Compensation 20,500 22,298 22,939 Stock based compensation 4,716 1,921 510 Management fee (727 ) (36 ) 4,485 Distribution costs (85 ) (598 ) (742 ) Other operating expenses 9,070 7,341 7,119 Total expenses 33,474 30,926 34,311 Operating loss (15,670 ) (9,926 ) (14,446 ) Other income (expense) Net gain from investments 7,660 6,491 51,034 Interest and dividend income 2,740 4,416 5,864 Interest expense (1,224 ) (1,377 ) (1,908 ) Total other income (expense), net 9,176 9,530 54,990 Income/(loss) from discontinued operations before income taxes (6,494 ) (396 ) 40,544 Income tax provision/(benefit) (2,045 ) 771 13,212 Income/(loss) from discontinued operations, net of taxes (4,449 ) (1,167 ) 27,332 Net income/(loss) attributable to noncontrolling interests (562 ) (4,274 ) 512 Net income/(loss) attributable to GAMCO Investors, Inc.'s discontinued operations, net of taxes $ (3,887 ) $ 3,107 $ 26,820 The assets and liabilities of AC have been classified in the consolidated statement of financial condition as of December 31, 2014 as assets and liabilities of discontinued operations and consist of the following: December 31, 2014 Cash and cash equivalents $ 285,530 Investments in securities 220,595 Investments in sponsored registered investment companies 39,537 Investments in partnerships 107,637 Receivable from brokers 74,396 Investment advisory fees receivable 4,145 Receivable from affiliates (20,675 ) Goodwill and identifiable intangible asset 3,254 Income tax receivable 44 Other assets 19,175 Total assets of discontinued operations 733,638 Payable to brokers 43,397 Income taxes payable and deferred tax liabilities 9,959 Compensation payable 9,180 Securities sold, not yet purchased 10,595 Payable to affiliates - Mandatorily redeemable noncontrolling interests 1,302 Accrued expenses and other liabilities 1,497 Total liabilities of discontinued operations 75,930 Redeemable noncontrolling interests from discontinued operations 68,334 Noncontrolling interests from discontinued operations 2,734 Net assets of discontinued operations $ 586,640 The following table summarizes the net impact of the Spin-off to GAMCO’s stockholders’ equity (deficiency): Decrease in additional paid-in capital $ (301,283 ) Decrease in retained earnings (692,839 ) Decrease in accumulated comprehensive income (9,178 ) Total $ (1,003,300 )

Other Matters

Other Matters	12 Months Ended
	Dec. 31, 2015
Other Matters [Abstract]
Other Matters	Q. Other Matters From time to time, the Company may be named in legal actions and proceedings. These actions may seek substantial or indeterminate compensatory as well as punitive damages or injunctive relief. The Company is also subject to governmental or regulatory examinations or investigations. The examinations or investigations could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief. For any such matters, the consolidated financial statements include the necessary provisions for losses that the Company believes are probable and estimable. Furthermore, the Company evaluates whether there exist losses which may be reasonably possible and, if material, makes the necessary disclosures. Such amounts, both those that are probable and those that are reasonably possible, are not considered material to the Company’s financial condition, operations or cash flows. The investment management industry is likely to continue facing a high level of regulatory scrutiny and become subject to additional rules designed to increase disclosure, tighten controls and reduce potential conflicts of interest. In addition, the SEC has substantially increased its use of focused inquiries which request information from a number of fund complexes regarding particular practices or provisions of the securities laws. The Company participates in some of these inquiries in the normal course of our business. Changes in laws, regulations and administrative practices by regulatory authorities, and the associated compliance costs, have increased our cost structure and could in the future have a material impact.

Quarterly Financial Information

Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information (Unaudited) [Abstract]
Quarterly Financial Information	R. Quarterly Financial Information (Unaudited) Quarterly financial information for the years ended December 31, 2015 and 2014 is presented below. 2015 1st 2nd 3rd 4th Total (In thousands, except per share data) Revenues $ 99,806 $ 98,693 $ 92,160 $ 90,317 $ 380,976 Operating income 38,590 38,981 37,276 33,102 147,949 Income from continuing operations 23,148 23,775 22,451 17,925 87,299 Income/(loss) from discontinued operations, net of taxes 1,628 326 (7,483 ) 1,642 (3,887 ) Net income attributable to GAMCO Investors, Inc.'s shareholders 24,776 24,101 14,968 19,567 83,412 Net income attributable to GAMCO Investors, Inc.'s shareholders per share: Basic - Continuing operations $ 0.92 $ 0.95 $ 0.90 $ 0.68 $ 3.43 Basic - Discontniued operations 0.07 0.01 (0.30 ) 0.06 (0.15 ) Basic - Total $ 0.99 $ 0.96 $ 0.60 $ 0.74 $ 3.28 Diluted - Continuing operations $ 0.91 $ 0.94 $ 0.89 $ 0.67 $ 3.40 Diluted - Discontinued operations 0.06 0.01 (0.30 ) 0.06 (0.15 ) Diluted - Total $ 0.97 $ 0.95 $ 0.59 $ 0.73 $ 3.24 2014 1st 2nd 3rd 4th Total Revenues $ 101,150 $ 104,345 $ 106,627 $ 109,814 $ 421,936 Operating income 39,777 41,183 44,334 44,158 169,452 Income from continuing operations 27,492 24,942 27,370 26,479 106,283 Income/(loss) from discontinued operations, net of taxes 462 4,008 (3,705 ) 2,342 3,107 Net income attributable to GAMCO Investors, Inc.'s shareholders 27,954 28,950 23,665 28,821 109,390 Net income attributable to GAMCO Investors, Inc.'s shareholders per share: Basic - Continuing operations $ 1.08 $ 0.98 $ 1.08 $ 1.05 $ 4.20 Basic - Discontniued operations 0.02 0.16 (0.14 ) 0.09 0.12 Basic - Total $ 1.10 $ 1.14 $ 0.94 $ 1.14 $ 4.32 Diluted - Continuing operations $ 1.07 $ 0.97 $ 1.07 $ 1.04 $ 4.16 Diluted - Discontinued operations 0.02 0.16 (0.14 ) 0.09 0.12 Diluted - Total $ 1.09 $ 1.13 $ 0.93 $ 1.13 $ 4.28 During the fourth quarter of 2015, the Board of Directors accelerated the lapsing of restrictions on the November 2013 grant of RSAs resulting in recognition of $3.5 million in stock compensation expense, or $0.07 per fully diluted share, that would have been recorded in 2016 through 2018.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	S. Subsequent Events On December 21, 2015, GAMCO entered into a deferred compensation agreement with Mr. Gabelli whereby his variable compensation for 2016 will be in the form of Restricted Stock Units (“RSUs”) determined by the volume-weighted average price of the Company’s Class A Stock during 2016. As a result, in 2016, Mr. Gabelli will not be paid any cash compensation that he is entitled to under the Employment Agreement approved by shareholders on May 5, 2015, and consistent with Mr. Gabelli’s agreement since 1977. While the issuance of the award itself will not change Mr. Gabelli’s compensation, the GAAP reporting for his compensation will change. The RSUs will vest 100% on January 1, 2020, and the Company intends to settle the award in cash at that time; however, the Company reserves the right to issue shares of the Company’s Class A Stock in lieu of such cash payment. For GAAP reporting, the Company will recognize the amount of Mr. Gabelli’s 2016 compensation ratably over the vesting period, or approximately 25% of the total during each of 2016, 2017, 2018 and 2019 fiscal years. On February 18, 2016, the Board of Directors declared a regular quarterly dividend of $0.02 per share to all of its shareholders, payable on March 29, 2016 to shareholders of record on March 15, 2016. From January 1, 2016 to March 15, 2016, the Company repurchased 30,103 shares at $29.33 per share. As a result, there are 552,052 shares available to be repurchased under our existing buyback plan at March 15, 2016.

