Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 01, 2019 | Jun. 30, 2018 | |
Entity Information [Line Items] | |||
Entity Registrant Name | GAMCO INVESTORS, INC. ET AL | ||
Entity Central Index Key | 0001060349 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Ex Transition Period | false | ||
Entity Public Float | $ 161,467,218 | ||
Entity Common Stock, Shares Outstanding | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Class A [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 9,886,444 | ||
Class B [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 19,024,117 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | |||
Total revenues | $ 341,455 | $ 360,524 | $ 353,000 |
Expenses | |||
Compensation | 83,768 | 134,170 | 86,572 |
Management fee | 9,014 | 13,666 | 6,518 |
Distribution costs | 39,194 | 44,447 | 44,189 |
Other operating expenses | 22,692 | 23,221 | 23,925 |
Total expenses | 154,668 | 215,504 | 161,204 |
Operating income | 186,787 | 145,020 | 191,796 |
Other income (expense) | |||
Net gain (loss) from investments | (25,173) | 3,115 | 1,594 |
Extinguishment of debt | 0 | (3,300) | 0 |
Interest and dividend income | 2,241 | 2,350 | 1,511 |
Interest expense | (3,525) | (10,160) | (12,674) |
Charitable contributions | (5,671) | (4,137) | 0 |
Total other income/(expense), net | (32,128) | (12,132) | (9,569) |
Income before income taxes | 154,659 | 132,888 | 182,227 |
Income tax provision | 37,463 | 55,079 | 65,106 |
Net income attributable to GAMCO Investors, Inc.'s shareholders | $ 117,196 | $ 77,809 | $ 117,121 |
Net income per share attributable to GAMCO Investors, Inc.'s shareholders: | |||
Basic (in dollars per share) | $ 4.08 | $ 2.68 | $ 4.01 |
Diluted (in dollars per share) | $ 4.07 | $ 2.60 | $ 3.92 |
Weighted average shares outstanding: | |||
Basic (in shares) | 28,744 | 28,980 | 29,182 |
Diluted (in shares) | 28,777 | 30,947 | 30,170 |
Actual shares outstanding (in shares) | 28,982 | 28,974 | 29,463 |
Investment Advisory and Incentive Fees [Member] | |||
Revenues | |||
Total revenues | $ 302,651 | $ 316,705 | $ 308,459 |
Distribution Fees and Other Income [Member] | |||
Revenues | |||
Total revenues | $ 38,804 | $ 43,819 | $ 44,541 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||||
Net income attributable to GAMCO Investors, Inc.'s shareholders | $ 117,196 | $ 77,809 | $ 117,121 | |
Other comprehensive income/(loss), net of tax: | ||||
Foreign currency translation | (6) | 82 | (164) | |
Net unrealized gains on securities available for sale | [1] | 0 | 523 | 2,320 |
Other comprehensive income/(loss) | (6) | 605 | 2,156 | |
Comprehensive income attributable to GAMCO Investors, Inc. shareholders | $ 117,190 | $ 78,414 | $ 119,277 | |
[1] | Net of income tax expense of $0, $290, and $1,363 for 2018, 2017, and 2016, respectively. Effective January 1, 2018, upon the adoption of ASU 2016-01, the Company no longer recognizes unrealized gains or losses on equity securities through other comprehensive income/(loss). See Note C. |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
Net unrealized gains on securities available for sale, net of income tax expense | $ 0 | $ 290 | $ 1,363 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 41,202 | $ 17,821 |
Investments in securities | 33,789 | 36,790 |
Receivable from brokers | 3,423 | 1,578 |
Investment advisory fees receivable | 25,677 | 38,712 |
Receivable from affiliates | 4,194 | 5,635 |
Capital lease | 2,095 | 2,304 |
Goodwill and identifiable intangible assets | 3,765 | 3,765 |
Income taxes receivable and deferred tax assets, net | 15,001 | 15,615 |
Other assets | 5,466 | 6,066 |
Total assets | 134,612 | 128,286 |
LIABILITIES AND EQUITY | ||
Payable to brokers | 112 | 14,926 |
Income taxes payable | 2,388 | 3,128 |
Capital lease obligation | 4,794 | 4,943 |
Compensation payable | 60,408 | 82,907 |
Payable to affiliates | 1,041 | 855 |
Accrued expenses and other liabilities | 32,091 | 28,656 |
Sub-total | 100,834 | 135,415 |
AC 4% PIK Note (due November 30, 2020) (Note F) | 0 | 50,000 |
5.875% Senior notes (net of issuance costs of $57 and $81, respectively) (due June 1, 2021) (Note F) | 24,168 | 24,144 |
AC 1.6% Note Payable (due February 28, 2018) (Note F) | 0 | 15,000 |
Total liabilities | 125,002 | 224,559 |
Commitments and contingencies (Note I) | ||
GAMCO Investors, Inc. stockholders' equity | ||
Preferred stock, $.001 par value; 10,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Additional paid-in capital | 14,192 | 12,572 |
Retained earnings | 282,928 | 155,939 |
Accumulated comprehensive income | (240) | 11,876 |
Treasury stock, at cost (6,012,002 and 5,592,007 shares, respectively) | (287,303) | (276,693) |
Total equity/(deficit) | 9,610 | (96,273) |
Total liabilities and equity | 134,612 | 128,286 |
Class A [Member] | ||
GAMCO Investors, Inc. stockholders' equity | ||
Common stock | 14 | 14 |
Class B [Member] | ||
GAMCO Investors, Inc. stockholders' equity | ||
Common stock | $ 19 | $ 19 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
GAMCO Investors, Inc. stockholders equity | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Treasury stock, shares (in shares) | 6,012,002 | 5,592,007 |
Class A [Member] | ||
GAMCO Investors, Inc. stockholders equity | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 15,969,303 | 15,541,489 |
Common stock, shares outstanding (in shares) | 9,957,301 | 9,949,482 |
Class B [Member] | ||
GAMCO Investors, Inc. stockholders equity | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 24,000,000 | 24,000,000 |
Common stock, shares outstanding (in shares) | 19,024,240 | 19,024,404 |
AC 4% PIK Note [Member] | ||
LIABILITIES AND EQUITY | ||
Debt instrument, interest rate | 4.00% | |
Debt instrument, maturity date | Nov. 30, 2020 | |
Loan from GGCP [Member] | ||
LIABILITIES AND EQUITY | ||
Debt instrument, maturity date | Dec. 28, 2016 | |
5.875% Senior Notes [Member] | ||
LIABILITIES AND EQUITY | ||
Debt instrument, interest rate | 5.875% | 5.875% |
Debt issuance costs | $ 57 | $ 81 |
Debt instrument, maturity date | Jun. 1, 2021 | |
AC 1.6% Note [Member] | ||
LIABILITIES AND EQUITY | ||
Debt instrument, interest rate | 1.60% | |
Debt instrument, maturity date | Feb. 28, 2018 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Deficit) [Member] | Accumulated Comprehensive Income [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2015 | $ 33 | $ 345 | $ (34,224) | $ 9,115 | $ (251,596) | $ (276,327) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 0 | 0 | 117,121 | 0 | 0 | 117,121 |
Net unrealized gains on securities available for sale, net of income tax expense | 0 | 0 | 0 | 3,111 | 0 | 3,111 |
Amounts reclassified from accumulated other comprehensive income, net of income tax expense | 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 on securities available for sale, net of income tax expense | 0 | 0 | 0 | 2,492 | 0 | 2,492 |
Amounts reclassified from accumulated other comprehensive income, net of income tax expense | 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) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Reclassification pursuant to adoption of ASU 2016-01, net of tax ($7,095) | (12,110) | 12,110 | ||||
Reclassification pursuant to adoption of ASU 2016-01, net of tax ($7,095) | ASU 2016-01 [Member] | 0 | 0 | 12,110 | (12,110) | 0 | 0 |
Net income | 0 | 0 | 117,196 | 0 | 0 | 117,196 |
Foreign currency translation | 0 | 0 | 0 | (6) | 0 | (6) |
Dividends declared | 0 | 0 | (2,317) | 0 | 0 | (2,317) |
Stock based compensation expense | 0 | 1,620 | 0 | 0 | 0 | 1,620 |
Purchase of treasury stock | 0 | 0 | 0 | 0 | (10,610) | (10,610) |
Balance at Dec. 31, 2018 | $ 33 | $ 14,192 | $ 282,928 | $ (240) | $ (287,303) | $ 9,610 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net unrealized gains on securities available for sale, income tax expense | $ 1,446 | $ 1,857 | |
Amount reclassified from accumulated and other comprehensive income, income tax expense (benefit) | $ (1,156) | $ (464) | |
Dividends declared (in dollars per share) | $ 0.08 | $ 0.08 | $ 0.08 |
ASU 2016-01 [Member] | |||
Reclassification pursuant to adoption of ASU 2016-01, tax | $ 7,095 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities | |||
Net income | $ 117,196 | $ 77,809 | $ 117,121 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 562 | 595 | 625 |
Stock based compensation expense | 1,620 | 8,669 | 3,959 |
Deferred income taxes | (487) | (5,451) | (5,537) |
Foreign currency translation gain/(loss) | (6) | 82 | (164) |
Donated securities | 325 | 1,124 | 499 |
Unrealized on available for sale securities | 18,632 | 0 | 0 |
Gains on sales of available for sale securities | 0 | (62) | (4) |
Loss on extinguishment of debt | 0 | 3,300 | 0 |
(Increase) decrease in assets: | |||
Investments in trading securities | (13,568) | 8 | 186 |
Receivable from affiliates | 1,532 | 329 | (927) |
Receivable from brokers | (1,845) | (1,125) | 638 |
Investment advisory fees receivable | 13,035 | 5,024 | (12,688) |
Income tax receivable and deferred tax assets | 615 | (1,105) | (2,562) |
Other assets | 234 | (73) | (69) |
Increase (decrease) in liabilities: | |||
Payable to affiliates | 186 | (557) | (6,275) |
Payable to brokers | (698) | (990) | 54 |
Income taxes payable | (252) | (689) | 2,768 |
Compensation payable | (22,496) | 40,517 | 17,969 |
Accrued expenses and other liabilities | 3,297 | (714) | 144 |
Total adjustments | 686 | 48,882 | (1,384) |
Net cash provided by operating activities | 117,882 | 126,691 | 115,737 |
Investing activities | |||
Purchases of available for sale securities | (2,388) | (3,932) | (1,843) |
Proceeds from sales of available for sale securities | 0 | 4,169 | 408 |
Net cash provided by (used in) investing activities | (2,388) | 237 | (1,435) |
Financing activities | |||
Dividends paid | (2,328) | (2,315) | (2,333) |
Purchase of treasury stock | (10,610) | (14,324) | (10,773) |
Amortization of debt issuance costs | 24 | 187 | 33 |
Net cash used in financing activities | (92,029) | (148,902) | (88,247) |
Effect of exchange rates on cash and cash equivalents | (84) | (17) | 38 |
Net increase in cash and cash equivalents | 23,381 | (21,991) | 26,093 |
Cash and cash equivalents at beginning of period | 17,821 | 39,812 | 13,719 |
Cash and cash equivalents at end of period | 41,202 | 17,821 | 39,812 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 3,622 | 12,180 | 11,274 |
Cash paid for taxes | 36,400 | 62,259 | 75,238 |
AC 4% PIK Note [Member] | |||
Financing activities | |||
Repayment of debt | (50,000) | (50,000) | (150,000) |
Repurchases of AC 4% PIK Note due November 30, 2020 | (50,000) | ||
4.5% Convertible Notes [Member] | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Loss on extinguishment of debt | 3,300 | ||
Financing activities | |||
Repayment of debt | 0 | (113,300) | 0 |
Issuance of debt | 0 | 0 | 109,826 |
Loan from GGCP [Member] | |||
Financing activities | |||
Repayment of debt | 0 | 0 | (35,000) |
AC 1.6% Note [Member] | |||
Financing activities | |||
Repayment of debt | (15,000) | 0 | 0 |
Issuance of debt | 0 | 15,000 | 0 |
Margin Loan [Member] | |||
Financing activities | |||
Repayment of debt | (25,115) | (5,000) | 0 |
Issuance of debt | $ 11,000 | $ 20,850 | $ 0 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Non-cash activity: | |||
Accrued restricted stock award dividends | $ 20 | $ 23 | $ 35 |
Reduction to current tax payable for excess of actual tax benefit over recorded restricted stock award tax benefit | 402 | ||
Increase to additional paid-in capital for excess of actual tax benefit over recorded restricted stock award tax benefit | $ (402) | ||
5.875% Senior Notes [Member] | |||
Debt instrument, interest rate | 5.875% | 5.875% | |
Debt instrument, maturity date | Jun. 1, 2021 | ||
AC 4% PIK Note [Member] | |||
Debt instrument, interest rate | 4.00% | ||
Debt instrument, maturity date | Nov. 30, 2020 | ||
Non-cash activity: | |||
Debt instrument, face amount | $ 0 | ||
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, face amount | $ 35,000 | ||
AC 1.6% Note [Member] | |||
Debt instrument, interest rate | 1.60% | ||
