Document and Entity Information
Document and Entity Information Document - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 21, 2017 | Jun. 30, 2016 | |
Entity Information | |||
Entity Registrant Name | COHEN & STEERS INC | ||
Entity Central Index Key | 1,284,812 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 46,285,336 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 836 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Assets: | |||
Cash and cash equivalents | $ 183,234 | $ 142,728 | |
Trading investments ($487 and $566), ($6,987 and $6,850) | [1],[2] | 12,689 | 37,169 |
Equity method investments | 6,459 | 16,974 | |
Available-for-sale investments | 35,396 | 17,191 | |
Accounts receivable | 46,288 | 44,559 | |
Due from broker ($475 and $383) | [1] | 1,579 | 6,104 |
Property and equipment—net | 15,964 | 9,783 | |
Goodwill and intangible assets—net | 19,118 | 19,498 | |
Deferred income tax asset—net | 5,619 | 5,551 | |
Other assets ($43 and $53) | [1] | 7,382 | 5,765 |
Total assets | 333,728 | 305,322 | |
Liabilities: | |||
Accrued compensation | 35,333 | 30,503 | |
Distribution and service fees payable | 6,452 | 6,192 | |
Income tax payable | 9,375 | 6,780 | |
Due to broker ($0 and $12) | [1] | 0 | 4,369 |
Deferred rent | 6,229 | 6,368 | |
Other liabilities and accrued expenses ($75 and $55) | [1] | 9,672 | 8,000 |
Total liabilities | 67,061 | 62,212 | |
Commitments and contingencies | |||
Redeemable noncontrolling interest | 853 | 11,334 | |
Stockholders’ equity: | |||
Common stock, $0.01 par value; 500,000,000 shares authorized; 50,415,152 and 49,690,562 shares issued at December 31, 2016 and December 31, 2015, respectively | 504 | 497 | |
Additional paid-in capital | 543,829 | 519,855 | |
Accumulated deficit | (127,957) | (148,096) | |
Accumulated other comprehensive income, net of tax | (5,885) | (3,843) | |
Less: Treasury stock, at cost, 4,524,694 and 4,250,476 shares at December 31, 2016 and December 31, 2015, respectively | (144,677) | (136,637) | |
Total stockholders’ equity | 265,814 | 231,776 | |
Total liabilities and stockholders’ equity | $ 333,728 | $ 305,322 | |
[1] | Asset and liability amounts in parentheses represent the aggregated balances at December 31, 2016 and December 31, 2015 attributable to Cohen & Steers SICAV Global Listed Infrastructure Fund and Cohen & Steers Co-Investment Partnership, L.P., which were variable interest entities as of December 31, 2016 and December 31, 2015, respectively. | ||
[2] | Pledged as collateral attributable to the consolidated balances of Cohen & Steers Active Commodities Strategy Fund, Inc. as of December 31, 2016 and December 31, 2015, respectively. |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 500,000,000 | 500,000,000 | |
Common stock, shares issued | 50,415,152 | 49,690,562 | |
Common stock, shares outstanding | 45,890,458 | 45,440,086 | |
Treasury stock, shares | 4,524,694 | 4,250,476 | |
Trading investments | [1],[2] | $ 12,689 | $ 37,169 |
Due from broker | [1] | 1,579 | 6,104 |
Other assets | [1] | 7,382 | 5,765 |
Due to broker | [1] | 0 | 4,369 |
Other liabilities and accrued expenses | [1] | 9,672 | 8,000 |
GLI SICAV & GRP-CIP [Member] | |||
Trading investments | 6,987 | 6,850 | |
Due from broker | 475 | 383 | |
Other assets | 43 | 53 | |
Due to broker | 0 | 12 | |
Other liabilities and accrued expenses | $ 75 | $ 55 | |
[1] | Asset and liability amounts in parentheses represent the aggregated balances at December 31, 2016 and December 31, 2015 attributable to Cohen & Steers SICAV Global Listed Infrastructure Fund and Cohen & Steers Co-Investment Partnership, L.P., which were variable interest entities as of December 31, 2016 and December 31, 2015, respectively. | ||
[2] | Pledged as collateral attributable to the consolidated balances of Cohen & Steers Active Commodities Strategy Fund, Inc. as of December 31, 2016 and December 31, 2015, respectively. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Revenue: | ||||
Investment advisory and administration fees | $ 319,667 | $ 303,729 | $ 291,744 | |
Distribution and service fees | 19,396 | 16,001 | 14,667 | |
Portfolio consulting and other | 10,813 | 8,925 | 7,523 | |
Total revenue | 349,876 | 328,655 | 313,934 | |
Expenses: | ||||
Employee compensation and benefits | 115,607 | 107,710 | 102,732 | |
Distribution and service fees | 39,590 | 36,330 | 35,470 | |
General and administrative | 51,558 | 50,853 | 47,337 | |
Depreciation and amortization | 7,610 | 6,213 | 6,454 | |
Total expenses | 214,365 | 201,106 | 191,993 | |
Operating income | 135,511 | 127,549 | 121,941 | |
Non-operating income: | ||||
Interest and dividend income | 2,119 | 1,600 | 2,058 | |
Gain (loss) from trading investments—net | [1] | 218 | (2,376) | (1,567) |
Equity in earnings (losses) of affiliates | 3,324 | (10,378) | (1,955) | |
Gain (loss) from available-for-sale investments—net | 1,451 | (2,648) | 2,041 | |
Other gains (losses) | 780 | (1,003) | (504) | |
Total non-operating income (loss) | 7,892 | (14,805) | 73 | |
Income before provision for income taxes | 143,403 | 112,744 | 122,014 | |
Provision for income taxes | 50,593 | 48,407 | 46,280 | |
Net income | 92,810 | 64,337 | 75,734 | |
Less: Net loss (income) attributable to redeemable noncontrolling interest | 126 | 214 | (224) | |
Net income attributable to common stockholders | $ 92,936 | $ 64,551 | $ 75,510 | |
Earnings per share attributable to common stockholders: | ||||
Basic (in dollars per share) | $ 2.02 | $ 1.42 | $ 1.69 | |
Diluted (in dollars per share) | $ 2 | $ 1.41 | $ 1.65 | |
Weighted average shares outstanding: | ||||
Basic (shares) | 45,951 | 45,433 | 44,788 | |
Diluted (shares) | 46,432 | 45,897 | 45,643 | |
[1] | Includes net income/(loss) attributable to redeemable noncontrolling interest for the periods presented. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 92,810 | $ 64,337 | $ 75,734 |
Less: Net loss (income) attributable to redeemable noncontrolling interest | 126 | 214 | (224) |
Net income attributable to common stockholders | 92,936 | 64,551 | 75,510 |
Foreign currency translation loss (net of tax of $0) | (2,937) | (2,462) | (3,710) |
Net unrealized gain (loss) from available-for-sale investments (net of tax of $0) | 2,346 | (2,447) | 1,180 |
Reclassification to statements of operations of realized (gain) loss from available-for-sale investments (net of tax of $0) | (1,451) | 2,648 | (2,041) |
Other comprehensive loss | (2,042) | (2,261) | (4,571) |
Total comprehensive income attributable to common stockholders | $ 90,894 | $ 62,290 | $ 70,939 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest - USD ($) $ in Thousands | Total | Common stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock | Total Stockholders' Equity | Redeemable Noncontrolling Interest |
Beginning balance at Dec. 31, 2013 | $ 477 | $ 457,138 | $ (131,366) | $ 2,989 | $ (105,681) | $ 223,557 | ||
Beginning balance (redeemable noncontrolling interest) at Dec. 31, 2013 | $ 207 | |||||||
Beginning balance (shares of common stock, net) at Dec. 31, 2013 | 44,254,000 | |||||||
Dividends | $ 0 | 0 | (86,930) | 0 | 0 | (86,930) | ||
Issuance of common stock | $ 9 | 569 | 0 | 0 | 0 | 578 | 0 | |
Issuance of common stock, shares | 858,000 | |||||||
Repurchase of common stock | $ 0 | 0 | 0 | 0 | (11,722) | (11,722) | 0 | |
Repurchase of common stock, shares | (319,000) | |||||||
Tax benefits associated with restricted stock units—net | $ 0 | 3,676 | 0 | 0 | 0 | 3,676 | 0 | |
