GAMCO Investors (GAMI) 10-Q 3 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 30, 2017
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
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Class A [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		10,232,347
Class B [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		19,092,168

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Investment advisory and incentive fees	$ 74,989	$ 70,848
Distribution fees and other income	10,928	10,537
Total revenues	85,917	81,385
Expenses
Compensation	25,278	20,274
Management fee	2,164	1,080
Distribution costs	10,913	10,717
Other operating expenses	5,119	4,372
Total expenses	43,474	36,443
Operating income	42,443	44,942
Other income (expense)
Net gain from investments	40	223
Interest and dividend income	469	368
Interest expense	(2,832)	(3,406)
Total other expense, net	(2,323)	(2,815)
Income before income taxes	40,120	42,127
Income tax provision	15,300	16,102
Net income attributable to GAMCO Investors, Inc.'s shareholders	$ 24,820	$ 26,025
Net income attributable to GAMCO Investors, Inc.'s shareholders per share:
Basic (in dollars per share)	$ 0.86	$ 0.89
Diluted (in dollars per share)	$ 0.82	$ 0.88
Weighted average shares outstanding:
Basic (in shares)	28,970	29,247
Diluted (in shares)	31,160	29,684
Dividends declared: (in dollars per share)	$ 0.02	$ 0.02

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED [Abstract]
Net income		$ 24,820	$ 26,025
Other comprehensive gain/(loss), net of tax:
Foreign currency translation		10	(28)
Net unrealized gain/(loss) on securities available for sale	[1]	(2,561)	2,583
Other comprehensive gain/(loss)		(2,551)	2,555
Comprehensive income attributable to GAMCO Investors, Inc.		$ 22,269	$ 28,580
[1]	Net of income tax expense/(benefit) of ($1,504) and $1,517, respectively.

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED [Abstract]
Net unrealized gain/(loss) on securities available for sale, net of income tax expense/(benefit)	$ (1,504)	$ 1,517

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION UNAUDITED - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
ASSETS
Cash and cash equivalents	$ 88,230	$ 39,812	$ 28,045
Investments in securities	33,190	37,285	36,419
Receivable from brokers	523	453	1,135
Investment advisory fees receivable	29,810	43,736	29,612
Receivable from affiliates	5,325	5,960	5,256
Income tax receivable and deferred tax asset	12,829	9,349	2,452
Other assets	12,615	12,634	13,006
Total assets	182,522	149,229	115,925
LIABILITIES AND EQUITY
Payable to brokers	10,022	66	0
Income taxes payable and deferred tax liabilities	19,787	3,815	12,198
Capital lease obligation	5,038	5,066	5,145
Compensation payable	42,295	42,384	19,218
Payable to affiliates	1,528	1,412	3,754
Accrued expenses and other liabilities	27,942	29,178	29,710
Sub-total	106,612	81,921	70,025
4.5% Convertible note (net of issuance costs of $156, $165 and $0, respectively) (due August 15, 2021) (Note F)	109,844	109,835	0
AC 4% PIK Note (due November 30, 2020) (Note F)	90,000	100,000	250,000
Loan from GGCP (due December 28, 2016) (Note F)	0	0	20,000
5.875% Senior notes (net of issuance costs of $99, $105 and $122, respectively) (due June 1, 2021) (Note F)	24,126	24,120	24,103
Total liabilities	330,582	315,876	364,128
Commitments and contingencies (Note I)
GAMCO Investors, Inc. stockholders' equity
Preferred stock, $.001 par value; 10,000,000 shares authorized; none issued and outstanding	0	0	0
Additional paid-in capital	4,602	3,903	1,382
Retained earnings (deficit)	104,749	80,515	(8,794)
Accumulated other comprehensive income	8,720	11,271	11,670
Treasury stock, at cost (5,232,891, 5,107,481 and 4,789,297 shares, respectively)	(266,164)	(262,369)	(252,494)
Total GAMCO Investors, Inc. stockholders' equity (deficit)	(148,060)	(166,647)	(248,203)
Total liabilities and equity (deficit)	182,522	149,229	115,925
Class A [Member]
GAMCO Investors, Inc. stockholders' equity
Common stock	14	14	14
Class B [Member]
GAMCO Investors, Inc. stockholders' equity
Common stock	$ 19	$ 19	$ 19

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION UNAUDITED (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
GAMCO Investors, Inc. stockholders equity
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0
Common Stock, outstanding (in shares)	29,300,000	29,500,000	29,800,000
Treasury stock, shares (in shares)	5,232,891	5,107,481	4,789,297
Class A [Member]
GAMCO Investors, Inc. stockholders equity
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Common Stock, shares authorized (in shares)	100,000,000	100,000,000	100,000,000
Common Stock, issued (in shares)	15,474,992	15,477,082	15,472,901
Common Stock, outstanding (in shares)	10,242,101	10,369,601	10,683,604
Class B [Member]
GAMCO Investors, Inc. stockholders equity
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Common Stock, shares authorized (in shares)	100,000,000	100,000,000	100,000,000
Common Stock, issued (in shares)	24,000,000	24,000,000	24,000,000
Common Stock, outstanding (in shares)	19,092,201	19,093,311	19,106,792
4.5% Convertible Notes [Member]
LIABILITIES AND EQUITY
Debt instrument, interest rate	4.50%	4.50%	4.50%
Debt issuance costs	$ 156	$ 165	$ 0
Debt instrument, maturity date	Aug. 15, 2021
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%	5.875%	5.875%
Debt issuance costs	$ 99	$ 105	$ 122
Debt instrument, maturity date	Jun. 1, 2021

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Deficit) [Member]	Accumulated Other Comprehensive Income [Member]	Treasury Stock [Member]	Total
Balance at Dec. 31, 2015	$ 33	$ 345	$ (34,224)	$ 9,115	$ (251,596)	$ (276,327)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	0	0	26,025	0	0	26,025
Net unrealized gain (loss) on securities available for sale, net of income tax expense	0	0	0	2,582	0	2,582
Amounts reclassified from accumulated other comprehensve income, net of income tax expense	0	0	0	1	0	1
Foreign currency translation	0	0	0	(28)	0	(28)
Dividends declared	0	0	(595)	0	0	(595)
Stock based compensation expense	0	1,037	0	0	0	1,037
Purchase of treasury stock	0	0	0	0	(898)	(898)
Balance at Mar. 31, 2016	33	1,382	(8,794)	11,670	(252,494)	(248,203)
Balance at Dec. 31, 2016	33	3,903	80,515	11,271	(262,369)	(166,647)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	0	0	24,820	0	0	24,820
Net unrealized gain (loss) on securities available for sale, net of income tax expense	0	0	0	(2,561)	0	(2,561)
Foreign currency translation	0	0	0	10	0	10
Dividends declared	0	0	(586)	0	0	(586)
Stock based compensation expense	0	699	0	0	0	699
Purchase of treasury stock	0	0	0	0	(3,795)	(3,795)
Balance at Mar. 31, 2017	$ 33	$ 4,602	$ 104,749	$ 8,720	$ (266,164)	$ (148,060)

