Westwood (WHG) 10-Q 25 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 13, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	WESTWOOD HOLDINGS GROUP INC
Entity Central Index Key	1,165,002
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		8,884,421

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current Assets:
Cash and cash equivalents	$ 51,436	$ 33,679
Accounts receivable	22,163	23,429
Investments, at fair value	48,093	56,485
Income Taxes Receivable, Current	2,744	0
Other current assets	6,261	2,364
Total current assets	130,697	115,957
Goodwill	27,144	27,144
Deferred income taxes	9,473	10,903
Intangible assets, net	19,945	21,394
Property and equipment, net of accumulated depreciation of $5,354 and $4,590	4,103	4,280
Total assets	191,362	179,678
Current liabilities:
Accounts payable and accrued liabilities	2,851	2,641
Estimated Litigation Liability, Current	8,018	0
Dividends payable	6,666	6,679
Compensation and benefits payable	14,126	17,200
Income taxes payable	722	3,148
Total current liabilities	32,383	29,668
Accrued dividends	1,495	1,767
Deferred rent	2,055	2,174
Total liabilities	35,933	33,609
Commitments and contingencies
Stockholders' Equity:
Common stock, $0.01 par value, authorized 25,000,000 shares, issued 9,986,076 and outstanding 8,884,421 shares at September 30, 2017; issued 9,801,938 and outstanding 8,810,375 shares at December 31, 2016	100	98
Additional paid-in capital	176,329	162,730
Treasury stock, at cost - 1,101,655 shares at September 30, 2017; 991,563 shares at December 31, 2016	(50,910)	(44,353)
Foreign currency translation adjustment	(1,849)	(4,287)
Accumulated other comprehensive loss	(1,849)	(4,287)
Retained earnings	31,759	31,881
Total stockholders' equity	155,429	146,069
Total liabilities and stockholders' equity	$ 191,362	$ 179,678

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Property and equipment, accumulated depreciation	$ 5,354	$ 4,590
Common stock, par value (dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	9,986,076	9,801,938
Common stock, shares outstanding	8,884,421	8,810,375
Treasury stock, shares	1,101,655	991,563

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Advisory fees:
Asset-based	$ 25,334	$ 23,447	$ 73,619	$ 67,928
Performance-based	0	226	1,417	635
Trust fees	7,858	7,690	23,570	22,798
Other, net	300	414	1,265	568
Total revenues	33,492	31,777	99,871	91,929
EXPENSES:
Employee compensation and benefits	15,601	15,637	48,875	47,239
Sales and marketing	457	408	1,447	1,423
Westwood mutual funds	977	755	2,749	2,282
Information technology	1,855	1,874	5,494	6,039
Professional services	1,681	1,903	4,495	4,707
Legal settlement expense	4,009	0	4,009	0
General and administrative	3,160	2,147	8,697	7,028
Total expenses	27,740	22,724	75,766	68,718
Income before income taxes	5,752	9,053	24,105	23,211
Provision for income taxes	1,620	3,166	7,013	8,141
Net income	4,132	5,887	17,092	15,070
Other comprehensive income (loss):
Foreign currency translation adjustments	1,297	(453)	2,438	1,007
Total comprehensive income	$ 5,429	$ 5,434	$ 19,530	$ 16,077
Earnings per share:
Basic (dollars per share)	$ 0.51	$ 0.74	$ 2.10	$ 1.89
Diluted (dollars per share)	$ 0.49	$ 0.72	$ 2.05	$ 1.84
Weighted average shares outstanding:
Basic (shares)	8,171,809	7,995,680	8,136,350	7,952,938
Diluted (shares)	8,420,749	8,179,956	8,350,926	8,212,468
Cash dividends declared per share (dollars per share)	$ 0.62	$ 0.57	$ 1.86	$ 1.71

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 9 months ended Sep. 30, 2017 - USD ($)	Total	Common Stock, Par	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification			$ 711,000			$ (711,000)
BALANCE at Dec. 31, 2016	$ 146,069,000	$ 98,000	162,730,000	$ (44,353,000)	$ (4,287,000)	31,881,000
BALANCE, shares at Dec. 31, 2016	8,810,375	8,810,375
Net income	$ 17,092,000
Other comprehensive income	2,438,000				2,438,000
Issuance of restricted stock, net of forfeitures	0	$ 2,000	(2,000)
Issuance of restricted stock, net of forfeitures, shares		184,138
Dividends declared	(16,503,000)					(16,503,000)
Stock based compensation expense	12,298,000		12,298,000
Reclassification of compensation liability to be paid in shares	592,000		592,000
Purchases of treasury stock	(1,326,000)			(1,326,000)
Purchases of treasury stock, shares		(23,822)
Restricted stock returned for payment of taxes	(5,231,000)			(5,231,000)
Restricted stock returned for payment of taxes, shares		(86,270)
BALANCE at Sep. 30, 2017	$ 155,429,000	$ 100,000	$ 176,329,000	$ (50,910,000)	$ (1,849,000)	$ 31,759,000
BALANCE, shares at Sep. 30, 2017	8,884,421	8,884,421

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 17,092	$ 15,070
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	722	732
Amortization of intangible assets	1,449	1,470
Unrealized gains on trading investments	(539)	(676)
Stock based compensation expense	12,298	12,164
Deferred income taxes	1,481	114
Excess tax benefits from stock based compensation	0	(165)
Other Operating Activities, Cash Flow Statement	0	275
Change in operating assets and liabilities:
Net sales of investments - trading securities	8,931	23,147
Accounts receivable	1,686	(2,711)
Other current assets	(3,881)	900
Accounts payable and accrued liabilities	178	(82)
Increase (decrease) in accrued litigation liability	8,018	0
Compensation and benefits payable	(2,696)	(6,758)
Income taxes receivable/payable	(5,181)	(4,637)
Other liabilities	(111)	154
Net cash provided by operating activities	39,447	38,997
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(537)	(1,680)
Net cash used in investing activities	(537)	(1,680)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchases of treasury stock	0	(5,629)
Payment for Repurchases of Stock for Benefit Plan	(1,326)	(614)
Restricted stock returned for payment of taxes	(5,231)	(3,710)
Excess tax benefits from stock based compensation	0	165
Other Payments to Acquire Businesses	0	(5,562)
Cash dividends paid	(16,787)	(14,827)
Net cash used in financing activities	(23,344)	(30,177)
Effect of currency rate changes on cash	2,191	812
Net Change in Cash and Cash Equivalents	17,757	7,952
Cash and cash equivalents, beginning of period	33,679	22,740
Cash and cash equivalents, end of period	51,436	30,692
Supplemental cash flow information:
Cash paid during the period for income taxes	10,245	12,632
Common stock issued for acquisition	0	3,734
Payments for (Proceeds from) Tenant Allowance	0	1,128
DividendsAccrued	$ 8,161	$ 7,682

DESCRIPTION OF THE BUSINESS

DESCRIPTION OF THE BUSINESS	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF THE BUSINESS		DESCRIPTION OF THE BUSINESS Westwood Holdings Group, Inc. (“Westwood”, the “Company”, “we”, “us” or “our”) was incorporated under the laws of the State of Delaware on December 12, 2001 . Westwood provides investment management services to institutional investors, private wealth clients and financial intermediaries through its subsidiaries, Westwood Management Corp. and Westwood Advisors, L.L.C. (together “Westwood Management”), Westwood Trust, and Westwood International Advisors Inc. (“Westwood International”). Revenue is largely dependent on the total value and composition of assets under management (“AUM”). Accordingly, fluctuations in financial markets and in the composition of AUM impact revenues and results of operations. Divestiture of our Omaha Operations On September 6, 2017, we entered into an agreement to sell the Omaha-based component of our Private Wealth business. The sale is expected to close on December 31, 2017, subject to usual and customary closing conditions and the receipt of regulatory approval from the Nebraska Department of Banking. We expect to receive proceeds of $7 million to $10.5 million , subject to client consents and net working capital requirements; however, we do not expect to record a material gain or loss on the sale within our Consolidated Statement of Comprehensive Income. The sale will reduce our goodwill and intangible assets but is not expected to have a material impact to our Consolidated Balance Sheet. The component is reported within both our Advisory and Trust segments. The sale does not represent a major strategic shift in our business and does not qualify for discontinued operations reporting.
Date of incorporation	Dec. 12, 2001