Significant Accounting Polici30

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation GAMCO Investors, Inc. (“GBL” or the “Company”) was incorporated in April 1998 in the state of New York, with no significant assets or liabilities and did not engage in any substantial business activities prior to the initial public offering (“Offering”) of our shares. On February 9, 1999, we exchanged 24 million shares of our Class B Common Stock (“Class B Stock”), representing all of our then issued and outstanding common stock, with Gabelli Funds, Inc. (“GFI”) and two of its subsidiaries in consideration for substantially all of the operating assets and liabilities of GFI, relating to its institutional and retail asset management, mutual fund advisory, underwriting and brokerage business (the “Reorganization”). GFI, which was renamed Gabelli Group Capital Partners, Inc. in 1999, is the majority shareholder of GBL and was renamed GGCP, Inc. (“GGCP”) in 2005. During 2010, the shares of GBL owned by GGCP were transferred to GGCP Holdings LLC, a subsidiary of GGCP. In 2014, the Company changed its state of incorporation from New York to Delaware in a tax-free reorganization. On November 30, 2015 (the “Spin-Off Date”), GBL distributed to its stockholders all of the outstanding common stock of Associated Capital Group, Inc. (“AC”) and its subsidiaries along with certain cash and other assets (the “Spin-off”). AC owns and operates, directly or indirectly, the alternatives and the institutional research businesses previously owned and operated by GBL. In the Spin-off, each holder of GAMCO’s Class A Common Stock (“Class A Stock”) of record as of 5:00 p.m. New York City time on November 12, 2015 (the “Record Date”), received one share of AC Class A common stock for each share of GAMCO Class A Stock held on the Record Date. Each record holder of GAMCO’s Class B Stock received one share of AC Class B common stock for each share of GAMCO Class B Stock held on the Record Date. Subsequent to the Spin-off, GAMCO no longer consolidates the financial results of AC or certain investment partnerships and offshore funds in which we had a direct or indirect controlling financial interest for the purposes of GAMCO’s financial reporting and the historical financial results of AC and certain investment partnerships and offshore funds have been reflected in the Company’s consolidated financial statements as discontinued operations for all periods presented through the Spin-off Date. The accompanying consolidated financial statements include the assets, liabilities and earnings of: · GBL; · Our wholly-owned subsidiaries: Gabelli Funds, LLC (“Funds Advisor”), GAMCO Asset Management Inc. (“GAMCO”), G.distributors, LLC (“G.distributors”), GAMCO Asset Management (UK) Limited, Gabelli Fixed Income, Inc. (“Fixed Income”) and its subsidiaries, GAMCO International Partners LLC, and GAMCO Acquisition LLC. The consolidated financial statements comprise the financial statements of GBL and its subsidiaries as of December 31 of each year. The financial statements of the subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies. All intercompany transactions and balances have been eliminated. Subsidiaries are fully consolidated from the date of acquisition, being the date on which GBL obtains control, and continue to be consolidated until the date that such control ceases.
Reclassifications	Reclassifications Certain amounts reported for the prior periods in the accompanying consolidated financial statements have been reclassified in order to conform to the current period’s presentation. Assets and liabilities related to the Spin-off on the Company’s consolidated statement of financial condition as of December 31, 2014 have been reclassified as assets and liabilities of discontinued operations (See Note P. Discontinued Operations for further details). All assets and liabilities related to discontinued operations are excluded from the footnotes for all periods presented unless otherwise noted. In addition, the historical results of AC and certain investment partnerships and offshore funds have been reflected in the accompanying consolidated statements of income for the years ended December 31, 2015, 2014 and 2013 as discontinued operations and financial information related to discontinued operations has been excluded from the notes to these financial statements for all periods presented.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Nature of Operations	Nature of Operations GAMCO, Funds Advisor, Gabelli Fixed Income LLC (“Fixed Income LLC”), a wholly-owned subsidiary of Fixed Income are registered investment advisors under the Advisers Act of 1940. G.distributors is a registered broker-dealer with the Securities and Exchange Commission (“SEC”) and is regulated by the Financial Industry Regulatory Authority (“FINRA”). Refer to Major Revenue-Generating Services and Revenue Recognition section within Note A for additional discussion of GBL's business.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents primarily consist of an affiliated money market mutual fund which is highly liquid. U.S. Treasury Bills and Notes with maturities of three months or less at the time of purchase are also considered cash equivalents.
Securities Transactions	Securities Transactions Investments in securities are accounted for as either “trading securities” or “available for sale” and are stated at fair value. Management determines the appropriate classification of debt and equity securities at the time of purchase. U.S. Treasury Bills and Notes with maturities of greater than three months at the time of purchase are considered investments in securities. Securities that are not readily marketable are stated at their estimated fair values in accordance with GAAP. A portion of investments in securities are held for resale in anticipation of short-term market movements and therefore are classified as trading securities. Trading securities are stated at fair value, with any unrealized gains or losses reported in current period earnings in net gain/(loss) from investments on the consolidated statements of income. Available for sale (“AFS”) investments are stated at fair value, with any unrealized gains or losses, net of taxes, reported as a component of other comprehensive income except for losses deemed to be other than temporary which are recorded as realized losses on the consolidated statements of income. Securities transactions and any related gains and losses are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the specific identified cost basis and are included in net gain/(loss) from investments on the consolidated statements of income. Available for sale securities are evaluated for other than temporary impairments each reporting period and any impairment charges are recorded in net gain/(loss) from investments on the consolidated statements of income. Management reviews all available for sale securities whose cost exceeds their fair value to determine if the impairment is other than temporary. Management uses qualitative factors such as diversification of the investment, the intent to hold the investment, the amount of time that the investment has been impaired and the severity of the decline in determining whether the impairment is other than temporary. Securities sold, but not yet purchased are recorded on the trade date, and are stated at fair value and represent obligations of GBL to purchase the securities at prevailing market prices. Therefore, the future satisfaction of such obligations may be for an amount greater or less than the amounts recorded on the consolidated statements of financial condition. The ultimate gains or losses recognized are dependent upon the prices at which these securities are purchased to settle the obligations under the sales commitments. Realized gains and losses from covers of securities sold, not yet purchased transactions are included in net gain/(loss) from investments on the consolidated statements of income. Securities sold, not yet purchased are stated at fair value, with any unrealized gains or losses reported in current period earnings in net gain/(loss) from investments on the consolidated statements of income.
Consolidation	Consolidation In accordance with the consolidation assessment models set forth in ASC 810-10 and 810-20, the Company consolidates all investments in partnerships and affiliates in which the Company has a controlling interest or is deemed to be the primary beneficiary. In order to make this determination, an analysis is performed to determine if the entity is a variable interest entity (“VIE”) or a voting interest entity (“VOE”). If the entity is a VIE, further analysis, as discussed below, is performed to determine if GBL is the primary beneficiary of the entity. If the entity is not a VIE, the Company will apply the VOE model as discussed below. Variable Interest Entities A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) the equity investors do not have the ability to make decisions about the entities’ activities or obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the entity or (c) the voting rights are not proportional to their obligations to absorb the expected losses of the entity or their rights to receive the expected residual returns of the entity. The Company evaluates whether entities in which it has an interest are VIEs and whether the Company is the primary beneficiary of any VIEs identified in its analysis. The Company is determined to be the primary beneficiary if it absorbs a majority of the VIE’s expected losses, expected residual returns, or both. If the Company is the primary beneficiary of a VIE, it consolidates that entity. If the Company is not the primary beneficiary, it accounts for its investment under the equity method. In June 2009 the Financial Accounting Standards Board (“FASB”) amended the guidance on VIEs when it issued Accounting Standards Update (“ASU”) 2009-17. This guidance requires that if a decision maker has a variable interest in a VIE, the decision maker is not solely acting in a fiduciary capacity and would be required to consolidate the VIE if it has both the power to direct the most significant activities of the VIE and economic exposure that could potentially be significant to the VIE. The Company is general partner or co-general partner of various sponsored partnerships and the investment manager of various sponsored offshore funds whose underlying assets consist primarily of marketable securities (the “affiliated entities”). If the Company were to apply such guidance it would be required to consolidate most of its affiliated entities. In February 2010, the FASB issued ASU 2010-10, which indefinitely deferred the effective date of the amendments to ASC 810-10 made by ASU 2009-17, for a reporting entity’s interest in certain entities. Currently, interests in entities that qualify for the deferral are evaluated by applying the VIE model in ASC 810-10 (i.e., before the amendments by ASU 2009-17), while interests in entities that do not qualify for the deferral must be evaluated under the amendments in ASU 2009-17. Because all of the entities with which the Company is involved which would have been subject to the guidance in ASU 2009-17 were determined to qualify for the FASB’s deferral of such guidance, the Company applies the guidance for VIEs that existed prior to the issuance of ASU 2009-17. Voting Interest Entities If the entity is not considered a VIE, it is treated as a VOE, and the Company applies the guidance in ASC 810-20 in determining whether the entity should be consolidated. Under ASC 810-20, the general partner or investment manager is deemed to control the entity and therefore must consolidate it unless the unaffiliated limited partners or shareholders (a) have the ability to remove the general partner or investment manager, without cause, (b) have the ability to dissolve the entity or (c) have substantive participating rights. If the unaffiliated limited partners or shareholders possess any of the foregoing rights, then the Company does not consolidate the entity, and either the equity or cost method of accounting is applied. If the unaffiliated limited partners or shareholders do not have any such rights, the Company consolidates the entity.
Major Revenue-Generating Services and Revenue Recognition	Major Revenue-Generating Services and Revenue Recognition The Company’s revenues are derived primarily from investment advisory and incentive fees and distribution fees. Investment advisory and incentive fees are directly influenced by the level and mix of assets under management (“AUM”) as fees are derived from a contractually-determined percentage of AUM for each account as well as incentive fees earned on certain accounts. Advisory fees from the open-end funds, closed-end funds and sub-advisory accounts are computed daily or weekly based on average net assets and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. Advisory fees from Institutional and Private Wealth Management accounts are generally computed quarterly based on account values as of the end of the preceding quarter, and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. The Company derived approximately 87%, 85% and 86% of its total revenues from advisory and management fees, including incentive fees, for the periods ended December 31, 2015, 2014 and 2013, respectively. These revenues vary depending upon the level of sales compared with redemptions, financial market conditions, performance and the fee structure for AUM. Revenues derived from the equity-oriented portfolios generally have higher management fee rates than fixed income portfolios. The Company receives incentive fees from certain Institutional and Private Wealth Management accounts, which are based upon meeting or exceeding a specific benchmark index or indices. Incentive fees refer to fees earned when the return generated for the client exceeds the benchmark and can be earned even if the return to the client is negative as long as the return exceeds the benchmark. These fees are recognized, for each respective account, at the end of the stipulated contract period which is either quarterly or annually and varies by account. Receivables due for incentive fees earned are included in investment advisory fees receivable on the consolidated statements of financial condition. There were no incentive fees receivable as of December 31, 2015. There were $0.2 million in incentive fees receivable as of December 31, 2014. For The GDL Fund, there is a performance fee earned as of the end of the calendar year if the total return of the fund is in excess of the 90 day T-Bill Index total return. This fee is recognized at the end of the measurement period, which is annually on a calendar year basis. Receivables due on incentive fees relating to The GDL Fund are included in investment advisory fees receivable on the consolidated statements of financial condition and were $3.7 million and $0.8 million as of December 31, 2015 and 2014, respectively. Management fees on a majority of the closed-end preferred shares are received at year-end if the total return to common shareholders of the closed-end fund for the calendar year exceeds the dividend rate of the preferred shares. These fees are recognized at the end of the measurement period, which is annually. Receivables due for management fees on closed-end preferred shares are included in investment advisory fees receivable on the consolidated statements of financial condition. There were no management fees receivable on closed-end preferred shares as of December 31, 2015. There were $6.3 million in management fees receivable on closed-end preferred shares as of December 31, 2014. Distribution fees revenues are derived primarily from the distribution of Gabelli, GAMCO and Comstock open-end funds (“Funds”) advised by a subsidiary of GBL, Funds Advisor and a subsidiary of GGCP, Teton. Effective August 1, 2011, G.distributors distributes our open-end Funds pursuant to distribution agreements with each Fund. Under each distribution agreement with an open-end Fund, G.distributors offers and sells such open-end Fund shares on a continuous basis and pays all of the costs of marketing and selling the shares, including printing and mailing prospectuses and sales literature, advertising and maintaining sales and customer service personnel and sales and services fulfillment systems, and payments to the sponsors of third party distribution programs, financial intermediaries and G.distributors’ sales personnel. G.distributors receives fees for such services pursuant to distribution plans adopted under provisions of Rule 12b-1 (“12b-1”) of the Investment Company Act of 1940 (“Company Act”). G.distributors is the principal underwriter for funds distributed in multiple classes of shares which carry either a front-end or back-end sales charge. Prior to August 1, 2011, G.research, an indirect subsidiary of AC, was the distributor of the Gabelli, GAMCO and Comstock open-end Funds. Under the distribution plans, the open-end Class AAA shares of the Funds (except The Gabelli U.S. Treasury Money Market Fund, Gabelli Capital Asset Fund and The Gabelli ABC Fund) and the Class A shares of certain Funds pay G.distributors a distribution or service fee of 0.25% per year (except the Class A shares of the Westwood Funds which pay 0.50% per year and the Class A shares of the Gabelli Enterprise Mergers and Acquisitions Fund which pays 0.45% per year) on the average daily net assets of the Fund. Class B and Class C shares have a 12b-1 distribution plan with a service and distribution fee totaling 1%. Sales of class B shares were discontinued in 2014. Distribution fees from the open-end funds are computed daily based on average net assets. The amounts receivable for distribution fees are included in receivables from affiliates on the consolidated statements of financial condition. GBL also has investment gains or losses generated from its proprietary trading activities which are included in net gain/(loss) from investments on the consolidated statements of income.
Distribution Costs	Distribution Costs We incur certain promotion and distribution costs, which are expensed as incurred, principally related to the sale of shares of Funds, shares sold in the initial public offerings of our closed-end funds, and after-market support services related to our closed-end funds. Additionally, Funds Advisor has agreed to reimburse expenses on certain funds, beyond certain expense caps. The reimbursed expenses are presented on a gross basis in distribution costs in the consolidated statements of income.
Dividends and Interest Income and Interest Expense	Dividends and Interest Income and Interest Expense Dividends are recorded on the ex-dividend date. Interest income and interest expense are accrued as earned or incurred.
Depreciation and Amortization	Depreciation and Amortization Fixed assets other than leasehold improvements, with net book value of
Goodwill and Identifiable Intangible Assets	Goodwill and Identifiable Intangible Assets Goodwill is initially measured as the excess of the cost of the acquired business over the sum of the amounts assigned to assets acquired less the liabilities assumed. At December 31, 2015 and 2014, goodwill recorded on the consolidated statements of financial condition relates to G.distributors. At December 31, 2015, the identifiable intangible assets are the investment advisory contracts for the Gabelli Enterprise Mergers and Acquisition Fund, for the Bancroft Fund Ltd. and the Ellsworth Growth and Income Fund Ltd., all of which relate to Funds Advisor. At December 31, 2014, the identifiable intangible asset is the investment advisory contract for the Gabelli Enterprise Mergers and Acquisition Fund which relates to Funds Advisor. Goodwill and identifiable intangible assets are tested for impairment at least annually on November 30 th In assessing the recoverability of goodwill for our annual impairment test on November 30, 2015 and 2014, we performed a qualitative assessment of whether it was more likely than not that an impairment has occurred and concluded that a quantitative analysis was not required.
Income Taxes	Income Taxes Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts on the consolidated financial statements using the statutory tax rates in effect for the year when the reported amount of the asset or liability is recovered or settled, respectively. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying values of deferred tax assets to the amount that is more likely than not to be realized. For each tax position taken or expected to be taken in a tax return, the Company determines whether it is more likely than not that the position will be sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation. A tax position that meets the more likely than not recognition threshold is measured to determine the amount of benefit to recognize. The tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. The Company recognizes the accrual of interest on uncertain tax positions and penalties in income tax provision on the consolidated statements of income.
Fair Values of Financial Instruments	Fair Values of Financial Instruments All of the instruments within cash and cash equivalents, investments in securities and securities sold, not yet purchased are measured at fair value. Certain investments in partnerships are also measured at fair value. The Company’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy in accordance with the FASB’s guidance on fair value measurement. The levels of the fair value hierarchy and their applicability to the Company are described below: - Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date. Level 1 assets include cash equivalents, government obligations, open-end funds, closed-end funds and equities. - Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities that are not active and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly-quoted intervals. Assets that generally are included in this category may include certain limited partnership interests in private funds and over the counter derivatives that have inputs to the valuations that can generally be corroborated by observable market data. - Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. Assets included in this category generally include equities that trade infrequently and direct private equity investments held within consolidated partnerships. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Investments are transferred into or out of any level at their beginning period values. The availability of observable inputs can vary from instrument to instrument and is affected by a wide variety of factors, including, for example, the type of instrument, whether the instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. The valuation process and policies reside with the financial reporting and accounting group which reports to the Co-Chief Accounting Officers. The Company uses the “market approach” valuation technique to value its investments in Level 3 investments. The Company’s valuation of the Level 3 investments has been based upon either i) the recent sale prices of the issuer’s equity securities or ii) the net assets, book value or cost basis of the issuer when there is no recent sales prices available. In the absence of a closing price, an average of the bid and ask price is used. Bid prices reflect the highest price that the market is willing to pay for an asset. Ask prices represent the lowest price that the market is willing to accept for an asset. Cash equivalents Investments in securities and Securities sold, not yet purchased
Earnings Per Share	Earnings Per Share Basic earnings per share is based on the weighted-average number of common shares outstanding during each period less unvested restricted stock. Diluted earnings per share is based on basic shares plus the incremental shares that would be issued upon the assumed exercise of in-the-money stock options and unvested restricted stock using the treasury stock method.
Management Fee	Management Fee Management fee expense is incentive-based and entirely variable compensation in the amount of 10% of the aggregate pre-tax profits before management fee which is paid to Mr. Gabelli or his designee for acting as CEO pursuant to his 2008 Employment Agreement so long as he is an executive of GBL and devotes the substantial majority of his working time to the business. In accordance with his 2008 Employment Agreement, he has allocated approximately $1.9 million, $4.0 million and $2.3 million of his management fee to certain other employees of the Company in 2015, 2014 and 2013, respectively, and waived $1.4 million in 2013.
Stock Based Compensation	Stock Based Compensation The Company has granted restricted stock awards (“RSAs”) and stock options to staff members which were recommended by the Company’s Chairman, who did not receive an RSA or option award, and approved by the Compensation Committee of the Company’s Board of Directors. We use a fair value based method of accounting for stock-based compensation provided to our employees. The estimated fair value of RSAs is determined by using the closing price of Class A Common Stock ("Class A Stock") on the day prior to the grant date. The total expense, which is reduced by estimated forfeitures, is recognized over the vesting period for these awards which is either (1) 30% over three years from the date of grant and 70% over five years from the date of grant or (2) 30% over three years from the date of grant and 10% each year over years four through ten from the date of grant. The forfeiture rate is determined by reviewing historical forfeiture rates for previous stock-based compensation grants and is reviewed and updated quarterly, if necessary. During the vesting period, dividends to RSA holders are held for them until the RSA vesting dates and are forfeited if the grantee is no longer employed by the Company on the vesting dates. Dividends declared on these RSAs, less estimated forfeitures, are charged to retained earnings on the declaration date. The estimated fair value of option awards on the grant date is determined using the Black Scholes option-pricing model. This sophisticated model utilizes a number of assumptions in arriving at its results, including the estimated life of the option, the risk free interest rate at the date of grant and the volatility of the underlying common stock. There may be other factors, which are not considered in the Black Scholes model, which may have an effect on the value of the options as well. The effects of changing any of the assumptions or factors employed by the Black Scholes model may result in a significantly different valuation for the options. The total expense based on the grant date fair value, which is reduced by estimated forfeitures, is recognized over the vesting period for these awards which is 75% over three years from the date of grant and 25% over four years from date of grant. The forfeiture rate is determined by reviewing historical forfeiture rates for previous stock-based compensation grants and is reviewed and updated quarterly, if necessary. In connection with the Spin-off of AC and in accordance with GAAP, the Company has allocated the stock compensation costs between GBL and AC based upon each employee’s individual allocation of their responsibilities between GBL and AC. See note H. Equity for further details.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and receivable from brokers. The Company maintains cash and cash equivalents primarily in the Gabelli U.S. Treasury Money Market Fund, which invests fully in instruments issued by the U.S. government, and has receivables from brokers with various brokers and financial institutions, where these balances can exceed the federally insured limit. The concentration of credit risk with respect to advisory fees receivable is generally limited due to the short payment terms extended to clients by the Company. In addition, the credit risk is further limited by virtue of the fact that no single advisory relationship provided over 10% of the total revenue of the Company during the years 2015, 2014, or 2013. All investments in securities are held at third party brokers or custodians.
Business Segment	Business Segment The Company operates in one business segment, the investment advisory and asset management business. The Company conducts its investment advisory business principally through: GAMCO (Institutional and Private Wealth Management) and Funds Advisor (Funds). The distribution of our open-end funds and underwriting of those Funds was conducted through G.distributors.
Recent Accounting Developments	Recent Accounting Developments In May 2014, the FASB issued 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, 2017, 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 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 consolidated financial statements. In February 2015, the FASB issued an accounting update amending the consolidation requirements under GAAP. This 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 consolidated financial statements but could have an impact on the Company’s notes to the consolidated financial statements. In April 2015, the FASB issued an accounting update amending the presentation of debt issuance costs in financial statements. This amended guidance requires entities to present the cost of debt issuances as a reduction of the related debt rather than as an asset. This guidance is effective for the Company beginning January 1, 2016. Entities should apply the guidance retrospectively to all prior periods. This guidance is not expected to have a material impact on the Company’s consolidated financial statements. In January 2016, the FASB issued an accounting update amending the guidance on the classification and measurement of financial instruments. This amended guidance significantly revises an entity’s accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. This guidance is effective for the Company beginning January 1, 2018. The Company is currently evaluating this guidance and the impact it will have on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 requires a lessee to recognize assets and liabilities arising from most operating leases in the consolidated statement of financial position. ASU 2016-02 is effective beginning January 1, 2019. The Company is currently evaluating this guidance and the impact it will have on its consolidated financial statements.

