GAMCO Investors (GAMI) 10-Q 3 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 31, 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	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Class A [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		10,208,724
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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues
Investment advisory and incentive fees	$ 76,625	$ 72,794	$ 151,614	$ 143,642
Distribution fees and other income	10,975	11,150	21,903	21,687
Total revenues	87,600	83,944	173,517	165,329
Expenses
Compensation	29,437	20,623	54,715	40,897
Management fee	2,356	1,133	4,520	2,213
Distribution costs	10,795	10,501	21,708	21,218
Other operating expenses	5,352	4,940	10,471	9,312
Total expenses	47,940	37,197	91,414	73,640
Operating income	39,660	46,747	82,103	91,689
Other income (expense)
Net gain (loss) from investments	(14)	240	26	463
Interest and dividend income	551	365	1,020	733
Interest expense	(2,749)	(3,168)	(5,581)	(6,574)
Total other expense, net	(2,212)	(2,563)	(4,535)	(5,378)
Income before income taxes	37,448	44,184	77,568	86,311
Income tax provision	14,554	16,641	29,854	32,743
Income from continuing operations			47,714	53,568
Net income attributable to GAMCO Investors, Inc.'s shareholders	$ 22,894	$ 27,543	$ 47,714	$ 53,568
Net income attributable to GAMCO Investors, Inc.'s shareholders per share:
Basic (in dollars per share)	$ 0.79	$ 0.94	$ 1.65	$ 1.83
Diluted (in dollars per share)	$ 0.76	$ 0.93	$ 1.58	$ 1.82
Weighted average shares outstanding:
Basic (in shares)	28,896	29,234	28,933	29,241
Diluted (in shares)	31,100	29,522	31,130	29,510
Dividends declared: (in dollars per share)	$ 0.02	$ 0.02	$ 0.04	$ 0.04

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2017		Jun. 30, 2016		Jun. 30, 2017	Jun. 30, 2016
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED [Abstract]
Net income	$ 22,894		$ 27,543		$ 47,714	$ 53,568
Other comprehensive gain/(loss), net of tax:
Foreign currency translation	37		(65)		47	(93)
Net unrealized gain/(loss) on securities available for sale	1,259	[1]	(2,766)	[1]	(1,302)	(183)
Other comprehensive gain/(loss)	1,296		(2,831)		(1,255)	(276)
Comprehensive income attributable to GAMCO Investors, Inc.	$ 24,190		$ 24,712		$ 46,459	$ 53,292
[1]	Net of income tax expense/(benefit) of $739, ($1,624), ($765) and ($107), respectively.

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED [Abstract]
Net unrealized gain/(loss) on securities available for sale, net of income tax expense/(benefit)	$ 739	$ (1,624)	$ (765)	$ (107)

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION UNAUDITED - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016
ASSETS
Cash and cash equivalents	$ 90,405	$ 39,812	$ 24,224
Investments in securities	35,225	37,285	32,079
Receivable from brokers	843	453	230
Investment advisory fees receivable	27,495	43,736	31,811
Receivable from affiliates	4,893	5,960	0
Income tax receivable and deferred tax asset	19,361	9,349	11,905
Other assets	12,709	12,634	13,665
Total assets	190,931	149,229	113,914
LIABILITIES AND EQUITY
Payable to brokers	4,670	66	45
Income taxes payable and deferred tax liabilities	3,486	3,815	822
Capital lease obligation	5,008	5,066	5,120
Compensation payable	53,642	42,384	25,592
Payable to affiliates	2,387	1,412	1,226
Accrued expenses and other liabilities	28,791	29,178	30,483
Sub-total	97,984	81,921	63,288
4.5% Convertible note (net of issuance costs of $147, $165 and $0, respectively) (due August 15, 2021) (Note F)	109,853	109,835	0
AC 4% PIK Note (due November 30, 2020) (Note F)	80,000	100,000	250,000
5.875% Senior notes (net of issuance costs of $93, $105 and $116, respectively) (due June 1, 2021) (Note F)	24,132	24,120	24,109
Total liabilities	311,969	315,876	337,397
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	8,981	3,903	2,417
Retained earnings	127,058	80,515	18,155
Accumulated other comprehensive income	10,016	11,271	8,839
Treasury stock, at cost (5,266,301, 5,107,481 and 4,801,829 shares, respectively)	(267,126)	(262,369)	(252,927)
Total GAMCO Investors, Inc. stockholders' equity (deficit)	(121,038)	(166,647)	(223,483)
Total liabilities and equity (deficit)	190,931	149,229	113,914
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	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 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)	5,266,301	5,107,481	4,801,829
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)	15,475,025	15,477,082	15,482,982
Common Stock, outstanding (in shares)	10,208,724	10,369,601	10,681,153
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)	19,092,168	19,093,311	19,093,311
4.5% Convertible Notes [Member]
LIABILITIES AND EQUITY
Debt instrument, interest rate	4.50%	4.50%	4.50%
Debt issuance costs	$ 147	$ 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
5.875% Senior Notes [Member]
LIABILITIES AND EQUITY
Debt instrument, interest rate	5.875%	5.875%	5.875%
Debt issuance costs	$ 93	$ 105	$ 116
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	53,568	0	0	53,568
Net unrealized loss on securities available for sale, net of income tax expense	0	0	0	(85)	0	(85)
Amounts reclassified from accumulated other comprehensive income, net of income tax expense	0	0	0	(98)	0	(98)
Foreign currency translation	0	0	0	(93)	0	(93)
Dividends declared	0	0	(1,189)	0	0	(1,189)
Stock based compensation expense	0	2,072	0	0	0	2,072
Purchase of treasury stock	0	0	0	0	(1,331)	(1,331)
Balance at Jun. 30, 2016	33	2,417	18,155	8,839	(252,927)	(223,483)
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	47,714	0	0	47,714
Net unrealized loss on securities available for sale, net of income tax expense	0	0	0	(1,281)	0	(1,281)
Amounts reclassified from accumulated other comprehensive income, net of income tax expense	0	0	0	(21)	0	(21)
Foreign currency translation	0	0	0	47	0	47
Dividends declared	0	0	(1,171)	0	0	(1,171)
Stock based compensation expense	0	5,078	0	0	0	5,078
Purchase of treasury stock	0	0	0	0	(4,757)	(4,757)
Balance at Jun. 30, 2017	$ 33	$ 8,981	$ 127,058	$ 10,016	$ (267,126)	$ (121,038)

