Westwood (WHG) 10-Q25 Apr 182018 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	Apr. 20, 2018
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	Mar. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		9,016,436

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current Assets:
Cash and cash equivalents	$ 51,550	$ 54,249
Accounts receivable	23,945	21,660
Investments, at fair value	48,917	51,324
Income Taxes Receivable, Current	1,752	4,269
Other current assets	3,465	6,612
Total current assets	129,629	138,114
Goodwill	19,804	27,144
Deferred income taxes	4,247	3,407
Intangible assets, net	17,216	19,804
Property and equipment, net of accumulated depreciation of $5,848 and $5,673	4,220	4,190
Total assets	175,116	192,659
Current liabilities:
Accounts payable and accrued liabilities	3,192	3,501
Dividends payable	6,980	7,357
Compensation and benefits payable	5,164	19,075
Income taxes payable	977	1,598
Total current liabilities	16,313	31,531
Accrued dividends	856	1,717
Accrued Income Taxes, Noncurrent	0	1,017
Deferred rent	1,927	1,998
Total liabilities	19,096	36,263
Commitments and contingencies
Stockholders' Equity:
Common stock, $0.01 par value, authorized 25,000,000 shares, issued 10,195,216 and outstanding 9,017,274 shares at March 31, 2018; issued 9,980,827 and outstanding 8,899,587 shares at December 31, 2017	102	100
Additional paid-in capital	183,591	179,241
Treasury stock, at cost - 1,177,942 shares at March 31, 2018; 1,081,240 shares at December 31, 2017	(55,201)	(49,788)
Foreign currency translation adjustment	(2,963)	(1,764)
Retained earnings	30,491	28,607
Total stockholders' equity	156,020	156,396
Total liabilities and stockholders' equity	$ 175,116	$ 192,659

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Property and equipment, accumulated depreciation	$ 5,848	$ 5,673
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	10,195,216	9,980,827
Common stock, shares outstanding	9,017,274	8,899,587
Treasury stock, shares	1,177,942	1,081,240

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Advisory fees:
Asset-based	$ 24,483,000	$ 23,789,000
Performance-based	1,335,000	386,000
Trust fees	7,609,000	7,795,000
Other, net	140,000	653,000
Total revenues	33,567,000	32,623,000
EXPENSES:
Employee compensation and benefits	17,759,000	17,717,000
Sales and marketing	443,000	477,000
Westwood mutual funds	985,000	863,000
Information technology	2,038,000	1,756,000
Professional services	1,028,000	1,496,000
General and administrative	1,351,000	2,544,000
Total expenses	23,604,000	24,853,000
Operating Income (Loss)	9,963,000	7,770,000
Gain on sale of operations	524,000
Gain on sale of operations	524,000	0
Income before income taxes	10,487,000	7,770,000
Provision for income taxes	2,509,000	1,706,000
Net income	7,978,000	6,064,000
Other comprehensive income (loss):
Foreign currency translation adjustments	(1,199,000)	207,000
Total comprehensive income	$ 6,779,000	$ 6,271,000
Earnings per share:
Basic (dollars per share)	$ 0.96	$ 0.75
Diluted (dollars per share)	$ 0.93	$ 0.73
Weighted average shares outstanding:
Basic (shares)	8,270,793	8,065,825
Diluted (shares)	8,539,545	8,311,382
Cash dividends declared per share (dollars per share)	$ 0.68	$ 0.62

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Total	Common Stock, Par	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings
BALANCE at Dec. 31, 2017	$ 156,396	$ 100	$ 179,241	$ (49,788)	$ (1,764)	$ 28,607
BALANCE, shares at Dec. 31, 2017	8,899,587	8,899,587
Net income	$ 7,978
Other comprehensive income	(1,199)				(1,199)
Issuance of restricted stock, net of forfeitures	0	$ 2	(2)
Issuance of restricted stock, net of forfeitures, shares		214,389
Dividends declared	(6,094)					(6,094)
Stock based compensation expense	4,187		4,187
Reclassification of compensation liability to be paid in shares	165		165
Purchases of treasury stock	(726)			(726)
Purchases of treasury stock, shares		(13,031)
Restricted stock returned for payment of taxes	(4,687)			(4,687)
Restricted stock returned for payment of taxes, shares		(83,671)
BALANCE at Mar. 31, 2018	$ 156,020	$ 102	$ 183,591	$ (55,201)	$ (2,963)	$ 30,491
BALANCE, shares at Mar. 31, 2018	9,017,274	9,017,274

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 7,978	$ 6,064
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	213	240
Amortization of intangible assets	418	490
Unrealized (gains) losses on trading investments	232	(303)
Stock based compensation expense	4,187	3,897
Deferred income taxes	(859)	26
Gain on sale of operations	(524)	0
Other Operating Activities, Cash Flow Statement	0	(7)
Change in operating assets and liabilities:
Net sales of investments - trading securities	2,175	12,002
Accounts receivable	(2,575)	(1,721)
Other current assets	3,027	(18)
Accounts payable and accrued liabilities	(22)	(161)
Compensation and benefits payable	(13,712)	(11,394)
Prepaid income taxes/income taxes payable	871	859
Other liabilities	(57)	(33)
Net cash provided by operating activities	1,352	9,941
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(299)	(150)
Proceeds from sale of operations	10,013	0
Net cash provided by (used in) investing activities	9,714	(150)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment for Repurchases of Stock for Benefit Plan	(726)	(1,326)
Restricted stock returned for payment of taxes	(4,687)	(5,189)
Cash dividends paid	(7,332)	(6,564)
Net cash used in financing activities	(12,745)	(13,079)
Effect of currency rate changes on cash	(1,020)	235
Net Change in Cash and Cash Equivalents	(2,699)	(3,053)
Cash and cash equivalents, beginning of period	54,249	33,679
Cash and cash equivalents, end of period	51,550	30,626
Supplemental cash flow information:
Cash paid during the period for income taxes	0	828
DividendsAccrued	7,836	7,358
Capital Expenditures Incurred but Not yet Paid	$ 29	$ 0

DESCRIPTION OF THE BUSINESS

DESCRIPTION OF THE BUSINESS	3 Months Ended
DESCRIPTION OF THE BUSINESS	Mar. 31, 2018
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 closed on January 12, 2018. We received proceeds of $10.0 million , net of working capital requirements, and recorded a $524,000 gain on the sale, which is included as “Gain on sale of operations” on our Consolidated Statement of Comprehensive Income. The sale reduced our goodwill and intangible assets but did not have a material impact on our Condensed Consolidated Balance Sheet. The following table presents cash proceeds received and net assets sold (in thousands): Cash Proceeds $ 10,013 Net assets sold: Accounts receivable 99 Other current assets 112 Goodwill 7,340 Intangible assets, net 2,170 Property and equipment, net 18 Accounts payable and accrued liabilities (241 ) Other liabilities (9 ) Gain on sale of operations $ 524 The component is reported within both our Advisory and Trust segments. The sale did not represent a major strategic shift in our business and did not qualify for discontinued operations reporting.
Date of incorporation	Dec. 12, 2001

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2018
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	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, 2017 , 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 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 is 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. We adopted ASU 2014-09 effective January 1, 2018. See further discussion in Note 9 “Revenue.” In March 2018, the FASB issued ASU 2018-05, Income Taxes: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 , to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Cuts and Jobs Act (“Tax Reform Act”). See further discussion in Note 11 “Income Taxes.”