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED [Abstract]
Net unrealized gains (losses) on securities available for sale, income tax expense (benefit)	$ (1,504)	$ 1,516
Amounts reclassified from accumulated other comprehensive income, income tax expense (benefit)		$ 1
Dividends declared (in dollars per share)	$ 0.02	$ 0.02

CONDENSED CONSOLIDATED STATEME9

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities
Net income	$ 24,820	$ 26,025
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	151	155
Stock based compensation expense	699	1,037
Deferred income taxes	(3,756)	(2,016)
Foreign currency translation loss	10	(28)
Net gains on sales of available for sale securities	0	(2)
(Increase) decrease in assets:
Investments in trading securities	30	223
Receivable from affiliates	635	(217)
Receivable from brokers	(70)	(44)
Investment advisory fees receivable	13,927	1,437
Income tax receivable and deferred tax assets	(3,480)	4,335
Other assets	(130)	66
Increase (decrease) in liabilities:
Payable to affiliates	116	(3,933)
Payable to brokers	9,956	(12)
Income taxes payable and deferred tax liabilities	21,232	7,875
Compensation payable	(90)	(5,206)
Accrued expenses and other liabilities	(1,272)	793
Total adjustments	37,958	4,463
Net cash provided by operating activities	62,778	30,488
Investing activities
Proceeds from sales of available for sale securities	0	308
Net cash provided by investing activities	0	308
Financing activities
Dividends paid	(578)	(585)
Purchase of treasury stock	(3,795)	(898)
Repayment of AC 4% PIK Note	(10,000)	0
Repayment of loan from GGCP	0	(15,000)
Amortization of debt issuance costs	15	6
Net cash (used in) provided by financing activities	(14,358)	(16,477)
Effect of exchange rates on cash and cash equivalents	(2)	7
Net increase in cash and cash equivalents	48,418	14,326
Cash and cash equivalents at beginning of period	39,812	13,719
Cash and cash equivalents at end of period	88,230	28,045
Supplemental disclosures of cash flow information:
Cash paid for interest	2,797	197
Cash paid for taxes	$ 782	$ 5,137

CONDENSED CONSOLIDATED STATEM10

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Non-cash activity:
Accrued restricted stock award dividends	$ 8	$ 10
AC 4% PIK Note [Member]
Financing activities
Debt instrument, interest rate	4.00%

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Significant Accounting Policies [Abstract]
Significant Accounting Policies	A. Significant Accounting Policies Basis of Presentation Unless we have indicated otherwise, or the context otherwise requires, references in this report to “GAMCO Investors, Inc.,” “GAMCO,” “the Company,” “GBL,” “we,” “us” and “our” or similar terms are to GAMCO Investors, Inc., its predecessors and its subsidiaries. The unaudited interim condensed consolidated financial statements of GAMCO included herein have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP in the United States for complete financial statements. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of financial position, results of operations and cash flows of GAMCO for the interim periods presented and are not necessarily indicative of a full year’s results. The interim condensed consolidated financial statements include the accounts of GAMCO and its subsidiaries. Intercompany accounts and transactions are eliminated. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2016. Use of Estimates The preparation of the interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported on the interim condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Recent Accounting Developments In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, "Revenue from Contracts with Customers," which supersedes the revenue recognition requirements in the Accounting Standards Codification ("Codification") Topic 605, Revenue Recognition, and most industry-specific guidance throughout the industry topics of the Codification. The core principle of the new ASU No. 2014-09 is for companies to recognize revenue from the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. The ASU is effective for annual reporting periods beginning after December 15, 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 January 2016, the FASB issued ASU 2016-01, which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Although the ASU retains many current requirements, it 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. The ASU also amends certain disclosure requirements associated with the fair value of financial instruments. For public companies, the new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2017. To adopt the amendments, entities will be required to make a cumulative-effect adjustment to beginning retained earnings as of the beginning of the fiscal year in which the guidance is effective. 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, which amends the guidance in U.S. GAAP for the accounting for leases. ASU 2016-02 requires a lessee to recognize assets and liabilities arising from most operating leases in the condensed 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. In March 2016, the FASB issued ASU 2016-09, which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. For public companies, the ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. The Company adopted this guidance on January 1, 2017 without a material impact to the consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, which adds and clarifies guidance on the classification of certain cash receipts and payments in the consolidated statements of cash flows. For public companies, the ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating this guidance and the impact it will have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04 to simplify the process used to test for goodwill. Under the new standard, if “the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.” For public companies, the ASU is effective for annual and any interim impairment tests for periods beginning after December 15, 2019. Early adoption is permitted for impairment tests that occur after January 1, 2017. The Company is currently evaluating this guidance and the impact it will have on its condensed consolidated financial statements.