Investment in Securities (Table

Investment in Securities (Tables)	12 Months Ended
	Dec. 31, 2015
Investment in Securities [Abstract]
Investments in Securities	Investments in securities at December 31, 2015 and 2014 consisted of the following: 2015 2014 Cost Fair Value Cost Fair Value (In thousands) Trading securities: Common stocks $ 385 $ 368 $ - $ - Total trading securities 385 368 - - Available for sale securities: Common stocks 17,898 32,607 13,637 38,942 Total available for sale securities 17,898 32,607 13,637 38,942 Total investments in securities $ 18,283 $ 32,975 $ 13,637 $ 38,942
Securities Sold, Not Yet Purchased	Securities sold, not yet purchased at December 31, 2015 and 2014 consisted of the following: 2015 2014 Cost Fair Value Cost Fair Value (In thousands) Trading securities: Common stocks $ 123 $ 129 $ - $ - Total securities sold, not yet purchased $ 123 $ 129 $ - $ -
Reclassifications Out of Accumulated Other Comprehensive Income	The following table identifies all reclassifications out of accumulated other comprehensive income and into net income for the year ended December 31, 2015 and 2014 (in thousands): Amount Affected Line Item Reason for Reclassified in the Statements Reclassification from AOCI of Income from AOCI Twelve months ended December 31, 2015 2014 $ 6 $ 587 Net gain from investments Realized gain / (loss) on sale of AFS securities 4,485 3,695 Other operating expenses Donation of AFS securities 4,491 4,282 Income before income taxes (1,662 ) (1,584 ) Income tax benefit $ 2,829 $ 2,698 Net income
Summary of Available-for-Sale Securities	The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available for sale investments as of December 31, 2015 and December 31, 2014: December 31, 2015 Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Common stocks $ 17,898 $ 14,709 $ - $ 32,607 Total available for sale securities $ 17,898 $ 14,709 $ - $ 32,607 December 31, 2014 Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Common stocks $ 13,637 $ 25,305 $ - $ 38,942 Total available for sale securities $ 13,637 $ 25,305 $ - $ 38,942