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Mar. 31, 2018
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 approximately 10,000 and 20,000 anti-dilutive restricted shares outstanding for the three months ended March 31, 2018 and 2017 , 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 March 31, 2018 2017 Net income $ 7,978 $ 6,064 Weighted average shares outstanding - basic 8,270,793 8,065,825 Dilutive potential shares from unvested restricted shares 268,752 245,557 Weighted average shares outstanding - diluted 8,539,545 8,311,382 Earnings per share: Basic $ 0.96 $ 0.75 Diluted $ 0.93 $ 0.73

INVESTMENTS

INVESTMENTS	3 Months Ended
INVESTMENTS	Mar. 31, 2018
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 March 31, 2018: U.S. Government and Government agency obligations $ 26,889 $ 18 $ — $ 26,907 Money market funds 10,329 — — 10,329 Equity funds 11,288 500 (107 ) 11,681 $ 48,506 $ 518 $ (107 ) $ 48,917 December 31, 2017: U.S. Government and Government agency obligations $ 29,367 $ 21 $ (15 ) $ 29,373 Money market funds 9,736 — — 9,736 Equity funds 11,578 657 (20 ) 12,215 $ 50,681 $ 678 $ (35 ) $ 51,324 As of March 31, 2018 and December 31, 2017 , approximately $10.7 million in corporate funds 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	3 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 31, 2018
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, prepaid income taxes, 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 March 31, 2018: Investments in trading securities $ 46,651 $ — $ — $ 2,266 $ 48,917 Total financial instruments $ 46,651 $ — $ — $ 2,266 $ 48,917 As of December 31, 2017: Investments in trading securities $ 48,998 $ — $ — $ 2,326 $ 51,324 Total financial instruments $ 48,998 $ — $ — $ 2,326 $ 51,324 (1) Comprised of certain investments measured at fair value using net asset value ( “ NAV ” ) as a practical expedient. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on our Condensed Consolidated Balance Sheets.

ACQUISITIONS, GOODWILL AND OTHE

ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS	3 Months Ended
ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS	GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill Goodwill represents the excess of the cost of acquired assets over the fair value of the underlying identifiable assets at the date of acquisition. Goodwill is not amortized but is tested for impairment at least annually. We completed our annual goodwill impairment assessment during the third quarter of 2017 and determined that no impairment loss was required. No impairments on goodwill were recorded during the three months ended March 31, 2018 or 2017 . Changes in goodwill for the periods presented are as follows (in thousands): Goodwill Balance as of December 31, 2017 $ 27,144 Reduction from Omaha divestiture (7,340 ) Balance as of March 31, 2018 $ 19,804 Other Intangible Assets Our intangible assets represent the acquisition date fair value of acquired client relationships, trade names, non-compete agreements and internally developed software and are reflected net of amortization. In valuing these assets, we made significant estimates regarding their useful lives, growth rates and potential attrition. We periodically review intangible assets for events or circumstances that would indicate impairment. No impairments on intangible assets were recorded during the three months ended March 31, 2018 or 2017 . Changes in the balance of intangible assets for the periods presented are as follows (in thousands): Intangible assets, net Balance as of December 31, 2017 $ 19,804 Amortization (418 ) Reduction from Omaha divestiture (1) (2,170 ) Balance as of March 31, 2018 $ 17,216 ______________________ (1) Related to client relationships

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS	3 Months Ended
BALANCE SHEET COMPONENTS	Mar. 31, 2018
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 March 31, 2018 As of December 31, 2017 Foreign currency translation adjustment $ (2,963 ) $ (1,764 ) Accumulated other comprehensive loss $ (2,963 ) $ (1,764 )

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
VARIABLE INTEREST ENTITIES	Mar. 31, 2018
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® 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 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. Prior to the sale of our Omaha-based operations, we also considered our advisory relationship with ten limited liability companies (“LLCs”) as VIEs, but as of March 31, 2018, we no longer serve as the managing member of the funds and do not control the activities that most significantly impact the entities' economic performance. Therefore, the LLCs are no longer considered a VIE. 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 March 31, 2018 and December 31, 2017, we have not consolidated the CTFs or LLCs 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 March 31, 2018 and December 31, 2017 , our seed investments aggregated approximately $10.7 million 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 March 31, 2018 . 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 $12.6 million and $12.8 million for the three months ended March 31, 2018 and 2017 , 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 March 31, 2018 Assets Corporate Amount at Risk VIEs/VOEs: Westwood Funds® $ 4,244 $ 6 $ 6 Common Trust Funds 2,424 2 2 UCITS Fund 405 2 2 All other assets: Private Wealth 2,577 Institutional 12,972 Total Assets Under Management $ 22,622

REVENUE (Notes)

REVENUE (Notes)	3 Months Ended
REVENUE (Notes)	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	REVENUE Adoption of ASC 2014-09 Revenue from Contracts with Customers (Topic 606) On January 1, 2018, we adopted ASU 2016-10 using the modified retrospective method applied to those contracts that were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606 while prior period amounts continue to be reported in accordance with our historic accounting under Topic 605. We analyzed the revenue from prior periods and determined no material adjustments to opening retained earnings were necessary as the updated guidance is consistent with our historical revenue recognition methodology. Revenue Recognition Revenues are recognized when the performance obligation (the investment management and advisory or trust services provided to the client) defined by the investment advisory or sub-advisory agreement is satisfied. For each performance obligation, we determine at contract inception whether the revenue satisfies over time or at a point in time. We derive our revenues from investment advisory fees, trust fees and other sources of revenues. Advisory and Trust fees are calculated based on a percentage of assets under management and the performance obligation is realized over the current calendar quarter. Once clients receive our investment advisory services we have an enforceable right to payment. Advisory Fee Revenues Our advisory fees are generated by Westwood Management and Westwood International, which manage client accounts under investment advisory and sub-advisory agreements. Advisory fees are typically calculated based on a percentage of assets under management and are paid in accordance with the terms of the agreements. Advisory fees are paid quarterly in advance based on assets under management on the last day of the preceding quarter, quarterly in arrears based on assets under management on the last day of the quarter just ended, or are based on a daily or monthly analysis of assets under management for the stated period. We recognize advisory fee revenues as services are rendered. Since our advance paying clients' billing periods coincide with the calendar quarter to which such payments relate, revenue is recognized within the quarter and our condensed consolidated financial statements contain no deferred advisory fee revenues. Advisory clients typically consist of institutional and mutual fund accounts. Institutional investors includes separate accounts of (i) corporate pension and profit sharing plans, public employee retirement funds, Taft Hartley plans, endowments, foundations and individuals; (ii) subadvisory relationships where Westwood provides investment management services for funds offered by other financial institutions; (iii) pooled investment vehicles, including the UCITS Fund and collective investment trusts; and (iv) managed account relationships with brokerage firms and other registered investment advisors that offer Westwood products to their customers. Mutual funds include the Westwood Funds®, a family of mutual funds for which Westwood Management serves as advisor. These funds are available to individual investors, as well as offered as part of our investment strategies for institutional investors and private wealth accounts. Arrangements with Performance Based Obligations A limited number of our advisory clients have a contractual performance-based fee component in their contracts, which generates additional revenues if we outperform a specified index over a specific period of time. The revenue is based on future market performance and is susceptible to factors outside our control. We cannot conclude that it is probable that a significant reversal in the cumulative amount of revenue recognized would not occur during the measurement period, and therefore the revenue is recorded at the end of the measurement period when the performance obligation has been satisfied. Trust Fee Revenues Our trust fees are generated by Westwood Trust pursuant to trust or custodial agreements. Trust fees are separately negotiated with each client and are generally based on a percentage of assets under management. Westwood Trust also provides trust services to a small number of clients on a fixed fee basis. The fees for most of our trust clients are calculated quarterly in arrears, based on a daily average of assets under management for the quarter. Since billing periods for most of Westwood Trust’s clients coincide with the calendar quarter, revenue is fully recognized within the quarter and our Condensed Consolidated Financial Statements do not contain a significant amount of deferred trust fee revenues. Revenue Disaggregated The following table presents our revenue disaggregated by account type (sales taxes are excluded from revenues): Three Months Ended March 31, 2018 2017 Advisory Fees: Institutional $ 16,705 $ 16,609 Mutual Funds 7,750 7,180 Private Wealth 28 — Performance-based 1,335 386 Trust Fees 7,609 7,795 Other 140 653 Total revenues $ 33,567 $ 32,623 We have clients in various locations around the world. The following table presents our revenue disaggregated by our clients' geographical locations: Three Months Ended March 31, 2018 Advisory Trust Performance-based Other Total Asia $ 1,431 $ — $ — $ — $ 1,431 Australia 1,022 — — — 1,022 Canada 1,830 — — 49 1,879 Europe 1,243 — — — 1,243 United States 18,957 7,609 1,335 91 27,992 Total $ 24,483 $ 7,609 $ 1,335 $ 140 $ 33,567 Three Months Ended March 31, 2017 Advisory Trust Performance-based Other Total Asia $ 1,539 $ — $ — $ — $ 1,539 Australia 641 — — — 641 Canada 2,015 — — 83 2,098 Europe 1,057 — — — 1,057 United States 18,537 7,795 386 570 27,288 Total $ 23,789 $ 7,795 $ 386 $ 653 $ 32,623