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying Condensed Consolidated Financial Statements are unaudited and are presented in accordance with the requirements for quarterly reports on Form 10-Q and consequently do not include all of the information and footnote disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The Company’s Condensed Consolidated Financial Statements reflect all adjustments (consisting only of normal recurring adjustments) necessary in the opinion of management to present fairly our interim financial position and results of operations and cash flows for the periods presented. The accompanying Condensed Consolidated Financial Statements are presented in accordance with GAAP and the rules and regulations of the Securities and Exchange Commission (“SEC”). The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with our Consolidated Financial Statements, and notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2016 , filed with the SEC. Operating results for the periods in these condensed consolidated financial statements are not necessarily indicative of the results for any future period. The accompanying Condensed Consolidated Financial Statements include the accounts of Westwood and its subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. Recent Accounting Pronouncements Recently Adopted In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting. The purpose of the amendment is to simplify the accounting for share-based payment transactions, and includes changes to the accounting for the classification of awards as either equity or liabilities, classification of certain share-based payment items in the statement of cash flows, the accounting for forfeitures and certain income tax consequences. The amendment is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Amendments related to the presentation of employee taxes paid on the statement of cash flows should be applied retrospectively. The amendment related to forfeitures, where an entity may account for forfeitures as they occur, should be applied retrospectively by means of a cumulative-effect adjustment to equity at the beginning of the period in which the guidance is adopted. Amendments requiring recognition of excess tax benefits and tax deficiencies in the income statement and the practical expedient for estimating expected term should be applied prospectively. An entity may elect to apply the amendments related to the presentation of tax benefits on the statement of cash flows using either a prospective or retrospective transition method. We adopted ASU 2016-09 effective January 1, 2017. The following summarizes the effects of the adoption on our Condensed Consolidated Financial Statements: Income Taxes - Upon adoption of this standard, all excess tax benefits and tax deficiencies, including tax benefits of dividends on share-based payment awards, are recognized as income tax expense or benefit in the consolidated statement of comprehensive income. The tax effects of exercised or vested awards are treated as discrete items in the reporting period in which they occur. As a result, the Company recognized discrete adjustments to income tax expense in the first nine months of 2017 of $1.0 million related to excess tax benefits, decreasing our effective tax rate for the first nine months of 2017 to 29.1% . Without the adjustment, our effective tax rate would have been 33.0% . The Company did not have any unrecognized excess tax benefits as of December 31, 2016 and therefore there was no cumulative-effect adjustment to retained earnings related to income taxes. The Company adopted the amendments related to the recognition of excess tax benefits and tax shortfalls prospectively, with no adjustments made to prior periods. Forfeitures - Prior to adoption, stock-based compensation expense was recognized on a straight-line basis, net of estimated forfeitures, such that expense was recognized for stock-based awards that were expected to vest. A forfeiture rate was estimated annually and revised, if necessary, in subsequent periods if actual forfeitures differed from initial estimates. Upon adoption of this standard, the Company no longer applies an estimated forfeiture rate and instead accounts for forfeitures as they occur. The Company applied the modified retrospective adoption approach, resulting in a $711,000 cumulative-effect reduction to “Retained earnings” with the offset to “Additional paid-in-capital” on January 1, 2017. Statements of Cash Flows - The Company historically accounted for excess tax benefits on the consolidated statements of cash flows as a financing activity. Upon adoption of this standard, excess tax benefits are classified along with other income tax cash flows as an operating activity. The change in cash flow classification associated with excess tax benefits was adopted prospectively, resulting in the classification of the $1.0 million excess tax benefit as an operating activity during the nine months ended September 30, 2017. No change in classification was necessary for the presentation of restricted stock returned for payment of taxes, as the Company has historically presented such payments as a financing activity. The Company adopted this portion of the standard on a prospective basis, with no adjustments made to prior periods. Earnings Per Share - The Company uses the treasury stock method to compute diluted earnings per share, unless the effect would be anti-dilutive. Under the new standard, the Company is no longer required to estimate the tax effect of anticipated windfall benefits or shortfalls when projecting proceeds available for share repurchases in calculating dilutive shares. The Company utilized the modified retrospective adoption approach, with no adjustments made to prior periods. Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which resulted from a joint project by the FASB and the International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards ("IFRS"). The ASU will be effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Retrospective application is required, with the entity either applying the change to each prior reporting period presented or applying the cumulative effect of each prior reporting period presented at the date of initial application. Management has completed a detailed review of the terms and conditions of our current contracts, including performance based fees, and we do not anticipate a significant change in the timing of revenue recognized. As part of our review we analyzed our current business process and internal controls and do not anticipate implementing new procedures to successfully adopt the standard. We expect to enhance and add additional disclosures surrounding our revenue process including disaggregation of revenue and information about performance obligations that will help provide the financial statement users a better understanding of the nature, amount, timing and potential uncertainty of the revenue being recognized. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . The amendment eliminates step two from the goodwill impairment test in order to simplify the subsequent measurement of goodwill. Under step two, an entity had to perform procedures to determine the fair value of its assets and liabilities at the impairment testing date following procedures required to determine the fair value of assets acquired and liabilities assumed in a business combination. Under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. The amendment is effective, on a prospective basis, for annual or interim periods beginning after December 15, 2019, with early adoption permitted. We do not expect the amendment to have a material impact on our Consolidated Financial Statements and expect to adopt the standard within the required time frame. In May 2017, the FASB issued ASU 2017-09, Compensation- Stock Compensation (Topic 718): Scope of Modification Accounting . 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 modified accounting under ASC 718. The purpose of the amendment is to reduce diversity, cost and complexity in practice when analyzing and applying these modifications. The ASU is effective for periods beginning after December 15, 2017. We do not expect the amendment to have a material impact on our Consolidated Financial Statements and expect to adopt the standard within the required time frame.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding for the applicable period. Diluted earnings per share is computed based on the weighted average number of shares outstanding plus the effect of any dilutive shares of restricted stock granted to employees and non-employee directors. There were no anti-dilutive restricted shares outstanding for the three months ended September 30, 2017 . There were approximately 2,453 anti-dilutive restricted shares outstanding for the three months ended September 30, 2016 , and 8,800 and 2,301 anti-dilutive restricted shares outstanding for the nine months ended September 30, 2017 and 2016 , respectively. The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share and share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net income $ 4,132 $ 5,887 $ 17,092 $ 15,070 Weighted average shares outstanding - basic 8,171,809 7,995,680 8,136,350 7,952,938 Dilutive potential shares from unvested restricted shares 248,940 184,276 214,576 259,530 Weighted average shares outstanding - diluted 8,420,749 8,179,956 8,350,926 8,212,468 Earnings per share: Basic $ 0.51 $ 0.74 $ 2.10 $ 1.89 Diluted $ 0.49 $ 0.72 $ 2.05 $ 1.84

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS All investments are carried at fair value and are accounted for as trading securities. Investment balances are presented in the table below (in thousands): Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Market Value September 30, 2017: U.S. Government and Government agency obligations $ 26,093 $ 12 $ (14 ) $ 26,091 Money market funds 9,925 — — 9,925 Equity funds 11,510 578 (11 ) 12,077 $ 47,528 $ 590 $ (25 ) $ 48,093 December 31, 2016: U.S. Government and Government agency obligations $ 30,275 $ — $ (2 ) $ 30,273 Money market funds 14,127 — — 14,127 Equity funds 12,057 204 (176 ) 12,085 $ 56,459 $ 204 $ (178 ) $ 56,485 As of September 30, 2017 and December 31, 2016 , $10.6 million and $11.0 million in corporate funds, respectively, were invested in Westwood Funds®, Westwood Common Trust Funds and Westwood Investment Funds PLC (the “UCITS Fund”). See Note 8 “Variable Interest Entities”

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS We determine estimated fair values for our financial instruments using available information. The fair value amounts discussed in our Condensed Consolidated Financial Statements are not necessarily indicative of either amounts realizable upon disposition of these instruments or our intent or ability to dispose of these assets. The estimated fair value of cash and cash equivalents, accounts receivable, income taxes receivable, other current assets, accounts payable and accrued liabilities, dividends payable, compensation and benefits payable and income taxes payable approximates their carrying value due to their short-term maturities. The carrying amount of investments designated as “trading” securities, primarily U.S. Government and Government agency obligations, money market funds, Westwood Funds ® mutual funds, the UCITS Fund and Westwood Trust common trust fund shares, equals their fair value based on prices quoted in active markets and, with respect to common trust funds, the net asset value of the shares held as reported by each fund. Market values of our money market holdings generally do not fluctuate. ASC 820, Fair Value Measurements, defines fair value, establishes a framework for measuring fair value and requires disclosures regarding certain fair value measurements. ASC 820 establishes a three-tier hierarchy for measuring fair value, as follows: • level 1 – quoted market prices in active markets for identical assets • level 2 – inputs other than quoted prices that are directly or indirectly observable • level 3 – significant unobservable inputs where there is little or no market activity The following table summarizes the values of our assets and liabilities as of the dates indicated within the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Investments Measured at NAV (1) Total As of September 30, 2017: Investments in trading securities $ 45,836 $ — $ — $ 2,257 $ 48,093 Total financial instruments $ 45,836 $ — $ — $ 2,257 $ 48,093 As of December 31, 2016: Investments in trading securities $ 53,319 $ — $ — $ 3,166 $ 56,485 Total financial instruments $ 53,319 $ — $ — $ 3,166 $ 56,485 (1) Comprised of certain investments measured at fair value using net asset value ( “ NAV ” ) as a practical expedient. These investments were recategorized and are no longer included within Level 2 of the valuation hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on our consolidated balance sheets.