Issuance of restricted stock units | 0 | 3,045 | 0 | 0 | 0 | 3,045 | 0 | |
Amortization of restricted stock units—net | 0 | 24,838 | 0 | 0 | 0 | 24,838 | 0 | |
Net income (loss) | $ 75,734 | 0 | 0 | 75,510 | 0 | 0 | 75,510 | 224 |
Other comprehensive loss | (4,571) | 0 | 0 | 0 | (4,571) | 0 | (4,571) | 0 |
Distributions to redeemable noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (8,987) | |
Contributions from redeemable noncontrolling interest | 36,278 | 0 | 0 | 0 | 0 | 0 | 0 | 36,278 |
Transfer of redeemable noncontrolling interest in consolidated entity | 0 | 0 | 0 | 0 | 0 | 0 | (27,115) | |
Ending balance at Dec. 31, 2014 | $ 486 | 489,266 | (142,786) | (1,582) | (117,403) | 227,981 | ||
Ending balance (shares of common stock, net) at Dec. 31, 2014 | 44,793,000 | |||||||
Ending balance (redeemable noncontrolling interest) at Dec. 31, 2014 | 607 | |||||||
Dividends | $ 0 | 0 | (69,861) | 0 | 0 | (69,861) | ||
Issuance of common stock | $ 11 | 623 | 0 | 0 | 0 | 634 | 0 | |
Issuance of common stock, shares | 1,097,000 | |||||||
Repurchase of common stock | $ 0 | 0 | 0 | 0 | (19,234) | (19,234) | 0 | |
Repurchase of common stock, shares | (450,000) | |||||||
Tax benefits associated with restricted stock units—net | $ 0 | 5,262 | 0 | 0 | 0 | 5,262 | 0 | |
Issuance of restricted stock units | 0 | 2,109 | 0 | 0 | 0 | 2,109 | 0 | |
Amortization of restricted stock units—net | 0 | 22,566 | 0 | 0 | 0 | 22,566 | 0 | |
Forfeitures of vested restricted stock units | 0 | 29 | 0 | 0 | 0 | 29 | 0 | |
Net income (loss) | 64,337 | 0 | 0 | 64,551 | 0 | 0 | 64,551 | (214) |
Other comprehensive loss | (2,261) | 0 | 0 | 0 | (2,261) | 0 | (2,261) | 0 |
Distributions to redeemable noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (10) | |
Contributions from redeemable noncontrolling interest | 10,951 | 0 | 0 | 0 | 0 | 0 | 0 | 10,951 |
Ending balance at Dec. 31, 2015 | $ 231,776 | $ 497 | 519,855 | (148,096) | (3,843) | (136,637) | 231,776 | |
Ending balance (shares of common stock, net) at Dec. 31, 2015 | 45,440,086 | 45,440,000 | ||||||
Ending balance (redeemable noncontrolling interest) at Dec. 31, 2015 | 11,334 | |||||||
Dividends | $ 0 | 0 | (72,797) | 0 | 0 | (72,797) | ||
Issuance of common stock | $ 7 | 749 | 0 | 0 | 0 | 756 | 0 | |
Issuance of common stock, shares | 724,000 | |||||||
Repurchase of common stock | $ 0 | 0 | 0 | 0 | (8,040) | (8,040) | 0 | |
Repurchase of common stock, shares | (274,000) | |||||||
Tax benefits associated with restricted stock units—net | $ 0 | (758) | 0 | 0 | 0 | (758) | 0 | |
Issuance of restricted stock units | 0 | 2,457 | 0 | 0 | 0 | 2,457 | 0 | |
Amortization of restricted stock units—net | 0 | 21,555 | 0 | 0 | 0 | 21,555 | 0 | |
Forfeitures of vested restricted stock units | 0 | (29) | 0 | 0 | 0 | (29) | 0 | |
Net income (loss) | $ 92,810 | 0 | 0 | 92,936 | 0 | 0 | 92,936 | (126) |
Other comprehensive loss | (2,042) | 0 | 0 | 0 | (2,042) | 0 | (2,042) | 0 |
Distributions to redeemable noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (342) | |
Contributions from redeemable noncontrolling interest | 4,023 | 0 | 0 | 0 | 0 | 0 | 0 | 4,023 |
Transfer of redeemable noncontrolling interest in consolidated entity | 0 | 0 | 0 | 0 | 0 | 0 | (14,036) | |
Ending balance at Dec. 31, 2016 | $ 265,814 | $ 504 | $ 543,829 | $ (127,957) | $ (5,885) | $ (144,677) | $ 265,814 | |
Ending balance (shares of common stock, net) at Dec. 31, 2016 | 45,890,458 | 45,890,000 | ||||||
Ending balance (redeemable noncontrolling interest) at Dec. 31, 2016 | $ 853 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest (parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends declared per share | $ 1.54 | $ 1.50 | $ 1.88 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Cash flows from operating activities: | ||||
Net income | $ 92,810 | $ 64,337 | $ 75,734 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Stock compensation expense | 21,649 | 22,686 | 24,931 | |
Depreciation and amortization | 7,610 | 6,213 | 6,454 | |
Deferred rent | (139) | 640 | 1,384 | |
(Gain) loss from trading investments—net | [1] | (218) | 2,376 | 1,567 |
Equity in (earnings) losses of affiliates | (3,324) | 10,378 | 1,955 | |
(Gain) loss from available-for-sale investments—net | (1,451) | 2,648 | (2,041) | |
Deferred income taxes | (900) | 7,392 | (279) | |
Foreign currency loss (gain) | 1,684 | (443) | (588) | |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (3,413) | (724) | (1,916) | |
Due from brokers | (1,261) | (4,299) | (1,137) | |
Deferred commissions | (3,909) | (2,572) | (1,956) | |
Trading investments | (3,956) | (30,036) | (51,770) | |
Other assets | (1,442) | (1,266) | 809 | |
Accrued compensation | 4,855 | 2,228 | 3,115 | |
Distribution and service fees payable | 260 | (803) | 497 | |
Due to broker | 1,771 | 4,364 | 0 | |
Income tax payable | 2,110 | 5,231 | (3,020) | |
Other liabilities and accrued expenses | 2,222 | 1,446 | 843 | |
Net cash provided by operating activities | 114,958 | 89,796 | 54,582 | |
Cash flows from investing activities: | ||||
Proceeds from redemptions of equity method investments | 363 | 1,184 | 10,881 | |
Purchases of available-for-sale investments | (8,096) | (5,663) | (7,829) | |
Proceeds from sales of available-for-sale investments | 20,814 | 7,303 | 12,699 | |
Purchases of property and equipment | (10,183) | (2,427) | (5,916) | |
Net cash provided by investing activities | 2,898 | 397 | 9,835 | |
Cash flows from financing activities: | ||||
Excess tax benefits associated with restricted stock units | 0 | 4,822 | 2,562 | |
Issuance of common stock | 642 | 539 | 491 | |
Repurchase of common stock | (8,040) | (19,234) | (11,722) | |
Dividends to stockholders | (70,825) | (68,177) | (84,237) | |
Distributions to redeemable noncontrolling interest | (342) | (10) | (8,987) | |
Contributions from redeemable noncontrolling interest | 4,023 | 10,951 | 36,278 | |
Net cash used in financing activities | (74,542) | (71,109) | (65,615) | |
Net increase (decrease) in cash and cash equivalents | 43,314 | 19,084 | (1,198) | |
Effect of foreign exchange rate changes on cash and cash equivalents | (2,808) | (1,294) | (2,141) | |
Cash and cash equivalents, beginning of the year | 142,728 | 124,938 | 128,277 | |
Cash and cash equivalents, end of the year | $ 183,234 | $ 142,728 | $ 124,938 | |
[1] | Includes net income/(loss) attributable to redeemable noncontrolling interest for the periods presented. |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income taxes paid, net | $ (49,331,000) | $ (30,885,000) | $ (46,840,000) |
Fully vested restricted stock units issued | 486,000 | 425,000 | 352,000 |
Restricted stock unit dividend equivalents, net of forfeitures | 1,972,000 | $ 1,684,000 | 2,693,000 |
LPX | |||
Transfer of redeemable noncontrolling interest in consolidated entity | 14,036,000 | ||
Non-cash increase in equity method investments | 14,550,000 | ||
Non-cash reclassification from Equity method investment to Available-for-sale investment | 15,045,000 | ||
MLO | |||
Transfer of redeemable noncontrolling interest in consolidated entity | 26,906,000 | ||
Non-cash increase in equity method investments | 22,338,000 | ||
Non-cash reclassification from Equity method investment to Available-for-sale investment | $ 12,995,000 | ||
ACOM | |||
Non-cash increase in equity method investments | 8,840,000 | ||
RAP | |||
Non-cash reclassification from Equity method investment to Available-for-sale investment | $ 14,909,000 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