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables present information about the Company’s assets and liabilities by major categories measured at fair value on a recurring basis as of December 31, 2015 and 2014 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2015 (in thousands) Quoted Prices in Active Significant Other Significant Balance as of Markets for Identical Observable Observable December 31, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) 2015 Cash equivalents $ 13,538 $ - $ - $ 13,538 Investments in securities: AFS - Common stocks 32,607 - - 32,607 Trading - Common stocks 368 - - 368 Total investments in securities 32,975 - - 32,975 Total assets at fair value $ 46,513 $ - $ - $ 46,513 Liabilities Securities sold, not yet purchased: Trading - Common stocks $ 129 $ - $ - $ 129 Total securities sold, not yet purchased $ 129 $ - $ - $ 129 During the year ended December 31, 2015, there were no transfers between any Level 1 and Level 2 holdings, or between Level 1 and Level 3 holdings. Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2014 (in thousands) Quoted Prices in Active Significant Other Significant Balance as of Markets for Identical Observable Observable December 31, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) 2014 Cash equivalents $ 12,467 $ - $ - $ 12,467 Investments in securities: AFS - Common stocks 38,942 - - 38,942 Trading - Common stocks - - - - Total investments in securities 38,942 - - 38,942 Total assets at fair value $ 51,409 $ - $ - $ 51,409 Liabilities Securities sold, not yet purchased: Trading - Common stocks $ - $ - $ - $ - Total securities sold, not yet purchased $ - $ - $ - $ - During the year ended December 31, 2014, there were no transfers between any Level 1 and Level 2 holdings, or between Level 1 and Level 3 holdings. Other than certain securities which were part of the Spin-off, the Company did not hold any Level 2 or 3 securities at either December 31, 2015 or December 31, 2014.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Taxes [Abstract]
Provision for Income Taxes	The provision for income taxes for the years ended December 31, 2015, 2014 and 2013 consisted of the following: 2015 2014 2013 (In thousands) Federal: Current $ 47,699 $ 58,194 $ 45,333 Deferred (1,441 ) (2,876 ) 371 State and local: Current 5,359 6,595 7,255 Deferred 109 (179 ) 15 Total $ 51,726 $ 61,734 $ 52,974
Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate	A reconciliation of the Federal statutory income tax rate to the effective tax rate is set forth below: 2015 2014 2013 Statutory Federal income tax rate 35.0 % 35.0 % 35.0 % State income tax, net of Federal benefit 2.7 2.5 2.3 Other (0.5) (0.8) (0.3) Effective income tax rate 37.2 % 36.7 % 37.0 %
Components of Deferred Tax Assets and Liabilities	Significant components of our deferred tax assets and liabilities are as follows: 2015 2014 (In thousands) Deferred tax assets: Stock compensation expense $ 4,857 $ 3,542 Deferred compensation 1,268 1,852 Deferred gain on asset sale - 2,000 Capital lease obligation 905 859 Other 287 - Total deferred tax assets 7,317 8,253 Deferred tax liabilities: Investments in securities available for sale (5,443 ) (9,362 ) Contingent deferred sales commissions (419 ) (780 ) Intangible asset amortization (111 ) - Other - (25 ) Total deferred tax liabilities (5,973 ) (10,167 ) Net deferred tax assets (liabilities) $ 1,344 $ (1,914 )
Gross Unrecognized Tax Benefits Roll Forward	A reconciliation of the beginning and ending amount of gross unrecognized tax benefits related to uncertain tax positions is as follows: (in millions) Balance at January 1, 2013 $ 10.6 Additions based on tax positions related to the current year 2.4 Additions for tax positions of prior years 0.5 Reductions for tax positions of prior years (0.6 ) Settlements - Balance at December 31, 2013 12.9 Additions based on tax positions related to the current year 3.1 Additions for tax positions of prior years - Reductions for tax positions of prior years - Settlements - Balance at December 31, 2014 16.0 Additions based on tax positions related to the current year 2.8 Additions for tax positions of prior years 0.1 Reductions for tax positions of prior years (0.5 ) Settlements - Balance at December 31, 2015 $ 18.4

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings per Share [Abstract]
Computations of Basic and Diluted Net Income per Share	The computations of basic and diluted net income per share are as follows: For the Years Ending December 31, (In thousands, except per share amounts) 2015 2014 2013 Basic: Income from continuing operations $ 87,299 $ 106,283 $ 90,033 Gain/(loss) from discontinued operations, net of taxes (3,887 ) 3,107 26,820 Net income attributable to GAMCO Investors, Inc.'s shareholders $ 83,412 $ 109,390 $ 116,853 Weighted average shares outstanding 25,425 25,335 25,653 Basic net income per share attributable to GAMCO Investors, Inc.'s shareholders Continuing operations $ 3.43 $ 4.20 $ 3.51 Discontinued operations (0.15 ) 0.12 1.05 Total $ 3.28 $ 4.32 $ 4.56 Diluted: Income from continuing operations $ 87,299 $ 106,283 $ 90,033 Gain/(loss) from discontinued operations, net of taxes (3,887 ) 3,107 26,820 Net income attributable to GAMCO Investors, Inc.'s shareholders $ 83,412 $ 109,390 $ 116,853 Weighted average share outstanding 25,425 25,335 25,653 Dilutive stock options and restricted stock awards 286 223 59 Total 25,711 25,558 25,712 Diluted net income per share attributable to GAMCO Investors, Inc.'s shareholders Continuing operations $ 3.40 $ 4.16 $ 3.50 Discontinued operations (0.15 ) 0.12 1.04 Total $ 3.24 $ 4.28 $ 4.54

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt [Abstract]
Schedule of Debt	Debt consists of the following: December 31, 2015 December 31, 2014 Carrying Fair Value Carrying Fair Value Value Level 2 Value Level 2 (In thousands) AC 4% PIK Note $ 250,000 $ 250,000 $ - $ - Loan from GGCP 35,000 35,000 - - 5.875% Senior notes 24,225 24,437 100,000 110,123 0% Subordinated debentures - - 12,163 13,000 Total $ 309,225 $ 309,437 $ 112,163 $ 123,123

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Summary of Stock Option and RSA Activity	A summary of the stock option and RSA activity for the years ended December 31, 2015 and 2014 is as follows: Options RSAs Weighted Average Weighted Average Grant Date Shares Exercise Price Shares Fair Value Outstanding at December 31, 2013 $ 66,000 $ 42.49 566,950 $ 63.93 Granted - - 158,600 80.23 Forfeited - - (14,800 ) 69.38 Exercised / Vested (40,000 ) 40.94 - - Outstanding at December 31, 2014 26,000 44.89 710,750 67.45 Granted - - - - Forfeited - - (27,000 ) 69.50 Exercised / Vested (26,000 ) 39.55 (130,650 ) 81.55 Outstanding at December 31, 2015 $ - $ - 553,100 $ 64.02 Shares available for future issuance at December 31, 2015 $ 1,856,925
Total Projected Compensation Costs Related to Non-Vested Awards Not Yet Recognized	The total compensation costs related to non-vested awards not yet recognized is approximately $10.8 million as of December 31, 2015. This will be recognized as expense in the following periods (in thousands): 2016 2017 2018 2019 2020 $ 3,569 $ 2,492 $ 1,685 $ 1,348 $ 737 2021 2022 2023 2024 $ 497 $ 300 $ 127 $ 19

Capital Lease (Tables)

Capital Lease (Tables)	12 Months Ended
	Dec. 31, 2015
Capital Lease [Abstract]
Schedule of Future Minimum Lease Payments for Capital Leases	Future minimum lease payments for this capitalized lease at December 31, 2015 are as follows: (In thousands) 2016 $ 1,191 2017 1,080 2018 1,080 2019 1,080 2020 1,080 Thereafter 8,640 Total minimum obligations 14,151 Interest 8,974 Present value of net obligations $ 5,177

Contractual Obligations (Tables

Contractual Obligations (Tables)	12 Months Ended
	Dec. 31, 2015
Contractual Obligations [Abstract]
Future Minimum Lease Commitments under Operating Leases	We rent office space under leases which expire at various dates through November 30, 2019. Future minimum lease commitments under these operating leases as of December 31, 2015 are as follows: (In thousands) 2016 $ 849 2017 548 2018 459 2019 358 Total $ 2,214

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2015
Discontinued Operations [Abstract]
Summary of Operating Results	Year Ended December 31, 2015 2014 2013 Revenues Investment advisory and incentive fees $ 8,552 $ 9,750 $ 10,478 Distribution fees and other income 279 325 447 Institutional research services 8,973 10,925 8,940 Total revenues 17,804 21,000 19,865 Expenses Compensation 20,500 22,298 22,939 Stock based compensation 4,716 1,921 510 Management fee (727 ) (36 ) 4,485 Distribution costs (85 ) (598 ) (742 ) Other operating expenses 9,070 7,341 7,119 Total expenses 33,474 30,926 34,311 Operating loss (15,670 ) (9,926 ) (14,446 ) Other income (expense) Net gain from investments 7,660 6,491 51,034 Interest and dividend income 2,740 4,416 5,864 Interest expense (1,224 ) (1,377 ) (1,908 ) Total other income (expense), net 9,176 9,530 54,990 Income/(loss) from discontinued operations before income taxes (6,494 ) (396 ) 40,544 Income tax provision/(benefit) (2,045 ) 771 13,212 Income/(loss) from discontinued operations, net of taxes (4,449 ) (1,167 ) 27,332 Net income/(loss) attributable to noncontrolling interests (562 ) (4,274 ) 512 Net income/(loss) attributable to GAMCO Investors, Inc.'s discontinued operations, net of taxes $ (3,887 ) $ 3,107 $ 26,820 The assets and liabilities of AC have been classified in the consolidated statement of financial condition as of December 31, 2014 as assets and liabilities of discontinued operations and consist of the following:
Assets and Liabilities of Discontinued Operations	December 31, 2014 Cash and cash equivalents $ 285,530 Investments in securities 220,595 Investments in sponsored registered investment companies 39,537 Investments in partnerships 107,637 Receivable from brokers 74,396 Investment advisory fees receivable 4,145 Receivable from affiliates (20,675 ) Goodwill and identifiable intangible asset 3,254 Income tax receivable 44 Other assets 19,175 Total assets of discontinued operations 733,638 Payable to brokers 43,397 Income taxes payable and deferred tax liabilities 9,959 Compensation payable 9,180 Securities sold, not yet purchased 10,595 Payable to affiliates - Mandatorily redeemable noncontrolling interests 1,302 Accrued expenses and other liabilities 1,497 Total liabilities of discontinued operations 75,930 Redeemable noncontrolling interests from discontinued operations 68,334 Noncontrolling interests from discontinued operations 2,734 Net assets of discontinued operations $ 586,640
Summary of Net Impact of Spin-off to Stockholders' Equity (Deficiency)	The following table summarizes the net impact of the Spin-off to GAMCO’s stockholders’ equity (deficiency): Decrease in additional paid-in capital $ (301,283 ) Decrease in retained earnings (692,839 ) Decrease in accumulated comprehensive income (9,178 ) Total $ (1,003,300 )