Debt instrument, maturity date | Feb. 28, 2018 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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. 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, and 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 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. 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. Prior to January 1, 2018, investments in equity securities were accounted for as either “trading securities” or “available for sale” and were stated at fair value. A portion of investments in securities are held for resale in anticipation of short-term market movements and therefore were, prior to January 1, 2018, classified as trading securities. Trading securities were 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 were 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 were recorded as realized losses on the consolidated statements of income. Prior to January 1, 2018, AFS securities were evaluated for other than temporary impairments each reporting period and any impairment charges were recorded in net gain/(loss) from investments on the consolidated statements of income. Management reviewed all available for sale securities whose cost exceeded their fair value to determine if the impairment was other than temporary. Management used qualitative factors such as the intent to hold the investment, the amount of time that the investment had been impaired and the severity of the decline in determining whether the impairment was other than temporary. Effective January 1, 2018, investments in equity securities with readily determinable fair values 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. For 2018, because all changes in fair value of investments in our securities with readily determinable fair values are recognized in the consolidated statements of income, no evaluation for impairment was necessary. There were no investments in equity securities without a readily determinable fair value at any time during 2018. Such investments would require the application of impairment testing. 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 89%, 88% and 87% of its total revenues from advisory fees, including incentive fees, for the periods ended December 31, 2018, 2017 and 2016, respectively. These revenues vary depending upon the level of sales compared with redemptions, financial market conditions, performance and the fee structure for the Fund or account. Revenues derived from the equity-oriented portfolios generally have higher advisory 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, 2018 and 2017. For The GDL Fund, there is an incentive fee earned as of the end of the calendar year and varies to the extent the total return of the fund is in excess of the total return. This fee is recognized at the end of the measurement period. 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 as of December 31, 2017. There were no incentive fees receivable at December 31, 2018. For the Gabelli Merger Plus + th Advisory fees on a majority 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 advisory 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 in advisory fees receivable on closed-end preferred shares as of December 31, 2017. There were no advisory fees receivable on closed-end preferred shares at December 31, 2018. For the GAMCO Merger Arbitrage SICAV, there is an incentive fee earned as of the end of the calendar year equal to twenty percent of the gross return of the fund. This fee is recognized as the end of the measurement period, which is annually on a calendar year basis, or earlier if there is a redemption. Receivables due on incentive fees relating to the GAMCO Merger Arbitrage SICAV are included in investment advisory fees receivable on the consolidated statements of financial condition and were $1.3 million and $0.5 million as of December 31, 2018 and 2017, 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 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, except for the TETON Westwood Intermediate Bond Fund which pays .35%, 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, 2018 and 2017, goodwill recorded on the consolidated statements of financial condition relates to G.distributors. At December 31, 2018 and 2017, 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, 2018 and 2017, 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 2018, 2017, or 2016. 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. 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 through the repayment in November 2017 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 $0.9 million, $1.4 million and $2.2 million of his management fee to certain other employees of the Company in 2018, 2017 and 2016, respectively. Stock Based Compensation The Company has granted restricted stock awards (“RSAs”) to staff members and stock options to board 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 and board members. 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 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 vested 100% on July 1, 2018, and the Fourth Quarter 2017 DCCA will vest 100% on April 1, 2019. On May 23, 2018, the CEO waived receipt of $6 million of the First Half 2017 DCCA, and a reduction in expense was recognized in 2018. The Company settled the First Half 2017 DCCA award in cash and intends to settle the two other unvested awards in cash at their vesting. The Company, however, 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 was 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 was recognized in 2017 with the remaining 33% expensed in 2018. For the Fourth Quarter 2017 DCCA 17% of the expense was recognized in 2017, 66% in 2018 and the remaining 17% will be recognized 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. 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 2018, 2017, or 2016. 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: Funds Advisor (Funds) and GAMCO (Institutional and Private Wealth Management). The distribution of our open-end funds and underwriting of those Funds is 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. The Company adopted this guidance on January 1, 2018 and adopted the modified retrospective approach. 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, the timing of the recognition of our revenue remains the same as under Topic 605, and therefore the adoption does not have any effect on the timing of the recognition of revenue. See Note B. Revenue Recognition for the disclosures required by ASU 2014-09. 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 $12.1 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 ass |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | B. Revenue Recognition The revenue streams in the discussion below and in the table at the end of this Note include those that are within the scope of ASU 2014-09. In all cases for all revenue streams discussed below, the revenue generated is from a single transaction price, and there is no need to allocate the amounts across more than a single revenue stream. The customer for all revenues derived from open-end and closed-end funds described in detail below has been determined to be the fund itself and not the ultimate underlying investor in the fund. The Company has identified similar performance obligations under ASU 2014-09 as compared with ASC Topic 605. As a result, the timing of the recognition of our revenue remains the same under this new guidance as it was under ASC Topic 605. Significant judgments that affect the amounts and timing of revenue recognition: The Company’s analysis of the timing of revenue recognition for each revenue stream is based upon an analysis of current contract terms. Performance obligations could, however, change from time to time if and when existing contracts are modified or new contracts are entered into. These changes could potentially affect the timing of satisfaction of performance obligations, the determination of the transaction price, and the allocation of the price to performance obligations. In the case of the revenue streams discussed below, the performance obligation is satisfied either at a point in time or over time. For performance correlated and conditional revenues, the performance obligation (advising a client portfolio) is satisfied over time, while recognition of revenues effectively occurs at the end of the measurement period as defined within the contract, as such amounts are subject to reduction to zero on the date where the measurement period ends even if the performance benchmarks were exceeded during the intervening period. The judgments outlined below, where the determination as to these factors is discussed in detail, are continually reviewed and monitored by the Company when new contracts or contract modifications occur. Transaction price is in all instances formulaic and not subject to significant (or any) judgment at the current time. The allowance for doubtful accounts is subject to judgment. There were no impairment losses (allowance for doubtful accounts) on any receivables from any revenue stream at the end of the full year ended December 31, 2018. Advisory Fee Revenues Advisory fees for open-end funds, closed-end funds, sub-advisory accounts, SICAVs, and Exchange Traded Managed Funds (“ETMFs”) are earned based on predetermined percentages of the average net assets of the individual funds and are recognized as revenues as the related services are performed. Fees for open-end funds, one non-U.S. closed-end fund, sub-advisory accounts, SICAVs, and ETMFs are computed on a daily basis on average net assets under management (“AUM”). Fees for U.S. closed-end funds are computed on average weekly net AUM, and fees for one non-U.S. closed-end fund are computed on a daily basis based on market value. These fees are received in cash after the end of each monthly period within 30 days. The revenue recognition occurs ratably as the performance obligation (advising the fund) is met continuously over time. There is a risk of non-payment, and therefore an impairment loss on these receivables is possible at each reporting date. There were no such impairment losses for the current period. Advisory fees for Institutional & Private Wealth Management accounts are earned based on predetermined percentages of the average AUM and are generally computed quarterly based on account values at the end of the preceding quarter. The revenue recognition occurs daily as the performance obligation (advising the client portfolio) is met continuously. These fees are received in cash, typically within 60 days of the client being billed. There is a risk of non-payment, and therefore an impairment loss on these receivables is possible at each reporting date. There were no such impairment losses for the current period. Performance Correlated and Conditional Revenues Investment advisory fees earned on a portion of the closed-end funds' 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 coincides with the calendar year. The fee would also be earned and the contract period ended at any interim point in time that the preferred shares are redeemed. These fees are received in cash after the end of the measurement period, within 30 days. We also receive incentive fees from certain institutional clients which are based upon exceeding a specific benchmark index. These fees are recognized at the end of the stipulated contract period, which is generally annually, for the respective account. The fee would also be earned and the contract period ended at any interim point in time that the client terminated its relationship with us. These fees are received in cash after the end of the measurement period, typically within 60 days. One fund within the SICAV structure charges a performance fee. That fee is recognized at the end of the measurement period which coincides with the calendar year or upon redemption. The fee would also be earned and the contract period ended at any interim point in time that the client terminated its relationship with us. That fee is received in cash after the end of the measurement period, within 30 days. We also receive conditional fees from certain institutional clients which are based upon exceeding a defined return for these accounts. These fees are recognized at the end of the stipulated contract period, which is generally annually, for the respective account. The fee would also be earned and the contract period ended at any interim point in time that the client terminated its relationship with us. These fees are received in cash after the end of the measurement period, typically within 60 days. In all cases of the performance correlated and conditional revenue, because of the variable nature of the consideration, revenue recognition is delayed until it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur, which is generally when the uncertainty associated with the variable consideration is subsequently resolved (for example, the measurement period has concluded and the hurdle has been exceeded). There is a risk of non-payment, and therefore an impairment loss on these receivables is possible at each reporting date. There were no such impairment losses for the current period. Distribution Fees and Other Income Distribution fees and other income primarily includes distribution fee revenue earned in accordance with Rule 12b-1 of the Company Act, as amended, along with sales charges and underwriting fees associated with the sale of the mutual funds. Distribution plan fees are computed based on average daily net assets of each fund and are accrued for during the period in which they are earned. These fees are received in cash after the end of each monthly period within 30 days. In evaluating the appropriate timing of the recognition of these fees, we applied the guidance on up-front fees to determine whether such fees are related to the transfer of a promised service (a distinct performance obligation). Our conclusion is that the service being provided by G.distributors to the customer in exchange for the fee is for the initial distribution of the funds and is completed at the time of the sale. Any fixed amounts are recognized on the trade date, and variable amounts are recognized to the extent it is probable that a significant revenue reversal will not occur once the uncertainty is resolved. For variable amounts, as the uncertainty is dependent on the value of the shares at future points in time as well as the length of time the investor remains in the fund, both of which are highly susceptible to factors outside the Company’s influence, the Company does not believe that it can overcome this constraint until the market value of the fund and the investor activities are known, which are usually monthly. Sales charges and underwriting fees associated with the sale of the mutual funds are recognized on the trade date of the sale of the shares. There is a risk of non-payment, and therefore an impairment loss on these receivables is possible at each reporting date. There were no such impairment losses for the current period. Revenue Disaggregated The following table presents our revenue disaggregated by account type: Twelve Months Ended December 31, 2018 2017 Advisory Fees: Open-end Funds $ 122,804 $ 130,543 Closed-end Funds 67,418 64,198 Sub-advisory accounts 4,479 3,434 Institutional & Private Wealth Management 99,180 104,760 SICAVs 5,625 4,628 Performance-based 1,495 9,142 Conditional 1,650 - Distribution and other income 38,804 43,819 Total revenues $ 341,455 $ 360,524 |