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED [Abstract]
Net unrealized gains (losses) on securities available for sale, income tax expense (benefit)	$ (752)	$ (49)
Amounts reclassified from accumulated other comprehensive income, income tax expense (benefit)	$ (13)	$ 58
Dividends declared (in dollars per share)	$ 0.04	$ 0.04

CONDENSED CONSOLIDATED STATEME9

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating activities
Net income	$ 47,714	$ 53,568
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	294	313
Stock based compensation expense	5,078	2,072
Deferred income taxes	(5,698)	(2,016)
Foreign currency translation loss	47	(93)
Cost basis of donated securities	16	65
Net gains on sales of available for sale securities	0	(4)
(Increase) decrease in assets:
Investments in trading securities	27	223
Receivable from affiliates	1,069	5,036
Receivable from brokers	(390)	861
Investment advisory fees receivable	16,241	(762)
Income tax receivable and deferred tax assets	(10,013)	(5,118)
Other assets	(357)	(769)
Increase (decrease) in liabilities:
Payable to affiliates	974	(6,461)
Payable to brokers	4,604	32
Income taxes payable and deferred tax liabilities	6,134	(1,875)
Compensation payable	11,254	1,172
Accrued expenses and other liabilities	(458)	1,533
Total adjustments	28,822	(5,791)
Net cash provided by operating activities	76,536	47,777
Investing activities
Purchases of available for sale securities	(50)	(213)
Proceeds from sales of available for sale securities	0	408
Net cash provided by investing activities	(50)	195
Financing activities
Dividends paid	(1,156)	(1,170)
Purchase of treasury stock	(4,757)	(1,331)
Repayment of AC 4% PIK Note	(20,000)	0
Repayment of loan from GGCP	0	(35,000)
Amortization of debt issuance costs	30	12
Net cash (used in) provided by financing activities	(25,883)	(37,489)
Effect of exchange rates on cash and cash equivalents	(10)	22
Net increase in cash and cash equivalents	50,593	10,505
Cash and cash equivalents at beginning of period	39,812	13,719
Cash and cash equivalents at end of period	90,405	24,224
Supplemental disclosures of cash flow information:
Cash paid for interest	3,824	1,089
Cash paid for taxes	$ 38,905	$ 39,354

CONDENSED CONSOLIDATED STATEM10

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Non-cash activity:
Accrued restricted stock award dividends	$ 15	$ 19
AC 4% PIK Note [Member]
Financing activities
Debt instrument, interest rate	4.00%

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 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. In March 2016, the FASB issued revised guidance which clarifies the guidance related to (a) determining the appropriate unit of account under the revenue standard’s principal versus agent guidance and (b) applying the indicators of whether an entity is a principal or an agent in accordance with the revenue standard’s control principle. In April 2016, the FASB issued an amendment to provide more detailed guidance including additional implementation guidance and examples related to a) identifying performance obligations and b) licenses of intellectual property. In May 2016, the FASB amended the standard to clarify the guidance on assessing collectability, presenting sales taxes, measuring noncash consideration, and certain transition matters. This new guidance will be effective for the Company's first quarter of 2018 and requires either a full retrospective or a modified retrospective approach to adoption. The Company’s implementation analysis is ongoing; however, it does not expect the adoption of the guidance to have a significant effect on the timing of the recognition of revenue. The Company is currently evaluating performance obligations and the related transaction costs. The Company is also reviewing and preparing for the enhanced disclosure requirements of the standard. The overall effect upon adoption may change based on further analysis and implementation efforts. The Company has not yet determined which transition method it will use. 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. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. 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. This new guidance will be effective for the Company’s first quarter of 2018. Upon adoption of this guidance, changes in the fair value of the Company’s available-for-sale investments will be reported through earnings rather than through other comprehensive income. 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. It requires these operating leases to be recorded on the balance sheet as right of use assets and offsetting lease liability obligations. This new guidance will be effective for the Company’s first quarter of 2019. The Company is currently evaluating this guidance and the impact it will have on its consolidated financial statements and related disclosures. 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. Please see Note D. 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. This guidance is intended to unify the currently diverse presentations and classifications, which address eight classification issues related to the statement of cash flows, including debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance principle. This new guidance will be effective for the Company’s first quarter of 2018 and requires a retrospective approach to adoption. The Company is currently evaluating the potential effect of this new guidance on its condensed consolidated financial statements and the related disclosures. In January 2017, the FASB issued ASU 2017-04 to simplify the process used to test for goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This new guidance will be effective for the Company’s first quarter of 2020. The Company is currently evaluating the potential effect of this new guidance on its condensed consolidated financial statements and related disclosures. On May 10, 2017, the FASB issued ASU 2017-09, which amends the scope of modification accounting for share-based payment arrangements. The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. For all entities, the ASU is effective for annual reporting periods, including interim periods within those annual reporting periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period. This ASU, which we did not early adopt, would not have impacted the accounting for the acceleration of vesting of restricted stock awards during the quarter ended June 30, 2017.

