Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 01, 2018 | Jun. 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 | ||
Entity Public Float | $ 165,809,758 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Class A [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 9,898,371 | ||
Class B [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 19,024,404 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | |||
Investment advisory and incentive fees | $ 316,705 | $ 308,459 | $ 329,965 |
Distribution fees and other income | 43,819 | 44,541 | 51,011 |
Total revenues | 360,524 | 353,000 | 380,976 |
Expenses | |||
Compensation | 125,501 | 82,613 | 136,503 |
Stock based compensation | 8,669 | 3,959 | 9,868 |
Management fee | 13,666 | 6,518 | 15,503 |
Distribution costs | 44,447 | 44,189 | 51,990 |
Other operating expenses | 23,221 | 23,925 | 19,163 |
Total expenses | 215,504 | 161,204 | 233,027 |
Operating income | 145,020 | 191,796 | 147,949 |
Other income (expense) | |||
Net gain from investments | 3,115 | 1,594 | 4,953 |
Extinguishment of debt | (3,300) | 0 | (1,067) |
Interest and dividend income | 2,350 | 1,511 | 2,222 |
Interest expense | (10,160) | (12,674) | (8,636) |
Shareholder-designated contributions | (4,137) | 0 | (6,396) |
Total other income (expense), net | (12,132) | (9,569) | (8,924) |
Income before income taxes | 132,888 | 182,227 | 139,025 |
Income tax provision | 55,079 | 65,106 | 51,726 |
Income from continuing operations | 77,809 | 117,121 | 87,299 |
Loss from discontinued operations, net of taxes | 0 | 0 | (3,887) |
Net income attributable to GAMCO Investors, Inc.'s shareholders | $ 77,809 | $ 117,121 | $ 83,412 |
Net income per share attributable to GAMCO Investors, Inc.'s shareholders: | |||
Basic - Continuing operations (in dollars per share) | $ 2.68 | $ 4.01 | $ 3.43 |
Basic - Discontinued operations (in dollars per share) | 0 | 0 | (0.15) |
Basic - Total (in dollars per share) | 2.68 | 4.01 | 3.28 |
Diluted - Continuing operations (in dollars per share) | 2.60 | 3.92 | 3.40 |
Diluted - Discontinued operations (in dollars per share) | 0 | 0 | (0.15) |
Diluted - Total (in dollars per share) | $ 2.60 | $ 3.92 | $ 3.24 |
Weighted average shares outstanding: | |||
Basic (in shares) | 28,980 | 29,182 | 25,425 |
Diluted (in shares) | 30,947 | 30,170 | 25,711 |
Actual shares outstanding (in shares) | 28,974 | 29,463 | 29,821 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||||
Net income attributable to GAMCO Investors, Inc.'s shareholders | $ 77,809 | $ 117,121 | $ 83,412 | |
Other comprehensive gain/(loss), net of tax: | ||||
Foreign currency translation | 82 | (164) | (46) | |
Net unrealized gains/(losses) on securities available for sale | [1] | 523 | 2,320 | (8,300) |
Other comprehensive income/(loss) | 605 | 2,156 | (8,346) | |
Comprehensive income attributable to GAMCO Investors, Inc. shareholders | $ 78,414 | $ 119,277 | $ 75,066 | |
[1] | Net of income tax expense (benefit) of $290, $1,363 and ($4,875) for 2017, 2016 and 2015, respectively. |
CONSOLIDATED STATEMENTS OF COM4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
Net unrealized gains/(losses) on securities available for sale, net of income tax expense (benefit) | $ 290 | $ 1,363 | $ (4,875) |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 17,821 | $ 39,812 |
Investments in securities | 36,790 | 37,285 |
Receivable from brokers | 1,578 | 453 |
Investment advisory fees receivable | 38,712 | 43,736 |
Investment in subsidiaries and receivable from affiliates | 5,635 | 5,960 |
Capital lease | 2,304 | 2,514 |
Goodwill and identifiable intangible assets | 3,765 | 3,765 |
Income taxes receivable and deferred tax assets | 15,615 | 9,349 |
Other assets | 6,066 | 6,355 |
Total assets | 128,286 | 149,229 |
LIABILITIES AND EQUITY | ||
Payable to brokers | 14,926 | 66 |
Income taxes payable and deferred tax liabilities | 3,128 | 3,815 |
Capital lease obligation | 4,943 | 5,066 |
Compensation payable | 82,907 | 42,384 |
Payable to affiliates | 855 | 1,412 |
Accrued expenses and other liabilities | 28,656 | 29,178 |
Sub-total | 135,415 | 81,921 |
AC 4% PIK Note (due November 30, 2020) (Note F) | 50,000 | 100,000 |
4.5% Convertible note (due August 15, 2021) (Note F) | 0 | 109,835 |
5.875% Senior notes (due June 1, 2021) (Note F) | 24,144 | 24,120 |
AC 1.6% Note (due February 28, 2018) (Note F) | 15,000 | 0 |
Total liabilities | 224,559 | 315,876 |
Commitments and contingencies (Note I) | ||
Equity: | ||
Preferred stock, $.001 par value; 10,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Additional paid-in capital | 12,572 | 3,903 |
Retained earnings | 155,939 | 80,515 |
Accumulated comprehensive income | 11,876 | 11,271 |
Treasury stock, at cost (5,592,007 and 5,107,481 shares, respectively) | (276,693) | (262,369) |
Total deficit | (96,273) | (166,647) |
Total liabilities and equity | 128,286 | 149,229 |
Class A [Member] | ||
Equity: | ||
Common stock | 14 | 14 |
Class B [Member] | ||
Equity: | ||
Common stock | $ 19 | $ 19 |
CONSOLIDATED STATEMENTS OF FIN6
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 |
Treasury stock, shares (in shares) | 5,592,007 | 5,592,007 | 5,107,481 |
Class A [Member] | |||
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, shares issued (in shares) | 15,541,489 | 15,541,489 | 15,477,082 |
Common stock, shares outstanding (in shares) | 9,949,482 | 9,949,482 | 10,369,601 |
Class B [Member] | |||
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, shares issued (in shares) | 24,000,000 | 24,000,000 | 24,000,000 |
Common stock, shares outstanding (in shares) | 19,024,404 | 19,024,404 | 19,093,311 |
4.5% Convertible Notes [Member] | |||
LIABILITIES AND EQUITY | |||
Debt instrument, interest rate | 4.50% | 4.50% | |
Debt instrument, maturity date | Aug. 15, 2021 | Aug. 15, 2021 | |
AC 4% PIK Note [Member] | |||
LIABILITIES AND EQUITY | |||
Debt instrument, interest rate | 4.00% | 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% | |
Debt instrument, maturity date | Jun. 1, 2021 | ||
AC 1.6% Note [Member] | |||
LIABILITIES AND EQUITY | |||
Debt instrument, interest rate | 1.60% | 1.60% | |
Debt instrument, maturity date | Feb. 28, 2018 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Noncontrolling Interests [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Deficit) [Member] | Accumulated Comprehensive Income [Member] | Treasury Stock [Member] | Total | Redeemable Noncontrolling Interests [Member] |
Balance at Dec. 31, 2014 | $ 2,734 | $ 33 | $ 291,681 | $ 602,950 | $ 25,014 | $ (394,617) | $ 527,795 | $ 68,334 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Redemptions of noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Contributions from redeemable noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net income | 0 | 0 | 0 | 83,412 | 0 | 0 | 83,412 | 0 |
Net unrealized gains (losses) on securities available for sale, net of income tax expense (benefit) | 0 | 0 | 0 | 0 | (5,471) | 0 | (5,471) | 0 |
Amounts reclassified from accumulated other comprehensive income, net of income tax expense (benefit) | 0 | 0 | 0 | 0 | (2,829) | 0 | (2,829) | 0 |
Foreign currency translation | 0 | 0 | 0 | 0 | (46) | 0 | (46) | 0 |
Dividends declared | 0 | 0 | 0 | (7,477) | 0 | 0 | (7,477) | 0 |
Stock based compensation expense | 0 | 0 | 9,868 | 0 | 0 | 0 | 9,868 | 0 |
Reduction of deferred tax asset for excess of recorded RSA tax benefit over actual tax benefit | 0 | 0 | (1,190) | 0 | 0 | 0 | (1,190) | 0 |
Exercise of stock options including tax benefit ($102) | 0 | 0 | 1,269 | 0 | 0 | 0 | 1,269 | 0 |
Purchase of treasury stock | 0 | 0 | 0 | 0 | 0 | (27,249) | (27,249) | 0 |
Issuance of 4.4 million treasury shares to GSI | 0 | 0 | (20,270) | 0 | 0 | 170,270 | 150,000 | 0 |
Spin-off of AC | (2,734) | 0 | (281,013) | (713,109) | (7,553) | 0 | (1,004,409) | (68,334) |
Balance at Dec. 31, 2015 | $ 0 | 33 | 345 | (34,224) | 9,115 | (251,596) | (276,327) | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 0 | 0 | 117,121 | 0 | 0 | 117,121 | ||
Net unrealized gains (losses) on securities available for sale, net of income tax expense (benefit) | 0 | 0 | 0 | 3,111 | 0 | 3,111 | ||
Amounts reclassified from accumulated other comprehensive income, net of income tax expense (benefit) | 0 | 0 | 0 | (791) | 0 | (791) | ||
Foreign currency translation | 0 | 0 | 0 | (164) | 0 | (164) | ||
Dividends declared | 0 | 0 | (2,382) | 0 | 0 | (2,382) | ||
Stock based compensation expense | 0 | 3,959 | 0 | 0 | 0 | 3,959 | ||
Reduction of deferred tax asset for excess of recorded RSA tax benefit over actual tax benefit | 0 | (401) | 0 | 0 | 0 | (401) | ||
Purchase of treasury stock | 0 | 0 | 0 | 0 | (10,773) | (10,773) | ||
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 | 77,809 | 0 | 0 | 77,809 | ||
Net unrealized gains (losses) on securities available for sale, net of income tax expense (benefit) | 0 | 0 | 0 | 2,492 | 0 | 2,492 | ||
Amounts reclassified from accumulated other comprehensive income, net of income tax expense (benefit) | 0 | 0 | 0 | (1,969) | 0 | (1,969) | ||
Foreign currency translation | 0 | 0 | 0 | 82 | 0 | 82 | ||
Dividends declared | 0 | 0 | (2,385) | 0 | 0 | (2,385) | ||
Stock based compensation expense | 0 | 8,669 | 0 | 0 | 0 | 8,669 | ||
Purchase of treasury stock | 0 | 0 | 0 | 0 | (14,324) | (14,324) | ||
Balance at Dec. 31, 2017 | $ 33 | $ 12,572 | $ 155,939 | $ 11,876 | $ (276,693) | $ (96,273) |
CONSOLIDATED STATEMENTS OF EQU8
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CONSOLIDATED STATEMENTS OF EQUITY [Abstract] | |||
Net unrealized gains on securities available for sale, income tax expense (benefit) | $ 1,446 | $ 1,857 | $ (3,213) |
Amount reclassified from accumulated and other comprehensive income, income tax expense (benefit) | $ (1,156) | $ (464) | $ (1,662) |
Dividends declared (in dollars per share) | $ 0.08 | $ 0.08 | $ 0.28 |
Tax benefit from exercise of stock options | $ 102 | ||
Issuance of treasury shares (in shares) | 4.4 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities | |||
Net income attributable to GAMCO Investors, Inc.'s shareholders | $ 77,809 | $ 117,121 | $ 83,412 |
Loss/(income) from discontinued operations, net of taxes | 0 | 0 | 3,887 |
Income from continuing operations | 77,809 | 117,121 | 87,299 |
Adjustments to reconcile net income to net cash provided by operating activities from continuing operations: | |||
Depreciation and amortization | 595 | 625 | 618 |
Stock based compensation expense | 8,669 | 3,959 | 9,868 |
Deferred income taxes | (5,451) | (5,537) | 1,166 |
Tax benefit from exercise of stock options | 0 | 0 | 102 |
Foreign currency translation gain/(loss) | 82 | (164) | (46) |
Donated securities | 1,124 | 499 | 1,945 |
Gains on sales of available for sale securities | (62) | (4) | (6) |
Accretion of zero coupon debentures | 0 | 0 | 628 |
Loss on extinguishment of debt | 3,300 | 0 | 1,067 |
Acquisition of identifiable intangible asset | 0 | 0 | (1,661) |
(Increase) decrease in assets: | |||
Investments in trading securities | 8 | 186 | (240) |
Receivable from affiliates | 329 | (927) | 21,393 |
Receivable from brokers | (1,125) | 638 | 592 |
Investment advisory fees receivable | 5,024 | (12,688) | 6,679 |
Income tax receivable and deferred tax assets | (6,267) | (2,562) | (4,354) |
Other assets | (73) | (69) | 529 |
Increase (decrease) in liabilities: | |||
Payable to affiliates | (557) | (6,275) | 7,333 |
Payable to brokers | (990) | 54 | 1 |
Income taxes payable and deferred tax liabilities | 4,473 | 2,768 | (10,401) |
Compensation payable | 40,517 | 17,969 | (6,369) |
Accrued expenses and other liabilities | (714) | 144 | 987 |
Total adjustments | 48,882 | (1,384) | 29,831 |
Net cash provided by operating activities from continuing operations | 126,691 | 115,737 | 117,130 |
Investing activities | |||
Purchases of available for sale securities | (3,932) | (1,843) | (6,279) |
Proceeds from sales of available for sale securities | 4,169 | 408 | 81 |
Net cash provided by (used in) investing activities from continuing operations | 237 | (1,435) | (6,198) |
Financing activities | |||
Repayment of Zero coupon subordinated debentures due December 31, 2015 | 0 | 0 | (13,101) |
Repurchase of 5.875% Senior note due June 1, 2021 | 0 | 0 | (76,533) |
Repurchases of AC 4% PIK Note due November 30, 2020 | (50,000) | (150,000) | 0 |
Proceeds from 4.5% Convertible note due August 15, 2021 | 0 | 109,826 | 0 |
Repayment of 4.5% Convertible note due August 15, 2021 | (113,300) | 0 | 0 |
Repayment of GGCP loan due December 28, 2016 | 0 | (35,000) | 0 |
Proceeds from GGCP loan due December 28, 2016 | 0 | 0 | 35,000 |
Proceeds from 1.6% AC Note due February 28, 2018 | 15,000 | 0 | 0 |
Margin loan borrowings | 20,850 | 0 | 0 |
Margin loan repayments | (5,000) | 0 | 0 |
Amortization of debt issuance costs | 187 | 33 | 0 |
Net cash transferred from AC | 0 | 0 | (21,739) |
Proceeds from exercise of stock options | 0 | 0 | 1,167 |
Dividends paid | (2,315) | (2,333) | (7,468) |
Purchase of treasury stock | (14,324) | (10,773) | (27,249) |
Net cash used in financing activities from continuing operations | (148,902) | (88,247) | (109,923) |
Cash flows of discontinued operations | |||
Net cash provided by operating activities | 0 | 0 | 54,335 |
Net cash used in investing activities | 0 | 0 | (41,463) |
Net cash used in financing activities | 0 | 0 | (12,871) |
Net cash provided by discontinued operations | 0 | 0 | 1 |
Effect of exchange rates on cash and cash equivalents | (17) | 38 | 15 |
Net increase (decrease) in cash and cash equivalents | (21,991) | 26,093 | 1,025 |
Cash and cash equivalents at beginning of period | 39,812 | 13,719 | 12,694 |
Cash and cash equivalents at end of period | 17,821 | 39,812 | 13,719 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 12,180 | 11,274 | 7,011 |
Cash paid for taxes | $ 62,259 | $ 75,238 | $ 59,657 |
CONSOLIDATED STATEMENTS OF CA10
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands, shares in Millions | Nov. 30, 2015 | Nov. 28, 2015 | Nov. 01, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Non-cash activity: | ||||||
Accrued restricted stock award dividends | $ 25 | $ 35 | $ 175 | |||
Reduction to current tax payable for excess of actual tax benefit over recorded restricted stock award tax benefit | 402 | 1,190 | ||||
Increase to additional paid-in capital for excess of actual tax benefit over recorded restricted stock award tax benefit | $ (402) | $ (1,190) | ||||
Non-cash identifiable intangible asset acquired | $ 1,200 | |||||
5.875% Senior Notes [Member] | ||||||
Debt instrument, interest rate | 5.875% | |||||
Debt instrument, maturity date | Jun. 1, 2021 | |||||
AC 4% PIK Note [Member] | ||||||
Debt instrument, interest rate | 4.00% | 4.00% | ||||
Debt instrument, maturity date | Nov. 30, 2020 | |||||
Non-cash activity: | ||||||
Debt instrument, term | 5 years | |||||
Debt instrument, face amount | $ 250,000 | $ 50,000 | ||||
Net assets transferred in connection with spin-off | $ 601,700 | |||||
4.5% Convertible Notes [Member] | ||||||
Debt instrument, interest rate | 4.50% | |||||
Debt instrument, maturity date | Aug. 15, 2021 | |||||
Non-cash activity: | ||||||
Debt instrument, term | 5 years | |||||
Loan from GGCP Due December 28, 2016 [Member] | ||||||
Debt instrument, maturity date | Dec. 28, 2016 | |||||
Non-cash activity: | ||||||
Debt instrument, term | 1 year | |||||
Debt instrument, face amount | $ 35,000 | |||||
AC 1.6% Note [Member] | ||||||
Debt instrument, interest rate | 1.60% | |||||
Debt instrument, maturity date | Feb. 28, 2018 | |||||
GSI Note [Member] | ||||||
Debt instrument, interest rate | 4.00% | |||||
Zero Coupon Subordinated Debentures [Member] | ||||||
Debt instrument, interest rate | 0.00% | |||||
Debt instrument, maturity date | Dec. 31, 2015 | |||||
GSI [Member] | ||||||
Non-cash activity: | ||||||
Shares issued in exchange for debt (in shares) | 4.4 | |||||
Principal amount of debt acquired in exchange transaction | $ 150,000 | |||||
Debt instrument, term | 5 years |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | A. Significant Accounting Policies Basis of Presentation GAMCO Investors, Inc. (“GBL”, “We” or the “Company”) was incorporated in April 1998 in the state of New York, with no significant assets or liabilities and did not engage in any substantial business activities prior to the initial public offering (“Offering”) of our shares. On February 9, 1999, we exchanged 24 million shares of our Class B Common Stock (“Class B Stock”), representing all of our then issued and outstanding common stock, with Gabelli Funds, Inc. (“GFI”) and two of its subsidiaries in consideration for substantially all of the operating assets and liabilities of GFI, relating to its institutional and retail asset management, mutual fund advisory, underwriting and brokerage business (the “Reorganization”). GFI, which was renamed Gabelli Group Capital Partners, Inc. in 1999, is the majority shareholder of GBL and was renamed GGCP, Inc. (“GGCP”) in 2005. During 2010, the shares of GBL owned by GGCP were transferred to GGCP Holdings LLC, a subsidiary of GGCP. In 2014, the Company changed its state of incorporation from New York to Delaware in a tax-free reorganization. On November 30, 2015 (the “Spin-Off Date”), GBL distributed to its stockholders all of the outstanding common stock of Associated Capital Group, Inc. (“AC”) and its subsidiaries along with certain cash and other assets (the “Spin-off”). AC owns and operates, directly or indirectly, the alternatives and the institutional research businesses previously owned and operated by GBL. In the Spin-off, each holder of GAMCO’s Class A Common Stock (“Class A Stock”) of record as of 5:00 p.m. New York City time on November 12, 2015 (the “Record Date”), received one share of AC Class A common stock for each share of GAMCO Class A Stock held on the Record Date. Each record holder of GAMCO’s Class B Stock received one share of AC Class B common stock for each share of GAMCO Class B Stock held on the Record Date. Subsequent to the Spin-off, GAMCO no longer consolidates the financial results of AC or certain investment partnerships and offshore funds in which we had a direct or indirect controlling financial interest for the purposes of GAMCO’s financial reporting and the historical financial results of AC and certain investment partnerships and offshore funds have been reflected in the Company’s consolidated financial statements as discontinued operations for all periods presented through the Spin-off Date. The accompanying consolidated financial statements include the assets, liabilities and earnings of: · GBL; · Our wholly-owned subsidiaries: Gabelli Funds, LLC (“Funds Advisor”), GAMCO Asset Management Inc. (“GAMCO”), Distributors Holdings, Inc. (“DHI”), G.distributors, LLC (“G.distributors”), GAMCO Asset Management (UK) Limited, Gabelli Fixed Income, Inc. (“Fixed Income”), GAMCO International Partners LLC, and GAMCO Acquisition LLC. The consolidated financial statements comprise the financial statements of GBL and its subsidiaries as of December 31 of each year. The financial statements of the subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies. All intercompany transactions and balances have been eliminated. Subsidiaries are fully consolidated from the date of acquisition, being the date on which GBL obtains control, and continue to be consolidated until the date that such control ceases. Reclassifications The historical results of AC and certain investment partnerships and offshore funds have been reflected in the accompanying consolidated statements of income for the year ended December 31, 2015 as discontinued operations and financial information related to discontinued operations has been excluded from the notes to these financial statements for all periods presented (See Note P. Discontinued Operations for further details). Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Nature of Operations GAMCO, Funds Advisor, Gabelli Fixed Income LLC (“Fixed Income LLC”), a wholly-owned subsidiary of Fixed Income are registered investment advisors under the Advisers Act of 1940. G.distributors is a registered broker-dealer with the Securities and Exchange Commission (“SEC”) and is regulated by the Financial Industry Regulatory Authority (“FINRA”). Refer to Major Revenue-Generating Services and Revenue Recognition section within Note A for additional discussion of GBL's business. Cash and Cash Equivalents Cash equivalents primarily consist of an affiliated money market mutual fund which is highly liquid. U.S. Treasury Bills and Notes with maturities of three months or less at the time of purchase are also considered cash equivalents. Securities Transactions Investments in securities are accounted for as either “trading securities” or “available for sale” and are stated at fair value. Management determines the appropriate classification of debt and equity securities at the time of purchase. U.S. Treasury Bills and Notes with maturities of greater than three months at the time of purchase are considered investments in securities. Securities that are not readily marketable are stated at their estimated fair values in accordance with GAAP. A portion of investments in securities are held for resale in anticipation of short-term market movements and therefore are classified as trading securities. Trading securities are stated at fair value, with any unrealized gains or losses reported in current period earnings in net gain/(loss) from investments on the consolidated statements of income. Available for sale (“AFS”) investments are stated at fair value, with any unrealized gains or losses, net of taxes, reported as a component of other comprehensive income except for losses deemed to be other than temporary which are recorded as realized losses on the consolidated statements of income. Securities transactions and any related gains and losses are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the specific identified cost basis and are included in net gain/(loss) from investments on the consolidated statements of income. Available for sale securities are evaluated for other than temporary impairments each reporting period and any impairment charges are recorded in net gain/(loss) from investments on the consolidated statements of income. Management reviews all available for sale securities whose cost exceeds their fair value to determine if the impairment is other than temporary. Management uses qualitative factors such as the intent to hold the investment, the amount of time that the investment has been impaired and the severity of the decline in determining whether the impairment is other than temporary. Securities sold, but not yet purchased are recorded on the trade date, and are stated at fair value and represent obligations of GBL to purchase the securities at prevailing market prices. Therefore, the future satisfaction of such obligations may be for an amount greater or less than the amounts recorded on the consolidated statements of financial condition. The ultimate gains or losses recognized are dependent upon the prices at which these securities are purchased to settle the obligations under the sales commitments. Realized gains and losses from covers of securities sold, not yet purchased transactions are included in net gain/(loss) from investments on the consolidated statements of income. Securities sold, not yet purchased are stated at fair value, with any unrealized gains or losses reported in current period earnings in net gain/(loss) from investments on the consolidated statements of income. Major Revenue-Generating Services and Revenue Recognition The Company’s revenues are derived primarily from investment advisory and incentive fees and distribution fees. Investment advisory and incentive fees are directly influenced by the level and mix of assets under management (“AUM”) as fees are derived from a contractually-determined percentage of AUM for each account as well as incentive fees earned on certain accounts. Advisory fees from the open-end funds, closed-end funds and sub-advisory accounts are computed daily or weekly based on average net assets and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. Advisory fees from Institutional and Private Wealth Management accounts are generally computed quarterly based on account values as of the end of the preceding quarter, and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. The Company derived approximately 88%, 87% and 87% of its total revenues from advisory and management fees, including incentive fees, for the periods ended December 31, 2017, 2016 and 2015, respectively. These revenues vary depending upon the level of sales compared with redemptions, financial market conditions, performance and the fee structure for AUM. Revenues derived from the equity-oriented portfolios generally have higher management fee rates than fixed income portfolios. The Company receives incentive fees from certain Institutional and Private Wealth Management accounts, which are based upon meeting or exceeding a specific benchmark index or indices. Incentive fees refer to fees earned when the return generated for the client exceeds the benchmark and can be earned even if the return to the client is negative as long as the return exceeds the benchmark. These fees are recognized, for each respective account, at the end of the stipulated contract period which is either quarterly or annually and varies by account. Receivables due for incentive fees earned are included in investment advisory fees receivable on the consolidated statements of financial condition. There were no incentive fees receivable as of December 31, 2017. There were $2.4 million of incentive fees receivable as of December 31, 2016. For The GDL Fund, there is a performance fee earned as of the end of the calendar year if the total return of the fund is in excess of the 90 day T-Bill Index total return. This fee is recognized at the end of the measurement period, which is annually on a calendar year basis. Receivables due on incentive fees relating to The GDL Fund are included in investment advisory fees receivable on the consolidated statements of financial condition and were $1.4 million and $4.2 million as of December 31, 2017 and 2016, respectively. For the Gabelli Merger Plus + th Management fees on $0.7 billion of the closed-end preferred shares are earned at year-end if the total return to common shareholders of the closed-end fund for the calendar year exceeds the dividend rate of the preferred shares. These fees are recognized at the end of the measurement period, which is annually. Receivables due for management fees on closed-end preferred shares are included in investment advisory fees receivable on the consolidated statements of financial condition. There were $7.1 million and $7.3 million in management fees receivable on closed-end preferred shares as of December 31, 2017 and 2016, respectively. Distribution fees revenues are derived primarily from the distribution of Gabelli, GAMCO, TETON, KEELEY and Comstock open-end funds (“Funds”) advised by either a subsidiary of GBL (Funds Advisor), a subsidiary of GGCP (Teton), or a subsidiary of Teton (Keeley-Teton Advisors, Inc.). G.distributors distributes our open-end Funds pursuant to distribution agreements with each Fund. Under each distribution agreement with an open-end Fund, G.distributors offers and sells such open-end Fund shares on a continuous basis and pays all of the costs of marketing and selling the shares, including printing and mailing prospectuses and sales literature, advertising and maintaining sales and customer service personnel and sales and services fulfillment systems, and payments to the sponsors of third party distribution programs, financial intermediaries and G.distributors’ sales personnel. G.distributors receives fees for such services pursuant to distribution plans adopted under provisions of Rule 12b-1 (“12b-1”) of the Investment Company Act of 1940 (“Company Act”). G.distributors is the principal underwriter for funds distributed in multiple classes of shares which carry either a front-end or back-end sales charge. Under the distribution plans, the open-end Class AAA shares of the Funds (except The Gabelli U.S. Treasury Money Market Fund, Gabelli Capital Asset Fund and The Gabelli ABC Fund), the Class A shares, and the Class T shares of certain Funds pay G.distributors a distribution or service fee of 0.25% per year (except the Class A shares of the TETON Westwood Funds which pay 0.50% per year and the Class A shares of the Gabelli Enterprise Mergers and Acquisitions Fund which pays 0.45% per year) on the average daily net assets of the Fund. Class C shares have a 12b-1 distribution plan with a service and distribution fee totaling 1%. Distribution fees from the open-end funds are computed daily based on average net assets. The amounts receivable for distribution fees are included in receivables from affiliates on the consolidated statements of financial condition. GBL also has investment gains or losses generated from its proprietary trading activities which are included in net gain/(loss) from investments on the consolidated statements of income. Distribution Costs We incur certain promotion and distribution costs, which are expensed as incurred, principally related to the sale of shares of Funds, shares sold in the initial public offerings of our closed-end funds, and after-market support services related to our closed-end funds. Additionally, Funds Advisor has agreed to reimburse expenses on certain funds, beyond certain expense caps. The reimbursed expenses are presented on a gross basis in distribution costs in the consolidated statements of income. Dividends and Interest Income and Interest Expense Dividends are recorded on the ex-dividend date. Interest income and interest expense are accrued as earned or incurred. Depreciation and Amortization Fixed assets other than leasehold improvements, with net book value of Goodwill and Identifiable Intangible Assets Goodwill is initially measured as the excess of the cost of the acquired business over the sum of the amounts assigned to assets acquired less the liabilities assumed. At December 31, 2017 and 2016, goodwill recorded on the consolidated statements of financial condition relates to G.distributors. At December 31, 2017 and 2016, the identifiable intangible assets are the investment advisory contracts for the Gabelli Enterprise Mergers and Acquisition Fund, for the Bancroft Fund Ltd. and the Ellsworth Growth and Income Fund Ltd., all of which relate to Funds Advisor. Goodwill and identifiable intangible assets are tested for impairment at least annually on November 30 th In assessing the recoverability of goodwill for our annual impairment test on November 30, 2017 and 2016, we performed a qualitative assessment of whether it was more likely than not that an impairment had occurred and concluded that a quantitative analysis was not required. No impairment was recorded during 2017, 2016, or 2015. Income Taxes Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts on the consolidated financial statements using the statutory tax rates in effect for the year when the reported amount of the asset or liability is recovered or settled, respectively. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. As a result of the enactment of the Tax Cuts and Jobs Act in December 2017, the Company recorded an increase in expense of $8.2 million reflecting the net write-down to its deferred tax assets and deferred tax liabilities. A valuation allowance is recorded to reduce the carrying values of deferred tax assets to the amount that is more likely than not to be realized. For each tax position taken or expected to be taken in a tax return, the Company determines whether it is more likely than not that the position will be sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation. A tax position that meets the more likely than not recognition threshold is measured to determine the amount of benefit to recognize. The tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. The Company recognizes the accrual of interest on uncertain tax positions and penalties in income tax provision on the consolidated statements of income. Fair Values of Financial Instruments All of the instruments within cash and cash equivalents, investments in securities and securities sold, not yet purchased are measured at fair value. Certain investments in partnerships are also measured at fair value. The Company’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy in accordance with the Financial Accounting Standards Board’s (“FASB”) guidance on fair value measurement. The levels of the fair value hierarchy and their applicability to the Company are described below: - Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date. Level 1 assets include cash equivalents, government obligations, open-end funds, closed-end funds and equities. - Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities that are not active and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly-quoted intervals. Assets that generally are included in this category may include certain limited partnership interests in private funds and over the counter derivatives that have inputs to the valuations that can generally be corroborated by observable market data. - Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. Assets included in this category generally include equities that trade infrequently and direct private equity investments held within consolidated partnerships. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Investments are transferred into or out of any level at their beginning period values. The availability of observable inputs can vary from instrument to instrument and is affected by a wide variety of factors, including, for example, the type of instrument, whether the instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. The valuation process and policies reside with the financial reporting and accounting group which reports to the Co-Chief Accounting Officers. The Company may use the “market approach” or “income approach” valuation technique to value its investments in Level 3 investments. The Company’s valuation of the Level 3 investments could be based upon either i) the recent sale prices of the issuer’s equity securities or ii) the net assets, book value or cost basis of the issuer when there is no recent sales prices available. In the absence of a closing price, an average of the bid and ask price is used. Bid prices reflect the highest price that the market is willing to pay for an asset. Ask prices represent the lowest price that the market is willing to accept for an asset. Cash equivalents Investments in securities and Securities sold, not yet purchased Earnings Per Share Basic earnings per share is based on the weighted-average number of common shares outstanding during each period less unvested restricted stock. Diluted earnings per share is based on basic shares plus the incremental shares that would be issued upon the assumed exercise of in-the-money stock options and unvested restricted stock using the treasury stock method, and, if dilutive, assumes the conversion of the convertible note for the periods outstanding since the issuance in August 2016 using the if converted method. Management Fee Management fee expense is incentive-based and entirely variable compensation in the amount of 10% of the aggregate pre-tax profits before management fee which is paid to Mr. Gabelli or his designee for acting as CEO pursuant to his 2008 Employment Agreement so long as he is an executive of GBL and devotes the substantial majority of his working time to the business. In accordance with his 2008 Employment Agreement, he has allocated approximately $1.4 million, $2.2 million and $1.9 million of his management fee to certain other employees of the Company in 2017, 2016 and 2015, respectively. Stock Based Compensation The Company has granted restricted stock awards (“RSAs”) and stock options to staff members which were recommended by the Company’s Chairman, who did not receive an RSA or option award, and approved by the Compensation Committee of the Company’s Board of Directors. We use a fair value based method of accounting for stock-based compensation provided to our employees. The estimated fair value of RSAs is determined by using the closing price of Class A Common Stock (“Class A Stock”) on the day prior to the grant date. The total expense, which is reduced by estimated forfeitures, is recognized over the vesting period for these awards which is either (1) 30% over three years from the date of grant and 70% over five years from the date of grant or (2) 30% over three years from the date of grant and 10% each year over years four through ten from the date of grant. The forfeiture rate is determined by reviewing historical forfeiture rates for previous stock-based compensation grants and is reviewed and updated quarterly, if necessary. During the vesting period, dividends to RSA holders are held for them until the RSA vesting dates and are forfeited if the grantee is no longer employed by the Company on the vesting dates. Dividends declared on these RSAs, less estimated forfeitures, are charged to retained earnings on the declaration date. The estimated fair value of option awards on the grant date is determined using the Black Scholes option-pricing model. This sophisticated model utilizes a number of assumptions in arriving at its results, including the estimated life of the option, the risk free interest rate at the date of grant and the volatility of the underlying common stock. There may be other factors, which are not considered in the Black Scholes model, which may have an effect on the value of the options as well. The effects of changing any of the assumptions or factors employed by the Black Scholes model may result in a significantly different valuation for the options. The total expense based on the grant date fair value, which is reduced by estimated forfeitures, is recognized over the vesting period for these awards which is 75% over three years from the date of grant and 25% over four years from date of grant. The forfeiture rate is determined by reviewing historical forfeiture rates for previous stock-based compensation grants and is reviewed and updated quarterly, if necessary. In connection with the Spin-off of AC and in accordance with GAAP, the Company has allocated the stock compensation costs between GBL and AC based upon each employee’s individual allocation of their responsibilities between GBL and AC. See note H. Equity for further details. The Company has entered into three deferred compensation agreements with Mr. Gabelli whereby his variable compensation for 2016, the first half of 2017 and the fourth quarter of 2017 was in the form of Restricted Stock Units (“RSUs”) determined by the volume-weighted average price (“VWAP”) of the Company’s Class A Stock during those respective periods. The 2016 Deferred Cash Compensation Agreement (“DCCA”) will vest 100% on January 1, 2020, the First Half 2017 DCCA will vest 100% on July 1, 2018, and the Fourth Quarter 2017 DCCA will vest 100% on April 1, 2019. The Company intends to settle the awards in cash at vesting; however, the Company reserves the right to issue shares of the Company’s Class A Stock in lieu of such cash payment. Under the terms of the agreement the Company will pay Mr. Gabelli an amount equal to the number of RSUs valued at the lesser of the VWAP of the Company’s Class A Stock for the applicable period or the value on the lapse date or, if not a trading day, then the first trading date thereafter. Under GAAP, for the 2016 DCCA only 25% of this deferred compensation expense is being recognized in 2016 with the remainder amortized ratably over 2017, 2018, and 2019. Similarly, under GAAP, for the First Half 2017 DCCA 67% of the expense is recognized in 2017 with the remaining 33% expensed in 2018. For the Fourth Quarter 2017 DCCA 17% of the expense is recognized in 2017, 66% in 2018 and the remaining 17% in 2019. Notwithstanding its ability to settle the award in stock, given the Company’s intent to settle it in cash, in accordance with GAAP (ASC 718), the awards are accounted for as liability-classified awards and not as equity-classified awards. The liability is remeasured at fair value on each reporting period from December 31, 2016 until the vesting date. However, given the cap on the obligation in that Mr. Gabelli will not receive cash in excess of the VWAP of the Company’s Class A Stock for each respective period, the remeasurement of the liability at fair value will never exceed its value determined using each period’s respective VWAP price. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and receivable from brokers. The Company maintains cash and cash equivalents primarily in the Gabelli U.S. Treasury Money Market Fund, which invests fully in instruments issued by the U.S. government, and has receivables from brokers with various brokers and financial institutions, where these balances can exceed the federally insured limit. The concentration of credit risk with respect to advisory fees receivable is generally limited due to the short payment terms extended to clients by the Company. In addition, the credit risk is further limited by virtue of the fact that no single advisory relationship provided over 10% of the total revenue of the Company during the years 2017, 2016, or 2015. All investments in securities are held at third party brokers or custodians. Business Segment The Company operates in one business segment, the investment advisory and asset management business. The Company conducts its investment advisory business principally through: GAMCO (Institutional and Private Wealth Management) and Funds Advisor (Funds). The distribution of our open-end funds and underwriting of those Funds was conducted through G.distributors. Recent Accounting Developments In May 2014, the FASB issued 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 to receive 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 (a) assessing collectability, (b) presenting sales taxes, (c) measuring noncash consideration, and (d) 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 has been completed, and we have identified similar performance obligations under this guidance as compared with deliverables and separate units of account previously identified under Topic 605. As a result, we expect the timing of the recognition of our revenue to remain the same as under Topic 605, and the Company does not therefore expect the adoption of the new guidance to have any effect on the timing of the recognition of revenue. If there were to be any impact, which is not expected, the Company has determined that it would use the modified retrospective transition method. The Company has also been reviewing and preparing for the enhanced disclosure requirements of the standard, which will have an effect on the disclosures in the consolidated financial statements and accompanying notes effective with our first quarter 2018 Form 10-Q. 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. The Company adopted this guidance on January 1, 2018 and reclassed $11.9 million out of Accumulated Comprehensive Income and into Retained Earnings. Effective January 1, 2018, 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 leas |
Investment in Securities
Investment in Securities | 12 Months Ended |
Dec. 31, 2017 | |
Investment in Securities [Abstract] | |
Investment in Securities | B. Investments in Securities Investments in securities at December 31, 2017 and 2016 consisted of the following: 2017 2016 Cost Fair Value Cost Fair Value (In thousands) Trading securities: Common stocks $ 26 $ 34 $ 51 $ 54 Mutual Funds 11 11 - - Total trading securities 37 45 51 54 Available for sale securities: Common stocks 17,441 36,637 18,739 37,131 Closed-end funds 99 108 99 100 Total available for sale securities 17,540 36,745 18,838 37,231 Total investments in securities $ 17,577 $ 36,790 $ 18,889 $ 37,285 There were no securities sold, not yet purchased at December 31, 2017 and 2016. The following table identifies all reclassifications out of accumulated other comprehensive income and into net income for the year ended December 31, 2017 and 2016 (in thousands): Amount Affected Line Item Reason for Reclassified in the Statements Reclassification from AOCI of Income from AOCI Twelve months ended December 31, 2017 2016 $ 62 $ 4 Net gain from investments Realized gain / (loss) on sale of AFS securities 3,063 1,251 Other operating expenses Donation of AFS securities 3,125 1,255 Income before income taxes (1,156 ) (464 ) Income tax expense $ 1,969 $ 791 Net income The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available for sale investments as of December 31, 2017 and December 31, 2016: December 31, 2017 Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Common stocks $ 17,441 $ 19,196 $ - $ 36,637 Closed-end Funds $ 99 $ 9 $ - $ 108 Total available for sale securities $ 17,540 $ 19,205 $ - $ 36,745 December 31, 2016 Gross Gross Unrealized Unrealized Fair Cost Gains Losses 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 Increases in unrealized gains, net of taxes, for AFS securities for the year ended December 31, 2017 and 2016 of $0.5 million and $2.3 million have been included in other comprehensive income at December 31, 2017 and 2016, respectively. Increases in unrealized losses, net of taxes, for AFS securities for the year ended December 31, 2015 of $5.5 million have been included in other comprehensive income at December 31, 2015. The amount reclassified from other comprehensive income for the years ended December 31, 2017, 2016 and 2015 was $2.0 million, $0.8 million and $2.8 million, respectively. Proceeds from sales of investments available for sale were approximately $4.2 million, $0.4 million and $0.1 million for the years ended December 31, 2017, 2016 and 2015, respectively. For the years ended December 31, 2017, 2016 and 2015, gross gains on the sale of investments available for sale amounted to $62,000, $4,000 and $6,000, respectively, and were reclassed from other comprehensive income into the consolidated statements of income. There were no losses on the sale of investments available for sale for the years ended December 31, 2017, 2016 and 2015. The basis on which the cost of a security sold is determined is specific identification. Accumulated other comprehensive income on the consolidated statements of equity is primarily comprised of unrealized gains/losses, net of taxes, for AFS securities. GBL has an established accounting policy and methodology to determine other-than-temporary impairment on available for sale securities. Under this policy, available for sale securities are evaluated for other than temporary impairments and any impairment charges are recorded in net gain/(loss) from investments on the consolidated statements of income. Management reviews all available for sale securities whose cost exceeds their market value to determine if the impairment is other than temporary. Management uses qualitative factors such as diversification of the investment, the amount of time that the investment has been impaired, the intent to sell and the severity of the decline in determining whether the impairment is other than temporary. There were no investments classified as available for sale that were in an unrealized loss position at either December 31, 2017 or December 31, 2016. For the years ended December 31, 2017, 2016 and 2015 there were no losses on available for sale securities that were deemed to be other than temporary. All of our investments within the Investments in securities line item on the consolidated statement of financial condition are pledged as collateral against a margin loan outstanding with an unaffiliated broker included in the Payable to brokers line item on the consolidated statements of financial condition. Certain of the investments within the Investments in securities line item are also pledged against the AC 1.6% Note due February 28, 2018. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 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 December 31, 2017 and 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 December 31, 2017 (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) 2017 Cash equivalents $ 17,475 $ - $ - $ 17,475 Investments in securities: AFS - Common stocks 36,637 - - 36,637 AFS - Closed-end Funds 108 - - 108 Trading - Common stocks 34 - - 34 Trading - Mutual Funds 11 - - 11 Total investments in securities 36,790 - - 36,790 Total assets at fair value $ 54,265 $ - $ - $ 54,265 During the year ended December 31, 2017, there were no transfers between any Level 1 and Level 2 holdings, or between Level 1 and Level 3 holdings. Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 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 During the year ended December 31, 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 | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | D. Income Taxes GBL and its greater than 80% owned operating subsidiaries file a consolidated federal income tax return. Accordingly, the income tax provision represents the aggregate of the amounts provided for all companies. 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 twelve months ended December 31, 2017, the ETR was higher by 0.7% as a result of a reduction to previously recorded stock compensation tax benefits. The provision for income taxes for the years ended December 31, 2017, 2016 and 2015 consisted of the following: 2017 2016 2015 (In thousands) Federal: Current $ 54,318 $ 63,991 $ 47,699 Deferred (3,670 ) (4,424 ) (1,441 ) State and local: Current 6,212 6,652 5,359 Deferred (1,781 ) (1,113 ) 109 Total $ 55,079 $ 65,106 $ 51,726 A reconciliation of the Federal statutory income tax rate to the effective tax rate is set forth below: 2017 2016 2015 Statutory Federal income tax rate 35.0 % 35.0 % 35.0 % State income tax, net of Federal benefit 0.5 1.0 2.7 Impact of Tax Act 6.2 - - Other (0.3) (0.3) (0.5) Effective income tax rate 41.4 % 35.7 % 37.2 % Significant components of our deferred tax assets and liabilities are as follows: 2017 2016 (In thousands) Deferred tax assets: Stock compensation expense $ 110 $ 4,006 Deferred compensation 14,740 7,629 Capital lease obligation 633 944 Other 238 311 Total deferred tax assets 15,721 12,890 Deferred tax liabilities: Investments in securities available for sale (4,609 ) (6,805 ) Contingent deferred sales commissions (189 ) (322 ) Intangible asset amortization (233 ) (235 ) Other (10 ) (9 ) Total deferred tax liabilities (5,041 ) (7,371 ) Net deferred tax assets (liabilities) $ 10,680 $ 5,519 As a result of the vesting of RSAs, and in accordance with GAAP, decreases of $0.4 million and $1.2 million were recorded in additional paid in capital for the years ended December 31, 2016 and December 31, 2015, respectively, as the actual tax benefits realized by the Company were less than the previously recorded deferred tax benefits. As of December 31, 2017 and 2016, the total amount of gross unrecognized tax benefits related to uncertain tax positions was approximately $13.3 million and $15.0 million, respectively, of which recognition of $10.5 million and $9.8 million, respectively, would impact the Company’s effective tax rate. As of December 31, 2017 and 2016, the net liability for unrecognized tax benefits related to uncertain tax positions was $14.5 million and $14.1 million, respectively, and is included in accrued expenses and other liabilities on the consolidated statements of financial condition. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits related to uncertain tax positions is as follows: (in millions) Balance at December 31, 2014 $ 16.0 Additions based on tax positions related to the current year 2.8 Additions for tax positions of prior years 0.1 Reductions for tax positions of prior years (0.5 ) Settlements - Balance at December 31, 2015 18.4 Additions based on tax positions related to the current year 2.3 Additions for tax positions of prior years 1.2 Reductions for tax positions of prior years (6.9 ) Settlements - Balance at December 31, 2016 15.0 Additions based on tax positions related to the current year 2.2 Additions for tax positions of prior years - Reductions for tax positions of prior years (3.9 ) Settlements - Balance at December 31, 2017 $ 13.3 The Company records penalties and interest related to tax uncertainties in income taxes. As of December 31, 2017 and 2016, the Company had recognized gross liabilities of approximately $4.8 million and $6.7 million related to interest and penalties, respectively. For the years ended December 31, 2017 and 2016, the Company recorded an income tax benefit related to a decrease in its liability for interest and penalties of $0.3 million and $0.7 million, respectively. For the years ended December 31, 2015, the Company recorded income tax expenses related to an increase in its liability for interest and penalties of $1.1 million. The Tax Cuts and Jobs Act that was enacted in December 2017 resulted in an $8.2 million write down of net deferred tax assets. Specifically, the 2017 income tax expense included the following amounts related to the Tax Cuts and Jobs Act enacted in the United States in December 2017. · $10.9 million tax expense related to the revaluation of certain deferred income tax assets; · $2.7 million non-cash tax benefit related to the revaluation of certain deferred income tax liabilities The Company is currently being audited by New York State for years 2007 through 2011 but does not expect that any potential assessments will be material to its results of operations. The Company is subject to future audits by New York State for all years after 2011. The Company’s remaining state income tax returns are subject to future audit for all years after 2010. The Company’s Federal tax returns are subject to future audit for 2015 and 2016. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per Share [Abstract] | |
Earnings per Share | E. Earnings per Share The computations of basic and diluted net income per share are as follows: For the Years Ending December 31, (In thousands, except per share amounts) 2017 2016 2015 Basic: Income from continuing operations $ 77,809 $ 117,121 $ 87,299 Loss from discontinued operations, net of taxes - - (3,887 ) Net income attributable to GAMCO Investors, Inc.'s shareholders $ 77,809 $ 117,121 $ 83,412 Weighted average shares outstanding 28,980 29,182 25,425 Basic net income per share attributable to GAMCO Investors, Inc.'s shareholders Continuing operations $ 2.68 $ 4.01 $ 3.43 Discontinued operations - - (0.15 ) Total $ 2.68 $ 4.01 $ 3.28 Diluted: Income from continuing operations $ 77,809 $ 117,121 $ 87,299 Add interest on convertible notes, net of management fee and taxes 2,604 1,133 - Total income from continuing operations 80,413 118,254 87,299 Loss from discontinued operations, net of taxes - - (3,887 ) Net income attributable to GAMCO Investors, Inc.'s shareholders $ 80,413 $ 118,254 $ 83,412 Weighted average share outstanding 28,980 29,182 25,425 Dilutive stock options and restricted stock awards 192 234 286 Assumed conversion of convertible notes 1,775 754 - Total 30,947 30,170 25,711 Diluted net income per share attributable to GAMCO Investors, Inc.'s shareholders Continuing operations $ 2.60 $ 3.92 $ 3.40 Discontinued operations - - (0.15 ) Total $ 2.60 $ 3.92 $ 3.24 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt [Abstract] | |