Investment in Securities
Investment in Securities | 12 Months Ended |
Dec. 31, 2018 | |
Investment in Securities [Abstract] | |
Investment in Securities | C. Investments in Securities Investments in securities at December 31, 2018 and 2017 consisted of the following (in thousands): 2018 2017 Cost Fair Value Cost Fair Value Securities carried at FVTNI: Trading securities: Common stocks $ 38,865 $ 32,414 Common stocks $ 26 $ 34 Closed-end funds 1,414 1,337 Closed-end funds - - Mutual funds 44 38 Mutual funds 11 11 Total securities at FVTNI 40,323 33,789 Total trading securities 37 45 Available for sale securities: Common stocks 17,441 36,637 Closed-end funds 99 108 Total available for sale securities 17,540 36,745 Total investments in securities $ 40,323 $ 33,789 Total investments in securities $ 17,577 $ 36,790 There were no securities sold, not yet purchased at December 31, 2018 and 2017. Effective January 1, 2018, the Company adopted ASU 2016-01, which changed the accounting for equity securities and resulted in the reclassification of $12.1 million, net of tax, out of accumulated comprehensive income and into retained earnings in the condensed consolidated statement of financial condition. As a result, for the year ended December 31, 2018, the Company carries all investments in equity securities at fair value through net income (“FVTNI”) which approximates market value and all changes in the fair value of the Company’s entire investment portfolio are now recorded in the net gain/(loss) from investments line in the consolidated statements of income rather than through other comprehensive income. For the year ended December 31, 2018, the Company recorded an unrealized loss of $25.0 million related to equity securities still held at December 31, 2018. The following table identifies all reclassifications out of accumulated other comprehensive income and into net income for the year ended December 31, 2017 (in thousands): Amount Affected Line Item in Reason for Reclassified in the Statements Reclassification from AOCI Of Income from AOCI For the year ended December 31, 2017 $ 62 Net gain from investments Realized gain on sale of AFS securities 3,063 Other operating expenses Donation of AFS securities 3,125 Income before income taxes (1,156 ) Income tax provision $ 1,969 Net income The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of investments in securities as of December 31, 2017: 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 Increases in unrealized gains, net of taxes, for AFS securities for the years 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. The amount reclassified from other comprehensive income for the years ended December 31, 2017 and 2016 was $2.0 million and $0.8 million, respectively. Proceeds from sales of investments available for sale were approximately $4.2 million and $0.4 million for the years ended December 31, 2017 and 2016, respectively. For the years ended December 31, 2017 and 2016, gross gains on the sale of investments available for sale amounted to $62,000 and $4,000, 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 and 2016. The basis on which the cost of a security sold is determined is specific identification. For 2017, accumulated other comprehensive income on the consolidated statements of equity is primarily comprised of unrealized gains/losses, net of taxes, for AFS securities. Prior to the adoption of ASU 2016-01, GBL had an established accounting policy and methodology to determine other-than-temporary impairment on available for sale securities. Under this policy, available for sale securities were evaluated for other than temporary impairments and any impairment charges were recorded in net gain/(loss) from investments on the consolidated statements of income. Management reviewed all available for sale securities whose cost exceeds their market value to determine if the impairment was other than temporary. Management used qualitative factors such as diversification of the investment, the amount of time that the investment had been impaired, the intent to sell and the severity of the decline in determining whether the impairment was other than temporary. For the years ended December 31, 2017 and 2016 there were no losses on available for sale securities that were deemed to be other than temporary. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value [Abstract] | |
Fair Value | D. 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, 2018 and 2017 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, 2018 (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) 2018 Cash equivalents $ 40,905 $ - $ - $ 40,905 Investments in securities: Common stocks 32,414 - - 32,414 Closed-end Funds 38 - - 38 Mutual Funds 1,337 - - 1,337 Total investments in securities 33,789 - - 33,789 Total assets at fair value $ 74,694 $ - $ - $ 74,694 During the year ended December 31, 2018, 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, 2017 (in thousands) Quoted Prices in Active Significant Other Significant Balance as of Markets for Identical Observable Unobservable 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. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | E. Income Taxes GBL and its 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 was 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, 2018, 2017 and 2016 consisted of the following: 2018 2017 2016 (In thousands) Federal: Current $ 32,979 $ 54,318 $ 63,991 Deferred (604 ) (3,670 ) (4,424 ) State and local: Current 4,971 6,212 6,652 Deferred 117 (1,781 ) (1,113 ) Total $ 37,463 $ 55,079 $ 65,106 A reconciliation of the Federal statutory income tax rate to the effective tax rate is set forth below: 2018 2017 2016 Statutory Federal income tax rate 21.0 % 35.0 % 35.0 % State income tax, net of Federal benefit 2.6 0.5 1.0 Impact of Tax Act - 6.2 - Other 0.6 (0.3) (0.3) Effective income tax rate 24.2 % 41.4 % 35.7 % Significant components of our deferred tax assets and liabilities are as follows: 2018 2017 (In thousands) Deferred tax assets: Investments in securities $ 1,567 $ - Stock compensation expense 344 110 Deferred compensation 8,830 14,740 Capital lease obligation 648 633 Other 211 238 Total deferred tax assets 11,600 15,721 Deferred tax liabilities: Investments in securities available for sale - (4,609 ) Contingent deferred sales commissions (107 ) (189 ) Intangible asset amortization (313 ) (233 ) Other (13 ) (10 ) Total deferred tax liabilities (433 ) (5,041 ) Net deferred tax assets (liabilities) $ 11,167 $ 10,680 As a result of the vesting of RSAs, and in accordance with GAAP, a decrease of $0.4 million was recorded in additional paid in capital for the year ended December 31, 2016 as the actual tax benefits realized by the Company were less than the previously recorded deferred tax benefits. As of December 31, 2018 and 2017, the total amount of gross unrecognized tax benefits related to uncertain tax positions was approximately $14.2 million and $13.3 million, respectively, of which recognition of $11.3 million and $10.5 million, respectively, would impact the Company’s effective tax rate. As of December 31, 2018 and 2017, the net liability for unrecognized tax benefits related to uncertain tax positions was $16.2 million and $14.5 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, 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 Additions based on tax positions related to the current year 1.8 Additions for tax positions of prior years - Reductions for tax positions of prior years (0.9 ) Settlements - Balance at December 31, 2018 $ 14.2 The Company records penalties and interest related to tax uncertainties in income taxes. As of December 31, 2018 and 2017, the Company had recognized gross liabilities of approximately $6.1 million and $4.8 million related to interest and penalties, respectively. For the year ended December 31, 2018, the Company recorded an income tax expense related to an increase in its liability for interest and penalties of $1.0 million. 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. 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 2011. The Company’s Federal tax returns are subject to future audit for 2015 through 2017. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings per Share [Abstract] | |
Earnings per Share | F. 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) 2018 2017 2016 Basic: Net income attributable to GAMCO Investors, Inc.'s shareholders $ 117,196 $ 77,809 $ 117,121 Weighted average shares outstanding 28,744 28,980 29,182 Basic net income per share attributable to GAMCO Investors, Inc.'s shareholders $ 4.08 $ 2.68 $ 4.01 Diluted: Net income attributable to GAMCO Investors, Inc.'s shareholders $ 117,196 $ 77,809 $ 117,121 Add interest on convertible notes, net of management fee and taxes - 2,604 1,133 Total income attributable to GAMCO Investors, Inc.'s shareholders 117,196 80,413 118,254 Weighted average share outstanding 28,744 28,980 29,182 Restricted stock awards 33 192 234 Assumed conversion of convertible note - 1,775 754 Total 28,777 30,947 30,170 Diluted net income per share attributable to GAMCO Investors, Inc.'s shareholders $ 4.07 $ 2.60 $ 3.92 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt [Abstract] | |
Debt | G. Debt Debt consists of the following: December 31, 2018 December 31, 2017 Carrying Fair Value Carrying Fair Value Value Level 2 Value Level 2 (In thousands) AC 4% PIK Note $ - $ - $ 50,000 $ 50,572 AC 1.6% Note - - 15,000 14,972 5.875% Senior notes 24,168 23,061 24,144 24,543 Total $ 24,168 $ 23,061 $ 89,144 $ 90,087 4.5% Convertible Note On August 15, 2016, the Company issued via a private placement a 5-year, $110 million convertible note (“Convertible Note”) to Cascade Investment, L.L.C. The note bore interest at a rate of 4.5% per annum and was convertible into shares of the Company’s Class A Common stock (“Class A Stock”) at an initial conversion price of $55.00 per share. The Convertible Note was initially convertible into two million shares of the Company’s Class A Stock, subject to adjustment pursuant to the terms of the Convertible Note. The Company was required to repurchase the Convertible Note at the request of the holder on specified dates or after certain circumstances involving a Fundamental Change (as defined in the Convertible Note). The Company had the option to repurchase, in whole or in part (must be at least 50%), the Convertible Note at $101 on or after February 15, 2019. At issuance, the Company recorded $174,000 of costs in connection with the issuance of the Convertible Note that was scheduled to be amortized over the five year life. On November 20, 2017, the Company and the Convertible Note holder agreed to amend the Convertible Note to allow for an early redemption if the Company paid the Convertible Note holder 103% of the unpaid principal plus all accrued but unpaid interest on the redemption date. On November 21, 2017, the Company redeemed the Convertible Note for $114.6 million. The payment was equal to 103% of the unpaid principal amount of the note plus accrued interest. As a result, the Company recorded a loss on extinguishment of debt of $3.3 million and expensed the remaining $135,000 of issuance costs. GGCP, Inc. (“GGCP”), which owns approximately 63% of the equity interest of the Company, initially deposited cash equal to the principal amount of the Convertible Note and six months interest (“Initial Deposit”) into an escrow account established pursuant to an escrow agreement by and among GGCP, the Company, the Convertible Note holder and the escrow agent (the “Escrow Agreement”). In connection with the Initial Deposit made by GGCP, the Company had agreed that GGCP had a right to demand payment in an amount equal to any funds withdrawn from the escrow account by the Convertible Note holder. 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 million for the remaining 47% of the assets in the escrow account that it did not previously own. AC 4% PIK Note In connection with the Spin-off of AC on November 30, 2015, the Company issued a $250 million promissory note (the “AC 4% PIK Note”) payable to AC. The AC 4% PIK Note bears interest at 4.0% per annum. The original principal amount has a maturity date of November 30, 2020. Interest on the AC 4% PIK Note will accrue from the date of the last interest payment, or if no interest has been paid, from the effective date of the AC 4% PIK Note. At the election of the Company, payment of interest on the AC 4% PIK Note may be paid in kind (in whole or in part) on the then-outstanding principal amount (a “PIK Amount”) in lieu of cash. All PIK Amounts added to the outstanding principal amount of the AC 4% PIK Note will mature on the fifth anniversary from the date the PIK Amount was added to the outstanding principal of the AC 4% PIK Note. In no event may any interest be paid in kind subsequent to November 30, 2019. The Company may prepay the AC 4% PIK Note (in whole or in part) prior to maturity without penalty. During 2018, the Company prepaid $50 million of principal of the AC 4% PIK Note against the principal amount due on November 30, 2020. The AC 4% PIK Note was fully repaid on August 28, 2018. During 2017, the Company prepaid $50 million of principal of the AC 4% PIK Note. $30 million of the prepayment was applied against the principal amount due on November 30, 2018 and $20 million against the principal amount due on November 30, 2019. AC 1.6% Note On December 26, 2017, to finance tax payments and for working capital purposes, the Company borrowed $15 million from AC in exchange for a note that bore interest at 1.6% per annum. On February 28, 2018, the date of maturity, the Company repaid the entire principal and accrued interest. 