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BALANCE SHEET COMPONENTS	STOCKHOLDERS' EQUITY Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss were as follows (in thousands): As of September 30, 2017 As of December 31, 2016 Foreign currency translation adjustment $ (1,849 ) $ (4,287 ) Accumulated other comprehensive loss $ (1,849 ) $ (4,287 )

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 30, 2017
Variable Interest Entities [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES We have evaluated all of our advisory relationships with the UCITS Fund, the Westwood Funds®, limited liability companies (“LLCs”) and our relationship as sponsor of the Common Trust Funds (“CTFs”) to determine whether each of these entities is a variable interest entity (“VIE”) or voting ownership entity (“VOE”). Based on our analysis, we determined that the LLCs and CTFs were VIEs, as the at-risk equity holders do not have the ability to direct the activities that most significantly impact the entity’s economic performance, and the Company and its representatives have a majority control of the entities' respective boards of directors and can influence the respective entities' management and affairs. Although we have related parties on the UCITS Fund board of directors, the shareholders have rights to remove the current directors with a simple majority vote, so we determined the UCITS Fund is not a VIE. As the Company and its representatives do not have representation on the Westwood Funds® independent board of directors, which directs the activities that most significantly impact the entity's economic performance, we determined that the Westwood Funds® were not VIEs. Therefore, the UCITS Fund and the Westwood Funds® should be analyzed under the VOE consolidation method. Based on our analysis of our seed investments in these entities for the periods ending September 30, 2017 and December 31, 2016, we have not consolidated the LLCs or CTFs under the VIE method or the UCITS Fund or the Westwood Funds® under the VOE method, and therefore the financial results of these entities are not included in the Company’s consolidated financial results. As of September 30, 2017 and December 31, 2016 , the Company had seed investments in aggregate of approximately $10.6 million and $11.0 million , respectively, in the CTFs, the Westwood Funds, and the UCITS Fund. These seed investments were provided for the sole purpose of showing the economic substance needed to establish the funds or sub-funds. The Company's seed investments in these funds are included in “Investments, at fair value” on our Condensed Consolidated Balance Sheet at September 30, 2017 . Otherwise, we have not provided any financial support we were not previously contractually obligated to provide, and there are no arrangements that would require us to provide additional financial support to any of these entities. Our seed investments in the above-mentioned Westwood Funds ® , the UCITS Fund and the CTFs are accounted for as investments in accordance with our other investments described in Note 4 “Investments.” We recognized fee revenue from the Westwood VIEs and Westwood VOEs of approximately $13.2 million and $13.5 million for the three months ended September 30, 2017 and 2016 , respectively. We recognized fee revenue from the Westwood VIEs and Westwood VOEs of approximately $39.1 million and $39.5 million for the nine months ended September 30, 2017 and 2016 , respectively. The following table displays the assets under management, the amounts of our seed investments that are included in “Investments, at fair value” on our consolidated balance sheets, and the risk of loss in each vehicle (in millions): As of September 30, 2017 Assets Corporate Amount at Risk VIEs/VOEs: Westwood Funds® $ 4,144 $ 6 $ 6 Common Trust Funds 2,602 2 2 LLCs 113 — — UCITS Fund 595 2 2 All other assets: Private Wealth 3,107 Institutional 13,063 Total Assets Under Management $ 23,624