Debt | F. Debt Debt consists of the following: December 31, 2017 December 31, 2016 Carrying Fair Value Carrying Fair Value Value Level 2 Value Level 2 (In thousands) 4.5% Convertible note $ - $ - $ 109,835 $ 111,525 AC 4% PIK Note 50,000 50,572 100,000 100,930 AC 1.6% Note 15,000 14,972 - - 5.875% Senior notes 24,144 24,543 24,120 24,558 Total $ 89,144 $ 90,087 $ 233,955 $ 237,013 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Equity | G. Equity Voting Rights The holders of Class A Stock and Class B Stock have identical rights except that (i) holders of Class A Stock are entitled to one vote per share, while holders of Class B Stock are entitled to ten votes per share on all matters to be voted on by shareholders in general, and (ii) holders of Class A Stock are not eligible to vote on matters relating exclusively to Class B Stock and vice versa. Stock Award and Incentive Plan The Company maintains one Plan approved by the shareholders, which is 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 Plan 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 6.0 million shares of Class A Stock have been reserved for issuance under the Plan by a committee of the Board of Directors responsible for administering the Plan (“Compensation Committee”). Under the Plan, 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. There were no RSAs issued during 2017, 2016 or 2015. As of December 31, 2017 and 2016, there were 19,400 RSA shares and 424,340 RSA shares, respectively, outstanding that were issued at an average grant price of $65.67 per share and $65.74 per share, respectively. The $65.67 per share and $65.74 per share reflect pre AC spin-off stock prices. All grants of RSAs were recommended by the Company's Chairman, who did not receive a RSA, and approved by the Compensation Committee of the Company's Board of Directors. This expense, net of estimated forfeitures, is recognized over the vesting period for these awards which is either (1) 30% over three years from the date of grant and 70% over five years from the date of grant or (2) 30% over three years from the date of grant and 10% each year over years four through ten from the date of grant. During the vesting period, dividends to RSA holders are held for them until the RSA vesting dates and are forfeited if the grantee is no longer employed by the Company on the vesting dates. Dividends declared on these RSAs, less estimated forfeitures, are charged to retained earnings on the declaration date. For RSAs issued by GAMCO prior to the spin-off of AC on November 30, 2015, the Company expenses the portion of the RSAs that correspond to the employee allocation between GAMCO and AC. During 2015, the Board of Directors accelerated the lapsing of restrictions on the November 2013 grant of RSAs resulting in recognition of $3.5 million in stock compensation expense during 2015 that would have been recorded in 2016 through 2018. 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 expense for 2017. This amount related to GBL teammates who held AC RSAs. On August 7, 2017, the Compensation Committee of GBL accelerated the vesting relating to 201,120 of GBL RSAs outstanding effective August 31, 2017. As a result, GBL recorded an incremental $1.8 million of stock-based compensation expense for 2017. On December 27, 2017, the Compensation Committee of GBL accelerated the vesting relating to an additional 144,650 GBL RSAs resulting in an incremental $1.3 million of expense in 2017. During 2016, in accordance with the deferred compensation agreement with Mr. Gabelli for the full year of 2016, the Company issued 2,314,695 RSUs, based upon the VWAP of the Company’s Class A Stock for 2016 of $32.8187, in satisfaction of Mr. Gabelli’s variable compensation of $75,965,266 for 2016. These RSUs will vest 100% on January 1, 2020 and are being expensed ratably over the vesting period. For 2017 and 2016, the Company expensed 25%, or $18,991,316, of this RSU in each year. The Company will pay Mr. Gabelli an amount equal to the number of RSUs valued at the lesser of the VWAP of the Company’s Class A Stock for 2016 or the value on the lapse date. Notwithstanding its ability to settle the award in stock, given the Company’s intent to settle it in cash, in accordance with GAAP (ASC 718), the award is accounted for as a liability-classified award and not as an equity-classified award. The liability is remeasured at fair value on each reporting period from December 31, 2016 until the vesting date. However, given the cap on the obligation in that Mr. Gabelli will not receive cash in excess of the VWAP of the Company’s Class A Stock for the 2016 fiscal year, the remeasurement of the liability at fair value will never exceed its value determined using that VWAP price. Therefore, in accordance with GAAP, the Company marked to market the RSU payable on December 31, 2017 and December 31, 2016 to the closing prices of the Company’s Class A Stock of $29.65 and $30.89, respectively. These mark to market adjustments resulted in a reduction of the RSU expense of $2.6 million and $1.1 million for 2017 and 2016, respectively. On December 23, 2016, GAMCO entered into a deferred compensation agreement with Mr. Gabelli whereby his variable compensation for the first half of 2017 will be in the form of RSUs determined by the VWAP of the Company’s Class A Stock during the first half of 2017. During 2017, in accordance with the deferred compensation agreement with Mr. Gabelli for the first half of 2017, the Company issued 1,244,018 RSUs, based upon the VWAP of the Company’s Class A Stock for the first half of 2017 of $29.6596, in satisfaction of Mr. Gabelli’s variable compensation of $36,897,086 for that period. The RSUs will vest 100% on July 1, 2018, and the Company intends to settle the award in cash at that time; however, the Company reserves the right to issue shares of the Company’s Class A Stock in lieu of such cash payment. Under the terms of the agreement the Company will pay Mr. Gabelli an amount equal to the number of RSUs valued at the lesser of the VWAP of the Company’s Class A Stock for the first half of 2017 or the value on the lapse date or, if not a trading day, then the first trading date thereafter. For GAAP reporting, the Company will recognize the amount of Mr. Gabelli’s 2017 first half compensation ratably over the vesting period, or approximately 67% of the total during 2017 and 33% during 2018. Notwithstanding its ability to settle the award in stock, given the Company’s intent to settle it in cash, in accordance with GAAP (ASC 718), the award is accounted for as a liability-classified award and not as an equity-classified award. The liability is remeasured at fair value on each reporting period from June 30, 2017 until the vesting date. However, given the cap on the obligation in that Mr. Gabelli will not receive cash in excess of the VWAP of the Company’s Class A Stock for the first half of the 2017 fiscal year, the remeasurement of the liability at fair value will never exceed its value determined using that VWAP price. Therefore, in accordance with GAAP, the Company marked to market the RSU payable on December 31, 2017 to the closing price of the Company’s Class A Stock of $29.65. This mark to market adjustment resulted in a reduction of the RSU expense of $17,000 for 2017. On September 30, 2017, GAMCO entered into a deferred compensation agreement with Mr. Gabelli whereby his variable compensation for the fourth quarter of 2017 will be in the form of RSUs determined by the VWAP of the Company’s Class A Stock during the fourth quarter of 2017. During 2017, in accordance with the deferred compensation agreement with Mr. Gabelli for the fourth quarter of 2017, the Company issued 530,662 RSUs, based upon the VWAP of the Company’s Class A Stock for the fourth quarter of 2017 of $29.1875, in satisfaction of Mr. Gabelli’s variable compensation of $15,488,708 for that period. The RSUs will vest 100% on April 1, 2019, and the Company intends to settle the award in cash at that time; however, the Company reserves the right to issue shares of the Company’s Class A Stock in lieu of such cash payment. Under the terms of the agreement the Company will pay Mr. Gabelli an amount equal to the number of RSUs valued at the lesser of the VWAP of the Company’s Class A Stock for the fourth quarter of 2017 or the value on the lapse date or, if not a trading day, then the first trading date thereafter. For GAAP reporting, the Company will recognize the amount of Mr. Gabelli’s 2017 fourth quarter compensation ratably over the vesting period, or approximately 17% of the total during 2017, 66% during 2018 and 17% during 2019. Notwithstanding its ability to settle the award in stock, given the Company’s intent to settle it in cash, in accordance with GAAP (ASC 718), the award is accounted for as a liability-classified award and not as an equity-classified award. The liability is remeasured at fair value on each reporting period from December 31, 2017 until the vesting date. However, given the cap on the obligation in that Mr. Gabelli will not receive cash in excess of the VWAP of the Company’s Class A Stock for the fourth quarter of the 2017 fiscal year, the remeasurement of the liability at fair value will never exceed its value determined using that VWAP price. Therefore, in accordance with GAAP, and provided that the closing price of the Company’s Class A Stock of $29.65 was higher than the VWAP price over the fourth quarter of 2017 there was no mark to market adjustment recorded. A summary of the stock option and RSA activity for the years ended December 31, 2017 and 2016 is as follows: Options RSAs Weighted Average Weighted Average Grant Date Shares Exercise Price Shares Fair Value Outstanding at December 31, 2015 - $ - 553,100 $ 64.02 Granted - - - - Forfeited - - (9,300 ) 64.85 Exercised / Vested - - (119,460 ) 57.86 Outstanding at December 31, 2016 - - 424,340 65.74 Granted - - - - Forfeited - - (4,500 ) 78.62 Exercised / Vested - - (400,440 ) 65.60 Outstanding at December 31, 2017 - $ - 19,400 $ 65.67 Shares available for future issuance at December 31, 2017 281,349 The total compensation costs related to non-vested awards not yet recognized is approximately $187,000 as of December 31, 2017. This will be recognized as expense in the following periods (in thousands): 2018 2019 2020 2021 $ 187 $ - $ - $ - 2022 2023 2024 2025 $ - $ - $ - $ - For the years ended December 31, 2017, 2016 and 2015, the Company recorded approximately $8.7 million, $4.0 million and $9.9 million, respectively, in stock based compensation expense which resulted in the recognition of tax benefits of approximately $3.3 million, $1.5 million and $3.7 million, respectively. The $8.7 million for the year ended December 31, 2017, includes $6.8 million in stock compensation expense as a result of accelerating 345,770 RSAs. The $9.9 million for the year ended December 31, 2015, includes $3.5 million in stock compensation expense as a result of accelerating the November 2013 grant of RSAs. There were no comparable accelerations in the year ended December 31, 2016. For the years ended December 31, 2015, the Company received approximately $1.2 million from the exercise of stock options which resulted in tax benefits of $0.1 million. Stock Repurchase Program In 1999, the Board of Directors established the Stock Repurchase Program through which the Company has been authorized to purchase up to $9 million of Class A Stock. The Board of Directors authorized 500,000, 500,000 and 425,352 shares in August 2015, May 2017 and August 2017, respectively. In 2017, 2016 and 2015, we repurchased 484,526 shares, 348,687 shares and 426,628 shares, respectively, at an average price of $29.56 per share, $30.88 per share and $63.85 per share, respectively. Please note, however, 2015 has not been adjusted for the Spin-off. (For 2015, 413,228 shares were at an average investment of $64.86 per share prior to the distribution of AC on November 30, 2015 and 13,400 shares were at an average price of $32.56 following the distribution of AC.) There remain 674,294 shares available under this program at December 31, 2017. Dividends During 2017, 2016 and 2015, the Company declared dividends of $0.08 per share, $0.08 per share and $0.28 per share, respectively, to class A and class B shareholders totaling $2.4 million, $2.4 million and $7.5 million, respectively. Under the terms of the RSA agreements, we accrue dividends, less estimated forfeitures, for RSA grantees from the date of grant but these dividends are held for grantees who are not entitled to receive dividends until their awards vest and only if they are still employed by the Company at those dates. As of December 31, 2017 and 2016, dividends accrued on RSAs not yet vested were approximately $24,000 and $0.4 million, respectively. Shelf Registration In April 2015, the SEC declared effective the Company’s “shelf” registration statement on Form S-3 giving the Company the flexibility to sell any combination of senior and subordinate debt securities, convertible debt securities and equity securities (including common and preferred securities) up to a total amount of $500 million. The shelf is available through April 2018, at which time it may be renewed. |
Capital Lease
Capital Lease | 12 Months Ended |
Dec. 31, 2017 | |
Capital Lease [Abstract] | |
Capital Lease | H. Capital Lease On December 5, 1997, prior to the Offering in 1999, the Company entered into a fifteen-year lease, expiring on April 30, 2014, of office space from an entity controlled by members of the Chairman's family. On June 11, 2013, the Company modified and extended its lease with M4E, LLC, the Company’s landlord at 401 Theodore Fremd Ave, Rye, NY. The lease term was extended to December 31, 2028, and the base rental remained at $18 per square foot, or $1.1 million, for 2014. From January 1, 2015 through December 31, 2028, the base rental will be determined by the change in the consumer price index for the New York Metropolitan Area for November of the immediate prior year with the base period as November 2008 for the New York Metropolitan Area. The lease has been accounted for as a capital lease as it transfers substantially all the benefits and risks of ownership to GBL. The Company has recorded the leased property as an asset and a capital lease obligation for the present value of the obligation of the leased property. The leased property is amortized on a straight-line basis from the date of the most recent extension to the end of the lease. The capital lease obligation is amortized over the same term using the interest method of accounting. Capital lease improvements are amortized from the date of expenditure through the end of the lease term or the useful life, whichever is shorter, on a straight-line basis. The lease provides that all operating expenses relating to the property (such as property taxes, utilities and maintenance) are to be paid by the lessee, GBL. These are recognized as expenses in the periods in which they are incurred. Accumulated amortization on the leased property was approximately $4.9 million and $4.6 million at December 31, 2017 and 2016, respectively. Future minimum lease payments for this capitalized lease at December 31, 2017 are as follows: (In thousands) 2018 $ 1,230 2019 1,080 2020 1,080 2021 1,080 2022 1,080 Thereafter 6,480 Total minimum obligations 12,030 Interest 7,075 Present value of net obligations $ 4,955 Lease payments under this agreement amounted to approximately $1.2 million, $1.2 million and $1.2 million for each of the years ended December 31, 2017, 2016 and 2015, respectively. The capital lease contains an escalation clause tied to the change in the New York Metropolitan Area Consumer Price Index which may cause the future minimum payments to exceed $1,080,000 annually. Future minimum lease payments have not been reduced by related minimum future sublease rentals of approximately $1.1 million due over the next six years, which are due from affiliated entities. Total minimum obligations exclude the operating expenses to be borne by the Company, which are estimated to be approximately $0.7 million per year. |
Contractual Obligations
Contractual Obligations | 12 Months Ended |
Dec. 31, 2017 | |
Contractual Obligations [Abstract] | |
Contractual Obligations | I. Contractual Obligations We rent office space under leases which expire at various dates through January 31, 2022. Future minimum lease commitments under these operating leases as of December 31, 2017 are as follows: (In thousands) 2018 $ 808 2019 479 2020 47 2021 47 2022 4 Total $ 1,385 Equipment rentals and occupancy expense amounted to approximately $2.2 million, $2.4 million and $2.3 million for the years ended December 31, 2017, 2016 and 2015, respectively. |
Shareholder-Designated Contribu
Shareholder-Designated Contribution Plan | 12 Months Ended |
Dec. 31, 2017 | |
Shareholder-Designated Contribution Plan [Abstract] | |
Shareholder-Designated Contribution Plan | J. Charitable Contributions During 2013, the Company established a Shareholder Designated Charitable Contribution program. Under the program, each shareholder is eligible to designate a charity to which the Company would make a donation based upon the actual number of shares registered in the shareholder’s name. Shares held in nominee or street name were not eligible to participate. The Board of Directors approved one contribution during 2015 of $0.25 per registered share. During 2015, the Company recorded a charge of $6.4 million, or $0.12 per diluted share, net of management fee and tax benefit related to the contributions which were included in charitable contributions on the consolidated statements of income. During 2017, the Company recorded a charge of $4.1 million, or $0.08 per diluted share, net of management fee and tax benefit related to contributions which were included in charitable contributions on the consolidated statements of income. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | K. Related Party Transactions The following is a summary of certain related party transactions. GGCP Holdings LLC owns a majority of our Class B Stock, representing approximately 91% of the combined voting power and 63% of the outstanding shares of our common stock at December 31, 2017. AC and its subsidiaries, own 4.4 million shares of our Class A Stock, representing approximately 2% of the combined voting power and 15% of the outstanding shares of our common stock at December 31, 2017. Capital Lease We lease an approximately 60,000 square foot building located at 401 Theodore Fremd Avenue, Rye, New York as our headquarters (the “Building”) from an entity controlled by members of the Chairman’s family. See Notes H and I. We sub-lease approximately 3,300 square feet in the Building to LICT Corporation, a company for which Mr. Gabelli serves as Chairman and CEO, which pays rent at the rate of $28 per square foot plus $3 per square foot for electricity, subject to adjustment for increases in taxes and other operating expenses. The total amounts paid in 2017, 2016, and 2015 for rent and other expenses under this lease were $116,756, $116,564, and $119,686, respectively. Concurrent with the extension of the lease on the Building during 2008, we and LICT Corporation further agreed to extend the term of the sub-lease until December 2023 on the same terms and conditions. As of July 1, 2008, we also sub-lease approximately 1,600 square feet in the Building to Teton. Teton pays rent at the rate of $37.75 per square foot plus $3 per square foot for electricity, subject to adjustment for increases in taxes and other operating expenses. The total amount paid in 2017, 2016 and 2015 for rent and other expenses under this lease were $68,293, $68,205 and $69,632, respectively, and were recorded in other operating expenses as a credit on the consolidated statements of income. As of April 1, 2016, we lease approximately 15,000 square feet in the Building to AC. For the period of April 1, 2016 to March 31, 2017, AC paid rent at the rate of $21.62 per square foot plus $3 per square foot for electricity, subject to adjustment for increases in taxes and other operating expenses. Effective April 1, 2017, AC paid rent at the rate of $22.03 per square foot plus $3 per square foot for electricity. The total amount paid in 2017 and 2016 for rent and other expenses under this lease was $367,798 and $297,185 and was recorded in distribution fee and other income on the consolidated statements of income. Investment Advisory Services GAMCO has entered into agreements to provide advisory and administrative services to MJG Associates, Inc., which is wholly-owned by Mr. Gabelli, with respect to the private investment funds managed by them. Pursuant to such agreements, MJG Associates, Inc. paid GAMCO $10,000 (excluding reimbursement of expenses) for each of the years 2017, 2016, and 2015. For 2017, 2016 and 2015, Manhattan Partners I, L.P. and Manhattan Partners II, L.P., investment partnerships for which John Gabelli Inc., an entity owned by John Gabelli, a brother of the Company’s Chairman, is the general partner, paid GAMCO investment advisory fees in the amount of $9,851, $11,274 and $13,595, respectively. In addition, an entity in which Mr. John Gabelli’s wife is the sole shareholder, is the co-general partner of S.W.A.N. Partners, LP (“S.W.A.N.”). S.W.A.N. paid GAMCO investment advisory fees in the amount of $19,776, $18,206 and $20,406 for 2017, 2016 and 2015, respectively, and is included in investment advisory and incentive fees on the consolidated statements of income. Effective August 17, 2017, John Gabelli Inc. is no longer the general partner of Manhattan Partners I, L.P. or Manhattan Partners II, L.P. and the entity that John Gabelli’s wife is the sole shareholder in is no longer the co-general partner of S.W.A.N. The Company serves as the investment advisor for the Funds and earns advisory fees based on predetermined percentages of the average net assets of the Funds. In addition, G.distributors has entered into distribution agreements with each of the Funds. As principal distributor, G.distributors incurs certain promotional and distribution costs related to the sale of Fund shares, for which it receives a distribution fee from the Funds or reimbursement from the investment advisor. For 2017, 2016 and 2015, the Company received $39.7 million, $41.0 million and $47.7 million, respectively, in distributions fees. Advisory and distribution fees receivable from the Funds were approximately $30.4 million and $32.9 million at December 31, 2017 and 2016, respectively. Pursuant to an agreement between Gabelli & Company Investment Advisers, Inc. (“GCI”) (formerly called Gabelli Securities, Inc.) and Funds Advisor, Funds Advisor pays to GCI 90% of the net revenues received by Funds Advisor related to being the advisor to the SICAV. Net revenues are defined as gross advisory fees less expenses related to payouts and expenses of the SICAV paid by Funds Advisor. The amounts paid by Funds Advisor to GCI for 2017, 2016 and 2015 were $2.8 million, $2.7 million and $1.0 million, respectively, and are included in other operating expenses on the consolidated statements of income. Compensation Immediately preceding the Offering and in conjunction with the Reorganization, GBL and our Chairman and CEO entered into an employment agreement. This agreement was amended and approved by shareholders on November 30, 2007 and most recently re-approved by shareholders on May 6, 2011. Under the terms of this agreement and consistent with the firm’s practice since its inception in 1977, Mr. Gabelli will also continue receiving a percentage of revenues or net operating contribution, which are substantially derived from AUM, as compensation relating to or generated by the following activities: (i) managing or overseeing the management of various investment companies and partnerships, (ii) attracting mutual fund shareholders, (iii) attracting and managing Institutional and Private Wealth Management clients, and (iv) otherwise generating revenues for the Company. Such payments are made in a manner and at rates as agreed to from time to time by GAMCO, which rates have been and generally will be the same as those received by other professionals at GAMCO performing similar services. With respect to our Institutional and Private Wealth Management and mutual fund advisory business, we pay out up to 40% of the revenues or net operating contribution to the portfolio managers and marketing staff who introduce, service or generate such business, with payments involving the Institutional and Private Wealth Management accounts being typically based on revenues and payments involving the mutual funds being typically based on net operating contribution. Mr. Gabelli has agreed that while he is employed by us he will not provide investment management services outside of GAMCO, except for certain permitted accounts as defined under the agreement. The 2008 Employment Agreement may not be amended without the approval of the Compensation Committee and Mr. Gabelli. The Chairman and CEO receives compensation in the form of a management fee for managing the Company. Additionally, he earns compensation for acting as portfolio manager and/or attracting and providing client service to a large number of GAMCO's Institutional and Private Wealth Management clients, for creating and acting as portfolio manager of several open-end funds, for creating and acting as portfolio manager of the closed-end funds and for providing other services. On December 29, 2017, the Company issued $11.7 million of notes payable to certain executive officers and employees relating to compensation earned in 2017. $5.5 million of the notes are due on January 31, 2018 and $6.2 million are due on February 28, 2018. The notes are included in compensation payable on the consolidated statement of financial condition. Other On May 31, 2006, the Company entered into an Exchange and Standstill Agreement with Frederick J. Mancheski, a significant shareholder, pursuant to which, among other things, he agreed to exchange his 2,071,635 shares of Class B Stock, which he received on a pari passu basis with his investment in GGCP, for an equal number of shares of Class A Stock. The standstill agreement expired on May 31, 2016. Under the terms of the standstill agreement, Mr. Mancheski agreed, among other things, to vote his shares in favor of the nominees and positions advocated by the Board of Directors. As stated in the latest available Form 13D filed by Mr. Mancheski on July 2, 2015, he continues to exercise voting control over 1,705,974 shares of Class A Stock. For 2017, 2016, and 2015, we incurred variable costs (but not the fixed costs) of $328,000, $353,000, and $432,000, respectively, for actual usage relating to our use of aircraft in which GGCP owns the fractional interests. GBL and Teton entered into a transitional administrative and management service agreement in connection with the spin-off of Teton from GBL that formalized certain arrangements. Effective January 1, 2011, Teton and GBL renegotiated the terms of the sub-administration agreement from a flat 0.20% on the average net assets of the mutual funds managed by Teton to 0.20% on the first $370 million in average net assets, 0.12% on the next $630 million in average net assets and 0.10% on average net assets in excess of $1 billion, as compensation for providing mutual fund administration services. Additionally, Teton paid to GBL an administrative services fee of $25,000 per month from April 1, 2014 through September 30, 2016. The administrative services fee was reduced to $18,750 per month for October 1, 2016 through May 31, 2017, and further reduced to $4,167 per month for June 1, 2017 through December 31, 2017. During 2017, 2016 and 2015, there was $2.1 million, $2.0 million and $2.2 million, respectively, included in distribution fees and other income on the consolidated statements of income. Effective January 1, 2014, GAMCO and Funds Advisor each entered into a research services agreement with G.research, LLC, a wholly-owned subsidiary of GCI, for G.research, LLC to provide them with the same types of research services that it provides to its other clients. For the years ended December 31, 2017, 2016 and 2015, GAMCO paid G.research, LLC $2.3 million, $1.5 million and $0.7 million, respectively. For the years ended December 31, 2017, 2016 and 2015, Funds Advisor paid G.research, LLC $2.3 million, $1.5 million and $0.8 million, respectively. GBL and AC entered into a transitional administrative and management services agreement in connection with the Spin-off. The agreement calls for GBL to provide to AC certain services including but not limited to: accounting, financial reporting and consolidation services, including the services of a financial and operations principal; treasury services, including, without limitation, insurance and risk management services and administration of benefits; tax planning, tax return preparation, recordkeeping and reporting services; human resources, including but not limited to the sourcing of permanent and temporary employees as needed, recordkeeping, performance reviews and terminations; legal and compliance advice, including the services of a Chief Compliance Officer; technical/technology consulting; and operations and general administrative assistance, including office space, office equipment and furniture, payroll, procurement, and administrative personnel. In addition, AC will provide GBL with payroll services. All services provided under the agreement by GBL to AC or by AC to GBL will be charged at cost. The agreement is terminable by either party on 30 days’ prior written notice to the other party and has a term of twelve months. At December 31, 2014, GCI owed GBL a demand loan of $16 million bearing interest at 5.5% annually. On December 28, 2015, GCI repaid the demand loan in full plus accrued and unpaid interest. The interest paid by GCI to GBL during 2015 was $0.9 million. In connection with the spin-off of AC on November 30, 2015, the Company issued the AC 4% PIK Note. During 2017, 2016 and 2015, GBL recorded interest expense of $3.0 million, $7.7 million and $0.8 million, respectively. See Note F. Debt for further details. In connection with the Offer, the Company borrowed $35.0 million from GGCP, which was repaid in full during 2016. During 2016, GBL recorded interest expense of $415,000. See Note F. Debt for further details. On December 27, 2017, GBL borrowed $15 million from AC. The note bears interest at 1.6% and is due on February 28, 2018. During 2017, GBL recorded interst expense of $4,000. See Note F. Debt for further details. In connection with the issuance of the Convertible Note, GGCP deposited cash equal to the principal amount of the Note and six months interest into an escrow account established pursuant to an escrow agreement by and among GGCP, the Company, the Convertible Note holder and the escrow agent. The Company paid the annual costs of setting up the escrow account in the amount of $55,000 and will continue to pay them as long as the escrow account is open. The Company did not pay any fees to GGCP in connection with the funding of the escrow account. On September 30, 2017, in connection with an amendment to the Escrow Agreement and in exchange for approximately 53% of the assets in the escrow account, the Company paid GGCP $60 million. On November 21, 2017, the Company paid GGCP $53.1 million for the remaining 47% interest in the escrow account and used the entire balance in the escrow account, along with an additional $1.4 million, to repurchase the Convertible Note. See Note F. Debt for additional details. |