Organization and Description of Business [Abstract] | |
Organization and Description of Business | Basis of Presentation Cohen & Steers, Inc. (CNS) was organized as a Delaware corporation on March 17, 2004. CNS is the holding company for its direct and indirect subsidiaries, including Cohen & Steers Capital Management, Inc. (CSCM), Cohen & Steers Securities, LLC (CSS), Cohen & Steers Asia Limited (CSAL), Cohen & Steers UK Limited (CSUK) and Cohen & Steers Japan, LLC (collectively, the Company). The Company is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions. Founded in 1986, the Company is headquartered in New York City, with offices in London, Hong Kong, Tokyo and Seattle. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The consolidated financial statements set forth herein include the accounts of CNS and its direct and indirect subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies New Accounting Pronouncements Adopted —In February 2015, the Financial Accounting Standards Board (FASB) revised the guidance applicable to consolidation of legal entities. The revised rules include guidance for evaluating (a) limited partnerships and similar entities, (b) the impact of decision maker or service provider fees on the consolidation analysis, (c) the impact of interests held by related parties on the consolidation analysis and (d) consolidation of certain investment funds. The Company adopted this guidance effective January 1, 2016, using a full retrospective method. In connection with the adoption of this guidance, the Company reevaluated all of its sponsored funds and management fees under the new guidance. The Company concluded that certain entities that were not previously considered Variable Interest Entities (VIEs) would be considered VIEs under the revised guidance. See Note 4 for further discussion of the Company's seed investments. In May 2015, the FASB issued new guidance related to the disclosure of certain investments that calculate net asset value per share (NAV) as a practical expedient. This guidance removes the requirement to categorize such investments within the fair value hierarchy table. The Company adopted this guidance on January 1, 2016 on a retrospective basis to all periods presented. As a result of adoption, $7.2 million and $6.5 million of NAV investments at December 31, 2016 and December 31, 2015 , respectively, are no longer classified within Level 2 and Level 3 within the fair value hierarchy. The fair value amounts presented in Note 5 are intended to permit reconciliation of the investments included in the fair value hierarchy to the amounts presented on the consolidated statement of financial position. In August 2014, the FASB issued new guidance regarding disclosure of going concern uncertainties in the financial statements. The guidance requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued at each annual and interim reporting period. This new guidance was effective for the Company's first quarter of 2016. The adoption of this new guidance did not have a material impact on its consolidated financial statements and related disclosures. Accounting Estimates —The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates. Consolidation of Company-sponsored Funds —The Company consolidates entities, including sponsored funds, that are deemed to be voting interest entities (VOE) when it has financial control over the entity which is generally when the Company owns a majority of the outstanding voting interest. Investments in Company-sponsored funds and management fees are evaluated at inception and subsequently if there is a reconsideration event to determine if the fund is a VIE or VOE and which consolidation model to apply. All of the Company's management fees are presumed to be commensurate and at market and are therefore not considered variable interests. VIEs for which the Company is deemed to be the primary beneficiary are consolidated. Investments in Company-sponsored funds that are determined to be VOEs are consolidated when the Company’s ownership interest is greater than 50% of the outstanding voting interests of the fund or when the Company is the general partner of the fund and the limited partners do not have substantive kick-out or participating rights in the fund. The Company records noncontrolling interests in consolidated subsidiaries for which the Company’s ownership is less than 100 percent . A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has (a) the power to direct the activities of the VIE that most significantly affect its performance and (b) 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. Investments and redemptions or amendments to the governing documents of the respective entities could affect an entity's status as a VIE or the determination of the primary beneficiary. The Company assesses whether it is the primary beneficiary of any VIEs identified by evaluating its economic interests in the entity held either directly by the Company and its affiliates or indirectly through employees. See Note 4 for further discussion about the Company’s seed investments. Cash and Cash Equivalents —Cash equivalents consist of short-term, highly liquid investments, which are readily convertible into cash and have original maturities of three months or less. Due from/to Brokers —The Company conducts business, primarily with respect to its consolidated seed investments, with brokers for certain of its investment activities. The clearing and custody operations for these investment activities are performed pursuant to contractual agreements. The due from/to brokers balance represents cash and cash equivalents balances at brokers/custodians and/or receivables and payables for unsettled securities transactions. Investments —Management of the Company determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination at each statement of financial condition date. Investments classified as trading represent securities held within the affiliated funds that the Company consolidates and are measured at fair value based on quoted market prices, market prices obtained from independent pricing services engaged by management or as determined by management and approved by the Company’s valuation committee. Unrealized gains and losses are recorded as gain (loss) from trading investments—net in the Company’s consolidated statements of operations. Investments classified as equity method investments represent seed investments in which the Company owns between 20-50% of the outstanding voting interests in the affiliated fund or when it is determined that the Company is able to exercise significant influence but not control over the investments. When using the equity method, the Company recognizes its respective share of the affiliated investee fund net income or loss for the period which is recorded as equity in earnings (losses) of affiliates in the Company’s consolidated statements of operations. As of December 31, 2016 , the Company's equity method investments consisted of interests in affiliated funds which measure their underlying investments at fair value based on quoted market prices or NAV (or its equivalent) as a practical expedient and report a net asset value on a recurring basis. The carrying amounts of these investments approximate their fair value. Investments classified as available-for-sale are comprised of equity securities, investment-grade preferred instruments and investments in Company-sponsored open-end funds where the