LONG-TERM INCENTIVE COMPENSATIO

LONG-TERM INCENTIVE COMPENSATION	9 Months Ended
	Sep. 30, 2017
Employee Benefits and Share-based Compensation [Abstract]
LONG-TERM INCENTIVE COMPENSATION	LONG-TERM INCENTIVE COMPENSATION Restricted Stock Awards We have issued restricted shares to our employees and non-employee directors. The Fourth Amended and Restated Westwood Holdings Group, Inc. Stock Incentive Plan, as amended (the “Plan”), reserves shares of Westwood common stock for issuance to eligible employees, directors and consultants of Westwood or its subsidiaries in the form of restricted stock. In April 2017, stockholders approved an additional 250,000 shares to be authorized under the Plan, increasing the total number of shares issuable under the Plan (including predecessor plans to the Plan) to 4,648,100 shares. At September 30, 2017 , approximately 433,000 shares remain available for issuance under the Plan. The following table presents the total stock-based compensation expense recorded for stock-based compensation arrangements for the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Service condition stock-based compensation expense $ 2,591 $ 2,679 $ 7,828 $ 7,978 Performance condition stock-based compensation expense 1,454 1,234 3,949 3,705 Stock-based compensation expense under the Plan 4,045 3,913 11,777 11,683 Canadian Plan stock-based compensation expense 188 169 521 481 Total stock-based compensation expense $ 4,233 $ 4,082 $ 12,298 $ 12,164 Restricted Stock Under the Plan, we have granted to employees and non-employee directors restricted stock subject to service conditions, and to certain key employees restricted stock subject to both service and performance conditions. As of September 30, 2017 , there was approximately $26.3 million of unrecognized compensation cost for restricted stock grants under the Plan, which we expect to recognize over a weighted-average period of 2.2 years. Our two types of restricted stock grants under the Plan are discussed below. Restricted Stock Subject Only to a Service Condition We calculate compensation cost for restricted stock grants by using the fair market value of our common stock at the date of grant, the number of shares issued and an adjustment for restrictions on dividends. This compensation cost is amortized on a straight-line basis over the applicable vesting period. As discussed in Note 2 “Summary of Significant Accounting Policies,” the Company made an accounting policy election to account for forfeitures as they occur effective upon the adoption of ASU 2016-09 on January 1, 2017. The following table details the status and changes in our restricted stock grants subject only to a service condition for the nine months ended September 30, 2017 : Shares Weighted Average Non-vested, January 1, 2017 607,501 $ 54.67 Granted 143,460 61.20 Vested (182,085 ) 57.43 Forfeited (36,579 ) 55.11 Non-vested, September 30, 2017 532,297 $ 55.46 Restricted Stock Subject to Service and Performance Conditions Under the Plan, certain key employees were provided agreements for grants of restricted shares that vest over multiple year periods subject to achieving annual performance goals established by the Compensation Committee of Westwood’s Board of Directors. Each year the Compensation Committee establishes a specific goal for that year’s vesting of the restricted shares. For 2017, the goal is based on Income before income tax from our audited consolidated statement of comprehensive income for fiscal 2017. The date that the Compensation Committee establishes the annual goal is considered to be the grant date and the fair value measurement date to determine expense on the shares that are likely to vest. The vesting period ends when the Compensation Committee formally approves the performance-based restricted stock vesting based on the Income before income tax from the Company’s audited consolidated financial statements. If a portion of the performance-based restricted shares does not vest, no compensation expense is recognized for that portion and any previously recognized compensation expense related to shares that do not vest is reversed. In March 2017, the Compensation Committee established the fiscal 2017 goal for our Chief Executive Officer and Chief Investment Officer as Income before income taxes of $24.0 million for 50% of their respective awards, and an Income before income taxes target of $34.0 million (ranging from 25% of target for threshold performance of $30.3 million to 185% of target for maximum performance of $42.5 million ) for the remaining 50% of their respective awards. For all other restricted stock grants subject to performance conditions, the Compensation Committee established the fiscal 2017 goal as Income before income taxes of at least $24.0 million . These performance grants allow the Compensation Committee to exclude certain items, including legal settlements, from the Income before income taxes target. At the Committee's discretion, we excluded the $4.0 million legal settlement expense recorded during the third quarter of 2017 from our forecasted Income before income taxes target and concluded that it was probable that we would exceed the target performance goals required to vest the applicable percentage of the performance-based restricted shares this year and continued recording expense related to the shares expected to vest. The following table details the status and changes in our restricted stock grants subject to service and performance conditions for the nine months ended September 30, 2017 : Shares Weighted Average Non-vested, January 1, 2017 153,620 $ 55.90 Granted 157,877 54.86 Vested (102,367 ) 56.58 Forfeited (45,675 ) 55.86 Non-vested, September 30, 2017 163,455 $ 55.87 The above amounts as of September 30, 2017 do not include 16,313 non-vested restricted shares that potentially vest over performance years subsequent to 2017 inasmuch as the Compensation Committee has not set annual performance goals for later years and therefore no grant date has been established. Canadian Plan The Share Award Plan of Westwood Holdings Group, Inc. for Service Provided in Canada to its Subsidiaries (the “Canadian Plan”) provides compensation in the form of common stock for services performed by employees of Westwood International. Under the Canadian Plan, no more than $10 million CDN ( $8.0 million in U.S. Dollars using the exchange rate on September 30, 2017 ) may be funded to the plan trustee for purchases of common stock with respect to awards granted under the Canadian Plan. At September 30, 2017 , approximately $4.3 million CDN ( $3.4 million in U.S. Dollars using the exchange rate on September 30, 2017 ) remains available for issuance under the Canadian Plan, or approximately 51,200 shares based on the closing share price of our stock of $67.27 as of September 30, 2017 . During the first nine months of 2017 , the trust formed pursuant to the Canadian Plan purchased in the open market 23,822 Westwood common shares for approximately $1.3 million . As of September 30, 2017 , the trust holds 55,418 shares of Westwood common stock. As of September 30, 2017 , unrecognized compensation cost related to restricted stock grants under the Canadian Plan totaled $864,000 , which we expect to recognize over a weighted-average period of 1.8 years. Mutual Fund Share Incentive Awards We grant annually to certain employees mutual fund incentive awards, which are bonus awards based on our mutual funds achieving specific performance goals. Awards granted are notionally credited to a participant account maintained by us that contains a number of mutual fund shares equal to the award amount divided by the net closing value of a fund share on the date the amount is credited to the account. For awards earned prior to 2017, the award vested after approximately one year of service following the year in which the participant earned the award. Beginning in 2017, the award vests after approximately two years of service following the year in which the participant earned the award. We begin accruing a liability for mutual fund incentive awards when we believe it is probable that the award will be earned and record expense for these awards over the service period of the award, which is either two or three years. During the year in which the amount of the award is determined, we record expense based on the expected value of the award. After the award is earned, we record expense based on the value of the shares awarded and the percentage of the vesting period that has elapsed. Our liability under these awards may increase or decrease based on changes in the value of the mutual fund shares awarded, including reinvested income from the mutual funds during the vesting period. Upon vesting, participants receive the value of the mutual fund share awards adjusted for earnings or losses attributable to the underlying mutual funds. For the three months ended September 30, 2017 and 2016 , we recorded expense of approximately $281,000 and $313,000 , respectively, related to mutual fund share incentive awards. For the nine months ended September 30, 2017 and 2016 , we recorded expense of approximately $819,000 and $933,000 , respectively, related to mutual fund share incentive awards. As of September 30, 2017 and December 31, 2016 , we had an accrued liability of approximately $1.5 million and $1.7 million , respectively, related to mutual fund share incentive awards.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Some of our directors, executive officers and their affiliates invest their personal funds directly in trust accounts that we manage. For the three months ended September 30, 2017 and 2016 , we recorded trust fees from these accounts of $92,000 and $108,000 , respectively. For the nine months ended September 30, 2017 and 2016 , we recorded trust fees from these accounts of $277,000 and $305,000 , respectively. There was $92,000 and $97,000 due from these accounts as of September 30, 2017 and December 31, 2016 , respectively. The Company engages in transactions with its affiliates in the ordinary course of business. Westwood International and Westwood Management provide investment advisory services to the UCITS Fund and the Westwood Funds®. Certain members of our management serve on the board of directors of the UCITS Fund, and we have capital invested in three of the Westwood Funds®. Under the terms of the investment advisory agreements, the Company earns quarterly fees paid by clients of the fund or by the funds directly. The fees are based on negotiated fee schedules applied to assets under management. These fees are commensurate with market rates. For the three months ended September 30, 2017 and 2016 , the Company earned approximately $1.1 million and $370,000 , respectively, in fees from the affiliated funds. For the nine months ended September 30, 2017 and 2016, the Company earned approximately $2.8 million and $1.0 million , respectively, in fees from the affiliated funds. These fees do not include fees paid directly to Westwood International by certain clients invested in the UCITS Fund that have an investment management agreement with Westwood International. As of September 30, 2017 and December 31, 2016 , $398,000 and $270,000 , respectively, of these fees were unpaid and included in “Accounts receivable” on our Condensed Consolidated Balance Sheets.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES On August 3, 2012, AGF Management Limited and AGF Investments Inc. (collectively, “AGF”) filed a lawsuit in the Ontario Superior Court of Justice against Westwood, certain Westwood employees and the executive recruiting firm of Warren International, LLC (“Warren”). The action related to the hiring of certain members of Westwood’s global and emerging markets investment team previously employed by AGF. AGF alleged that the former employees breached certain obligations when they resigned from AGF and that Westwood and Warren induced such breaches. AGF was seeking an unspecified amount of damages and punitive damages of $10 million CDN in the lawsuit. On November 5, 2012, Westwood responded to AGF’s lawsuit with a counterclaim against AGF for defamation. Westwood was seeking $1 million CDN in general damages, $10 million CDN in special damages, $1 million CDN in punitive damages, and costs. On November 6, 2012, AGF filed a second lawsuit against Westwood, Westwood Management and an employee of a Westwood subsidiary , alleging that the employee made defamatory statements about AGF. In this second lawsuit, AGF was seeking $5 million CDN in general damages, $1 million CDN per defendant in punitive damages, unspecified special damages, interest and costs. On October 13, 2017, we reached a settlement with AGF that provides for the dismissal of all claims, with prejudice and without any admission of liability. We have agreed to pay AGF a one-time payment of $10 million CDN, half of which is expected to be covered by our insurance. During the third quarter of 2017, we recorded a net $4.0 million ( $5 million CDN) charge related to the settlement and associated insurance coverage, with an $8.0 million ( $10 million CDN) settlement liability recorded in “Accrued lawsuit settlement” and a $4.0 million ( $5 million CDN) receivable from our insurance provider included in “Other current assets” on our Condensed Consolidated Balance Sheets at September 30, 2017. Our policy is to not accrue legal fees and directly related costs as part of potential loss contingencies. We have agreed with our Directors & Officers insurance provider that 50% of the defense costs related to both AGF claims, excluding Westwood’s counterclaim against AGF, are covered by insurance. We expense legal fees and directly related costs as incurred. We received insurance proceeds of approximately $276,000 and $928,000 during the nine months ended September 30, 2017 and 2016 , respectively. We had a receivable of approximately $113,000 and $186,000 as of September 30, 2017 and December 31, 2016 , respectively, which represents our current minimum estimate of expenses that we expect to recover under our insurance policy. This receivable is part of “Other current assets” on our Condensed Consolidated Balance Sheets.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING We operate two segments: Advisory and Trust. These segments are managed separately based on the types of products and services offered and their related client bases. The Company’s segment information is prepared on the same basis that management reviews the financial information for operational decision-making purposes. The Company’s chief operating decision maker, our Chief Executive Officer, evaluates the performance of our segments based primarily on fee revenues and Economic Earnings. Westwood Holdings Group, Inc., the parent company of Advisory and Trust, does not have revenues and is the entity in which we record typical holding company expenses including employee compensation and benefits for holding company employees, directors’ fees and investor relations costs. All segment accounting policies are the same as those described in the summary of significant accounting policies. Intersegment balances that eliminate in consolidation have been applied to the appropriate segment. Advisory Our Advisory segment provides investment advisory services to corporate retirement plans, public retirement plans, endowments, foundations, individuals, the Westwood Funds ® , and the UCITS Fund, as well as investment subadvisory services to mutual funds and our Trust segment. Westwood Management Corp. and Westwood International, which provide investment advisory services to clients of similar type, are included in our Advisory segment along with Westwood Advisors, L.L.C. Trust Trust provides trust and custodial services and participation in common trust funds that it sponsors to institutions and high net worth individuals. Westwood Trust is included in our Trust segment. (in thousands) Advisory Trust Westwood Eliminations Consolidated Three Months Ended September 30, 2017 Net fee revenues from external sources $ 25,334 $ 7,858 $ — $ — $ 33,192 Net intersegment revenues 2,026 57 — (2,083 ) — Net interest and dividend revenue 111 43 — — 154 Other, net 157 (11 ) — — 146 Total revenues $ 27,628 $ 7,947 $ — $ (2,083 ) $ 33,492 Economic Earnings $ 8,786 $ 1,560 $ (1,356 ) $ — $ 8,990 Less: Restricted stock expense 4,233 Intangible amortization 469 Deferred taxes on goodwill 156 Net income $ 4,132 Segment assets $ 208,444 $ 73,170 $ 18,388 $ (108,640 ) $ 191,362 Segment goodwill $ 5,219 $ 21,925 $ — $ — $ 27,144 Three Months Ended September 30, 2016 Net fee revenues from external sources $ 23,673 $ 7,690 $ — $ — $ 31,363 Net intersegment revenues 5,275 41 — (5,316 ) — Net interest and dividend revenue 128 5 — — 133 Other, net 279 2 — — 281 Total revenues $ 29,355 $ 7,738 $ — $ (5,316 ) $ 31,777 Economic Earnings $ 10,270 $ 1,690 $ (1,345 ) $ — $ 10,615 Less: Restricted stock expense 4,082 Intangible amortization 490 Deferred taxes on goodwill 156 Net income $ 5,887 Segment assets $ 163,826 $ 65,986 $ 13,046 $ (73,160 ) $ 169,698 Segment goodwill $ 5,219 $ 21,925 $ — $ — $ 27,144 (in thousands) Advisory Trust Westwood Eliminations Consolidated Nine Months Ended September 30, 2017 Net fee revenues from external sources $ 75,036 $ 23,570 $ — $ — $ 98,606 Net intersegment revenues 6,050 160 — (6,210 ) — Net interest and dividend revenue 391 67 — — 458 Other, net 811 (4 ) — — 807 Total revenues $ 82,288 $ 23,793 $ — $ (6,210 ) $ 99,871 Economic Earnings $ 31,372 $ 4,528 $ (4,592 ) $ — $ 31,308 Less: Restricted stock expense 12,298 Intangible amortization 1,449 Deferred taxes on goodwill 469 Net income $ 17,092 Nine Months Ended September 30, 2016 Net fee revenues from external sources $ 68,563 $ 22,798 $ — $ — $ 91,361 Net intersegment revenues 14,455 82 — (14,537 ) — Net interest and dividend revenue 360 9 — — 369 Other, net 462 (263 ) — — 199 Total revenues $ 83,840 $ 22,626 $ — $ (14,537 ) $ 91,929 Economic Earnings $ 30,493 $ 4,160 $ (5,559 ) $ — $ 29,094 Less: Restricted stock expense 12,164 Intangible amortization 1,470 Deferred taxes on goodwill 390 Net income $ 15,070 We are providing a performance measure that we refer to as Economic Earnings. Our management and the Board of Directors review Economic Earnings to evaluate our ongoing performance, allocate resources and determine our dividend policy. We also believe that this performance measure is useful for management and investors when evaluating our underlying operating and financial performance and our available resources. In calculating Economic Earnings, we add to net income the non-cash expense associated with equity-based compensation awards of restricted stock, amortization of intangible assets and the deferred taxes related to the tax-basis amortization of goodwill. Although depreciation on property and equipment is a non-cash expense, we do not add it back when calculating Economic Earnings because depreciation charges represent a decline in the value of the related assets that will ultimately require replacement. The following tables provide a reconciliation of Net income to Economic Earnings (in thousands): Three Months Ended September 30, 2017 2016 Net income $ 4,132 $ 5,887 Add: Stock-based compensation expense 4,233 4,082 Add: Intangible amortization 469 490 Add: Tax benefit from goodwill amortization 156 156 Economic Earnings $ 8,990 $ 10,615 Nine Months Ended September 30, 2017 2016 Net Income $ 17,092 $ 15,070 Add: Stock-based compensation expense 12,298 12,164 Add: Intangible amortization 1,449 1,470 Add: Tax benefit from goodwill amortization 469 390 Economic Earnings $ 31,308 $ 29,094

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2017
Subsequent Event [Line Items]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Dividend Declared In October 2017, Westwood’s Board of Directors declared a quarterly cash dividend of $0.68 per common share, an increase of 10% from the previous quarterly dividend rate, payable on January 2, 2018 to stockholders of record on December 8, 2017 . AGF Lawsuits On October 13, 2017, we reached a settlement with AGF regarding their lawsuits and our related counterclaim. See Note 12 “Commitments and Contingencies” for additional discussion of the settlement.