Investment in Securities

Investment in Securities	6 Months Ended
	Jun. 30, 2017
Investment in Securities [Abstract]
Investment in Securities	B. Investment in Securities Investments in securities at June 30, 2017, December 31, 2016 and June 30, 2016 consisted of the following: June 30, 2017 December 31, 2016 June 30, 2016 Cost Fair Value Cost Fair Value Cost Fair Value (In thousands) Trading securities: Common stocks $ 20 $ 26 $ 51 $ 54 $ 16 $ 17 Mutual Funds 1 1 - - - - Total trading securities 21 27 51 54 16 17 Available for sale securities: Common stocks 18,773 35,088 18,739 37,131 17,642 32,062 Closed-end funds 99 110 99 100 - - Total available for sale securities 18,872 35,198 18,838 37,231 17,642 32,062 Total investments in securities $ 18,893 $ 35,225 $ 18,889 $ 37,285 $ 17,658 $ 32,079 There were no securities sold, not yet purchased at June 30, 2017, December 31, 2016 and June 30, 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 and six months ended June 30, 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 June 30, 2017 2016 $ - $ 2 Net gain from investments Realized gain on sale of AFS securities 34 152 Other operating expenses/net gains from investments Realized gain on donations of AFS securities 34 154 Income before income taxes (13 ) (57 ) Income tax provision $ 21 $ 97 Net income Amount Affected Line Items Reason for Reclassified in the Statements Reclassification from AOCI Of Income from AOCI Six Months Ended June 30, 2017 2016 $ - $ 4 Net gain from investments Realized gain on sale of AFS securities 34 152 Other operating expenses/net gains from investments Realized gain on donations of AFS securities Net gain from investments Other than temporary impairment of AFS securities 34 156 Income before income taxes (13 ) (58 ) Income tax provision $ 21 $ 98 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 June 30, 2017, December 31, 2016 and June 30, 2016: June 30, 2017 Gross Gross Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Common stocks $ 18,773 $ 16,315 $ - $ 35,088 Closed-end funds 99 11 - 110 Total available for sale securities $ 18,872 $ 16,326 $ - $ 35,198 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 June 30, 2016 Gross Gross Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Common stocks $ 17,642 $ 14,420 $ - $ 32,062 Total available for sale securities $ 17,642 $ 14,420 $ - $ 32,062 A net unrealized gain, net of taxes, for the three months ended June 30, 2017 of $1.3 million has been included in other comprehensive income, a component of equity, at June 30, 2017. A net unrealized loss, net of taxes, for the three months ended June 30, 2016 of $2.8 million has been included in other comprehensive income, a component of equity, at June 30, 2016. There were no sales of investments available for sale for the three months ended June 30, 2017. During the three months ended June 30, 2016, proceeds from the sales of investments available for sale were approximately $100,000 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 June 30, 2017 or June 30, 2016. A net unrealized loss, net of taxes, for the six months ended June 30, 2017 and June 30, 2016 of $1.3 million and $0.2 million, respectively, has been included in other comprehensive income, a component of equity, at June 30, 2017 and June 30, 2016, respectively. There were no sales of investments available for sale for the six months ended June 30, 2017. During the six months ended June 30, 2016, proceeds from the sales of investments available for sale were approximately $408,000 and gross gains on the sale of investments available for sale amounted to $4,000 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 six months ended June 30, 2017 or June 30, 2016. The basis on which the cost of a security sold is determined using specific identification. Accumulated other comprehensive income on the condensed 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 June 30, 2017, December 31, 2016 or June 30, 2016. For the three and six months ended June 30, 2017 and 2016 there were no losses on available for sale securities that were deemed to be other than temporary.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 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 June 30, 2017, December 31, 2016 and June 30, 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 June 30, 2017 (in thousands) Quoted Prices in Active Significant Other Significant Balance as of Markets for Identical Observable Unobservable June 30, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) 2017 Cash equivalents $ 90,206 $ - $ - $ 90,206 Investments in securities: AFS - Common stocks 35,088 - - 35,088 AFS - Closed-end Funds 110 - - 110 Trading - Common stocks 26 - - 26 Trading - Mutual Funds 1 - - 1 Total investments in securities 35,225 - - 35,225 Total assets at fair value $ 125,431 $ - $ - $ 125,431 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 June 30, 2016 (in thousands) Quoted Prices in Active Significant Other Significant Balance as of Markets for Identical Observable Unobservable June 30, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) 2016 Cash equivalents $ 23,988 $ - $ - $ 23,988 Investments in securities: AFS - Common stocks 32,062 - - 32,062 Trading - Common stocks 17 - - 17 Total investments in securities 32,079 - - 32,079 Total assets at fair value $ 56,067 $ - $ - $ 56,067 During the quarters ended June 30, 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	6 Months Ended
	Jun. 30, 2017
Income Taxes [Abstract]
Income Taxes	D. Income Taxes The effective tax rate (“ETR”) for the three months ended June 30, 2017 and June 30, 2016 was 38.9% and 37.7%, respectively. The ETR for the six months ended June 30, 2017 and June 30, 2016 was 38.5% and 37.9%, 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 or tax deficiencies against income tax expenses rather than additional paid-in capital. During the three and six months ended June 30, 2017, the ETR was higher by 0.6% and 0.3%, respectively, as a result of a reduction to previously recorded stock compensation tax benefits.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share	E. Earnings Per Share The Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2017 2016 2017 2016 Basic: Net income attributable to GAMCO Investors, Inc.'s shareholders $ 22,894 $ 27,543 $ 47,714 $ 53,568 Weighted average shares outstanding 28,896 29,234 28,933 29,241 Basic net income per share attributable to GAMCO Investors, Inc.'s shareholders $ 0.79 $ 0.94 $ 1.65 $ 1.83 Diluted: Net income attributable to GAMCO Investors, Inc.'s shareholders $ 22,894 $ 27,543 $ 47,714 $ 53,568 Add interest on convertible note, net of management fee and taxes 748 - 1,496 - Total income attributable to GAMCO Investors, Inc.'s shareholders $ 23,642 $ 27,543 $ 49,210 $ 53,568 Weighted average share outstanding 28,896 29,234 28,933 29,241 Restricted stock awards 204 288 197 269 Assumed conversion of convertible note 2,000 - 2,000 - Total 31,100 29,522 31,130 29,510 Diluted net income per share attributable to GAMCO Investors, Inc.'s shareholders $ 0.76 $ 0.93 $ 1.58 $ 1.82