Company has neither control nor the ability to exercise significant influence. These investments are carried at fair value based on quoted market prices or market prices obtained from independent pricing services engaged by management, with unrealized gains and losses, net of tax, reported in accumulated other comprehensive income. The Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other than temporary. If the Company believes an impairment of a security position is other than temporary, based on available quantitative and qualitative information as of the report date, the loss will be recognized as gain (loss) from available-for-sale investments—net in the Company’s consolidated statements of operations. From time to time, the affiliated funds consolidated by the Company enter into derivative contracts to gain exposure to the underlying commodities markets or to hedge market and credit risks of the underlying portfolios utilizing options, total return swaps, credit default swaps and futures contracts. These instruments are measured at fair value based on their settlement price at the close of trading on the associated commodities exchange or board of trade with gains and losses recorded as gain (loss) from trading investments—net in the Company's consolidated statements of operations. The fair values of these instruments are recorded in other assets or other liabilities and accrued expenses in the Company's consolidated statements of financial condition. As of December 31, 2016 , none of the outstanding derivative contracts were subject to a master netting agreement or other similar arrangement. Additionally, from time to time, the Company enters into foreign exchange contracts to hedge its currency exposure related to certain client receivables. These instruments are measured at fair value with gains and losses recorded in other non-operating income in the Company's consolidated statements of operations. The fair values of these contracts are recorded in other assets or other liabilities and accrued expenses in the Company's consolidated statements of financial condition. Goodwill and Intangible Assets —Goodwill represents the excess of the cost of the Company’s investment in the net assets of an acquired company over the fair value of the underlying identifiable net assets at the date of acquisition. Goodwill and indefinite lived intangible assets are not amortized but are tested at least annually for impairment by comparing the fair value to their carrying amounts. Finite lived intangible assets are amortized over their useful lives and are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. See Note 3 for further discussion about the Company’s goodwill and intangible assets. Redeemable Noncontrolling Interest —Redeemable noncontrolling interest represents third-party interests in the Company's consolidated entities. This interest is redeemable at the option of the investors and therefore is not treated as permanent equity. Redeemable noncontrolling interest is remeasured at redemption value which approximates the fair value at each reporting period. Investment Advisory and Administration Fees —The Company earns revenue by providing asset management services to institutional accounts and to Company-sponsored open-end and closed-end funds. Investment advisory fees are earned pursuant to the terms of investment management agreements, and are based on a contractual fee rate applied to the assets in the portfolio. The Company also earns administration fees from certain Company-sponsored open-end and closed-end funds pursuant to the terms of underlying administration contracts. Administration fees are based on the average assets under management of such funds. Investment advisory and administration fee revenue is recognized as such fees are earned. Distribution and Service Fee Revenue —CSS acts as the principal distributor of the Company’s sponsored open-end funds which may offer the following classes: Class A (initial sales load), Class C (back-end sales load), Class R (load retirement) and Class Z (no load retirement). Effective May 2007, the Company suspended sales of Class B shares and all remaining Class B shares converted to Class A shares in 2015. Distribution and service fee revenue is based on the average daily net assets of the funds as detailed below. Distribution and service fee revenue is earned daily and is recorded gross of any third-party distribution and service fee expense for applicable share classes. Pursuant to distribution plans with the Company's sponsored open-end funds, CSS receives distribution fees of up to 25bps for Class A shares and 75bps for Class C shares. CSS also receives shareholder servicing fees of up to 10bps on Class A shares, 25bps on Class C shares and 15bps on Class Z shares, pursuant to shareholder servicing plans with the funds. Effective October 1, 2014, the Company no longer receives shareholder servicing fees on Class Z shares. CSS receives combined distribution and shareholder servicing fees of up to 50bps for Class R shares. Distribution and Service Fee Expense —Distribution and service fee expense includes distribution fees, service fees and intermediary assistance payments. Distribution and service fee expense is recorded as incurred. Distribution fee expense represents payments made to qualified intermediaries for (i) assistance in connection with the distribution of the Company's sponsored open-end funds' shares and (ii) for other expenses such as advertising costs and printing and distribution of prospectuses to investors. Such amounts may also be used to pay financial intermediaries for services as specified in the terms of written agreements complying with Rule 12b-1 of the Investment Company Act of 1940 (Rule 12b-1). CSS pays distribution fee expense based on the average daily net assets under management of up to 25bps on Class A shares and 75bps on Class C shares. Shareholder servicing fee expense represents payments made to qualified intermediaries for shareholder account service and maintenance. These services are provided pursuant to written agreements with such qualified institutions. CSS pays service fee expenses based on the average daily net assets under management of up to 10bps on Class A shares, 25bps on Class C shares and 15bps on Class Z shares. Effective October 1, 2014, the Company no longer pays shareholder service fees on Class Z shares. CSS pays combined distribution and service fee expenses based on the average daily net assets under management of up to 50bps on Class R shares. Intermediary assistance payments represent payments to qualified intermediaries for activities related to distribution, shareholder servicing and marketing and support of Company-sponsored open-end funds and are incremental to those described above. Intermediary assistance payments are generally based on the average assets under management or the number of accounts being serviced. Portfolio Consulting and Other —The Company earns portfolio consulting and other fees by: (i) providing portfolio consulting services in connection with model-based strategy accounts; (ii) earning a licensing fee for the use of the Company's proprietary indexes; and (iii) providing portfolio monitoring services related to a number of unit investment trusts. This revenue is earned pursuant to the terms of the underlying contract, and the fee schedules for these relationships vary based on the type of services the Company provides for each relationship. This revenue is recognized as such fees are earned. Stock-based Compensation —The Company recognizes compensation expense for the grant-date fair value of awards of equity instruments to employees. This expense is recognized over the period during which employees are required to provide service. The Company also estimates forfeitures. Income Taxes —The Company records the current and deferred tax consequences of all transactions that have been recognized in the consolidated financial statements in accordance with the provisions of the enacted tax laws. Deferred tax assets are recognized for temporary differences that will result in deductible amounts in future years at tax rates that are expected to apply in those years. Deferred tax liabilities are recognized for temporary differences that will result in taxable income in future years at tax rates that are expected to apply in those years. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. The calculation of the tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across our global operations. A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. Currency Translation and Transactions —Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the applicable consolidated statement of financial condition date. Revenue and expenses of such subsidiaries are translated at average exchange rates during the period. The gains or losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are included in the Company's consolidated statements of comprehensive income. The cumulative translation adjustment was $(6,845,000) , $(3,908,000) and $(1,446,000) as of December 31, 2016 , December 31, 2015 and December 31, 2014 , respectively. Gains or losses resulting from non-U.S. dollar currency transactions are included in other non-operating income in the consolidated statements of operations. Comprehensive Income —The Company reports all changes in comprehensive income in the consolidated statements of comprehensive income. Comprehensive income includes net income or loss attributable to common stockholders, foreign currency translation gain and loss (net of tax), unrealized gain and loss from available-for-sale investments (net of tax) and reclassification to statements of operations of realized gain and loss from available-for-sale investments (net of tax). Recently Issued Accounting Pronouncements —In January 2017, the FASB issued guidance to simplify the impairment test by removing the requirement to perform a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This new guidance will be effective for the Company’s first quarter of 2020. The Company is currently evaluating the potential effect of this new guidance on its consolidated financial statements and related disclosures. In August 2016, the FASB issued new guidance amending the current guidance on the classification of certain cash receipts and payments in the statement of cash flows. This guidance is intended to unify the currently diverse presentations and classifications, which address eight classification issues related to the statement of cash flows, including debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance principle. This new guidance will be effective for the Company’s first quarter of 2018 and requires a retrospective approach to adoption. The Company is currently evaluating the potential effect of this new guidance on its consolidated financial statements and the related disclosures. In March 2016, the FASB issued new guidance amending the current accounting for an investment that becomes qualified for the equity method of accounting. The guidance requires that the cost of acquiring an additional interest in the investment, if any, that resulted in it qualifying for the equity method be added to the carrying value of the investment. The equity method will then be applied from that point forward without any retroactive application or adjustment. This new guidance will be effective for the Company’s first quarter of 2017. The Company does not expect the adoption of the new standard to have a material effect on its consolidated financial statements and related disclosures. In March 2016, the FASB issued new guidance which simplifies several aspects of the accounting for share-based payment transactions, including the accounting for income taxes, excess tax benefits, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. This new guidance will be effective for the Company’s first quarter of 2017. The Company has evaluated the impact that adoption of this standard will have on its financial statements and related disclosures and has concluded that adoption will result in the tax effect associated with differences between the grant date price and delivery date price of restricted stock units being recorded on the income statement rather than in additional paid-in capital and reclassification of such amounts on the statement of cash flows from financing activities to operating activities. In February 2016, the FASB issued guidance introducing a new lease model which requires all operating leases to be recorded on the balance sheet as right of use assets and offsetting lease liability obligations. The guidance requires disclosures by lessees and lessors to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. This new guidance will be effective for the Company’s first quarter of 2019. The Company is currently evaluating the potential effect of this new guidance on its consolidated financial statements and related disclosures. In January 2016, the FASB issued new guidance amending the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. This new guidance will be effective for the Company’s first quarter of 2018. Upon adoption of this guidance, changes in the fair value of the Company's available-for-sale investments will be reported through earnings rather than through other comprehensive income. In May 2014, the FASB issued new guidance which outlined a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In March 2016, the FASB issued revised guidance which clarifies the guidance related to (a) determining the appropriate unit of account under the revenue standard’s principal versus agent guidance and (b) applying the indicators of whether an entity is a principal or an agent in accordance with the revenue standard’s control principle. In April 2016, the FASB issued an amendment to provide more detailed guidance including additional implementation guidance and examples related to a) identifying performance obligations and b) licenses of intellectual property. In May 2016, the FASB amended the standard to clarify the guidance on assessing collectibility, presenting sales taxes, measuring noncash consideration, and certain transition matters. This new guidance will be effective for the Company's first quarter of 2018 and requires either a retrospective or a modified retrospective approach to adoption. The Company's implementation analysis is ongoing, however, it does not expect the adoption of the guidance to have a significant effect on the timing of the recognition of revenue. The Company is currently evaluating performance obligations and the related transaction costs. The overall effect upon adoption may change based on further analysis and implementation efforts. The Company has not yet determined which transition method will be employed. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The following summarizes the changes in the Company's goodwill and intangible assets during the years ended December 31, 2016 and 2015 (in thousands): Goodwill Finite Lived Intangible Assets Indefinite Lived Intangible Assets Balance at January 1, 2015 $ 19,120 $ 362 $ 1,250 Currency revaluation (1,145 ) — — Amortization during 2015 N/A (89 ) N/A Balance at December 31, 2015 $ 17,975 $ 273 $ 1,250 Currency revaluation (291 ) — — Amortization during 2016 N/A (89 ) N/A Balance at December 31, 2016 $ 17,684 $ 184 $ 1,250 The following is a summary of the intangible assets at December 31, 2016 and December 31, 2015 (in thousands): Remaining Amortization Period (in months) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net 2016 Amortized intangible assets: Client relationships 24 $ 1,543 $ (1,359 ) $ 184 Non-amortized intangible assets: Fund management contracts — 1,250 — 1,250 Total $ 2,793 $ (1,359 ) $ 1,434 2015 Amortized intangible assets: Client relationships 36 $ 1,543 $ (1,270 ) $ 273 Non-amortized intangible assets: Fund management contracts — 1,250 — 1,250 Total $ 2,793 $ (1,270 ) $ 1,523 Amortization expenses related to the intangible assets was approximately $89,000 for each of the years ended December 31, 2016, 2015 and 2014 , respectively. Estimated future amortization expense is as follows (in thousands): Periods Ending December 31, Estimated Amortization Expense 2017 $ 89 2018 95 Total $ 184 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2016 | |
Investments [Abstract] | |
Investment Holdings | Investments The following is a summary of the Company's investments as of December 31, 2016 and December 31, 2015 (in thousands): December 31, 2016 2015 Trading investments $ 12,689 $ 37,169 Equity method investments 6,459 16,974 Available-for-sale investments 35,396 17,191 Gain (loss) from investments for the years ended December 31, 2016, 2015 and 2014 are summarized below (in thousands): Years Ended December 31, 2016 2015 2014 Gain (loss) from trading investments—net (1) $ 218 $ (2,376 ) $ (1,567 ) Equity in earnings (losses) of affiliates 3,324 (10,378 ) (1,955 ) Gain (loss) from available-for-sale investments—net 1,451 (2,648 ) 2,041 Number of new funds seeded — 2 1 _________________________ (1) Includes net income/(loss) attributable to redeemable noncontrolling interest for the periods presented. The Cohen & Steers Low Duration Preferred and Income Fund, Inc. (LPX), launched by the Company in December 2015, is an open-end fund for which the Company is the investment adviser. LPX is a VOE and the Company owned the majority of the outstanding voting interests through February 29, 2016. Accordingly, the underlying assets and liabilities and results of operations of LPX had been included in the Company's consolidated financial statements with the third-party interests classified as redeemable noncontrolling interest. As a result of additional third-party subscriptions into the fund, effective March 1, 2016, the Company no longer owned the majority of the outstanding voting interest in LPX, however it was determined that the Company has significant influence over the financial decisions of LPX and therefore recorded its investment in LPX using the equity method of accounting. Effective October 1, 2016, the Company's ownership interest in LPX fell below 20% and the Company no longer had significant influence over LPX. Accordingly, the Company began recording its investment in LPX as an available-for-sale investment. The Cohen & Steers SICAV Global Listed Infrastructure Fund (GLI SICAV), a Luxembourg-domiciled undertaking for collective investments in transferable securities (UCITS), was launched by the Company in September 2015, and meets the definition of an investment company. The Company is the investment adviser of GLI SICAV for which it receives a management fee. GLI SICAV is a VIE and the Company is the primary beneficiary. As of December 31, 2016 , the Company was the only investor in the fund and therefore, the Company would absorb all of the expected losses and residual returns of GLI SICAV. Accordingly, the underlying assets and liabilities and results of operations of GLI SICAV have been included in the Company's consolidated financial statements. The following represents the portion of the consolidated statements of financial condition attributable to the consolidated GLI SICAV as of December 31, 2016 and December 31, 2015 . The assets may only be used to settle obligations of GLI SICAV and the liabilities are the sole obligation of GLI SICAV, for which creditors do not have recourse to the general credit of the Company (in thousands): December 31, 2016 December 31, 2015 Assets: Trading investments $ 5,069 $ 4,719 Due from broker 181 176 Other assets 43 53 Total assets $ 5,293 $ 4,948 Liabilities: Due to broker $ — $ 12 Other liabilities and accrued expenses 70 50 Total liabilities $ 70 $ 62 The Cohen & Steers Active Commodities Strategy Fund, Inc. (CDF), launched by the Company in May 2014, is an open-end fund for which the Company is the investment adviser. CDF is a VOE and the Company owned the majority of the outstanding voting interest in the fund as of December 31, 2016 . Accordingly, the underlying assets and liabilities and results of operations of CDF have been included in the Company's consolidated financial statements with the third-party interests classified as redeemable noncontrolling interest. ACOM, launched by the Company in April 2013, is structured as a partnership. The Company is the investment adviser of ACOM for which it is entitled to receive a management fee. The Company owned all of the voting interest in ACOM through September 30, 2014. Accordingly, the underlying assets and liabilities and results of operations of ACOM had been included in the Company's consolidated financial statements. As a result of third-party investments into the fund, effective October 1, 2014, the Company no longer held a controlling financial interest in ACOM. The Company determined that ACOM was not a VIE as the limited partners, unaffiliated with the Company, have the ability to liquidate the fund with a majority vote. As a result, the Company does not have financial control and ACOM is not consolidated into the Company's consolidated financial statements. The Company's equity interest in ACOM represents a seed investment to launch the fund, adjusted for the Company's proportionate share of the fund's earnings. As of December 31, 2016 , the Company's ownership in ACOM was approximately 10% ; however, as the general partner, the Company has significant influence over the financial decisions of ACOM and therefore records its investment in ACOM using the equity method of accounting. Cohen & Steers Global Realty Partners III-TE, L.P. (GRP-TE), which had its closing in October 2011, is structured as a partnership. The Company is the general partner and investment adviser of GRP-TE, for which it receives a management fee and is entitled to receive an incentive distribution, if earned. GRP-TE is a VIE and the Company is not the primary beneficiary. As the general partner, the Company has significant influence over the financial decisions of GRP-TE and therefore records its investment using the equity method of accounting. The Company's equity interest in GRP-TE represents a seed investment to launch the fund, adjusted for the Company’s proportionate share of the fund’s earnings. As of December 31, 2016 , the Company's ownership in GRP-TE was approximately 0.2% . The Company's risk with respect to its investment in GRP-TE is limited