Cover
Cover | 12 Months Ended |
Dec. 31, 2021 | |
Cover [Abstract] | |
Document Type | 10-K |
Entity Incorporation, State or Country Code | DE |
City Area Code | (214) |
Local Phone Number | 756-6900 |
Entity File Number | 1-31234 |
Entity Address, City or Town | Dallas, |
Entity Address, Postal Zip Code | 75201 |
Entity Tax Identification Number | 75-2969997 |
Entity Address, Address Line One | 200 Crescent Court, Suite 1200 |
Trading Symbol | WHG |
Security Exchange Name | NYSE |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Entity Address, State or Province | TX |
Document Annual Report | true |
Entity Information [Line Items] | |
Entity Filer Category | Non-accelerated Filer |
Entity Registrant Name | WESTWOOD HOLDINGS GROUP, INC. |
Entity Shell Company | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor [Line Items] | |
Auditor Location | Dallas, Texas |
Auditor Name | Deloitte & Touche LLP |
Auditor Firm ID | 34 |
Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Jun. 30, 2021 | Feb. 15, 2019 | |
Document And Entity Information [Abstract] | |||
Entity Central Index Key | 0001165002 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2021 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | |||
Entity Common Stock, Shares Outstanding | 8,250,236 | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Document Transition Report | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 15,206,000 | $ 13,016,000 |
Accounts Receivable, after Allowance for Credit Loss | 11,152,000 | 9,450,000 |
Investments, at fair value | 65,024,000 | 69,542,000 |
Prepaid Taxes | 233,000 | 1,700,000 |
Other current assets | 2,246,000 | 2,606,000 |
Total current assets | 93,861,000 | 96,314,000 |
Long-term Investments | 4,455,000 | 8,154,000 |
Goodwill | 16,401,000 | 16,401,000 |
Deferred income taxes | 848,000 | 1,468,000 |
Intangible assets, net | 11,911,000 | 13,535,000 |
Property and equipment, net of accumulated depreciation of $8,637 and $8,056 | 2,114,000 | 3,186,000 |
Assets | 139,605,000 | 149,152,000 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 2,637,000 | 1,627,000 |
Dividends payable | 1,800,000 | 810,000 |
Compensation and benefits payable | 9,530,000 | 7,448,000 |
Income taxes payable | 466,000 | 191,000 |
Total current liabilities | 15,842,000 | 11,794,000 |
Accrued dividends | 1,133,000 | 526,000 |
Total long-term liabilities | 5,857,000 | 6,647,000 |
Total liabilities | 21,699,000 | 18,441,000 |
Commitments and contingencies | ||
Stockholders’ Equity: | ||
Common stock, $0.01 par value, authorized 25,000,000 shares, issued 10,658,644 and outstanding 8,253,491 shares at December 31, 2021; issued 10,500,549 and outstanding 8,326,948 shares at December 31, 2020 | 107,000 | 105,000 |
Additional paid-in capital | 195,187,000 | 210,268,000 |
Treasury stock, at cost – 2,405,154 shares at December 31, 2021; 2,173,559 shares at December 31, 2020 | (81,750,000) | (77,967,000) |
Retained earnings (accumulated deficit) | 4,362,000 | (1,695,000) |
Total stockholders’ equity | 117,906,000 | 130,711,000 |
Total liabilities and stockholders’ equity | 139,605,000 | 149,152,000 |
Operating Lease, Right-of-Use Asset | 4,868,000 | 6,103,000 |
Other Assets, Noncurrent | 634,000 | 464,000 |
Assets, Noncurrent [Abstract] | 45,744,000 | 52,838,000 |
Operating Lease, Liability | 6,133,000 | 7,839,000 |
Operating Lease, Liability, Current | 1,409,000 | 1,718,000 |
Operating Lease, Liability, Noncurrent | 4,724,000 | 6,121,000 |
Other Long-term Investments | $ 4,513,000 | $ 3,527,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Property and equipment, accumulated depreciation | $ 8,637 | $ 8,056 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 10,182,583 | |
Common stock, shares outstanding | 8,904,902 | |
Treasury stock, shares | 1,277,681 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 400,000 | ||
Other Revenue, Net | (339,000) | $ 346,000 | $ 799,000 |
Total revenues | 73,054,000 | 65,111,000 | 84,079,000 |
Employee compensation and benefits | 42,532,000 | 42,141,000 | 50,152,000 |
Amortization of intangible assets | 1,624,000 | 1,721,000 | 1,726,000 |
Unrealized Gain (Loss) on Investments | (1,797,000) | (711,000) | 3,296,000 |
Net interest and dividend revenue | 868,000 | 604,000 | 1,318,000 |
Other Income | 602,000 | 135,000 | 144,000 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | (4,169,000) | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 14,003,000 | (7,588,000) | 9,402,000 |
Provision for income taxes | 4,240,000 | 1,359,000 | 3,491,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 9,763,000 | (8,947,000) | 5,911,000 |
Goodwill impairment loss | $ 3,403,000 | $ 3,403,000 | $ 0 |
Basic (in dollars per share) | $ 1.24 | $ (1.12) | $ 0.70 |
Diluted (in dollars per share) | $ 1.23 | $ (1.12) | $ 0.70 |
Sales and marketing | $ 1,280,000 | $ 1,194,000 | $ 2,068,000 |
Westwood mutual funds | 2,657,000 | 1,681,000 | 3,097,000 |
Information technology | 8,161,000 | 8,111,000 | 8,426,000 |
Professional services | 4,391,000 | 4,271,000 | 4,322,000 |
General and administrative | 8,074,000 | 8,941,000 | 9,516,000 |
Operating Expenses | 67,095,000 | 68,558,000 | 79,435,000 |
Operating Income (Loss) | 5,959,000 | (3,447,000) | 4,644,000 |
Realized Investment Gains (Losses) | 8,371,000 | ||
Expenses: | |||
Employee compensation and benefits | 42,532,000 | 42,141,000 | 50,152,000 |
Sales and marketing | 1,280,000 | 1,194,000 | 2,068,000 |
Westwood mutual funds | 2,657,000 | 1,681,000 | 3,097,000 |
Information technology | 8,161,000 | 8,111,000 | 8,426,000 |
Professional services | 4,391,000 | 4,271,000 | 4,322,000 |
General and administrative | 8,074,000 | 8,941,000 | 9,516,000 |
Foreign Currency Transaction Gain (Loss), before Tax | 0 | (1,184,000) | (1,854,000) |
Operating Income (Loss) | 5,959,000 | (3,447,000) | 4,644,000 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 3,296,000 | ||
Income (loss) before income taxes | 14,003,000 | (7,588,000) | 9,402,000 |
Provision for income taxes | 4,240,000 | 1,359,000 | 3,491,000 |
Net income (loss) | 9,763,000 | (8,947,000) | 5,911,000 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | 0 | (1,226,000) | 1,940,000 |
Other comprehensive income (loss) | (1,226,000) | 1,940,000 | |
Total comprehensive income (loss) | $ 9,763,000 | $ (6,004,000) | $ 7,851,000 |
Earnings (loss) per share: | |||
Basic (in dollars per share) | $ 1.24 | $ (1.12) | $ 0.70 |
Diluted (in dollars per share) | $ 1.23 | $ (1.12) | $ 0.70 |
Weighted average shares outstanding: | |||
Basic (in shares) | 7,875,395 | 7,987,554 | 8,408,017 |
Diluted (in shares) | 7,927,972 | 7,987,554 | 8,463,239 |
Unrealized Gain (Loss) on Investments | $ (1,797,000) | $ (711,000) | $ 3,296,000 |
Investment Income, Investment Expense | 868,000 | 604,000 | 1,318,000 |
Other Income | 602,000 | 135,000 | 144,000 |
Goodwill impairment loss | 3,403,000 | 3,403,000 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | (4,169,000) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax | 0 | 4,169,000 | 0 |
General and Administrative Expense [Member] | |||
Amortization of intangible assets | 1,600,000 | 1,700,000 | |
Asset Management [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 45,927,000 | 38,028,000 | 57,033,000 |
Investment Performance [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 3,335,000 | 2,808,000 | 764,000 |
Fiduciary and Trust [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 24,030,000 | 23,563,000 | 25,483,000 |
Trust performance-based fees [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 101,000 | $ 366,000 | $ 0 |
CONSOLIDATED STATEMENTs OF STOC
CONSOLIDATED STATEMENTs OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Westwood Holdings Group, Inc. Common Stock, Par | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Accumulated Deficit) |
BALANCE at Dec. 31, 2018 | $ 161,149 | $ 102 | $ 194,116 | $ (58,711) | $ (4,883) | $ 30,525 |
BALANCE, shares at Dec. 31, 2018 | 8,904,902 | |||||
Net income | 5,911 | 5,911 | ||||
Other comprehensive income | 1,940 | 1,940 | ||||
Foreign currency translation adjustments | 1,940 | |||||
Issuance of restricted stock, net of forfeitures | $ 1 | (1) | ||||
Issuance of restricted stock, net of forfeitures, shares | 123,986 | |||||
Stock-based compensation expense | 10,305 | 10,305 | ||||
Reclassification of compensation liability to be paid in shares | 232 | 232 | ||||
Dividends declared ($2.07 in 2015, $1.82 per share in 2014, $1.64 per share in 2013) | (25,469) | (25,469) | ||||
Purchases of treasury stock | (3,394) | (3,394) | ||||
Purchases of treasury stock, shares | (110,606) | |||||
Issuance of treasury stock under employee stock plans, shares | 24,840 | |||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | (1,211) | 1,211 | ||||
Restricted stock returned for payment of taxes | (2,387) | (2,387) | ||||
Restricted stock returned for payment of taxes, shares | (62,036) | |||||
BALANCE at Dec. 31, 2019 | 148,287 | $ 103 | 203,441 | (63,281) | (2,943) | 10,967 |
BALANCE, shares at Dec. 31, 2019 | 8,881,086 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax | 0 | |||||
Net income | (8,947) | (8,947) | ||||
Other comprehensive income | (1,226) | (1,226) | ||||
Foreign currency translation adjustments | (1,226) | |||||
Issuance of restricted stock, net of forfeitures | $ 2 | (2) | ||||
Issuance of restricted stock, net of forfeitures, shares | 193,968 | |||||
Stock-based compensation expense | 6,701 | 6,701 | ||||
Reclassification of compensation liability to be paid in shares | 212 | 212 | ||||
Dividends declared ($2.07 in 2015, $1.82 per share in 2014, $1.64 per share in 2013) | (3,715) | (3,715) | ||||
Purchases of treasury stock | (12,952) | (12,952) | ||||
Purchases of treasury stock, shares | (679,756) | |||||
Issuance of treasury stock under employee stock plans, shares | 2,169 | |||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | (84) | 83 | ||||
Restricted stock returned for payment of taxes | (1,120) | (1,120) | ||||
Restricted stock returned for payment of taxes, shares | (43,045) | |||||
BALANCE at Dec. 31, 2020 | $ 130,711 | $ 105 | 210,268 | (77,967) | 0 | (1,695) |
BALANCE, shares at Dec. 31, 2020 | 8,904,902 | 8,326,948 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax | $ 4,169 | |||||
Treasury Stock, Shares, Acquired, Employee Stock Plan | (27,474) | |||||
Treasury Stock, Acquired, Employee Stock Plan | (697) | (697) | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 4,169 | 4,169 | ||||
Accumulated Other Comprehensive Income (Loss), Tax | (46) | |||||
Net income | 9,763 | |||||
Foreign currency translation adjustments | 0 | |||||
Issuance of restricted stock, net of forfeitures | $ 2 | (2) | ||||
Issuance of restricted stock, net of forfeitures, shares | 158,098 | |||||
Stock-based compensation expense | 5,835 | 5,835 | ||||
Distributed Earnings | (20,823) | (20,823) | ||||
Dividends declared ($2.07 in 2015, $1.82 per share in 2014, $1.64 per share in 2013) | (3,706) | (3,706) | ||||
Purchases of treasury stock | (2,990) | (2,990) | ||||
Purchases of treasury stock, shares | (182,549) | |||||
Issuance of treasury stock under employee stock plans, shares | 2,353 | |||||
Issuance of treasury stock under employee stock plans | 0 | (91) | 91 | |||
Restricted stock returned for payment of taxes | (884) | (884) | ||||
Restricted stock returned for payment of taxes, shares | (51,359) | |||||
BALANCE at Dec. 31, 2021 | $ 117,906 | $ 107 | $ 195,187 | $ (81,750) | $ 0 | $ 4,362 |
BALANCE, shares at Dec. 31, 2021 | 8,253,491 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax | $ 0 | |||||
Accumulated Other Comprehensive Income (Loss), Tax | $ 43 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared, per share | $ 2.88 | $ 2.76 | $ 2.54 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 9,763 | $ (8,947) | $ 5,911 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation | 750 | 921 | 898 |
Amortization of intangible assets | 1,624 | 1,721 | 1,726 |
Net change in unrealized (appreciation) depreciation on investments | 1,845 | 1,056 | (3,650) |
Realized gains on private investments | (8,371) | ||
Realized Investment Gains (Losses) | 8,371 | ||
Stock-based compensation expense | 5,835 | 6,701 | 10,305 |
Deferred income taxes | 620 | 754 | 2,906 |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 0 | 48 | 0 |
Gain on sale of operations | (148) | 0 | 0 |
Gain on asset disposition | 1,235 | 1,500 | 1,151 |
Changes in operating assets and liabilities: | |||
Net (purchases) sales of investments – trading securities | 4,513 | (19,562) | 15,811 |
Accounts receivable | (1,702) | 3,683 | 5,404 |
Other current assets | 189 | (170) | (608) |
Accounts payable and accrued liabilities | 1,009 | (526) | (382) |
Compensation and benefits payable | 2,042 | (2,270) | (5,018) |
Income taxes payable | 1,750 | (690) | (849) |
Other liabilities | (1,569) | (1,561) | (1,433) |
Cash flows from investing activities: | |||
Purchases of investments | (15) | 0 | (3,671) |
Payments to Acquire Investments | (178) | 93 | 593 |
Proceeds from Sale of Property, Plant, and Equipment | 501 | 89 | 0 |
Cash flows from financing activities: | |||
Purchases of treasury stock | (2,990) | (12,952) | (2,414) |
Payment for Repurchases of Stock for Benefit Plan | 0 | (697) | (980) |
Restricted stock returned for payment of taxes | (884) | (1,120) | (2,387) |
Cash dividends | (22,932) | (11,043) | (26,089) |
Effect of currency rate changes on cash | 45 | (1,164) | 1,863 |
Net increase (decrease) in cash and cash equivalents | 2,190 | (36,750) | (2,683) |
Cash and cash equivalents, beginning of year | 13,016 | 49,766 | 52,449 |
Cash and cash equivalents, end of year | 15,206 | 13,016 | 49,766 |
Supplemental cash flow information: | |||
Cash paid during the year for income taxes | 1,858 | 1,271 | 1,431 |
Accrued dividends | 2,933 | 1,336 | 8,666 |
Payments to Acquire Intangible Assets | 0 | 0 | (584) |
Net Cash Provided by (Used in) Operating Activities | 19,385 | (9,770) | 32,172 |
Proceeds from Sale of Other Investments | 9,258 | ||
Net Cash Provided by (Used in) Investing Activities | 9,566 | (4) | (4,848) |
Net Cash Provided by (Used in) Financing Activities | (26,806) | (25,812) | (31,870) |