Investment in Securities

Investment in Securities	3 Months Ended
	Mar. 31, 2017
Investment in Securities [Abstract]
Investment in Securities	B. Investment in Securities Investments in securities at March 31, 2017, December 31, 2016 and March 31, 2016 consisted of the following: March 31, 2017 December 31, 2016 March 31, 2016 Cost Fair Value Cost Fair Value Cost Fair Value (In thousands) Trading securities: Common stocks $ 20 $ 24 $ 51 $ 54 $ 15 $ 17 Total trading securities 20 24 51 54 15 17 Available for sale securities: Common stocks 18,739 33,058 18,739 37,131 17,592 36,402 Closed-end funds 99 108 99 100 - - Total available for sale securities 18,838 33,166 18,838 37,231 17,592 36,402 Total investments in securities $ 18,858 $ 33,190 $ 18,889 $ 37,285 $ 17,607 $ 36,419 There were no securities sold, not yet purchased at March 31, 2017, December 31, 2016 and March 31, 2016. Management determines the appropriate classification of debt and equity securities at the time of purchase and reevaluates such designation as of the date of each condensed consolidated statement of financial condition. Investments in United States Treasury Bills and Notes with maturities of greater than three months at the time of purchase are classified as investments in securities, and those with maturities of three months or less at the time of purchase are classified as cash equivalents. The portion of investments in securities held for resale in anticipation of short-term market movements are classified as trading securities. Trading securities are stated at fair value, with any unrealized gains or losses reported in current period earnings. Available for sale (“AFS”) investments are stated at fair value, with any unrealized gains or losses, net of taxes, reported as a component of equity except for losses deemed to be other than temporary (“OTT”) which are recorded as realized losses in the condensed consolidated statements of income. The following table identifies all reclassifications out of accumulated other comprehensive income ("AOCI") into income for the three months ended March 31, 2017 and 2016 (in thousands): Amount Affected Line Items Reason for Reclassified in the Statements Reclassification from AOCI Of Income from AOCI Three months ended March 31, 2017 2016 $ - $ 2 Net gain from investments Realized gain on sale of AFS securities - 2 Income before income taxes - (1 ) Income tax provision $ - $ 1 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 March 31, 2017, December 31, 2016 and March 31, 2016: March 31, 2017 Gross Gross Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Common stocks $ 18,739 $ 14,319 $ - $ 33,058 Closed-end funds 99 9 - 108 Total available for sale securities $ 18,838 $ 14,328 $ - $ 33,166 December 31, 2016 Gross Gross Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Common stocks $ 18,739 $ 18,392 $ - $ 37,131 Closed-end funds 99 1 - 100 Total available for sale securities $ 18,838 $ 18,393 $ - $ 37,231 March 31, 2016 Gross Gross Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Common stocks $ 17,592 $ 18,810 $ - $ 36,402 Total available for sale securities $ 17,592 $ 18,810 $ - $ 36,402 A net unrealized loss, net of taxes, for the three months ended March 31, 2017 of $2.6 million has been included in other comprehensive income, a component of equity, at March 31, 2017. A net unrealized gain, net of taxes, for the three months ended March 31, 2016 of $2.6 million has been included in other comprehensive income, a component of equity, at March 31, 2016. There were no sales of investments available for sale for the three months ended March 31, 2017. During the three months ended March 31, 2016, proceeds from the sales of investments available for sale were approximately $308,000 and gross gains on the sale of investments available for sale amounted to $2,000 and were reclassified from other comprehensive income into net gain from investments in the condensed consolidated statements of income. There were no realized losses on the sale of investments available for sale for the three months ended March 31, 2017 or March 31, 2016. The basis on which the cost of a security sold is determined using 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 condensed 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 March 31, 2017, December 31, 2016 or March 31, 2016. For the three months ended March 31, 2017 and 2016 there were no losses on available for sale securities that were deemed to be other than temporary.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017, December 31, 2016 and March 31, 2016 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 March 31, 2017 (in thousands) Quoted Prices in Active Significant Other Significant Balance as of Markets for Identical Observable Unobservable March 31, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) 2017 Cash equivalents $ 88,082 $ - $ - $ 88,082 Investments in securities: AFS - Common stocks 33,058 - - 33,058 AFS - Closed-end Funds 108 - - 108 Trading - Common stocks 24 - - 24 Total investments in securities 33,190 - - 33,190 Total assets at fair value $ 121,272 $ - $ - $ 121,272 Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2016 (in thousands) Quoted Prices in Active Significant Other Significant Balance as of Markets for Identical Observable Unobservable December 31, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) 2016 Cash equivalents $ 39,638 $ - $ - $ 39,638 Investments in securities: AFS - Common stocks 37,131 - - 37,131 AFS - Closed-end Funds 100 - - 100 Trading - Common stocks 54 - - 54 Total investments in securities 37,285 - - 37,285 Total assets at fair value $ 76,923 $ - $ - $ 76,923 Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2016 (in thousands) Quoted Prices in Active Significant Other Significant Balance as of Markets for Identical Observable Unobservable March 31, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) 2016 Cash equivalents $ 27,909 $ - $ - $ 27,909 Investments in securities: AFS - Common stocks 36,402 - - 36,402 Trading - Common stocks 17 - - 17 Total investments in securities 36,419 - - 36,419 Total assets at fair value $ 64,328 $ - $ - $ 64,328 During the quarters ended March 31, 2017 and 2016, there were no transfers between any Level 1 and Level 2 holdings, or between Level 1 and Level 3 holdings.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Taxes [Abstract]
Income Taxes	D. Income Taxes The effective tax rate ("ETR") for the three months ended March 31, 2017 and March 31, 2016 was 38.1% and 38.2%, respectively. ASU 2016-09, which was issued in March 2016 and became effective for interim and annual reporting periods beginning after December 15, 2016, simplifies several aspects of accounting for employee share-based payment transactions. Upon adoption of ASU 2016-09 on January 1, 2017, our accounting for excess tax benefits has changed and adopted prospectively, resulting in recognition of excess tax benefits against income tax expenses rather than additional paid-in capital.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	E. Earnings Per Share The Three Months Ended March 31, (In thousands, except per share amounts) 2017 2016 Basic: Net income attributable to GAMCO Investors, Inc.'s shareholders $ 24,820 $ 26,025 Weighted average shares outstanding 28,970 29,247 Basic net income per share attributable to GAMCO Investors, Inc.'s shareholders $ 0.86 $ 0.89 Diluted: Net income attributable to GAMCO Investors, Inc.'s shareholders $ 24,820 $ 26,025 Add interest on convertible notes, net of management fee and taxes 748 - Total income attributable to GAMCO Investors, Inc.'s shareholders $ 25,568 $ 26,025 Weighted average share outstanding 28,970 29,247 Dilutive stock options and restricted stock awards 190 437 Assumed conversion of convertible notes 2,000 - Total 31,160 29,684 Diluted net income per share attributable to GAMCO Investors, Inc.'s shareholders $ 0.82 $ 0.88