5.875% Senior Notes On May 31, 2011, the Company issued $100 million of senior unsecured notes (“Senior Notes”) at par. The net proceeds of $99.1 million are being used for working capital and general corporate purposes, which may include acquisitions and seed investments. The issuance costs of $0.9 million have been capitalized and will be amortized over the term of the debt or pro rata upon a repurchase. The notes mature on June 1, 2021 and bear interest at 5.875% per annum, payable semi-annually on June 1 and December 1 of each year and commenced on December 1, 2011. Upon a change of control triggering event, as defined in the indenture, the Company is required to offer to repurchase the notes at 101% of their principal amount. On November 18, 2015, the Company commenced a tender offer (the “Offer”) to purchase for cash up to $100 million aggregate principal amount of the Senior Notes at a price of 101% of the principal amount. $75.8 million of face value Senior Notes were tendered upon the expiration of the Offer. The tender was accounted for as an extinguishment of debt and resulted in a loss of $0.8 million and is included in extinguishment of debt on the consolidated statements of income. In connection with the tender, the Company also expensed $0.4 million of pro rata unamortized issuance costs which was included in interest expense on the consolidated statements of income. At December 31, 2018 and 2017, the debt was recorded at its face value, net of issuance costs, of $24.2 million and $24.1 million, respectively. The fair value of the Company’s debt, which is a Level 2 valuation, is estimated based on either quoted market prices for the same or similar issues or on the current rates offered to the Company for debt of the same remaining maturities or using market standard models. Inputs into these models include credit rating, maturity and interest rate. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Equity | H. 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 7.5 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. As of December 31, 2018 and 2017, there were 427,650 RSA shares and 19,400 RSA shares, respectively, outstanding that were issued at an average grant price of $24.93 per share and $65.67 per share, respectively. The $65.67 per share reflects pre AC Spin-off stock prices and vested prior to March 31, 2018. On April 4, 2018, 270,500 RSAs were issued at a grant price of $24.77. On August 7, 2018, 162,450 RSAs were issued at a grant price of $25.16. On September 17, 2018, 5,000 RSAs were issued at a grant price of $25.74. 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 30% over three years from the date of grant and 70% over five years 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. 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. On January 5, 2018, the Compensation Committee of GBL accelerated the then remaining 19,400 GBL RSAs resulting in an incremental $0.2 million of expense in 2018. 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 2018, 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, 2018, December 31, 2017 and December 31, 2016 to the closing prices of the Company’s Class A Stock of $16.89, $29.65 and $30.89, respectively. These mark to market adjustments resulted in a reduction of the RSU expense of $24.0 million, $2.6 million and $1.1 million for 2018, 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 (“First Half 2017 DCCA”) was 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 vested 100% on July 1, 2018, and the Company settled the award in cash at that time. 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 recognized 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, and given that the Company settled the award in cash, and 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 was 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 May 23, 2018, Mr. Gabelli waived receipt of $6 million of the First Half 2017 DCCA, and a reduction in expense was recognized for 2018. The Company marked to market the RSU payable on the date of vesting, July 2, 2018, to the VWAP price of the Company’s Class A Stock of $27.1837 for that day. This mark to market adjustment resulted in a reduction of the RSU expense of $2.6 million in 2018. On July 2, 2018, the First Half 2017 DCCA vested in accordance with the terms of the agreement and a cash payment of $28.3 million was made to Mr. Gabelli. 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 of $29.1875 there was no mark to market adjustment recorded in 2017. The Company marked to market the RSU payable on December 31, 2018 to the closing price of the Company’s Class A Stock of $16.89. This mark to market adjustment resulted in a reduction of the RSU expense of $5.4 million in 2018. A summary of the stock option and RSA activity for the years ended December 31, 2018 and 2017 is as follows: Options RSAs Weighted Average Weighted Average Grant Date Shares Exercise Price Shares Fair Value 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 Granted 10,000 25.55 437,950 24.93 Forfeited - - (10,300 ) 24.81 Exercised / Vested - - (19,400 ) 65.67 Outstanding at December 31, 2018 10,000 $ 25.55 427,650 $ 24.93 Shares available for future issuance at December 31, 2018 1,087,717 The total compensation costs related to non-vested awards not yet recognized is approximately $8.1 million as of December 31, 2018. This will be recognized as expense in the following periods (in thousands): 2018 2019 2020 2021 2022 2023 $ 1,620 $ 2,310 $ 2,310 $ 1,695 $ 1,319 $ 499 For the years ended December 31, 2018, 2017 and 2016, the Company recorded approximately $1.6 million, $8.7 million and $4.0 million, respectively, in stock based compensation expense which resulted in the recognition of tax benefits of approximately $0.4 million, $3.3 million and $1.5 million, respectively. The $1.6 million for the year ended December 31, 2018, includes $0.2 million in stock compensation expense as a result of accelerating 19,400 RSAs. 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. There were no comparable accelerations in the year ended December 31, 2016. 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, 425,352, and 610,511 shares in May 2017, August 2017, and August 2018, respectively. In 2018, 2017 and 2016, we repurchased 419,995 shares, 484,526 shares and 348,687 shares, respectively, at an average price of $25.25 per share, $29.56 per share and $30.88 per share, respectively. There remain 864,810 shares available under this program at December 31, 2018. Dividends During 2018, 2017 and 2016, the Company declared dividends of $0.08 per share, $0.08 per share and $0.08 per share, respectively, to class A and class B shareholders totaling $2.3 million, $2.4 million and $2.4 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, 2018 and 2017, dividends accrued on RSAs not yet vested were approximately $20,000 and $24,000, respectively. Shelf Registration In April 2018, 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 2021, at which time it may be renewed. |
Capital Lease
Capital Lease | 12 Months Ended |
Dec. 31, 2018 | |
Capital Lease [Abstract] | |
Capital Lease | I. 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 $5.1 million and $4.9 million at December 31, 2018 and 2017, respectively. Future minimum lease payments for this capitalized lease at December 31, 2018 are as follows: (In thousands) 2019 $ 1,253 2020 1,080 2021 1,080 2022 1,080 2023 1,080 Thereafter 5,400 Total minimum obligations 10,973 Interest 6,166 Present value of net obligations $ 4,807 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, 2018, 2017 and 2016, 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 five years, which are due from affiliated entities. Total minimum obligations exclude the operating expenses to be borne by the Company, which are estimated to be approximately $0.8 million per year. |
Contractual Obligations
Contractual Obligations | 12 Months Ended |
Dec. 31, 2018 | |
Contractual Obligations [Abstract] | |
Contractual Obligations | J. 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, 2018 are as follows: (In thousands) 2019 $ 616 2020 121 2021 68 2022 4 Total $ 809 Equipment rentals and occupancy expense amounted to approximately $2.4 million, $2.2 million and $2.4 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
Charitable Contributions
Charitable Contributions | 12 Months Ended |
Dec. 31, 2018 | |
Charitable Contributions [Abstract] | |
Charitable Contributions | K. 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. 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. During 2018, the Company recorded a charge of $5.7 million, or $0.20 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, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | L. 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, 2018. AC and its subsidiaries, own 3.0 million shares of our Class A Stock, representing approximately 2% of the combined voting power and 10% of the outstanding shares of our common stock at December 31, 2018. 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 Note I. Capital Lease for further details. 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 2018, 2017, and 2016 for rent and other expenses under this lease were $118,957, $116,756, and $116,564, 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 2018, 2017 and 2016 for rent and other expenses under this lease were $69,299, $68,293, and $68,205, 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 2018, 2017 and 2016 for rent and other expenses under this lease was $463,286, $367,798, and $297,185, respectively, 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 2018, 2017, and 2016. 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 2018, 2017 and 2016, the Company received $35.1 million, $39.7 million and $41.0 million, respectively, in distributions fees. Advisory and distribution fees receivable from the Funds were approximately $18.8 million and $30.4 million at December 31, 2018 and 2017, 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 2018, 2017 and 2016 were $3.9 million, $2.8 million and $2.7 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 were due on January 31, 2018 and $6.2 million were due on February 28, 2018. The notes were included in compensation payable on the consolidated statement of financial condition at December 31, 2017. The notes were fully paid in 2018 at their respective due dates. During 2018, Mr. Gabelli elected to waive $56.5 million in compensation that he would otherwise have been entitled to under his employment agreement relating to the period of March 1, 2018 to December 31, 2018. Other For 2018, 2017, and 2016, we incurred variable costs (but not the fixed costs) of $295,000, $328,000, and $353,000, 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, 2018. During 2018, 2017 and 2016, there was $2.1 million, $2.1 million and $2.0 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, 2018, 2017 and 2016, GAMCO paid G.research, LLC $1.0 million, $2.3 million and $1.5 million, respectively. For the years ended December 31, 2018, 2017 and 2016, Funds Advisor paid G.research, LLC $1.0 million, $2.3 million and $1.5 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. In connection with the Spin-off of AC on November 30, 2015, the Company issued the AC 4% PIK Note. During 2018, 2017 and 2016, GBL recorded interest expense of $0.8 million, $3.0 million and $7.7 million, respectively. See Note G. 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 G. Debt for further details. On December 27, 2017, GBL borrowed $15 million from AC. The note bore interest at 1.6% and was due on February 28, 2018. During 2018 and 2017, GBL recorded interest expense of $40,000 and $4,000, respectively. The principal and accrued interest on the note was fully repaid on February 28, 2018. See Note G. 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 G. Debt for further details. |
Financial Requirements
Financial Requirements | 12 Months Ended |
Dec. 31, 2018 | |
Financial Requirements [Abstract] | |
Financial Requirements | M. 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, 2018. 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 £671,000 and £632,000 ($852,000 and $853,000 at December 31, 2018 and 2017, respectively) and had a Financial Resources Requirement of £154,000 and £216,000 ($195,000 and $291,000 at December 31, 2018 and 2017, respectively). We have consistently met or exceeded these minimum requirements. |
Administration Fees
Administration Fees | 12 Months Ended |
Dec. 31, 2018 | |
Administration Fees [Abstract] | |
Administration Fees | N. 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, 2018 | |
Profit Sharing Plan and Incentive Savings Plan [Abstract] | |
Profit Sharing Plan and Incentive Savings Plan | O. 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 $80,000, $109,000 and $77,000 to the plans for the years ended December 31, 2018, 2017 and 2016, respectively. |
Identifiable Intangible Asset
Identifiable Intangible Asset | 12 Months Ended |
Dec. 31, 2018 | |
Identifiable Intangible Assets [Abstract] | |
Identifiable Intangible Assets | P. 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, 2018 and 2017. 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 2020. 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, 2018 and 2017. 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, 2018 and November 30, 2017, 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. |