Goodwill impairment loss | 3,403 | 3,403 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax | $ 0 | $ 4,169 | $ 0 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE MEASUREMENTS: ASC 820, Fair Value Measurements , defines fair value, establishes a framework for measuring fair value and requires additional 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 and liabilities • Level 2 – inputs other than quoted prices that are directly or indirectly observable • Level 3 – unobservable inputs where there is little or no market activity Our strategic investment in InvestCloud discussed in Note 5 "Investments" is excluded from the recurring fair value table shown below, as we have elected to apply the measurement alternative for that investment. 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 Measured at NAV (1) Total As of December 31, 2021 Investments in trading securities $ 65,024 $ — $ — $ — $ 65,024 Private investment fund — — — 144 144 Private equity — — 4,369 — 4,369 Total assets measured at fair value $ 65,024 $ — $ 4,369 $ 144 $ 69,537 As of December 31, 2020 Investments in trading securities $ 69,542 $ — $ — $ — $ 69,542 Private investment fund — — — 96 96 Private equity — — 3,431 — 3,431 Total assets measured at fair value $ 69,542 $ — $ 3,431 $ 96 $ 73,069 (1) Comprised of certain investments measured at fair value using 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 Consolidated Balance Sheets. |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BALANCE SHEET COMPONENTS | BALANCE SHEET COMPONENTS: Property and Equipment The following table reflects information about our property and equipment as of December 31, 2021 and 2020 (in thousands): As of December 31, 2021 2020 Leasehold improvements $ 4,956 $ 5,385 Furniture and fixtures 2,590 2,728 Computer hardware and office equipment 3,205 3,129 Accumulated depreciation (8,637) (8,056) Property and equipment, net $ 2,114 $ 3,186 Contract Asset We record a contract asset when we have a right to payment from a customer that is conditioned on events other than the passage of time. Contract assets are included in Other current assets in the accompanying Consolidated Balance Sheets, and the |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2021 | |
Banking and Thrift [Abstract] (Deprecated 2020-01-31) | |
REGULATORY CAPITAL REQUIREMENTS | REGULATORY CAPITAL REQUIREMENTS: Westwood Trust must maintain cash and investments in an amount equal to the required minimum restricted capital of $4.0 million as required by the Texas Finance Code. Restricted capital is included in Investments in the accompanying Consolidated Balance Sheets. At December 31, 2021, Westwood Trust had approximately $14.2 million in excess of its minimum capital requirement. Westwood Trust is limited under applicable Texas law in the payment of dividends of undivided profits, which is that part of equity capital equal to the balance of net profits, income, gains and losses since formation minus subsequent distributions to stockholders and transfers to surplus or capital under share dividends or appropriate Board resolutions. At the discretion of its Board of Directors, Westwood Trust may make quarterly and special dividend payments, or other distributions, to Westwood out of its undivided profits. No dividend payments were made in 2021, 2020 or 2019. |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Advisory Fee Revenues Our advisory fees are generated by Westwood Management and Westwood International Advisors (prior to its closure, effective September 30, 2020), for managing client accounts under investment advisory and sub-advisory agreements. Advisory fees are typically calculated based on a percentage of AUM and are paid in accordance with the terms of the agreements. Advisory fees are paid quarterly in advance based on AUM on the last day of the preceding quarter, quarterly in arrears based on AUM on the last day of the quarter just ended or are based on a daily or monthly analysis of AUM 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 Consolidated Financial Statements contain no deferred advisory fee revenues. Advisory clients typically consist of institutional and mutual fund accounts. Institutional investors include separate accounts of (i) corporate pension and profit sharing plans, public employee retirement funds, Taft-Hartley plans, endowments, foundations and individuals; (ii) sub-advisory 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. The UCITS Fund was liquidated in June 2020. 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 wealth management 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, and a limited number of our mutual fund offerings have fees that generate additional revenues if we outperform specified indices over specific periods of time. The revenue is based on future market performance and is subject to factors outside our control. We cannot conclude that a significant reversal in the cumulative amount of revenue recognized will 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 AUM. 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 AUM for the quarter, or monthly, based on the month-end value of AUM. Since billing periods for most of Westwood Trust’s clients coincide with the calendar quarter, revenue is fully recognized within the quarter and our Consolidated Financial Statements contain no deferred advisory fee revenues. Other Revenues Following the execution of a $2.6 million contract with a service provider, we recognized contract revenue of $0.4 million for the year ended December 31, 2020, which was recognized over time for financial reporting purposes. We estimate contract revenue based upon the expected value method, which requires significant judgment regarding probabilities of consideration amounts, variable considerations and constraints. We did not recognize any contract revenue for the years ended December 31, 2021 or 2019. In 2021 we collected $0.3 million of the previously recognized contract revenues. Revenue Disaggregated Sales taxes are excluded from revenues. The following table presents our revenue disaggregated by account type (in thousands). In 2021, we recast certain prior year revenues related to performance fees. Year Ended December 31, 2021 2020 2019 Advisory Fees: Institutional $ 31,069 $ 28,878 $ 38,053 Mutual Funds 17,507 11,488 19,288 Wealth Management 686 470 456 Trust Fees 24,131 23,929 25,483 Other (339) 346 799 Total revenues $ 73,054 $ 65,111 $ 84,079 We have clients in various locations around the world. The following table presents our revenue disaggregated by our clients' geographical locations (in thousands): Year Ended December 31, 2021 Advisory Trust Performance-based Other Total Canada $ 1,163 $ — $ — $ — $ 1,163 Europe 638 — 262 — 900 U.S. 45,512 24,131 1,687 (339) 70,991 Total $ 47,313 $ 24,131 $ 1,949 $ (339) $ 73,054 Year Ended December 31, 2020 Advisory Trust Performance-based Other Total Asia $ 696 $ — $ — $ — $ 696 Canada 1,505 — — — 1,505 Europe 2,707 — 1,570 — 4,277 U.S. 33,120 23,563 1,604 346 58,633 Total $ 38,028 $ 23,563 $ 3,174 $ 346 $ 65,111 Year Ended December 31, 2019 Advisory Trust Performance-based Other Total Asia $ 1,639 $ — $ — $ — $ 1,639 Australia 591 — — — 591 Canada 2,740 — — 282 3,022 Europe 3,703 — 764 — 4,467 U.S. 48,360 25,483 — 517 74,360 Total $ 57,033 $ 25,483 $ 764 $ 799 $ 84,079 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS (LOSS) PER SHARE:Basic earnings (loss) per common share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares outstanding. Diluted EPS is computed based on the weighted average shares of common stock outstanding plus the effect of any dilutive shares of restricted stock granted to employees and non- employee directors. There were approximately 116,000, 381,000 and 76,000 anti-dilutive restricted shares as of December 31, 2021, 2020 and 2019, respectively. The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share and share amounts): Years ended December 31, 2021 2020 2019 Net income (loss) $ 9,763 $ (8,947) $ 5,911 Weighted average shares outstanding – basic 7,875,395 7,987,554 8,408,017 Dilutive potential shares from unvested restricted shares 52,577 — 55,222 Weighted average shares outstanding – diluted 7,927,972 7,987,554 8,463,239 Earnings (loss) per share: Basic $ 1.24 $ (1.12) $ 0.70 Diluted $ 1.23 $ (1.12) $ 0.70 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2021 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES: As discussed in Note 2 “Summary of Significant Accounting Policies,” the CTFs and Private Funds (together the “Westwood VIEs”) are considered VIEs, and the Westwood Funds® and Private Equity are considered VOEs (together the “Westwood VOEs”). We receive fees for managing assets in these entities commensurate with market rates. As of December 31, 2021 and 2020, we evaluated all of the Westwood VIEs and Westwood VOEs to determine whether or not we should consolidate the entities into our Consolidated Financial Statements. For the Westwood VIEs, we evaluated whether or not we qualify as the primary beneficiary based on whether we have the obligation to absorb significant losses, the right to receive residual returns and the right to direct the activities of the entity that most significantly impact the entity’s economic performance. For the Westwood VOEs, we evaluated whether or not we own a controlling financial interest in the entities. Based on our analyses, we have not consolidated the Westwood VIEs or Westwood VOEs into our Consolidated Financial Statements for the years ended December 31, 2021 or 2020. We have not otherwise provided any financial support that 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 Westwood Funds® are accounted for as investments in accordance with our other investments described in Note 5 “Investments.” We recognized fee revenue from the Westwood VIEs and Westwood VOEs of approximately $22.8 million, $19.3 million and $31.0 million for the twelve months ended December 31, 2021, 2020 and 2019, respectively. The following table displays the AUM, the amount of our seed investments that are included in “Investments” and “Investments, at fair value” on the Consolidated Balance Sheets, and the financial risk of loss in each vehicle (in millions): As of December 31, 2021 Assets Under Management Corporate Investment Amount at Risk VIEs/VOEs: Westwood Funds® $ 3,046 $ — $ — Common Trust Funds 886 $ — $ — Private Funds 4 $ 0.1 $ 0.1 Private Equity — $ 8.9 $ 8.9 All other assets: Wealth Management 3,530 Institutional 7,037 Total AUM $ 14,503 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS: Some of our directors, executive officers and their affiliates invest personal funds directly in trust accounts that we manage. At both December 31, 2021 and at December 31, 2020, there was approximately $0.1 million in fees due from these accounts. For each of the years ended December 31, 2021, 2020 and 2019, we recorded trust fees from these accounts of $0.4 million. One director serves as a consultant to the Company under a consulting agreement for which we recorded expenses of $0.1 million for each of the years ended December 31, 2021 and 2020, and $0.2 million for the year ended December 31, 2019. The Company engages in transactions with its affiliates as part of its operations. Westwood International Advisors (prior to its closure, effective September 30, 2020) and Westwood Management provide investment advisory services to the UCITS Fund (prior to its liquidation in June 2020) and the Westwood Funds®. Certain members of our management served on the board of directors of the UCITS Fund before its liquidation. Under the terms of the investment advisory agreements, the Company earned quarterly fees paid by clients of the fund or by the funds directly. The fees are based on negotiated fee schedules applied to AUM. For the year ended December 31, 2021, we did not record any fees from the affiliated Funds. For the years ended December 31, 2020 and 2019, we recorded fees from the affiliated Funds of $0.9 million and $2.8 million, respectively, which are included in “Asset-based advisory fees” on our Consolidated Statement of Comprehensive Income (Loss). As of December 31, 2021 and 2020, all of these fees had been collected. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES: The following table summarizes our contractual obligations as of December 31, 2021 (in thousands): Payments due in: Total Less than 1 year 1-3 years 4-5 years Thereafter Purchase obligations $ 9,974 $ 4,466 $ 4,732 $ 776 $ — |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
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 uses to review 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 (i) corporate pension and profit sharing plans, public employee retirement funds, Taft-Hartley plans, endowments, foundations and individuals, (ii) sub-advisory relationships where Westwood provides investment management services to the Westwood Funds®, funds offered by other financial institutions and funds offered by our Trust segment and (iii) pooled investment vehicles, including the UCITS Fund (liquidated in June 2020) and collective investment trusts. Westwood Management and Westwood International Advisors (prior to its closure, effective September 30, 2020), which provide investment advisory services to similar clients, are included in our Advisory segment. Trust Westwood 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 Holdings Eliminations Consolidated Year Ended December 31, 2021 Revenues: Net fee revenues from external sources $ 49,262 $ 24,131 $ — $ — $ 73,393 Net intersegment revenues 2,415 356 — (2,771) — Other revenue (339) — — (339) Total revenues 51,338 24,487 — (2,771) 73,054 Expenses: Depreciation and amortization 167 1,614 615 — 2,396 Other operating expenses 33,249 18,092 16,129 (2,771) 64,699 Total expenses 33,416 19,706 16,744 (2,771) 67,095 Realized gains on private investments 3,524 2,731 2,116 — 8,371 Net change in unrealized appreciation on private investments (757) (587) (453) — (1,797) Investment income 875 (7) — — 868 Other income — — 602 — 602 Income (loss) before income taxes 21,564 6,918 (14,479) — 14,003 Income tax expense (benefit) 4,784 1,262 (1,806) — 4,240 Net income (loss) $ 16,780 $ 5,656 $ (12,673) $ — $ 9,763 Segment assets $ 222,335 $ 56,965 $ 12,784 $ (152,479) $ 139,605 Segment goodwill $ — $ 16,401 $ — $ — $ 16,401 Expenditures for long-lived assets $ 66 $ 61 $ 51 $ — $ 178 Year Ended December 31, 2020 Revenues: Net fee revenues from external sources $ 40,836 $ 23,929 $ — $ — $ 64,765 Net intersegment revenues 2,338 263 — (2,601) — Net interest and dividend revenue 35 — — — 35 Other revenue 311 — — — 311 Total revenues 43,520 24,192 — (2,601) 65,111 Expenses: Depreciation and amortization 322 1,656 664 — 2,642 Impairment expense 3,403 — — — 3,403 Other operating expenses 34,675 17,398 13,041 (2,601) 62,513 Total expenses 38,400 19,054 13,705 (2,601) 68,558 Net change in unrealized appreciation (depreciation) on private investments (311) (222) (178) — (711) Investment income 552 52 — — 604 (in thousands) Advisory Trust Westwood Holdings Eliminations Consolidated Other income — — 135 — 135 Foreign currency translation adjustments to net income (loss) upon liquidation of a foreign subsidiary — — (4,169) — (4,169) Income (loss) before income taxes 5,361 4,968 (17,917) — (7,588) Income tax expense (benefit) 3,456 1,977 (4,074) — 1,359 Net income (loss) $ 1,905 $ 2,991 $ (13,843) $ — $ (8,947) Segment assets $ 204,827 $ 54,749 $ 17,247 $ (127,671) $ 149,152 Segment goodwill $ — $ 16,401 $ — $ — $ 16,401 Expenditures for long-lived assets $ 20 $ 24 $ 49 $ — $ 93 Year Ended December 31, 2019 Revenues: Net fee revenues from external sources $ 57,797 $ 25,483 $ — $ — $ 83,280 Net intersegment revenues 3,457 236 — (3,693) — Net interest and dividend revenue 103 — — — 103 Other revenue 696 — — — 696 Total revenues 62,053 25,719 — (3,693) 84,079 Expenses: Depreciation and amortization 311 1,765 548 — 2,624 Other operating expenses 46,235 19,672 14,597 (3,693) 76,811 Total expenses 46,546 21,437 15,145 (3,693) 79,435 Net change in unrealized appreciation (depreciation) on private investments 1,438 1,026 832 — 3,296 Investment income 1,017 298 3 — 1,318 Other income — — 144 — 144 Income before income taxes 17,962 5,606 (14,166) — 9,402 Income tax expense (benefit) 4,308 1,459 (2,276) — 3,491 Net income (loss) $ 13,654 $ 4,147 $ (11,890) $ — $ 5,911 Segment assets $ 242,854 $ 51,274 $ 24,732 $ (140,153) $ 178,707 Segment goodwill $ 3,403 $ 16,401 $ — $ — $ 19,804 Expenditures for long-lived assets $ 288 $ 223 $ 82 $ — $ 593 Geographical information Refer to Note 3, “Revenue” for our revenue disaggregated by our clients' geographical location. As of December 31, 2021 and 2020, all of our property and equipment was in the United States. |