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt [Abstract]
Debt	F. Debt Debt consists of the following: March 31, 2017 December 31, 2016 March 31, 2016 Carrying Fair Value Carrying Fair Value Carrying Fair Value Value Level 2 Value Level 2 Value Level 2 (In thousands) 4.5 % Convertible note $ 109,844 111,634 $ 109,835 $ 111,525 $ - $ - AC 4% PIK Note 90,000 90,932 100,000 100,930 250,000 249,183 Loan from GGCP - - - - 20,000 20,161 5.875% Senior notes 24,126 24,558 24,120 24,558 24,103 23,741 Total $ 223,970 $ 227,124 $ 233,955 $ 237,013 $ 294,103 $ 293,085 4.5% Convertible Note On August 15, 2016, the Company issued and sold a 5-year, $110 million convertible note (“Convertible Note”). The note bears interest at a rate of 4.5% per annum and is convertible into shares of the Company’s Class A Common stock (“Class A Stock”) at an initial conversion price of $55.00 per share. The Convertible Note is initially convertible into two million shares of the Company’s Class A Stock, subject to adjustment pursuant to the terms of the Convertible Note. The Company is required to repurchase the Convertible Note at the request of the holder on specified dates or after certain circumstances involving a Fundamental Change (as defined in the Convertible Note). The Company recorded $174,000 of costs in connection with the issuance of the Convertible Note. GGCP, Inc. (“GGCP”), which owns approximately 63% of the equity interest of the Company, has deposited cash equal to the principal amount of the Note and six months interest (“Initial Deposit”) into an escrow account established pursuant to an escrow agreement by and among GGCP, the Company, the Convertible Note holder and the escrow agent. In connection with the Initial Deposit made by GGCP, the Company has agreed that GGCP has a right to demand payment in an amount equal to any funds withdrawn from the escrow account by the Convertible Note holder. 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. 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. During the three months ended March 31, 2017, the Company prepaid $10 million of principal of the AC 4% PIK Note against the principal amount due on November 30, 2017. Of the $90 million principal amount outstanding at March 31, 2017, $20 million is due on November 30, 2018, $20 million is due on November 30, 2019, and $50 million is due on November 30, 2020. 5.875% Senior notes On May 31, 2011, the Company issued 10-year, $100 million senior notes ("Senior Notes"). The Senior Notes mature on June 1, 2021 and bear interest at 5.875% per annum, payable semi-annually on June 1 and December 1 of each year and commenced on December 1, 2011. Upon the occurrence of a change of control triggering event, as defined in the indenture, the Company would be required to offer to repurchase the Senior Notes at 101% of their principal amount. At March 31, 2017, December 31, 2016 and March 31, 2016, the debt was recorded at its face value, net of issuance costs, of $24.1 million, $24.1 million and $24.1 million, respectively. Loan from GGCP In connection with the Offer, the Company borrowed $35.0 million from GGCP. The loan had a term of one year and bore interest at 90-day LIBOR plus 3.25%, reset and payable quarterly. On March 18, 2016, the Company paid back $15.0 million of the loan. During the second quarter of 2016 the Company paid back the remaining $20.0 million of the loan. At March 31, 2016, the debt was recorded at its face value of $20.0 million. The fair value of the Company's debt, which is a Level 2 valuation, is estimated based on either quoted market prices for the same or similar issues or on the current rates offered to the Company for debt of the same remaining maturities or using market standard models. Inputs in these standard models include credit rating, maturity and interest rate.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity [Abstract]
Stockholders' Equity	G. Stockholders' Equity Shares outstanding were 29.3 million, 29.5 million and 29.8 million on March 31, 2017, December 31, 2016 and March 31, 2016, respectively. Dividends Payment Record Date Date Amount Three months ended March 31, 2017 March 28, 2017 March 14, 2017 $ 0.02 Three months ended March 31, 2016 March 29, 2016 March 15, 2016 $ 0.02 Voting Rights The holders of Class A Stock and Class B Common stock ("Class B Stock") have identical rights except that (i) holders of Class A Stock are entitled to one vote per share, while holders of Class B Stock are entitled to ten votes per share on all matters to be voted on by shareholders in general, and (ii) holders of Class A Stock are not eligible to vote on matters relating exclusively to Class B Stock and vice versa. Stock Award and Incentive Plan The Company maintains two Plans approved by the shareholders, 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 4.0 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. As of March 31, 2017, December 31, 2016 and March 31, 2016, there were 420,240 RSA shares, 424,340 RSA shares and 553,100 RSA shares outstanding, respectively, that were previously issued at an average weighted grant price of $65.59, $65.74 and $64.02, respectively. These RSA grants occurred prior to the spin-off of Associated Capital. On November 30, 2015, pursuant to the spin-off, all RSA grant holders received shares of Associated Capital’s Class A common stock as a result of their ownership of their GAMCO unvested RSAs (one share of Associated Capital for each share of GBL). All grants of the RSA shares were recommended by the Company's Chairman, who did not receive a RSA, and approved by the Compensation Committee. This expense, net of estimated forfeitures, is recognized over the vesting period for these awards which is 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 (deficit) on the declaration date. ASU 2016-09, which was issued in March 2016 and became effective for interim and annual reporting periods beginning after December 15, 2016, simplifies several aspects of accounting for employee share-based payment transactions. Upon adoption of ASU 2016-09 on January 1, 2017, the Company elected not to change its accounting policy on forfeitures and continue to estimate forfeitures rather than accounting for forfeitures as they occur, an alternative allowed under ASU 2016-09. For the three months ended March 31, 2017 and March 31, 2016, we recognized stock-based compensation expense of $0.7 million and $1.0 million, respectively. Actual and projected stock-based compensation expense for RSA shares for the years ended December 31, 2016 through December 31, 2024 (based on awards currently issued or granted) is as follows (in thousands): 2016 2017 2018 2019 2020 Q1 $ 1,037 $ 699 $ 473 $ 373 $ 223 Q2 1,036 698 461 373 207 Q3 1,186 614 410 331 171 Q4 691 531 374 302 147 Full Year $ 3,950 $ 2,542 $ 1,718 $ 1,379 $ 748 2021 2022 2023 2024 Q1 $ 147 95 $ 49 $ 8 Q2 147 95 49 8 Q3 116 67 24 5 Q4 95 49 8 - Full Year $ 505 306 $ 130 $ 21 The total compensation cost related to non-vested RSAs not yet recognized is approximately $6.7 million as of March 31, 2017. Stock Repurchase Program In March 1999, GAMCO's Board of Directors established the Stock Repurchase Program to grant management the authority to repurchase shares of our Class A Common Stock. For the three months ended March 31, 2017 and March 31, 2016, the Company repurchased 125,410 shares and 30,503 shares, respectively, at an average price per share of $30.25 and $29.42, respectively. From the inception of the program through March 31, 2017, 10,026,750 shares have been repurchased at an average price of $44.14 per share. At March 31, 2017, the total shares available under the program to be repurchased in the future were 108,058. Shelf Registration On May 4, 2015, the Securities and Exchange Commission (“SEC”) declared effective the “shelf” registration statement filed by the Company. The “shelf” provides the Company with the flexibility of issuing any combination of senior and subordinated debt securities, convertible securities and common and preferred securities up to a total amount of $500 million and replaced the existing shelf registration which expired in May 2015. As of March 31, 2017, $500 million is available on the shelf.