LONG-TERM INCENTIVE COMPENSATIO

LONG-TERM INCENTIVE COMPENSATION	3 Months Ended
LONG-TERM INCENTIVE COMPENSATION	Mar. 31, 2018
Employee Benefits and Share-based Compensation, Noncash [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 (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. The total number of shares issuable under the Plan (including predecessor plans to the Plan) may not exceed 4,648,100 shares. At March 31, 2018 , approximately 207,000 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 March 31, 2018 2017 Service condition stock-based compensation expense $ 2,790 $ 2,629 Performance condition stock-based compensation expense 1,276 1,123 Stock-based compensation expense under the Plan 4,066 3,752 Canadian Plan stock-based compensation expense 121 145 Total stock-based compensation expense $ 4,187 $ 3,897 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 March 31, 2018 , there was approximately $30.9 million of unrecognized compensation cost for restricted stock grants under the Plan, which we expect to recognize over a weighted-average period of 2.6 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, with adjustments for forfeitures recorded as they occur. The following table details the status and changes in our restricted stock grants subject only to a service condition for the three months ended March 31, 2018 : Shares Weighted Average Non-vested, January 1, 2018 519,375 $ 55.44 Granted 160,668 55.72 Vested (190,908 ) 53.26 Forfeited (14,795 ) 56.56 Non-vested, March 31, 2018 474,340 $ 56.38 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 specific goals for that year’s vesting of the restricted shares. The date that the Compensation Committee establishes annual goals 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 specific performance goals 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 2018, the Compensation Committee established the fiscal 2018 goal for our Chief Executive Officer and Chief Investment Officer as Income before income taxes of $20.0 million for 50% of their respective awards and an Income before income taxes target of $36.0 million (ranging from 25% of target for threshold performance of $32.0 million to 185% of target for maximum performance of $44.5 million ) for the remaining 50% of their respective awards. For certain other key employees, the Compensation Committee established fiscal 2018 goals based on various departmental and company-wide performance goals, including Income before income taxes of at least $20.0 million . During the first quarter of 2018, we recorded expense related to the applicable percentage of the performance-based restricted shares expected to meet or exceed the performance goals needed to earn the shares. The following table details the status and changes in our restricted stock grants subject to service and performance conditions for the three months ended March 31, 2018 : Shares Weighted Average Non-vested, January 1, 2018 165,918 $ 55.85 Granted 84,829 55.46 Vested (98,281 ) 55.81 Forfeited — — Non-vested, March 31, 2018 152,466 $ 55.47 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 ( $7.8 million in U.S. Dollars using the exchange rate on March 31, 2018 ) may be funded to the plan trustee for purchases of common stock with respect to awards granted under the Canadian Plan. At March 31, 2018 , approximately $3.4 million CDN ( $2.7 million in U.S. Dollars using the exchange rate on March 31, 2018 ) remains available for issuance under the Canadian Plan, or approximately 47,340 shares based on the closing share price of our stock of $56.49 as of March 31, 2018 . During the first three months of 2018 , the trust formed pursuant to the Canadian Plan purchased in the open market 13,031 Westwood common shares for approximately $726,000 . As of March 31, 2018 , the trust holds 46,358 shares of Westwood common stock. As of March 31, 2018 , unrecognized compensation cost related to restricted stock grants under the Canadian Plan totaled $1.1 million , which we expect to recognize over a weighted-average period of 2.1 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. Awards vest 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 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 March 31, 2018 and 2017 , we recorded expense of approximately $174,000 and $288,000 , respectively, related to mutual fund share incentive awards. As of March 31, 2018 and December 31, 2017 , we had an accrued liability of approximately $507,000 and $1.8 million , respectively, related to mutual fund share incentive awards.

INCOME TAXES (Notes)