to its equity ownership and any uncollected management fees. In conjunction with the launch of GRP-TE, the Company established Cohen & Steers Co-Investment Partnership, L.P. (GRP-CIP), which is used by the Company to fulfill its contractual commitment to co-invest with GRP-TE. See Note 13 for further discussion regarding the Company's co-investment commitment. As of December 31, 2016 , GRP-CIP is a VIE and the Company is the primary beneficiary as it owns all of the voting interest in GRP-CIP. Accordingly, the underlying assets and liabilities and results of operations of GRP-CIP have been included in the Company's consolidated financial statements. The following represents the portion of the condensed consolidated statements of financial condition attributable to the consolidated GRP-CIP as of December 31, 2016 and December 31, 2015 . The assets may only be used to settle obligations of GRP-CIP and the liabilities are the sole obligation of GRP-CIP, for which creditors do not have recourse to the general credit of the Company (in thousands): December 31, 2016 December 31, 2015 Assets: Trading investments $ 1,918 $ 2,131 Due from broker 294 207 Other assets — — Total assets $ 2,212 $ 2,338 Liabilities: Due to broker $ — $ — Other liabilities and accrued expenses 5 5 Total liabilities $ 5 $ 5 MLO, launched by the Company in December 2013, is an open-end fund for which the Company is the investment adviser. MLO is a VOE and the Company owned the majority of the outstanding voting interest in MLO through October 31, 2014. Accordingly, the underlying assets and liabilities and results of operations of MLO had been included in the Company's consolidated financial statements with the third-party interests classified as redeemable noncontrolling interest. Effective November 1, 2014, as a result of additional third-party subscriptions into the fund, the Company no longer owned the majority of the outstanding voting interest in MLO, however it was determined that the Company has significant influence over the financial decisions of MLO and therefore recorded its investment in MLO using the equity method of accounting. Effective June 1, 2016, the Company's ownership interest in MLO fell below 20% and the Company no longer had significant influence over MLO. Accordingly, the Company began recording its investment in MLO as an available-for-sale investment. Cohen & Steers Real Assets Fund, Inc. (RAP), launched by the Company in January 2012, is an open-end fund for which the Company is the investment adviser. RAP is a VOE. The Company had significant influence over RAP through September 30, 2014 and recorded its investment in RAP using the equity method of accounting. Effective October 1, 2014, the Company's ownership interest in RAP fell below 20% and the Company no longer had significant influence over RAP. Accordingly, the Company began recording its investment in RAP as an available-for-sale investment. During the fourth quarter of 2016, the Company sold its remaining interest in RAP. The Company owned the majority of the voting interests in Cohen & Steers Global Real Estate Long-Short Fund, L.P. (the Onshore Fund) prior to its liquidation in April 2014. Accordingly, the underlying assets and liabilities and results of operations of the Onshore Fund had been included in the Company's consolidated financial statements. The Onshore Fund was structured as a partnership and the Company was the general partner and investment adviser of the fund. The Cohen & Steers Global Real Estate Long-Short Offshore Fund, L.P. (the Offshore Fund), which was liquidated in April 2014, was structured as a partnership. The Company was the general partner and investment adviser of the Offshore Fund for which it received a management fee and was entitled to receive a performance fee, if earned. The Company determined that the Offshore Fund was not a VIE as the limited partners, unaffiliated with the Company, had the ability to dissolve the fund with a majority vote. As a result, the Company did not have financial control and the Offshore Fund was not consolidated into the Company's consolidated financial statements. As the general partner, the Company had significant influence over the financial decisions of the Offshore Fund and therefore recorded its investment in this fund using the equity method of accounting. The Company met the significant subsidiaries test for total equity method investments as of December 31, 2014 and is required to provide the summarized financial information for all equity method investments for all periods presented. The following is the aggregate condensed statement of financial condition information for the Company's equity method investments as of December 31, 2016 and December 31, 2015 (in thousands): December 31, 2016 2015 Total assets $ 105,946 $ 147,590 Total liabilities 109 2,038 Net assets 105,837 145,552 The following is the condensed statement of operations for the aggregate of the Company's equity method investments for the years ended December 31, 2016, 2015 and 2014 (in thousands): Years Ended December 31, (1) 2016 2015 2014 Total revenue $ 5,163 $ 2,753 $ 2,896 Total expenses 1,609 1,194 2,019 Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments 10,201 (44,936 ) (14,827 ) Net income (loss) $ 13,755 $ (43,377 ) $ (13,950 ) _________________________ (1) Amounts are included only for the time in which the investees were accounted for under the equity method. The following is a summary of the fair value of trading investments and equity method investments as of December 31, 2016 and December 31, 2015 (in thousands): December 31, 2016 December 31, 2015 Trading Investments Equity Method Investments Trading Investments Equity Method Investments ACOM $ — $ 6,371 $ — $ 5,624 CDF 5,702 — 5,606 — GLI SICAV 5,069 — 4,719 — GRP-CIP 1,918 — 2,131 — GRP-TE — 88 — 92 LPX — — 24,713 — MLO — — — 11,258 Total $ 12,689 $ 6,459 $ 37,169 $ 16,974 Gain (loss) from trading investments—net for the years ended December 31, 2016, 2015 and 2014 , which represent realized and unrealized gains and losses recorded by the funds the Company consolidates, are summarized below (in thousands): Years Ended December 31, 2016 2015 2014 ACOM $ — $ — $ (505 ) CDF 839 (2,167 ) (2,804 ) GLI SICAV 297 (135 ) — GRP-CIP (149 ) (80 ) 151 LPX (769 ) 6 — MLO — — 1,567 Onshore Fund — — 24 Total gain (loss) from trading investments—net $ 218 $ (2,376 ) $ (1,567 ) Equity in earnings (losses) of affiliates for the years ended December 31, 2016, 2015 and 2014 are summarized below (in thousands): Years Ended December 31, 2016 2015 2014 ACOM $ 748 $ (1,988 ) $ (1,228 ) GRP-TE (13 ) 7 11 LPX 852 — — MLO 1,737 (8,397 ) (1,511 ) Offshore Fund — — 20 RAP — — 753 Total equity in earnings (losses) of affiliates $ 3,324 $ (10,378 ) $ (1,955 ) The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments as of December 31, 2016 and December 31, 2015 (in thousands): December 31, 2016 Cost Gross Unrealized Gains Gross (1) Fair Value Preferred securities $ 1,020 $ 13 $ (22 ) $ 1,011 Common stocks 4,639 194 (325 ) 4,508 Company-sponsored funds 28,232 1,755 (110 ) 29,877 Total available-for-sale investments $ 33,891 $ 1,962 $ (457 ) $ 35,396 _________________________ (1) At December 31, 2016 , there were no securities with unrealized losses continuously for a period of more than 12 months. December 31, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses (1) Fair Value Preferred securities $ 1,115 $ 66 $ (3 ) $ 1,178 Common