Quarterly Financial Informati40

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information (Unaudited) [Abstract]
Schedule of Quarterly Financial Information	Quarterly financial information for the years ended December 31, 2015 and 2014 is presented below. 2015 1st 2nd 3rd 4th Total (In thousands, except per share data) Revenues $ 99,806 $ 98,693 $ 92,160 $ 90,317 $ 380,976 Operating income 38,590 38,981 37,276 33,102 147,949 Income from continuing operations 23,148 23,775 22,451 17,925 87,299 Income/(loss) from discontinued operations, net of taxes 1,628 326 (7,483 ) 1,642 (3,887 ) Net income attributable to GAMCO Investors, Inc.'s shareholders 24,776 24,101 14,968 19,567 83,412 Net income attributable to GAMCO Investors, Inc.'s shareholders per share: Basic - Continuing operations $ 0.92 $ 0.95 $ 0.90 $ 0.68 $ 3.43 Basic - Discontniued operations 0.07 0.01 (0.30 ) 0.06 (0.15 ) Basic - Total $ 0.99 $ 0.96 $ 0.60 $ 0.74 $ 3.28 Diluted - Continuing operations $ 0.91 $ 0.94 $ 0.89 $ 0.67 $ 3.40 Diluted - Discontinued operations 0.06 0.01 (0.30 ) 0.06 (0.15 ) Diluted - Total $ 0.97 $ 0.95 $ 0.59 $ 0.73 $ 3.24 2014 1st 2nd 3rd 4th Total Revenues $ 101,150 $ 104,345 $ 106,627 $ 109,814 $ 421,936 Operating income 39,777 41,183 44,334 44,158 169,452 Income from continuing operations 27,492 24,942 27,370 26,479 106,283 Income/(loss) from discontinued operations, net of taxes 462 4,008 (3,705 ) 2,342 3,107 Net income attributable to GAMCO Investors, Inc.'s shareholders 27,954 28,950 23,665 28,821 109,390 Net income attributable to GAMCO Investors, Inc.'s shareholders per share: Basic - Continuing operations $ 1.08 $ 0.98 $ 1.08 $ 1.05 $ 4.20 Basic - Discontniued operations 0.02 0.16 (0.14 ) 0.09 0.12 Basic - Total $ 1.10 $ 1.14 $ 0.94 $ 1.14 $ 4.32 Diluted - Continuing operations $ 1.07 $ 0.97 $ 1.07 $ 1.04 $ 4.16 Diluted - Discontinued operations 0.02 0.16 (0.14 ) 0.09 0.12 Diluted - Total $ 1.09 $ 1.13 $ 0.93 $ 1.13 $ 4.28 During the fourth quarter of 2015, the Board of Directors accelerated the lapsing of restrictions on the November 2013 grant of RSAs resulting in recognition of $3.5 million in stock compensation expense, or $0.07 per fully diluted share, that would have been recorded in 2016 through 2018.

Significant Accounting Polici41

Significant Accounting Policies (Details)	Nov. 30, 2015shares	Feb. 09, 1999Subsidiaryshares	Dec. 31, 2015USD ($)Segment	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Portion of revenue derived from advisory and management fees			87.00%	85.00%	86.00%
Institutional and private wealth management incentive fees receivable			$ 0	$ 200,000
GDL fund performance fee receivable			3,700,000	800,000
Management fees receivable on closed-end preferred shares			$ 0	6,300,000
Management Fee [Abstract]
Management fee expense percentage			10.00%
Management fee allocated to other employees			$ 1,900,000	4,000,000	$ 2,300,000
Management fee waived					1,400,000
Business Segment [Abstract]
Number of operating segments | Segment			1
AC [Member] | Class A [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Number of shares of common stock received for each share of Gamco common stock in spin-off (in shares) | shares	1
AC [Member] | Class B [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Number of shares of common stock received for each share of Gamco common stock in spin-off (in shares) | shares	1
Fixed Assets Other Than Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Fixed assets with net book value			$ 394,000	602,000
Accumulated Depreciation			$ 2,500,000	2,400,000
Fixed Assets Other Than Leasehold Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of assets			4 years
Fixed Assets Other Than Leasehold Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of assets			7 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Fixed assets with net book value			$ 1,700,000	1,600,000
Depreciation and amortization			618,000	$ 683,000	$ 766,000
Estimated annual depreciation and amortization expense			$ 625,000
Period of estimate for future depreciation and amortization			3 years
Open End Class AAA Shares of the Funds [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Fee percentages paid to distributors based on fund performance			0.25%
Westwood Funds [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Fee percentages paid to distributors based on fund performance			0.50%
Class A Shares of Gabelli Enterprise Mergers and Acquisitions Fund [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Fee percentages paid to distributors based on fund performance			0.45%
Class B and Class C Shares [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Fee percentages paid to distributors based on fund performance			1.00%
Gabelli Funds, Inc [Member] | Class B [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Exchange of common stock (in shares) | shares		24,000,000
Subsidiaries involved in transaction | Subsidiary		2
Restricted Stock Awards [Member] | Vesting in Three Years from Date of Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			30.00%
Award vesting period			3 years
Restricted Stock Awards [Member] | Vesting in Five Years from Date of Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			70.00%
Award vesting period			5 years
Restricted Stock Awards [Member] | Vesting in Year Four from Date of Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			10.00%
Restricted Stock Awards [Member] | Vesting in Year Five from Date of Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			10.00%
Restricted Stock Awards [Member] | Vesting in Year Six from Date of Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			10.00%
Restricted Stock Awards [Member] | Vesting in Year Seven from Date of Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			10.00%
Restricted Stock Awards [Member] | Vesting in Year Eight from Date of Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			10.00%
Restricted Stock Awards [Member] | Vesting in Year Nine from Date of Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			10.00%
Restricted Stock Awards [Member] | Vesting in Year Ten from Date of Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			10.00%
Stock Options [Member] | Vesting in Three Years from Date of Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			75.00%
Award vesting period			3 years
Stock Options [Member] | Vesting in Four Years from Date of Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			25.00%
Award vesting period			4 years

Investment in Securities, Inves

Investment in Securities, Investment in Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Available for sale securities [Abstract]
Cost	$ 17,898	$ 13,637
Fair Value	32,607	38,942
Total investments in securities [Abstract]
Cost	18,283	13,637
Fair Value	32,975	38,942
Common Stock [Member]
Available for sale securities [Abstract]
Cost	17,898	13,637
Fair Value	32,607	38,942
Investment in Securities [Member] | Trading Securities [Member]
Trading securities [Abstract]
Cost	385	0
Fair Value	368	0
Investment in Securities [Member] | Trading Securities [Member] | Common Stock [Member]
Trading securities [Abstract]
Cost	385	0
Fair Value	368	0
Investment in Securities [Member] | AFS Investments [Member]
Available for sale securities [Abstract]
Cost	17,898	13,637
Fair Value	32,607	38,942
Investment in Securities [Member] | AFS Investments [Member] | Common Stock [Member]
Available for sale securities [Abstract]
Cost	17,898	13,637
Fair Value	$ 32,607	$ 38,942

Investment in Securities, Secur

Investment in Securities, Securities Sold, Not Yet Purchased (Details) - Investment in Securities [Member] - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Trading securities [Abstract]
Cost	$ 123	$ 0
Fair Value	129	0
Trading Securities [Member] | Common Stock [Member]
Trading securities [Abstract]
Cost	123	0
Fair Value	$ 129	$ 0

Investment in Securities, Recla

Investment in Securities, Reclassifications Out of Accumulated Other Comprehensive Income into Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net gain from investments	$ 4,953	$ 4,282	$ 5,145
Other operating expenses	19,163	17,542	16,541
Income before income taxes	139,025	168,017	143,007
Income tax benefit	(51,726)	(61,734)	(52,974)
Net income	83,412	109,390	$ 116,853
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	4,491	4,282
Income tax benefit	(1,662)	(1,584)
Net income	2,829	2,698
Realized Gain / (Loss) on Sale of AFS Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net gain from investments	6	587
Donation of AFS Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other operating expenses	$ 4,485	$ 3,695

Investment in Securities, Summa

Investment in Securities, Summary of Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract]
Cost	$ 17,898,000	$ 13,637,000
Gross unrealized gains	14,709,000	25,305,000
Gross unrealized losses	0	0
Fair value	32,607,000	38,942,000
Unrealized changes to fair value net of taxes included in other comprehensive income	(5,500,000)	(600,000)	$ 17,300,000
Amount reclassified from other comprehensive income	(2,800,000)	(4,600,000)	(13,400,000)
Proceeds from sale of investment available for sale	81,000	3,877,000	5,262,000
Gross realized gains on sale of investments available for sale	6,000	600,000	1,300,000
Gross realized losses on sale of investments available for sale	0	0	$ 0
Common Stock [Member]
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract]
Cost	17,898,000	13,637,000
Gross unrealized gains	14,709,000	25,305,000
Gross unrealized losses	0	0
Fair value	$ 32,607,000	$ 38,942,000

Investment in Securities, Inv46

Investment in Securities, Investments Classified as Available for Sale in Unrealized Loss Position (Details)	12 Months Ended
	Dec. 31, 2015USD ($)Investment	Dec. 31, 2014USD ($)Investment	Dec. 31, 2013USD ($)
Investment in Securities [Abstract]
Number of investment holdings in loss positions | Investment	0	0
Other than temporary impairment losses, investments, available-for-sale securities | $	$ 0	$ 0	$ 0