Identifiable Intangible Assets

Identifiable Intangible Assets	3 Months Ended
	Mar. 31, 2017
Identifiable Intangible Assets [Abstract]
Identifiable Intangible Assets	H. Identifiable Intangible Assets As a result of becoming the advisor to the Gabelli Enterprise Mergers and Acquisitions Fund and the associated consideration paid, the Company maintains an identifiable intangible asset of $1.9 million within other assets on the condensed consolidated statements of financial condition at March 31, 2017, December 31, 2016 and March 31, 2016. The investment advisory agreement is subject to annual renewal by the fund's Board of Directors, which the Company expects to be renewed, and the Company does not expect to incur additional expense as a result, which is consistent with other investment advisory agreements entered into by the Company. The advisory contract is next up for renewal in February 2018. 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 condensed consolidated statement of financial condition at March 31, 2017, December 31, 2016 and March 31, 2016. The advisory contracts for the Bancroft Fund Ltd. and the Ellsworth Growth and Income Fund Ltd. are both next up for renewal in August 2017. The Company assesses the recoverability of this intangible asset at least annually, or more often should events warrant. There were no indicators of impairment for the three months ended March 31, 2017 or March 31, 2016, and as such there was no impairment analysis performed or charge recorded.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies [Abstract]
Commitments and Contingencies	I. Commitments and Contingencies From time to time, the Company may be named in legal actions and proceedings. These actions may seek substantial or indeterminate compensatory as well as punitive damages or injunctive relief. The Company is also subject to governmental or regulatory examinations or investigations. The examinations or investigations could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief. For any such matters, the condensed consolidated financial statements include the necessary provisions for losses that the Company believes are probable and estimable. Furthermore, the Company evaluates whether there exist losses which may be reasonably possible and will, if material, make the necessary disclosures. However, management believes such amounts, both those that are probable and those that are reasonably possible, are not material to the Company's financial condition, operations or cash flows at March 31, 2017.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	J. Subsequent Events On May 1, 2017, GAMCO pre-paid $10 million of the AC 4% PIK Note, which was applied to the $10 million payment due on November 30, 2018. Of the $80 million principal amount outstanding after this payment, $10 million is due on November 30, 2018, $20 million is due on November 30, 2019, and $50 million is due on November 30, 2020. On May 3, 2017, the Board of Directors declared its regular quarterly dividend of $0.02 per share to all of its shareholders, payable on July 11, 2017 to shareholders of record on June 27, 2017. From April 1, 2017 to May 3, 2017, the Company repurchased 12,487 shares at $28.21 per share. On May 3, 2017, the Board of Directors increased the authorization under the Stock Repurchase Program by an additional 500,000 shares. As a result, there are 595,571 shares available to be repurchased under this existing buyback plan at May 3, 2017.

Significant Accounting Polici21

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Unless we have indicated otherwise, or the context otherwise requires, references in this report to “GAMCO Investors, Inc.,” “GAMCO,” “the Company,” “GBL,” “we,” “us” and “our” or similar terms are to GAMCO Investors, Inc., its predecessors and its subsidiaries. The unaudited interim condensed consolidated financial statements of GAMCO included herein have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP in the United States for complete financial statements. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of financial position, results of operations and cash flows of GAMCO for the interim periods presented and are not necessarily indicative of a full year’s results. The interim condensed consolidated financial statements include the accounts of GAMCO and its subsidiaries. Intercompany accounts and transactions are eliminated. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2016.
Use of Estimates	Use of Estimates The preparation of the interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported on the interim condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Recent Accounting Developments	Recent Accounting Developments In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, "Revenue from Contracts with Customers," which supersedes the revenue recognition requirements in the Accounting Standards Codification ("Codification") Topic 605, Revenue Recognition, and most industry-specific guidance throughout the industry topics of the Codification. The core principle of the new ASU No. 2014-09 is for companies to recognize revenue from the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. The ASU is effective for annual reporting periods beginning after December 15, 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 January 2016, the FASB issued ASU 2016-01, which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Although the ASU retains many current requirements, it 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. The ASU also amends certain disclosure requirements associated with the fair value of financial instruments. For public companies, the new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2017. To adopt the amendments, entities will be required to make a cumulative-effect adjustment to beginning retained earnings as of the beginning of the fiscal year in which the guidance is effective. 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, which amends the guidance in U.S. GAAP for the accounting for leases. ASU 2016-02 requires a lessee to recognize assets and liabilities arising from most operating leases in the condensed 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. In March 2016, the FASB issued ASU 2016-09, which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. For public companies, the ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. The Company adopted this guidance on January 1, 2017 without a material impact to the consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, which adds and clarifies guidance on the classification of certain cash receipts and payments in the consolidated statements of cash flows. For public companies, the ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating this guidance and the impact it will have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04 to simplify the process used to test for goodwill. Under the new standard, if “the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.” For public companies, the ASU is effective for annual and any interim impairment tests for periods beginning after December 15, 2019. Early adoption is permitted for impairment tests that occur after January 1, 2017. The Company is currently evaluating this guidance and the impact it will have on its condensed consolidated financial statements.

Investment in Securities (Table

Investment in Securities (Tables)	3 Months Ended
	Mar. 31, 2017
Investment in Securities [Abstract]
Investments in Securities	Investments in securities at March 31, 2017, December 31, 2016 and March 31, 2016 consisted of the following: March 31, 2017 December 31, 2016 March 31, 2016 Cost Fair Value Cost Fair Value Cost Fair Value (In thousands) Trading securities: Common stocks $ 20 $ 24 $ 51 $ 54 $ 15 $ 17 Total trading securities 20 24 51 54 15 17 Available for sale securities: Common stocks 18,739 33,058 18,739 37,131 17,592 36,402 Closed-end funds 99 108 99 100 - - Total available for sale securities 18,838 33,166 18,838 37,231 17,592 36,402 Total investments in securities $ 18,858 $ 33,190 $ 18,889 $ 37,285 $ 17,607 $ 36,419
Reclassifications Out of Accumulated Other Comprehensive Income	The following table identifies all reclassifications out of accumulated other comprehensive income ("AOCI") into income for the three months ended March 31, 2017 and 2016 (in thousands): Amount Affected Line Items Reason for Reclassified in the Statements Reclassification from AOCI Of Income from AOCI Three months ended March 31, 2017 2016 $ - $ 2 Net gain from investments Realized gain on sale of AFS securities - 2 Income before income taxes - (1 ) Income tax provision $ - $ 1 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 March 31, 2017, December 31, 2016 and March 31, 2016: March 31, 2017 Gross Gross Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Common stocks $ 18,739 $ 14,319 $ - $ 33,058 Closed-end funds 99 9 - 108 Total available for sale securities $ 18,838 $ 14,328 $ - $ 33,166 December 31, 2016 Gross Gross Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Common stocks $ 18,739 $ 18,392 $ - $ 37,131 Closed-end funds 99 1 - 100 Total available for sale securities $ 18,838 $ 18,393 $ - $ 37,231 March 31, 2016 Gross Gross Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Common stocks $ 17,592 $ 18,810 $ - $ 36,402 Total available for sale securities $ 17,592 $ 18,810 $ - $ 36,402

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2017 (in thousands) Quoted Prices in Active Significant Other Significant Balance as of Markets for Identical Observable Unobservable March 31, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) 2017 Cash equivalents $ 88,082 $ - $ - $ 88,082 Investments in securities: AFS - Common stocks 33,058 - - 33,058 AFS - Closed-end Funds 108 - - 108 Trading - Common stocks 24 - - 24 Total investments in securities 33,190 - - 33,190 Total assets at fair value $ 121,272 $ - $ - $ 121,272 Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2016 (in thousands) Quoted Prices in Active Significant Other Significant Balance as of Markets for Identical Observable Unobservable December 31, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) 2016 Cash equivalents $ 39,638 $ - $ - $ 39,638 Investments in securities: AFS - Common stocks 37,131 - - 37,131 AFS - Closed-end Funds 100 - - 100 Trading - Common stocks 54 - - 54 Total investments in securities 37,285 - - 37,285 Total assets at fair value $ 76,923 $ - $ - $ 76,923 Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2016 (in thousands) Quoted Prices in Active Significant Other Significant Balance as of Markets for Identical Observable Unobservable March 31, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) 2016 Cash equivalents $ 27,909 $ - $ - $ 27,909 Investments in securities: AFS - Common stocks 36,402 - - 36,402 Trading - Common stocks 17 - - 17 Total investments in securities 36,419 - - 36,419 Total assets at fair value $ 64,328 $ - $ - $ 64,328