Debt

Debt	6 Months Ended
	Jun. 30, 2017
Debt [Abstract]
Debt	F. Debt Debt consists of the following: June 30, 2017 December 31, 2016 June 30, 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 $ 109,853 112,176 $ 109,835 $ 111,525 $ - $ - AC 4% PIK Note 80,000 91,599 100,000 100,930 250,000 251,909 5.875% Senior notes 24,132 24,822 24,120 24,558 24,109 24,483 Total $ 213,985 $ 228,597 $ 233,955 $ 237,013 $ 274,109 $ 276,392 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 and six months ended June 30, 2017, the Company prepaid $10 million and $20 million, respectively, of principal of the AC 4% PIK Note against the principal amount 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. 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 June 30, 2017, December 31, 2016 and June 30, 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. The fair value of the Company ’

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2017
Stockholders' Equity [Abstract]
Stockholders' Equity	G. Stockholders ’ Shares outstanding were 29.3 million, 29.5 million and 29.8 million on June 30, 2017, December 31, 2016 and June 30, 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 June 30, 2017 July 11, 2017 June 27, 2017 0.02 Six months ended June 30, 2017 $ 0.04 Payment Record Date Date Amount Three months ended March 31, 2016 March 29, 2016 March 15, 2016 $ 0.02 Three months ended June 30, 2016 June 28, 2016 June 14, 2016 0.02 Six months ended June 30, 2016 $ 0.04 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 7.5 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. As of June 30, 2017, December 31, 2016 and June 30, 2016, there were 420,240 RSA shares, 424,340 RSA shares and 549,700 RSA shares outstanding, respectively, that were previously issued at an average weighted grant price of $65.59, $65.74 and $63.99, respectively. These RSA grants occurred prior to the spin-off of Associated Capital (“AC”). On November 30, 2015, pursuant to the spin-off, all RSA grant holders received shares of AC’s Class A common stock as a result of their ownership of their GAMCO unvested RSAs (one share of AC 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. On June 1, 2017, the Compensation Committee of AC accelerated the vesting of all 420,240 AC RSAs outstanding effective June 15, 2017. As a result, GBL recorded an incremental $3.7 million of stock-based compensation for the three and six months ended June 30, 2017. This amount related to GBL teammates who held AC RSAs. While there will be no further expense related to these AC RSAs recorded by GBL after the second quarter ended June 30, 2017, there will be expense for the still outstanding GBL RSAs. See table below for the impact by quarter. 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. The Company’s accounting treatment for excess tax benefits or tax deficiencies also changed with the adoption of ASU 2016-09 on January 1, 2017. Excess tax benefits or tax deficiencies are now required to be recorded within the income tax expense line in the consolidated statement of income rather than to additional paid-in capital within the condensed consolidated statement of financial condition. During the three and six months ended June 30, 2017, the Company reduced previously recorded tax benefits relating to RSA expense by $(0.3) million on RSAs that vested. For the three months ended June 30, 2017 and June 30, 2016, we recognized stock-based compensation expense of $4.4 million and $1.0 million, respectively. For the six months ended June 30, 2017 and June 30, 2016, we recognized stock-based compensation expense of $5.1 million and $2.1 million, respectively. The three and six month amounts include the $3.7 million related to the AC RSAs’ accelerated vesting mentioned above. All stock-based compensation expense in future periods will relate to GBL RSAs only. Actual and projected stock-based compensation expense for RSA shares for the years ended December 31, 2016 through December 31, 2024 is as follows (in thousands): 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 $ 1,037 $ 699 $ 237 $ 187 $ 114 $ 75 $ 49 $ 25 $ 4 Q2 1,036 4,381 232 187 106 75 49 25 4 Q3 1,186 307 206 165 88 59 35 12 3 Q4 691 264 187 150 75 49 25 4 - Full Year $ 3,950 $ 5,651 $ 862 $ 689 $ 383 $ 258 $ 158 $ 66 $ 11 The total compensation cost related to non-vested RSAs not yet recognized is approximately $3.0 million as of June 30, 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. On May 3, 2017, our Board of Directors authorized an incremental 500,000 shares to be added to the current buyback authorization. For the three months ended June 30, 2017 and June 30, 2016, the Company repurchased 33,410 shares and 12,532 shares, respectively, at an average price per share of $28.80 and $34.61, respectively. For the six months ended June 30, 2017 and June 30, 2016, the Company repurchased 158,820 shares and 43,035 shares, respectively, at an average price per share of $29.94 and $30.93, respectively. From the inception of the program through June 30, 2017, 10,060,160 shares have been repurchased at an average price of $44.09 per share. At June 30, 2017, the total shares available under the program to be repurchased in the future were 574,648. 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 June 30, 2017, $500 million is available on the shelf.

Identifiable Intangible Assets

Identifiable Intangible Assets	6 Months Ended
	Jun. 30, 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 June 30, 2017, December 31, 2016 and June 30, 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 June 30, 2017, December 31, 2016 and June 30, 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 June 30, 2017 or June 30, 2016, and as such there was no impairment analysis performed or charge recorded.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 2017.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	J. Subsequent Events On August 3, 2017, the Board of Directors declared its regular quarterly dividend of $0.02 per share to all of its shareholders, payable on September 26, 2017 to shareholders of record on September 12, 2017. On August 3, 2017, the Board of Directors increased the authorization under the Stock Repurchase Program by an additional 425,352 shares. As a result, there are 1,000,000 shares available to be repurchased under this existing buyback plan.