Fair Value, Assets and Liabilit

Fair Value, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investments in securities [Abstract]
Total investments in securities	$ 32,975	$ 38,942
Securities sold, not yet purchased [Abstract]
Total securities sold, not yet purchased	129	0
Recurring Basis [Member]
Assets [Abstract]
Cash equivalents	13,538	12,467
Investments in securities [Abstract]
AFS - Common stocks	32,607	38,942
Trading - Common stocks	368	0
Total investments in securities	32,975	38,942
Total assets at fair value	46,513	51,409
Securities sold, not yet purchased [Abstract]
Trading - Common stocks	129	0
Total securities sold, not yet purchased	129	0
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Cash equivalents	13,538	12,467
Investments in securities [Abstract]
AFS - Common stocks	32,607	38,942
Trading - Common stocks	368	0
Total investments in securities	32,975	38,942
Total assets at fair value	46,513	51,409
Securities sold, not yet purchased [Abstract]
Trading - Common stocks	129	0
Total securities sold, not yet purchased	129	0
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Cash equivalents	0	0
Investments in securities [Abstract]
AFS - Common stocks	0	0
Trading - Common stocks	0	0
Total investments in securities	0	0
Total assets at fair value	0	0
Securities sold, not yet purchased [Abstract]
Trading - Common stocks	0	0
Total securities sold, not yet purchased	0	0
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Cash equivalents	0	0
Investments in securities [Abstract]
AFS - Common stocks	0	0
Trading - Common stocks	0	0
Total investments in securities	0	0
Total assets at fair value	0	0
Securities sold, not yet purchased [Abstract]
Trading - Common stocks	0	0
Total securities sold, not yet purchased	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Federal [Abstract]
Current	$ 47,699	$ 58,194	$ 45,333
Deferred	(1,441)	(2,876)	371
State and local [Abstract]
Current	5,359	6,595	7,255
Deferred	109	(179)	15
Total	$ 51,726	$ 61,734	$ 52,974
Effective income tax rate reconciliation [Abstract]
Statutory Federal income tax rate	35.00%	35.00%	35.00%
State income tax, net of Federal benefit	2.70%	2.50%	2.30%
Other	(0.50%)	(0.80%)	(0.30%)
Effective income tax rate	37.20%	36.70%	37.00%
Deferred tax assets [Abstract]
Stock compensation expense	$ 4,857	$ 3,542
Deferred compensation	1,268	1,852
Deferred gain on asset sale	0	2,000
Capital lease obligation	905	859
Other	287	0
Total deferred tax assets	7,317	8,253
Deferred tax liabilities [Abstract]
Investments in securities available for sale	(5,443)	(9,362)
Contingent deferred sales commissions	(419)	(780)
Intangible asset amortization	(111)	0
Other	0	(25)
Total deferred tax liabilities	(5,973)	(10,167)
Net deferred tax assets	1,344
Net deferred tax (liabilities)		(1,914)
Increase (decrease) to additional paid in capital from RSA acceleration	(1,190)
Income tax uncertainties [Abstract]
Recognition of unrecognized tax benefits effect	11,900	10,400
Net liability for unrecognized tax benefits	17,600	15,000
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits [Roll Forward]
Balance, beginning of period	16,000	12,900	$ 10,600
Additions based on tax positions related to the current year	2,800	3,100	2,400
Additions for tax positions of prior years	100	0	500
Reductions for tax positions of prior years	(500)	0	(600)
Settlements	0	0	0
Balance, end of period	18,400	16,000	12,900
Penalties and interest accruals related to tax uncertainties in income taxes	8,000	6,700
Income tax expenses related to an increase in its liability for interest and penalties	$ 1,100	$ 1,000	$ 700
State Jurisdiction [Member] | New York [Member] | Minimum [Member]
Income Tax Contingency [Line Items]
Tax years under examination	2,001
State Jurisdiction [Member] | New York [Member] | Maximum [Member]
Income Tax Contingency [Line Items]
Tax years under examination	2,011

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Basic [Abstract]
Income from continuing operations	$ 17,925	$ 22,451	$ 23,775	$ 23,148	$ 26,479	$ 27,370	$ 24,942	$ 27,492	$ 87,299	$ 106,283	$ 90,033
Gain/(loss) from discontinued operations, net of taxes	1,642	(7,483)	326	1,628	2,342	(3,705)	4,008	462	(3,887)	3,107	26,820
Net income attributable to GAMCO Investors, Inc.'s shareholders	$ 19,567	$ 14,968	$ 24,101	$ 24,776	$ 28,821	$ 23,665	$ 28,950	$ 27,954	$ 83,412	$ 109,390	$ 116,853
Weighted average shares outstanding (in shares)									25,425	25,335	25,653
Basic net income per share attributable to GAMCO Investors, Inc.'s shareholders [Abstract]
Continuing operations (in dollars per share)	$ 0.68	$ 0.90	$ 0.95	$ 0.92	$ 1.05	$ 1.08	$ 0.98	$ 1.08	$ 3.43	$ 4.20	$ 3.51
Discontinued operations (in dollars per share)	0.06	(0.30)	0.01	0.07	0.09	(0.14)	0.16	0.02	(0.15)	0.12	1.05
Basic - Total (in dollars per share)	$ 0.74	$ 0.60	$ 0.96	$ 0.99	$ 1.14	$ 0.94	$ 1.14	$ 1.10	$ 3.28	$ 4.32	$ 4.56
Diluted [Abstract]
Income from continuing operations	$ 17,925	$ 22,451	$ 23,775	$ 23,148	$ 26,479	$ 27,370	$ 24,942	$ 27,492	$ 87,299	$ 106,283	$ 90,033
Gain/(loss) from discontinued operations, net of taxes	1,642	(7,483)	326	1,628	2,342	(3,705)	4,008	462	(3,887)	3,107	26,820
Net income attributable to GAMCO Investors, Inc.'s shareholders	$ 19,567	$ 14,968	$ 24,101	$ 24,776	$ 28,821	$ 23,665	$ 28,950	$ 27,954	$ 83,412	$ 109,390	$ 116,853
Weighted average shares outstanding (in shares)									25,425	25,335	25,653
Dilutive stock options and restricted stock awards (in shares)									286	223	59
Total (in shares)									25,711	25,558	25,712
Diluted net income per share attributable to GAMCO Investors, Inc.'s shareholder [Abstract]
Continuing operations (in dollars per share)	$ 0.67	$ 0.89	$ 0.94	$ 0.91	$ 1.04	$ 1.07	$ 0.97	$ 1.07	$ 3.40	$ 4.16	$ 3.50
Discontinued operations (in dollars per share)	0.06	(0.30)	0.01	0.06	0.09	(0.14)	0.16	0.02	(0.15)	0.12	1.04
Diluted - Total (in dollars per share)	$ 0.73	$ 0.59	$ 0.95	$ 0.97	$ 1.13	$ 0.93	$ 1.13	$ 1.09	$ 3.24	$ 4.28	$ 4.54

Debt (Details)

Debt (Details) $ / shares in Units, $ in Thousands	Nov. 30, 2015USD ($)Installment	Nov. 28, 2015	Nov. 18, 2015USD ($)	May. 31, 2011USD ($)	Dec. 31, 2010USD ($)$ / shares	Dec. 31, 2015USD ($)Debenture	Dec. 31, 2014USD ($)Debenture	Dec. 31, 2013USD ($)Debenture
Long-term debt [Abstract]
Carrying value						$ 309,225	$ 112,163
Fair value						309,437	123,123
Face value of debt	$ 250,000
Loss on extinguishment of debt						(1,067)	(84)	$ (998)
Debt instrument, term	5 years	5 years
AC 4% PIK Note [Member]
Long-term debt [Abstract]
Carrying value						250,000	0
Fair value						$ 250,000	0
Face value of debt	$ 250,000
Debt instrument, maturity date						Nov. 30, 2020
Debt instrument, interest rate	4.00%					4.00%
Debt instrument, number of installments | Installment	5
Debt instrument, period payment	$ 50,000
Loan from GGCP [Member]
Long-term debt [Abstract]
Carrying value						$ 35,000	0
Fair value						35,000	0
Face value of debt						$ 35,000
Debt instrument, maturity date						Dec. 28, 2016
Debt instrument, term						1 year
Loan from GGCP [Member] | 90-day LIBOR [Member]
Long-term debt [Abstract]
Debt instrument, basis spread on variable rate						3.25%
5.875% Senior Notes [Member]
Long-term debt [Abstract]
Carrying value						$ 24,225	100,000
Fair value						$ 24,437	110,123
Face value of debt			$ 100,000	$ 100,000
Net proceeds from debt issuance				99,100
Debt issuance cost capitalized				$ 900
Debt instrument, maturity date						Jun. 1, 2021
Debt instrument, interest rate				5.875%		5.875%
Debt redemption price			101.00%	101.00%
Debt instrument, repurchased face amount			$ 75,800
Debt issuance cost			400
Loss on extinguishment of debt			$ (800)
0% Subordinated Debentures [Member]
Long-term debt [Abstract]
Carrying value						$ 0	12,163
Fair value						$ 0	$ 13,000
Face value of debt					$ 86,400
Debt instrument, maturity date						Dec. 31, 2015
Debt instrument, interest rate					0.00%	0.00%
Debt redemption price					100.00%
Effective interest rate					7.45%
Debt maturity period						5 years
Dividend, date of record						Dec. 15, 2010
Dividends declared related to issuance of debt (in dollars per share) | $ / shares					$ 3.20
Par value of debt issued (in dollars per share) | $ / shares					$ 100
Number of debentures repurchased | Debenture						62,242	7,178	78,809
Face value of repurchased debentures						$ 6,200	$ 700	$ 7,900
Loss on extinguishment of debt						$ (300)	$ (100)	$ (1,000)