INCOME TAXES (Notes)	3 Months Ended
INCOME TAXES (Notes)	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	INCOME TAXES Our effective income tax rate was 23.9% for the first quarter of 2018 , compared with 22.0% for the first quarter of 2017 . The current quarter rate benefited from the decrease in the U.S. corporate income tax rate under the Tax Reform Act signed into law in December 2017, while the first quarter of 2017 included a $1.0 million tax benefit related to the adoption of ASU 2016-09 Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting . Excluding this discrete tax benefit, our effective tax rate would have been 34.2% for the prior year quarter. Tax Reform Act On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. During 2017, we provisionally recognized the incremental tax impacts related to deemed repatriated earnings and the revaluation of deferred tax assets and liabilities and included these amounts in our Consolidated Financial Statements for the year ended December 31, 2017. During the first quarter of 2018, we did not make any changes to the amounts provisionally recognized. The ultimate impact may differ, possibly materially, from these provisional amounts due to, among other things, additional analysis, changes in interpretations and assumptions we have made, additional regulatory guidance that may be issued and actions we may take as a result of the Tax Reform Act. The accounting is expected to be complete when our 2017 U.S. corporate income tax return is filed in the third quarter of 2018.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2018
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 March 31, 2018 and 2017 , we recorded trust fees from these accounts of $95,000 and $95,000 , respectively. There was $95,000 and $98,000 due from these accounts as of March 31, 2018 and December 31, 2017 , 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 March 31, 2018 and 2017 , the Company earned approximately $1.2 million and $800,000 , 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 March 31, 2018 and December 31, 2017 , $427,000 and $423,000 , respectively, of these fees were unpaid and included in “Accounts receivable” on our Condensed Consolidated Balance Sheets.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2018
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. On November 5, 2012, Westwood responded to AGF’s lawsuit with a counterclaim, and on November 6, 2012, AGF filed a second lawsuit against Westwood, Westwood Management and an employee of Westwood International. 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 agreed to pay AGF a one-time payment of $10.0 million CDN, half of which was covered by our insurance. During 2017, we recorded a net $4.0 million ( $5.0 million CDN) charge related to the settlement and associated insurance coverage, with a $4.0 million ( $5.0 million CDN) receivable from our insurance provider included in “Other current assets” on our Condensed Consolidated Balance Sheets at December 31, 2017. Of that amount, we received insurance proceeds of $3.6 million during the three months ended March 31, 2018 . At March 31, 2018, we had a receivable related to the settlement of approximately $403,000 included in “Other current assets” on our Condensed Consolidated Balance Sheets. 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 had a receivable of approximately $237,000 and $212,000 as of March 31, 2018 and December 31, 2017 , 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	3 Months Ended
SEGMENT REPORTING	Mar. 31, 2018
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 March 31, 2018 Net fee revenues from external sources $ 25,818 $ 7,609 $ — $ — $ 33,427 Net intersegment revenues 2,037 55 — (2,092 ) — Net interest and dividend revenue 141 46 — — 187 Other, net (43 ) (4 ) — — (47 ) Total revenues $ 27,953 $ 7,706 $ — $ (2,092 ) $ 33,567 Economic Earnings $ 13,800 $ 1,220 $ (2,378 ) $ — $ 12,642 Less: Restricted stock expense 4,187 Intangible amortization 418 Deferred taxes on goodwill 59 Net income $ 7,978 Segment assets $ 204,343 $ 60,584 $ 18,132 $ (107,943 ) $ 175,116 Segment goodwill $ 3,403 $ 16,401 $ — $ — $ 19,804 Three Months Ended March 31, 2017 Net fee revenues from external sources $ 24,175 $ 7,795 $ — $ — $ 31,970 Net intersegment revenues 2,026 51 — (2,077 ) — Net interest and dividend revenue 158 9 — — 167 Other, net 482 4 — — 486 Total revenues $ 26,841 $ 7,859 $ — $ (2,077 ) $ 32,623 Economic Earnings $ 10,787 $ 1,448 $ (1,628 ) $ — $ 10,607 Less: Restricted stock expense 3,897 Intangible amortization 490 Deferred taxes on goodwill 156 Net income $ 6,064 Segment assets $ 178,591 $ 66,166 $ 9,744 $ (88,397 ) $ 166,104 Segment goodwill $ 5,219 $ 21,925 $ — $ — $ 27,144 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 March 31, 2018 2017 Net income $ 7,978 $ 6,064 Add: Stock-based compensation expense 4,187 3,897 Add: Intangible amortization 418 490 Add: Tax benefit from goodwill amortization 59 156 Economic Earnings $ 12,642 $ 10,607

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2018
Subsequent Event [Line Items]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Dividend Declared In April 2018, Westwood’s Board of Directors declared a quarterly cash dividend of $0.68 per common share, payable on July 2, 2018 , to stockholders of record on June 8, 2018 .

SUMMARY OF SIGNIFICANT ACCOUN22

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2018
Accounting Policies [Abstract]
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, with adjustments for forfeitures recorded as they occur.
Restricted Stock Subject To Service And Performance Conditions Policy [Text Block]	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 specific goals for that year’s vesting of the restricted shares. The date that the Compensation Committee establishes annual goals 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 specific performance goals 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 2018, the Compensation Committee established the fiscal 2018 goal for our Chief Executive Officer and Chief Investment Officer as Income before income taxes of $20.0 million for 50% of their respective awards and an Income before income taxes target of $36.0 million (ranging from 25% of target for threshold performance of $32.0 million to 185% of target for maximum performance of $44.5 million ) for the remaining 50% of their respective awards. For certain other key employees, the Compensation Committee established fiscal 2018 goals based on various departmental and company-wide performance goals, including Income before income taxes of at least $20.0 million . During the first quarter of 2018, we recorded expense related to the applicable percentage of the performance-based restricted shares expected to meet or exceed the performance goals needed to earn the shares.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Revenues are recognized when the performance obligation (the investment management and advisory or trust services provided to the client) defined by the investment advisory or sub-advisory agreement is satisfied. For each performance obligation, we determine at contract inception whether the revenue satisfies over time or at a point in time. We derive our revenues from investment advisory fees, trust fees and other sources of revenues. Advisory and Trust fees are calculated based on a percentage of assets under management and the performance obligation is realized over the current calendar quarter. Once clients receive our investment advisory services we have an enforceable right to payment. Advisory Fee Revenues Our advisory fees are generated by Westwood Management and Westwood International, which manage client accounts under investment advisory and sub-advisory agreements. Advisory fees are typically calculated based on a percentage of assets under management and are paid in accordance with the terms of the agreements. Advisory fees are paid quarterly in advance based on assets under management on the last day of the preceding quarter, quarterly in arrears based on assets under management on the last day of the quarter just ended, or are based on a daily or monthly analysis of assets under management for the stated period. We recognize advisory fee revenues as services are rendered. Since our advance paying clients' billing periods coincide with the calendar quarter to which such payments relate, revenue is recognized within the quarter and our condensed consolidated financial statements contain no deferred advisory fee revenues. Advisory clients typically consist of institutional and mutual fund accounts. Institutional investors includes separate accounts of (i) corporate pension and profit sharing plans, public employee retirement funds, Taft Hartley plans, endowments, foundations and individuals; (ii) subadvisory relationships where Westwood provides investment management services for funds offered by other financial institutions; (iii) pooled investment vehicles, including the UCITS Fund and collective investment trusts; and (iv) managed account relationships with brokerage firms and other registered investment advisors that offer Westwood products to their customers. Mutual funds include the Westwood Funds®, a family of mutual funds for which Westwood Management serves as advisor. These funds are available to individual investors, as well as offered as part of our investment strategies for institutional investors and private wealth accounts. Arrangements with Performance Based Obligations A limited number of our advisory clients have a contractual performance-based fee component in their contracts, which generates additional revenues if we outperform a specified index over a specific period of time. The revenue is based on future market performance and is susceptible to factors outside our control. We cannot conclude that it is probable that a significant reversal in the cumulative amount of revenue recognized would not occur during the measurement period, and therefore the revenue is recorded at the end of the measurement period when the performance obligation has been satisfied. Trust Fee Revenues Our trust fees are generated by Westwood Trust pursuant to trust or custodial agreements. Trust fees are separately negotiated with each client and are generally based on a percentage of assets under management. Westwood Trust also provides trust services to a small number of clients on a fixed fee basis. The fees for most of our trust clients are calculated quarterly in arrears, based on a daily average of assets under management for the quarter. Since billing periods for most of Westwood Trust’s clients coincide with the calendar quarter, revenue is fully recognized within the quarter and our Condensed Consolidated Financial Statements do not contain a significant amount of deferred trust fee revenues.
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, 2017 , 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 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 is 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. We adopted ASU 2014-09 effective January 1, 2018. See further discussion in Note 9 “Revenue.” In March 2018, the FASB issued ASU 2018-05, Income Taxes: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 , to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Cuts and Jobs Act (“Tax Reform Act”). See further discussion in Note 11 “Income Taxes.”

EARNINGS PER SHARE Policies (Po

EARNINGS PER SHARE Policies (Policies)	3 Months Ended
EARNINGS PER SHARE Policies (Policies)	Mar. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share, Policy [Policy Text Block]	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.