Significant Accounting Polici21

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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. In March 2016, the FASB issued revised guidance which clarifies the guidance related to (a) determining the appropriate unit of account under the revenue standard’s principal versus agent guidance and (b) applying the indicators of whether an entity is a principal or an agent in accordance with the revenue standard’s control principle. In April 2016, the FASB issued an amendment to provide more detailed guidance including additional implementation guidance and examples related to a) identifying performance obligations and b) licenses of intellectual property. In May 2016, the FASB amended the standard to clarify the guidance on assessing collectability, presenting sales taxes, measuring noncash consideration, and certain transition matters. This new guidance will be effective for the Company's first quarter of 2018 and requires either a full retrospective or a modified retrospective approach to adoption. The Company’s implementation analysis is ongoing; however, it does not expect the adoption of the guidance to have a significant effect on the timing of the recognition of revenue. The Company is currently evaluating performance obligations and the related transaction costs. The Company is also reviewing and preparing for the enhanced disclosure requirements of the standard. The overall effect upon adoption may change based on further analysis and implementation efforts. The Company has not yet determined which transition method it will use. 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. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. 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. This new guidance will be effective for the Company’s first quarter of 2018. Upon adoption of this guidance, changes in the fair value of the Company’s available-for-sale investments will be reported through earnings rather than through other comprehensive income. 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. It requires these operating leases to be recorded on the balance sheet as right of use assets and offsetting lease liability obligations. This new guidance will be effective for the Company’s first quarter of 2019. The Company is currently evaluating this guidance and the impact it will have on its consolidated financial statements and related disclosures. 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. Please see Note D. 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. This guidance is intended to unify the currently diverse presentations and classifications, which address eight classification issues related to the statement of cash flows, including debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance principle. This new guidance will be effective for the Company’s first quarter of 2018 and requires a retrospective approach to adoption. The Company is currently evaluating the potential effect of this new guidance on its condensed consolidated financial statements and the related disclosures. In January 2017, the FASB issued ASU 2017-04 to simplify the process used to test for goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This new guidance will be effective for the Company’s first quarter of 2020. The Company is currently evaluating the potential effect of this new guidance on its condensed consolidated financial statements and related disclosures. On May 10, 2017, the FASB issued ASU 2017-09, which amends the scope of modification accounting for share-based payment arrangements. The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. For all entities, the ASU is effective for annual reporting periods, including interim periods within those annual reporting periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period. This ASU, which we did not early adopt, would not have impacted the accounting for the acceleration of vesting of restricted stock awards during the quarter ended June 30, 2017.

Investment in Securities (Table

Investment in Securities (Tables)	6 Months Ended
	Jun. 30, 2017
Investment in Securities [Abstract]
Investments in Securities	Investments in securities at June 30, 2017, December 31, 2016 and June 30, 2016 consisted of the following: June 30, 2017 December 31, 2016 June 30, 2016 Cost Fair Value Cost Fair Value Cost Fair Value (In thousands) Trading securities: Common stocks $ 20 $ 26 $ 51 $ 54 $ 16 $ 17 Mutual Funds 1 1 - - - - Total trading securities 21 27 51 54 16 17 Available for sale securities: Common stocks 18,773 35,088 18,739 37,131 17,642 32,062 Closed-end funds 99 110 99 100 - - Total available for sale securities 18,872 35,198 18,838 37,231 17,642 32,062 Total investments in securities $ 18,893 $ 35,225 $ 18,889 $ 37,285 $ 17,658 $ 32,079
Reclassifications Out of Accumulated Other Comprehensive Income	The following table identifies all reclassifications out of accumulated other comprehensive income (“AOCI”) into income for the three and six months ended June 30, 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 June 30, 2017 2016 $ - $ 2 Net gain from investments Realized gain on sale of AFS securities 34 152 Other operating expenses/net gains from investments Realized gain on donations of AFS securities 34 154 Income before income taxes (13 ) (57 ) Income tax provision $ 21 $ 97 Net income Amount Affected Line Items Reason for Reclassified in the Statements Reclassification from AOCI Of Income from AOCI Six Months Ended June 30, 2017 2016 $ - $ 4 Net gain from investments Realized gain on sale of AFS securities 34 152 Other operating expenses/net gains from investments Realized gain on donations of AFS securities Net gain from investments Other than temporary impairment of AFS securities 34 156 Income before income taxes (13 ) (58 ) Income tax provision $ 21 $ 98 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 June 30, 2017, December 31, 2016 and June 30, 2016: June 30, 2017 Gross Gross Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Common stocks $ 18,773 $ 16,315 $ - $ 35,088 Closed-end funds 99 11 - 110 Total available for sale securities $ 18,872 $ 16,326 $ - $ 35,198 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 June 30, 2016 Gross Gross Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Common stocks $ 17,642 $ 14,420 $ - $ 32,062 Total available for sale securities $ 17,642 $ 14,420 $ - $ 32,062

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017, December 31, 2016 and June 30, 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 June 30, 2017 (in thousands) Quoted Prices in Active Significant Other Significant Balance as of Markets for Identical Observable Unobservable June 30, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) 2017 Cash equivalents $ 90,206 $ - $ - $ 90,206 Investments in securities: AFS - Common stocks 35,088 - - 35,088 AFS - Closed-end Funds 110 - - 110 Trading - Common stocks 26 - - 26 Trading - Mutual Funds 1 - - 1 Total investments in securities 35,225 - - 35,225 Total assets at fair value $ 125,431 $ - $ - $ 125,431 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 June 30, 2016 (in thousands) Quoted Prices in Active Significant Other Significant Balance as of Markets for Identical Observable Unobservable June 30, Assets Assets (Level 1) Inputs (Level 2) Inputs (Level 3) 2016 Cash equivalents $ 23,988 $ - $ - $ 23,988 Investments in securities: AFS - Common stocks 32,062 - - 32,062 Trading - Common stocks 17 - - 17 Total investments in securities 32,079 - - 32,079 Total assets at fair value $ 56,067 $ - $ - $ 56,067