Concentration
Concentration | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION | CONCENTRATION: For the year ended December 31, 2021, our ten largest clients accounted for approximately 22% of our fee revenue. For each of the years ended December 31, 2020 and 2019, our ten largest clients accounted for approximately 24% of our fee revenue. No single customer accounted for 10% or more of our fee revenues in any of these years. The following table presents advisory fee revenue received from our single largest client in each year (in thousands): Years ended December 31, 2021 2020 2019 Advisory fees from our largest client: Asset-based fees $ 2,682 $ 1,940 $ 1,863 Performance-based fees — 1,607 764 Percent of fee revenue 3.7 % 5.5 % 3.2 % |
Subsequent Events
Subsequent Events | 2 Months Ended |
Mar. 04, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS:Dividends Declared On February 9, 2022, the Board of Directors declared a quarterly cash dividend of $0.15 per share of common stock payable on April 1, 2022 to stockholders of record on March 4, 2022. Restricted Stock Grants On March 2, 2022 we issued approximately $6.3 million of restricted stock to employees, or approximately 380,000 shares based on the closing price of our stock on February 23, 2022. The shares are subject to vesting conditions described in Note 7 “Employee Benefits” of our Consolidated Financial Statements in this Report. |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL DATA (Unaudited) | QUARTERLY FINANCIAL DATA (Unaudited): The following is a summary of unaudited quarterly results of operations for the years ended December 31, 2021 and 2020 (in thousands, except per share amounts): Quarter First Second Third Fourth 2021 Revenues $ 18,319 $ 17,484 $ 17,860 $ 19,391 Income before income taxes 7,014 1,416 2,360 3,213 Net income 4,101 970 1,879 2,813 Basic earnings per common share 0.52 0.12 0.24 0.36 Diluted earnings per common share 0.52 0.12 0.24 0.36 2020 Revenues $ 16,669 $ 15,875 $ 15,454 $ 17,113 Income (loss) before income taxes (1) (1,817) (8,318) 2,548 Net income (loss) 1,102 (2,575) (10,289) 2,815 Basic earnings (loss) per common share 0.13 (0.33) (1.31) 0.36 Diluted earnings (loss) per common share 0.13 (0.33) (1.31) 0.36 |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Earnings Per Share, Policy [Policy Text Block] | Basic earnings (loss) per common share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares outstanding. Diluted EPS is computed based on the weighted average shares of common stock outstanding plus the effect of any dilutive shares of restricted stock granted to employees and non- employee directors. There were approximately 116,000, 381,000 and 76,000 anti-dilutive restricted shares as of December 31, 2021, 2020 and 2019, respectively. The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share and share amounts): Years ended December 31, 2021 2020 2019 Net income (loss) $ 9,763 $ (8,947) $ 5,911 Weighted average shares outstanding – basic 7,875,395 7,987,554 8,408,017 Dilutive potential shares from unvested restricted shares 52,577 — 55,222 Weighted average shares outstanding – diluted 7,927,972 7,987,554 8,463,239 Earnings (loss) per share: Basic $ 1.24 $ (1.12) $ 0.70 Diluted $ 1.23 $ (1.12) $ 0.70 |
Principles of consolidation | Principles of Consolidation The accompanying Consolidated Financial Statements include the accounts of Westwood and its subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. We assess each legal entity that we manage to determine whether consolidation is appropriate at the onset of the relationship. We first determine whether the entity is a variable interest entity (“VIE”), or a voting interest entity (“VOE”), under GAAP and whether we have a controlling financial interest in the entity. Assessing whether or not an entity is a VOE or VIE and if it requires consolidation involves judgment and analysis. Factors considered in this assessment include, but are not limited to, the legal organization of the entity, our equity ownership and contractual involvement with the entity and any related party or de facto agent implications of our involvement with the entity. We reconsider whether entities are a VIE or VOE whenever contractual arrangements change, the entity receives additional equity or returns equity to its investors or changes in facts and circumstances occur that change the investors’ abilities to direct the activities of the entity. A VIE is an entity in which (i) the total equity investment at risk is not sufficient to enable the entity to finance its activities without subordinated financial support, (ii) the at-risk equity holders, as a group, lack the characteristics of a controlling financial interest or (iii) the entity is structured with disproportionate voting rights, and substantially all of the activities are conducted on behalf of an investor with disproportionately few voting rights. That is, the at-risk equity holders do not have the obligation to absorb significant losses, the right to receive residual returns and the right to direct the activities of the entity that most significantly impact the entity’s economic performance. An enterprise must consolidate all VIEs of which it is the primary beneficiary. We determine if a sponsored investment meets the definition of a VIE by considering whether the fund’s equity investment at risk is sufficient to finance its activities without additional subordinated financial support and whether the fund’s at-risk equity holders absorb any losses, have the right to receive residual returns and have the right to direct the activities of the entity most responsible for the entity’s economic performance. The primary beneficiary of a VIE is defined as the party that, considering the involvement of related parties and de facto agents, has (i) the power to direct the activities of the VIE that most significantly affect its economic performance and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. This evaluation is updated on a continuing basis. A VOE is an entity that is outside the scope of the guidance for VIEs. Consolidation of a VOE is required when a reporting entity owns a controlling financial interest in a VOE. Ownership of a majority of the voting interests is the usual condition for a controlling financial interest. We evaluated (i) our relationship as sponsor of the Common Trust Funds (“CTFs”) and managing member of the private equity funds Westwood Hospitality and Westwood Technology Opportunities Fund I, LP (collectively the “Private Funds”), (ii) our advisory relationships with the Westwood Funds®, and (iii) our investments in InvestCloud and Charis discussed in Note 5 “Investments” (“Private Equity”) to determine whether each of these entities is a variable interest entity (“VIE”) or voting ownership entity (“VOE”). Based on our analyses, we determined that the CTFs and Private Funds were VIEs, as the at-risk equity holders do not have the ability to direct the activities that most significantly impact the entities' 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. Based on our analyses, we determined the Westwood Funds® and Private Equity (i) have sufficient equity at risk to finance the entities' activities independently, (ii) have the obligation to absorb losses, the right to receive residual returns and the right to direct the activities of the entities that most significantly impact the entities' economic performance and (iii) are not structured with disproportionate voting rights and are VOEs. Based on our analyses of our investments in these entities for the periods ending December 31, 2021 and 2020, we have not consolidated the CTFs or Private Funds under the VIE method or the Westwood Funds® or Private Equity under the VOE method. |
Use of Estimates | Use of Estimates The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of money market accounts and other short-term, highly liquid investments with maturities of three months or less, other than pooled investment vehicles that are considered investments. We maintain some cash and cash equivalents balances with financial institutions that are in excess of Federal Deposit Insurance Corporation insurance limits. The Company has not experienced losses on uninsured cash accounts. |
Accounts Receivable | Accounts Receivable Accounts receivable represents balances arising from services provided to customers and are recorded on an accrual basis, net of any allowance for doubtful accounts. Accounts receivable are written off when they are determined to be uncollectible. Any allowance for doubtful accounts is estimated based on the Company’s historical amounts written off, existing conditions in the industry, and the financial stability of the customer. The majority of our accounts receivable balances consist of advisory and trust fees receivable from customers that we believe are, and have experienced to be, fully collectible. Accordingly, our Consolidated Financial Statements include neither an allowance for bad debt, nor bad debt expense. |
Investments | Investments With the exception of our investment in Charis, discussed below under "Fair Value of Financial Instruments", investments that are measured at fair market value are classified as trading securities and are carried at quoted market values on the accompanying Consolidated Balance Sheets. Net unrealized holding gains or losses on investments classified as trading securities are reflected as a component of other revenues. We measure realized gains and losses on investments using the specific identification method. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments We determined the estimated fair values of our financial instruments using available information. The fair value amounts discussed in Notes 5 “Investments” and 6 “Fair Value of Financial Instruments” are not necessarily indicative of either the amounts realizable upon disposition of these instruments or of 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, equity funds, equities and exchange-traded bond funds, equals fair value based on prices quoted in active markets and, with respect to funds, the reported net asset value (“NAV”) of the shares held. Market values of our money market holdings generally do not fluctuate. Our investment in Westwood Hospitality is measured at fair value using NAV as a practical expedient. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets 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 tested at least annually for impairment. We test more frequently if indicators are present or changes in circumstances suggest that impairment may exist. These indicators include declines in revenues, earnings or cash flows, or the development of a material adverse change in the business climate. We assess goodwill for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment, which is referred to as a component. We have identified two reporting units, which are consistent with our reporting segments: Advisory and Trust. The Company is not required to calculate the fair value of a reporting unit unless we determine that it is more likely than not that its fair value is less than the carrying amount. We assess goodwill for impairment using either a qualitative or quantitative assessment. The qualitative assessment includes consideration of the current trends in the industry in which we operate, macroeconomic conditions and recent financial performance of our reporting units. The quantitative analysis requires a comparison of each reporting unit’s carrying value to the fair value of the respective unit. An impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The fair value of each reporting unit is estimated using a market multiple approach and an income approach. Following a sustained decline in the Company's market capitalization, we determined in 2020 that the entire goodwill related to our Advisory segment was impaired, and accordingly we recorded charges of $3.4 million to "Impairment expense" on the Consolidated Statements of Comprehensive Income (Loss). As part of our evaluation, we determined the fair value of each of our reporting units using a weighted average approach of the market and income approaches. As part of the 2020 Advisory reporting unit assessment, we determined that an increase in the discount rate (from the prior assessment) applied in the valuation was required to align with market-based assumptions. The higher discount rate, in conjunction with revised long-term projections, resulted in a lower fair value of the Advisory segment. There was no goodwill impairment in the Advisory segment during the years ended December 31, 2021 or 2019. We completed our most recent annual goodwill impairment assessment during the third quarter of 2021, and determined that no goodwill impairment related to the Trust segment was required. There was no goodwill impairment in the Trust segment during the years ended December 31, 2021, 2020 or 2019. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation of furniture and equipment is provided over the estimated useful lives of the assets (from 3 to 7 years), and depreciation on leasehold improvements is provided over the lesser of the estimated useful life or lease term using the straight-line method. We capitalize leasehold improvements, furniture and fixtures, computer hardware and most office equipment purchases. |