Equity, Voting Rights and Stock

Equity, Voting Rights and Stock Award and Incentive Plan (Details) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2015USD ($)VoteperSharePlan$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)$ / sharesshares	Dec. 31, 2012USD ($)
Stock Award and Incentive Plan [Abstract]
Number of incentive plans | Plan		2
RSAs, weighted average grant date fair value [Abstract]
Stock compensation expense recognized due to acceleration of lapsing of restrictions on RSAs	$ 3,500
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
Compensation cost related to non-vested restricted stock awards and options not yet recognized	10,800	$ 10,800
Projected compensation cost not yet recognized [Abstract]
2,016	3,569	3,569
2,017	2,492	2,492
2,018	1,685	1,685
2,019	1,348	1,348
2,020	737	737
2,021	497	497
2,022	300	300
2,023	127	127
2,024	$ 19	19
Stock based compensation expense		9,868	$ 5,278	$ 1,562
Tax benefit from compensation expense		3,700	2,000	600
Proceeds from exercise of stock options		1,167	1,637	76
Tax benefit from exercise of stock options		$ 102	$ 349	$ 16
Class A [Member]
Voting Rights [Abstract]
Number of votes per share | VoteperShare		1
Class A [Member] | Maximum [Member]
Stock Award and Incentive Plan [Abstract]
Number of shares reserved for issuance under each plan (in shares) | shares	3,500,000	3,500,000
Class B [Member]
Voting Rights [Abstract]
Number of votes per share | VoteperShare		10
Stock Options [Member]
Options, shares [Roll Forward]
Outstanding, beginning of period (in shares) | shares		26,000	66,000
Granted (in shares) | shares		0	0
Forfeited (in shares) | shares		0	0
Exercised (in shares) | shares		(26,000)	(40,000)
Outstanding, end of period (in shares) | shares	0	0	26,000	66,000
Shares available for future issuance, end of period (in shares) | shares	1,856,925	1,856,925
Options, weighted average exercise price [Roll Forward]
Outstanding, beginning of period (in dollars per share) | $ / shares		$ 44.89	$ 42.49
Granted (in dollars per share) | $ / shares		0	0
Forfeited (in dollars per share) | $ / shares		0	0
Exercised / Vested (in dollars per share) | $ / shares		39.55	40.94
Outstanding, end of period (in dollars per share) | $ / shares	$ 0	$ 0	$ 44.89	$ 42.49
RSAs, weighted average grant date fair value [Abstract]
Options exercisable (in shares) | shares			23,500
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares			$ 44.80
Stock Options [Member] | Maximum [Member]
Stock Award and Incentive Plan [Abstract]
Term of nonqualified stock options		10 years
Stock Options [Member] | Vesting in Three Years from Date of Grant [Member]
RSAs, weighted average grant date fair value [Abstract]
Award vesting percentage		75.00%
Award vesting period		3 years
Restricted Stock Awards [Member]
RSAs, shares [Roll Forward]
Outstanding, beginning of period (in shares) | shares		710,750	566,950
Granted (in shares) | shares		0	158,600	576,950
Forfeited (in shares) | shares		(27,000)	(14,800)
Vested (in shares) | shares		(130,650)	0
Outstanding, end of period (in shares) | shares	553,100	553,100	710,750	566,950
RSAs, weighted average grant date fair value [Abstract]
Outstanding, beginning of period (in dollars per share) | $ / shares		$ 67.45	$ 63.93
Granted (in dollars per share) | $ / shares		0	80.23	$ 63.82
Forfeited (in dollars per share) | $ / shares		69.50	69.38
Vested (in dollars per share) | $ / shares		81.55	0
Outstanding, end of period (in dollars per share) | $ / shares	$ 64.02	$ 64.02	$ 67.45	$ 63.93
Stock compensation expense recognized due to acceleration of lapsing of restrictions on RSAs					$ 3,500
Restricted Stock Awards [Member] | Vesting in Three Years from Date of Grant [Member]
RSAs, weighted average grant date fair value [Abstract]
Award vesting percentage		30.00%
Award vesting period		3 years
Restricted Stock Awards [Member] | Vesting in Five Years from Date of Grant [Member]
RSAs, weighted average grant date fair value [Abstract]
Award vesting percentage		70.00%
Award vesting period		5 years
Restricted Stock Awards [Member] | Vesting in Year Four from Date of Grant [Member]
RSAs, weighted average grant date fair value [Abstract]
Award vesting percentage		10.00%
Restricted Stock Awards [Member] | Vesting in Year Five from Date of Grant [Member]
RSAs, weighted average grant date fair value [Abstract]
Award vesting percentage		10.00%
Restricted Stock Awards [Member] | Vesting in Year Six from Date of Grant [Member]
RSAs, weighted average grant date fair value [Abstract]
Award vesting percentage		10.00%
Restricted Stock Awards [Member] | Vesting in Year Seven from Date of Grant [Member]
RSAs, weighted average grant date fair value [Abstract]
Award vesting percentage		10.00%
Restricted Stock Awards [Member] | Vesting in Year Eight from Date of Grant [Member]
RSAs, weighted average grant date fair value [Abstract]
Award vesting percentage		10.00%
Restricted Stock Awards [Member] | Vesting in Year Nine from Date of Grant [Member]
RSAs, weighted average grant date fair value [Abstract]
Award vesting percentage		10.00%
Restricted Stock Awards [Member] | Vesting in Year Ten from Date of Grant [Member]
RSAs, weighted average grant date fair value [Abstract]
Award vesting percentage		10.00%

Equity, Stock Repurchase Progra

Equity, Stock Repurchase Program, Dividends, and Shelf Registration (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended			203 Months Ended	204 Months Ended
	Dec. 31, 2015	Nov. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Nov. 30, 2015	Dec. 31, 2015	Aug. 31, 2015	Nov. 06, 2013	Feb. 05, 2013	Dec. 31, 1999
Dividends Payable [Line Items]
Dividends paid (in dollars per share)			$ 0.28	$ 0.50	$ 0.72
Dividend cost			$ 7.5	$ 12.9	$ 18.7
Share based compensation dividends accrued	$ 0.6		$ 0.6	0.6			$ 0.6
Debt Instrument [Line Items]
Amount available for issuance under shelf registration agreement				$ 500
GBL [Member]
Stock Repurchase Program [Abstract]
Closing prices on shares (in dollars per share)	$ 31.04		$ 31.04				$ 31.04
AC [Member]
Stock Repurchase Program [Abstract]
Closing prices on shares (in dollars per share)	$ 30.50		$ 30.50				$ 30.50
Common Class A [Member] | Stock Repurchase Program [Member]
Stock Repurchase Program [Abstract]
Incremental Class A shares authorized to buyback											$ 9
Incremental Class A shares authorized to buyback (in shares)								500,000	500,000	500,000
Shares repurchased (in shares)	13,400	413,228	426,628	414,432	229,228	9,539,253	9,552,653
Average price per share of repurchased shares (in dollars per share)	$ 32.56	$ 64.86	$ 63.85	$ 78.99	$ 64.41		$ 44.81
Share available under program to repurchase (in shares)	582,155		582,155				582,155
Cost of shares repurchased							$ 428

Capital Lease (Details)

Capital Lease (Details)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)$ / ft²	Dec. 31, 2013USD ($)
Capital Lease [Abstract]
Lease term	15 years
Base rent per square foot (in dollars per square foot) | $ / ft²		18
Base rental		$ 1,100,000
Lease payments under capital lease agreement	$ 1,200,000	1,200,000	$ 1,200,000
Accumulated amortization on the leased property	4,400,000	$ 4,200,000
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,016	1,191,000
2,017	1,080,000
2,018	1,080,000
2,019	1,080,000
2,020	1,080,000
Thereafter	8,640,000
Total minimum obligations	14,151,000
Interest	8,974,000
Present value of net obligations	5,177,000
Capital Leases, Future Minimum Payments Due	1,080,000
Future sublease rentals	$ 900,000
Term of capital lease sublease rentals	8 years
Estimated annual operating expenses to be borne by the Company	$ 800,000

Contractual Obligations (Detail

Contractual Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,016	$ 849
2,017	548
2,018	459
2,019	358
Total	2,214
Rent expense	$ 2,300	$ 2,000	$ 2,100

Shareholder-Designated Contri55

Shareholder-Designated Contribution Plan (Details)	12 Months Ended
	Dec. 31, 2015USD ($)Contribution$ / shares	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)Contribution$ / shares
Shareholder-Designated Contribution Plan [Abstract]
Shareholder-designated contribution | Contribution	1		2
Initial contribution per registered share to Shareholder-designated charitable contribution program (in dollars per share) | $ / shares	$ 0.25		$ 0.25
Expense related to shareholder-designated charitable contribution program | $	$ 6,400,000		$ 10,600,000
Shareholder-designated contribution, diluted per share (in dollars per share) | $ / shares	$ 0.12		$ 0.24
Additional charges recorded based on number of participating shares in shareholder designated charitable contribution program | $		$ 134,000

Related Party Transactions (Det

Related Party Transactions (Details) shares in Millions	12 Months Ended
	Dec. 31, 2015USD ($)ft²$ / ft²shares	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
GGCP Holdings LLC [Member] | Common Class B [Member]
Related Party Transaction [Line Items]
Ownership percentage of voting rights	91.00%
Percentage of ownership	62.00%
GSI [Member] | Common Class A [Member]
Related Party Transaction [Line Items]
Ownership percentage of voting rights	2.00%
Percentage of ownership	15.00%
Shares owned by related party (in shares) | shares	4.4
Entity Controlled by Members of Chairman's Family [Member]
Capital Lease [Abstract]
Area of lease space (in square feet) | ft²	60,000
LICT Corporation [Member]
Capital Lease [Abstract]
Area of lease space (in square feet) | ft²	3,300
Sublease rental base rate (in dollars per square foot) | $ / ft²	28
Sublease rental rate for utilities and taxes on sublease property (in dollars per square foot) | ft²	3
Sublease rental base rate	$ 119,686	$ 117,640	$ 116,527
Teton [Member]
Capital Lease [Abstract]
Area of lease space (in square feet) | ft²	1,600
Sublease rental base rate (in dollars per square foot) | $ / ft²	37.75
Sublease rental rate for utilities and taxes on sublease property (in dollars per square foot) | ft²	3
Sublease rental base rate	$ 69,632	68,697	68,189
MJG Associates, Inc [Member] | G B L [Member] | Advisory Fees [Member]
Investment Advisory Services [Abstract]
Revenue from related parties	10,000	10,000	10,000
Manhattan Partners I, L.P [Member] | G B L [Member] | Advisory Fees [Member]
Investment Advisory Services [Abstract]
Revenue from related parties	13,595	14,483	21,601
S.W.A.N. Partners, LP [Member] | G B L [Member] | Advisory Fees [Member]
Investment Advisory Services [Abstract]
Revenue from related parties	20,406	22,094	32,740
Affiliated Funds [Member] | G.distributors, LLC [Member] | Distribution Fees [Member]
Investment Advisory Services [Abstract]
Revenue from related parties	47,700,000	56,100,000	$ 47,400,000
Affiliated Funds [Member] | G.distributors, LLC [Member] | Advisory and Distribution Fees [Member]
Investment Advisory Services [Abstract]
Revenue from related parties	$ 24,100,000	$ 31,600,000

Related Party Transactions, Com

Related Party Transactions, Compensation and Other (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Nov. 30, 2015	Jul. 02, 2015	May. 31, 2006
Compensation [Abstract]
Percentage payout of revenues or net operating contribution to the portfolio managers and marketing staff who introduce, service or generate private wealth management business	40.00%
Other [Abstract]
Payable to affiliates	$ 7,687,000	$ 0
Notice period of agreement between related parties	30 days
Term of agreement between related parties	12 months
Face value of debt				$ 250,000,000
AC 4% PIK Note [Member]
Other [Abstract]
Face value of debt				$ 250,000,000
Debt instrument, interest rate	4.00%			4.00%
Loan from GGCP [Member]
Other [Abstract]
Face value of debt	$ 35,000,000
GSI [Member] | 5.5% Demand Loan [Member]
Other [Abstract]
Face value of debt		$ 16,000,000
Debt instrument, interest rate		5.50%
Interest expenses	900,000	$ 1,000,000
GAMCO [Member] | AC 4% PIK Note [Member]
Other [Abstract]
Interest expenses	800,000
GAMCO [Member] | Loan from GGCP [Member]
Other [Abstract]
Interest expenses	15,000
G.research LLC [Member] | GAMCO [Member]
Other [Abstract]
Payable to affiliates	700,000	700,000
G.research LLC [Member] | Fund Advisor [Member]
Other [Abstract]
Payable to affiliates	800,000	800,000
Significant Shareholder [Member] | Common Class A [Member]
Other [Abstract]
Shares included in the Exchange and Standstill agreement (in shares)					1,705,974
Significant Shareholder [Member] | Common Class B [Member]
Other [Abstract]
Shares included in the Exchange and Standstill agreement (in shares)						2,071,635
G G C P [Member]
Other [Abstract]
Variable costs incurred on use of aircraft	$ 432,000	458,000	$ 483,000
GBL and Teton [Member]
Other [Abstract]
Flat sub-administration agreement percentage on mutual funds	0.20%
Administration fees percentage on first tier of net assets	0.20%
First tier net assets maximum	$ 370,000,000
Administration fees percentage on second tier of net assets	0.12%
Second tier net assets maximum	$ 630,000,000
Administration fees percentage on third tier of net assets	0.10%
Third tier net assets minimum	$ 1,000,000,000
Various administrative services monthly fee	25,000	25,000	15,000
Administrative and management services	$ 2,200,000	$ 2,300,000	$ 1,800,000