INCOME TAXES (Notes)

INCOME TAXES (Notes)	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	10. INCOME TAXES Our effective income tax rate was 28.2% for the third quarter of 2017 , compared with 35.0% for the third quarter of 2016 . The decrease is primarily related to the tax impact of our legal settlement with AGF (see further discussion in Note 12 “Commitments and Contingencies”) in the third quarter of 2017 and adjustments to uncertain tax positions (net of federal tax benefit) recorded in the third quarter of 2016. Our effective income tax rate was 29.1% for the first nine months of 2017 , compared with 35.1% for the first nine months of 2016 . The decrease is primarily related to the adoption of ASU 2016-09 Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting , which requires recognition of excess tax benefits related to employees' restricted stock vesting to be recorded within income tax expense. Prior to adoption of ASU 2016-09, excess tax benefits were recorded through Additional paid-in capital, with no impact to the effective tax rate or our consolidated statement of comprehensive income. See further discussion in Note 2 “Summary of Significant Accounting Policies.” The remaining decrease is related to the tax impact of our legal settlement with AGF (see further discussion in Note 12 “Commitments and Contingencies”) in the third quarter of 2017 and adjustments to uncertain tax positions (net of federal tax benefit) recorded in the first and third quarters of 2016. As of September 30, 2017 and December 31, 2016 , the Company's gross liability related to uncertain tax positions was $196,000 and $2.5 million , respectively. A number of years may elapse before an uncertain tax position is finally resolved. To the extent that the Company has favorable tax settlements, or determines that accrued amounts are no longer needed due to a lapse in the applicable statute of limitations or other changes in circumstances, such liabilities, as well as any related interest and penalties, would be reversed as a reduction of income tax expense, net of federal tax effects, in the period such determination is made. A reconciliation of the change in recorded uncertain tax positions during the nine months ended September 30, 2017 is as follows (in thousands): Balance at January 1, 2017 $ 2,462 Additions for tax positions related to the current year 68 Additions for tax positions related to prior years — Reductions for tax positions related to prior years (768 ) Payments for tax positions related to prior years (1,566 ) Balance at September 30, 2017 $ 196 Within the next twelve months, it is reasonably possible that the liability for uncertain tax positions could decrease by as much as $196,000 as a result of settlements with certain taxing authorities, which, if recognized, would decrease our provision for income taxes by $130,000 .

SUMMARY OF SIGNIFICANT ACCOUN20

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Condensed Consolidated Financial Statements are unaudited and are presented in accordance with the requirements for quarterly reports on Form 10-Q and consequently do not include all of the information and footnote disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The Company’s Condensed Consolidated Financial Statements reflect all adjustments (consisting only of normal recurring adjustments) necessary in the opinion of management to present fairly our interim financial position and results of operations and cash flows for the periods presented. The accompanying Condensed Consolidated Financial Statements are presented in accordance with GAAP and the rules and regulations of the Securities and Exchange Commission (“SEC”). The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with our Consolidated Financial Statements, and notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2016 , filed with the SEC. Operating results for the periods in these condensed consolidated financial statements are not necessarily indicative of the results for any future period. The accompanying Condensed Consolidated Financial Statements include the accounts of Westwood and its subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting. The purpose of the amendment is to simplify the accounting for share-based payment transactions, and includes changes to the accounting for the classification of awards as either equity or liabilities, classification of certain share-based payment items in the statement of cash flows, the accounting for forfeitures and certain income tax consequences. The amendment is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Amendments related to the presentation of employee taxes paid on the statement of cash flows should be applied retrospectively. The amendment related to forfeitures, where an entity may account for forfeitures as they occur, should be applied retrospectively by means of a cumulative-effect adjustment to equity at the beginning of the period in which the guidance is adopted. Amendments requiring recognition of excess tax benefits and tax deficiencies in the income statement and the practical expedient for estimating expected term should be applied prospectively. An entity may elect to apply the amendments related to the presentation of tax benefits on the statement of cash flows using either a prospective or retrospective transition method. We adopted ASU 2016-09 effective January 1, 2017. The following summarizes the effects of the adoption on our Condensed Consolidated Financial Statements: Income Taxes - Upon adoption of this standard, all excess tax benefits and tax deficiencies, including tax benefits of dividends on share-based payment awards, are recognized as income tax expense or benefit in the consolidated statement of comprehensive income. The tax effects of exercised or vested awards are treated as discrete items in the reporting period in which they occur. As a result, the Company recognized discrete adjustments to income tax expense in the first nine months of 2017 of $1.0 million related to excess tax benefits, decreasing our effective tax rate for the first nine months of 2017 to 29.1% . Without the adjustment, our effective tax rate would have been 33.0% . The Company did not have any unrecognized excess tax benefits as of December 31, 2016 and therefore there was no cumulative-effect adjustment to retained earnings related to income taxes. The Company adopted the amendments related to the recognition of excess tax benefits and tax shortfalls prospectively, with no adjustments made to prior periods. Forfeitures - Prior to adoption, stock-based compensation expense was recognized on a straight-line basis, net of estimated forfeitures, such that expense was recognized for stock-based awards that were expected to vest. A forfeiture rate was estimated annually and revised, if necessary, in subsequent periods if actual forfeitures differed from initial estimates. Upon adoption of this standard, the Company no longer applies an estimated forfeiture rate and instead accounts for forfeitures as they occur. The Company applied the modified retrospective adoption approach, resulting in a $711,000 cumulative-effect reduction to “Retained earnings” with the offset to “Additional paid-in-capital” on January 1, 2017. Statements of Cash Flows - The Company historically accounted for excess tax benefits on the consolidated statements of cash flows as a financing activity. Upon adoption of this standard, excess tax benefits are classified along with other income tax cash flows as an operating activity. The change in cash flow classification associated with excess tax benefits was adopted prospectively, resulting in the classification of the $1.0 million excess tax benefit as an operating activity during the nine months ended September 30, 2017. No change in classification was necessary for the presentation of restricted stock returned for payment of taxes, as the Company has historically presented such payments as a financing activity. The Company adopted this portion of the standard on a prospective basis, with no adjustments made to prior periods. Earnings Per Share - The Company uses the treasury stock method to compute diluted earnings per share, unless the effect would be anti-dilutive. Under the new standard, the Company is no longer required to estimate the tax effect of anticipated windfall benefits or shortfalls when projecting proceeds available for share repurchases in calculating dilutive shares. The Company utilized the modified retrospective adoption approach, with no adjustments made to prior periods. Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which resulted from a joint project by the FASB and the International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards ("IFRS"). The ASU will be effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Retrospective application is required, with the entity either applying the change to each prior reporting period presented or applying the cumulative effect of each prior reporting period presented at the date of initial application. Management has completed a detailed review of the terms and conditions of our current contracts, including performance based fees, and we do not anticipate a significant change in the timing of revenue recognized. As part of our review we analyzed our current business process and internal controls and do not anticipate implementing new procedures to successfully adopt the standard. We expect to enhance and add additional disclosures surrounding our revenue process including disaggregation of revenue and information about performance obligations that will help provide the financial statement users a better understanding of the nature, amount, timing and potential uncertainty of the revenue being recognized. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . The amendment eliminates step two from the goodwill impairment test in order to simplify the subsequent measurement of goodwill. Under step two, an entity had to perform procedures to determine the fair value of its assets and liabilities at the impairment testing date following procedures required to determine the fair value of assets acquired and liabilities assumed in a business combination. Under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. The amendment is effective, on a prospective basis, for annual or interim periods beginning after December 15, 2019, with early adoption permitted. We do not expect the amendment to have a material impact on our Consolidated Financial Statements and expect to adopt the standard within the required time frame. In May 2017, the FASB issued ASU 2017-09, Compensation- Stock Compensation (Topic 718): Scope of Modification Accounting . 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 modified accounting under ASC 718. The purpose of the amendment is to reduce diversity, cost and complexity in practice when analyzing and applying these modifications. The ASU is effective for periods beginning after December 15, 2017. We do not expect the amendment to have a material impact on our Consolidated Financial Statements and expect to adopt the standard within the required time frame.
Earnings Per Share	Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding for the applicable period. Diluted earnings per share is computed based on the weighted average number of shares outstanding plus the effect of any dilutive shares of restricted stock granted to employees and non-employee directors.
Fair Value Measurements	We determine estimated fair values for our financial instruments using available information. The fair value amounts discussed in our Condensed Consolidated Financial Statements are not necessarily indicative of either amounts realizable upon disposition of these instruments or our intent or ability to dispose of these assets. The estimated fair value of cash and cash equivalents, accounts receivable, income taxes receivable, other current assets, accounts payable and accrued liabilities, dividends payable, compensation and benefits payable and income taxes payable approximates their carrying value due to their short-term maturities. The carrying amount of investments designated as “trading” securities, primarily U.S. Government and Government agency obligations, money market funds, Westwood Funds ® mutual funds, the UCITS Fund and Westwood Trust common trust fund shares, equals their fair value based on prices quoted in active markets and, with respect to common trust funds, the net asset value of the shares held as reported by each fund. Market values of our money market holdings generally do not fluctuate. ASC 820, Fair Value Measurements, defines fair value, establishes a framework for measuring fair value and requires disclosures regarding certain fair value measurements. ASC 820 establishes a three-tier hierarchy for measuring fair value, as follows: • level 1 – quoted market prices in active markets for identical assets • level 2 – inputs other than quoted prices that are directly or indirectly observable • level 3 – significant unobservable inputs where there is little or no market activity
Variable Interest Entities	We have evaluated all of our advisory relationships with the UCITS Fund, the Westwood Funds®, limited liability companies (“LLCs”) and our relationship as sponsor of the Common Trust Funds (“CTFs”) to determine whether each of these entities is a variable interest entity (“VIE”) or voting ownership entity (“VOE”). Based on our analysis, we determined that the LLCs and CTFs were VIEs, as the at-risk equity holders do not have the ability to direct the activities that most significantly impact the entity’s economic performance, and the Company and its representatives have a majority control of the entities' respective boards of directors and can influence the respective entities' management and affairs. Although we have related parties on the UCITS Fund board of directors, the shareholders have rights to remove the current directors with a simple majority vote, so we determined the UCITS Fund is not a VIE. As the Company and its representatives do not have representation on the Westwood Funds® independent board of directors, which directs the activities that most significantly impact the entity's economic performance, we determined that the Westwood Funds® were not VIEs. Therefore, the UCITS Fund and the Westwood Funds® should be analyzed under the VOE consolidation method. Based on our analysis of our seed investments in these entities for the periods ending September 30, 2017 and December 31, 2016, we have not consolidated the LLCs or CTFs under the VIE method or the UCITS Fund or the Westwood Funds® under the VOE method, and therefore the financial results of these entities are not included in the Company’s consolidated financial results.
Restricted Stock Subject Only To A Service Condition Policy [Text Block]	Restricted Stock Subject Only to a Service Condition We calculate compensation cost for restricted stock grants by using the fair market value of our common stock at the date of grant, the number of shares issued and an adjustment for restrictions on dividends. This compensation cost is amortized on a straight-line basis over the applicable vesting period.
Restricted Stock Subject to Service and Performance Conditions	Restricted Stock Subject to Service and Performance Conditions Under the Plan, certain key employees were provided agreements for grants of restricted shares that vest over multiple year periods subject to achieving annual performance goals established by the Compensation Committee of Westwood’s Board of Directors. Each year the Compensation Committee establishes a specific goal for that year’s vesting of the restricted shares. For 2017, the goal is based on Income before income tax from our audited consolidated statement of comprehensive income for fiscal 2017. The date that the Compensation Committee establishes the annual goal is considered to be the grant date and the fair value measurement date to determine expense on the shares that are likely to vest. The vesting period ends when the Compensation Committee formally approves the performance-based restricted stock vesting based on the Income before income tax from the Company’s audited consolidated financial statements. If a portion of the performance-based restricted shares does not vest, no compensation expense is recognized for that portion and any previously recognized compensation expense related to shares that do not vest is reversed. In March 2017, the Compensation Committee established the fiscal 2017 goal for our Chief Executive Officer and Chief Investment Officer as Income before income taxes of $24.0 million for 50% of their respective awards, and an Income before income taxes target of $34.0 million (ranging from 25% of target for threshold performance of $30.3 million to 185% of target for maximum performance of $42.5 million ) for the remaining 50% of their respective awards. For all other restricted stock grants subject to performance conditions, the Compensation Committee established the fiscal 2017 goal as Income before income taxes of at least $24.0 million . These performance grants allow the Compensation Committee to exclude certain items, including legal settlements, from the Income before income taxes target. At the Committee's discretion, we excluded the $4.0 million legal settlement expense recorded during the third quarter of 2017 from our forecasted Income before income taxes target and concluded that it was probable that we would exceed the target performance goals required to vest the applicable percentage of the performance-based restricted shares this year and continued recording expense related to the shares expected to vest.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share and share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net income $ 4,132 $ 5,887 $ 17,092 $ 15,070 Weighted average shares outstanding - basic 8,171,809 7,995,680 8,136,350 7,952,938 Dilutive potential shares from unvested restricted shares 248,940 184,276 214,576 259,530 Weighted average shares outstanding - diluted 8,420,749 8,179,956 8,350,926 8,212,468 Earnings per share: Basic $ 0.51 $ 0.74 $ 2.10 $ 1.89 Diluted $ 0.49 $ 0.72 $ 2.05 $ 1.84