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Computations of Basic and Diluted Net Income per Share	The Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2017 2016 2017 2016 Basic: Net income attributable to GAMCO Investors, Inc.'s shareholders $ 22,894 $ 27,543 $ 47,714 $ 53,568 Weighted average shares outstanding 28,896 29,234 28,933 29,241 Basic net income per share attributable to GAMCO Investors, Inc.'s shareholders $ 0.79 $ 0.94 $ 1.65 $ 1.83 Diluted: Net income attributable to GAMCO Investors, Inc.'s shareholders $ 22,894 $ 27,543 $ 47,714 $ 53,568 Add interest on convertible note, net of management fee and taxes 748 - 1,496 - Total income attributable to GAMCO Investors, Inc.'s shareholders $ 23,642 $ 27,543 $ 49,210 $ 53,568 Weighted average share outstanding 28,896 29,234 28,933 29,241 Restricted stock awards 204 288 197 269 Assumed conversion of convertible note 2,000 - 2,000 - Total 31,100 29,522 31,130 29,510 Diluted net income per share attributable to GAMCO Investors, Inc.'s shareholders $ 0.76 $ 0.93 $ 1.58 $ 1.82

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Debt [Abstract]
Schedule of Debt	Debt consists of the following: June 30, 2017 December 31, 2016 June 30, 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 $ 109,853 112,176 $ 109,835 $ 111,525 $ - $ - AC 4% PIK Note 80,000 91,599 100,000 100,930 250,000 251,909 5.875% Senior notes 24,132 24,822 24,120 24,558 24,109 24,483 Total $ 213,985 $ 228,597 $ 233,955 $ 237,013 $ 274,109 $ 276,392

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2017 July 11, 2017 June 27, 2017 0.02 Six months ended June 30, 2017 $ 0.04 Payment Record Date Date Amount Three months ended March 31, 2016 March 29, 2016 March 15, 2016 $ 0.02 Three months ended June 30, 2016 June 28, 2016 June 14, 2016 0.02 Six months ended June 30, 2016 $ 0.04
Actual and Projected Stock-based Compensation Expense for RSA Shares and Options	For the three months ended June 30, 2017 and June 30, 2016, we recognized stock-based compensation expense of $4.4 million and $1.0 million, respectively. For the six months ended June 30, 2017 and June 30, 2016, we recognized stock-based compensation expense of $5.1 million and $2.1 million, respectively. The three and six month amounts include the $3.7 million related to the AC RSAs’ accelerated vesting mentioned above. All stock-based compensation expense in future periods will relate to GBL RSAs only. Actual and projected stock-based compensation expense for RSA shares for the years ended December 31, 2016 through December 31, 2024 is as follows (in thousands): 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 $ 1,037 $ 699 $ 237 $ 187 $ 114 $ 75 $ 49 $ 25 $ 4 Q2 1,036 4,381 232 187 106 75 49 25 4 Q3 1,186 307 206 165 88 59 35 12 3 Q4 691 264 187 150 75 49 25 4 - Full Year $ 3,950 $ 5,651 $ 862 $ 689 $ 383 $ 258 $ 158 $ 66 $ 11 The total compensation cost related to non-vested RSAs not yet recognized is approximately $3.0 million as of June 30, 2017.

Investment in Securities, Inves

Investment in Securities, Investment in Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016
Trading securities [Abstract]
Cost	$ 21	$ 51	$ 16
Fair value	27	54	17
Available for sale securities [Abstract]
Cost	18,872	18,838	17,642
Fair value	35,198	37,231	32,062
Total investments in securities [Abstract]
Cost	18,893	18,889	17,658
Fair value	35,225	37,285	32,079
Common Stock [Member]
Trading securities [Abstract]
Cost	20	51	16
Fair value	26	54	17
Available for sale securities [Abstract]
Cost	18,773	18,739	17,642
Fair value	35,088	37,131	32,062
Mutual Funds [Member]
Trading securities [Abstract]
Cost	1	0	0
Fair value	1	0	0
Closed End Funds [Member]
Available for sale securities [Abstract]
Cost	99	99	0
Fair value	$ 110	$ 100	$ 0

Investment in Securities, Secur

Investment in Securities, Securities Sold, Not Yet Purchased (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net gain from investments	$ (14)	$ 240	$ 26	$ 463
Other operating expenses/net gain from investments	5,352	4,940	10,471	9,312
Income before income taxes	37,448	44,184	77,568	86,311
Income tax provision	(14,554)	(16,641)	(29,854)	(32,743)
Net income attributable to GAMCO Investors, Inc.'s shareholders	22,894	27,543	47,714	53,568
Amount Reclassified from AOCI [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	34	154	34	156
Income tax provision	(13)	(57)	(13)	(58)
Net income attributable to GAMCO Investors, Inc.'s shareholders	21	97	21	98
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	0	4
Realized Gain on Donation of AFS Securities [Member] | Amount Reclassified from AOCI [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other operating expenses/net gain from investments	$ 34	$ 152	$ 34	$ 152