Financial Requirements
Financial Requirements | 12 Months Ended |
Dec. 31, 2017 | |
Financial Requirements [Abstract] | |
Financial Requirements | L. Financial Requirements As a registered broker-dealer, G.distributors is subject to the Uniform Net Capital Rule 15c3-1 (the “Rule”) of the SEC. These regulatory capital requirements, while not specific encumbrances on assets, restrict the total assets of this subsidiary broker-dealer to the extent they are needed to fulfill the regulatory capital requirements. Accordingly, this restriction limits the transfer of funds from this subsidiary to the Company in the form of cash dividends or otherwise. This restriction is 120% of its minimum net capital. G.distributors computes its net capital under the alternative method permitted by the Rule which requires minimum net capital of $250,000, and it exceeded this requirement at December 31, 2017. Our subsidiary, GAMCO Asset Management (UK) Limited is authorized and regulated by the Financial Conduct Authority (“FCA”). In February 2011, GAMCO Asset Management (UK) Limited increased its permitted license with the FCA’s predecessor, the Financial Services Authority (“FSA”) and has held Total Capital of £632,000 and £580,000 ($853,000 and $713,000 at December 31, 2017 and 2016, respectively) and had a Financial Resources Requirement of £216,000 and £265,000 ($291,000 and $326,000 at December 31, 2017 and 2016, respectively). We have consistently met or exceeded these minimum requirements. |
Administration Fees
Administration Fees | 12 Months Ended |
Dec. 31, 2017 | |
Administration Fees [Abstract] | |
Administration Fees | M. Administration Fees We have entered into administration agreements with other companies (the “Administrators”), whereby the Administrators provide certain services on behalf of several of the Funds. Such services do not include the investment advisory and portfolio management services provided by GBL. The fees were negotiated and based on predetermined percentages of the net assets of each of the Funds. |
Profit Sharing Plan and Incenti
Profit Sharing Plan and Incentive Savings Plan | 12 Months Ended |
Dec. 31, 2017 | |
Profit Sharing Plan and Incentive Savings Plan [Abstract] | |
Profit Sharing Plan and Incentive Savings Plan | N. Profit Sharing Plan and Incentive Savings Plan The Company has a qualified contributory employee profit sharing plan and incentive savings plan covering substantially all employees. Company contributions to the plans are determined annually by the Board of Directors but may not exceed the amount permitted as a deductible expense under the Internal Revenue Code. The Company accrued contributions of approximately $109,000, $77,000 and $26,000 to the plans for the years ended December 31, 2017, 2016 and 2015, respectively. |
Identifiable Intangible Asset
Identifiable Intangible Asset | 12 Months Ended |
Dec. 31, 2017 | |
Identifiable Intangible Assets [Abstract] | |
Identifiable Intangible Assets | O. Identifiable Intangible Asset As a result of becoming the advisor to the Gabelli Enterprise Mergers and Acquisitions Fund and the associated consideration paid, the Company maintains an identifiable intangible asset of $1.9 million within other assets on the consolidated statements of financial condition at both December 31, 2017 and 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 for the Gabelli Enterprise Mergers and Acquisitions Fund are next up for renewal in February 2019. On November 1, 2015, as a result of becoming the advisor to the Bancroft Fund Ltd. and the Ellsworth Growth and Income Fund Ltd. and the associated consideration paid, the Company maintains an identifiable intangible asset of $1.6 million within other assets on the consolidated statement of financial condition at both December 31, 2017 and 2016. The advisory contracts for the Bancroft Fund Ltd. and the Ellsworth Growth and Income Fund Ltd. are both next up for renewal in November 2018. At November 30, 2017 and November 30, 2016, management conducted its annual assessments of the recoverability of the intangible assets and determined that there was no impairment of it on GBL’s consolidated financial statements. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | P. Discontinued Operations As a result of the Spin-off, the results of AC’s operations through the Spin-off Date, as well as transaction costs related to the Spin-off, have been classified in the consolidated statements of income as discontinued operations for all periods presented. There was no gain or loss on the Spin-off for the Company, and it was a tax-free spin-off to GBL’s shareholders. GBL does not have any significant continuing involvement in the operations of AC after the Spin-off, and the Company will not have the ability to influence operating or financial policies of AC. GBL and AC did have a common Chief Executive Officer for a transition period, and GBL does provide certain services to AC under a Transition Services Agreement (see Note K. Related Party Transactions for details). The Company also has debt on its consolidated statement of financial condition at December 31, 2017 and 2016 that is payable to AC. That AC note pays interest at 4%, which is payable in cash or PIK, and will be paid off ratably over five years, or sooner at GBL’s option (see Note F. Debt for details). AC owns 4.4 million shares of GBL’s Class A Stock on which it will receive dividends, if and when they are declared (see Note K. Related Party Transactions for details). As with all stockholders, employees and directors of GBL received one share of AC stock for each share of GBL stock that they held on the record date for the distribution. Some of these AC shares are unvested restricted stock awards to the extent an employee’s holdings consisted of unvested GBL restricted stock awards on the record date. The vesting provisions remain unchanged (see Note G. Equity for details). The 2015 results include $2.4 million in costs incurred with respect to the Spin-off and are included in Other operating expenses below. Operating results for the period from January 1, 2015 through November 30, 2015 are summarized below: Year Ended December 31, 2015 Revenues Investment advisory and incentive fees $ 8,552 Distribution fees and other income 279 Institutional research services 8,973 Total revenues 17,804 Expenses Compensation 20,500 Stock based compensation 4,716 Management fee (727 ) Distribution costs (85 ) Other operating expenses 9,070 Total expenses 33,474 Operating loss (15,670 ) Other income Net gain from investments 7,660 Interest and dividend income 2,740 Interest expense (1,224 ) Total other income, net 9,176 Loss from discontinued operations before income taxes (6,494 ) Income tax benefit (2,045 ) Loss from discontinued operations, net of taxes (4,449 ) Net loss attributable to noncontrolling interests (562 ) Net loss attributable to GAMCO Investors, Inc.'s discontinued operations, net of taxes $ (3,887 ) |
Other Matters
Other Matters | 12 Months Ended |
Dec. 31, 2017 | |
Other Matters [Abstract] | |
Other Matters | Q. Other Matters From time to time, the Company may be named in legal actions and proceedings. These actions may seek substantial or indeterminate compensatory as well as punitive damages or injunctive relief. The Company is also subject to governmental or regulatory examinations or investigations. The examinations or investigations could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief. For any such matters, the consolidated financial statements include the necessary provisions for losses that the Company believes are probable and estimable. Furthermore, the Company evaluates whether there exist losses which may be reasonably possible and, if material, makes the necessary disclosures. Such amounts, both those that are probable and those that are reasonably possible, are not considered material to the Company’s financial condition, operations or cash flows. The investment management industry is likely to continue facing a high level of regulatory scrutiny and become subject to additional rules designed to increase disclosure, tighten controls and reduce potential conflicts of interest. In addition, the SEC has substantially increased its use of focused inquiries which request information from a number of fund complexes regarding particular practices or provisions of the securities laws. The Company participates in some of these inquiries in the normal course of our business. Changes in laws, regulations and administrative practices by regulatory authorities, and the associated compliance costs, have increased our cost structure and could in the future have a material impact. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information (Unaudited) [Abstract] | |
Quarterly Financial Information | R. Quarterly Financial Information (Unaudited) Quarterly financial information for the years ended December 31, 2017 and 2016 is presented below. 2017 1st 2nd 3rd 4th Total (In thousands, except per share data) Revenues $ 85,917 $ 87,600 $ 88,341 $ 98,666 $ 360,524 Operating income 42,443 39,660 23,393 39,524 145,020 Net income attributable to GAMCO Investors, Inc.'s shareholders 24,820 22,894 16,600 13,495 77,809 Net income attributable to GAMCO Investors, Inc.'s shareholders per share: Basic 0.86 0.79 0.57 0.46 2.68 Diluted $ 0.82 $ 0.76 $ 0.55 $ 0.46 $ 2.60 2016 1st 2nd 3rd 4th Total Revenues $ 81,385 $ 83,944 $ 87,721 $ 99,950 $ 353,000 Operating income 44,942 46,747 48,076 52,031 191,796 Net income attributable to GAMCO Investors, Inc.'s shareholders 26,025 27,543 30,861 32,692 117,121 Net income attributable to GAMCO Investors, Inc.'s shareholders per share: Basic 0.89 0.94 1.06 1.12 4.01 Diluted $ 0.88 $ 0.93 $ 1.03 $ 1.07 $ 3.92 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | S. Subsequent Events On January 5, 2018, the Compensation Committee of the Board of Directors approved the accelerated vesting of the remaining 19,400 RSAs. The Company will record an expense of $187,000 during the first quarter of 2018. On February 6, 2018, the Board of Directors declared a regular quarterly dividend of $0.02 per share to all of its shareholders, payable on March 27, 2018 to shareholders of record on March 13, 2018. On February 6, 2018, GAMCO and Funds Advisor each renewed their research services agreement with G.research, LLC whereby each entity will pay $1.5 million for the services in 2018. On February 6, 2018, the Company and AC renewed their sublease for the period of April 1, 2018 to March 31, 2019. AC will pay rent at the rate of $36.71 per square foot plus $3 per square foot for electricity, subject to adjustment for increases in taxes and other operating expenses. On February 23, 2018, the Company announced that Mr. Gabelli elected to waive all his compensation that he would otherwise be entitled to under his employment agreement from the period of March 1, 2018 to December 31, 2018. On February 28, 2018, the Company paid in full the 1.6% $15 million note to AC. On March 5, 2018, AC completed an exchange offer with respect to its Class A shares. Tendering shareholders will receive 1.35 GBL Class A shares for each AC Class A share that they tender, together with cash in lieu of any fractional share. There were approximately 490,000 AC Class A shares tendered and accepted by AC. AC will deliver approximately 660,000 GBL Class A shares that they hold to the tendering shareholders. After the exchange, AC and its subsidiaries, own 3.7 million shares of our Class A Stock, representing approximately 2% of the combined voting power and 13% of the outstanding shares of our common stock. From January 1, 2018 to March 8, 2018, the Company repurchased 59,611 shares at $29.33 per share. As a result, there are 614,683 shares available to be repurchased under our existing buyback plan at March 8, 2018. |
Schedule I - CONDENSED FINANCIA
Schedule I - CONDENSED FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Schedule I - CONDENSED FINANCIAL STATEMENTS [Abstract] | |
Schedule I - CONDENSED FINANCIAL STATEMENTS | Exhibit 99.1 Schedule I GAMCO INVESTORS, INC. CONDENSED STATEMENTS OF INCOME (Parent company only) (In thousands, except per share data) Year Ended December 31, 2017 2016 2015 Revenues Distribution fees and other income $ 25,468 $ 29,045 $ 26,860 Total revenues 25,468 29,045 26,860 Expenses Compensation 1,469 1,929 3,550 Stock based compensation 8,670 3,959 9,868 Management fee benefit (3,082 ) (13,943 ) (2,209 ) Other operating expenses 7,329 9,102 9,243 Total expenses 14,386 1,047 20,452 Operating income 11,082 27,998 6,408 Other income (expense) Equity earnings from subsidiaries 72,001 100,698 87,206 Net gain from investments 3,230 1,447 4,635 Extinguishment of debt (3,300 ) - (1,067 ) Interest and dividend income 1,703 1,447 2,246 Interest expense (9,347 ) (11,814 ) (7,886 ) Charitable contributions (4,137 ) - (6,396 ) Total other income, net 60,150 91,778 78,738 Income before income taxes 71,232 119,776 85,146 Income tax provision/(benefit) (6,577 ) 2,655 (2,204 ) Income from continuing operations 77,809 117,121 87,350 Loss from discontinued operations, net of taxes - - (3,938 ) Net income $ 77,809 $ 117,121 $ 83,412 GAMCO INVESTORS, INC. CONDENSED STATEMENTS OF FINANCIAL CONDITION (Parent company only) (In thousands, except per share data) December 31, 2017 2016 ASSETS Cash and cash equivalents $ 5,990 $ 7,209 Investments in securities 36,750 37,235 Receivable from brokers 1,246 55 Investment in subsidiaries and receivable from affiliates 108,669 57,274 Capital lease 2,304 2,514 Income tax receivable 77,832 - Other assets 3,655 4,149 Total assets $ 236,446 $ 108,436 LIABILITIES AND EQUITY Payable to brokers $ 14,926 $ 66 Capital lease obligation 4,943 5,066 Compensation payable 73,275 27,496 Payable to affiliates 134,318 462 Accrued expenses and other liabilities 16,113 5,556 Sub-total 243,575 38,646 AC 4% PIK Note (due November 30, 2020) 50,000 100,000 4.5% Convertible note (due August 15, 2021) - 109,835 AC 1.6% Note Payable (due February 28, 2018) 15,000 - 5.875% Senior notes (due June 1, 2021) 24,144 24,120 Total liabilities 332,719 272,601 Total equity (deficit) (96,273 ) (164,165 ) Total liabilities and equity $ 236,446 $ 108,436 GAMCO INVESTORS, INC. CONDENSED STATEMENTS OF CASH FLOWS (Parent company only) (In thousands) Year Ended December 31, 2017 2016 2015 Operating activities Net income $ 77,809 $ 117,121 $ 83,412 Loss from discontinued operations, net of taxes - - 3,938 Income from continuing operations 77,809 117,121 87,350 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 570 607 595 Stock based compensation expense 8,670 3,959 9,868 Tax benefit from exercise of stock options - - 102 Donated securities 1,124 499 1,945 Gains on sales of available for sale securities (62 ) (4 ) (6 ) Accretion of zero coupon debentures - - 628 Loss on extinguishment of debt 3,300 - 1,067 (Increase) decrease in assets: Investments in trading securities (1 ) (5 ) - Receivable from affiliates (53,797 ) (25,510 ) (31,205 ) Receivable from brokers (1,192 ) 580 976 Income tax receivable and deferred tax assets (77,832 ) 11,991 29,164 Other assets 136 (330 ) (478 ) Increase (decrease) in liabilities: Payable to affiliates 133,856 (30,567 ) 31,017 Payable to brokers (990 ) 54 (539 ) Income taxes payable and deferred tax liabilities 12,281 (1,137 ) 3,920 Compensation payable 45,779 16,351 (3,319 ) Accrued expenses and other liabilities (2,205 ) (700 ) (424 ) Total adjustments 69,637 (24,212 ) 43,311 Net cash provided by operating activities from continuing operations $ 147,446 $ 92,909 $ 130,661 GAMCO INVESTORS, INC. CONDENSED STATEMENTS OF CASH FLOWS (Parent company only) (In thousands) Year Ended December 31, 2017 2016 2015 Investing activities Purchases of available for sale securities $ (3,932 ) $ (1,843 ) $ (6,279 ) Proceeds from sales of available for sale securities 4,169 408 81 Net cash provided by/(used in) investing activities from continuing operations 237 (1,435 ) (6,198 ) Financing activities Repurchase of Zero coupon subordinated debentures due December 31, 2015 - - (13,101 ) Repurchase of 5.875% Senior note due June 1, 2021 - - (76,533 ) Repayment of AC 4% PIK Note due November 30, 2020 (50,000 ) (150,000 ) - Issuance of 4.5% Convertible note due August 15, 2021 - 109,826 - Repayment of 4.5% Convertible note due August 15, 2021 (113,300 ) - - Repayment of GGCP loan due December 28, 2016 - (35,000 ) - Proceeds from GGCP due December 28, 2016 - - 35,000 Proceeds from 1.6% AC Note de February 28, 2018 15,000 - - Margin loan borrowings 20,850 - - Margin loan repayments (5,000 ) - - Amortization of debt issuance costs 187 33 - Dividends paid by subsidiaries to GBL - - 164,000 Net transfer to AC - - (196,297 ) Proceeds from exercise of stock options - - 1,167 Dividends paid (2,315 ) (2,333 ) (7,468 ) Purchase of treasury stock (14,324 ) (10,773 ) (27,249 ) Net cash used in financing activities from continuing operations (148,902 ) (88,247 ) (120,481 ) Cash flows of discontinued operations Net cash provided by operating activities - - 82,759 Net cash used in investing activities - - (35,216 ) Net cash used in financing activities - - (47,543 ) Net cash provided by/(used in) discontinued operations - - - Net increase (decrease) in cash and cash equivalents (1,219 ) 3,227 3,982 Cash and cash equivalents at beginning of period 7,209 3,982 - Cash and cash equivalents at end of period $ 5,990 $ 7,209 $ 3,982 Supplemental disclosures of cash flow information: Cash paid for interest $ 10,891 $ 10,425 $ 6,282 Cash paid for taxes $ 61,704 $ 74,457 $ 58,353 |
Significant Accounting Polici31
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation GAMCO Investors, Inc. (“GBL”, “We” or the “Company”) was incorporated in April 1998 in the state of New York, with no significant assets or liabilities and did not engage in any substantial business activities prior to the initial public offering (“Offering”) of our shares. On February 9, 1999, we exchanged 24 million shares of our Class B Common Stock (“Class B Stock”), representing all of our then issued and outstanding common stock, with Gabelli Funds, Inc. (“GFI”) and two of its subsidiaries in consideration for substantially all of the operating assets and liabilities of GFI, relating to its institutional and retail asset management, mutual fund advisory, underwriting and brokerage business (the “Reorganization”). GFI, which was renamed Gabelli Group Capital Partners, Inc. in 1999, is the majority shareholder of GBL and was renamed GGCP, Inc. (“GGCP”) in 2005. During 2010, the shares of GBL owned by GGCP were transferred to GGCP Holdings LLC, a subsidiary of GGCP. In 2014, the Company changed its state of incorporation from New York to Delaware in a tax-free reorganization. On November 30, 2015 (the “Spin-Off Date”), GBL distributed to its stockholders all of the outstanding common stock of Associated Capital Group, Inc. (“AC”) and its subsidiaries along with certain cash and other assets (the “Spin-off”). AC owns and operates, directly or indirectly, the alternatives and the institutional research businesses previously owned and operated by GBL. In the Spin-off, each holder of GAMCO’s Class A Common Stock (“Class A Stock”) of record as of 5:00 p.m. New York City time on November 12, 2015 (the “Record Date”), received one share of AC Class A common stock for each share of GAMCO Class A Stock held on the Record Date. Each record holder of GAMCO’s Class B Stock received one share of AC Class B common stock for each share of GAMCO Class B Stock held on the Record Date. Subsequent to the Spin-off, GAMCO no longer consolidates the financial results of AC or certain investment partnerships and offshore funds in which we had a direct or indirect controlling financial interest for the purposes of GAMCO’s financial reporting and the historical financial results of AC and certain investment partnerships and offshore funds have been reflected in the Company’s consolidated financial statements as discontinued operations for all periods presented through the Spin-off Date. The accompanying consolidated financial statements include the assets, liabilities and earnings of: · GBL; · Our wholly-owned subsidiaries: Gabelli Funds, LLC (“Funds Advisor”), GAMCO Asset Management Inc. (“GAMCO”), Distributors Holdings, Inc. (“DHI”), G.distributors, LLC (“G.distributors”), GAMCO Asset Management (UK) Limited, Gabelli Fixed Income, Inc. (“Fixed Income”), GAMCO International Partners LLC, and GAMCO Acquisition LLC. The consolidated financial statements comprise the financial statements of GBL and its subsidiaries as of December 31 of each year. The financial statements of the subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies. All intercompany transactions and balances have been eliminated. Subsidiaries are fully consolidated from the date of acquisition, being the date on which GBL obtains control, and continue to be consolidated until the date that such control ceases. |
Reclassifications | Reclassifications The historical results of AC and certain investment partnerships and offshore funds have been reflected in the accompanying consolidated statements of income for the year ended December 31, 2015 as discontinued operations and financial information related to discontinued operations has been excluded from the notes to these financial statements for all periods presented (See Note P. Discontinued Operations for further details). |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Nature of Operations | Nature of Operations GAMCO, Funds Advisor, Gabelli Fixed Income LLC (“Fixed Income LLC”), a wholly-owned subsidiary of Fixed Income are registered investment advisors under the Advisers Act of 1940. G.distributors is a registered broker-dealer with the Securities and Exchange Commission (“SEC”) and is regulated by the Financial Industry Regulatory Authority (“FINRA”). Refer to Major Revenue-Generating Services and Revenue Recognition section within Note A for additional discussion of GBL's business. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents primarily consist of an affiliated money market mutual fund which is highly liquid. U.S. Treasury Bills and Notes with maturities of three months or less at the time of purchase are also considered cash equivalents. |
Securities Transactions | Securities Transactions Investments in securities are accounted for as either “trading securities” or “available for sale” and are stated at fair value. Management determines the appropriate classification of debt and equity securities at the time of purchase. U.S. Treasury Bills and Notes with maturities of greater than three months at the time of purchase are considered investments in securities. Securities that are not readily marketable are stated at their estimated fair values in accordance with GAAP. A portion of investments in securities are held for resale in anticipation of short-term market movements and therefore are classified as trading securities. Trading securities are stated at fair value, with any unrealized gains or losses reported in current period earnings in net gain/(loss) from investments on the consolidated statements of income. Available for sale (“AFS”) investments are stated at fair value, with any unrealized gains or losses, net of taxes, reported as a component of other comprehensive income except for losses deemed to be other than temporary which are recorded as realized losses on the consolidated statements of income. Securities transactions and any related gains and losses are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the specific identified cost basis and are included in net gain/(loss) from investments on the consolidated statements of income. Available for sale securities are evaluated for other than temporary impairments each reporting period and any impairment charges are recorded in net gain/(loss) from investments on the consolidated statements of income. Management reviews all available for sale securities whose cost exceeds their fair value to determine if the impairment is other than temporary. Management uses qualitative factors such as the intent to hold the investment, the amount of time that the investment has been impaired and the severity of the decline in determining whether the impairment is other than temporary. Securities sold, but not yet purchased are recorded on the trade date, and are stated at fair value and represent obligations of GBL to purchase the securities at prevailing market prices. Therefore, the future satisfaction of such obligations may be for an amount greater or less than the amounts recorded on the consolidated statements of financial condition. The ultimate gains or losses recognized are dependent upon the prices at which these securities are purchased to settle the obligations under the sales commitments. Realized gains and losses from covers of securities sold, not yet purchased transactions are included in net gain/(loss) from investments on the consolidated statements of income. Securities sold, not yet purchased are stated at fair value, with any unrealized gains or losses reported in current period earnings in net gain/(loss) from investments on the consolidated statements of income. |