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Investment Balances	Investment balances are presented in the table below (in thousands): Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Market Value September 30, 2017: U.S. Government and Government agency obligations $ 26,093 $ 12 $ (14 ) $ 26,091 Money market funds 9,925 — — 9,925 Equity funds 11,510 578 (11 ) 12,077 $ 47,528 $ 590 $ (25 ) $ 48,093 December 31, 2016: U.S. Government and Government agency obligations $ 30,275 $ — $ (2 ) $ 30,273 Money market funds 14,127 — — 14,127 Equity funds 12,057 204 (176 ) 12,085 $ 56,459 $ 204 $ (178 ) $ 56,485

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Values of Assets Within Fair Value Hierarchy	The following table summarizes the values of our assets and liabilities as of the dates indicated within the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Investments Measured at NAV (1) Total As of September 30, 2017: Investments in trading securities $ 45,836 $ — $ — $ 2,257 $ 48,093 Total financial instruments $ 45,836 $ — $ — $ 2,257 $ 48,093 As of December 31, 2016: Investments in trading securities $ 53,319 $ — $ — $ 3,166 $ 56,485 Total financial instruments $ 53,319 $ — $ — $ 3,166 $ 56,485 (1) Comprised of certain investments measured at fair value using net asset value ( “ NAV ” ) as a practical expedient. These investments were recategorized and are no longer included within Level 2 of the valuation hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on our consolidated balance sheets.

BALANCE SHEET COMPONENTS (Table

BALANCE SHEET COMPONENTS (Tables)	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Components of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss were as follows (in thousands): As of September 30, 2017 As of December 31, 2016 Foreign currency translation adjustment $ (1,849 ) $ (4,287 ) Accumulated other comprehensive loss $ (1,849 ) $ (4,287 )

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 30, 2017
Variable Interest Entities [Abstract]
Variable Interest Entities	The following table displays the assets under management, the amounts of our seed investments that are included in “Investments, at fair value” on our consolidated balance sheets, and the risk of loss in each vehicle (in millions): As of September 30, 2017 Assets Corporate Amount at Risk VIEs/VOEs: Westwood Funds® $ 4,144 $ 6 $ 6 Common Trust Funds 2,602 2 2 LLCs 113 — — UCITS Fund 595 2 2 All other assets: Private Wealth 3,107 Institutional 13,063 Total Assets Under Management $ 23,624

LONG-TERM INCENTIVE COMPENSAT26

LONG-TERM INCENTIVE COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total Expense Recorded for Stock Based Compensation	The following table presents the total stock-based compensation expense recorded for stock-based compensation arrangements for the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Service condition stock-based compensation expense $ 2,591 $ 2,679 $ 7,828 $ 7,978 Performance condition stock-based compensation expense 1,454 1,234 3,949 3,705 Stock-based compensation expense under the Plan 4,045 3,913 11,777 11,683 Canadian Plan stock-based compensation expense 188 169 521 481 Total stock-based compensation expense $ 4,233 $ 4,082 $ 12,298 $ 12,164
Restricted Stock Subject Only to a Service Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Status and Changes in Restricted Stock Grants that Subject to Service Condition	The following table details the status and changes in our restricted stock grants subject only to a service condition for the nine months ended September 30, 2017 : Shares Weighted Average Non-vested, January 1, 2017 607,501 $ 54.67 Granted 143,460 61.20 Vested (182,085 ) 57.43 Forfeited (36,579 ) 55.11 Non-vested, September 30, 2017 532,297 $ 55.46
Restricted Shares Subject to Service and Performance Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Status and Changes in Restricted Stock Grants that Subject to Service Condition	The following table details the status and changes in our restricted stock grants subject to service and performance conditions for the nine months ended September 30, 2017 : Shares Weighted Average Non-vested, January 1, 2017 153,620 $ 55.90 Granted 157,877 54.86 Vested (102,367 ) 56.58 Forfeited (45,675 ) 55.86 Non-vested, September 30, 2017 163,455 $ 55.87

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Intersegment Balances	(in thousands) Advisory Trust Westwood Eliminations Consolidated Three Months Ended September 30, 2017 Net fee revenues from external sources $ 25,334 $ 7,858 $ — $ — $ 33,192 Net intersegment revenues 2,026 57 — (2,083 ) — Net interest and dividend revenue 111 43 — — 154 Other, net 157 (11 ) — — 146 Total revenues $ 27,628 $ 7,947 $ — $ (2,083 ) $ 33,492 Economic Earnings $ 8,786 $ 1,560 $ (1,356 ) $ — $ 8,990 Less: Restricted stock expense 4,233 Intangible amortization 469 Deferred taxes on goodwill 156 Net income $ 4,132 Segment assets $ 208,444 $ 73,170 $ 18,388 $ (108,640 ) $ 191,362 Segment goodwill $ 5,219 $ 21,925 $ — $ — $ 27,144 Three Months Ended September 30, 2016 Net fee revenues from external sources $ 23,673 $ 7,690 $ — $ — $ 31,363 Net intersegment revenues 5,275 41 — (5,316 ) — Net interest and dividend revenue 128 5 — — 133 Other, net 279 2 — — 281 Total revenues $ 29,355 $ 7,738 $ — $ (5,316 ) $ 31,777 Economic Earnings $ 10,270 $ 1,690 $ (1,345 ) $ — $ 10,615 Less: Restricted stock expense 4,082 Intangible amortization 490 Deferred taxes on goodwill 156 Net income $ 5,887 Segment assets $ 163,826 $ 65,986 $ 13,046 $ (73,160 ) $ 169,698 Segment goodwill $ 5,219 $ 21,925 $ — $ — $ 27,144 (in thousands) Advisory Trust Westwood Eliminations Consolidated Nine Months Ended September 30, 2017 Net fee revenues from external sources $ 75,036 $ 23,570 $ — $ — $ 98,606 Net intersegment revenues 6,050 160 — (6,210 ) — Net interest and dividend revenue 391 67 — — 458 Other, net 811 (4 ) — — 807 Total revenues $ 82,288 $ 23,793 $ — $ (6,210 ) $ 99,871 Economic Earnings $ 31,372 $ 4,528 $ (4,592 ) $ — $ 31,308 Less: Restricted stock expense 12,298 Intangible amortization 1,449 Deferred taxes on goodwill 469 Net income $ 17,092 Nine Months Ended September 30, 2016 Net fee revenues from external sources $ 68,563 $ 22,798 $ — $ — $ 91,361 Net intersegment revenues 14,455 82 — (14,537 ) — Net interest and dividend revenue 360 9 — — 369 Other, net 462 (263 ) — — 199 Total revenues $ 83,840 $ 22,626 $ — $ (14,537 ) $ 91,929 Economic Earnings $ 30,493 $ 4,160 $ (5,559 ) $ — $ 29,094 Less: Restricted stock expense 12,164 Intangible amortization 1,470 Deferred taxes on goodwill 390 Net income $ 15,070
ReconciliationFromNetIncomeToNonGaapMeasure [Table Text Block]	The following tables provide a reconciliation of Net income to Economic Earnings (in thousands): Three Months Ended September 30, 2017 2016 Net income $ 4,132 $ 5,887 Add: Stock-based compensation expense 4,233 4,082 Add: Intangible amortization 469 490 Add: Tax benefit from goodwill amortization 156 156 Economic Earnings $ 8,990 $ 10,615 Nine Months Ended September 30, 2017 2016 Net Income $ 17,092 $ 15,070 Add: Stock-based compensation expense 12,298 12,164 Add: Intangible amortization 1,449 1,470 Add: Tax benefit from goodwill amortization 469 390 Economic Earnings $ 31,308 $ 29,094