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Computations of Basic and Diluted Net Income per Share	The Three Months Ended March 31, (In thousands, except per share amounts) 2017 2016 Basic: Net income attributable to GAMCO Investors, Inc.'s shareholders $ 24,820 $ 26,025 Weighted average shares outstanding 28,970 29,247 Basic net income per share attributable to GAMCO Investors, Inc.'s shareholders $ 0.86 $ 0.89 Diluted: Net income attributable to GAMCO Investors, Inc.'s shareholders $ 24,820 $ 26,025 Add interest on convertible notes, net of management fee and taxes 748 - Total income attributable to GAMCO Investors, Inc.'s shareholders $ 25,568 $ 26,025 Weighted average share outstanding 28,970 29,247 Dilutive stock options and restricted stock awards 190 437 Assumed conversion of convertible notes 2,000 - Total 31,160 29,684 Diluted net income per share attributable to GAMCO Investors, Inc.'s shareholders $ 0.82 $ 0.88 F. Debt

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt [Abstract]
Schedule of Debt	Debt consists of the following: March 31, 2017 December 31, 2016 March 31, 2016 Carrying Fair Value Carrying Fair Value Carrying Fair Value Value Level 2 Value Level 2 Value Level 2 (In thousands) 4.5 % Convertible note $ 109,844 111,634 $ 109,835 $ 111,525 $ - $ - AC 4% PIK Note 90,000 90,932 100,000 100,930 250,000 249,183 Loan from GGCP - - - - 20,000 20,161 5.875% Senior notes 24,126 24,558 24,120 24,558 24,103 23,741 Total $ 223,970 $ 227,124 $ 233,955 $ 237,013 $ 294,103 $ 293,085

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity [Abstract]
Dividends	Dividends Payment Record Date Date Amount Three months ended March 31, 2017 March 28, 2017 March 14, 2017 $ 0.02 Three months ended March 31, 2016 March 29, 2016 March 15, 2016 $ 0.02
Actual and Projected Stock-based Compensation Expense for RSA Shares and Options	For the three months ended March 31, 2017 and March 31, 2016, we recognized stock-based compensation expense of $0.7 million and $1.0 million, respectively. Actual and projected stock-based compensation expense for RSA shares for the years ended December 31, 2016 through December 31, 2024 (based on awards currently issued or granted) is as follows (in thousands): 2016 2017 2018 2019 2020 Q1 $ 1,037 $ 699 $ 473 $ 373 $ 223 Q2 1,036 698 461 373 207 Q3 1,186 614 410 331 171 Q4 691 531 374 302 147 Full Year $ 3,950 $ 2,542 $ 1,718 $ 1,379 $ 748 2021 2022 2023 2024 Q1 $ 147 95 $ 49 $ 8 Q2 147 95 49 8 Q3 116 67 24 5 Q4 95 49 8 - Full Year $ 505 306 $ 130 $ 21 The total compensation cost related to non-vested RSAs not yet recognized is approximately $6.7 million as of March 31, 2017.

Investment in Securities, Inves

Investment in Securities, Investment in Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Trading securities [Abstract]
Cost	$ 20	$ 51	$ 15
Fair value	24	54	17
Available for sale securities [Abstract]
Cost	18,838	18,838	17,592
Fair value	33,166	37,231	36,402
Total investments in securities [Abstract]
Cost	18,858	18,889	17,607
Fair value	33,190	37,285	36,419
Common Stock [Member]
Trading securities [Abstract]
Cost	20	51	15
Fair value	24	54	17
Available for sale securities [Abstract]
Cost	18,739	18,739	17,592
Fair value	33,058	37,131	36,402
Closed End Funds [Member]
Available for sale securities [Abstract]
Cost	99	99	0
Fair value	$ 108	$ 100	$ 0

Investment in Securities, Secur

Investment in Securities, Securities Sold, Not Yet Purchased (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Investment in Securities [Abstract]
Investment sold, not yet purchased	$ 0	$ 0	$ 0

Investment in Securities, Recla

Investment in Securities, Reclassifications Out of Accumulated Other Comprehensive Income into Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net gain from investments	$ 40	$ 223
Income before income taxes	40,120	42,127
Income tax provision	(15,300)	(16,102)
Net income attributable to GAMCO Investors, Inc.'s shareholders	24,820	26,025
Amount Reclassified from AOCI [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	0	2
Income tax provision	0	(1)
Net income attributable to GAMCO Investors, Inc.'s shareholders	0	1
Realized Gain on Sale of AFS Securities [Member] | Amount Reclassified from AOCI [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net gain from investments	$ 0	$ 2

Investment in Securities, Summa

Investment in Securities, Summary of Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract]
Cost	$ 18,838,000	$ 17,592,000	$ 18,838,000
Gross unrealized gains	14,328,000	18,810,000	18,393,000
Gross unrealized losses	0	0	0
Fair value	33,166,000	36,402,000	37,231,000
Changes in net unrealized gain (loss), net of tax	(2,561,000)	2,583,000
Proceeds from sale of investment available for sale	0	308,000
Gross realized gains on sale of investment available for sale		2,000
Gross realized losses on sale of investment available for sale	0	0
Common Stock [Member]
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract]
Cost	18,739,000	17,592,000	18,739,000
Gross unrealized gains	14,319,000	18,810,000	18,392,000
Gross unrealized losses	0	0	0
Fair value	33,058,000	36,402,000	37,131,000
Closed-end Funds [Member]
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract]
Cost	99,000	0	99,000
Gross unrealized gains	9,000		1,000
Gross unrealized losses	0		0
Fair value	$ 108,000	$ 0	$ 100,000

Investment in Securities, Inv31

Investment in Securities, Investments Classified as Available for Sale in Unrealized Loss Position (Details)	3 Months Ended
	Mar. 31, 2017USD ($)Investment	Mar. 31, 2016USD ($)Investment	Dec. 31, 2016Investment
Schedule of Available-for-sale Securities [Line Items]
Number of investment holding in loss positions | Investment	0	0	0
Losses on available for sale securities deemed to be other than temporary | $	$ 0	$ 0