Major Revenue-Generating Services and Revenue Recognition | Major Revenue-Generating Services and Revenue Recognition The Company’s revenues are derived primarily from investment advisory and incentive fees and distribution fees. Investment advisory and incentive fees are directly influenced by the level and mix of assets under management (“AUM”) as fees are derived from a contractually-determined percentage of AUM for each account as well as incentive fees earned on certain accounts. Advisory fees from the open-end funds, closed-end funds and sub-advisory accounts are computed daily or weekly based on average net assets and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. Advisory fees from Institutional and Private Wealth Management accounts are generally computed quarterly based on account values as of the end of the preceding quarter, and amounts receivable are included in investment advisory fees receivable on the consolidated statements of financial condition. The Company derived approximately 88%, 87% and 87% of its total revenues from advisory and management fees, including incentive fees, for the periods ended December 31, 2017, 2016 and 2015, respectively. These revenues vary depending upon the level of sales compared with redemptions, financial market conditions, performance and the fee structure for AUM. Revenues derived from the equity-oriented portfolios generally have higher management fee rates than fixed income portfolios. The Company receives incentive fees from certain Institutional and Private Wealth Management accounts, which are based upon meeting or exceeding a specific benchmark index or indices. Incentive fees refer to fees earned when the return generated for the client exceeds the benchmark and can be earned even if the return to the client is negative as long as the return exceeds the benchmark. These fees are recognized, for each respective account, at the end of the stipulated contract period which is either quarterly or annually and varies by account. Receivables due for incentive fees earned are included in investment advisory fees receivable on the consolidated statements of financial condition. There were no incentive fees receivable as of December 31, 2017. There were $2.4 million of incentive fees receivable as of December 31, 2016. For The GDL Fund, there is a performance fee earned as of the end of the calendar year if the total return of the fund is in excess of the 90 day T-Bill Index total return. This fee is recognized at the end of the measurement period, which is annually on a calendar year basis. Receivables due on incentive fees relating to The GDL Fund are included in investment advisory fees receivable on the consolidated statements of financial condition and were $1.4 million and $4.2 million as of December 31, 2017 and 2016, respectively. For the Gabelli Merger Plus + th Management fees on $0.7 billion of the closed-end preferred shares are earned at year-end if the total return to common shareholders of the closed-end fund for the calendar year exceeds the dividend rate of the preferred shares. These fees are recognized at the end of the measurement period, which is annually. Receivables due for management fees on closed-end preferred shares are included in investment advisory fees receivable on the consolidated statements of financial condition. There were $7.1 million and $7.3 million in management fees receivable on closed-end preferred shares as of December 31, 2017 and 2016, respectively. Distribution fees revenues are derived primarily from the distribution of Gabelli, GAMCO, TETON, KEELEY and Comstock open-end funds (“Funds”) advised by either a subsidiary of GBL (Funds Advisor), a subsidiary of GGCP (Teton), or a subsidiary of Teton (Keeley-Teton Advisors, Inc.). G.distributors distributes our open-end Funds pursuant to distribution agreements with each Fund. Under each distribution agreement with an open-end Fund, G.distributors offers and sells such open-end Fund shares on a continuous basis and pays all of the costs of marketing and selling the shares, including printing and mailing prospectuses and sales literature, advertising and maintaining sales and customer service personnel and sales and services fulfillment systems, and payments to the sponsors of third party distribution programs, financial intermediaries and G.distributors’ sales personnel. G.distributors receives fees for such services pursuant to distribution plans adopted under provisions of Rule 12b-1 (“12b-1”) of the Investment Company Act of 1940 (“Company Act”). G.distributors is the principal underwriter for funds distributed in multiple classes of shares which carry either a front-end or back-end sales charge. Under the distribution plans, the open-end Class AAA shares of the Funds (except The Gabelli U.S. Treasury Money Market Fund, Gabelli Capital Asset Fund and The Gabelli ABC Fund), the Class A shares, and the Class T shares of certain Funds pay G.distributors a distribution or service fee of 0.25% per year (except the Class A shares of the TETON Westwood Funds which pay 0.50% per year and the Class A shares of the Gabelli Enterprise Mergers and Acquisitions Fund which pays 0.45% per year) on the average daily net assets of the Fund. Class C shares have a 12b-1 distribution plan with a service and distribution fee totaling 1%. Distribution fees from the open-end funds are computed daily based on average net assets. The amounts receivable for distribution fees are included in receivables from affiliates on the consolidated statements of financial condition. GBL also has investment gains or losses generated from its proprietary trading activities which are included in net gain/(loss) from investments on the consolidated statements of income. |
Distribution Costs | Distribution Costs We incur certain promotion and distribution costs, which are expensed as incurred, principally related to the sale of shares of Funds, shares sold in the initial public offerings of our closed-end funds, and after-market support services related to our closed-end funds. Additionally, Funds Advisor has agreed to reimburse expenses on certain funds, beyond certain expense caps. The reimbursed expenses are presented on a gross basis in distribution costs in the consolidated statements of income. |
Dividends and Interest Income and Interest Expense | Dividends and Interest Income and Interest Expense Dividends are recorded on the ex-dividend date. Interest income and interest expense are accrued as earned or incurred. |
Depreciation and Amortization | Depreciation and Amortization Fixed assets other than leasehold improvements, with net book value of |
Goodwill and Identifiable Intangible Assets | Goodwill and Identifiable Intangible Assets Goodwill is initially measured as the excess of the cost of the acquired business over the sum of the amounts assigned to assets acquired less the liabilities assumed. At December 31, 2017 and 2016, goodwill recorded on the consolidated statements of financial condition relates to G.distributors. At December 31, 2017 and 2016, the identifiable intangible assets are the investment advisory contracts for the Gabelli Enterprise Mergers and Acquisition Fund, for the Bancroft Fund Ltd. and the Ellsworth Growth and Income Fund Ltd., all of which relate to Funds Advisor. Goodwill and identifiable intangible assets are tested for impairment at least annually on November 30 th In assessing the recoverability of goodwill for our annual impairment test on November 30, 2017 and 2016, we performed a qualitative assessment of whether it was more likely than not that an impairment had occurred and concluded that a quantitative analysis was not required. No impairment was recorded during 2017, 2016, or 2015. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts on the consolidated financial statements using the statutory tax rates in effect for the year when the reported amount of the asset or liability is recovered or settled, respectively. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. As a result of the enactment of the Tax Cuts and Jobs Act in December 2017, the Company recorded an increase in expense of $8.2 million reflecting the net write-down to its deferred tax assets and deferred tax liabilities. A valuation allowance is recorded to reduce the carrying values of deferred tax assets to the amount that is more likely than not to be realized. For each tax position taken or expected to be taken in a tax return, the Company determines whether it is more likely than not that the position will be sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation. A tax position that meets the more likely than not recognition threshold is measured to determine the amount of benefit to recognize. The tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. The Company recognizes the accrual of interest on uncertain tax positions and penalties in income tax provision on the consolidated statements of income. |
Fair Values of Financial Instruments | Fair Values of Financial Instruments All of the instruments within cash and cash equivalents, investments in securities and securities sold, not yet purchased are measured at fair value. Certain investments in partnerships are also measured at fair value. The Company’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy in accordance with the Financial Accounting Standards Board’s (“FASB”) guidance on fair value measurement. The levels of the fair value hierarchy and their applicability to the Company are described below: - Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date. Level 1 assets include cash equivalents, government obligations, open-end funds, closed-end funds and equities. - Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities that are not active and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly-quoted intervals. Assets that generally are included in this category may include certain limited partnership interests in private funds and over the counter derivatives that have inputs to the valuations that can generally be corroborated by observable market data. - Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. Assets included in this category generally include equities that trade infrequently and direct private equity investments held within consolidated partnerships. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Investments are transferred into or out of any level at their beginning period values. The availability of observable inputs can vary from instrument to instrument and is affected by a wide variety of factors, including, for example, the type of instrument, whether the instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. The valuation process and policies reside with the financial reporting and accounting group which reports to the Co-Chief Accounting Officers. The Company may use the “market approach” or “income approach” valuation technique to value its investments in Level 3 investments. The Company’s valuation of the Level 3 investments could be based upon either i) the recent sale prices of the issuer’s equity securities or ii) the net assets, book value or cost basis of the issuer when there is no recent sales prices available. In the absence of a closing price, an average of the bid and ask price is used. Bid prices reflect the highest price that the market is willing to pay for an asset. Ask prices represent the lowest price that the market is willing to accept for an asset. Cash equivalents Investments in securities and Securities sold, not yet purchased |
Earnings Per Share | Earnings Per Share Basic earnings per share is based on the weighted-average number of common shares outstanding during each period less unvested restricted stock. Diluted earnings per share is based on basic shares plus the incremental shares that would be issued upon the assumed exercise of in-the-money stock options and unvested restricted stock using the treasury stock method, and, if dilutive, assumes the conversion of the convertible note for the periods outstanding since the issuance in August 2016 using the if converted method. |
Management Fee | Management Fee Management fee expense is incentive-based and entirely variable compensation in the amount of 10% of the aggregate pre-tax profits before management fee which is paid to Mr. Gabelli or his designee for acting as CEO pursuant to his 2008 Employment Agreement so long as he is an executive of GBL and devotes the substantial majority of his working time to the business. In accordance with his 2008 Employment Agreement, he has allocated approximately $1.4 million, $2.2 million and $1.9 million of his management fee to certain other employees of the Company in 2017, 2016 and 2015, respectively. |
Stock Based Compensation | Stock Based Compensation The Company has granted restricted stock awards (“RSAs”) and stock options to staff members which were recommended by the Company’s Chairman, who did not receive an RSA or option award, and approved by the Compensation Committee of the Company’s Board of Directors. We use a fair value based method of accounting for stock-based compensation provided to our employees. The estimated fair value of RSAs is determined by using the closing price of Class A Common Stock (“Class A Stock”) on the day prior to the grant date. The total expense, which is reduced by estimated forfeitures, is recognized over the vesting period for these awards which is either (1) 30% over three years from the date of grant and 70% over five years from the date of grant or (2) 30% over three years from the date of grant and 10% each year over years four through ten from the date of grant. The forfeiture rate is determined by reviewing historical forfeiture rates for previous stock-based compensation grants and is reviewed and updated quarterly, if necessary. During the vesting period, dividends to RSA holders are held for them until the RSA vesting dates and are forfeited if the grantee is no longer employed by the Company on the vesting dates. Dividends declared on these RSAs, less estimated forfeitures, are charged to retained earnings on the declaration date. The estimated fair value of option awards on the grant date is determined using the Black Scholes option-pricing model. This sophisticated model utilizes a number of assumptions in arriving at its results, including the estimated life of the option, the risk free interest rate at the date of grant and the volatility of the underlying common stock. There may be other factors, which are not considered in the Black Scholes model, which may have an effect on the value of the options as well. The effects of changing any of the assumptions or factors employed by the Black Scholes model may result in a significantly different valuation for the options. The total expense based on the grant date fair value, which is reduced by estimated forfeitures, is recognized over the vesting period for these awards which is 75% over three years from the date of grant and 25% over four years from date of grant. The forfeiture rate is determined by reviewing historical forfeiture rates for previous stock-based compensation grants and is reviewed and updated quarterly, if necessary. In connection with the Spin-off of AC and in accordance with GAAP, the Company has allocated the stock compensation costs between GBL and AC based upon each employee’s individual allocation of their responsibilities between GBL and AC. See note H. Equity for further details. The Company has entered into three deferred compensation agreements with Mr. Gabelli whereby his variable compensation for 2016, the first half of 2017 and the fourth quarter of 2017 was in the form of Restricted Stock Units (“RSUs”) determined by the volume-weighted average price (“VWAP”) of the Company’s Class A Stock during those respective periods. The 2016 Deferred Cash Compensation Agreement (“DCCA”) will vest 100% on January 1, 2020, the First Half 2017 DCCA will vest 100% on July 1, 2018, and the Fourth Quarter 2017 DCCA will vest 100% on April 1, 2019. The Company intends to settle the awards in cash at vesting; however, the Company reserves the right to issue shares of the Company’s Class A Stock in lieu of such cash payment. Under the terms of the agreement the Company will pay Mr. Gabelli an amount equal to the number of RSUs valued at the lesser of the VWAP of the Company’s Class A Stock for the applicable period or the value on the lapse date or, if not a trading day, then the first trading date thereafter. Under GAAP, for the 2016 DCCA only 25% of this deferred compensation expense is being recognized in 2016 with the remainder amortized ratably over 2017, 2018, and 2019. Similarly, under GAAP, for the First Half 2017 DCCA 67% of the expense is recognized in 2017 with the remaining 33% expensed in 2018. For the Fourth Quarter 2017 DCCA 17% of the expense is recognized in 2017, 66% in 2018 and the remaining 17% in 2019. Notwithstanding its ability to settle the award in stock, given the Company’s intent to settle it in cash, in accordance with GAAP (ASC 718), the awards are accounted for as liability-classified awards and not as equity-classified awards. The liability is remeasured at fair value on each reporting period from December 31, 2016 until the vesting date. However, given the cap on the obligation in that Mr. Gabelli will not receive cash in excess of the VWAP of the Company’s Class A Stock for each respective period, the remeasurement of the liability at fair value will never exceed its value determined using each period’s respective VWAP price. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and receivable from brokers. The Company maintains cash and cash equivalents primarily in the Gabelli U.S. Treasury Money Market Fund, which invests fully in instruments issued by the U.S. government, and has receivables from brokers with various brokers and financial institutions, where these balances can exceed the federally insured limit. The concentration of credit risk with respect to advisory fees receivable is generally limited due to the short payment terms extended to clients by the Company. In addition, the credit risk is further limited by virtue of the fact that no single advisory relationship provided over 10% of the total revenue of the Company during the years 2017, 2016, or 2015. All investments in securities are held at third party brokers or custodians. |
Business Segment | Business Segment The Company operates in one business segment, the investment advisory and asset management business. The Company conducts its investment advisory business principally through: GAMCO (Institutional and Private Wealth Management) and Funds Advisor (Funds). The distribution of our open-end funds and underwriting of those Funds was conducted through G.distributors. Recent Accounting Developments |
Recent Accounting Developments | In May 2014, the FASB issued 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 to receive 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 (a) assessing collectability, (b) presenting sales taxes, (c) measuring noncash consideration, and (d) 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 has been completed, and we have identified similar performance obligations under this guidance as compared with deliverables and separate units of account previously identified under Topic 605. As a result, we expect the timing of the recognition of our revenue to remain the same as under Topic 605, and the Company does not therefore expect the adoption of the new guidance to have any effect on the timing of the recognition of revenue. If there were to be any impact, which is not expected, the Company has determined that it would use the modified retrospective transition method. The Company has also been reviewing and preparing for the enhanced disclosure requirements of the standard, which will have an effect on the disclosures in the consolidated financial statements and accompanying notes effective with our first quarter 2018 Form 10-Q. 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. The Company adopted this guidance on January 1, 2018 and reclassed $11.9 million out of Accumulated Comprehensive Income and into Retained Earnings. Effective January 1, 2018, 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 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. The Company adopted this guidance on January 1, 2018 without a material impact to the consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, which amends ASC 230 to clarify guidance on the classification and presentation of restricted cash in the statement of cash flows. Key requirements are that an entity should include in its cash and cash equivalent balances in the statement of cash flow those amounts that are deemed to be restricted cash and restricted cash equivalents and that a reconciliation between the statement of financial position and the statement of cash flows must be disclosed when the statement of financial position includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents. The ASU also mandates that changes in restricted cash and restricted cash equivalents that result from transfers between cash, cash equivalents, restricted cash, and restricted cash equivalents should not be presented as cash flow activities in the statement of cash flows and that an entity with a material amount of restricted cash and restricted cash equivalents must disclose information about the nature of the restrictions. This new guidance was to be effective for the Company’s first quarter of 2018, but the Company has elected to early adopt in the third quarter of 2017. There was no material impact to the consolidated financial statements. 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 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 year ended December 31, 2017. In January 2018, the Securities and Exchange Commission (“the Commission”) issued Staff Accounting Bulletin No. 118 (“SAB 118”) which expresses the Commission’s views regarding application of FASB’s ASC Topic 740 “Income Taxes” in the reporting period that includes December 22, 2017. The Commission indicated that The Tax Cuts and Jobs Act (“the Act”), which was enacted on December 22, 2017, affects companies’ reporting because of the Act’s changes that impact U.S. corporate tax rates, business-related exclusions, and deductions and credits. ASC Topic 740 provides accounting and disclosure guidance on accounting for income taxes under generally accepted accounting principles (“U.S. GAAP”). This guidance addresses the recognition of taxes payable or refundable for the current year and the recognition of deferred tax liabilities and deferred tax assets for the future tax consequences of events that have been recognized in an entity’s financial statements or tax returns. ASC Topic 740 also addresses the accounting for income taxes upon a change in tax laws or tax rates. The income tax accounting effect of a change in tax laws or tax rates includes, for example, adjusting (or re-measuring) deferred tax liabilities and deferred tax assets, as well as evaluating whether a valuation allowance is needed for deferred tax assets. The Commission issued SAB 118 to address situations where the accounting under ASC Topic 740 is incomplete for certain income tax effects of the Act upon issuance of an entity’s financial statements for the reporting period in which the Act was enacted. A company’s financial statements that include the reporting period in which the Act was enacted must first reflect the income tax effects of the Act in which the accounting under ASC Topic 740 is complete. These completed amounts would not be provisional amounts. The company would then also report provisional amounts for those specific income tax effects of the Act for which the accounting under ASC Topic 740 will be incomplete but a reasonable estimate can be determined. For any specific income tax effects of the Act for which a reasonable estimate cannot be determined, the company would not report provisional amounts and would continue to apply ASC Topic 740 based on the provisions of the tax laws that were in effect immediately prior to the Act being enacted. For those income tax effects for which the company was not able to determine a reasonable estimate (such that no related provisional amount was reported for the reporting period in which the Act was enacted), the company would report provisional amounts in the first reporting period in which a reasonable estimate can be determined. The Company has revalued its deferred tax assets and liabilities as of the date of enactment and has determined that the provisions of SAB 118 related to incomplete or provisional amounts do not apply as it considers its evaluation complete. In February 2018, the FASB issued ASU 2018-02 to address constituent concerns related to the application of ASC 740 to certain provisions of the new tax reform legislation, the Tax Cuts and Jobs Act. Specifically, the ASU addressed concerns about the requirement in ASC 740 that the effect of a change in tax laws or rates on deferred tax assets and liabilities be included in income from continuing operations in the reporting period that contains that enactment date of the change. That guidance applies even in situations in which the tax effects were initially recognized directly to other comprehensive income at the previous rate, resulting in “stranded” amounts in accumulated comprehensive income (AOCI) related to the income tax rate differential. This new guidance will be effective for the Company’s first quarter of 2019. Early adoption is permitted. The Company has elected not to early adopt for the financial statements for the year ended December 31, 2017 contained in this Form 10K. It is currently evaluating whether it will early adopt this ASU in 2018 and the effects that the adoption will have on its consolidated financial statements in the period of adoption. |
Investment in Securities (Table
Investment in Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investment in Securities [Abstract] | |
Investments in Securities | Investments in securities at December 31, 2017 and 2016 consisted of the following: 2017 2016 Cost Fair Value Cost Fair Value (In thousands) Trading securities: Common stocks $ 26 $ 34 $ 51 $ 54 Mutual Funds 11 11 - - Total trading securities 37 45 51 54 Available for sale securities: Common stocks 17,441 36,637 18,739 37,131 Closed-end funds 99 108 99 100 Total available for sale securities 17,540 36,745 18,838 37,231 Total investments in securities $ 17,577 $ 36,790 $ 18,889 $ 37,285 There were no securities sold, not yet purchased at December 31, 2017 and 2016. |
Reclassifications Out of Accumulated Other Comprehensive Income | The following table identifies all reclassifications out of accumulated other comprehensive income and into net income for the year ended December 31, 2017 and 2016 (in thousands): Amount Affected Line Item Reason for Reclassified in the Statements Reclassification from AOCI of Income from AOCI Twelve months ended December 31, 2017 2016 $ 62 $ 4 Net gain from investments Realized gain / (loss) on sale of AFS securities 3,063 1,251 Other operating expenses Donation of AFS securities 3,125 1,255 Income before income taxes (1,156 ) (464 ) Income tax expense $ 1,969 $ 791 Net income |
Summary of Available-for-Sale Securities | The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available for sale investments as of December 31, 2017 and December 31, 2016: December 31, 2017 Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Common stocks $ 17,441 $ 19,196 $ - $ 36,637 Closed-end Funds $ 99 $ 9 $ - $ 108 Total available for sale securities $ 17,540 $ 19,205 $ - $ 36,745 December 31, 2016 Gross Gross Unrealized Unrealized Fair Cost Gains Losses 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 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2017 and 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 December 31, 2017 (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) 2017 Cash equivalents $ 17,475 $ - $ - $ 17,475 Investments in securities: AFS - Common stocks 36,637 - - 36,637 AFS - Closed-end Funds 108 - - 108 Trading - Common stocks 34 - - 34 Trading - Mutual Funds 11 - - 11 Total investments in securities 36,790 - - 36,790 Total assets at fair value $ 54,265 $ - $ - $ 54,265 During the year ended December 31, 2017, there were no transfers between any Level 1 and Level 2 holdings, or between Level 1 and Level 3 holdings. Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 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 During the year ended December 31, 2016, there were no transfers between any Level 1 and Level 2 holdings, or between Level 1 and Level 3 holdings. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Provision for Income Taxes | The provision for income taxes for the years ended December 31, 2017, 2016 and 2015 consisted of the following: 2017 2016 2015 (In thousands) Federal: Current $ 54,318 $ 63,991 $ 47,699 Deferred (3,670 ) (4,424 ) (1,441 ) State and local: Current 6,212 6,652 5,359 Deferred (1,781 ) (1,113 ) 109 Total $ 55,079 $ 65,106 $ 51,726 |
Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate | A reconciliation of the Federal statutory income tax rate to the effective tax rate is set forth below: 2017 2016 2015 Statutory Federal income tax rate 35.0 % 35.0 % 35.0 % State income tax, net of Federal benefit 0.5 1.0 2.7 Impact of Tax Act 6.2 - - Other (0.3) (0.3) (0.5) Effective income tax rate 41.4 % 35.7 % 37.2 % |
Components of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities are as follows: 2017 2016 (In thousands) Deferred tax assets: Stock compensation expense $ 110 $ 4,006 Deferred compensation 14,740 7,629 Capital lease obligation 633 944 Other 238 311 Total deferred tax assets 15,721 12,890 Deferred tax liabilities: Investments in securities available for sale (4,609 ) (6,805 ) Contingent deferred sales commissions (189 ) (322 ) Intangible asset amortization (233 ) (235 ) Other (10 ) (9 ) Total deferred tax liabilities (5,041 ) (7,371 ) Net deferred tax assets (liabilities) $ 10,680 $ 5,519 |
Gross Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits related to uncertain tax positions is as follows: (in millions) Balance at December 31, 2014 $ 16.0 Additions based on tax positions related to the current year 2.8 Additions for tax positions of prior years 0.1 Reductions for tax positions of prior years (0.5 ) Settlements - Balance at December 31, 2015 18.4 Additions based on tax positions related to the current year 2.3 Additions for tax positions of prior years 1.2 Reductions for tax positions of prior years (6.9 ) Settlements - Balance at December 31, 2016 15.0 Additions based on tax positions related to the current year 2.2 Additions for tax positions of prior years - Reductions for tax positions of prior years (3.9 ) Settlements - Balance at December 31, 2017 $ 13.3 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per Share [Abstract] | |
Computations of Basic and Diluted Net Income per Share | The computations of basic and diluted net income per share are as follows: For the Years Ending December 31, (In thousands, except per share amounts) 2017 2016 2015 Basic: Income from continuing operations $ 77,809 $ 117,121 $ 87,299 Loss from discontinued operations, net of taxes - - (3,887 ) Net income attributable to GAMCO Investors, Inc.'s shareholders $ 77,809 $ 117,121 $ 83,412 Weighted average shares outstanding 28,980 29,182 25,425 Basic net income per share attributable to GAMCO Investors, Inc.'s shareholders Continuing operations $ 2.68 $ 4.01 $ 3.43 Discontinued operations - - (0.15 ) Total $ 2.68 $ 4.01 $ 3.28 Diluted: Income from continuing operations $ 77,809 $ 117,121 $ 87,299 Add interest on convertible notes, net of management fee and taxes 2,604 1,133 - Total income from continuing operations 80,413 118,254 87,299 Loss from discontinued operations, net of taxes - - (3,887 ) Net income attributable to GAMCO Investors, Inc.'s shareholders $ 80,413 $ 118,254 $ 83,412 Weighted average share outstanding 28,980 29,182 25,425 Dilutive stock options and restricted stock awards 192 234 286 Assumed conversion of convertible notes 1,775 754 - Total 30,947 30,170 25,711 Diluted net income per share attributable to GAMCO Investors, Inc.'s shareholders Continuing operations $ 2.60 $ 3.92 $ 3.40 Discontinued operations - - (0.15 ) Total $ 2.60 $ 3.92 $ 3.24 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt [Abstract] | |
Schedule of Debt | Debt consists of the following: December 31, 2017 December 31, 2016 Carrying Fair Value Carrying Fair Value Value Level 2 Value Level 2 (In thousands) 4.5% Convertible note $ - $ - $ 109,835 $ 111,525 AC 4% PIK Note 50,000 50,572 100,000 100,930 AC 1.6% Note 15,000 14,972 - - 5.875% Senior notes 24,144 24,543 24,120 24,558 Total $ 89,144 $ 90,087 $ 233,955 $ 237,013 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Summary of Stock Option and RSA Activity | A summary of the stock option and RSA activity for the years ended December 31, 2017 and 2016 is as follows: Options RSAs Weighted Average Weighted Average Grant Date Shares Exercise Price Shares Fair Value Outstanding at December 31, 2015 - $ - 553,100 $ 64.02 Granted - - - - Forfeited - - (9,300 ) 64.85 Exercised / Vested - - (119,460 ) 57.86 Outstanding at December 31, 2016 - - 424,340 65.74 Granted - - - - Forfeited - - (4,500 ) 78.62 Exercised / Vested - - (400,440 ) 65.60 Outstanding at December 31, 2017 - $ - 19,400 $ 65.67 Shares available for future issuance at December 31, 2017 281,349 |
Total Projected Compensation Costs Related to Non-Vested Awards Not Yet Recognized | The total compensation costs related to non-vested awards not yet recognized is approximately $187,000 as of December 31, 2017. This will be recognized as expense in the following periods (in thousands): 2018 2019 2020 2021 $ 187 $ - $ - $ - 2022 2023 2024 2025 $ - $ - $ - $ - |
Capital Lease (Tables)
Capital Lease (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Capital Lease [Abstract] | |
Schedule of Future Minimum Lease Payments for Capital Leases | Future minimum lease payments for this capitalized lease at December 31, 2017 are as follows: (In thousands) 2018 $ 1,230 2019 1,080 2020 1,080 2021 1,080 2022 1,080 Thereafter 6,480 Total minimum obligations 12,030 Interest 7,075 Present value of net obligations $ 4,955 |
Contractual Obligations (Tables
Contractual Obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Contractual Obligations [Abstract] | |
Future Minimum Lease Commitments under Operating Leases | We rent office space under leases which expire at various dates through January 31, 2022. Future minimum lease commitments under these operating leases as of December 31, 2017 are as follows: (In thousands) 2018 $ 808 2019 479 2020 47 2021 47 2022 4 Total $ 1,385 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations [Abstract] | |
Summary of Operating Results | The 2015 results include $2.4 million in costs incurred with respect to the Spin-off and are included in Other operating expenses below. Operating results for the period from January 1, 2015 through November 30, 2015 are summarized below: Year Ended December 31, 2015 Revenues Investment advisory and incentive fees $ 8,552 Distribution fees and other income 279 Institutional research services 8,973 Total revenues 17,804 Expenses Compensation 20,500 Stock based compensation 4,716 Management fee (727 ) Distribution costs (85 ) Other operating expenses 9,070 Total expenses 33,474 Operating loss (15,670 ) Other income Net gain from investments 7,660 Interest and dividend income 2,740 Interest expense (1,224 ) Total other income, net 9,176 Loss from discontinued operations before income taxes (6,494 ) Income tax benefit (2,045 ) Loss from discontinued operations, net of taxes (4,449 ) Net loss attributable to noncontrolling interests (562 ) Net loss attributable to GAMCO Investors, Inc.'s discontinued operations, net of taxes $ (3,887 ) |
Quarterly Financial Informati41
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information (Unaudited) [Abstract] | |
Schedule of Quarterly Financial Information | Quarterly financial information for the years ended December 31, 2017 and 2016 is presented below. 2017 1st 2nd 3rd 4th Total (In thousands, except per share data) Revenues $ 85,917 $ 87,600 $ 88,341 $ 98,666 $ 360,524 Operating income 42,443 39,660 23,393 39,524 145,020 Net income attributable to GAMCO Investors, Inc.'s shareholders 24,820 22,894 16,600 13,495 77,809 Net income attributable to GAMCO Investors, Inc.'s shareholders per share: Basic 0.86 0.79 0.57 0.46 2.68 Diluted $ 0.82 $ 0.76 $ 0.55 $ 0.46 $ 2.60 2016 1st 2nd 3rd 4th Total Revenues $ 81,385 $ 83,944 $ 87,721 $ 99,950 $ 353,000 Operating income 44,942 46,747 48,076 52,031 191,796 Net income attributable to GAMCO Investors, Inc.'s shareholders 26,025 27,543 30,861 32,692 117,121 Net income attributable to GAMCO Investors, Inc.'s shareholders per share: Basic 0.89 0.94 1.06 1.12 4.01 Diluted $ 0.88 $ 0.93 $ 1.03 $ 1.07 $ 3.92 |
Significant Accounting Polici42
Significant Accounting Policies (Details) | Nov. 30, 2015shares | Feb. 09, 1999Subsidiaryshares | Dec. 31, 2017USD ($)AgreementSegment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Nov. 18, 2015USD ($) | May 31, 2011 |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||
Portion of revenue derived from advisory and management fees | 88.00% | 87.00% | 87.00% | ||||
Institutional and private wealth management incentive fees receivable | $ 0 | $ 2,400,000 | |||||
Management fees receivable on closed-end preferred shares | 7,100,000 | 7,300,000 | |||||
Property, Plant and Equipment [Line Items] | |||||||
Write down of net deferred tax assets | $ 8,200,000 | ||||||
Management Fee [Abstract] | |||||||
Management fee expense percentage | 10.00% | ||||||
Management fee allocated to other employees | $ 1,400,000 | $ 2,200,000 | $ 1,900,000 | ||||
Business Segment [Abstract] | |||||||
Number of operating segments | Segment | 1 | ||||||
Restricted Stock Awards [Member] | Vesting in Three Years from Date of Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 30.00% | ||||||
Award vesting period | 3 years | ||||||
Restricted Stock Awards [Member] | Vesting in Five Years from Date of Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 70.00% | ||||||
Award vesting period | 5 years | ||||||
Restricted Stock Awards [Member] | Vesting in Year Four from Date of Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 10.00% | ||||||
Restricted Stock Awards [Member] | Vesting in Year Five from Date of Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 10.00% | ||||||
Restricted Stock Awards [Member] | Vesting in Year Six from Date of Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 10.00% | ||||||
Restricted Stock Awards [Member] | Vesting in Year Seven from Date of Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 10.00% | ||||||
Restricted Stock Awards [Member] | Vesting in Year Eight from Date of Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 10.00% | ||||||
Restricted Stock Awards [Member] | Vesting in Year Nine from Date of Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 10.00% | ||||||
Restricted Stock Awards [Member] | Vesting in Year Ten from Date of Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 10.00% | ||||||
Stock Options [Member] | Vesting in Three Years from Date of Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 75.00% | ||||||
Award vesting period | 3 years | ||||||
Stock Options [Member] | Vesting in Four Years from Date of Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 25.00% | ||||||
Award vesting period | 4 years | ||||||
AC [Member] | Class A [Member] | |||||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||||||
Number of shares of common stock received for each share of Gamco common stock in spin-off (in shares) | shares | 1 | ||||||
AC [Member] | Class B [Member] | |||||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||||||
Number of shares of common stock received for each share of Gamco common stock in spin-off (in shares) | shares | 1 | ||||||
Closed-End Preferred Shares [Member] | |||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||
Investment securities managed | $ 700,000,000 | ||||||
Mr. Gabelli [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of deferred compensation agreements | Agreement | 3 | ||||||
Mr. Gabelli [Member] | Award Granted for 2016 [Member] | Vesting on January 1, 2020 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 100.00% | ||||||
Mr. Gabelli [Member] | Award Granted for 2016 [Member] | Vesting in 2016 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 25.00% | ||||||
Mr. Gabelli [Member] | Award Granted for 2016 [Member] | Vesting in 2017 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 25.00% | ||||||
Mr. Gabelli [Member] | Award Granted for 2016 [Member] | Vesting in 2018 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 25.00% | ||||||
Mr. Gabelli [Member] | Award Granted for 2016 [Member] | Vesting in 2019 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 25.00% | ||||||
Mr. Gabelli [Member] | Award Granted for 2016 [Member] | Restricted Stock Awards [Member] | Vesting on January 1, 2020 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 100.00% | ||||||
Mr. Gabelli [Member] | Award Granted for 2016 [Member] | Restricted Stock Awards [Member] | Vesting in 2016 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 25.00% | ||||||
Mr. Gabelli [Member] | Award Granted for 2016 [Member] | Restricted Stock Awards [Member] | Vesting in 2017 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 25.00% | ||||||
Mr. Gabelli [Member] | Award Granted for FH 2017 [Member] | Vesting on July 1, 2018 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 100.00% | ||||||
Mr. Gabelli [Member] | Award Granted for FH 2017 [Member] | Vesting in 2017 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 67.00% | ||||||
Mr. Gabelli [Member] | Award Granted for FH 2017 [Member] | Vesting in 2018 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 33.00% | ||||||
Mr. Gabelli [Member] | Award Granted for FH 2017 [Member] | Restricted Stock Awards [Member] | Vesting on July 1, 2018 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 100.00% | ||||||
Mr. Gabelli [Member] | Award Granted for FH 2017 [Member] | Restricted Stock Awards [Member] | Vesting in 2017 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 67.00% | ||||||
Mr. Gabelli [Member] | Award Granted for FH 2017 [Member] | Restricted Stock Awards [Member] | Vesting in 2018 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 33.00% | ||||||
Mr. Gabelli [Member] | Award Granted for Q4 2017 [Member] | Vesting in April 1, 2019 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 100.00% | ||||||
Mr. Gabelli [Member] | Award Granted for Q4 2017 [Member] | Vesting in 2017 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 17.00% | ||||||
Mr. Gabelli [Member] | Award Granted for Q4 2017 [Member] | Vesting in 2018 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 66.00% | ||||||
Mr. Gabelli [Member] | Award Granted for Q4 2017 [Member] | Vesting in 2019 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 17.00% | ||||||
Mr. Gabelli [Member] | Award Granted for Q4 2017 [Member] | Restricted Stock Awards [Member] | Vesting in April 1, 2019 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 100.00% | ||||||
Mr. Gabelli [Member] | Award Granted for Q4 2017 [Member] | Restricted Stock Awards [Member] | Vesting in 2017 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 17.00% | ||||||
Mr. Gabelli [Member] | Award Granted for Q4 2017 [Member] | Restricted Stock Awards [Member] | Vesting in 2018 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 66.00% | ||||||
Fixed Assets Other Than Leasehold Improvements [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Fixed assets with net book value | $ 421,000 | $ 524,000 | |||||
Accumulated Depreciation | $ 2,700,000 | 2,600,000 | |||||
Fixed Assets Other Than Leasehold Improvements [Member] | Minimum [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Estimated useful life of assets | 4 years | ||||||
Fixed Assets Other Than Leasehold Improvements [Member] | Maximum [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Estimated useful life of assets | 7 years | ||||||
Leasehold Improvements [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Fixed assets with net book value | $ 1,500,000 | 1,600,000 | |||||
Depreciation and amortization | 595,000 | 632,000 | $ 618,000 | ||||
Estimated annual depreciation and amortization expense | $ 590,000 | ||||||
Period of estimate for future depreciation and amortization | 3 years | ||||||
The GDL Fund [Member] | |||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||
Performance fee receivable | $ 1,400,000 | $ 4,200,000 | |||||
Gabelli Merger Plus+ Trust [Member] | |||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||
Performance fee receivable | $ 0 | ||||||
Rate of return multiple used as threshold for earning incentive fee | 2 | ||||||
Open End Class AAA Shares of the Funds [Member] | |||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||
Fee percentages paid to distributors based on fund performance | 0.25% | ||||||
Westwood Funds [Member] | |||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||
Fee percentages paid to distributors based on fund performance | 0.50% | ||||||
Class A Shares of Gabelli Enterprise Mergers and Acquisitions Fund [Member] | |||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||
Fee percentages paid to distributors based on fund performance | 0.45% | ||||||
Class C Shares [Member] | |||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||
Fee percentages paid to distributors based on fund performance | 1.00% | ||||||
5.875% Senior Notes [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Debt instrument, interest rate | 5.875% | 5.875% | |||||
Debt issuance cost | $ 400,000 | ||||||
Gabelli Funds, Inc [Member] | Class B [Member] | |||||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||||||
Exchange of common stock (in shares) | shares | 24,000,000 | ||||||
Subsidiaries involved in transaction | Subsidiary | 2 |
Investment in Securities, Inves
Investment in Securities, Investment in Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Trading securities [Abstract] | ||
Cost | $ 37 | $ 51 |
Fair Value | 45 | 54 |
Available for sale securities [Abstract] | ||
Cost | 17,540 | 18,838 |
Fair Value | 36,745 | 37,231 |
Total investments in securities [Abstract] | ||
Cost | 17,577 | 18,889 |
Fair value | 36,790 | 37,285 |
Common Stock [Member] | ||
Trading securities [Abstract] | ||
Cost | 26 | 51 |
Fair Value | 34 | 54 |
Available for sale securities [Abstract] | ||
Cost | 17,441 | 18,739 |
Fair Value | 36,637 | 37,131 |
Mutual Funds [Member] | ||
Trading securities [Abstract] | ||
Cost | 11 | 0 |
Fair Value | 11 | 0 |
Closed-end Funds [Member] | ||
Available for sale securities [Abstract] | ||
Cost | 99 | 99 |
Fair Value | $ 108 | $ 100 |
Investment in Securities, Secur
Investment in Securities, Securities Sold, Not Yet Purchased (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Trading securities [Abstract] | ||
Investment sold, not yet purchased | $ 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 | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net gain from investments | $ 3,115 | $ 1,594 | $ 4,953 | ||||||||
Other operating expenses | 23,221 | 23,925 | 19,163 | ||||||||
Income before income taxes | 132,888 | 182,227 | 139,025 | ||||||||
Income tax benefit | (55,079) | (65,106) | (51,726) | ||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders | $ 13,495 | $ 16,600 | $ 22,894 | $ 24,820 | $ 32,692 | $ 30,861 | $ 27,543 | $ 26,025 | 77,809 | 117,121 | $ 83,412 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income before income taxes | 3,125 | 1,255 | |||||||||
Income tax benefit | (1,156) | (464) | |||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders | 1,969 | 791 | |||||||||
Realized Gain on Sale of AFS Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net gain from investments | 62 | 4 | |||||||||
Donation of AFS Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other operating expenses | $ 3,063 | $ 1,251 |
Investment in Securities, Summa
Investment in Securities, Summary of Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | |||
Cost | $ 17,540,000 | $ 18,838,000 | |
Gross unrealized gains | 19,205,000 | 18,393,000 | |
Gross unrealized losses | 0 | 0 | |
Fair value | 36,745,000 | 37,231,000 | |
Changes in net unrealized gain (loss), net of tax | 500,000 | 2,300,000 | $ (5,500,000) |
Amount reclassified from other comprehensive income | 2,000,000 | 800,000 | 2,800,000 |
Proceeds from sale of investment available for sale | 4,169,000 | 408,000 | 81,000 |
Gross realized gains on sale of investments available for sale | 62,000 | 4,000 | 6,000 |
Gross realized losses on sale of investments available for sale | 0 | 0 | $ 0 |
Common Stock [Member] | |||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | |||
Cost | 17,441,000 | 18,739,000 | |
Gross unrealized gains | 19,196,000 | 18,392,000 | |
Gross unrealized losses | 0 | 0 | |
Fair value | 36,637,000 | 37,131,000 | |
Closed-end Funds [Member] | |||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | |||
Cost | 99,000 | 99,000 | |
Gross unrealized gains | 9,000 | 1,000 | |
Gross unrealized losses | 0 | 0 | |
Fair value | $ 108,000 | $ 100,000 |
Investment in Securities, Inv47
Investment in Securities, Investments Classified as Available for Sale in Unrealized Loss Position (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)Investment | Dec. 31, 2016USD ($)Investment | Dec. 31, 2015USD ($) | |
Investment in Securities [Abstract] | |||
Number of investment holdings in loss positions | Investment | 0 | 0 | |
Other than temporary impairment losses, investments, available-for-sale securities | $ | $ 0 | $ 0 | $ 0 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investments in securities [Abstract] | ||
Total investments in securities | $ 36,790 | $ 37,285 |
Recurring Basis [Member] | ||
Assets [Abstract] | ||
Cash equivalents | 17,475 | 39,638 |
Investments in securities [Abstract] | ||
AFS - Common stocks | 36,637 | 37,131 |
AFS - Closed-end Funds | 108 | 100 |
Trading - Common stocks | 34 | 54 |
Trading - Mutual funds | 11 | |
Total investments in securities | 36,790 | 37,285 |
Total assets at fair value | 54,265 | 76,923 |
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets [Abstract] | ||
Cash equivalents | 17,475 | 39,638 |
Investments in securities [Abstract] | ||
AFS - Common stocks | 36,637 | 37,131 |
AFS - Closed-end Funds | 108 | 100 |
Trading - Common stocks | 34 | 54 |
Trading - Mutual funds | 11 | |
Total investments in securities | 36,790 | 37,285 |
Total assets at fair value | 54,265 | 76,923 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets [Abstract] | ||
Cash equivalents | 0 | 0 |
Investments in securities [Abstract] | ||
AFS - Common stocks | 0 | 0 |
AFS - Closed-end Funds | 0 | 0 |
Trading - Common stocks | 0 | 0 |
Trading - Mutual funds | 0 | |
Total investments in securities | 0 | 0 |
Total assets at fair value | 0 | 0 |
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets [Abstract] | ||
Cash equivalents | 0 | 0 |
Investments in securities [Abstract] | ||
AFS - Common stocks | 0 | 0 |
AFS - Closed-end Funds | 0 | 0 |
Trading - Common stocks | 0 | 0 |
Trading - Mutual funds | 0 | |
Total investments in securities | 0 | 0 |
Total assets at fair value | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Federal [Abstract] | |||
Current | $ 54,318 | $ 63,991 | $ 47,699 |
Deferred | (3,670) | (4,424) | (1,441) |
State and local [Abstract] | |||
Current | 6,212 | 6,652 | 5,359 |
Deferred | (1,781) | (1,113) | 109 |
Total | $ 55,079 | $ 65,106 | $ 51,726 |
Effective income tax rate reconciliation [Abstract] | |||
Statutory Federal income tax rate | 35.00% | 35.00% | 35.00% |
State income tax, net of Federal benefit | 0.50% | 1.00% | 2.70% |
Impact of Tax Act | 6.20% | 0.00% | 0.00% |
Other | (0.30%) | (0.30%) | (0.50%) |
Effective income tax rate | 41.40% | 35.70% | 37.20% |
Deferred tax assets [Abstract] | |||
Stock compensation expense | $ 110 | $ 4,006 | |
Deferred compensation | 14,740 | 7,629 | |
Capital lease obligation | 633 | 944 | |
Other | 238 | 311 | |
Total deferred tax assets | 15,721 | 12,890 | |
Deferred tax liabilities [Abstract] | |||
Investments in securities available for sale | (4,609) | (6,805) | |
Contingent deferred sales commissions | (189) | (322) | |
Intangible asset amortization | (233) | (235) | |
Other | (10) | (9) | |
Total deferred tax liabilities | (5,041) | (7,371) | |
Net deferred tax assets (liabilities) | 10,680 | 5,519 | |
Increase (decrease) to additional paid in capital from RSA acceleration | (401) | $ (1,190) | |
Income tax uncertainties [Abstract] | |||
Recognition of unrecognized tax benefits effect | 10,500 | 9,800 | |
Net liability for unrecognized tax benefits | 14,500 | 14,100 | |
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits [Roll Forward] | |||
Balance, beginning of period | 15,000 | 18,400 | 16,000 |
Additions based on tax positions related to the current year | 2,200 | 2,300 | 2,800 |
Additions for tax positions of prior years | 0 | 1,200 | 100 |
Reductions for tax positions of prior years | (3,900) | (6,900) | (500) |
Settlements | 0 | 0 | 0 |
Balance, end of period | 13,300 | 15,000 | 18,400 |
Penalties and interest accruals related to tax uncertainties in income taxes | 4,800 | 6,700 | |
Income tax expenses related to an increase in its liability for interest and penalties | (300) | $ (700) | $ 1,100 |
Write down of net deferred tax assets | 8,200 | ||
Tax expense related to revaluation of certain deferred income tax assets | 10,900 | ||
Non-cash tax benefit related to revaluation of certain deferred income tax liabilities | $ 2,700 | ||
State Jurisdiction [Member] | New York [Member] | Earliest Tax Year [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax years under examination | 2,007 | ||
State Jurisdiction [Member] | New York [Member] | Latest Tax Year [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax years under examination | 2,011 | ||
ASU 2016-09 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Change in effective income tax rate over prior period | 0.70% |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Basic [Abstract] | |||||||||||
Income from continuing operations | $ 77,809 | $ 117,121 | $ 87,299 | ||||||||
Loss from discontinued operations, net of taxes | 0 | 0 | (3,887) | ||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders | $ 13,495 | $ 16,600 | $ 22,894 | $ 24,820 | $ 32,692 | $ 30,861 | $ 27,543 | $ 26,025 | $ 77,809 | $ 117,121 | $ 83,412 |
Weighted average share outstanding (in shares) | 28,980 | 29,182 | 25,425 | ||||||||
Basic net income per share attributable to GAMCO Investors, Inc.'s shareholders [Abstract] | |||||||||||
Continuing operations (in dollars per share) | $ 2.68 | $ 4.01 | $ 3.43 | ||||||||
Discontinued operations (in dollars per share) | 0 | 0 | (0.15) | ||||||||
Basic - Total (in dollars per share) | $ 0.46 | $ 0.57 | $ 0.79 | $ 0.86 | $ 1.12 | $ 1.06 | $ 0.94 | $ 0.89 | $ 2.68 | $ 4.01 | $ 3.28 |
Diluted [Abstract] | |||||||||||
Income from continuing operations | $ 77,809 | $ 117,121 | $ 87,299 | ||||||||
Add interest on convertible notes, net of management fee and taxes | 2,604 | 1,133 | 0 | ||||||||
Total income from continuing operations | 80,413 | 118,254 | 87,299 | ||||||||
Gain/(loss) from discontinued operations, net of taxes | 0 | 0 | (3,887) | ||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders | $ 80,413 | $ 118,254 | $ 83,412 | ||||||||
Weighted average share outstanding (in shares) | 28,980 | 29,182 | 25,425 | ||||||||
Dilutive stock options and restricted stock awards | 192 | 234 | 286 | ||||||||
Assumed conversion of convertible notes (in shares) | 1,775 | 754 | 0 | ||||||||
Total (in shares) | 30,947 | 30,170 | 25,711 | ||||||||
Diluted net income per share attributable to GAMCO Investors, Inc.'s shareholder [Abstract] | |||||||||||
Continuing operations (in dollars per share) | $ 2.60 | $ 3.92 | $ 3.40 | ||||||||
Discontinued operations (in dollars per share) | 0 | 0 | (0.15) | ||||||||
Diluted - Total (in dollars per share) | $ 0.46 | $ 0.55 | $ 0.76 | $ 0.82 | $ 1.07 | $ 1.03 | $ 0.93 | $ 0.88 | $ 2.60 | $ 3.92 | $ 3.24 |
Debt (Details)
Debt (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | Nov. 21, 2017 | Nov. 20, 2017 | Sep. 30, 2017 | Mar. 18, 2016 | Nov. 18, 2015 | May 31, 2011 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 15, 2016 | Nov. 30, 2015 | Apr. 30, 2015 |
Long-term debt [Abstract] | |||||||||||||||
Carrying value | $ 89,144 | $ 89,144 | $ 233,955 | ||||||||||||
Period of interest included in initial deposit | 6 months | ||||||||||||||
Loss on extinguishment of debt | $ (3,300) | 0 | $ (1,067) | ||||||||||||
Prepayment of debt | 50,000 | 150,000 | $ 0 | ||||||||||||
Maximum amount of debt and equity to be issued under Shelf Registration | $ 500,000 | ||||||||||||||
Loans borrowed in exchange for a note | 15,000 | 15,000 | 0 | ||||||||||||
Level 2 [Member] | |||||||||||||||
Long-term debt [Abstract] | |||||||||||||||
Fair value | 90,087 | 90,087 | 237,013 | ||||||||||||
4.5% Convertible Notes [Member] | |||||||||||||||
Long-term debt [Abstract] | |||||||||||||||
Carrying value | $ 0 | $ 0 | 109,835 | ||||||||||||
Debt instrument, term | 5 years | ||||||||||||||
Face value of debt | $ 110,000 | ||||||||||||||
Debt instrument, interest rate | 4.50% | 4.50% | 4.50% | ||||||||||||