Other Matters
Other Matters | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 | |
Quarterly Financial Information (Unaudited) [Abstract] | |
Quarterly Financial Information | R. Quarterly Financial Information (Unaudited) Quarterly financial information for the years ended December 31, 2018 and 2017 is presented below. 2018 1st 2nd 3rd 4th Total Revenues $ 87,497 $ 87,193 $ 85,788 $ 80,977 $ 341,455 Operating income 41,256 41,373 51,700 52,458 186,787 Net income attributable to GAMCO Investors, Inc.'s shareholders 27,261 31,582 35,016 23,337 117,196 Net income attributable to GAMCO Investors, Inc.'s shareholders per share: Basic 0.94 1.10 1.22 0.82 4.08 Diluted $ 0.94 $ 1.10 $ 1.22 $ 0.81 $ 4.07 2017 1st 2nd 3rd 4th Total 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 During the fourth quarter of 2017, the Board of Directors accelerated the vesting relating to 144,650 RSAs resulting in recognition of $1.3 million in stock compensation expense, or $0.02 per fully diluted share. During the fourth quarter of 2017, the Company recorded a $3.3 million loss on early extinguishment of debt when it repurchased the $110 million 4.5% Convertible note due August 15, 2021. 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | S. Subsequent Events On December 26, 2018, the Company announced that the CEO has elected to waive all of his compensation that he would otherwise have been entitled to for the period from January 1, 2019 to March 31, 2019. On February 1, 2019, GAMCO and Funds Advisor each renewed their research services agreement with G.research, LLC whereby each entity will pay $62,500 per month for the services in 2019. The agreements can be canceled at any time. On February 5, 2019, the Board of Directors declared a regular quarterly dividend of $0.02 per share to all of its shareholders, payable on April 30, 2019 to shareholders of record on April 16, 2019. From January 1, 2019 to March 11, 2019, the Company repurchased 88,841 shares at $20.19 per share. As a result, there are 775,969 shares available to be repurchased under our existing buyback plan at March 11, 2019. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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. |
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, and 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 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. 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. Prior to January 1, 2018, investments in equity securities were accounted for as either “trading securities” or “available for sale” and were stated at fair value. A portion of investments in securities are held for resale in anticipation of short-term market movements and therefore were, prior to January 1, 2018, classified as trading securities. Trading securities were 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 were 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 were recorded as realized losses on the consolidated statements of income. Prior to January 1, 2018, AFS securities were evaluated for other than temporary impairments each reporting period and any impairment charges were recorded in net gain/(loss) from investments on the consolidated statements of income. Management reviewed all available for sale securities whose cost exceeded their fair value to determine if the impairment was other than temporary. Management used qualitative factors such as the intent to hold the investment, the amount of time that the investment had been impaired and the severity of the decline in determining whether the impairment was other than temporary. Effective January 1, 2018, investments in equity securities with readily determinable fair values 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. For 2018, because all changes in fair value of investments in our securities with readily determinable fair values are recognized in the consolidated statements of income, no evaluation for impairment was necessary. There were no investments in equity securities without a readily determinable fair value at any time during 2018. Such investments would require the application of impairment testing. 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 89%, 88% and 87% of its total revenues from advisory fees, including incentive fees, for the periods ended December 31, 2018, 2017 and 2016, respectively. These revenues vary depending upon the level of sales compared with redemptions, financial market conditions, performance and the fee structure for the Fund or account. Revenues derived from the equity-oriented portfolios generally have higher advisory 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, 2018 and 2017. For The GDL Fund, there is an incentive fee earned as of the end of the calendar year and varies to the extent the total return of the fund is in excess of the total return. This fee is recognized at the end of the measurement period. 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 as of December 31, 2017. There were no incentive fees receivable at December 31, 2018. For the Gabelli Merger Plus + th Advisory fees on a majority 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 advisory 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 in advisory fees receivable on closed-end preferred shares as of December 31, 2017. There were no advisory fees receivable on closed-end preferred shares at December 31, 2018. For the GAMCO Merger Arbitrage SICAV, there is an incentive fee earned as of the end of the calendar year equal to twenty percent of the gross return of the fund. This fee is recognized as the end of the measurement period, which is annually on a calendar year basis, or earlier if there is a redemption. Receivables due on incentive fees relating to the GAMCO Merger Arbitrage SICAV are included in investment advisory fees receivable on the consolidated statements of financial condition and were $1.3 million and $0.5 million as of December 31, 2018 and 2017, 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 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, except for the TETON Westwood Intermediate Bond Fund which pays .35%, 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, 2018 and 2017, goodwill recorded on the consolidated statements of financial condition relates to G.distributors. At December 31, 2018 and 2017, 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, 2018 and 2017, 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 2018, 2017, or 2016. |
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. 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 through the repayment in November 2017 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 $0.9 million, $1.4 million and $2.2 million of his management fee to certain other employees of the Company in 2018, 2017 and 2016, respectively. |
Stock Based Compensation | Stock Based Compensation The Company has granted restricted stock awards (“RSAs”) to staff members and stock options to board 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 and board members. 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 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 vested 100% on July 1, 2018, and the Fourth Quarter 2017 DCCA will vest 100% on April 1, 2019. On May 23, 2018, the CEO waived receipt of $6 million of the First Half 2017 DCCA, and a reduction in expense was recognized in 2018. The Company settled the First Half 2017 DCCA award in cash and intends to settle the two other unvested awards in cash at their vesting. The Company, however, 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 was 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 was recognized in 2017 with the remaining 33% expensed in 2018. For the Fourth Quarter 2017 DCCA 17% of the expense was recognized in 2017, 66% in 2018 and the remaining 17% will be recognized 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 2018, 2017, or 2016. 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: Funds Advisor (Funds) and GAMCO (Institutional and Private Wealth Management). The distribution of our open-end funds and underwriting of those Funds is 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. The Company adopted this guidance on January 1, 2018 and adopted the modified retrospective approach. 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, the timing of the recognition of our revenue remains the same as under Topic 605, and therefore the adoption does not have any effect on the timing of the recognition of revenue. See Note B. Revenue Recognition for the disclosures required by ASU 2014-09. 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 $12.1 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 and we have elected the transition method allowed under ASU 2018-11, which does not require restatement of comparative periods but instead requires a cumulative adjustment to opening retained earnings at the January 1, 2019 adoption date. The Company has performed the analysis on the transition to this new guidance, and we do not expect it to have a material impact on the consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, which adds and clarifies guidance on the classification of certain cash receipts and payments in the consolidated statements of cash flows. This guidance is intended to unify the currently diverse presentations and classifications, and 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 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. 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. The Company adopted this guidance on January 1, 2018 without a material impact to the consolidated financial statements. 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, 2018 contained in this Form 10-K. The Company adopted this guidance on January 1, 2019 without a material impact to the consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, which clarifies and simplifies the disclosure requirements for fair value transfers and measurements. This new guidance will be effective for periods beginning after December 15, 2019. The Company is currently evaluating the potential effect of this new guidance on its consolidated financial statements and related disclosures. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Disaggregated | The following table presents our revenue disaggregated by account type: Twelve Months Ended December 31, 2018 2017 Advisory Fees: Open-end Funds $ 122,804 $ 130,543 Closed-end Funds 67,418 64,198 Sub-advisory accounts 4,479 3,434 Institutional & Private Wealth Management 99,180 104,760 SICAVs 5,625 4,628 Performance-based 1,495 9,142 Conditional 1,650 - Distribution and other income 38,804 43,819 Total revenues $ 341,455 $ 360,524 |
Investment in Securities (Table
Investment in Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investment in Securities [Abstract] | |
Investments in Securities | Investments in securities at December 31, 2018 and 2017 consisted of the following (in thousands): 2018 2017 Cost Fair Value Cost Fair Value Securities carried at FVTNI: Trading securities: Common stocks $ 38,865 $ 32,414 Common stocks $ 26 $ 34 Closed-end funds 1,414 1,337 Closed-end funds - - Mutual funds 44 38 Mutual funds 11 11 Total securities at FVTNI 40,323 33,789 Total trading securities 37 45 Available for sale securities: Common stocks 17,441 36,637 Closed-end funds 99 108 Total available for sale securities 17,540 36,745 Total investments in securities $ 40,323 $ 33,789 Total investments in securities $ 17,577 $ 36,790 |
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 (in thousands): Amount Affected Line Item in Reason for Reclassified in the Statements Reclassification from AOCI Of Income from AOCI For the year ended December 31, 2017 $ 62 Net gain from investments Realized gain on sale of AFS securities 3,063 Other operating expenses Donation of AFS securities 3,125 Income before income taxes (1,156 ) Income tax provision $ 1,969 Net income |
Available-for-sale Securities | The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of investments in securities as of December 31, 2017: 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 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 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, 2018 (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) 2018 Cash equivalents $ 40,905 $ - $ - $ 40,905 Investments in securities: Common stocks 32,414 - - 32,414 Closed-end Funds 38 - - 38 Mutual Funds 1,337 - - 1,337 Total investments in securities 33,789 - - 33,789 Total assets at fair value $ 74,694 $ - $ - $ 74,694 During the year ended December 31, 2018, 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, 2017 (in thousands) Quoted Prices in Active Significant Other Significant Balance as of Markets for Identical Observable Unobservable 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. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Provision for Income Taxes | The provision for income taxes for the years ended December 31, 2018, 2017 and 2016 consisted of the following: 2018 2017 2016 (In thousands) Federal: Current $ 32,979 $ 54,318 $ 63,991 Deferred (604 ) (3,670 ) (4,424 ) State and local: Current 4,971 6,212 6,652 Deferred 117 (1,781 ) (1,113 ) Total $ 37,463 $ 55,079 $ 65,106 |
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: 2018 2017 2016 Statutory Federal income tax rate 21.0 % 35.0 % 35.0 % State income tax, net of Federal benefit 2.6 0.5 1.0 Impact of Tax Act - 6.2 - Other 0.6 (0.3) (0.3) Effective income tax rate 24.2 % 41.4 % 35.7 % |