VARIABLE INTEREST ENTITIES Poli

VARIABLE INTEREST ENTITIES Policies (Policies)	3 Months Ended
VARIABLE INTEREST ENTITIES Policies (Policies)	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	We have evaluated all of our advisory relationships with the UCITS Fund, the Westwood Funds® 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 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. Prior to the sale of our Omaha-based operations, we also considered our advisory relationship with ten limited liability companies (“LLCs”) as VIEs, but as of March 31, 2018, we no longer serve as the managing member of the funds and do not control the activities that most significantly impact the entities' economic performance. Therefore, the LLCs are no longer considered a VIE. 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 March 31, 2018 and December 31, 2017, we have not consolidated the CTFs or LLCs 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.

DESCRIPTION OF THE BUSINESS Tab

DESCRIPTION OF THE BUSINESS Table (Tables)	3 Months Ended
DESCRIPTION OF THE BUSINESS Table (Tables)	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Disposal Groups, Including Discontinued Operations [Table Text Block]	The following table presents cash proceeds received and net assets sold (in thousands): Cash Proceeds $ 10,013 Net assets sold: Accounts receivable 99 Other current assets 112 Goodwill 7,340 Intangible assets, net 2,170 Property and equipment, net 18 Accounts payable and accrued liabilities (241 ) Other liabilities (9 ) Gain on sale of operations $ 524

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Mar. 31, 2018
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 March 31, 2018 2017 Net income $ 7,978 $ 6,064 Weighted average shares outstanding - basic 8,270,793 8,065,825 Dilutive potential shares from unvested restricted shares 268,752 245,557 Weighted average shares outstanding - diluted 8,539,545 8,311,382 Earnings per share: Basic $ 0.96 $ 0.75 Diluted $ 0.93 $ 0.73

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
INVESTMENTS (Tables)	Mar. 31, 2018
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 March 31, 2018: U.S. Government and Government agency obligations $ 26,889 $ 18 $ — $ 26,907 Money market funds 10,329 — — 10,329 Equity funds 11,288 500 (107 ) 11,681 $ 48,506 $ 518 $ (107 ) $ 48,917 December 31, 2017: U.S. Government and Government agency obligations $ 29,367 $ 21 $ (15 ) $ 29,373 Money market funds 9,736 — — 9,736 Equity funds 11,578 657 (20 ) 12,215 $ 50,681 $ 678 $ (35 ) $ 51,324

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Mar. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]	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 March 31, 2018: Investments in trading securities $ 46,651 $ — $ — $ 2,266 $ 48,917 Total financial instruments $ 46,651 $ — $ — $ 2,266 $ 48,917 As of December 31, 2017: Investments in trading securities $ 48,998 $ — $ — $ 2,326 $ 51,324 Total financial instruments $ 48,998 $ — $ — $ 2,326 $ 51,324 (1) Comprised of certain investments measured at fair value using net asset value ( “ NAV ” ) as a practical expedient. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on our Condensed Consolidated Balance Sheets.

ACQUISITIONS, GOODWILL AND OT29

ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS Table (Tables)	3 Months Ended
	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets [Table Text Block]	Changes in the balance of intangible assets for the periods presented are as follows (in thousands): Intangible assets, net Balance as of December 31, 2017 $ 19,804 Amortization (418 ) Reduction from Omaha divestiture (1) (2,170 ) Balance as of March 31, 2018 $ 17,216 ______________________ (1) Related to client relationships
Schedule of Goodwill [Table Text Block]	Changes in goodwill for the periods presented are as follows (in thousands): Goodwill Balance as of December 31, 2017 $ 27,144 Reduction from Omaha divestiture (7,340 ) Balance as of March 31, 2018 $ 19,804

BALANCE SHEET COMPONENTS (Table

BALANCE SHEET COMPONENTS (Tables)	3 Months Ended
BALANCE SHEET COMPONENTS (Tables)	Mar. 31, 2018
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 March 31, 2018 As of December 31, 2017 Foreign currency translation adjustment $ (2,963 ) $ (1,764 ) Accumulated other comprehensive loss $ (2,963 ) $ (1,764 )

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
VARIABLE INTEREST ENTITIES (Tables)	Mar. 31, 2018
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 March 31, 2018 Assets Corporate Amount at Risk VIEs/VOEs: Westwood Funds® $ 4,244 $ 6 $ 6 Common Trust Funds 2,424 2 2 UCITS Fund 405 2 2 All other assets: Private Wealth 2,577 Institutional 12,972 Total Assets Under Management $ 22,622

REVENUE Table (Tables)

REVENUE Table (Tables)	3 Months Ended
REVENUE Table (Tables)	Mar. 31, 2018
Disaggregation of Revenue [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table presents our revenue disaggregated by account type (sales taxes are excluded from revenues): Three Months Ended March 31, 2018 2017 Advisory Fees: Institutional $ 16,705 $ 16,609 Mutual Funds 7,750 7,180 Private Wealth 28 — Performance-based 1,335 386 Trust Fees 7,609 7,795 Other 140 653 Total revenues $ 33,567 $ 32,623
Revenue Disaggregation by Geographic Location [Table Text Block]	The following table presents our revenue disaggregated by our clients' geographical locations: Three Months Ended March 31, 2018 Advisory Trust Performance-based Other Total Asia $ 1,431 $ — $ — $ — $ 1,431 Australia 1,022 — — — 1,022 Canada 1,830 — — 49 1,879 Europe 1,243 — — — 1,243 United States 18,957 7,609 1,335 91 27,992 Total $ 24,483 $ 7,609 $ 1,335 $ 140 $ 33,567 Three Months Ended March 31, 2017 Advisory Trust Performance-based Other Total Asia $ 1,539 $ — $ — $ — $ 1,539 Australia 641 — — — 641 Canada 2,015 — — 83 2,098 Europe 1,057 — — — 1,057 United States 18,537 7,795 386 570 27,288 Total $ 23,789 $ 7,795 $ 386 $ 653 $ 32,623

LONG-TERM INCENTIVE COMPENSAT33

LONG-TERM INCENTIVE COMPENSATION (Tables)	3 Months Ended
LONG-TERM INCENTIVE COMPENSATION (Tables)	Mar. 31, 2018
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 March 31, 2018 2017 Service condition stock-based compensation expense $ 2,790 $ 2,629 Performance condition stock-based compensation expense 1,276 1,123 Stock-based compensation expense under the Plan 4,066 3,752 Canadian Plan stock-based compensation expense 121 145 Total stock-based compensation expense $ 4,187 $ 3,897
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 three months ended March 31, 2018 : Shares Weighted Average Non-vested, January 1, 2018 519,375 $ 55.44 Granted 160,668 55.72 Vested (190,908 ) 53.26 Forfeited (14,795 ) 56.56 Non-vested, March 31, 2018 474,340 $ 56.38
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 three months ended March 31, 2018 : Shares Weighted Average Non-vested, January 1, 2018 165,918 $ 55.85 Granted 84,829 55.46 Vested (98,281 ) 55.81 Forfeited — — Non-vested, March 31, 2018 152,466 $ 55.47