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. Our revenues from a contract asset related to wealth management software, and its implementation, are recognized over time, and all other revenues are recognized 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 AUM and the performance obligation is realized over the then-current calendar quarter. Once clients receive our investment advisory services we have an enforceable right to payment. Incremental costs to obtain a contract are eligible to be capitalized if the costs are expected to be recovered over the service period. We incur certain incremental costs in obtaining new business and continually evaluate whether costs should be capitalized and amortized over the expected period of benefit of the asset. Certain costs used to fulfill a contract such as the distribution services utilized to sell our Westwood Funds® are expensed as incurred. We recognize the incremental costs of |
Stock Based Compensation | Stock-Based Compensation We have issued restricted stock to certain U.S. employees and Board of Directors in accordance with our Eighth Amended and Restated Westwood Holdings Group, Inc. Stock Incentive Plan (the “Plan”). We account for stock-based compensation in accordance with ASC 718, Compensation-Stock Compensation and adopted Accounting Standards Update (“ASU”) 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting effective January 1, 2017. Under ASC 718, stock-based compensation expense reflects the fair value of stock-based awards measured at grant date and is recognized over the relevant service period. We expense the fair value of stock-based compensation awards granted to our employees and directors in our Consolidated Financial Statements on a straight-line basis over the period that services are required to be provided in exchange for the award (“requisite service period”), which is typically the period over which the award vests. Stock-based compensation is recognized only for awards that vest. We measure the fair value of compensation cost related to restricted stock awards based on the closing market price of our common stock on the grant date. For performance-based share awards, we assess actual performance versus the predetermined performance goals and record compensation expense once we conclude it is probable that we will meet the performance goals required to vest the applicable performance-based awards. The Share Award Plan of Westwood Holdings Group, Inc. for Service Provided in Canada to its Subsidiaries (the “Canadian Plan”) provided compensation in the form of common stock for services performed by employees of Westwood International Advisors, prior to its 2020 closure. We recorded compensation costs for these awards on a straight-line basis over the vesting period once we determined it was probable that the award would be earned. Awards expected to be settled in shares were funded into a trust pursuant to an established Canadian employee benefit plan. Generally, the Canadian trust subsequently acquired Westwood common shares in market transactions and held such shares until the shares were vested and distributed, or forfeited. Shares held in the trust were shown on our Consolidated Balance Sheet as treasury shares. Until shares were acquired by the trust, we recorded compensation costs and measured the liability as a cash-based award, which was included in “Compensation and benefits payable” on our Consolidated Balance Sheets. For the year ended December 31, 2021, there was no compensation expense recorded for these awards. For the years ended December 31, 2020 and 2019, the compensation expense recorded for these awards was $0.2 million and $0.1 million, respectively. When the number of shares related to an award was determinable, the award became an equity award accounted for in a manner similar to restricted stock, which is described in Note 7 “Employee Benefits.” |
Income Taxes | Income Taxes We file a U. S. federal income tax return as a consolidated group for Westwood and its U.S.-based subsidiaries. We file a Canadian income tax return for Westwood International Advisors. Deferred income tax assets and liabilities are determined based on temporary differences between the financial statements and income tax bases of assets and liabilities as measured at enacted income tax rates. Deferred income tax expense is generally the result of changes in deferred tax assets and liabilities. Deferred taxes relate primarily to incentive compensation and stock-based compensation expense. We record net deferred tax assets to the extent we believe such assets will more likely than not be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event we were to determine that we would not be able to realize our deferred income tax assets in the future, we would record a valuation allowance. No such valuation allowance has been recorded in our Consolidated Financial Statements. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes , which is intended to simplify various aspects of the income tax accounting guidance, including interim-period accounting for enacted changes in tax law. ASU 2019-12 is effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, and early adoption is permitted. We adopted this ASU as of January 1, 2021, and it did not have a material impact on our Consolidated Financial Statements. |
Revenue (Policies)
Revenue (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
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. Our revenues from a contract asset related to wealth management software, and its implementation, are recognized over time, and all other revenues are recognized 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 AUM and the performance obligation is realized over the then-current calendar quarter. Once clients receive our investment advisory services we have an enforceable right to payment. Incremental costs to obtain a contract are eligible to be capitalized if the costs are expected to be recovered over the service period. We incur certain incremental costs in obtaining new business and continually evaluate whether costs should be capitalized and amortized over the expected period of benefit of the asset. Certain costs used to fulfill a contract such as the distribution services utilized to sell our Westwood Funds® are expensed as incurred. We recognize the incremental costs of |
Earnings Per Share (Policies)
Earnings Per Share (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy [Policy Text Block] | Basic earnings (loss) per common share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares outstanding. Diluted EPS is computed based on the weighted average shares of common stock outstanding plus the effect of any dilutive shares of restricted stock granted to employees and non- employee directors. There were approximately 116,000, 381,000 and 76,000 anti-dilutive restricted shares as of December 31, 2021, 2020 and 2019, respectively. The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share and share amounts): Years ended December 31, 2021 2020 2019 Net income (loss) $ 9,763 $ (8,947) $ 5,911 Weighted average shares outstanding – basic 7,875,395 7,987,554 8,408,017 Dilutive potential shares from unvested restricted shares 52,577 — 55,222 Weighted average shares outstanding – diluted 7,927,972 7,987,554 8,463,239 Earnings (loss) per share: Basic $ 1.24 $ (1.12) $ 0.70 Diluted $ 1.23 $ (1.12) $ 0.70 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Balances | All other investments are carried at fair value on a recurring basis and are accounted for as trading securities. Investments carried at fair value are presented in the table below (in thousands): Cost Gross Unrealized Gains Gross Unrealized Losses Estimated December 31, 2021: U.S. Government and Government agency obligations $ 39,926 $ — $ (491) $ 39,435 Money market funds 19,661 — — 19,661 Equity funds 4,135 158 (7) 4,286 Equities 1,296 206 — 1,502 Exchange-traded bond funds 140 — — 140 Total trading securities $ 65,158 $ 364 $ (498) $ 65,024 Private investment fund 265 — (121) 144 Private equity 3,420 949 — 4,369 Total investments carried at fair value $ 68,843 $ 1,313 $ (619) $ 69,537 December 31, 2020: U.S. Government and Government agency obligations $ 65,132 $ 2 $ (180) $ 64,954 Money market funds 4,003 — — 4,003 Equity funds 90 — (5) 85 Equities 288 94 — 382 Exchange-traded bond funds 115 3 — 118 Total trading securities $ 69,628 $ 99 $ (185) $ 69,542 Private investment fund 250 — (154) 96 Private equity 3,420 11 — 3,431 Total investments carried at fair value $ 73,298 $ 110 $ (339) $ 73,069 |
Other Revenue | The following amounts, except for income tax amounts, are included in our Consolidated Statements of Comprehensive Income (Loss) under the headings “Other revenues, net," "Net change in unrealized appreciation (depreciation) on private investments," or "Investment Income" (in thousands): 2021 2020 2019 Realized gains $ 41 $ 110 $ 707 Realized losses (212) (116) (122) Net realized gains (losses) $ (171) $ (6) $ 585 Income tax expense from gains (losses) $ (36) $ (1) $ 123 Interest income – trading $ 716 $ 786 $ 894 Dividend income $ 35 $ 101 $ 283 Unrealized gains/(losses) $ 923 $ (1,056) $ 3,650 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Values of Assets Within Fair Value Hierarchy | The following table summarizes the values of our assets and liabilities as of the dates indicated within the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Measured at NAV (1) Total As of December 31, 2021 Investments in trading securities $ 65,024 $ — $ — $ — $ 65,024 Private investment fund — — — 144 144 Private equity — — 4,369 — 4,369 Total assets measured at fair value $ 65,024 $ — $ 4,369 $ 144 $ 69,537 As of December 31, 2020 Investments in trading securities $ 69,542 $ — $ — $ — $ 69,542 Private investment fund — — — 96 96 Private equity — — 3,431 — 3,431 Total assets measured at fair value $ 69,542 $ — $ 3,431 $ 96 $ 73,069 (1) Comprised of certain investments measured at fair value using 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 Consolidated Balance Sheets. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table summarizes the changes in Level 3 investments measured at fair value on a recurring basis for the periods presented (in thousands): Years ended December 31, 2021 2020 Beginning balance $ 3,431 $ 3,975 Net change in unrealized appreciation (depreciation) on private investments 938 (544) Ending balance $ 4,369 $ 3,431 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets (Tables) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Changes in 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. Changes in goodwill were as follows (in thousands): As of December 31, 2021 2020 Beginning balance $ 16,401 $ 19,804 Impairment expense — (3,403) Ending balance $ 16,401 $ 16,401 | ||
Summary of Intangible Assets | The following is a summary of intangible assets at December 31, 2021 and 2020 (in thousands, except years): Weighted Average Amortization Period (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount 2021 Client relationships 14.8 $ 21,431 $ (10,216) $ 11,215 Internally developed software 5.8 1,439 (743) 696 $ 22,870 $ (10,959) $ 11,911 2020 Client relationships 14.8 $ 21,431 $ (8,850) $ 12,581 Internally developed software 5.8 1,439 (485) 954 $ 22,870 $ (9,335) $ 13,535 | ||
Goodwill impairment loss | $ 3,403 | $ 3,403 | $ 0 |
Amortization expense | $ 1,624 | $ 1,721 | $ 1,726 |
Estimated Amortization Expense for Intangible Assets over the Next Five Years | Estimated amortization expense for intangible assets over the next five years is as follows (in thousands): For the year ending December 31, Estimated Amortization Expense 2022 $ 1,623 2023 $ 1,604 2024 $ 1,529 2025 $ 1,372 2026 $ 1,359 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Property and Equipment | The following table reflects information about our property and equipment as of December 31, 2021 and 2020 (in thousands): As of December 31, 2021 2020 Leasehold improvements $ 4,956 $ 5,385 Furniture and fixtures 2,590 2,728 Computer hardware and office equipment 3,205 3,129 Accumulated depreciation (8,637) (8,056) Property and equipment, net $ 2,114 $ 3,186 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income (Loss) Before Income Taxes by Jurisdiction | Income (loss) before income taxes by jurisdiction was as follows (in thousands): Years ended December 31, 2021 2020 2019 U.S. $ 13,989 $ (5,861) $ 10,237 Canada 14 (1,727) (835) Total $ 14,003 $ (7,588) $ 9,402 |
Difference between the Federal Corporate Tax Rate and the Effective Tax Rate | The difference between the Federal corporate tax rate and the effective tax rate is comprised of the following (in thousands). In 2021, we recast certain prior year income tax expense components. Years ended December 31, 2021 2020 2019 Income tax provision computed at US federal statutory rate $ 2,935 21.0 % $ (1,593) 21.0 % $ 1,974 21.0 % State and local income taxes, net of federal income taxes 372 2.7 91 (1.2) 512 5.4 Amended state returns — — (555) 7.3 — — Stock-based compensation 859 6.1 683 (9.0) 594 6.3 Tax on repatriation — — 1,378 (18.1) — — Nondeductible currency losses — — 910 (12.0) — — Impairment expense — — 398 (5.2) — — Compensation subject to Section 162(m) 180 1.3 42 (0.6) 140 1.5 Other, net (106) (0.8) 5 (0.1) 271 2.9 Total income tax expense $ 4,240 30.3 % $ 1,359 (17.9) % $ 3,491 37.1 % Effective income tax rate 30.3 % (17.9) % 37.1 % |
Income Tax Provision (Benefit) as Set Forth in the Consolidated Statements of Income | Income tax expense as set forth in the Consolidated Statements of Comprehensive Income (Loss) consisted of the following components (in thousands): Years ended December 31, 2021 2020 2019 Current taxes: U.S. Federal $ 3,482 $ 1,350 $ 424 State and local 356 (534) 350 Foreign (218) (211) (189) Total current taxes 3,620 605 585 Deferred taxes: U.S. Federal 446 500 2,619 State and local 30 44 222 Foreign 144 210 65 Total deferred taxes 620 754 2,906 Total income tax expense $ 4,240 $ 1,359 $ 3,491 |
Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are presented below (in thousands). As of December 31, 2021 2020 Deferred tax assets: Stock-based compensation expense $ 893 $ 1,685 Deferred rent 1,344 1,734 Compensation and benefits payable 1,946 1,617 Federal unrecognized tax benefit 5 38 Deferred compensation 171 — Other 11 — Total deferred tax assets 4,370 5,074 Deferred tax liabilities: Property and equipment (223) (429) Intangibles (1,256) (907) Unrealized gains on investments (790) (585) Leases (1,232) (1,548) Other (21) (137) Total deferred tax liabilities (3,522) (3,606) Net deferred tax assets $ 848 $ 1,468 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the change in recorded uncertain tax positions during the years ended December 31, 2021 and 2020 is as follows (in thousands): Balance at December 31, 2019 $ 184 Additions for tax positions related to the current year 1 Reductions for tax positions related to prior years (1) Settlements (5) Balance at December 31, 2020 179 Additions for tax positions related to the current year 10 Reductions for tax positions related to prior years (164) Balance at December 31, 2021 $ 25 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Sales taxes are excluded from revenues. The following table presents our revenue disaggregated by account type (in thousands). In 2021, we recast certain prior year revenues related to performance fees. Year Ended December 31, 2021 2020 2019 Advisory Fees: Institutional $ 31,069 $ 28,878 $ 38,053 Mutual Funds 17,507 11,488 19,288 Wealth Management 686 470 456 Trust Fees 24,131 23,929 25,483 Other (339) 346 799 Total revenues $ 73,054 $ 65,111 $ 84,079 |
Revenue Disaggregation by Geographic Location [Table Text Block] | We have clients in various locations around the world. The following table presents our revenue disaggregated by our clients' geographical locations (in thousands): Year Ended December 31, 2021 Advisory Trust Performance-based Other Total Canada $ 1,163 $ — $ — $ — $ 1,163 Europe 638 — 262 — 900 U.S. 45,512 24,131 1,687 (339) 70,991 Total $ 47,313 $ 24,131 $ 1,949 $ (339) $ 73,054 Year Ended December 31, 2020 Advisory Trust Performance-based Other Total Asia $ 696 $ — $ — $ — $ 696 Canada 1,505 — — — 1,505 Europe 2,707 — 1,570 — 4,277 U.S. 33,120 23,563 1,604 346 58,633 Total $ 38,028 $ 23,563 $ 3,174 $ 346 $ 65,111 Year Ended December 31, 2019 Advisory Trust Performance-based Other Total Asia $ 1,639 $ — $ — $ — $ 1,639 Australia 591 — — — 591 Canada 2,740 — — 282 3,022 Europe 3,703 — 764 — 4,467 U.S. 48,360 25,483 — 517 74,360 Total $ 57,033 $ 25,483 $ 764 $ 799 $ 84,079 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 and the total income tax benefit recognized for stock-based compensation arrangements for the years indicated (in thousands): For the years ended December 31, 2021 2020 2019 Service condition restricted stock expense $ 5,253 $ 6,348 $ 7,240 Performance-based restricted stock expense 581 1,280 2,388 Restricted stock expense under the Plan 5,834 7,628 9,628 Canadian Plan restricted stock expense — (927) 677 Total stock-based compensation expense $ 5,834 $ 6,701 $ 10,305 Total income tax benefit recognized related to stock-based compensation $ 804 $ 953 $ 1,932 |
Profit Sharing and 401(k) Contributions for the Periods | The following table displays our profit-sharing and retirement plan contributions for the periods presented (in thousands): Years ended December 31, 2021 2020 2019 Profit-sharing contributions, net $ 13 $ (233) $ 31 Retirement plan matching contributions 1,256 1,410 1,597 |
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 that are subject only to a service condition for the year ended December 31, 2021: Number of Shares Weighted Average Grant Date Fair Value Non-vested, January 1, 2021 449,603 $ 36.15 Granted 181,403 17.10 Vested (192,204) 39.70 Forfeited (23,308) 34.48 Non-vested, December 31, 2021 415,494 $ 26.29 |
Weighted-Average Grant Date Fair Value for Shares Granted and the Total Fair Value of Shares Vested | The following table shows the weighted-average grant date fair value for shares granted and the total fair value of shares vested during the years indicated: Years ended December 31, 2021 2020 2019 Weighted-average grant date fair value $ 17.10 $ 27.39 $ 38.64 Fair value of shares vested (in thousands) $ 7,630 $ 7,480 $ 9,273 |
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 year ended December 31, 2021: Number of Shares Weighted Average Grant Date Fair Value Non-vested, January 1, 2021 45,700 $ 45.58 Vested (28,962) 31.54 Non-vested, December 31, 2021 16,738 $ 41.97 |
Weighted-Average Grant Date Fair Value for Shares Granted and the Total Fair Value of Shares Vested | The following table shows the weighted-average grant date fair value for shares granted and the total fair value of shares vested during the years indicated: Years ended December 31, 2021 2020 2019 Weighted-average grant date fair value $ — $ — $ 37.90 Fair value of shares vested (in thousands) $ 913 $ 1,944 $ 4,515 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Shares | The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share and share amounts): Years ended December 31, 2021 2020 2019 Net income (loss) $ 9,763 $ (8,947) $ 5,911 Weighted average shares outstanding – basic 7,875,395 7,987,554 8,408,017 Dilutive potential shares from unvested restricted shares 52,577 — 55,222 Weighted average shares outstanding – diluted 7,927,972 7,987,554 8,463,239 Earnings (loss) per share: Basic $ 1.24 $ (1.12) $ 0.70 Diluted $ 1.23 $ (1.12) $ 0.70 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | The following table displays the AUM, the amount of our seed investments that are included in “Investments” and “Investments, at fair value” on the Consolidated Balance Sheets, and the financial risk of loss in each vehicle (in millions): As of December 31, 2021 Assets Under Management Corporate Investment Amount at Risk VIEs/VOEs: Westwood Funds® $ 3,046 $ — $ — Common Trust Funds 886 $ — $ — Private Funds 4 $ 0.1 $ 0.1 Private Equity — $ 8.9 $ 8.9 All other assets: Wealth Management 3,530 Institutional 7,037 Total AUM $ 14,503 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Unrecorded Unconditional Purchase Obligations Disclosure | The following table summarizes our contractual obligations as of December 31, 2021 (in thousands): Payments due in: Total Less than 1 year 1-3 years 4-5 years Thereafter Purchase obligations $ 9,974 $ 4,466 $ 4,732 $ 776 $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Intersegment Balances | (in thousands) Advisory Trust Westwood Holdings Eliminations Consolidated Year Ended December 31, 2021 Revenues: Net fee revenues from external sources $ 49,262 $ 24,131 $ — $ — $ 73,393 Net intersegment revenues 2,415 356 — (2,771) — Other revenue (339) — — (339) Total revenues 51,338 24,487 — (2,771) 73,054 Expenses: Depreciation and amortization 167 1,614 615 — 2,396 Other operating expenses 33,249 18,092 16,129 (2,771) 64,699 Total expenses 33,416 19,706 16,744 (2,771) 67,095 Realized gains on private investments 3,524 2,731 2,116 — 8,371 Net change in unrealized appreciation on private investments (757) (587) (453) — (1,797) Investment income 875 (7) — — 868 Other income — — 602 — 602 Income (loss) before income taxes 21,564 6,918 (14,479) — 14,003 Income tax expense (benefit) 4,784 1,262 (1,806) — 4,240 Net income (loss) $ 16,780 $ 5,656 $ (12,673) $ — $ 9,763 Segment assets $ 222,335 $ 56,965 $ 12,784 $ (152,479) $ 139,605 Segment goodwill $ — $ 16,401 $ — $ — $ 16,401 Expenditures for long-lived assets $ 66 $ 61 $ 51 $ — $ 178 Year Ended December 31, 2020 Revenues: Net fee revenues from external sources $ 40,836 $ 23,929 $ — $ — $ 64,765 Net intersegment revenues 2,338 263 — (2,601) — Net interest and dividend revenue 35 — — — 35 Other revenue 311 — — — 311 Total revenues 43,520 24,192 — (2,601) 65,111 Expenses: Depreciation and amortization 322 1,656 664 — 2,642 Impairment expense 3,403 — — — 3,403 Other operating expenses 34,675 17,398 13,041 (2,601) 62,513 Total expenses 38,400 19,054 13,705 (2,601) 68,558 Net change in unrealized appreciation (depreciation) on private investments (311) (222) (178) — (711) Investment income 552 52 — — 604 (in thousands) Advisory Trust Westwood Holdings Eliminations Consolidated Other income — — 135 — 135 Foreign currency translation adjustments to net income (loss) upon liquidation of a foreign subsidiary — — (4,169) — (4,169) Income (loss) before income taxes 5,361 4,968 (17,917) — (7,588) Income tax expense (benefit) 3,456 1,977 (4,074) — 1,359 Net income (loss) $ 1,905 $ 2,991 $ (13,843) $ — $ (8,947) Segment assets $ 204,827 $ 54,749 $ 17,247 $ (127,671) $ 149,152 Segment goodwill $ — $ 16,401 $ — $ — $ 16,401 Expenditures for long-lived assets $ 20 $ 24 $ 49 $ — $ 93 Year Ended December 31, 2019 Revenues: Net fee revenues from external sources $ 57,797 $ 25,483 $ — $ — $ 83,280 Net intersegment revenues 3,457 236 — (3,693) — Net interest and dividend revenue 103 — — — 103 Other revenue 696 — — — 696 Total revenues 62,053 25,719 — (3,693) 84,079 Expenses: Depreciation and amortization 311 1,765 548 — 2,624 Other operating expenses 46,235 19,672 14,597 (3,693) 76,811 Total expenses 46,546 21,437 15,145 (3,693) 79,435 Net change in unrealized appreciation (depreciation) on private investments 1,438 1,026 832 — 3,296 Investment income 1,017 298 3 — 1,318 Other income — — 144 — 144 Income before income taxes 17,962 5,606 (14,166) — 9,402 Income tax expense (benefit) 4,308 1,459 (2,276) — 3,491 Net income (loss) $ 13,654 $ 4,147 $ (11,890) $ — $ 5,911 Segment assets $ 242,854 $ 51,274 $ 24,732 $ (140,153) $ 178,707 Segment goodwill $ 3,403 $ 16,401 $ — $ — $ 19,804 Expenditures for long-lived assets $ 288 $ 223 $ 82 $ — $ 593 |
Concentration (Tables)
Concentration (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentration | Years ended December 31, 2021 2020 2019 Advisory fees from our largest client: Asset-based fees $ 2,682 $ 1,940 $ 1,863 Performance-based fees — 1,607 764 Percent of fee revenue 3.7 % 5.5 % 3.2 % |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results of Operations | The following is a summary of unaudited quarterly results of operations for the years ended December 31, 2021 and 2020 (in thousands, except per share amounts): Quarter First Second Third Fourth 2021 Revenues $ 18,319 $ 17,484 $ 17,860 $ 19,391 Income before income taxes 7,014 1,416 2,360 3,213 Net income 4,101 970 1,879 2,813 Basic earnings per common share 0.52 0.12 0.24 0.36 Diluted earnings per common share 0.52 0.12 0.24 0.36 2020 Revenues $ 16,669 $ 15,875 $ 15,454 $ 17,113 Income (loss) before income taxes (1) (1,817) (8,318) 2,548 Net income (loss) 1,102 (2,575) (10,289) 2,815 Basic earnings (loss) per common share 0.13 (0.33) (1.31) 0.36 Diluted earnings (loss) per common share 0.13 (0.33) (1.31) 0.36 |
Leases, Codification Topic 842
Leases, Codification Topic 842 (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | The maturities of lease liabilities are as follows (in thousands): Year ending December 31, Operating Leases 2022 $ 1,730 2023 1,733 2024 1,563 2025 1,528 2026 331 Total undiscounted lease payments $ 6,885 Less: discount (752) Total lease liabilities $ 6,133 |
Lease, Cost | The following table presents the components of lease costs related to our leases (amounts in thousands): Years Ended December 31, 2021 2020 2019 Operating lease costs $ 1,655 $ 2,033 $ 1,796 Sublease income 602 135 144 The following table presents supplemental cash flow information related to our leases (amounts in thousands): Years Ended December 31, 2021 2020 2019 Operating cash flows from operating leases $ 1,990 $ 2,091 $ 2,095 Right-of-use assets obtained in exchange for lease obligations $ — $ 59 $ — |
Lessee, Operating Lease, Disclosure | The following table presents information regarding our operating leases (in thousands, except years and rates): December 31, 2021 2020 Operating lease right-of-use assets $ 4,868 $ 6,103 Operating lease liabilities $ 1,409 $ 1,718 Non-current lease liabilities 4,724 6,121 Total lease liabilities $ 6,133 $ 7,839 Weighted-average remaining lease term (in years) 4.1 4.9 Weighted-average discount rate 5.0 % 5.0 % |
Description of the Business (De
Description of the Business (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Restricted Stock Award, Forfeitures | $ (1.3) |
Description of the Business (_2
Description of the Business (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Property and equipment, net of accumulated depreciation of $8,637 and $8,056 | $ 2,114 | $ 3,186 | |
Accounts Payable and Accrued Liabilities, Current | (2,637) | (1,627) | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 3,296 | ||
Goodwill | $ 19,804 | 16,401 | 16,401 |
Intangible assets, net | 11,911 | 13,535 | |
Other current assets | $ 2,246 | $ 2,606 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Dec. 31, 2021USD ($)reporting_units | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Schedule Of Significant Accounting Policies [Line Items] | |||
Provision for income taxes | $ 4,240,000 | $ 1,359,000 | $ 3,491,000 |
Foreign Currency Transaction Gain (Loss), before Tax | $ 0 | (1,184,000) | (1,854,000) |
Number of reporting units | reporting_units | 2 | ||
Goodwill impairment loss | $ 3,403,000 | 3,403,000 | 0 |
Valuation allowance | 0 | ||
Uncertain tax position | 25,000 | 179,000 | $ 184,000 |
Unrecognized tax benefits | $ 5,000 | $ 38,000 | |
Effective Income Tax Rate Reconciliation, Percent | 30.30% | (17.90%) | 37.10% |
Foreign Currency Translation Adjustment, Description | 4.2 million | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | $ 1,200,000 | $ 1,900,000 | |
Goodwill, Impaired, Accumulated Impairment Loss | 3,400,000 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 4,169,000 | ||
Furniture and fixtures | Minimum [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of the assets | 3 years | ||
Furniture and fixtures | Maximum [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of the assets | 7 years | ||
Leasehold improvements | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of the assets | lesser of the estimated useful life or lease term | ||
Westwood International Advisors Inc | Canadian Plan | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Compensation expense recorded | $ 200,000 | $ 100,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies New Accounting Pronouncements or Change in Accounting Principle (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Provision for income taxes | $ 4,240,000 | $ 1,359,000 | $ 3,491,000 |
Effective Income Tax Rate Reconciliation, Percent | 30.30% | (17.90%) | 37.10% |
Operating Lease, Right-of-Use Asset | $ 4,868,000 | $ 6,103,000 | |
Operating Lease, Payments | 1,990,000 | 2,091,000 | $ 2,095,000 |
Operating Lease, Liability, Noncurrent | 4,724,000 | 6,121,000 | |
Operating Lease, Liability, Current | $ 1,409,000 | $ 1,718,000 |
Investments (Trading Securities
Investments (Trading Securities FV) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investment balances | |||
Cost | $ 65,158 | $ 69,628 | |
Gross Unrealized Gains | 364 | 99 | |
Gross Unrealized Losses | (498) | (185) | |
Investments in trading securities | 65,024 | 69,542 | |
Trading Securities, Unrealized Holding Gain | 364 | 99 | |