Components of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities are as follows: 2018 2017 (In thousands) Deferred tax assets: Investments in securities $ 1,567 $ - Stock compensation expense 344 110 Deferred compensation 8,830 14,740 Capital lease obligation 648 633 Other 211 238 Total deferred tax assets 11,600 15,721 Deferred tax liabilities: Investments in securities available for sale - (4,609 ) Contingent deferred sales commissions (107 ) (189 ) Intangible asset amortization (313 ) (233 ) Other (13 ) (10 ) Total deferred tax liabilities (433 ) (5,041 ) Net deferred tax assets (liabilities) $ 11,167 $ 10,680 |
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, 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 Additions based on tax positions related to the current year 1.8 Additions for tax positions of prior years - Reductions for tax positions of prior years (0.9 ) Settlements - Balance at December 31, 2018 $ 14.2 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 2016 Basic: Net income attributable to GAMCO Investors, Inc.'s shareholders $ 117,196 $ 77,809 $ 117,121 Weighted average shares outstanding 28,744 28,980 29,182 Basic net income per share attributable to GAMCO Investors, Inc.'s shareholders $ 4.08 $ 2.68 $ 4.01 Diluted: Net income attributable to GAMCO Investors, Inc.'s shareholders $ 117,196 $ 77,809 $ 117,121 Add interest on convertible notes, net of management fee and taxes - 2,604 1,133 Total income attributable to GAMCO Investors, Inc.'s shareholders 117,196 80,413 118,254 Weighted average share outstanding 28,744 28,980 29,182 Restricted stock awards 33 192 234 Assumed conversion of convertible note - 1,775 754 Total 28,777 30,947 30,170 Diluted net income per share attributable to GAMCO Investors, Inc.'s shareholders $ 4.07 $ 2.60 $ 3.92 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt [Abstract] | |
Debt | Debt consists of the following: December 31, 2018 December 31, 2017 Carrying Fair Value Carrying Fair Value Value Level 2 Value Level 2 (In thousands) AC 4% PIK Note $ - $ - $ 50,000 $ 50,572 AC 1.6% Note - - 15,000 14,972 5.875% Senior notes 24,168 23,061 24,144 24,543 Total $ 24,168 $ 23,061 $ 89,144 $ 90,087 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Summary of Stock Option and RSA Activity | A summary of the stock option and RSA activity for the years ended December 31, 2018 and 2017 is as follows: Options RSAs Weighted Average Weighted Average Grant Date Shares Exercise Price Shares Fair Value 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 Granted 10,000 25.55 437,950 24.93 Forfeited - - (10,300 ) 24.81 Exercised / Vested - - (19,400 ) 65.67 Outstanding at December 31, 2018 10,000 $ 25.55 427,650 $ 24.93 Shares available for future issuance at December 31, 2018 1,087,717 |
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 $8.1 million as of December 31, 2018. This will be recognized as expense in the following periods (in thousands): 2018 2019 2020 2021 2022 2023 $ 1,620 $ 2,310 $ 2,310 $ 1,695 $ 1,319 $ 499 |
Capital Lease (Tables)
Capital Lease (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Capital Lease [Abstract] | |
Schedule of Future Minimum Lease Payments for Capital Leases | Future minimum lease payments for this capitalized lease at December 31, 2018 are as follows: (In thousands) 2019 $ 1,253 2020 1,080 2021 1,080 2022 1,080 2023 1,080 Thereafter 5,400 Total minimum obligations 10,973 Interest 6,166 Present value of net obligations $ 4,807 |
Contractual Obligations (Tables
Contractual Obligations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 are as follows: (In thousands) 2019 $ 616 2020 121 2021 68 2022 4 Total $ 809 |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information (Unaudited) [Abstract] | |
Schedule of Quarterly Financial Information | Quarterly financial information for the years ended December 31, 2018 and 2017 is presented below. 2018 1st 2nd 3rd 4th Total Revenues $ 87,497 $ 87,193 $ 85,788 $ 80,977 $ 341,455 Operating income 41,256 41,373 51,700 52,458 186,787 Net income attributable to GAMCO Investors, Inc.'s shareholders 27,261 31,582 35,016 23,337 117,196 Net income attributable to GAMCO Investors, Inc.'s shareholders per share: Basic 0.94 1.10 1.22 0.82 4.08 Diluted $ 0.94 $ 1.10 $ 1.22 $ 0.81 $ 4.07 2017 1st 2nd 3rd 4th Total 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 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) | May 23, 2018USD ($) | Nov. 30, 2015shares | Feb. 09, 1999Subsidiaryshares | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($)AgreementSegment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Nov. 18, 2015USD ($) | May 31, 2011 |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||
Portion of revenue derived from advisory and management fees | 89.00% | 88.00% | 87.00% | ||||||
Institutional and private wealth management incentive fees receivable | $ 0 | $ 0 | $ 0 | ||||||
Management fees receivable on closed-end preferred shares | 7,100,000 | 0 | 7,100,000 | ||||||
Goodwill and Identifiable Intangible Assets [Abstract] | |||||||||
Impairment on intangible assets | 0 | 0 | $ 0 | ||||||
Goodwill impairment loss | $ 0 | 0 | 0 | ||||||
Income Taxes [Abstract] | |||||||||
Write down of net deferred tax assets | $ 8,200,000 | 8,200,000 | |||||||
Management Fee [Abstract] | |||||||||
Management fee expense percentage | 10.00% | ||||||||
Management fee allocated to other employees | $ 900,000 | $ 1,400,000 | $ 2,200,000 | ||||||
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 | ||||||||
5.875% Senior Notes [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Debt instrument, interest rate | 5.875% | 5.875% | 5.875% | 5.875% | |||||
Debt issuance cost | $ 81,000 | $ 57,000 | $ 81,000 | $ 400,000 | |||||
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 2016 [Member] | Restricted Stock Awards [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 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% | ||||||||
Deferred compensation waived | $ 6,000,000 | ||||||||
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 | $ 362,000 | $ 421,000 | ||||||
Accumulated Depreciation | 2,700,000 | $ 2,800,000 | 2,700,000 | ||||||
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 | $ 1,300,000 | 1,500,000 | ||||||
Depreciation and amortization | 562,000 | 595,000 | $ 632,000 | ||||||
Estimated annual depreciation and amortization expense | $ 550,000 | ||||||||
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 | $ 0 | 1,400,000 | ||||||
Gabelli Merger Plus+ Trust [Member] | |||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||
Performance fee receivable | 0 | $ 0 | $ 0 | ||||||
Rate of return multiple used as threshold for earning incentive fee | 2 | ||||||||
GAMCO Merger Arbitrage SICAV [Member] | |||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||
Incentive fee earned as percentage of gross return | 20.00% | 20.00% | |||||||
Performance fee receivable | 500,000 | $ 1,300,000 | $ 500,000 | ||||||
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% | ||||||||
Additional Paid-in Capital [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Reclassification pursuant to adoption of ASU 2016-01, net of tax | (12,110,000) | (12,110,000) | |||||||
Retained Earnings (Deficit) [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Reclassification pursuant to adoption of ASU 2016-01, net of tax | $ 12,110,000 | $ 12,110,000 | |||||||
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 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue Streams [Abstract] | |||||||||||
Revenue | $ 80,977 | $ 85,788 | $ 87,193 | $ 87,497 | $ 98,666 | $ 88,341 | $ 87,600 | $ 85,917 | $ 341,455 | $ 360,524 | $ 353,000 |
Closed-end Funds [Member] | Performance Correlated [Member] | |||||||||||
Revenue Streams [Abstract] | |||||||||||
Number of days for customer to make payment after being invoiced | 30 days | ||||||||||
Advisory Fees [Member] | |||||||||||
Revenue Streams [Abstract] | |||||||||||
Revenue | $ 302,651 | 316,705 | 308,459 | ||||||||
Advisory Fees [Member] | Performance Correlated [Member] | |||||||||||
Revenue Streams [Abstract] | |||||||||||
Revenue | 1,495 | 9,142 | |||||||||
Advisory Fees [Member] | Conditional [Member] | |||||||||||
Revenue Streams [Abstract] | |||||||||||
Revenue | $ 1,650 | 0 | |||||||||
Number of days for customer to make payment after being invoiced | 60 days | ||||||||||
Advisory Fees [Member] | Open-end Funds [Member] | |||||||||||
Revenue Streams [Abstract] | |||||||||||
Revenue | $ 122,804 | 130,543 | |||||||||
Number of days for customer to make payment after being invoiced | 30 days | ||||||||||
Advisory Fees [Member] | Closed-end Funds [Member] | |||||||||||
Revenue Streams [Abstract] | |||||||||||
Revenue | $ 67,418 | 64,198 | |||||||||
Number of days for customer to make payment after being invoiced | 30 days | ||||||||||
Advisory Fees [Member] | Closed-end Funds [Member] | Performance Correlated [Member] | |||||||||||
Revenue Streams [Abstract] | |||||||||||
Number of days for customer to make payment after being invoiced | 30 days | ||||||||||
Advisory Fees [Member] | Sub-advisory Accounts [Member] | |||||||||||
Revenue Streams [Abstract] | |||||||||||
Revenue | $ 4,479 | 3,434 | |||||||||
Number of days for customer to make payment after being invoiced | 30 days | ||||||||||
Advisory Fees [Member] | Institutional and Private Wealth Management Clients [Member] | |||||||||||
Revenue Streams [Abstract] | |||||||||||
Revenue | $ 99,180 | 104,760 | |||||||||
Number of days for customer to make payment after being invoiced | 60 days | ||||||||||
Advisory Fees [Member] | Institutional and Private Wealth Management Clients [Member] | Performance Correlated [Member] | |||||||||||
Revenue Streams [Abstract] | |||||||||||
Number of days for customer to make payment after being invoiced | 60 days | ||||||||||
Advisory Fees [Member] | SICAVs [Member] | |||||||||||
Revenue Streams [Abstract] | |||||||||||
Revenue | $ 5,625 | 4,628 | |||||||||
Number of days for customer to make payment after being invoiced | 30 days | ||||||||||
Advisory Fees [Member] | SICAVs [Member] | Performance Correlated [Member] | |||||||||||
Revenue Streams [Abstract] | |||||||||||
Number of days for customer to make payment after being invoiced | 30 days | ||||||||||
Distribution Fees and Other Income [Member] | |||||||||||
Revenue Streams [Abstract] | |||||||||||
Revenue | $ 38,804 | $ 43,819 | $ 44,541 | ||||||||
Number of days for customer to make payment after being invoiced | 30 days |
Investment in Securities, Inves
Investment in Securities, Investment in Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Securities carried at FVTNI [Abstract] | ||
Cost | $ 40,323 | |
Fair Value | 33,789 | |
Trading securities [Abstract] | ||
Cost | $ 37 | |
Fair Value | 45 | |
Available for sale securities [Abstract] | ||
Cost | 17,540 | |
Fair Value | 36,745 | |
Total investments in securities [Abstract] | ||
Cost | 40,323 | 17,577 |
Fair value | 33,789 | 36,790 |
Common Stock [Member] | ||
Securities carried at FVTNI [Abstract] | ||
Cost | 38,865 | |
Fair Value | 32,414 | |
Trading securities [Abstract] | ||
Cost | 26 | |
Fair Value | 34 | |
Available for sale securities [Abstract] | ||
Cost | 17,441 | |
Fair Value | 36,637 | |
Mutual Funds [Member] | ||
Securities carried at FVTNI [Abstract] | ||
Cost | 44 | |
Fair Value | 38 | |
Trading securities [Abstract] | ||
Cost | 11 | |
Fair Value | 11 | |
Closed-end Funds [Member] | ||
Securities carried at FVTNI [Abstract] | ||
Cost | 1,414 | |
Fair Value | $ 1,337 | |
Trading securities [Abstract] | ||
Cost | 0 | |
Fair Value | 0 | |
Available for sale securities [Abstract] | ||
Cost | 99 | |
Fair Value | $ 108 |
Investment in Securities, Secur
Investment in Securities, Securities Sold, Not Yet Purchased (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Trading securities [Abstract] | ||
Investment sold, not yet purchased | $ 0 | $ 0 |
Unrealized loss related to equity securities still held | $ 25,000 | |
Retained Earnings [Member] | ||
Trading securities [Abstract] | ||
Reclassification pursuant to adoption of ASU 2016-01, net of tax | 12,110 | |
ASU 2016-01 [Member] | ||
Trading securities [Abstract] | ||
Reclassification pursuant to adoption of ASU 2016-01, net of tax | 0 | |
ASU 2016-01 [Member] | Retained Earnings [Member] | ||
Trading securities [Abstract] | ||
Reclassification pursuant to adoption of ASU 2016-01, net of tax | 12,110 | |
ASU 2016-01 [Member] | Accumulated Comprehensive Income [Member] | ||
Trading securities [Abstract] | ||
Reclassification pursuant to adoption of ASU 2016-01, net of tax | $ (12,110) |
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassifications out of accumulated other comprehensive income ("AOCI") into income [Abstract] | |||||||||||
Net gain from investments | $ (25,173) | $ 3,115 | $ 1,594 | ||||||||
Other operating expenses | 22,692 | 23,221 | 23,925 | ||||||||
Income before income taxes | 154,659 | 132,888 | 182,227 | ||||||||
Income tax provision | (37,463) | (55,079) | (65,106) | ||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders | $ 23,337 | $ 35,016 | $ 31,582 | $ 27,261 | $ 13,495 | $ 16,600 | $ 22,894 | $ 24,820 | $ 117,196 | 77,809 | $ 117,121 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassifications out of accumulated other comprehensive income ("AOCI") into income [Abstract] | |||||||||||
Income before income taxes | 3,125 | ||||||||||
Income tax provision | (1,156) | ||||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders | 1,969 | ||||||||||
Realized Gain on Sale of AFS Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassifications out of accumulated other comprehensive income ("AOCI") into income [Abstract] | |||||||||||
Net gain from investments | 62 | ||||||||||