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
SEGMENT REPORTING (Tables)	Mar. 31, 2018
Segment Reporting [Abstract]
Intersegment Balances	(in thousands) Advisory Trust Westwood Eliminations Consolidated Three Months Ended March 31, 2018 Net fee revenues from external sources $ 25,818 $ 7,609 $ — $ — $ 33,427 Net intersegment revenues 2,037 55 — (2,092 ) — Net interest and dividend revenue 141 46 — — 187 Other, net (43 ) (4 ) — — (47 ) Total revenues $ 27,953 $ 7,706 $ — $ (2,092 ) $ 33,567 Economic Earnings $ 13,800 $ 1,220 $ (2,378 ) $ — $ 12,642 Less: Restricted stock expense 4,187 Intangible amortization 418 Deferred taxes on goodwill 59 Net income $ 7,978 Segment assets $ 204,343 $ 60,584 $ 18,132 $ (107,943 ) $ 175,116 Segment goodwill $ 3,403 $ 16,401 $ — $ — $ 19,804 Three Months Ended March 31, 2017 Net fee revenues from external sources $ 24,175 $ 7,795 $ — $ — $ 31,970 Net intersegment revenues 2,026 51 — (2,077 ) — Net interest and dividend revenue 158 9 — — 167 Other, net 482 4 — — 486 Total revenues $ 26,841 $ 7,859 $ — $ (2,077 ) $ 32,623 Economic Earnings $ 10,787 $ 1,448 $ (1,628 ) $ — $ 10,607 Less: Restricted stock expense 3,897 Intangible amortization 490 Deferred taxes on goodwill 156 Net income $ 6,064 Segment assets $ 178,591 $ 66,166 $ 9,744 $ (88,397 ) $ 166,104 Segment goodwill $ 5,219 $ 21,925 $ — $ — $ 27,144
ReconciliationFromNetIncomeToNonGaapMeasure [Table Text Block]	The following tables provide a reconciliation of Net income to Economic Earnings (in thousands): Three Months Ended March 31, 2018 2017 Net income $ 7,978 $ 6,064 Add: Stock-based compensation expense 4,187 3,897 Add: Intangible amortization 418 490 Add: Tax benefit from goodwill amortization 59 156 Economic Earnings $ 12,642 $ 10,607

DESCRIPTION OF THE BUSINESS Oma

DESCRIPTION OF THE BUSINESS Omaha Operations Divestiture (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Cash Proceeds From Divestiture [Line Items]
Proceeds from sale of operations	$ 10,013,000	$ 0
Accounts receivable	23,945,000		$ 21,660,000
Other current assets	3,465,000		6,612,000
Goodwill	19,804,000	$ 27,144,000	27,144,000
Intangible assets, net	17,216,000		19,804,000
Property and equipment, net of accumulated depreciation of $5,848 and $5,673	4,220,000		4,190,000
Accounts payable and accrued liabilities	(3,192,000)		$ (3,501,000)
Gain on sale of operations	524,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Cash Proceeds From Divestiture [Line Items]
Proceeds from sale of operations	10,013,000
Accounts receivable	99,000
Other current assets	112,000
Goodwill	7,340,000
Intangible assets, net	2,170,000
Property and equipment, net of accumulated depreciation of $5,848 and $5,673	18,000
Accounts payable and accrued liabilities	(241,000)
Other liabilities	(9,000)
Gain on sale of operations	$ 524,000

EARNINGS PER SHARE (Details Tex

EARNINGS PER SHARE (Details Textual) - shares	3 Months Ended
EARNINGS PER SHARE (Details Textual) - shares	Mar. 31, 2018	Mar. 31, 2017
Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive restricted shares	10,000	20,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Computation of Basic and Diluted Shares
Net income	$ 7,978	$ 6,064
Weighted average shares outstanding - basic (shares)	8,270,793	8,065,825
Dilutive potential shares from unvested restricted shares (shares)	268,752	245,557
Weighted average shares outstanding - diluted (shares)	8,539,545	8,311,382
Earnings per share:
Basic (dollars per share)	$ 0.96	$ 0.75
Diluted (dollars per share)	$ 0.93	$ 0.73

INVESTMENTS (Details)

INVESTMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
INVESTMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Investment balances
Cost	$ 48,506		$ 50,681
Gross Unrealized Gains	518	$ 678
Gross Unrealized Losses	(107)	(35)
Estimated Market Value	48,917		51,324
Money market funds
Investment balances
Cost	10,329		9,736
Estimated Market Value	10,329		9,736
Equity funds
Investment balances
Cost	11,288		11,578
Gross Unrealized Gains	500	657
Gross Unrealized Losses	(107)	$ (20)
Estimated Market Value	$ 11,681		$ 12,215

INVESTMENTS (Details Textual)

INVESTMENTS (Details Textual) - USD ($) $ in Thousands	3 Months Ended
INVESTMENTS (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Schedule Of Investments [Line Items]
Cost	$ 48,506		$ 50,681
Trading Securities, Unrealized Holding Gain	518	$ 678
Trading Securities, Unrealized Holding Loss	107	35
Estimated Market Value	48,917		51,324
VIE
Schedule Of Investments [Line Items]
Estimated Market Value	10,700		10,700
U.S. Government and Government agency obligations
Schedule Of Investments [Line Items]
Cost	26,889		29,367
Trading Securities, Unrealized Holding Gain	18	21
Trading Securities, Unrealized Holding Loss	0	15
Estimated Market Value	26,907		29,373
Money market funds
Schedule Of Investments [Line Items]
Cost	10,329		9,736
Estimated Market Value	10,329		9,736
Equity funds
Schedule Of Investments [Line Items]
Cost	11,288		11,578
Trading Securities, Unrealized Holding Gain	500	657
Trading Securities, Unrealized Holding Loss	107	$ 20
Estimated Market Value	$ 11,681		$ 12,215

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Investments in securities:
Investments in trading securities	$ 48,917	$ 51,324
Fair Value, Net Asset (Liability)	48,917	51,324
Inputs, Net Asset Value [Member]
Investments in securities:
Investments in trading securities	2,266	2,326
Level 1
Investments in securities:
Investments in trading securities	46,651	48,998
Fair Value, Net Asset (Liability)	46,651	48,998
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 OT41

ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Impairment Loss	$ 0	$ 0
Impairment of Intangible Assets (Excluding Goodwill)	0	0
Intangible assets, net	17,216,000		$ 19,804,000
Amortization of Intangible Assets	(418,000)	(490,000)
Intangible Assets reduction from divestiture	(2,170,000)
Goodwill	19,804,000	$ 27,144,000	$ 27,144,000
Goodwill reduction from divestiture	$ (7,340,000)

BALANCE SHEET COMPONENTS (Detai

BALANCE SHEET COMPONENTS (Details 1) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Components of accumulated other comprehensive loss
Foreign currency translation adjustment	$ (2,963)	$ (1,764)
Accumulated other comprehensive loss	$ (2,963)	$ (1,764)

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Variable Interest Entity [Line Items]
Trading Securities	$ 48,917		$ 51,324
Fee revenues from Westwood VIEs	12,600	$ 12,800
VIE
Variable Interest Entity [Line Items]
Trading Securities	10,700		$ 10,700
Common Trust Funds
Variable Interest Entity [Line Items]
Trading Securities	2,000
UCITS Fund
Variable Interest Entity [Line Items]
Trading Securities	$ 2,000

VARIABLE INTEREST ENTITIES (D44

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entities
Assets Under Management	$ 22,622,000
Estimated Market Value	48,917	$ 51,324
Westwood Funds®
Variable Interest Entities
Assets Under Management	4,244,000
Estimated Market Value	6,000
Amount at Risk	6,000
Common Trust Funds
Variable Interest Entities
Assets Under Management	2,424,000
Estimated Market Value	2,000
Amount at Risk	2,000
UCITS Fund
Variable Interest Entities
Assets Under Management	405,000
Estimated Market Value	2,000
Amount at Risk	2,000
Private Wealth
Variable Interest Entities
Assets Under Management	2,577,000
Institutional
Variable Interest Entities
Assets Under Management	$ 12,972,000