Investment in Securities, Summa

Investment in Securities, Summary of Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract]
Cost	$ 18,872,000	$ 17,642,000	$ 18,872,000	$ 17,642,000	$ 18,838,000
Gross unrealized gains	16,326,000	14,420,000	16,326,000	14,420,000	18,393,000
Gross unrealized losses	0	0	0	0	0
Fair value	35,198,000	32,062,000	35,198,000	32,062,000	37,231,000
Changes in net unrealized gain (loss), net of tax	1,259,000	(2,766,000)	(1,302,000)	(183,000)
Proceeds from sale of investment available for sale	0	100,000	0	408,000
Gross realized gains on sale of investment available for sale		2,000		4,000
Gross realized losses on sale of investment available for sale	0	0	0	0
Common Stock [Member]
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract]
Cost	18,773,000	17,642,000	18,773,000	17,642,000	18,739,000
Gross unrealized gains	16,315,000	14,420,000	16,315,000	14,420,000	18,392,000
Gross unrealized losses	0	0	0	0	0
Fair value	35,088,000	32,062,000	35,088,000	32,062,000	37,131,000
Closed-end Funds [Member]
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract]
Cost	99,000	0	99,000	0	99,000
Gross unrealized gains	11,000		11,000		1,000
Gross unrealized losses	0		0		0
Fair value	$ 110,000	$ 0	$ 110,000	$ 0	$ 100,000

Investment in Securities, Inv31

Investment in Securities, Investments Classified as Available for Sale in Unrealized Loss Position (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)Investment	Jun. 30, 2016USD ($)Investment	Jun. 30, 2017USD ($)Investment	Jun. 30, 2016USD ($)Investment	Dec. 31, 2016Investment
Schedule of Available-for-sale Securities [Line Items]
Number of investment holding in loss positions | Investment	0	0	0	0	0
Losses on available for sale securities deemed to be other than temporary | $	$ 0	$ 0	$ 0	$ 0

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016
Investments in securities [Abstract]
Total investments in securities	$ 35,225	$ 37,285	$ 32,079
Recurring Basis [Member]
Assets [Abstract]
Cash equivalents	90,206	39,638	23,988
Investments in securities [Abstract]
AFS - Common stocks	35,088	37,131	32,062
AFS - Closed-end Funds	110	100
Trading - Common stocks	26	54	17
Trading - Mutual funds	1
Total investments in securities	35,225	37,285	32,079
Total assets at fair value	125,431	76,923	56,067
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Cash equivalents	90,206	39,638	23,988
Investments in securities [Abstract]
AFS - Common stocks	35,088	37,131	32,062
AFS - Closed-end Funds	110	100
Trading - Common stocks	26	54	17
Trading - Mutual funds	1
Total investments in securities	35,225	37,285	32,079
Total assets at fair value	125,431	76,923	56,067
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
Trading - Mutual funds	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
Trading - Mutual funds	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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effective income tax rate	38.90%	37.70%	38.50%	37.90%
ASU 2016-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in effective income tax rate over prior period	0.60%		0.30%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Basic [Abstract]
Income from continuing operations			$ 47,714	$ 53,568
Net income attributable to GAMCO Investors, Inc.'s shareholders	$ 22,894	$ 27,543	$ 47,714	$ 53,568
Weighted average shares outstanding (in shares)	28,896	29,234	28,933	29,241
Basic net income per share attributable to GAMCO Investors, Inc.'s shareholders (in dollars per share)	$ 0.79	$ 0.94	$ 1.65	$ 1.83
Diluted [Abstract]
Net income attributable to GAMCO Investors, Inc.'s shareholders	$ 22,894	$ 27,543	$ 47,714	$ 53,568
Income from continuing operations			47,714	53,568
Add interest on convertible notes, net of management fee and taxes	748	0	1,496	0
Total income attributable to GAMCO Investors, Inc.'s shareholders	$ 23,642	$ 27,543	$ 49,210	$ 53,568
Weighted average shares outstanding (in shares)	28,896	29,234	28,933	29,241
Restricted stock awards	204	288	197	269
Assumed conversion of convertible notes (in shares)	2,000	0	2,000	0
Total (in shares)	31,100	29,522	31,130	29,510
Diluted net income per share attributable to GAMCO Investors, Inc.'s shareholders (in dollars per share)	$ 0.76	$ 0.93	$ 1.58	$ 1.82

Debt (Details)

Debt (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	May 31, 2011	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Aug. 15, 2016	Nov. 30, 2015	May 04, 2015
Long-term debt [Abstract]
Carrying value		$ 213,985	$ 213,985	$ 274,109	$ 233,955
Prepayment of debt			20,000	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	500,000
Level 2 [Member]
Long-term debt [Abstract]
Fair value		228,597	228,597	276,392	237,013
4.5% Convertible Notes [Member]
Long-term debt [Abstract]
Carrying value		$ 109,853	$ 109,853	$ 0	$ 109,835
Debt instrument, interest rate		4.50%	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		$ 147	$ 147	$ 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		$ 112,176	112,176	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		$ 80,000	$ 80,000	250,000	100,000
Debt instrument, interest rate		4.00%	4.00%				4.00%
Face value of debt		$ 80,000	$ 80,000				$ 250,000
Debt instrument, maturity date			Nov. 30, 2020
Prepayment of debt		10,000	$ 20,000
AC 4% PIK Note [Member] | Principal Amount Due on November 30, 2018 [Member]
Long-term debt [Abstract]
Face value of debt		10,000	10,000
AC 4% PIK Note [Member] | Principal Amount Due on November 30, 2019 [Member]
Long-term debt [Abstract]
Face value of debt		20,000	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	50,000
AC 4% PIK Note [Member] | Level 2 [Member]
Long-term debt [Abstract]
Fair value		91,599	91,599	251,909	100,930
5.875% Senior Notes [Member]
Long-term debt [Abstract]
Carrying value		$ 24,132	$ 24,132	$ 24,109	$ 24,120
Debt instrument, interest rate	5.875%	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		$ 93	$ 93	$ 116	$ 105
Debt redemption price	101.00%
5.875% Senior Notes [Member] | Level 2 [Member]
Long-term debt [Abstract]
Fair value		$ 24,822	$ 24,822	$ 24,483	$ 24,558