Trading Securities, Unrealized Holding Loss | 498 | 185 | |
Trading Securities, Cost | 65,158 | 69,628 | |
Investment Owned, at Cost | 68,843 | 73,298 | |
Investments in trading securities | 65,024 | 69,542 | |
Unrealized Gain on Securities | 1,313 | 110 | |
Unrealized Loss on Securities | (619) | (339) | |
Investment Owned, at Fair Value | 69,537 | 73,069 | |
Unrealized Gain (Loss) on Investments | (1,797) | (711) | $ 3,296 |
U.S. Government and Government agency obligations | |||
Investment balances | |||
Cost | 39,926 | 65,132 | |
Gross Unrealized Gains | 0 | 2 | |
Gross Unrealized Losses | (491) | (180) | |
Investments in trading securities | 39,435 | 64,954 | |
Trading Securities, Unrealized Holding Gain | 0 | 2 | |
Trading Securities, Unrealized Holding Loss | 491 | 180 | |
Trading Securities, Cost | 39,926 | 65,132 | |
Investments in trading securities | 39,435 | 64,954 | |
Money market funds | |||
Investment balances | |||
Cost | 19,661 | 4,003 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Investments in trading securities | 19,661 | 4,003 | |
Trading Securities, Unrealized Holding Gain | 0 | 0 | |
Trading Securities, Unrealized Holding Loss | 0 | 0 | |
Trading Securities, Cost | 19,661 | 4,003 | |
Investments in trading securities | 19,661 | 4,003 | |
Equity funds | |||
Investment balances | |||
Cost | 4,135 | 90 | |
Gross Unrealized Gains | 158 | 0 | |
Gross Unrealized Losses | (7) | (5) | |
Investments in trading securities | 4,286 | 85 | |
Trading Securities, Unrealized Holding Gain | 158 | 0 | |
Trading Securities, Unrealized Holding Loss | 7 | 5 | |
Trading Securities, Cost | 4,135 | 90 | |
Investments in trading securities | 4,286 | 85 | |
Private investment fund | |||
Investment balances | |||
Investment Owned, at Cost | 265 | 250 | |
Unrealized Gain on Securities | 0 | 0 | |
Unrealized Loss on Securities | (121) | (154) | |
Investment Owned, at Fair Value | 144 | 96 | |
Private equity | |||
Investment balances | |||
Investment Owned, at Cost | 3,420 | 3,420 | |
Unrealized Gain on Securities | 949 | 11 | |
Investment Owned, at Fair Value | 4,369 | 3,431 | |
Equity Securities | |||
Investment balances | |||
Cost | 288 | ||
Gross Unrealized Gains | 94 | ||
Gross Unrealized Losses | 0 | ||
Investments in trading securities | 382 | ||
Trading Securities, Unrealized Holding Gain | 94 | ||
Trading Securities, Unrealized Holding Loss | 0 | ||
Trading Securities, Cost | 288 | ||
Investments in trading securities | 382 | ||
Debt Securities, Trading, Amortized Cost | 1,296 | ||
Debt Securities, Trading, Unrealized Gain | 206 | ||
Debt Securities, Trading, Unrealized Loss | 0 | ||
Debt Securities, Trading | 1,502 | ||
us-gaap_EquitySecuritiesMember | |||
Investment balances | |||
Debt Securities, Trading, Amortized Cost | 140 | 115 | |
Debt Securities, Trading, Unrealized Gain | 0 | 3 | |
Debt Securities, Trading, Unrealized Loss | 0 | 0 | |
Debt Securities, Trading | $ 140 | $ 118 |
Investments (Other Revenue) (De
Investments (Other Revenue) (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||
Realized gains | $ 41 | $ 110 | $ 707 |
Realized losses | (212) | (116) | (122) |
Net realized gains (losses) | (171) | (6) | 585 |
Income tax expense from gains (losses) | (36) | (1) | 123 |
Interest income – trading | 716 | 786 | 894 |
Dividend income | 35 | 101 | 283 |
Gain (Loss) on Investments | 923 | ||
Unrealized gains/(losses) | $ (1,845) | $ (1,056) | $ 3,650 |
Investments (Details Textual)
Investments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | May 31, 2018 | |
Schedule Of Investments [Line Items] | ||||
Corporate Investment | $ 65,024 | $ 69,542 | ||
Unrealized Gain on Securities | 1,313 | 110 | ||
Unrealized gains (losses) on private investments | 900 | 2,800 | ||
Investments, All Other Investments [Abstract] | ||||
Realized Investment Gains (Losses) | 8,371 | |||
Investments | 4,400 | |||
Unrealized Gain (Loss) on Investments | (1,797) | (711) | $ 3,296 | |
Cost-method Investments, Realized Gains | 8,400 | |||
Unrealized Gain (Loss) on Investments | (1,797) | (711) | $ 3,296 | |
Long-term Investments | 4,455 | 8,154 | ||
Unrealized Gain on Securities | 1,313 | 110 | ||
Long Term Investments, Cost, in a private company. | $ 5,400 | |||
Long Term Investment, at Cost, in a private investment fund | 300 | |||
Unrealized gain on private equity investment | 500 | 600 | ||
Unrealized gains (losses) on private investments | $ 900 | $ 2,800 |
Investments Private Equity Inve
Investments Private Equity Investment (Details 2) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investments, All Other Investments [Abstract] | ||
Long-term Investments | $ 4,455 | $ 8,154 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Investment Owned, at Cost | $ 68,843 | $ 73,298 |
Schedule Of Investments [Line Items] | ||
Trading Securities, Cost | $ 65,158 | $ 69,628 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Levels) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2019USD ($) | |
Investments in securities: | |||
Investments in trading securities | $ 69,542 | $ 65,024 | |
Total assets measured at fair value | 73,069 | $ 69,537 | |
Unobservable input - book value multiple - minimum [Abstract] | $ / shares | 1.41 | ||
Unobservable input - book value multiple - maximum [Abstract] | $ / shares | 2.57 | ||
Unobservable input - book value multiple - weighted average [Abstract] | $ / shares | (1.60) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 3,431 | $ 4,369 | $ 3,975 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease) | (544) | ||
Alternative Investment | 4,400 | ||
Private Equity Investments [Member] | |||
Investments in securities: | |||
Equity Securities, FV-NI | 3,431 | 4,369 | |
Private equity | |||
Investments in securities: | |||
Equity Securities, FV-NI | 96 | 144 | |
Level 1 | |||
Investments in securities: | |||
Investments in trading securities | 69,542 | 65,024 | |
Total assets measured at fair value | 69,542 | 65,024 | |
Level 1 | Private Equity Investments [Member] | |||
Investments in securities: | |||
Equity Securities, FV-NI | 0 | 0 | |
Level 1 | Private equity | |||
Investments in securities: | |||
Equity Securities, FV-NI | 0 | 0 | |
Level 2 | |||
Investments in securities: | |||
Investments in trading securities | 0 | 0 | |
Total assets measured at fair value | 0 | 0 | |
Level 2 | Private Equity Investments [Member] | |||
Investments in securities: | |||
Equity Securities, FV-NI | 0 | 0 | |
Level 2 | Private equity | |||
Investments in securities: | |||
Equity Securities, FV-NI | 0 | 0 | |
Level 3 | |||
Investments in securities: | |||
Investments in trading securities | 0 | 0 | |
Total assets measured at fair value | 3,431 | 4,369 | |
Level 3 | Private Equity Investments [Member] | |||
Investments in securities: | |||
Equity Securities, FV-NI | 3,431 | 4,369 | |
Level 3 | Private equity | |||
Investments in securities: | |||
Equity Securities, FV-NI | 0 | 0 | |
Fair Value Measured at Net Asset Value Per Share | Private Equity Investments [Member] | |||
Investments in securities: | |||
Equity Securities, FV-NI | 0 | 0 | |
Fair Value Measured at Net Asset Value Per Share | Private equity | |||
Investments in securities: | |||
Equity Securities, FV-NI | 96 | 144 | |
Inputs, Net Asset Value [Member] | |||
Investments in securities: | |||
Investments in trading securities | 0 | 0 | |
Total assets measured at fair value | $ 96 | $ 144 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Changes in goodwill | |||
Beginning balance | $ 16,401,000 | $ 19,804,000 | |
Goodwill, Written off Related to Sale of Business Unit | 0 | 3,403,000 | |
Ending balance | 16,401,000 | 16,401,000 | $ 19,804,000 |
Finite Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 22,870,000 | 22,870,000 | |
Goodwill, Written off Related to Sale of Business Unit | 0 | (3,403,000) | |
Goodwill, Impaired, Accumulated Impairment Loss | 3,400,000 | ||
Amortization of intangible assets | 1,624,000 | 1,721,000 | $ 1,726,000 |
General and Administrative Expense [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 1,600,000 | $ 1,700,000 | |
Internally developed software | |||
Finite Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period (years) | 5 years 9 months 18 days | 5 years 9 months 18 days | |
Gross Carrying Amount | $ 1,439,000 | $ 1,439,000 |
Intangible Assets (Details 1)
Intangible Assets (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 1,624,000 | $ 1,721,000 | $ 1,726,000 |
Summary of intangible assets | |||
Gross Carrying Amount | 22,870,000 | 22,870,000 | |
Accumulated Amortization | (10,959,000) | (9,335,000) | |
Net Carrying Amount | $ 11,911,000 | $ 13,535,000 | |
Customer Relationships [Member] | |||
Summary of intangible assets | |||
Weighted Average Amortization Period (years) | 14 years 9 months 18 days | 14 years 9 months 18 days | |
Gross Carrying Amount | $ 21,431,000 | $ 21,431,000 | |
Accumulated Amortization | (10,216,000) | (8,850,000) | |
Net Carrying Amount | $ 11,215,000 | $ 12,581,000 | |
Internally developed software | |||
Summary of intangible assets | |||
Weighted Average Amortization Period (years) | 5 years 9 months 18 days | 5 years 9 months 18 days | |
Gross Carrying Amount | $ 1,439,000 | $ 1,439,000 | |
Accumulated Amortization | (743,000) | (485,000) | |
Net Carrying Amount | 696,000 | 954,000 | |
General and Administrative Expense [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 1,600,000 | $ 1,700,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Estimated Amortization) (Details 2) $ in Thousands | Dec. 31, 2021USD ($) |
Estimated amortization expense for intangible assets for the next five years | |
2019 | $ 1,623 |
2020 | 1,604 |
2021 | 1,529 |
2022 | 1,372 |
2023 | $ 1,359 |
Balance Sheet Components (Detai
Balance Sheet Components (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property and equipment | ||
Accumulated depreciation | $ (8,637) | $ (8,056) |
Net property and equipment | 2,114 | 3,186 |
Contract with Customer, Asset, Net, Current | 140 | 429 |
Leasehold improvements | ||
Property and equipment | ||
Property and equipment cost | 4,956 | 5,385 |
Furniture and fixtures | ||
Property and equipment | ||
Property and equipment cost | 2,590 | 2,728 |
Computer hardware and office equipment | ||
Property and equipment | ||
Property and equipment cost | $ 3,205 | $ 3,129 |
Balance Sheet Components (Det_2
Balance Sheet Components (Details 1) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Components of accumulated other comprehensive loss | |
Treasury Stock, Value, Acquired, Cost Method | $ 700,000 |
Income Taxes (by jurisdiction)
Income Taxes (by jurisdiction) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income (loss) before income taxes by jurisdiction | |||||||||||
U.S. | $ 13,989 | $ (5,861) | $ 10,237 | ||||||||
Canada | 14 | (1,727) | (835) | ||||||||
Income (loss) before income taxes | $ 3,213 | $ 2,360 | $ 1,416 | $ 7,014 | $ 2,548 | $ (8,318) | $ (1,817) | $ (1) | $ 14,003 | $ (7,588) | $ 9,402 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tax Reform [Line Items] | |||
Prepaid Taxes | $ 233 | $ 1,700 | |
U.S. Federal corporate tax rate | 21.00% | 21.00% | 21.00% |
Uncertain tax position | $ 25 | $ 179 | $ 184 |
Additions for tax positions related to the current year | 10 | 1 | |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 0 | $ 1,378 | $ 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 200 |
Income Taxes (Effective tax rat
Income Taxes (Effective tax rate reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Difference between the Federal corporate tax rate and the effective tax rate | |||
Income tax provision computed at US federal statutory rate | $ 2,935 | $ (1,593) | $ 1,974 |
Other, net | (106) | 5 | 271 |
Income tax expense (benefit) | $ 4,240 | $ 1,359 | $ 3,491 |
Income tax provision computed at US federal statutory rate, effective tax rate | 21.00% | 21.00% | 21.00% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | $ 372 | $ 91 | $ 512 |
State and local income taxes, net of federal income taxes, effective tax rate | 2.70% | (1.20%) | 5.40% |
Effective Income Tax Rate Reconciliation, Tax Settlement, State and Local, Amount | $ 0 | $ (555) | $ 0 |
Effective Income Tax Rate Reconciliation, Tax Settlement, Percent | 0.00% | 7.30% | 0.00% |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 0 | $ 1,378 | $ 0 |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | 0.00% | (18.10%) | 0.00% |
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | 0.00% | (12.00%) | 0.00% |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | $ 0 | $ 910 | $ 0 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent | 0.00% | (5.20%) | 0.00% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | $ 0 | $ 398 | $ 0 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent | 1.30% | (0.60%) | 1.50% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount | $ 180 | $ 42 | $ 140 |
Other, net, effective tax rate | (0.80%) | (0.10%) | 2.90% |
Effective income tax rate | 30.30% | (17.90%) | 37.10% |
State and local income taxes, net of federal income taxes, effective tax rate | 2.70% | (1.20%) | 5.40% |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 4,369 | $ 3,431 | $ 3,975 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount | $ 859 | $ 683 | $ 594 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Percent | 6.10% | (9.00%) | 6.30% |
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount [Abstract] | |||
Income tax provision computed at US federal statutory rate, effective tax rate | 21.00% | 21.00% | 21.00% |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 0 | $ 1,378 | $ 0 |
Other, net, effective tax rate | (0.80%) | (0.10%) | 2.90% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | $ 372 | $ 91 | $ 512 |
Income Taxes (Provision Compone
Income Taxes (Provision Components) (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current taxes: | |||
U.S. Federal | $ 3,482 | $ 1,350 | $ 424 |
State and local | 356 | (534) | 350 |
Foreign | (218) | (211) | (189) |
Total current taxes | 3,620 | 605 | 585 |
Deferred taxes: | |||
U.S. Federal | 446 | 500 | 2,619 |
State and local | 30 | 44 | 222 |
Foreign | 144 | 210 | 65 |
Total deferred taxes | 620 | 754 | 2,906 |
Income tax expense (benefit) | $ 4,240 | $ 1,359 | $ 3,491 |
Income Taxes (Deferred Taxes) (
Income Taxes (Deferred Taxes) (Details 2) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Stock-based compensation expense | $ 893 | $ 1,685 |
Deferred rent | 1,344 | 1,734 |
Compensation and benefits payable | 1,946 | 1,617 |
Federal unrecognized tax benefit | 5 | 38 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 171 | 0 |
Other | 11 | 0 |
Total deferred tax assets | 4,370 | 5,074 |
Deferred tax liabilities: | ||
Property and equipment | (223) | (429) |
Intangibles | (1,256) | (907) |