REVENUE Disaggregation of Reven

REVENUE Disaggregation of Revenue - USD ($) $ in Thousands	3 Months Ended
REVENUE Disaggregation of Revenue - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	REVENUE Adoption of ASC 2014-09 Revenue from Contracts with Customers (Topic 606) On January 1, 2018, we adopted ASU 2016-10 using the modified retrospective method applied to those contracts that were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606 while prior period amounts continue to be reported in accordance with our historic accounting under Topic 605. We analyzed the revenue from prior periods and determined no material adjustments to opening retained earnings were necessary as the updated guidance is consistent with our historical revenue recognition methodology. Revenue Recognition Revenues are recognized when the performance obligation (the investment management and advisory or trust services provided to the client) defined by the investment advisory or sub-advisory agreement is satisfied. For each performance obligation, we determine at contract inception whether the revenue satisfies over time or at a point in time. We derive our revenues from investment advisory fees, trust fees and other sources of revenues. Advisory and Trust fees are calculated based on a percentage of assets under management and the performance obligation is realized over the current calendar quarter. Once clients receive our investment advisory services we have an enforceable right to payment. Advisory Fee Revenues Our advisory fees are generated by Westwood Management and Westwood International, which manage client accounts under investment advisory and sub-advisory agreements. Advisory fees are typically calculated based on a percentage of assets under management and are paid in accordance with the terms of the agreements. Advisory fees are paid quarterly in advance based on assets under management on the last day of the preceding quarter, quarterly in arrears based on assets under management on the last day of the quarter just ended, or are based on a daily or monthly analysis of assets under management for the stated period. We recognize advisory fee revenues as services are rendered. Since our advance paying clients' billing periods coincide with the calendar quarter to which such payments relate, revenue is recognized within the quarter and our condensed consolidated financial statements contain no deferred advisory fee revenues. Advisory clients typically consist of institutional and mutual fund accounts. Institutional investors includes separate accounts of (i) corporate pension and profit sharing plans, public employee retirement funds, Taft Hartley plans, endowments, foundations and individuals; (ii) subadvisory relationships where Westwood provides investment management services for funds offered by other financial institutions; (iii) pooled investment vehicles, including the UCITS Fund and collective investment trusts; and (iv) managed account relationships with brokerage firms and other registered investment advisors that offer Westwood products to their customers. Mutual funds include the Westwood Funds®, a family of mutual funds for which Westwood Management serves as advisor. These funds are available to individual investors, as well as offered as part of our investment strategies for institutional investors and private wealth accounts. Arrangements with Performance Based Obligations A limited number of our advisory clients have a contractual performance-based fee component in their contracts, which generates additional revenues if we outperform a specified index over a specific period of time. The revenue is based on future market performance and is susceptible to factors outside our control. We cannot conclude that it is probable that a significant reversal in the cumulative amount of revenue recognized would not occur during the measurement period, and therefore the revenue is recorded at the end of the measurement period when the performance obligation has been satisfied. Trust Fee Revenues Our trust fees are generated by Westwood Trust pursuant to trust or custodial agreements. Trust fees are separately negotiated with each client and are generally based on a percentage of assets under management. Westwood Trust also provides trust services to a small number of clients on a fixed fee basis. The fees for most of our trust clients are calculated quarterly in arrears, based on a daily average of assets under management for the quarter. Since billing periods for most of Westwood Trust’s clients coincide with the calendar quarter, revenue is fully recognized within the quarter and our Condensed Consolidated Financial Statements do not contain a significant amount of deferred trust fee revenues. Revenue Disaggregated The following table presents our revenue disaggregated by account type (sales taxes are excluded from revenues): Three Months Ended March 31, 2018 2017 Advisory Fees: Institutional $ 16,705 $ 16,609 Mutual Funds 7,750 7,180 Private Wealth 28 — Performance-based 1,335 386 Trust Fees 7,609 7,795 Other 140 653 Total revenues $ 33,567 $ 32,623 We have clients in various locations around the world. The following table presents our revenue disaggregated by our clients' geographical locations: Three Months Ended March 31, 2018 Advisory Trust Performance-based Other Total Asia $ 1,431 $ — $ — $ — $ 1,431 Australia 1,022 — — — 1,022 Canada 1,830 — — 49 1,879 Europe 1,243 — — — 1,243 United States 18,957 7,609 1,335 91 27,992 Total $ 24,483 $ 7,609 $ 1,335 $ 140 $ 33,567 Three Months Ended March 31, 2017 Advisory Trust Performance-based Other Total Asia $ 1,539 $ — $ — $ — $ 1,539 Australia 641 — — — 641 Canada 2,015 — — 83 2,098 Europe 1,057 — — — 1,057 United States 18,537 7,795 386 570 27,288 Total $ 23,789 $ 7,795 $ 386 $ 653 $ 32,623
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 33,567	$ 32,623
Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,431	1,539
United States [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	27,992	27,288
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,243	1,057
Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,879	2,098
Australia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,022	641
Other Revenue Misc Services [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	140	653
Other Revenue Misc Services [Member] \| Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0
Other Revenue Misc Services [Member] \| United States [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	91	570
Other Revenue Misc Services [Member] \| Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0
Other Revenue Misc Services [Member] \| Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	49	83
Other Revenue Misc Services [Member] \| Australia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0
Other Revenue Misc Services [Member] \| Advisory
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	140	653
Investment Advisory Services [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	24,483	23,789
Investment Advisory Services [Member] \| Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,431	1,539
Investment Advisory Services [Member] \| United States [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	18,957	18,537
Investment Advisory Services [Member] \| Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,243	1,057
Investment Advisory Services [Member] \| Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,830	2,015
Investment Advisory Services [Member] \| Australia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,022	641
Investment Advisory Services [Member] \| Advisory
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	16,705	16,609
Trust Fee [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	7,609	7,795
Trust Fee [Member] \| United States [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	7,609	7,795
Trust Fee [Member] \| Trust
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	7,609	7,795
Mutual Fund Advisory [Member] [Member] \| Advisory
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	7,750	7,180
Performance-based fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,335	386
Performance-based fees [Member] \| Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0
Performance-based fees [Member] \| United States [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,335	386
Performance-based fees [Member] \| Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0
Performance-based fees [Member] \| Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0
Performance-based fees [Member] \| Australia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0
Performance-based fees [Member] \| Advisory
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,335	386
Private Wealth Advisory [Member] \| Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0
Private Wealth Advisory [Member] \| Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0
Private Wealth Advisory [Member] \| Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0
Private Wealth Advisory [Member] \| Australia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0
Private Wealth Advisory [Member] \| Advisory
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 28	$ 0