Stockholders' Equity, Dividends

Stockholders' Equity, Dividends (Details) - $ / shares shares in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Stockholders' Equity [Abstract]
Shares outstanding (in shares)	29.3		29.8		29.3	29.8	29.5
Dividends Payable [Line Items]
Dividends declared (in dollars per share)	$ 0.02		$ 0.02		$ 0.04	$ 0.04
Quarterly Dividend [Member]
Dividends Payable [Line Items]
Dividends declared (in dollars per share)					$ 0.04	$ 0.04
Quarterly Dividend Declared in Q1 2017 [Member]
Dividends Payable [Line Items]
Dividends declared (in dollars per share)		$ 0.02
Dividend payment date		Mar. 14, 2017
Dividend record date		Mar. 28, 2017
Quarterly Dividend Declared in Q2 2017 [Member]
Dividends Payable [Line Items]
Dividends declared (in dollars per share)	$ 0.02
Dividend payment date	Jun. 27, 2017
Dividend record date	Jul. 11, 2017
Quarterly Dividend Declared in Q1 2016 [Member]
Dividends Payable [Line Items]
Dividends declared (in dollars per share)				$ 0.02
Dividend payment date				Mar. 15, 2016
Dividend record date				Mar. 29, 2016
Quarterly Dividend Declared in Q2 2016 [Member]
Dividends Payable [Line Items]
Dividends declared (in dollars per share)			$ 0.02
Dividend payment date			Jun. 14, 2016
Dividend record date			Jun. 28, 2016

Stockholders' Equity, Voting Ri

Stockholders' Equity, Voting Rights, Stock Award and Incentive Plan (Details) $ / shares in Units, $ in Thousands	Jun. 01, 2017shares	Nov. 30, 2015shares	Jun. 30, 2017USD ($)$ / sharesshares	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)$ / sharesshares	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)$ / sharesshares	Mar. 31, 2016USD ($)	Jun. 30, 2017USD ($)VoteperSharePlan$ / sharesshares	Jun. 30, 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	$ 5,078	$ 2,072	$ 3,950
2,017			$ 5,651						5,651
2,018			862						862
2,019			689						689
2,020			383						383
2,021			258						258
2,022			158						158
2,023			66						66
2,024			11						11
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Compensation cost related to non-vested options not yet recognized			$ 3,000						$ 3,000
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		549,700		420,240	549,700	424,340
Average weighted grant price (in dollars per share) | $ / shares			$ 65.59		$ 65.74		$ 63.99		$ 65.59	$ 63.99	$ 65.74
Restricted Stock Awards [Member] | ASU 2016-09 [Member]
Stock Award and Incentive Plan [Abstract]
Tax benefit from stock based compensation expenses			$ (300)						$ (300)
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%
Restricted Stock Awards [Member] | AC [Member]
Stock Award and Incentive Plan [Abstract]
Number of shares with accelerated vesting (in shares) | shares	420,240
Incremental stock-based compensation expenses due to accelerated vesting			3,700						$ 3,700
Q1 [Member]
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
2,018			237						237
2,019			187						187
2,020			114						114
2,021			75						75
2,022			49						49
2,023			25						25
2,024			4						4
Q2 [Member]
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
Actual stock based compensation expense				$ 4,381
2,018			232						232
2,019			187						187
2,020			106						106
2,021			75						75
2,022			49						49
2,023			25						25
2,024			4						4
Q3 [Member]
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
2,017			307						307
2,018			206						206
2,019			165						165
2,020			88						88
2,021			59						59
2,022			35						35
2,023			12						12
2,024			3						3
Q4 [Member]
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
2,017			264						264
2,018			187						187
2,019			150						150
2,020			75						75
2,021			49						49
2,022			25						25
2,023			4						4
2,024			$ 0						$ 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			7,500,000						7,500,000
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		6 Months Ended		222 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	May 03, 2017	May 04, 2015
Stock Repurchase Program [Abstract]
Incremental Class A shares authorized to buyback (in shares)						500,000
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		$ 500
Common Class A [Member] | Stock Repurchase Program [Member]
Stock Repurchase Program [Abstract]
Shares repurchased (in shares)	33,410	12,532	158,820	43,035	10,060,160
Average price per share of repurchased shares (in dollars per share)	$ 28.80	$ 34.61	$ 29.94	$ 30.93	$ 44.09
Share available under program to repurchase (in shares)	574,648		574,648		574,648

Identifiable Intangible Assets

Identifiable Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2017	Jun. 30, 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	Aug. 03, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	May 03, 2017	Dec. 31, 2016	Nov. 30, 2015
Subsequent Event [Line Items]
Prepayment of debt				$ 20,000	$ 0
Principal amount outstanding		$ 213,985	$ 274,109	$ 213,985	$ 274,109		$ 233,955
Dividends declared (in dollars per share)		$ 0.02	$ 0.02	$ 0.04	$ 0.04
Shares available to be repurchased under the plan (in shares)						500,000
Quarterly Dividend [Member]
Subsequent Event [Line Items]
Dividends declared (in dollars per share)				$ 0.04	$ 0.04
Quarterly Dividend Declared in Q2 2017 [Member]
Subsequent Event [Line Items]
Dividends declared (in dollars per share)		$ 0.02
Dividends payable date		Jun. 27, 2017
Dividends record date		Jul. 11, 2017
AC 4% PIK Note [Member]
Subsequent Event [Line Items]
Prepayment of debt		$ 10,000		$ 20,000
Debt instrument, interest rate		4.00%		4.00%				4.00%
Principal amount outstanding		$ 80,000	$ 250,000	$ 80,000	$ 250,000		$ 100,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Additional shares authorized to be issued (in shares)	425,352
Shares available to be repurchased under the plan (in shares)	1,000,000
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	Aug. 3, 2017
Dividends payable date	Sep. 26, 2017
Dividends record date	Sep. 12, 2017