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]	A reconciliation of the change in recorded uncertain tax positions during the nine months ended September 30, 2017 is as follows (in thousands): Balance at January 1, 2017 $ 2,462 Additions for tax positions related to the current year 68 Additions for tax positions related to prior years — Reductions for tax positions related to prior years (768 ) Payments for tax positions related to prior years (1,566 ) Balance at September 30, 2017 $ 196

DESCRIPTION OF THE BUSINESS Oma

DESCRIPTION OF THE BUSINESS Omaha Operations Divestiture (Details) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)
Minimum [Member]
Cash Proceeds From Divestiture [Line Items]
Proceeds from Divestiture of Businesses	$ 7
Maximum [Member]
Cash Proceeds From Divestiture [Line Items]
Proceeds from Divestiture of Businesses	$ 10.5

SUMMARY OF SIGNIFICANT ACCOUN30

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provision for income taxes	$ 1,620	$ 3,166	$ 7,013	$ 8,141
Effective Income Tax Rate Reconciliation, Percent	28.20%	35.00%	29.10%	35.10%
Adoption of ASU 2016-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax rate excluding ASU 2016-09 adoption			33.00%
Provision for income taxes			$ 1,000
Effective Income Tax Rate Reconciliation, Percent			29.10%

EARNINGS PER SHARE (Details Tex

EARNINGS PER SHARE (Details Textual) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive restricted shares	0	2,453	8,800	2,301

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Computation of Basic and Diluted Shares
Net income	$ 4,132	$ 5,887	$ 17,092	$ 15,070
Weighted average shares outstanding - basic (shares)	8,171,809	7,995,680	8,136,350	7,952,938
Dilutive potential shares from unvested restricted shares (shares)	248,940	184,276	214,576	259,530
Weighted average shares outstanding - diluted (shares)	8,420,749	8,179,956	8,350,926	8,212,468
Earnings per share:
Basic (dollars per share)	$ 0.51	$ 0.74	$ 2.10	$ 1.89
Diluted (dollars per share)	$ 0.49	$ 0.72	$ 2.05	$ 1.84

INVESTMENTS (Details)

INVESTMENTS (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Investment balances
Cost	$ 47,528	$ 56,459
Gross Unrealized Gains	590	204
Gross Unrealized Losses	(25)	(178)
Estimated Market Value	48,093	56,485
U.S. Government and Government agency obligations
Investment balances
Cost	26,093	30,275
Gross Unrealized Gains	12	0
Gross Unrealized Losses	(14)	(2)
Estimated Market Value	26,091	30,273
Money market funds
Investment balances
Cost	9,925	14,127
Estimated Market Value	9,925	14,127
Equity funds
Investment balances
Cost	11,510	12,057
Gross Unrealized Gains	578	204
Gross Unrealized Losses	(11)	(176)
Estimated Market Value	$ 12,077	$ 12,085

INVESTMENTS (Details Textual)

INVESTMENTS (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Schedule Of Investments [Line Items]
Estimated Market Value	$ 48,093	$ 56,485
VIE
Schedule Of Investments [Line Items]
Estimated Market Value	$ 10,600	$ 11,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Investments in securities:
Investments in trading securities	$ 48,093	$ 56,485
Fair Value, Net Asset (Liability)	48,093	56,485
Inputs, Net Asset Value [Member]
Investments in securities:
Investments in trading securities	2,257	3,166
Level 1
Investments in securities:
Investments in trading securities	45,836	53,319
Fair Value, Net Asset (Liability)	45,836	53,319
Level 2
Investments in securities:
Investments in trading securities	0	0
Fair Value, Net Asset (Liability)	0	0
Level 3
Investments in securities:
Investments in trading securities	0	0
Fair Value, Net Asset (Liability)	$ 0	$ 0

ACQUISITIONS, GOODWILL AND OTHE

ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Impairment Loss	$ 0	$ 0	$ 0	$ 0
Impairment of Intangible Assets (Excluding Goodwill)	$ 0	$ 0	$ 0	$ 0

BALANCE SHEET COMPONENTS (Detai

BALANCE SHEET COMPONENTS (Details 1) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Components of accumulated other comprehensive loss
Foreign currency translation adjustment	$ (1,849)	$ (4,287)
Accumulated other comprehensive loss	$ (1,849)	$ (4,287)

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Variable Interest Entity [Line Items]
Trading Securities	$ 48,093		$ 48,093		$ 56,485
Fee revenues from Westwood VIEs	13,200	$ 13,500	39,100	$ 39,500
VIE
Variable Interest Entity [Line Items]
Trading Securities	10,600		10,600		$ 11,000
Common Trust Funds
Variable Interest Entity [Line Items]
Trading Securities	2,000		2,000
UCITS Fund
Variable Interest Entity [Line Items]
Trading Securities	$ 2,000		$ 2,000

VARIABLE INTEREST ENTITIES (D39

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Variable Interest Entities
Assets Under Management	$ 23,624,000
Estimated Market Value	48,093	$ 56,485
Westwood Funds®
Variable Interest Entities
Assets Under Management	4,144,000
Estimated Market Value	6,000
Amount at Risk	6,000
Common Trust Funds
Variable Interest Entities
Assets Under Management	2,602,000
Estimated Market Value	2,000
Amount at Risk	2,000
UCITS Fund
Variable Interest Entities
Assets Under Management	595,000
Estimated Market Value	2,000
Amount at Risk	2,000
Private Wealth
Variable Interest Entities
Assets Under Management	3,107,000
Institutional
Variable Interest Entities
Assets Under Management	13,063,000
LLCs
Variable Interest Entities
Assets Under Management	$ 113,000

LONG-TERM INCENTIVE COMPENSAT40

LONG-TERM INCENTIVE COMPENSATION (Details Textual) $ / shares in Units, CAD in Millions	Apr. 26, 2017shares	Sep. 30, 2017USD ($)$ / sharesshares	Sep. 30, 2017CADshares	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)$ / sharesshares	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Provision for income taxes		$ 1,620,000		$ 3,166,000	$ 7,013,000	$ 8,141,000
Amount of shares purchased in the open market					0	5,629,000
Remaining unrecognized compensation cost recognized over a remaining weighted average period		2 years 2 months 10 days	2 years 2 months 10 days
Accrued liability		$ 1,500,000			1,500,000		$ 1,700,000
Mutual Fund [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Mutual fund vesting period		1 year	1 year
Expense related to mutual fund share incentive awards		$ 281,000		313,000	$ 819,000	933,000
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | shares	250,000
Total number of shares that may be issued under the stock based compensation Plan (including predecessor plans to the Plan) | shares		4,648,100			4,648,100
Shares remain available for issuance | shares		433,000			433,000
Remaining unrecognized compensation cost		$ 26,300,000			$ 26,300,000
Nonvested restricted shares | shares		532,297			532,297		607,501
Expense related to mutual fund share incentive awards		$ 4,233,000		$ 4,082,000	$ 12,298,000	$ 12,164,000
Canadian Plan | Westwood International Advisors Inc
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares remain available for issuance | shares		51,200			51,200
Share Based Compensation Arrangement By Share Based Payment Award Available For Grant, Original		$ 8,000,000	CAD 10
Fund purchases of common stock		55,418			$ 55,418
Purchases of common stock with respect to awards granted		$ 3,400,000	CAD 4.3
Share price | $ / shares		$ 67.27			$ 67.27
Amount of shares purchased in the open market		$ 1,300,000
Purchases of treasury stock, shares | shares		23,822	23,822
Remaining unrecognized compensation cost		$ 864,000			$ 864,000
Remaining unrecognized compensation cost recognized over a remaining weighted average period		1 year 10 months 3 days	1 year 10 months 3 days
Performance​ Based​ Restricted​ Shares​ For Future Performance Years
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested restricted shares | shares		16,313			16,313
Share-based Compensation Award, First 50% of CEO and CIO Award | Target [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Pretax Income Goal					$ 24,000,000
Share-based Compensation Award, Second 50% of CEO and CIO Award | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Pretax Income Goal					$ 30,300,000
Percentage of Pretax income Goal Earned					25.00%
Share-based Compensation Award, Second 50% of CEO and CIO Award | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Pretax Income Goal					$ 42,500,000
Percentage of Pretax income Goal Earned					185.00%
Share-based Compensation Award, Second 50% of CEO and CIO Award | Target [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Pretax Income Goal					$ 34,000,000
Share-based Compensation Award, All Other Performance Grants | Target [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Pretax Income Goal					$ 24,000,000