Donation of AFS Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassifications out of accumulated other comprehensive income ("AOCI") into income [Abstract] | |||||||||||
Other operating expenses | $ 3,063 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | |||
Cost | $ 17,540,000 | ||
Gross unrealized gains | 19,205,000 | ||
Gross unrealized losses | 0 | ||
Fair value | 36,745,000 | ||
Changes in net unrealized gain (loss), net of tax | 500,000 | $ 2,300,000 | |
Amount reclassified from other comprehensive income | 2,000,000 | 800,000 | |
Proceeds from sales of investment available for sale | $ 0 | 4,169,000 | 408,000 |
Gross realized gains on sale of investments available for sale | 62,000 | 4,000 | |
Gross realized losses on sale of investments available for sale | 0 | $ 0 | |
Common Stock [Member] | |||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | |||
Cost | 17,441,000 | ||
Gross unrealized gains | 19,196,000 | ||
Gross unrealized losses | 0 | ||
Fair value | 36,637,000 | ||
Closed-end Funds [Member] | |||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | |||
Cost | 99,000 | ||
Gross unrealized gains | 9,000 | ||
Gross unrealized losses | 0 | ||
Fair value | $ 108,000 |
Investment in Securities, Inv_2
Investment in Securities, Investments Classified as Available for Sale in Unrealized Loss Position (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investment in Securities [Abstract] | ||||
Other than temporary impairment losses, investments, available-for-sale securities | $ 0 | $ 0 | ||
AC 1.6% Note [Member] | ||||
Long-term debt [Abstract] | ||||
Debt instrument, interest rate | 1.60% | |||
Debt instrument, maturity date | Feb. 28, 2018 | Feb. 28, 2018 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Investments in securities [Abstract] | ||
Total investments in securities | $ 33,789 | $ 36,790 |
Fair Value, Transfers between Level 1 and Level 2 and between Level 1 and Level 3 [Abstract] | ||
Level 1 to level 2 transfers | 0 | 0 |
Level 2 to level 1 transfers | 0 | 0 |
Level 1 to level 3 transfers | 0 | 0 |
Level 3 to level 1 transfers | 0 | 0 |
Recurring Basis [Member] | ||
Assets [Abstract] | ||
Cash equivalents | 40,905 | 17,475 |
Investments in securities [Abstract] | ||
AFS - Common stocks | 36,637 | |
AFS - Closed-end Funds | 108 | |
Trading - Common stocks | 32,414 | 34 |
Trading - Closed-end funds | 38 | |
Trading - Mutual funds | 1,337 | 11 |
Total investments in securities | 33,789 | 36,790 |
Total assets at fair value | 74,694 | 54,265 |
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets [Abstract] | ||
Cash equivalents | 40,905 | 17,475 |
Investments in securities [Abstract] | ||
AFS - Common stocks | 36,637 | |
AFS - Closed-end Funds | 108 | |
Trading - Common stocks | 32,414 | 34 |
Trading - Closed-end funds | 38 | |
Trading - Mutual funds | 1,337 | 11 |
Total investments in securities | 33,789 | 36,790 |
Total assets at fair value | 74,694 | 54,265 |
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets [Abstract] | ||
Cash equivalents | 0 | 0 |
Investments in securities [Abstract] | ||
AFS - Common stocks | 0 | |
AFS - Closed-end Funds | 0 | |
Trading - Common stocks | 0 | 0 |
Trading - Closed-end funds | 0 | |
Trading - Mutual funds | 0 | 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 | |
AFS - Closed-end Funds | 0 | |
Trading - Common stocks | 0 | 0 |
Trading - Closed-end funds | 0 | |
Trading - Mutual funds | 0 | 0 |
Total investments in securities | 0 | 0 |
Total assets at fair value | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Federal [Abstract] | ||||
Current | $ 32,979 | $ 54,318 | $ 63,991 | |
Deferred | (604) | (3,670) | (4,424) | |
State and local [Abstract] | ||||
Current | 4,971 | 6,212 | 6,652 | |
Deferred | 117 | (1,781) | (1,113) | |
Total | $ 37,463 | $ 55,079 | $ 65,106 | |
Effective income tax rate reconciliation [Abstract] | ||||
Statutory Federal income tax rate | 21.00% | 35.00% | 35.00% | |
State income tax, net of Federal benefit | 2.60% | 0.50% | 1.00% | |
Impact of Tax Act | 0.00% | 6.20% | 0.00% | |
Other | 0.60% | (0.30%) | (0.30%) | |
Effective income tax rate | 24.20% | 41.40% | 35.70% | |
Deferred tax assets [Abstract] | ||||
Investments in securities | $ 0 | $ 1,567 | $ 0 | |
Stock compensation expense | 110 | 344 | 110 | |
Deferred compensation | 14,740 | 8,830 | 14,740 | |
Capital lease obligation | 633 | 648 | 633 | |
Other | 238 | 211 | 238 | |
Total deferred tax assets | 15,721 | 11,600 | 15,721 | |
Deferred tax liabilities [Abstract] | ||||
Investments in securities available for sale | (4,609) | 0 | (4,609) | |
Contingent deferred sales commissions | (189) | (107) | (189) | |
Intangible asset amortization | (233) | (313) | (233) | |
Other | (10) | (13) | (10) | |
Total deferred tax liabilities | (5,041) | (433) | (5,041) | |
Net deferred tax assets (liabilities) | 10,680 | 11,167 | 10,680 | |
Increase (decrease) to additional paid in capital from RSA acceleration | $ (401) | |||
Income tax uncertainties [Abstract] | ||||
Recognition of unrecognized tax benefits effect | 10,500 | 11,300 | 10,500 | |
Net liability for unrecognized tax benefits | 14,500 | 16,200 | 14,500 | |
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits [Roll Forward] | ||||
Balance, beginning of period | 13,300 | 15,000 | 18,400 | |
Additions based on tax positions related to the current year | 1,800 | 2,200 | 2,300 | |
Additions for tax positions of prior years | 0 | 0 | 1,200 | |
Reductions for tax positions of prior years | (900) | (3,900) | (6,900) | |
Settlements | 0 | 0 | 0 | |
Balance, end of period | 13,300 | 14,200 | 13,300 | 15,000 |
Penalties and interest accruals related to tax uncertainties in income taxes | 4,800 | 6,100 | 4,800 | |
Income tax expenses related to an increase (decrease) in its liability for interest and penalties | $ 1,000 | (300) | $ (700) | |
Write down of net deferred tax assets | $ 8,200 | 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 | |||
Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Tax years under examination | 2015 | |||
Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Tax years under examination | 2017 | |||
State Jurisdiction [Member] | New York [Member] | Earliest Tax Year [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Tax years under examination | 2007 | |||
State Jurisdiction [Member] | New York [Member] | Latest Tax Year [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Tax years under examination | 2011 | |||
ASU 2016-09 [Member] | ||||
Effective tax rate [Abstract] | ||||
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Basic [Abstract] | |||||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders | $ 23,337 | $ 35,016 | $ 31,582 | $ 27,261 | $ 13,495 | $ 16,600 | $ 22,894 | $ 24,820 | $ 117,196 | $ 77,809 | $ 117,121 |
Weighted average share outstanding (in shares) | 28,744 | 28,980 | 29,182 | ||||||||
Basic net income per share attributable to GAMCO Investors, Inc.'s shareholders (in dollars per share) | $ 0.82 | $ 1.22 | $ 1.10 | $ 0.94 | $ 0.46 | $ 0.57 | $ 0.79 | $ 0.86 | $ 4.08 | $ 2.68 | $ 4.01 |
Diluted [Abstract] | |||||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders | $ 23,337 | $ 35,016 | $ 31,582 | $ 27,261 | $ 13,495 | $ 16,600 | $ 22,894 | $ 24,820 | $ 117,196 | $ 77,809 | $ 117,121 |
Add interest on convertible notes, net of management fee and taxes | 0 | 2,604 | 1,133 | ||||||||
Total income attributable to GAMCO Investors, Inc.'s shareholders | $ 117,196 | $ 80,413 | $ 118,254 | ||||||||
Weighted average share outstanding (in shares) | 28,744 | 28,980 | 29,182 | ||||||||
Restricted stock awards (in shares) | 33 | 192 | 234 | ||||||||
Assumed conversion of convertible note (in shares) | 0 | 1,775 | 754 | ||||||||
Total (in shares) | 28,777 | 30,947 | 30,170 | ||||||||
Diluted net income per share attributable to GAMCO Investors, Inc.'s shareholders (in dollars per share) | $ 0.81 | $ 1.22 | $ 1.10 | $ 0.94 | $ 0.46 | $ 0.55 | $ 0.76 | $ 0.82 | $ 4.07 | $ 2.60 | $ 3.92 |
Debt (Details)
Debt (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | Nov. 21, 2017 | Nov. 20, 2017 | Sep. 30, 2017 | Nov. 18, 2015 | May 31, 2011 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 30, 2018 | Aug. 15, 2016 | Nov. 30, 2015 |
Long-term debt [Abstract] | |||||||||||||
Carrying value | $ 89,144 | $ 24,168 | $ 89,144 | ||||||||||
Period of interest included in initial deposit | 6 months | ||||||||||||
Loss on extinguishment of debt | $ 0 | (3,300) | $ 0 | ||||||||||
Maximum amount of debt and equity to be issued under Shelf Registration | $ 500,000 | ||||||||||||
Loans borrowed in exchange for a note | 15,000 | 0 | 15,000 | ||||||||||
Level 2 [Member] | |||||||||||||
Long-term debt [Abstract] | |||||||||||||
Fair value | $ 90,087 | $ 23,061 | 90,087 | ||||||||||
4.5% Convertible Notes [Member] | |||||||||||||
Long-term debt [Abstract] | |||||||||||||
Debt instrument, term | 5 years | ||||||||||||
Face value of debt | $ 110,000 | ||||||||||||
Debt instrument, interest rate | 4.50% | 4.50% | |||||||||||
Debt issuance cost | $ 135 | 174 | $ 174 | ||||||||||
Debt instrument, maturity date | Aug. 15, 2021 | Aug. 15, 2021 | |||||||||||
Debt redemption price | 103.00% | 103.00% | 50.00% | ||||||||||
Debt instrument, repurchased face amount | $ 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) | |||||||||||
Repayment of debt | $ 0 | 113,300 | 0 | ||||||||||
4.5% Convertible Notes [Member] | Redemption on or after February 15, 2019 [Member] | |||||||||||||
Long-term debt [Abstract] | |||||||||||||
Debt redemption price (in dollars per share) | $ 101 | ||||||||||||
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] | GGCP Holdings LLC [Member] | |||||||||||||
Long-term debt [Abstract] | |||||||||||||
Equity method investment, ownership percentage | 63.00% | ||||||||||||
Period of interest included in initial deposit | 6 months | ||||||||||||
AC 4% PIK Note [Member] | |||||||||||||
Long-term debt [Abstract] | |||||||||||||
Carrying value | 50,000 | $ 0 | 50,000 | ||||||||||
Face value of debt | $ 0 | $ 250,000 | |||||||||||
Debt instrument, interest rate | 4.00% | 4.00% | |||||||||||
Debt instrument, maturity date | Nov. 30, 2020 | ||||||||||||
Prepayment of debt | 50,000 | ||||||||||||
Repayment of debt | $ 50,000 | 50,000 | 150,000 | ||||||||||
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] | Principal Amount Due on November 30, 2020 [Member] | |||||||||||||
Long-term debt [Abstract] | |||||||||||||
Prepayment of debt | 50,000 | ||||||||||||
AC 4% PIK Note [Member] | Level 2 [Member] | |||||||||||||
Long-term debt [Abstract] | |||||||||||||
Fair value | 50,572 | 0 | 50,572 | ||||||||||
Loan from GGCP [Member] | |||||||||||||
Long-term debt [Abstract] | |||||||||||||
Face value of debt | $ 35,000 | ||||||||||||
Debt instrument, maturity date | Dec. 28, 2016 | ||||||||||||
Repayment of debt | $ 0 | 0 | 35,000 | ||||||||||
5.875% Senior Notes [Member] | |||||||||||||
Long-term debt [Abstract] | |||||||||||||
Carrying value | $ 24,144 | $ 24,168 | $ 24,144 | ||||||||||
Face value of debt | $ 100,000 | $ 100,000 | |||||||||||
Debt instrument, interest rate | 5.875% | 5.875% | 5.875% | 5.875% | |||||||||
Debt issuance cost | $ 400 | $ 81 | $ 57 | $ 81 | |||||||||
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 | $ 23,061 | 24,543 | ||||||||||
AC 1.6% Note [Member] | |||||||||||||
Long-term debt [Abstract] | |||||||||||||
Carrying value | 15,000 | $ 0 | 15,000 | ||||||||||
Debt instrument, interest rate | 1.60% | ||||||||||||
Debt instrument, maturity date | Feb. 28, 2018 | Feb. 28, 2018 | |||||||||||
Repayment of debt | $ 15,000 | 0 | $ 0 | ||||||||||
Loans borrowed in exchange for a note | 15,000 | ||||||||||||
AC 1.6% Note [Member] | Level 2 [Member] | |||||||||||||
Long-term debt [Abstract] | |||||||||||||
Fair value | $ 14,972 | $ 0 | $ 14,972 |
Equity, Voting Rights and Stock
Equity, Voting Rights and Stock Award and Incentive Plan (Details) | Sep. 17, 2018$ / sharesshares | Aug. 07, 2018$ / sharesshares | Jul. 02, 2018USD ($)$ / shares | May 23, 2018USD ($) | Apr. 04, 2018$ / sharesshares | Jan. 05, 2018USD ($)shares | Dec. 27, 2017USD ($)shares | Aug. 07, 2017USD ($)shares | Jun. 01, 2017USD ($)shares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2018USD ($)VoteperSharePlan$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / 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 | $ 8,100,000 | ||||||||||||
Projected compensation cost not yet recognized [Abstract] | |||||||||||||
2019 | 2,310,000 | ||||||||||||
2020 | 2,310,000 | ||||||||||||
2021 | 1,695,000 | ||||||||||||
2022 | 1,319,000 | ||||||||||||
2023 | 499,000 | ||||||||||||
Stock based compensation expense | 1,620,000 | $ 8,669,000 | $ 3,959,000 | ||||||||||
Tax benefit from compensation expense | $ 400,000 | $ 3,300,000 | $ 1,500,000 | ||||||||||
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 | 7,500,000 | ||||||||||||
Class B [Member] | |||||||||||||
Voting Rights [Abstract] | |||||||||||||
Number of votes per share | VoteperShare | 10 | ||||||||||||
Stock Options [Member] | |||||||||||||
Options, shares [Roll Forward] | |||||||||||||
Outstanding, beginning of period (in shares) | shares | 0 | 0 | |||||||||||
Granted (in shares) | shares | 10,000 | 0 | |||||||||||
Forfeited (in shares) | shares | 0 | 0 | |||||||||||
Exercised / Vested (in shares) | shares | 0 | 0 | |||||||||||
Outstanding, end of period (in shares) | shares | 0 | 10,000 | 0 | 0 | |||||||||
Shares available for future issuance, end of period (in shares) | shares | 1,087,717 | ||||||||||||
Options, weighted average exercise price [Roll Forward] | |||||||||||||
Outstanding, beginning of period (in dollars per share) | $ / shares | $ 0 | $ 0 | |||||||||||