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Investments in securities [Abstract]
Total investments in securities	$ 33,190	$ 37,285	$ 36,419
Recurring Basis [Member]
Assets [Abstract]
Cash equivalents	88,082	39,638	27,909
Investments in securities [Abstract]
AFS - Common stocks	33,058	37,131	36,402
AFS - Closed-end Funds	108	100
Trading - Common stocks	24	54	17
Total investments in securities	33,190	37,285	36,419
Total assets at fair value	121,272	76,923	64,328
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Cash equivalents	88,082	39,638	27,909
Investments in securities [Abstract]
AFS - Common stocks	33,058	37,131	36,402
AFS - Closed-end Funds	108	100
Trading - Common stocks	24	54	17
Total investments in securities	33,190	37,285	36,419
Total assets at fair value	121,272	76,923	64,328
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Cash equivalents	0	0	0
Investments in securities [Abstract]
AFS - Common stocks	0	0	0
AFS - Closed-end Funds	0	0
Trading - Common stocks	0	0	0
Total investments in securities	0	0	0
Total assets at fair value	0	0	0
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Cash equivalents	0	0	0
Investments in securities [Abstract]
AFS - Common stocks	0	0	0
AFS - Closed-end Funds	0	0
Trading - Common stocks	0	0	0
Total investments in securities	0	0	0
Total assets at fair value	$ 0	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Taxes [Abstract]
Effective income tax rate	38.10%	38.20%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Basic [Abstract]
Net income attributable to GAMCO Investors, Inc.'s shareholders	$ 24,820	$ 26,025
Weighted average shares outstanding (in shares)	28,970	29,247
Basic net income per share attributable to GAMCO Investors, Inc.'s shareholders (in dollars per share)	$ 0.86	$ 0.89
Diluted [Abstract]
Net income attributable to GAMCO Investors, Inc.'s shareholders	$ 24,820	$ 26,025
Add interest on convertible notes, net of management fee and taxes	748	0
Total income attributable to GAMCO Investors, Inc.'s shareholders	$ 25,568	$ 26,025
Weighted average shares outstanding (in shares)	28,970	29,247
Dilutive stock options and restricted stock awards (in shares)	190	437
Assumed conversion of convertible notes (in shares)	2,000	0
Total (in shares)	31,160	29,684
Diluted net income per share attributable to GAMCO Investors, Inc.'s shareholders (in dollars per share)	$ 0.82	$ 0.88

Debt (Details)

Debt (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Mar. 18, 2016	May 31, 2011	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2016	Aug. 15, 2016	Nov. 30, 2015	May 04, 2015
Long-term debt [Abstract]
Carrying value			$ 223,970		$ 294,103	$ 233,955
Prepayment of debt			10,000		0
Maximum amount of debt and equity to be issued under shelf registration									$ 500,000
Amount available for debt and equity issuance under shelf registration			500,000
Level 2 [Member]
Long-term debt [Abstract]
Fair value			227,124		293,085	237,013
4.5% Convertible Notes [Member]
Long-term debt [Abstract]
Carrying value			$ 109,844		$ 0	$ 109,835
Debt instrument, interest rate			4.50%		4.50%	4.50%	4.50%
Debt instrument, term			5 years
Face value of debt							$ 110,000
Debt instrument, maturity date			Aug. 15, 2021
Debt issuance costs			$ 156		$ 0	$ 165	$ 174
4.5% Convertible Notes [Member] | Common Class A [Member]
Long-term debt [Abstract]
Debt instrument, conversion price (in dollars per share)							$ 55
Debt instrument, shares issuable in conversion (in shares)							2
4.5% Convertible Notes [Member] | Level 2 [Member]
Long-term debt [Abstract]
Fair value			$ 111,634		0	111,525
4.5% Convertible Notes [Member] | GGCP Holdings LLC [Member]
Long-term debt [Abstract]
Equity method investment, ownership percentage							63.00%
Period of interest included in initial deposit			6 months
AC 4% PIK Note [Member]
Long-term debt [Abstract]
Carrying value			$ 90,000		250,000	100,000
Debt instrument, interest rate			4.00%					4.00%
Face value of debt			$ 90,000					$ 250,000
Debt instrument, maturity date			Nov. 30, 2020
AC 4% PIK Note [Member] | Principal Amount Due on November 30, 2017 [Member]
Long-term debt [Abstract]
Prepayment of debt			$ 10,000
AC 4% PIK Note [Member] | Principal Amount Due on November 30, 2018 [Member]
Long-term debt [Abstract]
Face value of debt			20,000
AC 4% PIK Note [Member] | Principal Amount Due on November 30, 2019 [Member]
Long-term debt [Abstract]
Face value of debt			20,000
AC 4% PIK Note [Member] | Principal Amount Due on November 30, 2020 [Member]
Long-term debt [Abstract]
Face value of debt			50,000
AC 4% PIK Note [Member] | Level 2 [Member]
Long-term debt [Abstract]
Fair value			90,932		249,183	100,930
Loan from GGCP [Member]
Long-term debt [Abstract]
Carrying value			$ 0		20,000	0
Debt instrument, term			1 year
Face value of debt			$ 35,000
Debt instrument, maturity date			Dec. 28, 2016
Repayment of debt	$ 15,000			$ 20,000
Loan from GGCP [Member] | 90-day LIBOR [Member]
Long-term debt [Abstract]
Debt instrument, basis spread on variable rate			3.25%
Debt instrument term of variable rate			90 days
Loan from GGCP [Member] | Level 2 [Member]
Long-term debt [Abstract]
Fair value			$ 0		20,161	0
5.875% Senior Notes [Member]
Long-term debt [Abstract]
Carrying value			$ 24,126		$ 24,103	$ 24,120
Debt instrument, interest rate		5.875%	5.875%		5.875%	5.875%
Debt instrument, term			10 years
Face value of debt		$ 100,000
Debt instrument, maturity date			Jun. 1, 2021
Debt issuance costs			$ 99		$ 122	$ 105
Debt redemption price		101.00%
5.875% Senior Notes [Member] | Level 2 [Member]
Long-term debt [Abstract]
Fair value			$ 24,558		$ 23,741	$ 24,558

Stockholders' Equity, Dividends

Stockholders' Equity, Dividends (Details) - $ / shares shares in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Stockholders' Equity [Abstract]
Shares outstanding (in shares)	29.3	29.8	29.5
Dividends Payable [Line Items]
Dividends declared (in dollars per share)	$ 0.02	$ 0.02
Quarterly Dividend Declared in Q1 2017 [Member]
Dividends Payable [Line Items]
Dividends declared (in dollars per share)	$ 0.02
Dividend payment date	Mar. 28, 2017
Dividend record date	Mar. 14, 2017
Quarterly Dividend Declared in Q1 2016 [Member]
Dividends Payable [Line Items]
Dividends declared (in dollars per share)		$ 0.02
Dividend payment date		Mar. 29, 2016
Dividend record date		Mar. 15, 2016