Unrealized gains on investments | (790) | (585) |
Total deferred tax liabilities | (3,522) | (3,606) |
Net deferred tax assets | 848 | 1,468 |
Deferred Tax Liabilities, Leasing Arrangements | (1,232) | (1,548) |
Deferred Tax Liabilities, Other | $ (21) | $ (137) |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Net deferred tax assets and liabilities are reflected on our balance sheet | ||
Net deferred tax assets | $ 848 | $ 1,468 |
Income Taxes Income Taxes (Unce
Income Taxes Income Taxes (Uncertain Tax Positions) (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1, 2017 | $ 179 | $ 184 | |
Additions for tax positions related to the current year | 10 | $ 1 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (164) | (1) | (5) |
Balance at December 31, 2019 | $ 25 | $ 179 | $ 184 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Details) $ in Millions | Dec. 31, 2021USD ($) |
Banking and Thrift [Abstract] (Deprecated 2020-01-31) | |
Banking Regulation, Tangible Capital, Minimum | $ 4 |
Banking Regulation, Tangible Capital, Excess, Actual | $ 14.2 |
Revenue Revenue Disaggregated (
Revenue Revenue Disaggregated (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |||
Revenue from Contract with Customer [Text Block] | Advisory Fee Revenues Our advisory fees are generated by Westwood Management and Westwood International Advisors (prior to its closure, effective September 30, 2020), for managing client accounts under investment advisory and sub-advisory agreements. Advisory fees are typically calculated based on a percentage of AUM and are paid in accordance with the terms of the agreements. Advisory fees are paid quarterly in advance based on AUM on the last day of the preceding quarter, quarterly in arrears based on AUM on the last day of the quarter just ended or are based on a daily or monthly analysis of AUM 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 Consolidated Financial Statements contain no deferred advisory fee revenues. Advisory clients typically consist of institutional and mutual fund accounts. Institutional investors include separate accounts of (i) corporate pension and profit sharing plans, public employee retirement funds, Taft-Hartley plans, endowments, foundations and individuals; (ii) sub-advisory 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. The UCITS Fund was liquidated in June 2020. 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 wealth management 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, and a limited number of our mutual fund offerings have fees that generate additional revenues if we outperform specified indices over specific periods of time. The revenue is based on future market performance and is subject to factors outside our control. We cannot conclude that a significant reversal in the cumulative amount of revenue recognized will 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 AUM. 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 AUM for the quarter, or monthly, based on the month-end value of AUM. Since billing periods for most of Westwood Trust’s clients coincide with the calendar quarter, revenue is fully recognized within the quarter and our Consolidated Financial Statements contain no deferred advisory fee revenues. Other Revenues Following the execution of a $2.6 million contract with a service provider, we recognized contract revenue of $0.4 million for the year ended December 31, 2020, which was recognized over time for financial reporting purposes. We estimate contract revenue based upon the expected value method, which requires significant judgment regarding probabilities of consideration amounts, variable considerations and constraints. We did not recognize any contract revenue for the years ended December 31, 2021 or 2019. In 2021 we collected $0.3 million of the previously recognized contract revenues. Revenue Disaggregated Sales taxes are excluded from revenues. The following table presents our revenue disaggregated by account type (in thousands). In 2021, we recast certain prior year revenues related to performance fees. Year Ended December 31, 2021 2020 2019 Advisory Fees: Institutional $ 31,069 $ 28,878 $ 38,053 Mutual Funds 17,507 11,488 19,288 Wealth Management 686 470 456 Trust Fees 24,131 23,929 25,483 Other (339) 346 799 Total revenues $ 73,054 $ 65,111 $ 84,079 We have clients in various locations around the world. The following table presents our revenue disaggregated by our clients' geographical locations (in thousands): Year Ended December 31, 2021 Advisory Trust Performance-based Other Total Canada $ 1,163 $ — $ — $ — $ 1,163 Europe 638 — 262 — 900 U.S. 45,512 24,131 1,687 (339) 70,991 Total $ 47,313 $ 24,131 $ 1,949 $ (339) $ 73,054 Year Ended December 31, 2020 Advisory Trust Performance-based Other Total Asia $ 696 $ — $ — $ — $ 696 Canada 1,505 — — — 1,505 Europe 2,707 — 1,570 — 4,277 U.S. 33,120 23,563 1,604 346 58,633 Total $ 38,028 $ 23,563 $ 3,174 $ 346 $ 65,111 Year Ended December 31, 2019 Advisory Trust Performance-based Other Total Asia $ 1,639 $ — $ — $ — $ 1,639 Australia 591 — — — 591 Canada 2,740 — — 282 3,022 Europe 3,703 — 764 — 4,467 U.S. 48,360 25,483 — 517 74,360 Total $ 57,033 $ 25,483 $ 764 $ 799 $ 84,079 | ||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ (73,054) | $ (65,111) | $ (84,079) |
Proceeds from Sale and Collection of Receivables | (300) | ||
Increase (Decrease) in Contract with Customer, Asset | 2,600 | ||
Revenue from Contract with Customer, Including Assessed Tax | 400 | ||
UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (70,991) | (58,633) | (74,360) |
Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (900) | (4,277) | (4,467) |
CANADA | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (1,163) | (1,505) | (3,022) |
AUSTRALIA | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (591) | ||
Asia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (696) | (1,639) | |
Other Revenue Misc Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 339 | (346) | (799) |
Other Revenue Misc Services [Member] | UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 339 | (346) | (517) |
Other Revenue Misc Services [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
Other Revenue Misc Services [Member] | CANADA | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | (282) |
Other Revenue Misc Services [Member] | AUSTRALIA | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||
Other Revenue Misc Services [Member] | Asia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
performance fee [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (1,949) | (3,174) | (764) |
performance fee [Member] | UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (1,687) | (1,604) | 0 |
performance fee [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (262) | (1,570) | (764) |
performance fee [Member] | CANADA | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
performance fee [Member] | AUSTRALIA | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||
performance fee [Member] | Asia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Trust Fee [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (24,131) | (23,563) | (25,483) |
Trust Fee [Member] | UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (24,131) | (23,563) | (25,483) |
Trust Fee [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
Trust Fee [Member] | CANADA | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
Trust Fee [Member] | AUSTRALIA | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||
Trust Fee [Member] | Asia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Investment Advisory Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (47,313) | (38,028) | (57,033) |
Investment Advisory Services [Member] | UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (45,512) | (33,120) | (48,360) |
Investment Advisory Services [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (638) | (2,707) | (3,703) |
Investment Advisory Services [Member] | CANADA | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (1,163) | (1,505) | (2,740) |
Investment Advisory Services [Member] | AUSTRALIA | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (591) | ||
Investment Advisory Services [Member] | Asia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (696) | (1,639) | |
Advisory [Member] | Other Revenue Misc Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 339 | (346) | (799) |
Advisory [Member] | Investment Advisory Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (31,069) | (28,878) | (38,053) |
Advisory [Member] | Mutual Fund Advisory [Member] [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (17,507) | (11,488) | (19,288) |
Advisory [Member] | Private Wealth Advisory [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (686) | (470) | (456) |
Trust [Member] | Trust Fee [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ (24,131) | $ (23,929) | $ (25,483) |
Employee Benefits (Details Text
Employee Benefits (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 250,000 | ||
Amount of shares purchased in the open market | $ 2,990,000 | $ 12,952,000 | $ 2,414,000 |
Dividends payable | 1,800,000 | 810,000 | |
Accrued dividends | 1,133,000 | 526,000 | |
Accrued liability | 400,000 | ||
Stock-based compensation expense | 5,835,000 | 6,701,000 | 10,305,000 |
Amortization of intangible assets | 1,624,000 | 1,721,000 | 1,726,000 |
Mutual fund incentive award expense | $ 400,000 | ||
Stock Repurchased During Period, Shares | 27,474 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 700,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 56,625 | ||
Restricted Stock Award, Forfeitures | $ (1,300,000) | ||
General and Administrative Expense [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Amortization of intangible assets | $ 1,600,000 | $ 1,700,000 | |
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) | 5,648,100 | ||
Shares remain available for issuance | 776,000 | ||
Vested, shares | 192,204 | ||
Remaining unrecognized compensation cost | $ 6,800,000 | ||
Remaining unrecognized compensation cost recognized over a remaining weighted average period | 1 year | ||
Number of vested shares from employees on the date vesting | 51,359 | ||
Nonvested restricted shares (in shares) | 415,494 | 449,603 | |
Restricted Stock | Employee | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted shares granted to employees vesting period | 3 years | ||
Restricted Stock | Director | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted shares granted to employees vesting period | 1 year | ||
Canadian Plan | Westwood International Advisors Inc | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense recorded | $ 200,000 | $ 100,000 | |
Mutual Fund [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Mutual fund vesting period | 2 years | ||
Benefit Plans [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Percentage of compensation | 6.00% |
Employee Benefits (Stock Comp E
Employee Benefits (Stock Comp Expense Summary table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 5,835 | $ 6,701 | $ 10,305 |
Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total income tax benefit recognized related to stock-based compensation | 804 | 953 | 1,932 |
Restricted Stock | Service condition restricted stock expense | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Add: Restricted stock expense | 5,253 | 6,348 | 7,240 |
Restricted Stock | Performance-based restricted stock expense | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Add: Restricted stock expense | 581 | 1,280 | 2,388 |
Restricted Stock | Restricted stock expense under the Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Add: Restricted stock expense | 5,834 | 7,628 | 9,628 |
Restricted Stock | Canadian Plan restricted stock expense | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Add: Restricted stock expense | $ 0 | $ (927) | $ 677 |
Employee Benefits (Details 1)
Employee Benefits (Details 1) - Restricted Shares Subject Only to a Service Condition | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Restricted shares subject only to a service condition: | |
Non-vested, January 1, 2015 (in shares) | shares | 449,603 |
Granted (in shares) | shares | 181,403 |
Vested (in shares) | shares | (192,204) |
Forfeited (in shares) | shares | (23,308) |
Non-vested, December 31, 2015 (in shares) | shares | 415,494 |
Non-vested, January 1, 2015 (in dollars per share) | $ / shares | $ 36.15 |
Granted (in dollars per share) | $ / shares | 17.10 |
Vested (in dollars per share) | $ / shares | 39.70 |
Forfeited (in dollars per share) | $ / shares | 34.48 |
Non-vested, December 31, 2015 (in dollars per share) | $ / shares | $ 26.29 |
Employee Benefits (Service Gran
Employee Benefits (Service Grants and Vests) (Details) - Service condition restricted stock expense - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted-average grant date fair value for shares granted and the total fair value of shares vested | |||
Weighted-average grant date fair value (in dollars per share) | $ 17.10 | $ 27.39 | $ 38.64 |
Fair value of shares vested (in thousands) | $ 7,630 | $ 7,480 | $ 9,273 |
Employee Benefits (Performance
Employee Benefits (Performance Grants and Vests) (Details) - Restricted Shares Subject to Service and Performance Conditions - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 16,738 | 45,700 | |
Vested (in dollars per share) | $ 31.54 | ||
Weighted-average grant date fair value for shares granted and the total fair value of shares vested | |||
Weighted-average grant date fair value (in dollars per share) | $ 0 | $ 0 | $ 37.90 |
Fair value of shares vested (in thousands) | $ 913 | $ 1,944 | $ 4,515 |
Vested, shares | 28,962 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 41.97 | $ 45.58 |
Employee Benefits (Profit Shari
Employee Benefits (Profit Sharing and 401k) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Profit sharing and 401(k) contributions for the periods | |||
Profit-sharing contributions, net | $ 13 | $ (233) | $ 31 |
Retirement plan matching contributions | $ 1,256 | $ 1,410 | $ 1,597 |
Earnings Per Share (Anti-diluti
Earnings Per Share (Anti-dilutive Shares) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive restricted shares or options | 116,000 | 381,000 | 76,000 |
Earnings Per Share (Computaton
Earnings Per Share (Computaton of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Computation of Basic and Diluted Shares | |||||||||||
Net income (loss) | $ 2,813 | $ 1,879 | $ 970 | $ 4,101 | $ 2,815 | $ (10,289) | $ (2,575) | $ 1,102 | $ 9,763 | $ (8,947) | $ 5,911 |
Weighted average shares outstanding – basic (in shares) | 7,875,395 | 7,987,554 | 8,408,017 | ||||||||
Dilutive potential shares from unvested restricted shares (in shares) | 52,577 | 0 | 55,222 | ||||||||