LONG-TERM INCENTIVE COMPENSAT46

LONG-TERM INCENTIVE COMPENSATION (Details Textual) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)$ / sharesshares	Mar. 31, 2018CAD ($)shares	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Provision for income taxes	$ 2,509,000		$ 1,706,000
Remaining unrecognized compensation cost recognized over a remaining weighted average period	2 years 7 months 10 days	2 years 7 months 10 days
Expense related to mutual fund share incentive awards	$ 4,187,000		3,897,000
Accrued liability	507,000			$ 1,800,000
Mutual Fund [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expense related to mutual fund share incentive awards	$ 174,000		$ 288,000
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total number of shares that may be issued under the stock based compensation Plan (including predecessor plans to the Plan) \| shares	4,648,100
Shares remain available for issuance \| shares	207,000
Remaining unrecognized compensation cost	$ 30,900,000
Nonvested restricted shares \| shares	474,340			519,375
Canadian Plan \| Westwood International Advisors Inc
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares remain available for issuance \| shares	47,340
Share Based Compensation Arrangement By Share Based Payment Award Available For Grant, Original	$ 7,800,000	$ 10
Fund purchases of common stock	46,358
Purchases of common stock with respect to awards granted	$ 2,700,000	$ 3.4
Share price \| $ / shares	$ 56.49
Amount of shares purchased in the open market	$ 726,000
Purchases of treasury stock, shares \| shares	13,031	13,031
Remaining unrecognized compensation cost	$ 1,100,000
Remaining unrecognized compensation cost recognized over a remaining weighted average period	2 years 1 month 1 day	2 years 1 month 1 day
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	$ 20,000,000
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	$ 32,000,000
Percentage of Pretax income Goal Earned	25.00%	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	$ 44,500,000
Percentage of Pretax income Goal Earned	185.00%	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	$ 36,000,000
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	$ 20,000,000

LONG-TERM INCENTIVE COMPENSAT47

LONG-TERM INCENTIVE COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 4,187	$ 3,897
DomesticEmployeeServiceAward [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Allocated Share-based Compensation Expense	2,790	2,629
Performance Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Allocated Share-based Compensation Expense	1,276	1,123
DomesticServiceAndPerformanceAward [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Allocated Share-based Compensation Expense	4,066	3,752
CanadianEmployeeServiceAward [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 121	$ 145

LONG-TERM INCENTIVE COMPENSAT48

LONG-TERM INCENTIVE COMPENSATION (Details 1) - Restricted Shares Subject Only to a Service Condition	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Restricted shares subject only to a service condition:
Non-vested, beginning balance, shares \| shares	519,375
Granted (shares) \| shares	160,668
Vested (shares) \| shares	(190,908)
Forfeited (shares) \| shares	(14,795)
Non-vested, ending balance, shares \| shares	474,340
Non-vested, beginning balance, (dollars per share) \| $ / shares	$ 55.44
Granted (dollars per share) \| $ / shares	55.72
Vested (dollars per share) \| $ / shares	53.26
Forfeited (dollars per share) \| $ / shares	56.56
Non-vested, ending balance, (dollars per share) \| $ / shares	$ 56.38

LONG-TERM INCENTIVE COMPENSAT49

LONG-TERM INCENTIVE COMPENSATION (Details 2) - Restricted Shares Subject to Service and Performance Conditions	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Restricted shares subject only to a service condition:
Non-vested, beginning balance, shares \| shares	165,918
Granted (shares) \| shares	84,829
Vested (shares) \| shares	(98,281)
Forfeited (shares) \| shares	0
Non-vested, ending balance, shares \| shares	152,466
Non-vested, beginning balance, (dollars per share) \| $ / shares	$ 55.85
Granted (dollars per share) \| $ / shares	55.46
Vested (dollars per share) \| $ / shares	55.81
Forfeited (dollars per share) \| $ / shares	0
Non-vested, ending balance, (dollars per share) \| $ / shares	$ 55.47

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effective Income Tax Rate Reconciliation, Percent	23.90%	22.00%
Provision for income taxes	$ 2,509	$ 1,706
Adoption of ASU 2016-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provision for income taxes		$ 1,000
Tax rate excluding ASU 2016-09 adoption		34.20%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	3 Months Ended
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
UCITS Fund
Related Party Transaction [Line Items]
Fees earned from related party	$ 1,200,000	$ 800,000
Fees unpaid from related party	427,000		$ 423,000
Trust
Related Party Transaction [Line Items]
Due from related party	95,000		$ 98,000
Fees earned from related party	$ 95,000	$ 95,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Textual) $ in Millions	Nov. 06, 2012	Aug. 03, 2012	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2017CAD ($)	Dec. 31, 2017CAD ($)
Loss Contingencies [Line Items]
Percentage of defense costs which will be covered by insurance			50.00%
Receivable			$ 237,000	$ 212,000
First Lawsuit by AGF
Loss Contingencies [Line Items]
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”).
One-time litigation payment					$ 10
Legal settlement expense				4,000,000	$ 5
Insurance proceeds			3,600,000
Receivable			$ 403,000	$ 4,000,000		$ 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 Westwood International.

SEGMENT REPORTING (Details Text

SEGMENT REPORTING (Details Textual)	3 Months Ended
SEGMENT REPORTING (Details Textual)	Mar. 31, 2018Segment
Segment Reporting [Abstract]
Number of operating segments	2

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) - USD ($) $ in Thousands	3 Months Ended
SEGMENT REPORTING (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
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 March 31, 2018 2017 Net income $ 7,978 $ 6,064 Add: Stock-based compensation expense 4,187 3,897 Add: Intangible amortization 418 490 Add: Tax benefit from goodwill amortization 59 156 Economic Earnings $ 12,642 $ 10,607
Net fee revenues from external sources	$ 33,427	$ 31,970
Net interest and dividend revenue	187	167
Other, net	(47)	486
Total revenues	33,567	32,623
Economic Earnings	12,642	10,607
Intangible amortization	418	490
Deferred taxes on goodwill	59	156
Net income	7,978	6,064
Allocated Share-based Compensation Expense	4,187	3,897
Segment assets	175,116	166,104	$ 192,659
Segment goodwill	19,804	27,144	$ 27,144
Operating Segments \| Advisory
Segment Reporting Information [Line Items]
Net fee revenues from external sources	25,818	24,175
Net intersegment revenues	2,037	2,026
Net interest and dividend revenue	141	158
Other, net	(43)	482
Total revenues	27,953	26,841
Economic Earnings	13,800	10,787
Segment assets	204,343	178,591
Segment goodwill	3,403	5,219
Operating Segments \| Trust
Segment Reporting Information [Line Items]
Net fee revenues from external sources	7,609	7,795
Net intersegment revenues	55	51
Net interest and dividend revenue	46	9
Other, net	(4)	4
Total revenues	7,706	7,859
Economic Earnings	1,220	1,448
Segment assets	60,584	66,166
Segment goodwill	16,401	21,925
Westwood Holdings
Segment Reporting Information [Line Items]
Net fee revenues from external sources	0	0
Net intersegment revenues	0	0
Net interest and dividend revenue	0	0
Other, net	0	0
Total revenues	0	0
Economic Earnings	(2,378)	(1,628)
Segment assets	18,132	9,744
Segment goodwill	0	0
Eliminations
Segment Reporting Information [Line Items]
Net fee revenues from external sources	0	0
Net intersegment revenues	(2,092)	(2,077)
Net interest and dividend revenue	0	0
Other, net	0	0
Total revenues	(2,092)	(2,077)
Economic Earnings	0	0
Segment assets	(107,943)	(88,397)
Segment goodwill	$ 0	$ 0

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - $ / shares	Apr. 25, 2018	Mar. 31, 2018	Mar. 31, 2017
Subsequent Event [Line Items]
Dividends declared per share (dollars per share)		$ 0.68	$ 0.62
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends declared per share (dollars per share)	$ 0.68
Dividends payable, date to be paid	Jul. 2, 2018
Dividends payable, date of record	Jun. 8, 2018