Financial Requirements (Details

Financial Requirements (Details)	Dec. 31, 2015USD ($)	Dec. 31, 2015GBP (£)	Dec. 31, 2014USD ($)	Dec. 31, 2014GBP (£)
Financial Requirements [Abstract]
Minimum capital requirement	$ 250,000
Own funds	769,000	£ 519,000	$ 783,000	£ 504,000
Own funds requirement	$ 388,000	£ 262,000	$ 326,000	£ 210,000

Profit Sharing Plan and Incen59

Profit Sharing Plan and Incentive Savings Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2013
Profit Sharing Plan and Incentive Savings Plan [Abstract]
Accrued contributions	$ 26,000	$ 23,000

Identifiable Intangible Assets

Identifiable Intangible Assets (Details) - Investment Advisory Contract [Member] - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Gabelli Enterprise Mergers and Acquisitions Fund [Member]
Finite-Lived Intangible Assets [Line Items]
Identifiable intangible asset	$ 1.9	$ 1.9
Bancroft Fund Ltd. and the Ellsworth Growth and Income Fund Ltd. [Member]
Finite-Lived Intangible Assets [Line Items]
Identifiable intangible asset	$ 1.6

Discontinued Operations (Detail

Discontinued Operations (Details)	Nov. 30, 2015	Nov. 28, 2015	Dec. 31, 2015USD ($)shares	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)shares	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt instrument, term	5 years	5 years
Other income (expense) [Abstract]
Income/(loss) from discontinued operations, net of taxes			$ 1,642,000	$ (7,483,000)	$ 326,000	$ 1,628,000	$ 2,342,000	$ (3,705,000)	$ 4,008,000	$ 462,000	$ (3,887,000)	$ 3,107,000	$ 26,820,000
Assets and Liabilities of Discontinued Operations [Abstract]
Total assets of discontinued operations			0				733,638,000				0	733,638,000
Total liabilities of discontinued operations			$ 0				$ 75,930,000				$ 0	$ 75,930,000
Common Class A [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of shares of stock held by related party (in shares) | shares			10,664,107				6,616,212				10,664,107	6,616,212
Note Payable to AC [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt instrument, interest rate	4.00%		4.00%								4.00%
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Associated Capital Group, Inc. [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on spin-off											$ 0
Share exchange ratio											1
Costs incurred with respect to spin-off											$ 2,400,000
Revenue [Abstract]
Investment advisory and incentive fees											8,552,000	$ 9,750,000	10,478,000
Distribution fees and other income											279,000	325,000	447,000
Institutional research services											8,973,000	10,925,000	8,940,000
Total revenues											17,804,000	21,000,000	19,865,000
Expenses [Abstract]
Compensation											20,500,000	22,298,000	22,939,000
Stock based compensation											4,716,000	1,921,000	510,000
Management fee											(727,000)	(36,000)	4,485,000
Distribution costs											(85,000)	(598,000)	(742,000)
Other operating expenses											9,070,000	7,341,000	7,119,000
Total expenses											33,474,000	30,926,000	34,311,000
Operating loss											(15,670,000)	(9,926,000)	(14,446,000)
Other income (expense) [Abstract]
Net gain from investments											7,660,000	6,491,000	51,034,000
Interest and dividend income											2,740,000	4,416,000	5,864,000
Interest expense											(1,224,000)	(1,377,000)	(1,908,000)
Total other income (expense), net											9,176,000	9,530,000	54,990,000
Income/(loss) from discontinued operations before income taxes											(6,494,000)	(396,000)	40,544,000
Income tax provision/(benefit)											(2,045,000)	771,000	13,212,000
Income/(loss) from discontinued operations, net of taxes											(4,449,000)	(1,167,000)	27,332,000
Net income/(loss) attributable to noncontrolling interests											(562,000)	(4,274,000)	512,000
Net income/(loss) attributable to GAMCO Investors, Inc.'s discontinued operations, net of taxes											(3,887,000)	3,107,000	$ 26,820,000
Assets and Liabilities of Discontinued Operations [Abstract]
Cash and cash equivalents							$ 285,530,000					285,530,000
Investments in securities							220,595,000					220,595,000
Investments in sponsored registered investment companies							39,537,000					39,537,000
Investments in partnerships							107,637,000					107,637,000
Receivable from brokers							74,396,000					74,396,000
Investment advisory fees receivable							4,145,000					4,145,000
Receivable from affiliates							(20,675,000)					(20,675,000)
Goodwill and identifiable intangible asset							3,254,000					3,254,000
Income tax receivable							44,000					44,000
Other assets							19,175,000					19,175,000
Total assets of discontinued operations							733,638,000					733,638,000
Payable to brokers							43,397,000					43,397,000
Income taxes payable and deferred tax liabilities							9,959,000					9,959,000
Compensation payable							9,180,000					9,180,000
Securities sold, not yet purchased							10,595,000					10,595,000
Payable to affiliates							0					0
Mandatorily redeemable noncontrolling interests							1,302,000					1,302,000
Accrued expenses and other liabilities							1,497,000					1,497,000
Total liabilities of discontinued operations							75,930,000					75,930,000
Redeemable noncontrolling interests from discontinued operations							68,334,000					68,334,000
Noncontrolling interests from discontinued operations							2,734,000					2,734,000
Net assets of discontinued operations							$ 586,640,000					$ 586,640,000
Impact of Spin-off to Stockholders Equity (Deficiency) [Abstract]
Decrease in additional paid-in capital											(301,283,000)
Decrease in retained earnings											(692,839,000)
Decrease in accumulated comprehensive income											(9,178,000)
Total											$ (1,003,300,000)
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Associated Capital Group, Inc. [Member] | Common Class A [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of shares of stock held by related party (in shares) | shares			4,400,000								4,400,000
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Associated Capital Group, Inc. [Member] | Note Payable to AC [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt instrument, interest rate			4.00%								4.00%
Debt instrument, term											5 years

Quarterly Financial Informati62

Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information (Unaudited) [Abstract]
Revenues	$ 90,317	$ 92,160	$ 98,693	$ 99,806	$ 109,814	$ 106,627	$ 104,345	$ 101,150	$ 380,976	$ 421,936
Operating income	33,102	37,276	38,981	38,590	44,158	44,334	41,183	39,777	147,949	169,452	$ 156,858
Income from continuing operations	17,925	22,451	23,775	23,148	26,479	27,370	24,942	27,492	87,299	106,283	90,033
Income/(loss) from discontinued operations, net of taxes	1,642	(7,483)	326	1,628	2,342	(3,705)	4,008	462	(3,887)	3,107	26,820
Net income attributable to GAMCO Investors, Inc.'s shareholders	$ 19,567	$ 14,968	$ 24,101	$ 24,776	$ 28,821	$ 23,665	$ 28,950	$ 27,954	$ 83,412	$ 109,390	$ 116,853
Net income attributable to GAMCO Investors, Inc.'s shareholders per share [Abstract]
Basic - Continuing operations (in dollars per share)	$ 0.68	$ 0.90	$ 0.95	$ 0.92	$ 1.05	$ 1.08	$ 0.98	$ 1.08	$ 3.43	$ 4.20	$ 3.51
Basic - Discontinued operations (in dollars per share)	0.06	(0.30)	0.01	0.07	0.09	(0.14)	0.16	0.02	(0.15)	0.12	1.05
Basic - Total (in dollars per share)	0.74	0.60	0.96	0.99	1.14	0.94	1.14	1.10	3.28	4.32	4.56
Diluted - Continuing operations (in dollars per share)	0.67	0.89	0.94	0.91	1.04	1.07	0.97	1.07	3.40	4.16	3.50
Diluted - Discontinued operations (in dollars per share)	0.06	(0.30)	0.01	0.06	0.09	(0.14)	0.16	0.02	(0.15)	0.12	1.04
Diluted - Total (in dollars per share)	$ 0.73	$ 0.59	$ 0.95	$ 0.97	$ 1.13	$ 0.93	$ 1.13	$ 1.09	$ 3.24	$ 4.28	$ 4.54
Stock compensation expense resulting from accelerated lapsing of restrictions on RSAs	$ 3,500
Stock compensation expense resulting from accelerated lapsing of restrictions on RSAs per fully diluted share (in dollars per share)	$ 0.07

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Feb. 18, 2016	Mar. 15, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Subsequent Event [Line Items]
Dividends declared (in dollars per share)			$ 0.28	$ 0.50	$ 0.72
Restricted Stock Units (RSUs) [Member] | Vesting on January 1, 2020 [Member]
Subsequent Event [Line Items]
Award vesting percentage			100.00%
Restricted Stock Units (RSUs) [Member] | Vesting in 2016 [Member]
Subsequent Event [Line Items]
Award vesting percentage			25.00%
Restricted Stock Units (RSUs) [Member] | Vesting in 2017 [Member]
Subsequent Event [Line Items]
Award vesting percentage			25.00%
Restricted Stock Units (RSUs) [Member] | Vesting in 2018 [Member]
Subsequent Event [Line Items]
Award vesting percentage			25.00%
Restricted Stock Units (RSUs) [Member] | Vesting in 2019 [Member]
Subsequent Event [Line Items]
Award vesting percentage			25.00%
Quarterly Dividend [Member]
Subsequent Event [Line Items]
Dividends declared date			Feb. 18, 2016
Dividends payable date			Mar. 29, 2016
Dividends record date			Mar. 15, 2016
Subsequent Event [Member] | Repurchase of Common Stock [Member]
Subsequent Event [Line Items]
Stock repurchased (in shares)		30,103
Average price per share of repurchased shares (in dollars per share)		$ 29.33
Shares available to be repurchsed under the plan (in shares)		552,052
Subsequent Event [Member] | Quarterly Dividend [Member]
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.02