LONG-TERM INCENTIVE COMPENSAT41

LONG-TERM INCENTIVE COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
DomesticEmployeeServiceAward [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 2,591	$ 2,679	$ 7,828	$ 7,978
Performance Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Allocated Share-based Compensation Expense	1,454	1,234	3,949	3,705
DomesticServiceAndPerformanceAward [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Allocated Share-based Compensation Expense	4,045	3,913	11,777	11,683
CanadianEmployeeServiceAward [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Allocated Share-based Compensation Expense	188	169	521	481
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 4,233	$ 4,082	$ 12,298	$ 12,164

LONG-TERM INCENTIVE COMPENSAT42

LONG-TERM INCENTIVE COMPENSATION (Details 1) - Restricted Shares Subject Only to a Service Condition	9 Months Ended
	Sep. 30, 2017$ / sharesshares
Restricted shares subject only to a service condition:
Non-vested, beginning balance, shares | shares	607,501
Granted (shares) | shares	143,460
Vested (shares) | shares	(182,085)
Forfeited (shares) | shares	(36,579)
Non-vested, ending balance, shares | shares	532,297
Non-vested, beginning balance, (dollars per share) | $ / shares	$ 54.67
Granted (dollars per share) | $ / shares	61.20
Vested (dollars per share) | $ / shares	57.43
Forfeited (dollars per share) | $ / shares	55.11
Non-vested, ending balance, (dollars per share) | $ / shares	$ 55.46

LONG-TERM INCENTIVE COMPENSAT43

LONG-TERM INCENTIVE COMPENSATION (Details 2) - Restricted Shares Subject to Service and Performance Conditions	9 Months Ended
	Sep. 30, 2017$ / sharesshares
Restricted shares subject only to a service condition:
Non-vested, beginning balance, shares | shares	153,620
Granted (shares) | shares	157,877
Vested (shares) | shares	(102,367)
Forfeited (shares) | shares	(45,675)
Non-vested, ending balance, shares | shares	163,455
Non-vested, beginning balance, (dollars per share) | $ / shares	$ 55.90
Granted (dollars per share) | $ / shares	54.86
Vested (dollars per share) | $ / shares	56.58
Forfeited (dollars per share) | $ / shares	55.86
Non-vested, ending balance, (dollars per share) | $ / shares	$ 55.87

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
UCITS Fund
Related Party Transaction [Line Items]
Fees earned from related party	$ 1,100,000	$ 370,000	$ 2,800,000	$ 1,021,000
Fees unpaid from related party	398,000		398,000		$ 270,000
Trust
Related Party Transaction [Line Items]
Due from related party	92,000		92,000		$ 97,000
Fees earned from related party	$ 92,000	$ 108,000	$ 277,000	$ 305,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Textual) CAD in Millions	Nov. 06, 2012CAD	Nov. 05, 2012CAD	Aug. 03, 2012CAD	Sep. 30, 2017USD ($)	Sep. 30, 2017CAD	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2017CAD	Sep. 30, 2016USD ($)	Sep. 30, 2017CAD	Dec. 31, 2016USD ($)
Loss Contingencies [Line Items]
Estimated Litigation Liability, Current | $				$ 8,018,000			$ 8,018,000				$ 0
Legal settlement expense | $				$ 4,009,000		$ 0	4,009,000		$ 0
Percentage of defense costs which will be covered by insurance				50.00%	50.00%
Insurance proceeds | $							276,000		$ 928,000
Receivable | $				$ 113,000			113,000				$ 186,000
General Damage
Loss Contingencies [Line Items]
Litigation claim for damages		CAD 1
Special Damage
Loss Contingencies [Line Items]
Litigation claim for damages		10
Punitive Damage
Loss Contingencies [Line Items]
Litigation claim for damages		CAD 1
First Lawsuit by AGF
Loss Contingencies [Line Items]
Estimated Litigation Liability, Current				8,000,000			8,000,000			CAD 10
Lawsuit filing date			On August 3, 2012, AGF Management Limited and AGF Investments Inc. (collectively, “AGF”) filed a lawsuit in the Ontario Superior Court of Justice against Westwood, certain Westwood employees and the executive recruiting firm of Warren International, LLC (“Warren”).
Litigation claim for damages			CAD 10
One-time litigation payment								CAD 10
Legal settlement expense				4,000,000	CAD 5
Receivable				$ 4,000,000			$ 4,000,000			CAD 5
Second Lawsuit by AGF
Loss Contingencies [Line Items]
Lawsuit filing date	On November 6, 2012, AGF filed a second lawsuit against Westwood, Westwood Management and an employee of a Westwood subsidiary
Second Lawsuit by AGF | General Damage
Loss Contingencies [Line Items]
Litigation claim for damages	CAD 5
Second Lawsuit by AGF | Punitive Damage
Loss Contingencies [Line Items]
Litigation claim for damages	CAD 1

SEGMENT REPORTING (Details Text

SEGMENT REPORTING (Details Textual)	3 Months Ended
	Sep. 30, 2017Segment
Segment Reporting [Abstract]
Number of operating segments	2

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Jun. 30, 2016
Segment Reporting Information [Line Items]
ReconciliationFromNetIncomeToNonGaapMeasure [Table Text Block]			The following tables provide a reconciliation of Net income to Economic Earnings (in thousands): Three Months Ended September 30, 2017 2016 Net income $ 4,132 $ 5,887 Add: Stock-based compensation expense 4,233 4,082 Add: Intangible amortization 469 490 Add: Tax benefit from goodwill amortization 156 156 Economic Earnings $ 8,990 $ 10,615 Nine Months Ended September 30, 2017 2016 Net Income $ 17,092 $ 15,070 Add: Stock-based compensation expense 12,298 12,164 Add: Intangible amortization 1,449 1,470 Add: Tax benefit from goodwill amortization 469 390 Economic Earnings $ 31,308 $ 29,094
Net fee revenues from external sources	$ 33,192	$ 31,363	$ 98,606	$ 91,361
Net interest and dividend revenue	154	133	458	369
Other, net	146	281	807	199
Total revenues	33,492	31,777	99,871	91,929
Economic Earnings	8,990	10,615	31,308	29,094
Intangible amortization	469	490	1,449	1,470
Deferred taxes on goodwill	156	156	469	390
Net income	4,132	5,887	17,092	15,070
Segment assets	191,362		191,362		$ 179,678	$ 169,698
Segment goodwill	27,144		27,144		$ 27,144	27,144
Operating Segments | Advisory
Segment Reporting Information [Line Items]
Net fee revenues from external sources	25,334	23,673	75,036	68,563
Net intersegment revenues	2,026	5,275	6,050	14,455
Net interest and dividend revenue	111	128	391	360
Other, net	157	279	811	462
Total revenues	27,628	29,355	82,288	83,840
Economic Earnings	8,786	10,270	31,372	30,493
Segment assets	208,444		208,444			163,826
Segment goodwill	5,219		5,219			5,219
Operating Segments | Trust
Segment Reporting Information [Line Items]
Net fee revenues from external sources	7,858	7,690	23,570	22,798
Net intersegment revenues	57	41	160	82
Net interest and dividend revenue	43	5	67	9
Other, net	(11)	2	(4)	(263)
Total revenues	7,947	7,738	23,793	22,626
Economic Earnings	1,560	1,690	4,528	4,160
Segment assets	73,170		73,170			65,986
Segment goodwill	21,925		21,925			21,925
Westwood Holdings
Segment Reporting Information [Line Items]
Net fee revenues from external sources	0	0	0	0
Net intersegment revenues	0	0	0	0
Net interest and dividend revenue	0	0	0	0
Other, net	0	0	0	0
Total revenues	0	0	0	0
Economic Earnings	(1,356)	(1,345)	(4,592)	(5,559)
Segment assets	18,388		18,388			13,046
Segment goodwill	0		0			0
Eliminations
Segment Reporting Information [Line Items]
Net fee revenues from external sources	0	0	0	0
Net intersegment revenues	(2,083)	(5,316)	(6,210)	(14,537)
Net interest and dividend revenue	0	0	0	0
Other, net	0	0	0	0
Total revenues	(2,083)	(5,316)	(6,210)	(14,537)
Economic Earnings	0	0	0	0
Segment assets	(108,640)		(108,640)			(73,160)
Segment goodwill	0		0			$ 0
Restricted Stock
Segment Reporting Information [Line Items]
Allocated Share-based Compensation Expense	$ 4,233	$ 4,082	$ 12,298	$ 12,164

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - $ / shares	Oct. 25, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Subsequent Event [Line Items]
Dividends declared per share (dollars per share)		$ 0.62	$ 0.57	$ 1.86	$ 1.71
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends declared per share (dollars per share)	$ 0.68
Dividends payable, date to be paid	Jan. 2, 2018
Dividends payable, date of record	Dec. 8, 2017

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effective Income Tax Rate Reconciliation, Percent	28.20%	35.00%	29.10%	35.10%
Unrecognized Tax Benefits	$ 196,000		$ 196,000		$ 2,462,000
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions			68,000
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions			0
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions			(768,000)
Unrecognized Tax Benefits, Increase Resulting from Settlements with Taxing Authorities			1,566,000
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	196,000		196,000
Significant Change in Income Tax Provision is Reasonably Possible, Amount of Unrecorded Benefit	$ 130,000		$ 130,000
Adoption of ASU 2016-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effective Income Tax Rate Reconciliation, Percent			29.10%