Debt issuance cost | $ 135 | $ 174 | $ 174 | $ 174 | |||||||||||
Debt instrument, maturity date | Aug. 15, 2021 | Aug. 15, 2021 | |||||||||||||
Debt redemption price | 103.00% | 50.00% | |||||||||||||
Debt instrument, repurchased face amount | $ 114,600 | $ 114,600 | |||||||||||||
Percentage of assets owned in escrow account | 47.00% | 53.00% | |||||||||||||
Cash deposited into escrow account | $ 53,000 | $ 60,000 | |||||||||||||
Loss on extinguishment of debt | (3,300) | $ (3,300) | |||||||||||||
4.5% Convertible Notes [Member] | Redemption on or after February 15, 2019 [Member] | |||||||||||||||
Long-term debt [Abstract] | |||||||||||||||
Debt redemption price | 101.00% | ||||||||||||||
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 | 0 | $ 0 | 111,525 | ||||||||||||
4.5% Convertible Notes [Member] | GGCP Holdings LLC [Member] | |||||||||||||||
Long-term debt [Abstract] | |||||||||||||||
Equity method investment, ownership percentage | 62.00% | ||||||||||||||
Period of interest included in initial deposit | 6 months | ||||||||||||||
AC 4% PIK Note [Member] | |||||||||||||||
Long-term debt [Abstract] | |||||||||||||||
Carrying value | 50,000 | $ 50,000 | 100,000 | ||||||||||||
Debt instrument, term | 5 years | ||||||||||||||
Face value of debt | $ 50,000 | $ 50,000 | $ 250,000 | ||||||||||||
Debt instrument, interest rate | 4.00% | 4.00% | 4.00% | ||||||||||||
Debt instrument, maturity date | Nov. 30, 2020 | ||||||||||||||
Prepayment of debt | $ 50,000 | ||||||||||||||
AC 4% PIK Note [Member] | Principal Amount Due on November 30, 2018 [Member] | |||||||||||||||
Long-term debt [Abstract] | |||||||||||||||
Prepayment of debt | 30,000 | ||||||||||||||
AC 4% PIK Note [Member] | Principal Amount Due on November 30, 2019 [Member] | |||||||||||||||
Long-term debt [Abstract] | |||||||||||||||
Prepayment of debt | 20,000 | ||||||||||||||
AC 4% PIK Note [Member] | Level 2 [Member] | |||||||||||||||
Long-term debt [Abstract] | |||||||||||||||
Fair value | $ 50,572 | $ 50,572 | 100,930 | ||||||||||||
Loan from GGCP [Member] | |||||||||||||||
Long-term debt [Abstract] | |||||||||||||||
Debt instrument, term | 1 year | ||||||||||||||
Face value of debt | 35,000 | $ 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% | ||||||||||||||
5.875% Senior Notes [Member] | |||||||||||||||
Long-term debt [Abstract] | |||||||||||||||
Carrying value | $ 24,144 | $ 24,144 | 24,120 | ||||||||||||
Face value of debt | $ 100,000 | $ 100,000 | |||||||||||||
Debt instrument, interest rate | 5.875% | 5.875% | 5.875% | ||||||||||||
Debt issuance cost | $ 400 | ||||||||||||||
Net proceeds from debt issuance | $ 99,100 | ||||||||||||||
Debt issuance cost capitalized | $ 900 | ||||||||||||||
Debt instrument, maturity date | Jun. 1, 2021 | ||||||||||||||
Debt redemption price | 101.00% | 101.00% | |||||||||||||
Debt instrument, repurchased face amount | $ 75,800 | ||||||||||||||
Loss on extinguishment of debt | $ (800) | ||||||||||||||
5.875% Senior Notes [Member] | Level 2 [Member] | |||||||||||||||
Long-term debt [Abstract] | |||||||||||||||
Fair value | $ 24,543 | $ 24,543 | 24,558 | ||||||||||||
AC 1.6% Note [Member] | |||||||||||||||
Long-term debt [Abstract] | |||||||||||||||
Carrying value | $ 15,000 | $ 15,000 | 0 | ||||||||||||
Debt instrument, interest rate | 1.60% | 1.60% | |||||||||||||
Debt instrument, maturity date | Feb. 28, 2018 | Feb. 28, 2018 | |||||||||||||
Loans borrowed in exchange for a note | $ 15,000 | $ 15,000 | |||||||||||||
AC 1.6% Note [Member] | Level 2 [Member] | |||||||||||||||
Long-term debt [Abstract] | |||||||||||||||
Fair value | $ 14,972 | $ 14,972 | $ 0 | ||||||||||||
0% Subordinated Debentures [Member] | |||||||||||||||
Long-term debt [Abstract] | |||||||||||||||
Debt instrument, interest rate | 0.00% | 0.00% | |||||||||||||
Debt instrument, maturity date | Dec. 31, 2015 |
Equity, Voting Rights and Stock
Equity, Voting Rights and Stock Award and Incentive Plan (Details) | Dec. 27, 2017USD ($)shares | Aug. 07, 2017USD ($)shares | Jun. 01, 2017USD ($)shares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2017USD ($)VoteperSharePlan$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares |
Stock Award and Incentive Plan [Abstract] | |||||||
Number of incentive plans | Plan | 1 | ||||||
Actual and projected stock based compensation expense for RSA shares and options [Abstract] | |||||||
Compensation cost related to non-vested restricted stock awards and options not yet recognized | $ 187,000 | $ 187,000 | |||||
Projected compensation cost not yet recognized [Abstract] | |||||||
2,018 | 187,000 | 187,000 | |||||
2,019 | 0 | 0 | |||||
2,020 | 0 | 0 | |||||
2,021 | 0 | 0 | |||||
2,022 | 0 | 0 | |||||
2,023 | 0 | 0 | |||||
2,024 | 0 | 0 | |||||
2,025 | $ 0 | 0 | |||||
Stock based compensation expense | 8,669,000 | $ 3,959,000 | $ 9,868,000 | ||||
Tax benefit from compensation expense | 3,300,000 | 1,500,000 | 3,700,000 | ||||
Proceeds from exercise of stock options | $ 0 | $ 0 | 1,167,000 | ||||
Tax benefit from exercise of stock options | $ 102,000 | ||||||
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 | 6,000,000 | 6,000,000 | |||||
Class B [Member] | |||||||
Voting Rights [Abstract] | |||||||
Number of votes per share | VoteperShare | 10 | ||||||
Stock Options [Member] | |||||||
Options, shares [Roll Forward] | |||||||
Outstanding, beginning of period (in shares) | shares | 0 | 0 | |||||
Granted (in shares) | shares | 0 | 0 | |||||
Forfeited (in shares) | shares | 0 | 0 | |||||
Exercised (in shares) | shares | 0 | 0 | |||||
Outstanding, end of period (in shares) | shares | 0 | 0 | 0 | 0 | |||
Shares available for future issuance, end of period (in shares) | shares | 281,349 | 281,349 | |||||
Options, weighted average exercise price [Roll Forward] | |||||||
Outstanding, beginning of period (in dollars per share) | $ / shares | $ 0 | $ 0 | |||||
Granted (in dollars per share) | $ / shares | 0 | 0 | |||||
Forfeited (in dollars per share) | $ / shares | 0 | 0 | |||||
Exercised / Vested (in dollars per share) | $ / shares | 0 | 0 | |||||
Outstanding, end of period (in dollars per share) | $ / shares | $ 0 | $ 0 | $ 0 | $ 0 | |||
Stock Options [Member] | Maximum [Member] | |||||||
Stock Award and Incentive Plan [Abstract] | |||||||
Term of nonqualified stock options | 10 years | ||||||
Stock Options [Member] | Vesting in Three Years from Date of Grant [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 75.00% | ||||||
Award vesting period | 3 years | ||||||
Restricted Stock Awards [Member] | |||||||
RSAs, shares [Roll Forward] | |||||||
Outstanding, beginning of period (in shares) | shares | 424,340 | 553,100 | |||||
Granted (in shares) | shares | 0 | 0 | 0 | ||||
Forfeited (in shares) | shares | (4,500) | (9,300) | |||||
Vested (in shares) | shares | (400,440) | (119,460) | |||||
Outstanding, end of period (in shares) | shares | 19,400 | 19,400 | 424,340 | 553,100 | |||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Outstanding, beginning of period (in dollars per share) | $ / shares | $ 65.74 | $ 64.02 | |||||
Granted (in dollars per share) | $ / shares | 0 | 0 | |||||
Forfeited (in dollars per share) | $ / shares | 78.62 | 64.85 | |||||
Vested (in dollars per share) | $ / shares | 65.60 | 57.86 | |||||
Outstanding, end of period (in dollars per share) | $ / shares | $ 65.67 | $ 65.67 | $ 65.74 | $ 64.02 | |||
Number of shares with accelerated vesting (in shares) | shares | 144,650 | 201,120 | 144,650 | 345,770 | |||
Stock compensation expense recognized due to acceleration of lapsing of restrictions on RSAs | $ 1,300,000 | $ 1,800,000 | $ 1,300,000 | $ 6,800,000 | $ 3,500,000 | ||
Restricted Stock Awards [Member] | Vesting in Three Years from Date of Grant [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 30.00% | ||||||
Award vesting period | 3 years | ||||||
Restricted Stock Awards [Member] | Vesting in Five Years from Date of Grant [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 70.00% | ||||||
Award vesting period | 5 years | ||||||
Restricted Stock Awards [Member] | Vesting in Year Four from Date of Grant [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 10.00% | ||||||
Restricted Stock Awards [Member] | Vesting in Year Five from Date of Grant [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 10.00% | ||||||
Restricted Stock Awards [Member] | Vesting in Year Six from Date of Grant [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 10.00% | ||||||
Restricted Stock Awards [Member] | Vesting in Year Seven from Date of Grant [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 10.00% | ||||||
Restricted Stock Awards [Member] | Vesting in Year Eight from Date of Grant [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 10.00% | ||||||
Restricted Stock Awards [Member] | Vesting in Year Nine from Date of Grant [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 10.00% | ||||||
Restricted Stock Awards [Member] | Vesting in Year Ten from Date of Grant [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 10.00% | ||||||
Restricted Stock Awards [Member] | AC [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Number of shares with accelerated vesting (in shares) | shares | 420,240 | ||||||
Stock compensation expense recognized due to acceleration of lapsing of restrictions on RSAs | $ 3,700,000 | ||||||
Mr. Gabelli [Member] | Award Granted for 2016 [Member] | Vesting on January 1, 2020 [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 100.00% | ||||||
Mr. Gabelli [Member] | Award Granted for 2016 [Member] | Vesting in 2017 [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 25.00% | ||||||
Mr. Gabelli [Member] | Award Granted for 2016 [Member] | Vesting in 2016 [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 25.00% | ||||||
Mr. Gabelli [Member] | Award Granted for 2016 [Member] | Vesting in 2018 [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 25.00% | ||||||
Mr. Gabelli [Member] | Award Granted for 2016 [Member] | Restricted Stock Awards [Member] | Vesting on January 1, 2020 [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 100.00% | ||||||
Mr. Gabelli [Member] | Award Granted for 2016 [Member] | Restricted Stock Awards [Member] | Vesting in 2017 [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 25.00% | ||||||
Deferred compensation agreement, value of shares issued | $ 18,991,316 | ||||||
Mr. Gabelli [Member] | Award Granted for 2016 [Member] | Restricted Stock Awards [Member] | Vesting in 2016 [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 25.00% | ||||||
Deferred compensation agreement, value of shares issued | $ 18,991,316 | ||||||
Mr. Gabelli [Member] | Award Granted for 2016 [Member] | Restricted Stock Awards [Member] | Class A [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Deferred compensation agreement, shares issued (in shares) | shares | 2,314,695 | ||||||
Deferred compensation agreement, share price (in dollars per share) | $ / shares | $ 32.8187 | ||||||
Deferred compensation agreement, value of shares issued | $ 75,965,266 | ||||||
Closing price (in dollars per share) | $ / shares | $ 29.65 | $ 29.65 | $ 30.89 | ||||
Reduction of RSU expense | $ (2,600,000) | $ (1,116,082) | |||||
Mr. Gabelli [Member] | Award Granted for FH 2017 [Member] | Vesting on July 1, 2018 [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 100.00% | ||||||
Mr. Gabelli [Member] | Award Granted for FH 2017 [Member] | Vesting in 2017 [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 67.00% | ||||||
Mr. Gabelli [Member] | Award Granted for FH 2017 [Member] | Vesting in 2018 [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 33.00% | ||||||
Mr. Gabelli [Member] | Award Granted for FH 2017 [Member] | Restricted Stock Awards [Member] | Vesting on July 1, 2018 [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 100.00% | ||||||
Mr. Gabelli [Member] | Award Granted for FH 2017 [Member] | Restricted Stock Awards [Member] | Vesting in 2017 [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 67.00% | ||||||
Mr. Gabelli [Member] | Award Granted for FH 2017 [Member] | Restricted Stock Awards [Member] | Vesting in 2018 [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 33.00% | ||||||
Mr. Gabelli [Member] | Award Granted for FH 2017 [Member] | Restricted Stock Awards [Member] | Class A [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Deferred compensation agreement, shares issued (in shares) | shares | 1,244,018 | ||||||
Deferred compensation agreement, share price (in dollars per share) | $ / shares | $ 29.6596 | ||||||
Deferred compensation agreement, value of shares issued | $ 36,897,086 | ||||||
Closing price (in dollars per share) | $ / shares | 29.65 | $ 29.65 | |||||
Reduction of RSU expense | $ (17,000) | ||||||
Mr. Gabelli [Member] | Award Granted for Q4 2017 [Member] | Vesting in 2017 [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 17.00% | ||||||
Mr. Gabelli [Member] | Award Granted for Q4 2017 [Member] | Vesting in 2018 [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 66.00% | ||||||
Mr. Gabelli [Member] | Award Granted for Q4 2017 [Member] | Vesting in April 2019 [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 100.00% | ||||||
Mr. Gabelli [Member] | Award Granted for Q4 2017 [Member] | Restricted Stock Awards [Member] | Vesting in 2017 [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 17.00% | ||||||
Mr. Gabelli [Member] | Award Granted for Q4 2017 [Member] | Restricted Stock Awards [Member] | Vesting in 2018 [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 66.00% | ||||||
Mr. Gabelli [Member] | Award Granted for Q4 2017 [Member] | Restricted Stock Awards [Member] | Vesting in April 2019 [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 100.00% | ||||||
Mr. Gabelli [Member] | Award Granted for Q4 2017 [Member] | Restricted Stock Awards [Member] | Vesting in 2019 [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Award vesting percentage | 17.00% | ||||||
Mr. Gabelli [Member] | Award Granted for Q4 2017 [Member] | Restricted Stock Awards [Member] | Class A [Member] | |||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||
Deferred compensation agreement, shares issued (in shares) | shares | 530,662 | ||||||
Deferred compensation agreement, share price (in dollars per share) | $ / shares | $ 29.1875 | ||||||
Deferred compensation agreement, value of shares issued | $ 15,488,708 | ||||||
Closing price (in dollars per share) | $ / shares | $ 29.65 | $ 29.65 | |||||
Reduction of RSU expense | $ 0 |
Equity, Stock Repurchase Progra
Equity, Stock Repurchase Program, Dividends, and Shelf Registration (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2015 | Nov. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 31, 2017 | May 31, 2017 | Aug. 31, 2015 | Apr. 30, 2015 | Dec. 31, 1999 | |
Dividends Payable [Line Items] | ||||||||||
Dividends declared (in dollars per share) | $ 0.08 | $ 0.08 | $ 0.28 | |||||||
Share based compensation dividends accrued | $ 24 | $ 400 | ||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum amount of debt and equity to be issued under Shelf Registration | $ 500,000 | |||||||||
Common Class A [Member] | Stock Repurchase Program [Member] | ||||||||||
Stock Repurchase Program [Abstract] | ||||||||||
Amount of shares authorized to be repurchased | $ 9,000 | |||||||||
Number of shares authorized to be repurchased (in shares) | 425,352 | 500,000 | 500,000 | |||||||
Shares repurchased (in shares) | 13,400 | 413,228 | 484,526 | 348,687 | 426,628 | |||||
Average price per share of repurchased shares (in dollars per share) | $ 32.56 | $ 64.86 | $ 29.56 | $ 30.88 | $ 63.85 | |||||
Share available under program to repurchase (in shares) | 674,294 | |||||||||
Common Stock Class A and Class B [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends declared (in dollars per share) | $ 0.08 | $ 0.08 | $ 0.28 | |||||||
Dividend cost | $ 2,400 | $ 2,400 | $ 7,500 |
Capital Lease (Details)
Capital Lease (Details) | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014$ / ft² | |
Capital Lease [Abstract] | ||||
Lease term | 15 years | |||
Base rent per square foot (in dollars per square foot) | $ / ft² | 18 | |||
Base rental | $ 1,100,000 | |||
Lease payments under capital lease agreement | $ 1,200,000 | $ 1,200,000 | $ 1,200,000 | |
Accumulated amortization on the leased property | 4,900,000 | $ 4,600,000 | ||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||
2,018 | 1,230,000 | |||
2,019 | 1,080,000 | |||
2,020 | 1,080,000 | |||
2,021 | 1,080,000 | |||
2,022 | 1,080,000 | |||
Thereafter | 6,480,000 | |||
Total minimum obligations | 12,030,000 | |||
Interest | 7,075,000 | |||
Present value of net obligations | 4,955,000 | |||
Capital Leases, Future Minimum Payments Due | 1,080,000 | |||
Future sublease rentals | $ 1,100,000 | |||
Term of capital lease sublease rentals | 6 years | |||
Estimated annual operating expenses to be borne by the Company | $ 700,000 |
Contractual Obligations (Detail
Contractual Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,018 | $ 808 | ||
2,019 | 479 | ||
2,020 | 47 | ||
2,021 | 47 | ||
2,022 | 4 | ||
Total | 1,385 | ||
Rent expense | $ 2,200 | $ 2,400 | $ 2,300 |
Shareholder-Designated Contri56
Shareholder-Designated Contribution Plan (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2015USD ($)Contribution$ / shares | |
Shareholder-Designated Contribution Plan [Abstract] | ||
Shareholder-designated contribution | Contribution | 1 | |
Initial contribution per registered share to Shareholder-designated charitable contribution program (in dollars per share) | $ 0.25 | |
Expense related to shareholder-designated charitable contribution program | $ | $ 4.1 | $ 6.4 |
Shareholder-designated contribution, diluted per share (in dollars per share) | $ 0.08 | $ 0.12 |
Related Party Transactions (Det
Related Party Transactions (Details) shares in Millions | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2017ft²$ / ft² | Dec. 31, 2017USD ($)ft²$ / ft²shares | Mar. 31, 2017ft²$ / ft² | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Associated Capital Group, Inc. [Member] | |||||
Capital Lease [Abstract] | |||||
Area of lease space (in square feet) | ft² | 15,000 | 15,000 | 15,000 | ||
Sublease rental base rate (in dollars per square foot) | $ / ft² | 22.03 | 21.62 | |||
Sublease rental rate for utilities and taxes on sublease property (in dollars per square foot) | ft² | 3 | 3 | |||
Sublease rental base rate | $ 367,798 | $ 297,185 | |||
Common Class A [Member] | Associated Capital Group, Inc. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Ownership percentage of voting rights | 2.00% | 2.00% | |||
Percentage of ownership | 15.00% | 15.00% | |||
Shares owned by related party (in shares) | shares | 4.4 | ||||
GGCP Holdings LLC [Member] | Common Class B [Member] | |||||
Related Party Transaction [Line Items] | |||||
Ownership percentage of voting rights | 91.00% | 91.00% | |||
Percentage of ownership | 63.00% | 63.00% | |||
GCI [Member] | Fund Advisor [Member] | Advisory Fees [Member] | |||||
Investment Advisory Services [Abstract] | |||||
Revenue from related parties | $ 2,800,000 | 2,700,000 | $ 1,000,000 | ||
Percentage of net revenue paid to related party | 90.00% | ||||
Entity Controlled by Members of Chairman's Family [Member] | |||||
Capital Lease [Abstract] | |||||
Area of lease space (in square feet) | ft² | 60,000 | 60,000 | |||
LICT Corporation [Member] | |||||
Capital Lease [Abstract] | |||||
Area of lease space (in square feet) | ft² | 3,300 | 3,300 | |||
Sublease rental base rate (in dollars per square foot) | $ / ft² | 28 | ||||
Sublease rental rate for utilities and taxes on sublease property (in dollars per square foot) | ft² | 3 | ||||
Sublease rental base rate | $ 116,756 | 116,564 | 119,686 | ||
Teton [Member] | |||||
Capital Lease [Abstract] | |||||
Area of lease space (in square feet) | ft² | 1,600 | 1,600 | |||
Sublease rental base rate (in dollars per square foot) | $ / ft² | 37.75 | ||||
Sublease rental rate for utilities and taxes on sublease property (in dollars per square foot) | ft² | 3 | ||||
Sublease rental base rate | $ 68,293 | 68,205 | 69,632 | ||
MJG Associates, Inc [Member] | G B L [Member] | Advisory Fees [Member] | |||||
Investment Advisory Services [Abstract] | |||||
Revenue from related parties | 10,000 | 10,000 | 10,000 | ||
Manhattan Partners I, L.P [Member] | G B L [Member] | Advisory Fees [Member] | |||||
Investment Advisory Services [Abstract] | |||||
Revenue from related parties | 9,851 | 11,274 | 13,595 | ||
S.W.A.N. Partners, LP [Member] | G B L [Member] | Advisory Fees [Member] | |||||
Investment Advisory Services [Abstract] | |||||
Revenue from related parties | 19,776 | 18,206 | 20,406 | ||
Affiliated Funds [Member] | G.distributors, LLC [Member] | Distribution Fees [Member] | |||||
Investment Advisory Services [Abstract] | |||||
Revenue from related parties | 39,700,000 | 41,000,000 | $ 47,700,000 | ||
Affiliated Funds [Member] | G.distributors, LLC [Member] | Advisory and Distribution Fees [Member] | |||||
Investment Advisory Services [Abstract] | |||||
Revenue from related parties | $ 30,400,000 | $ 32,900,000 |
Related Party Transactions, Com
Related Party Transactions, Compensation and Other (Details) - USD ($) | Nov. 21, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 29, 2017 | Dec. 27, 2017 | Aug. 15, 2016 | Nov. 30, 2015 | Jul. 02, 2015 | May 31, 2006 |
Compensation [Abstract] | ||||||||||||||
Percentage payout of revenues or net operating contribution to the portfolio managers and marketing staff who introduce, service or generate private wealth management business | 40.00% | 40.00% | ||||||||||||
Payable to affiliates | $ 855,000 | $ 855,000 | $ 1,412,000 | |||||||||||
Other [Abstract] | ||||||||||||||
Deposited transaction amount | 328,000 | 353,000 | $ 432,000 | |||||||||||
Institutional research services | $ 2,300,000 | 1,500,000 | 700,000 | |||||||||||
Notice period of agreement between related parties | 30 days | |||||||||||||
Term of agreement between related parties | 12 months | |||||||||||||
Annual costs of setting up escrow account paid | $ 55,000 | |||||||||||||
Period of interest included in initial deposit | 6 months | |||||||||||||
AC 4% PIK Note [Member] | ||||||||||||||
Other [Abstract] | ||||||||||||||
Face value of debt | $ 50,000,000 | $ 50,000,000 | $ 250,000,000 | |||||||||||
Debt instrument, interest rate | 4.00% | 4.00% | 4.00% | |||||||||||
Debt instrument, maturity date | Nov. 30, 2020 | |||||||||||||
Interest expenses | $ 3,000,000 | 7,700,000 | 800,000 | |||||||||||
Loan from GGCP [Member] | ||||||||||||||
Other [Abstract] | ||||||||||||||
Face value of debt | $ 35,000,000 | $ 35,000,000 | ||||||||||||
Debt instrument, maturity date | Dec. 28, 2016 | |||||||||||||
Interest expenses | 415,000 | |||||||||||||
Loan from AC [Member] | ||||||||||||||
Other [Abstract] | ||||||||||||||
Face value of debt | $ 15,000,000 | |||||||||||||
Debt instrument, interest rate | 1.60% | |||||||||||||
Debt instrument, maturity date | Feb. 28, 2018 | |||||||||||||
Interest expenses | $ 4,000 | |||||||||||||
Convertible Notes [Member] | ||||||||||||||
Other [Abstract] | ||||||||||||||
Face value of debt | $ 110,000,000 | |||||||||||||
Debt instrument, interest rate | 4.50% | 4.50% | 4.50% | |||||||||||
Debt instrument, maturity date | Aug. 15, 2021 | Aug. 15, 2021 | ||||||||||||
Percentage of assets owned in escrow account | 47.00% | 53.00% | ||||||||||||
Cash deposited into escrow account | $ 53,000,000 | $ 60,000,000 | ||||||||||||
GCI [Member] | 5.5% Demand Loan [Member] | ||||||||||||||
Other [Abstract] | ||||||||||||||
Face value of debt | $ 16,000,000 | |||||||||||||
Debt instrument, interest rate | 5.50% | |||||||||||||
Interest expenses | 900,000 | $ 1,000,000 | ||||||||||||
Fund Advisor [Member] | ||||||||||||||
Other [Abstract] | ||||||||||||||
Institutional research services | $ 2,300,000 | 1,500,000 | 800,000 | |||||||||||
Significant Shareholder [Member] | Common Class A [Member] | ||||||||||||||
Other [Abstract] | ||||||||||||||
Shares included in the Exchange and Standstill agreement (in shares) | 1,705,974 | |||||||||||||
Significant Shareholder [Member] | Common Class B [Member] | ||||||||||||||
Other [Abstract] | ||||||||||||||
Shares included in the Exchange and Standstill agreement (in shares) | 2,071,635 | |||||||||||||
GGCP [Member] | ||||||||||||||
Other [Abstract] | ||||||||||||||
Percentage of assets owned in escrow account | 47.00% | 53.00% | ||||||||||||
Cash deposited into escrow account | $ 53,100,000 | $ 60,000,000 | ||||||||||||
GGCP [Member] | Convertible Notes [Member] | ||||||||||||||
Other [Abstract] | ||||||||||||||
Additional amount paid to repurchase debt | $ 1,400,000 | |||||||||||||
GBL and Teton [Member] | ||||||||||||||
Other [Abstract] | ||||||||||||||
Flat sub-administration agreement percentage on mutual funds | 0.20% | |||||||||||||
Administration fees percentage on first tier of net assets | 0.20% | |||||||||||||
First tier net assets maximum | $ 370,000,000 | |||||||||||||
Administration fees percentage on second tier of net assets | 0.12% | |||||||||||||
Second tier net assets maximum | $ 630,000,000 | |||||||||||||
Administration fees percentage on third tier of net assets | 0.10% | |||||||||||||
Third tier net assets minimum | $ 1,000,000,000 | |||||||||||||
Monthly administrative service fee | 4,167 | 18,750 | 25,000 | |||||||||||
Administrative and management services | $ 2,100,000 | $ 2,000,000 | $ 2,200,000 | |||||||||||
Certain Executive Officers and Employees [Member] | ||||||||||||||
Compensation [Abstract] | ||||||||||||||
Payable to affiliates | $ 11,700,000 | |||||||||||||
Certain Executive Officers and Employees [Member] | Due on January 31, 2018 [Member] | ||||||||||||||
Compensation [Abstract] | ||||||||||||||
Payable to affiliates | 5,500,000 | |||||||||||||
Certain Executive Officers and Employees [Member] | Due on February 28, 2018 [Member] | ||||||||||||||
Compensation [Abstract] | ||||||||||||||
Payable to affiliates | $ 6,200,000 |
Financial Requirements (Details
Financial Requirements (Details) | Dec. 31, 2017USD ($) | Dec. 31, 2017GBP (£) | Dec. 31, 2016USD ($) | Dec. 31, 2016GBP (£) |
Financial Requirements [Abstract] | ||||
Minimum capital requirement | $ 250,000 | |||
Own funds | 853,000 | £ 632,000 | $ 713,000 | £ 580,000 |
Own funds requirement | $ 291,000 | £ 216,000 | $ 326,000 | £ 265,000 |
Profit Sharing Plan and Incen60
Profit Sharing Plan and Incentive Savings Plan (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Profit Sharing Plan and Incentive Savings Plan [Abstract] | |||
Accrued contributions | $ 109,000 | $ 77,000 | $ 26,000 |
Identifiable Intangible Assets
Identifiable Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | 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 |
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 |
Discontinued Operations (Detail
Discontinued Operations (Details) | 12 Months Ended | |||
Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Nov. 30, 2015 | |
Other income [Abstract] | ||||
Loss from discontinued operations, net of taxes | $ 0 | $ 0 | $ (3,887,000) | |
Common Class A [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of shares of stock held by related party (in shares) | shares | 9,949,482 | 10,369,601 | ||
Note Payable to AC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Debt instrument, interest rate | 4.00% | 4.00% | ||
Debt instrument, term | 5 years | |||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Associated Capital Group, Inc. [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain (loss) on spin-off | $ 0 | |||
Share exchange ratio | 1 | |||
Costs incurred with respect to spin-off | $ 2,400,000 | |||
Revenues [Abstract] | ||||
Investment advisory and incentive fees | 8,552,000 | |||
Distribution fees and other income | 279,000 | |||
Institutional research services | 8,973,000 | |||
Total revenues | 17,804,000 | |||
Expenses [Abstract] | ||||
Compensation | 20,500,000 | |||
Stock based compensation | 4,716,000 | |||
Management fee | (727,000) | |||
Distribution costs | (85,000) | |||
Other operating expenses | 9,070,000 | |||
Total expenses | 33,474,000 | |||
Operating loss | (15,670,000) | |||
Other income [Abstract] | ||||
Net gain from investments | 7,660,000 | |||
Interest and dividend income | 2,740,000 | |||
Interest expense | (1,224,000) | |||
Total other income, net | 9,176,000 | |||