Granted (in dollars per share) | $ / shares | 25.55 | 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 | $ 25.55 | $ 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 | 19,400 | 424,340 | |||||||||||
Granted (in shares) | shares | 5,000 | 162,450 | 270,500 | 437,950 | 0 | ||||||||
Forfeited (in shares) | shares | (10,300) | (4,500) | |||||||||||
Exercised / Vested (in shares) | shares | (19,400) | (400,440) | |||||||||||
Outstanding, end of period (in shares) | shares | 19,400 | 427,650 | 19,400 | 424,340 | |||||||||
RSAs, weighted average grant date fair value [Abstract] | |||||||||||||
Outstanding, beginning of period (in dollars per share) | $ / shares | $ 65.67 | $ 65.74 | |||||||||||
Granted (in dollars per share) | $ / shares | $ 25.74 | $ 25.16 | $ 24.77 | 24.93 | 0 | ||||||||
Forfeited (in dollars per share) | $ / shares | 24.81 | 78.62 | |||||||||||
Exercised / Vested (in dollars per share) | $ / shares | 65.67 | 65.60 | |||||||||||
Outstanding, end of period (in dollars per share) | $ / shares | $ 65.67 | $ 24.93 | $ 65.67 | $ 65.74 | |||||||||
Number of shares with accelerated vesting (in shares) | shares | 19,400 | 144,650 | 201,120 | 144,650 | 19,400 | 345,770 | |||||||
Stock compensation expense recognized due to acceleration of lapsing of restrictions on RSAs | $ 200,000 | $ 1,300,000 | $ 1,800,000 | $ 1,300,000 | $ 200,000 | $ 6,800,000 | |||||||
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 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 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 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 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] | 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 2018 [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 | $ 16.89 | $ 29.65 | $ 30.89 | |||||||||
Reduction of RSU expense due to waiver of receipt of deferred compensation expense | $ (24,000,000) | $ (2,600,000) | $ (1,100,000) | ||||||||||
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 | $ 27.1837 | 29.65 | $ 29.65 | ||||||||||
Reduction of RSU expense due to waiver of receipt of deferred compensation expense | $ 6,000,000 | $ (2,600,000) | $ 17,000 | ||||||||||
Cash payment amount | $ 28,300,000 | ||||||||||||
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 | $ 16.89 | $ 29.65 | ||||||||||
Reduction of RSU expense due to waiver of receipt of deferred compensation expense | $ 5,400,000 | $ 0 |
Equity, Stock Repurchase Progra
Equity, Stock Repurchase Program, Dividends, and Shelf Registration (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 31, 2018 | Apr. 30, 2018 | Aug. 31, 2017 | May 31, 2017 | Dec. 31, 1999 | |
Dividends Payable [Line Items] | ||||||||
Dividends declared (in dollars per share) | $ 0.08 | $ 0.08 | $ 0.08 | |||||
Share based compensation dividends accrued | $ 20 | $ 24 | ||||||
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) | 610,511 | 425,352 | 500,000 | |||||
Shares repurchased (in shares) | 419,995 | 484,526 | 348,687 | |||||
Average price per share of repurchased shares (in dollars per share) | $ 25.25 | $ 29.56 | $ 30.88 | |||||
Share available under program to repurchase (in shares) | 864,810 | |||||||
Common Stock Class A and Class B [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividends declared (in dollars per share) | $ 0.08 | $ 0.08 | $ 0.08 | |||||
Dividend cost | $ 2,300 | $ 2,400 | $ 2,400 |
Capital Lease (Details)
Capital Lease (Details) | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2014USD ($)$ / 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 | |||
Accumulated amortization on the leased property | $ 5,100,000 | $ 4,900,000 | ||
Lease payments under capital lease agreement | 1,200,000 | $ 1,200,000 | $ 1,200,000 | |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||
2019 | 1,253,000 | |||
2020 | 1,080,000 | |||
2021 | 1,080,000 | |||
2022 | 1,080,000 | |||
2023 | 1,080,000 | |||
Thereafter | 5,400,000 | |||
Total minimum obligations | 10,973,000 | |||
Interest | 6,166,000 | |||
Present value of net obligations | 4,807,000 | |||
Capital Leases, Future Minimum Payments Due | 1,080,000 | |||
Future sublease rentals | $ 1,100,000 | |||
Term of capital lease sublease rentals | 5 years | |||
Estimated annual operating expenses to be borne by the Company | $ 800,000 |
Contractual Obligations (Detail
Contractual Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2019 | $ 616 | ||
2020 | 121 | ||
2021 | 68 | ||
2022 | 4 | ||
Total | 809 | ||
Rent expense | $ 2,400 | $ 2,200 | $ 2,400 |
Charitable Contributions (Detai
Charitable Contributions (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Charitable Contributions [Abstract] | ||
Expense related to shareholder-designated charitable contribution program | $ 5.7 | $ 4.1 |
Shareholder-designated contribution, diluted per share (in dollars per share) | $ 0.20 | $ 0.08 |
Related Party Transactions (Det
Related Party Transactions (Details) shares in Millions | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2017ft²$ / ft² | Dec. 31, 2018USD ($)ft²$ / ft²shares | Dec. 31, 2017USD ($)ft² | Mar. 31, 2017ft²$ / ft² | Dec. 31, 2016USD ($) | |
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 | $ | $ 463,286 | $ 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% | ||||
Percentage of ownership | 10.00% | ||||
Shares owned by related party (in shares) | shares | 3 | ||||
GGCP Holdings LLC [Member] | Common Class B [Member] | |||||
Related Party Transaction [Line Items] | |||||
Ownership percentage of voting rights | 91.00% | ||||
Percentage of ownership | 63.00% | ||||
GCI [Member] | Fund Advisor [Member] | Advisory Fees [Member] | |||||
Investment Advisory Services [Abstract] | |||||
Revenue from related parties | $ | $ (3,900,000) | (2,800,000) | (2,700,000) | ||
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 | ||||
LICT Corporation [Member] | |||||
Capital Lease [Abstract] | |||||
Area of lease space (in square feet) | ft² | 3,300 | ||||
Sublease rental base rate (in dollars per square foot) | $ / ft² | 28 | ||||
Sublease rental rate for utilities and taxes on sublease property (in dollars per square foot) | ft² | 3 | ||||
Sublease rental base rate | $ | $ 118,957 | 116,756 | 116,564 | ||
Teton [Member] | |||||
Capital Lease [Abstract] | |||||
Area of lease space (in square feet) | ft² | 1,600 | ||||
Sublease rental base rate (in dollars per square foot) | $ / ft² | 37.75 | ||||
Sublease rental rate for utilities and taxes on sublease property (in dollars per square foot) | ft² | 3 | ||||
Sublease rental base rate | $ | $ 69,299 | 68,293 | 68,205 | ||
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 | ||
Affiliated Funds [Member] | G.distributors, LLC [Member] | Distribution Fees [Member] | |||||
Investment Advisory Services [Abstract] | |||||
Revenue from related parties | $ | 35,100,000 | 39,700,000 | $ 41,000,000 | ||
Affiliated Funds [Member] | G.distributors, LLC [Member] | Advisory and Distribution Fees [Member] | |||||
Investment Advisory Services [Abstract] | |||||
Revenue from related parties | $ | $ 18,800,000 | $ 30,400,000 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 29, 2017 | Dec. 26, 2017 | Aug. 15, 2016 | Nov. 30, 2015 |
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% | |||||||||||
Payable to affiliates | $ 855,000 | $ 1,041,000 | $ 855,000 | |||||||||
Other [Abstract] | ||||||||||||
Deposited transaction amount | 295,000 | 328,000 | $ 353,000 | |||||||||
Institutional research services | $ 1,000,000 | 2,300,000 | 1,500,000 | |||||||||
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 | $ 0 | $ 250,000,000 | ||||||||||
Debt instrument, interest rate | 4.00% | 4.00% | ||||||||||
Debt instrument, maturity date | Nov. 30, 2020 | |||||||||||
Interest expenses | $ 800,000 | 3,000,000 | 7,700,000 | |||||||||
Loan from GGCP [Member] | ||||||||||||
Other [Abstract] | ||||||||||||
Face value of debt | $ 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 | $ 40,000 | 40,000 | ||||||||||
Convertible Notes [Member] | ||||||||||||
Other [Abstract] | ||||||||||||
Face value of debt | $ 110,000,000 | |||||||||||
Debt instrument, interest rate | 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] | ||||||||||||
Interest expenses | $ 900,000 | |||||||||||
Fund Advisor [Member] | ||||||||||||
Other [Abstract] | ||||||||||||
Institutional research services | $ 1,000,000 | 2,300,000 | 1,500,000 | |||||||||
Chairman and CEO [Member] | ||||||||||||
Compensation [Abstract] | ||||||||||||
Compensation waived | $ 56,500,000 | |||||||||||
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 | $ 2,100,000 | $ 2,000,000 | |||||||||
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, 2018USD ($) | Dec. 31, 2018GBP (£) | Dec. 31, 2017USD ($) | Dec. 31, 2017GBP (£) |
Financial Requirements [Abstract] | ||||
Minimum capital requirement | $ 250,000 | |||
Own funds | 852,000 | £ 671,000 | $ 853,000 | £ 632,000 |
Own funds requirement | $ 195,000 | £ 154,000 | $ 291,000 | £ 216,000 |
Profit Sharing Plan and Incen_2
Profit Sharing Plan and Incentive Savings Plan (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Profit Sharing Plan and Incentive Savings Plan [Abstract] | |||
Accrued contributions | $ 80,000 | $ 109,000 | $ 77,000 |
Identifiable Intangible Assets
Identifiable Intangible Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Impairment on intangible assets | $ 0 | $ 0 | $ 0 |
Investment Advisory Contract [Member] | Gabelli Enterprise Mergers and Acquisitions Fund [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Identifiable intangible asset | 1,900,000 | 1,900,000 | |
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 | $ 1,600,000 | $ 1,600,000 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 05, 2018 | Dec. 27, 2017 | Aug. 07, 2017 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 15, 2016 |
Quarterly Financial Information (Unaudited) [Abstract] | |||||||||||||||
Revenues | $ 80,977 | $ 85,788 | $ 87,193 | $ 87,497 | $ 98,666 | $ 88,341 | $ 87,600 | $ 85,917 | $ 341,455 | $ 360,524 | $ 353,000 | ||||
Operating income | 52,458 | 51,700 | 41,373 | 41,256 | 39,524 | 23,393 | 39,660 | 42,443 | 186,787 | 145,020 | 191,796 | ||||
Net income attributable to GAMCO Investors, Inc.'s shareholders | $ 23,337 | $ 35,016 | $ 31,582 | $ 27,261 | $ 13,495 | $ 16,600 | $ 22,894 | $ 24,820 | $ 117,196 | $ 77,809 | $ 117,121 | ||||
Net income attributable to GAMCO Investors, Inc.'s shareholders per share [Abstract] | |||||||||||||||
Basic (in dollars per share) | $ 0.82 | $ 1.22 | $ 1.10 | $ 0.94 | $ 0.46 | $ 0.57 | $ 0.79 | $ 0.86 | $ 4.08 | $ 2.68 | $ 4.01 | ||||
Diluted (in dollars per share) | $ 0.81 | $ 1.22 | $ 1.10 | $ 0.94 | $ 0.46 | $ 0.55 | $ 0.76 | $ 0.82 | $ 4.07 | $ 2.60 | $ 3.92 | ||||
Debt Instrument [Line Items] | |||||||||||||||
Loss on extinguishment of debt | $ 0 | $ (3,300) | $ 0 | ||||||||||||
Write down of net deferred tax assets | $ 8,200 | 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) | 19,400 | 144,650 | 201,120 | 144,650 | 19,400 | 345,770 | |||||||||
Stock compensation expense resulting from accelerated lapsing of restrictions on RSAs | $ 200 | $ 1,300 | $ 1,800 | $ 1,300 | $ 200 | $ 6,800 | |||||||||
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) | Feb. 05, 2019$ / shares | Feb. 01, 2019USD ($) | Jan. 05, 2018USD ($)shares | Dec. 27, 2017USD ($)shares | Aug. 07, 2017USD ($)shares | Jun. 01, 2017USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / shares | Mar. 08, 2019$ / sharesshares | Dec. 26, 2017 | Nov. 30, 2015 | Dec. 31, 2014$ / ft² |
Subsequent Event [Line Items] | ||||||||||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.08 | $ 0.08 | $ 0.08 | |||||||||||
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% | ||||||||||||
Repayment of debt | $ 50,000,000 | $ 50,000,000 | $ 150,000,000 | |||||||||||
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% | |||||||||||||
Repayment of debt | $ 15,000,000 | $ 0 | $ 0 | |||||||||||
Class A [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Common stock, shares outstanding (in shares) | shares | 9,949,482 | 9,957,301 | 9,949,482 | |||||||||||
Restricted Stock Awards [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Number of shares with accelerated vesting (in shares) | shares | 19,400 | 144,650 | 201,120 | 144,650 | 19,400 | 345,770 | ||||||||
Compensation record expenses due to accelerated vesting | $ 200,000 | $ 1,300,000 | $ 1,800,000 | $ 1,300,000 | $ 200,000 | $ 6,800,000 | ||||||||
Restricted Stock Awards [Member] | AC [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Number of shares with accelerated vesting (in shares) | shares | 420,240 | |||||||||||||
Compensation record expenses due to accelerated vesting | $ 3,700,000 | |||||||||||||
Subsequent Event [Member] | G.research LLC [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Renewal of research service agreement | $ 62,500 | |||||||||||||
Subsequent Event [Member] | G.research LLC [Member] | Fund Advisor [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Renewal of research service agreement | $ 62,500 | |||||||||||||
Subsequent Event [Member] | Repurchase of Common Stock [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Stock repurchased (in shares) | shares | 88,841 | |||||||||||||
Average price per share of repurchased shares (in dollars per share) | $ / shares | $ 20.19 | |||||||||||||
Shares available to be repurchsed under the plan (in shares) | shares | 775,969 | |||||||||||||
Subsequent Event [Member] | Quarterly Dividend [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Dividends declared date | Feb. 5, 2019 | |||||||||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.02 | |||||||||||||
Dividends payable date | Apr. 30, 2019 | |||||||||||||
Dividends record date | Apr. 16, 2019 |