Stockholders' Equity, Voting Ri

Stockholders' Equity, Voting Rights, Stock Award and Incentive Plan (Details) $ / shares in Units, $ in Thousands	Nov. 30, 2015shares	Mar. 31, 2017USD ($)VoteperSharePlan$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares
Stock Award and Incentive Plan [Abstract]
Number of incentive plans | Plan		2
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
Actual stock based compensation expense		$ 699	$ 691	$ 1,186	$ 1,036	$ 1,037	$ 3,950
2,017		2,542
2,018		1,718
2,019		1,379
2,020		748
2,021		505
2,022		306
2,023		130
2,024		21
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Compensation cost related to non-vested options not yet recognized		$ 6,700
Stock Options [Member] | Maximum [Member]
Stock Award and Incentive Plan [Abstract]
Term of nonqualified stock options		10 years
Restricted Stock Awards [Member]
Stock Award and Incentive Plan [Abstract]
RSA shares outstanding (in shares) | shares		420,240	424,340			553,100	424,340
Average weighted grant price (in dollars per share) | $ / shares		$ 65.59	$ 65.74			$ 64.02	$ 65.74
Restricted Stock Awards [Member] | Vesting in Three Years from Date of Grant [Member]
Stock Award and Incentive Plan [Abstract]
Award vesting percentage		30.00%
Award vesting period		3 years
Restricted Stock Awards [Member] | Vesting in Five Years from Date of Grant [Member]
Stock Award and Incentive Plan [Abstract]
Award vesting percentage		70.00%
Award vesting period		5 years
Restricted Stock Awards [Member] | Vesting in Year Four from Date of Grant [Member]
Stock Award and Incentive Plan [Abstract]
Award vesting percentage		10.00%
Restricted Stock Awards [Member] | Vesting in Year Five from Date of Grant [Member]
Stock Award and Incentive Plan [Abstract]
Award vesting percentage		10.00%
Restricted Stock Awards [Member] | Vesting in Year Six from Date of Grant [Member]
Stock Award and Incentive Plan [Abstract]
Award vesting percentage		10.00%
Restricted Stock Awards [Member] | Vesting in Year Seven from Date of Grant [Member]
Stock Award and Incentive Plan [Abstract]
Award vesting percentage		10.00%
Restricted Stock Awards [Member] | Vesting in Year Eight from Date of Grant [Member]
Stock Award and Incentive Plan [Abstract]
Award vesting percentage		10.00%
Restricted Stock Awards [Member] | Vesting in Year Nine from Date of Grant [Member]
Stock Award and Incentive Plan [Abstract]
Award vesting percentage		10.00%
Restricted Stock Awards [Member] | Vesting in Year Ten from Date of Grant [Member]
Stock Award and Incentive Plan [Abstract]
Award vesting percentage		10.00%
Q1 [Member]
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
2,018		$ 473
2,019		373
2,020		223
2,021		147
2,022		95
2,023		49
2,024		8
Q2 [Member]
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
2,017		698
2,018		461
2,019		373
2,020		207
2,021		147
2,022		95
2,023		49
2,024		8
Q3 [Member]
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
2,017		614
2,018		410
2,019		331
2,020		171
2,021		116
2,022		67
2,023		24
2,024		5
Q4 [Member]
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
2,017		531
2,018		374
2,019		302
2,020		147
2,021		95
2,022		49
2,023		8
2,024		$ 0
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		4,000,000
Class A [Member] | Restricted Stock Awards [Member] | AC [Member]
Stock Award and Incentive Plan [Abstract]
Number of shares of common stock issued for each share of Gamco common stock in spin-off (in shares) | shares	1
Class B [Member]
Voting Rights [Abstract]
Number of votes per share | VoteperShare		10

Stockholders' Equity, Stock Rep

Stockholders' Equity, Stock Repurchase Program and Shelf Registration (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		219 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	May 04, 2015
Shelf Registration [Abstract]
Maximum amount of debt and equity to be issued under shelf registration				$ 500
Amount available for debt and equity issuance under shelf registration	$ 500		$ 500
Common Class A [Member] | Stock Repurchase Program [Member]
Stock Repurchase Program [Abstract]
Shares repurchased (in shares)	125,410	30,503	10,026,750
Average price per share of repurchased shares (in dollars per share)	$ 30.25	$ 29.42	$ 44.14
Share available under program to repurchase (in shares)	108,058		108,058

Identifiable Intangible Assets

Identifiable Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Impairment on intangible assets	$ 0	$ 0
Investment Advisory Contract [Member] | Gabelli Enterprise Mergers and Acquisitions Fund [Member]
Finite-Lived Intangible Assets [Line Items]
Identifiable intangible asset	1.9	1.9	$ 1.9
Investment Advisory Contract [Member] | Bancroft Fund Ltd. and the Ellsworth Growth and Income Fund Ltd. [Member]
Finite-Lived Intangible Assets [Line Items]
Identifiable intangible asset	$ 1.6	$ 1.6	$ 1.6

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	May 03, 2017	May 01, 2017	May 03, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Nov. 30, 2015
Subsequent Event [Line Items]
Prepayment of debt				$ 10,000	$ 0
Principal amount outstanding				$ 223,970	$ 294,103	$ 233,955
Dividends declared (in dollars per share)				$ 0.02	$ 0.02
Loan from GGCP [Member]
Subsequent Event [Line Items]
Principal amount outstanding				$ 0	$ 20,000	0
AC 4% PIK Note [Member]
Subsequent Event [Line Items]
Debt instrument, interest rate				4.00%			4.00%
Principal amount outstanding				$ 90,000	$ 250,000	$ 100,000
AC 4% PIK Note [Member] | Principal Amount Due on November 30, 2018 [Member]
Subsequent Event [Line Items]
Prepayment of debt				$ 10,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Stock repurchased (in shares)			12,487
Average price per share of repurchased shares (in dollars per share)			$ 28.21
Additional shares authorized to be issued (in shares)	500,000
Shares available to be repurchased under the plan (in shares)	595,571		595,571
Subsequent Event [Member] | Quarterly Dividend Declared in Q2 2017 [Member]
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.02
Dividends declared date	May 3, 2017
Dividends payable date	Jul. 11, 2017
Dividends record date	Jun. 27, 2017
Subsequent Event [Member] | AC 4% PIK Note [Member]
Subsequent Event [Line Items]
Prepayment of debt		$ 10,000
Debt instrument, interest rate		4.00%
Principal amount outstanding		$ 80,000
Subsequent Event [Member] | AC 4% PIK Note [Member] | Principal Amount Due on November 30, 2018 [Member]
Subsequent Event [Line Items]
Prepayment of debt		10,000
Principal amount outstanding		10,000
Subsequent Event [Member] | AC 4% PIK Note [Member] | Principal Amount Due on November 30, 2019 [Member]
Subsequent Event [Line Items]
Principal amount outstanding		20,000
Subsequent Event [Member] | AC 4% PIK Note [Member] | Principal Amount Due on November 30, 2020 [Member]
Subsequent Event [Line Items]
Principal amount outstanding		$ 50,000