Loss from discontinued operations before income taxes | (6,494,000) | |||
Income tax benefit | (2,045,000) | |||
Loss from discontinued operations, net of taxes | (4,449,000) | |||
Net loss attributable to noncontrolling interests | (562,000) | |||
Net loss attributable to GAMCO Investors, Inc.'s discontinued operations, net of taxes | $ (3,887,000) | |||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Associated Capital Group, Inc. [Member] | Common Class A [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of shares of stock held by related party (in shares) | shares | 4,400,000 | |||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Associated Capital Group, Inc. [Member] | Note Payable to AC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Debt instrument, interest rate | 4.00% | |||
Debt instrument, term | 5 years |
Quarterly Financial Informati63
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 27, 2017 | Aug. 07, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 15, 2016 |
Quarterly Financial Information (Unaudited) [Abstract] | ||||||||||||||
Revenues | $ 98,666 | $ 88,341 | $ 87,600 | $ 85,917 | $ 99,950 | $ 87,721 | $ 83,944 | $ 81,385 | $ 360,524 | $ 353,000 | ||||
Operating income | 39,524 | 23,393 | 39,660 | 42,443 | 52,031 | 48,076 | 46,747 | 44,942 | 145,020 | 191,796 | $ 147,949 | |||
Income from continuing operations | 77,809 | 117,121 | 87,299 | |||||||||||
Loss from discontinued operations, net of taxes | 0 | 0 | (3,887) | |||||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders | $ 13,495 | $ 16,600 | $ 22,894 | $ 24,820 | $ 32,692 | $ 30,861 | $ 27,543 | $ 26,025 | $ 77,809 | $ 117,121 | $ 83,412 | |||
Net income attributable to GAMCO Investors, Inc.'s shareholders per share [Abstract] | ||||||||||||||
Basic - Continuing operations (in dollars per share) | $ 2.68 | $ 4.01 | $ 3.43 | |||||||||||
Basic - Discontinued operations (in dollars per share) | 0 | 0 | (0.15) | |||||||||||
Basic (in dollars per share) | $ 0.46 | $ 0.57 | $ 0.79 | $ 0.86 | $ 1.12 | $ 1.06 | $ 0.94 | $ 0.89 | 2.68 | 4.01 | 3.28 | |||
Diluted - Continuing operations (in dollars per share) | 2.60 | 3.92 | 3.40 | |||||||||||
Diluted - Discontinued operations (in dollars per share) | 0 | 0 | (0.15) | |||||||||||
Diluted (in dollars per share) | $ 0.46 | $ 0.55 | $ 0.76 | $ 0.82 | $ 1.07 | $ 1.03 | $ 0.93 | $ 0.88 | $ 2.60 | $ 3.92 | $ 3.24 | |||
Debt Instrument [Line Items] | ||||||||||||||
Loss on extinguishment of debt | $ (3,300) | $ 0 | $ (1,067) | |||||||||||
Write down of net deferred tax assets | 8,200 | |||||||||||||
4.5% Convertible Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loss on extinguishment of debt | $ (3,300) | (3,300) | ||||||||||||
Debt instrument, repurchased face amount | $ 110,000 | $ 110,000 | ||||||||||||
Debt instrument, interest rate | 4.50% | 4.50% | 4.50% | |||||||||||
Debt instrument, maturity date | Aug. 15, 2021 | Aug. 15, 2021 | ||||||||||||
Restricted Stock Awards [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of shares with accelerated vesting (in shares) | 144,650 | 201,120 | 144,650 | 345,770 | ||||||||||
Stock compensation expense resulting from accelerated lapsing of restrictions on RSAs | $ 1,300 | $ 1,800 | $ 1,300 | $ 6,800 | $ 3,500 | |||||||||
Stock compensation expense resulting from accelerated lapsing of restrictions on RSAs per fully diluted share (in dollars per share) | $ 0.02 |
Subsequent Events (Details)
Subsequent Events (Details) | Mar. 05, 2018shares | Feb. 28, 2018USD ($) | Feb. 06, 2018USD ($)$ / ft² | Jan. 05, 2018shares | Dec. 27, 2017USD ($)shares | Aug. 07, 2017USD ($)shares | Jun. 01, 2017USD ($)shares | Feb. 06, 2018$ / ft²$ / shares | Mar. 05, 2018$ / sharesshares | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($)shares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016$ / sharesshares | Dec. 31, 2015USD ($)$ / shares | Nov. 30, 2015 | Dec. 31, 2014$ / ft² |
Subsequent Event [Line Items] | ||||||||||||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.08 | $ 0.08 | $ 0.28 | |||||||||||||
Base rent per square foot (in dollars per square foot) | $ / ft² | 18 | |||||||||||||||
AC 4% PIK Note [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Debt instrument, interest rate | 4.00% | 4.00% | 4.00% | |||||||||||||
Loan from AC [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Debt instrument, interest rate | 1.60% | |||||||||||||||
AC 1.6% Note [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Debt instrument, interest rate | 1.60% | 1.60% | ||||||||||||||
Class A [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Common stock, shares outstanding (in shares) | 9,949,482 | 9,949,482 | 10,369,601 | |||||||||||||
Restricted Stock Awards [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Number of shares with accelerated vesting (in shares) | 144,650 | 201,120 | 144,650 | 345,770 | ||||||||||||
Compensation record expenses due to accelerated vesting | $ | $ 1,300,000 | $ 1,800,000 | $ 1,300,000 | $ 6,800,000 | $ 3,500,000 | |||||||||||
Restricted Stock Awards [Member] | AC [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Number of shares with accelerated vesting (in shares) | 420,240 | |||||||||||||||
Compensation record expenses due to accelerated vesting | $ | $ 3,700,000 | |||||||||||||||
Restricted Stock Awards [Member] | Scenario, Forecast [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Compensation record expenses due to accelerated vesting | $ | $ 187,000 | |||||||||||||||
Subsequent Event [Member] | AC [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Base rent per square foot (in dollars per square foot) | $ / ft² | 36.71 | 36.71 | ||||||||||||||
Electricity bill per square foot (in dollars per square foot) | $ / ft² | 3 | 3 | ||||||||||||||
Common Stock, Voting Powers Owned, Percentage | 2.00% | 2.00% | ||||||||||||||
Common Stock, Shares Outstanding, Percentage | 13.00% | 13.00% | ||||||||||||||
Subsequent Event [Member] | G.research LLC [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Renewal of research service agreement | $ | $ 1,500,000 | |||||||||||||||
Subsequent Event [Member] | G.research LLC [Member] | Fund Advisor [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Renewal of research service agreement | $ | $ 1,500,000 | |||||||||||||||
Subsequent Event [Member] | Repurchase of Common Stock [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Stock repurchased (in shares) | 59,611 | |||||||||||||||
Average price per share of repurchased shares (in dollars per share) | $ / shares | $ 29.33 | |||||||||||||||
Shares available to be repurchsed under the plan (in shares) | 614,683 | 614,683 | ||||||||||||||
Subsequent Event [Member] | Quarterly Dividend [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Dividends declared date | Feb. 6, 2018 | |||||||||||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.02 | |||||||||||||||
Dividends payable date | Mar. 27, 2018 | |||||||||||||||
Dividends record date | Mar. 13, 2018 | |||||||||||||||
Subsequent Event [Member] | AC 1.6% Note [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Debt instrument, interest rate | 1.60% | |||||||||||||||
Repayment of debt | $ | $ 15,000,000 | |||||||||||||||
Subsequent Event [Member] | Class A [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Number of Shares to Be Received in Exchange for Each Share Tendered | 1.35 | |||||||||||||||
Number of shares to be delivered in exchange offer | 660,000 | |||||||||||||||
Subsequent Event [Member] | Class A [Member] | AC [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Number of shares validly tendered and accepted | 490,000 | |||||||||||||||
Common stock, shares outstanding (in shares) | 3,700,000 | 3,700,000 | ||||||||||||||
Subsequent Event [Member] | Restricted Stock Awards [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Number of shares with accelerated vesting (in shares) | 19,400 |
Schedule I - CONDENSED FINANC65
Schedule I - CONDENSED FINANCIAL STATEMENTS, CONDENSED STATEMENTS OF INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues [Abstract] | |||||||||||
Distribution fees and other income | $ 43,819 | $ 44,541 | $ 51,011 | ||||||||
Total revenues | 360,524 | 353,000 | 380,976 | ||||||||
Expenses [Abstract] | |||||||||||
Compensation | 125,501 | 82,613 | 136,503 | ||||||||
Stock based compensation | 8,669 | 3,959 | 9,868 | ||||||||
Management fee benefit | 13,666 | 6,518 | 15,503 | ||||||||
Other operating expenses | 23,221 | 23,925 | 19,163 | ||||||||
Total expenses | 215,504 | 161,204 | 233,027 | ||||||||
Operating income | $ 39,524 | $ 23,393 | $ 39,660 | $ 42,443 | $ 52,031 | $ 48,076 | $ 46,747 | $ 44,942 | 145,020 | 191,796 | 147,949 |
Other income (expense) [Abstract] | |||||||||||
Net gain from investments | 3,115 | 1,594 | 4,953 | ||||||||
Extinguishment of debt | (3,300) | 0 | (1,067) | ||||||||
Interest and dividend income | 2,350 | 1,511 | 2,222 | ||||||||
Interest expense | (10,160) | (12,674) | (8,636) | ||||||||
Shareholder-designated contributions | (4,137) | 0 | (6,396) | ||||||||
Total other income (expense), net | (12,132) | (9,569) | (8,924) | ||||||||
Income before income taxes | 132,888 | 182,227 | 139,025 | ||||||||
Income tax provision/(benefit) | 55,079 | 65,106 | 51,726 | ||||||||
Income from continuing operations | 77,809 | 117,121 | 87,299 | ||||||||
Loss from discontinued operations, net of taxes | 0 | 0 | (3,887) | ||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders | $ 13,495 | $ 16,600 | $ 22,894 | $ 24,820 | $ 32,692 | $ 30,861 | $ 27,543 | $ 26,025 | 77,809 | 117,121 | 83,412 |
Parent Company [Member] | |||||||||||
Revenues [Abstract] | |||||||||||
Distribution fees and other income | 25,468 | 29,045 | 26,860 | ||||||||
Total revenues | 25,468 | 29,045 | 26,860 | ||||||||
Expenses [Abstract] | |||||||||||
Compensation | 1,469 | 1,929 | 3,550 | ||||||||
Stock based compensation | 8,670 | 3,959 | 9,868 | ||||||||
Management fee benefit | (3,082) | (13,943) | (2,209) | ||||||||
Other operating expenses | 7,329 | 9,102 | 9,243 | ||||||||
Total expenses | 14,386 | 1,047 | 20,452 | ||||||||
Operating income | 11,082 | 27,998 | 6,408 | ||||||||
Other income (expense) [Abstract] | |||||||||||
Equity earnings from subsidiaries | 72,001 | 100,698 | 87,206 | ||||||||
Net gain from investments | 3,230 | 1,447 | 4,635 | ||||||||
Extinguishment of debt | (3,300) | 0 | (1,067) | ||||||||
Interest and dividend income | 1,703 | 1,447 | 2,246 | ||||||||
Interest expense | (9,347) | (11,814) | (7,886) | ||||||||
Shareholder-designated contributions | (4,137) | 0 | (6,396) | ||||||||
Total other income (expense), net | 60,150 | 91,778 | 78,738 | ||||||||
Income before income taxes | 71,232 | 119,776 | 85,146 | ||||||||
Income tax provision/(benefit) | (6,577) | 2,655 | (2,204) | ||||||||
Income from continuing operations | 77,809 | 117,121 | 87,350 | ||||||||
Loss from discontinued operations, net of taxes | 0 | 0 | (3,938) | ||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders | $ 77,809 | $ 117,121 | $ 83,412 |
Schedule I - CONDENSED FINANC66
Schedule I - CONDENSED FINANCIAL STATEMENTS, STATEMENTS OF FINANCIAL CONDITION (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 15, 2016 | Dec. 31, 2015 | Nov. 30, 2015 | Dec. 31, 2014 | May 31, 2011 | |
ASSETS [Abstract] | |||||||||
Cash and cash equivalents | $ 17,821 | $ 17,821 | $ 39,812 | ||||||
Investments in securities | 36,790 | 36,790 | 37,285 | ||||||
Receivable from brokers | 1,578 | 1,578 | 453 | ||||||
Investment in subsidiaries and receivable from affiliates | 5,635 | 5,635 | 5,960 | ||||||
Capital lease | 2,304 | 2,304 | 2,514 | ||||||
Income tax receivable | 15,615 | 15,615 | 9,349 | ||||||
Other assets | 6,066 | 6,066 | 6,355 | ||||||
Total assets | 128,286 | 128,286 | 149,229 | ||||||
LIABILITIES AND EQUITY [Abstract] | |||||||||
Payable to brokers | 14,926 | 14,926 | 66 | ||||||
Capital lease obligation | 4,943 | 4,943 | 5,066 | ||||||
Compensation payable | 82,907 | 82,907 | 42,384 | ||||||
Payable to affiliates | 855 | 855 | 1,412 | ||||||
Accrued expenses and other liabilities | 28,656 | 28,656 | 29,178 | ||||||
Sub-total | 135,415 | 135,415 | 81,921 | ||||||
AC 4% PIK Note (due November 30, 2020) | 50,000 | 50,000 | 100,000 | ||||||
4.5% Convertible note (net of issuance costs of $138, $165 and $174, respectively) (due August 15, 2021) (Note F) | 0 | 0 | 109,835 | ||||||
AC 1.6% Note Payable (due February 28, 2018) | 15,000 | 15,000 | 0 | ||||||
5.875% Senior notes (due June 1, 2021) | 24,144 | 24,144 | 24,120 | ||||||
Total liabilities | 224,559 | 224,559 | 315,876 | ||||||
Total equity (deficit) | (96,273) | (96,273) | (166,647) | $ (276,327) | $ 527,795 | ||||
Total liabilities and equity | $ 128,286 | $ 128,286 | 149,229 | ||||||
AC 4% PIK Note [Member] | |||||||||
LIABILITIES AND EQUITY [Abstract] | |||||||||
Debt instrument, interest rate | 4.00% | 4.00% | 4.00% | ||||||
Debt instrument, maturity date | Nov. 30, 2020 | ||||||||
4.5% Convertible Notes [Member] | |||||||||
LIABILITIES AND EQUITY [Abstract] | |||||||||
Debt instrument, interest rate | 4.50% | 4.50% | 4.50% | ||||||
Debt instrument, maturity date | Aug. 15, 2021 | Aug. 15, 2021 | |||||||
AC 1.6% Note [Member] | |||||||||
LIABILITIES AND EQUITY [Abstract] | |||||||||
AC 1.6% Note Payable (due February 28, 2018) | $ 15,000 | $ 15,000 | |||||||
Debt instrument, interest rate | 1.60% | 1.60% | |||||||
Debt instrument, maturity date | Feb. 28, 2018 | Feb. 28, 2018 | |||||||
5.875% Senior Notes [Member] | |||||||||
LIABILITIES AND EQUITY [Abstract] | |||||||||
Debt instrument, interest rate | 5.875% | 5.875% | 5.875% | ||||||
Debt instrument, maturity date | Jun. 1, 2021 | ||||||||
Parent Company [Member] | |||||||||
ASSETS [Abstract] | |||||||||
Cash and cash equivalents | $ 5,990 | $ 5,990 | 7,209 | ||||||
Investments in securities | 36,750 | 36,750 | 37,235 | ||||||
Receivable from brokers | 1,246 | 1,246 | 55 | ||||||
Investment in subsidiaries and receivable from affiliates | 108,669 | 108,669 | 57,274 | ||||||
Capital lease | 2,304 | 2,304 | 2,514 | ||||||
Income tax receivable | 77,832 | 77,832 | 0 | ||||||
Other assets | 3,655 | 3,655 | 4,149 | ||||||
Total assets | 236,446 | 236,446 | 108,436 | ||||||
LIABILITIES AND EQUITY [Abstract] | |||||||||
Payable to brokers | 14,926 | 14,926 | 66 | ||||||
Capital lease obligation | 4,943 | 4,943 | 5,066 | ||||||
Compensation payable | 73,275 | 73,275 | 27,496 | ||||||
Securities sold, not yet purchased | 0 | 0 | 0 | ||||||
Payable to affiliates | 134,318 | 134,318 | 462 | ||||||
Accrued expenses and other liabilities | 16,113 | 16,113 | 5,556 | ||||||
Sub-total | 243,575 | 243,575 | 38,646 | ||||||
AC 4% PIK Note (due November 30, 2020) | 50,000 | 50,000 | 100,000 | ||||||
4.5% Convertible note (net of issuance costs of $138, $165 and $174, respectively) (due August 15, 2021) (Note F) | 0 | 0 | 109,835 | ||||||
AC 1.6% Note Payable (due February 28, 2018) | 15,000 | 15,000 | 0 | ||||||
5.875% Senior notes (due June 1, 2021) | 24,144 | 24,144 | 24,120 | ||||||
Total liabilities | 332,719 | 332,719 | 272,601 | ||||||
Total equity (deficit) | (96,273) | (96,273) | (164,165) | ||||||
Total liabilities and equity | $ 236,446 | $ 236,446 | $ 108,436 | ||||||
Parent Company [Member] | AC 4% PIK Note [Member] | |||||||||
LIABILITIES AND EQUITY [Abstract] | |||||||||
Debt instrument, interest rate | 4.00% | 4.00% | |||||||
Debt instrument, maturity date | Nov. 30, 2020 | ||||||||
Parent Company [Member] | 4.5% Convertible Notes [Member] | |||||||||
LIABILITIES AND EQUITY [Abstract] | |||||||||
Debt instrument, interest rate | 4.50% | 4.50% | |||||||
Debt instrument, maturity date | Aug. 15, 2021 | ||||||||
Parent Company [Member] | AC 1.6% Note [Member] | |||||||||
LIABILITIES AND EQUITY [Abstract] | |||||||||
Debt instrument, interest rate | 1.60% | 1.60% | |||||||
Debt instrument, maturity date | Feb. 28, 2018 | ||||||||
Parent Company [Member] | 5.875% Senior Notes [Member] | |||||||||
LIABILITIES AND EQUITY [Abstract] | |||||||||
Debt instrument, interest rate | 5.875% | 5.875% | |||||||
Debt instrument, maturity date | Jun. 1, 2021 |
Schedule I - CONDENSED FINANC67
Schedule I - CONDENSED FINANCIAL STATEMENTS, CONDENSED STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Thousands | Nov. 18, 2015 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 15, 2016 | Nov. 30, 2015 | May 31, 2011 |
Operating activities [Abstract] | |||||||||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders | $ 13,495 | $ 16,600 | $ 22,894 | $ 24,820 | $ 32,692 | $ 30,861 | $ 27,543 | $ 26,025 | $ 77,809 | $ 117,121 | $ 83,412 | ||||
Loss from discontinued operations, net of taxes | 0 | 0 | 3,887 | ||||||||||||
Income from continuing operations | 77,809 | 117,121 | 87,299 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities [Abstract] | |||||||||||||||
Depreciation and amortization | 595 | 625 | 618 | ||||||||||||
Stock based compensation expense | 8,669 | 3,959 | 9,868 | ||||||||||||
Tax benefit from exercise of stock options | 0 | 0 | 102 | ||||||||||||
Donated securities | 1,124 | 499 | 1,945 | ||||||||||||
Gains on sales of available for sale securities | (62) | (4) | (6) | ||||||||||||
Accretion of zero coupon debentures | 0 | 0 | 628 | ||||||||||||
Loss on extinguishment of debt | 3,300 | 0 | 1,067 | ||||||||||||
(Increase) decrease in assets [Abstract] | |||||||||||||||
Investments in trading securities | 8 | 186 | (240) | ||||||||||||
Receivable from affiliates | 329 | (927) | 21,393 | ||||||||||||
Receivable from brokers | (1,125) | 638 | 592 | ||||||||||||
Income tax receivable and deferred tax assets | (6,267) | (2,562) | (4,354) | ||||||||||||
Other assets | (73) | (69) | 529 | ||||||||||||
Increase (decrease) in liabilities [Abstract] | |||||||||||||||
Payable to affiliates | (557) | (6,275) | 7,333 | ||||||||||||
Payable to brokers | (990) | 54 | 1 | ||||||||||||
Income taxes payable and deferred tax liabilities | 4,473 | 2,768 | (10,401) | ||||||||||||
Compensation payable | 40,517 | 17,969 | (6,369) | ||||||||||||
Accrued expenses and other liabilities | (714) | 144 | 987 | ||||||||||||
Total adjustments | 48,882 | (1,384) | 29,831 | ||||||||||||
Net cash provided by operating activities from continuing operations | 126,691 | 115,737 | 117,130 | ||||||||||||
Investing activities [Abstract] | |||||||||||||||
Purchases of available for sale securities | (3,932) | (1,843) | (6,279) | ||||||||||||
Proceeds from sales of available for sale securities | 4,169 | 408 | 81 | ||||||||||||
Net cash provided by (used in) investing activities from continuing operations | 237 | (1,435) | (6,198) | ||||||||||||
Financing activities [Abstract] | |||||||||||||||
Repurchase of Zero coupon subordinated debentures due December 31, 2015 | 0 | 0 | (13,101) | ||||||||||||
Repurchase of 5.875% Senior note due June 1, 2021 | 0 | 0 | (76,533) | ||||||||||||
Repayment of AC 4% PIK Note due November 30, 2020 | (50,000) | (150,000) | 0 | ||||||||||||
Issuance of 4.5% Convertible note due August 15, 2021 | 0 | 109,826 | 0 | ||||||||||||
Repayment of 4.5% Convertible note due August 15, 2021 | (113,300) | 0 | 0 | ||||||||||||
Repayment of GGCP loan due December 28, 2016 | 0 | (35,000) | 0 | ||||||||||||
Proceeds from GGCP loan due December 28, 2016 | 0 | 0 | 35,000 | ||||||||||||
Proceeds from 1.6% AC Note de February 28, 2018 | 15,000 | 0 | 0 | ||||||||||||
Margin loan borrowings | 20,850 | 0 | 0 | ||||||||||||
Margin loan repayments | (5,000) | 0 | 0 | ||||||||||||
Amortization of debt issuance costs | 187 | 33 | 0 | ||||||||||||
Proceeds from exercise of stock options | 0 | 0 | 1,167 | ||||||||||||
Dividends paid | (2,315) | (2,333) | (7,468) | ||||||||||||
Purchase of treasury stock | (14,324) | (10,773) | (27,249) | ||||||||||||
Net cash used in financing activities from continuing operations | (148,902) | (88,247) | (109,923) | ||||||||||||
Cash flows of discontinued operations [Abstract] | |||||||||||||||
Net cash provided by operating activities | 0 | 0 | 54,335 | ||||||||||||
Net cash used in investing activities | 0 | 0 | (41,463) | ||||||||||||
Net cash used in financing activities | 0 | 0 | (12,871) | ||||||||||||
Net cash provided by discontinued operations | 0 | 0 | 1 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (21,991) | 26,093 | 1,025 | ||||||||||||
Cash and cash equivalents at beginning of period | 39,812 | 13,719 | 39,812 | 13,719 | 12,694 | ||||||||||
Cash and cash equivalents at end of period | $ 17,821 | 39,812 | 17,821 | 39,812 | 13,719 | ||||||||||
Supplemental disclosures of cash flow information [Abstract] | |||||||||||||||
Cash paid for interest | 12,180 | 11,274 | 7,011 | ||||||||||||
Cash paid for taxes | $ 62,259 | 75,238 | 59,657 | ||||||||||||
5.875% Senior Notes [Member] | |||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities [Abstract] | |||||||||||||||
Loss on extinguishment of debt | $ 800 | ||||||||||||||
Supplemental disclosures of cash flow information [Abstract] | |||||||||||||||
Debt instrument, interest rate | 5.875% | 5.875% | 5.875% | ||||||||||||
Maturity date | Jun. 1, 2021 | ||||||||||||||
AC 4% PIK Note [Member] | |||||||||||||||
Financing activities [Abstract] | |||||||||||||||
Repayment of AC 4% PIK Note due November 30, 2020 | $ (50,000) | ||||||||||||||
Supplemental disclosures of cash flow information [Abstract] | |||||||||||||||
Debt instrument, interest rate | 4.00% | 4.00% | 4.00% | ||||||||||||
Maturity date | Nov. 30, 2020 | ||||||||||||||
4.5% Convertible Notes [Member] | |||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities [Abstract] | |||||||||||||||
Loss on extinguishment of debt | $ 3,300 | $ 3,300 | |||||||||||||
Supplemental disclosures of cash flow information [Abstract] | |||||||||||||||
Debt instrument, interest rate | 4.50% | 4.50% | 4.50% | ||||||||||||
Maturity date | Aug. 15, 2021 | Aug. 15, 2021 | |||||||||||||
Loan from GGCP [Member] | |||||||||||||||
Supplemental disclosures of cash flow information [Abstract] | |||||||||||||||
Maturity date | Dec. 28, 2016 | ||||||||||||||
AC 1.6% Note [Member] | |||||||||||||||
Supplemental disclosures of cash flow information [Abstract] | |||||||||||||||
Debt instrument, interest rate | 1.60% | 1.60% | |||||||||||||
Maturity date | Feb. 28, 2018 | Feb. 28, 2018 | |||||||||||||
Zero Coupon Subordinated Debentures [Member] | |||||||||||||||
Supplemental disclosures of cash flow information [Abstract] | |||||||||||||||
Debt instrument, interest rate | 0.00% | 0.00% | |||||||||||||
Maturity date | Dec. 31, 2015 | ||||||||||||||
Parent Company [Member] | |||||||||||||||
Operating activities [Abstract] | |||||||||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders | $ 77,809 | 117,121 | 83,412 | ||||||||||||
Loss from discontinued operations, net of taxes | 0 | 0 | 3,938 | ||||||||||||
Income from continuing operations | 77,809 | 117,121 | 87,350 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities [Abstract] | |||||||||||||||
Depreciation and amortization | 570 | 607 | 595 | ||||||||||||
Stock based compensation expense | 8,670 | 3,959 | 9,868 | ||||||||||||
Tax benefit from exercise of stock options | 0 | 0 | 102 | ||||||||||||
Donated securities | 1,124 | 499 | 1,945 | ||||||||||||
Gains on sales of available for sale securities | (62) | (4) | (6) | ||||||||||||
Accretion of zero coupon debentures | 0 | 0 | 628 | ||||||||||||
Loss on extinguishment of debt | 3,300 | 0 | 1,067 | ||||||||||||
(Increase) decrease in assets [Abstract] | |||||||||||||||
Investments in trading securities | (1) | (5) | 0 | ||||||||||||
Receivable from affiliates | (53,797) | (25,510) | (31,205) | ||||||||||||
Receivable from brokers | (1,192) | 580 | 976 | ||||||||||||
Income tax receivable and deferred tax assets | (77,832) | 11,991 | 29,164 | ||||||||||||
Other assets | 136 | (330) | (478) | ||||||||||||
Increase (decrease) in liabilities [Abstract] | |||||||||||||||
Payable to affiliates | 133,856 | (30,567) | 31,017 | ||||||||||||
Payable to brokers | (990) | 54 | (539) | ||||||||||||
Income taxes payable and deferred tax liabilities | 12,281 | (1,137) | 3,920 | ||||||||||||
Compensation payable | 45,779 | 16,351 | (3,319) | ||||||||||||
Accrued expenses and other liabilities | (2,205) | (700) | (424) | ||||||||||||
Total adjustments | 69,637 | (24,212) | 43,311 | ||||||||||||
Net cash provided by operating activities from continuing operations | 147,446 | 92,909 | 130,661 | ||||||||||||
Investing activities [Abstract] | |||||||||||||||
Purchases of available for sale securities | (3,932) | (1,843) | (6,279) | ||||||||||||
Proceeds from sales of available for sale securities | 4,169 | 408 | 81 | ||||||||||||
Net cash provided by (used in) investing activities from continuing operations | 237 | (1,435) | (6,198) | ||||||||||||
Financing activities [Abstract] | |||||||||||||||
Repurchase of Zero coupon subordinated debentures due December 31, 2015 | 0 | 0 | (13,101) | ||||||||||||
Repurchase of 5.875% Senior note due June 1, 2021 | 0 | 0 | (76,533) | ||||||||||||
Repayment of AC 4% PIK Note due November 30, 2020 | (50,000) | (150,000) | 0 | ||||||||||||
Issuance of 4.5% Convertible note due August 15, 2021 | 0 | 109,826 | 0 | ||||||||||||
Repayment of 4.5% Convertible note due August 15, 2021 | (113,300) | 0 | 0 | ||||||||||||
Repayment of GGCP loan due December 28, 2016 | 0 | (35,000) | 0 | ||||||||||||
Proceeds from GGCP loan due December 28, 2016 | 0 | 0 | 35,000 | ||||||||||||
Proceeds from 1.6% AC Note de February 28, 2018 | 15,000 | 0 | 0 | ||||||||||||
Margin loan borrowings | 20,850 | 0 | 0 | ||||||||||||
Margin loan repayments | (5,000) | 0 | 0 | ||||||||||||
Amortization of debt issuance costs | 187 | 33 | 0 | ||||||||||||
Dividends paid by subsidiaries to GBL | 0 | 0 | 164,000 | ||||||||||||
Net transfer to/(from) AC | 0 | 0 | (196,297) | ||||||||||||
Proceeds from exercise of stock options | 0 | 0 | 1,167 | ||||||||||||
Dividends paid | (2,315) | (2,333) | (7,468) | ||||||||||||
Purchase of treasury stock | (14,324) | (10,773) | (27,249) | ||||||||||||
Net cash used in financing activities from continuing operations | (148,902) | (88,247) | (120,481) | ||||||||||||
Cash flows of discontinued operations [Abstract] | |||||||||||||||
Net cash provided by operating activities | 0 | 0 | 82,759 | ||||||||||||
Net cash used in investing activities | 0 | 0 | (35,216) | ||||||||||||
Net cash used in financing activities | 0 | 0 | (47,543) | ||||||||||||
Net cash provided by discontinued operations | 0 | 0 | 0 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (1,219) | 3,227 | 3,982 | ||||||||||||
Cash and cash equivalents at beginning of period | $ 7,209 | $ 3,982 | 7,209 | 3,982 | 0 | ||||||||||
Cash and cash equivalents at end of period | $ 5,990 | $ 7,209 | 5,990 | 7,209 | 3,982 | ||||||||||
Supplemental disclosures of cash flow information [Abstract] | |||||||||||||||
Cash paid for interest | 10,891 | 10,425 | 6,282 | ||||||||||||
Cash paid for taxes | $ 61,704 | $ 74,457 | $ 58,353 | ||||||||||||
Parent Company [Member] | 5.875% Senior Notes [Member] | |||||||||||||||
Supplemental disclosures of cash flow information [Abstract] | |||||||||||||||
Debt instrument, interest rate | 5.875% | 5.875% | |||||||||||||
Maturity date | Jun. 1, 2021 | ||||||||||||||
Parent Company [Member] | AC 4% PIK Note [Member] | |||||||||||||||
Supplemental disclosures of cash flow information [Abstract] | |||||||||||||||
Debt instrument, interest rate | 4.00% | 4.00% | |||||||||||||
Maturity date | Nov. 30, 2020 | ||||||||||||||
Parent Company [Member] | 4.5% Convertible Notes [Member] | |||||||||||||||
Supplemental disclosures of cash flow information [Abstract] | |||||||||||||||
Debt instrument, interest rate | 4.50% | 4.50% | |||||||||||||
Maturity date | Aug. 15, 2021 | ||||||||||||||
Parent Company [Member] | Loan from GGCP [Member] | |||||||||||||||
Supplemental disclosures of cash flow information [Abstract] | |||||||||||||||
Maturity date | Dec. 28, 2016 | ||||||||||||||
Parent Company [Member] | AC 1.6% Note [Member] | |||||||||||||||
Supplemental disclosures of cash flow information [Abstract] | |||||||||||||||
Debt instrument, interest rate | 1.60% | 1.60% | |||||||||||||
Maturity date | Feb. 28, 2018 | ||||||||||||||
Parent Company [Member] | Zero Coupon Subordinated Debentures [Member] | |||||||||||||||
Supplemental disclosures of cash flow information [Abstract] | |||||||||||||||
Debt instrument, interest rate | 0.00% | 0.00% | |||||||||||||
Maturity date | Dec. 31, 2015 |