Weighted average shares outstanding – diluted (in shares) | 7,927,972 | 7,987,554 | 8,463,239 | ||||||||
Earnings per share: | |||||||||||
Basic (in dollars per share) | $ 0.36 | $ 0.24 | $ 0.12 | $ 0.52 | $ 0.36 | $ (1.31) | $ (0.33) | $ 0.13 | $ 1.24 | $ (1.12) | $ 0.70 |
Diluted (in dollars per share) | $ 0.36 | $ 0.24 | $ 0.12 | $ 0.52 | $ 0.36 | $ (1.31) | $ (0.33) | $ 0.13 | $ 1.23 | $ (1.12) | $ 0.70 |
Variable Interest Entities (Det
Variable Interest Entities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Variable Interest Entity [Line Items] | |||
Investments in trading securities | $ 65,024 | $ 69,542 | |
Fee revenues from Westwood VIEs | 22,800 | $ 19,300 | $ 31,000 |
Common Trust Funds | |||
Variable Interest Entity [Line Items] | |||
Investments in trading securities | $ 0 |
Variable Interest Entities (D_2
Variable Interest Entities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Variable Interest Entities | |||
Assets Under Management | $ 14,503,000 | ||
Corporate Investment | 65,024 | $ 69,542 | |
Fee revenues from Westwood VIEs | 22,800 | $ 19,300 | $ 31,000 |
Westwood Funds | |||
Variable Interest Entities | |||
Assets Under Management | 3,046,000 | ||
Corporate Investment | 0 | ||
Amount at Risk | 0 | ||
Common Trust Funds | |||
Variable Interest Entities | |||
Assets Under Management | 886,000 | ||
Corporate Investment | 0 | ||
Amount at Risk | 0 | ||
Westwood Hospitality Fund I LLC [Member] | |||
Variable Interest Entities | |||
Assets Under Management | 4,000 | ||
Corporate Investment | 100 | ||
Amount at Risk | 100 | ||
Private Equity Investments [Member] | |||
Variable Interest Entities | |||
Assets Under Management | 0 | ||
Corporate Investment | 8,900 | ||
Amount at Risk | 8,900 | ||
Wealth Management | |||
Variable Interest Entities | |||
Assets Under Management | 3,530,000 | ||
Institutional | |||
Variable Interest Entities | |||
Assets Under Management | $ 7,037,000 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Sublease Income | $ 602,000 | $ 135,000 | $ 144,000 |
Related Party Transaction, Expenses from Transactions with Related Party | 100,000 | 200,000 | |
Sublease Income | 602,000 | 135,000 | 144,000 |
Accounts Receivable, Related Parties | 100,000 | ||
UCITS Fund | |||
Related Party Transaction [Line Items] | |||
Fees earned from related party | $ 900,000 | $ 2,800,000 | |
Trust | |||
Related Party Transaction [Line Items] | |||
Fees earned from related party | $ 400,000 |
Segment Reporting (Details Text
Segment Reporting (Details Textual) | 12 Months Ended |
Dec. 31, 2021Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue From External Sources | $ 73,393,000 | $ 64,765,000 | $ 83,280,000 | ||||||||
Net intersegment revenues | 0 | 0 | 0 | ||||||||
Interest and Dividend Income, Operating | 35,000 | 103,000 | |||||||||
Net interest and dividend revenue | 868,000 | 604,000 | 1,318,000 | ||||||||
Other revenue | (339,000) | 311,000 | 696,000 | ||||||||
Total revenues | $ 19,391,000 | $ 17,860,000 | $ 17,484,000 | $ 18,319,000 | $ 17,113,000 | $ 15,454,000 | $ 15,875,000 | $ 16,669,000 | 73,054,000 | 65,111,000 | 84,079,000 |
Expenses: | |||||||||||
Depreciation and amortization | 2,396,000 | 2,642,000 | 2,624,000 | ||||||||
Goodwill impairment loss | 3,403,000 | 3,403,000 | 0 | ||||||||
Other operating expenses | 64,699,000 | 62,513,000 | 76,811,000 | ||||||||
Total expenses | 67,095,000 | 68,558,000 | 79,435,000 | ||||||||
Realized Investment Gains (Losses) | 8,371,000 | ||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 3,296,000 | ||||||||||
Income (loss) before income taxes | 3,213,000 | 2,360,000 | 1,416,000 | 7,014,000 | 2,548,000 | (8,318,000) | (1,817,000) | (1,000) | 14,003,000 | (7,588,000) | 9,402,000 |
Income tax expense (benefit) | 4,240,000 | 1,359,000 | 3,491,000 | ||||||||
Net income | 2,813,000 | $ 1,879,000 | $ 970,000 | $ 4,101,000 | 2,815,000 | $ (10,289,000) | $ (2,575,000) | $ 1,102,000 | 9,763,000 | (8,947,000) | 5,911,000 |
Restricted stock expense | 5,835,000 | 6,701,000 | 10,305,000 | ||||||||
Amortization of intangible assets | 1,624,000 | 1,721,000 | 1,726,000 | ||||||||
Assets | 139,605,000 | 149,152,000 | 139,605,000 | 149,152,000 | 178,707,000 | ||||||
Segment goodwill | 16,401,000 | 16,401,000 | 16,401,000 | 16,401,000 | 19,804,000 | ||||||
Expenditures for long-lived assets | 178,000 | 93,000 | 593,000 | ||||||||
Unrealized Gain (Loss) on Investments | (1,797,000) | (711,000) | 3,296,000 | ||||||||
Investment Income, Investment Expense | 868,000 | 604,000 | 1,318,000 | ||||||||
Other Income | 602,000 | 135,000 | 144,000 | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (4,169,000) | ||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 4,169,000 | ||||||||||
General and Administrative Expense [Member] | |||||||||||
Expenses: | |||||||||||
Amortization of intangible assets | 1,600,000 | 1,700,000 | |||||||||
Operating Segments | Advisory [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue From External Sources | 49,262,000 | 40,836,000 | 57,797,000 | ||||||||
Net intersegment revenues | 2,415,000 | 2,338,000 | 3,457,000 | ||||||||
Interest and Dividend Income, Operating | 35,000 | 103,000 | |||||||||
Other revenue | (339,000) | 311,000 | 696,000 | ||||||||
Total revenues | 51,338,000 | 43,520,000 | 62,053,000 | ||||||||
Expenses: | |||||||||||
Depreciation and amortization | 167,000 | 322,000 | 311,000 | ||||||||
Goodwill impairment loss | 3,403,000 | ||||||||||
Other operating expenses | 33,249,000 | 34,675,000 | 46,235,000 | ||||||||
Total expenses | 33,416,000 | 38,400,000 | 46,546,000 | ||||||||
Realized Investment Gains (Losses) | 3,524,000 | ||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 1,438,000 | ||||||||||
Income (loss) before income taxes | 21,564,000 | 5,361,000 | 17,962,000 | ||||||||
Income tax expense (benefit) | 4,784,000 | 3,456,000 | 4,308,000 | ||||||||
Net income | 16,780,000 | 1,905,000 | 13,654,000 | ||||||||
Assets | 222,335,000 | 204,827,000 | 222,335,000 | 204,827,000 | 242,854,000 | ||||||
Segment goodwill | 0 | 0 | 0 | 0 | 3,403,000 | ||||||
Expenditures for long-lived assets | 66,000 | 20,000 | 288,000 | ||||||||
Unrealized Gain (Loss) on Investments | (757,000) | (311,000) | |||||||||
Investment Income, Investment Expense | 875,000 | 552,000 | 1,017,000 | ||||||||
Other Income | 0 | 0 | 0 | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 0 | ||||||||||
Operating Segments | Trust [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue From External Sources | 24,131,000 | 23,929,000 | 25,483,000 | ||||||||
Net intersegment revenues | 356,000 | 263,000 | 236,000 | ||||||||
Net interest and dividend revenue | 0 | 0 | |||||||||
Other revenue | 0 | 0 | 0 | ||||||||
Total revenues | 24,487,000 | 24,192,000 | 25,719,000 | ||||||||
Expenses: | |||||||||||
Depreciation and amortization | 1,614,000 | 1,656,000 | 1,765,000 | ||||||||
Goodwill impairment loss | 0 | ||||||||||
Other operating expenses | 18,092,000 | 17,398,000 | 19,672,000 | ||||||||
Total expenses | 19,706,000 | 19,054,000 | 21,437,000 | ||||||||
Realized Investment Gains (Losses) | 2,731,000 | ||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 1,026,000 | ||||||||||
Income (loss) before income taxes | 6,918,000 | 4,968,000 | 5,606,000 | ||||||||
Income tax expense (benefit) | 1,262,000 | 1,977,000 | 1,459,000 | ||||||||
Net income | 5,656,000 | 2,991,000 | 4,147,000 | ||||||||
Assets | 56,965,000 | 54,749,000 | 56,965,000 | 54,749,000 | 51,274,000 | ||||||
Segment goodwill | 16,401,000 | 16,401,000 | 16,401,000 | 16,401,000 | 16,401,000 | ||||||
Expenditures for long-lived assets | 61,000 | 24,000 | 223,000 | ||||||||
Unrealized Gain (Loss) on Investments | (587,000) | (222,000) | |||||||||
Investment Income, Investment Expense | (7,000) | 52,000 | 298,000 | ||||||||
Other Income | 0 | 0 | 0 | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 0 | ||||||||||
Westwood Holdings | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue From External Sources | 0 | 0 | 0 | ||||||||
Net intersegment revenues | 0 | 0 | 0 | ||||||||
Net interest and dividend revenue | 0 | 0 | |||||||||
Other revenue | 0 | 0 | 0 | ||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Expenses: | |||||||||||
Depreciation and amortization | 615,000 | 664,000 | 548,000 | ||||||||
Goodwill impairment loss | 0 | ||||||||||
Other operating expenses | 16,129,000 | 13,041,000 | 14,597,000 | ||||||||
Total expenses | 16,744,000 | 13,705,000 | 15,145,000 | ||||||||
Realized Investment Gains (Losses) | 2,116,000 | ||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 832,000 | ||||||||||
Income (loss) before income taxes | (14,479,000) | (17,917,000) | (14,166,000) | ||||||||
Income tax expense (benefit) | (1,806,000) | (4,074,000) | (2,276,000) | ||||||||
Net income | (12,673,000) | (13,843,000) | (11,890,000) | ||||||||
Assets | 12,784,000 | 17,247,000 | 12,784,000 | 17,247,000 | 24,732,000 | ||||||
Segment goodwill | 0 | 0 | 0 | 0 | 0 | ||||||
Expenditures for long-lived assets | 51,000 | 49,000 | 82,000 | ||||||||
Unrealized Gain (Loss) on Investments | (453,000) | (178,000) | |||||||||
Investment Income, Investment Expense | 0 | 0 | 3,000 | ||||||||
Other Income | 602,000 | 135,000 | 144,000 | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (4,169,000) | ||||||||||
Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue From External Sources | 0 | 0 | 0 | ||||||||
Net intersegment revenues | (2,771,000) | (2,601,000) | (3,693,000) | ||||||||
Net interest and dividend revenue | 0 | 0 | |||||||||
Other revenue | 0 | 0 | |||||||||
Total revenues | (2,771,000) | (2,601,000) | (3,693,000) | ||||||||
Expenses: | |||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Goodwill impairment loss | 0 | ||||||||||
Other operating expenses | (2,771,000) | (2,601,000) | (3,693,000) | ||||||||
Total expenses | (2,771,000) | (2,601,000) | (3,693,000) | ||||||||
Realized Investment Gains (Losses) | 0 | ||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | ||||||||||
Income (loss) before income taxes | 0 | 0 | 0 | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
Net income | 0 | 0 | 0 | ||||||||
Assets | (152,479,000) | (127,671,000) | (152,479,000) | (127,671,000) | (140,153,000) | ||||||
Segment goodwill | $ 0 | $ 0 | 0 | 0 | 0 | ||||||
Expenditures for long-lived assets | 0 | 0 | 0 | ||||||||
Unrealized Gain (Loss) on Investments | 0 | 0 | |||||||||
Investment Income, Investment Expense | 0 | 0 | 0 | ||||||||
Other Income | $ 0 | 0 | $ 0 | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | $ 0 |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Net Income to Economic Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting [Abstract] | |||||||||||
Net income | $ 2,813 | $ 1,879 | $ 970 | $ 4,101 | $ 2,815 | $ (10,289) | $ (2,575) | $ 1,102 | $ 9,763 | $ (8,947) | $ 5,911 |
Restricted stock expense | 5,835 | 6,701 | 10,305 | ||||||||
Amortization of intangible assets | $ 1,624 | $ 1,721 | $ 1,726 |
Segment Reporting - Property an
Segment Reporting - Property and Equipment, Net by Geographic Area (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Net property and equipment | $ 2,114 | $ 3,186 |
Concentration (Details Textual)
Concentration (Details Textual) - Customers | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Revenue accounted by major clients | 22.00% | 24.00% | |
Customer Relationships [Member] | |||
Concentration Risk [Line Items] | |||
Revenue accounted by major clients | 10.00% | ||
Sales Revenue, Net | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Number of largest clients | 10 | 10 |
Concentration (Details)
Concentration (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Concentration Risk [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 73,054 | $ 65,111 | $ 84,079 |
Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Revenue accounted by major clients | 22.00% | 24.00% | |
Westwood Management | Sales Revenue, Net | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Revenue accounted by major clients | 3.70% | 5.50% | 3.20% |
Asset Management [Member] | Sales Revenue, Net | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,682 | $ 1,940 | $ 1,863 |
Investment Performance [Member] | Sales Revenue, Net | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0 | $ 1,607 | $ 764 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ in Thousands | Feb. 20, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Subsequent Event [Line Items] | |||
Unrealized Gain on Securities | $ 1,313 | $ 110 | |
Restricted Stock | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 6,300 | ||
Restricted stock issued | 380,000 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 19,391 | $ 17,860 | $ 17,484 | $ 18,319 | $ 17,113 | $ 15,454 | $ 15,875 | $ 16,669 | $ 73,054 | $ 65,111 | $ 84,079 |
Income (loss) before income taxes | 3,213 | 2,360 | 1,416 | 7,014 | 2,548 | (8,318) | (1,817) | (1) | 14,003 | (7,588) | 9,402 |
Net income | $ 2,813 | $ 1,879 | $ 970 | $ 4,101 | $ 2,815 | $ (10,289) | $ (2,575) | $ 1,102 | $ 9,763 | $ (8,947) | $ 5,911 |
Basic earnings per common share (in dollars per share) | $ 0.36 | $ 0.24 | $ 0.12 | $ 0.52 | $ 0.36 | $ (1.31) | $ (0.33) | $ 0.13 | $ 1.24 | $ (1.12) | $ 0.70 |
Diluted earnings per common share (in dollars per share) | $ 0.36 | $ 0.24 | $ 0.12 | $ 0.52 | $ 0.36 | $ (1.31) | $ (0.33) | $ 0.13 | $ 1.23 | $ (1.12) | $ 0.70 |
Leases, Codification Topic 84_2
Leases, Codification Topic 842 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Other Long-term Investments | $ 4,513,000 | $ 3,527,000 | |
Lessee, Operating Lease, Liability, Payments, Due | 1,730,000 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 1,733,000 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 1,563,000 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 1,528,000 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 331,000 | ||
Operating Lease, Payments | 1,990,000 | 2,091,000 | $ 2,095,000 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (752,000) | ||
Operating Lease, Liability | 6,133,000 | 7,839,000 | |
Operating Lease, Cost | 1,655,000 | 2,033,000 | 1,796,000 |
Sublease Income | 602,000 | 135,000 | 144,000 |
Operating Lease, Right-of-Use Asset | 4,868,000 | 6,103,000 | |
Operating Lease, Liability, Current | 1,409,000 | 1,718,000 | |
Operating Lease, Liability, Noncurrent | $ 4,724,000 | $ 6,121,000 | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 1 month 6 days | 4 years 10 months 24 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 5.00% | 5.00% | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 0 | $ 59,000 | $ 0 |
Operating Lease, Lease Income, Lease Payments | 6,885,000 | ||
Lessee, Operating Lease, Discount Rate | 5.00% | ||
Rental Income, Nonoperating | $ 40,000 |