stocks 3,828 288 (282 ) 3,834 Company-sponsored funds 12,184 1 (6 ) 12,179 Total available-for-sale investments $ 17,127 $ 355 $ (291 ) $ 17,191 _________________________ (1) At December 31, 2015 , there were no securities with unrealized losses continuously for a period of more than 12 months. Available-for-sale investments with a fair value of approximately $18,521,000 and $1,779,000 at December 31, 2016 and December 31, 2015 , respectively, were in an unrealized loss position. Unrealized losses on available-for-sale investments as of December 31, 2016 were generally caused by market conditions. When evaluating whether an unrealized loss on an available-for-sale investment is other than temporary, the Company reviews such factors as the extent and duration of the loss, as well as qualitative and quantitative information about the financial condition and near term prospects of the funds. As of December 31, 2015, the Company determined, based on an analysis of quantitative and qualitative factors including the estimated recovery period, that the seed investment in RAP was other-than-temporarily impaired. Accordingly, for the year ended December 31, 2015, the Company recorded an other-than-temporary impairment of $2,846,000 on its investment in RAP. As of December 31, 2016 , the Company determined that it had the ability and intent to hold the remaining available-for-sale investments for which no other-than-temporary impairment has occurred until a recovery of fair value. Accordingly, impairment of these investments is considered temporary. Sales proceeds, gross realized gains and losses from available-for-sale investments for the years ended December 31, 2016, 2015 and 2014 are summarized below (in thousands): Years Ended December 31, 2016 2015 2014 Proceeds from sales $ 20,823 $ 7,298 $ 12,704 Gross realized gains 1,879 759 2,251 Gross realized losses, including other-than-temporary impairment (428 ) (3,407 ) (1) (210 ) _________________________ (1) Includes other-than-temporary impairment charge of $2,846,000 related to the Company's seed investment in RAP. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Accounting Standards Codification Topic 820, Fair Value Measurement (ASC 820) specifies a hierarchy of valuation classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or unobservable. These classifications are summarized in the three broad levels listed below: • Level 1—Unadjusted quoted prices for identical instruments in active markets. • Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable. • Level 3—Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable. Inputs used to measure fair value might fall in different levels of the fair value hierarchy, in which case the Company defaults to the lowest level input that is significant to the fair value measurement in its entirety. These levels are not necessarily an indication of the risk or liquidity associated with the investments. In determining the appropriate levels, the Company performed a detailed analysis of the assets and liabilities that are subject to ASC 820. Transfers among levels, if any, are recorded as of the beginning of the reporting period. There were no transfers between level 1 and level 2 during the year ended December 31, 2016 . The following table presents fair value measurements as of December 31, 2016 (in thousands): Level 1 Level 2 Level 3 Investments Measured at NAV (2) Total Cash equivalents (1) $ 140,872 $ — $ — $ — $ 140,872 Trading investments Common stocks $ 5,069 $ — $ — $ — $ 5,069 Fixed income securities — 5,702 — — 5,702 Limited partnership interests — — 1,196 722 1,918 Total trading investments $ 5,069 $ 5,702 $ 1,196 $ 722 $ 12,689 Equity method investments $ — $ — $ — $ 6,459 $ 6,459 Available-for-sale investments Preferred securities $ 1,001 $ 10 $ — $ — $ 1,011 Common stocks 4,508 — — — 4,508 Company-sponsored funds 29,877 — — — 29,877 Total available-for-sale investments $ 35,386 $ 10 $ — $ — $ 35,396 Derivatives - assets Foreign exchange contracts $ — $ 1,417 $ — $ — $ 1,417 Commodity contracts 343 — — — 343 Total derivatives - assets $ 343 $ 1,417 $ — $ — $ 1,760 Derivatives - liabilities Commodity contracts $ 266 $ — $ — $ — $ 266 Total derivatives - liabilities $ 266 $ — $ — $ — $ 266 _________________________ (1) Comprised of investments in actively traded U.S. Treasury money market funds measured at NAV. (2) Comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the condensed consolidated statement of financial position. Trading investments classified as level 2 in the above table were comprised of United States Treasury Bills carried at amortized cost, which approximates fair value. Trading investments classified as level 3 in the above table were comprised of limited partnership interests which represent the Company's co-investments through GRP-CIP in limited partnership vehicles that invest in private equity vehicles that invest directly in real estate which are generally valued using a discounted cash flow model. Trading investments classified as investments measured at NAV in the above table were comprised of limited partnership interests which represent the Company's co-investments through GRP-CIP in limited partnership vehicles that invest in non-registered real estate funds, which are valued based on the NAVs of the underlying funds. As of December 31, 2016 , the Company did not have the ability to redeem these interests. Equity method investments classified as investments measured at NAV in the above table were comprised of the Company's partnership interests in ACOM and GRP-TE, which approximate their fair value based on the funds' NAVs. ACOM invests in exchange-traded commodity futures contracts and other commodity related derivatives. The Company has the ability to redeem its investment in ACOM monthly at NAV with prior written notice of 5 days and there are no significant restrictions to redemption. GRP-TE invests in non-registered real estate funds and in private equity vehicles that invest directly in real estate. As of December 31, 2016 , the Company did not have the ability to redeem its investment in GRP-TE. The following table presents fair value measurements as of December 31, 2015 (in thousands): Level 1 Level 2 Level 3 Investments Measured at NAV (2) Total Cash equivalents (1) $ 60,412 $ — $ — $ — $ 60,412 Trading investments Preferred securities $ 3,863 $ — $ — $ — $ 3,863 Common stocks 4,719 — — — 4,719 Fixed income securities — 26,456 — — 26,456 Limited partnership interests — — 1,312 819 2,131 Total trading investments $ 8,582 $ 26,456 $ 1,312 $ 819 $ 37,169 Equity method investments $ 11,258 $ — $ — $ 5,716 $ 16,974 Available-for-sale investments Preferred securities $ 1,178 $ — $ — $ — $ 1,178 Common stocks 3,834 — — — 3,834 Company-sponsored funds 12,179 — — — 12,179 Total available-for-sale investments $ 17,191 $ — $ — $ — $ 17,191 Derivatives - assets Foreign exchange contracts $ — $ 10 $ — $ — $ 10 Commodity contracts 290 — — — 290 Total derivatives - assets $ 290 $ 10 $ — $ — $ 300 Derivatives - liabilities Foreign exchange contracts $ — $ 219 $ — $ — $ 219 Commodity contracts 425 — — — 425 Total derivatives - liabilities $ 425 $ 219 $ — $ — $ 644 _________________________ (1) Comprised of investments in actively traded U.S. Treasury money market funds measured at NAV. (2) Comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the condensed consolidated statement of financial position. Trading investments classified as level 2 in the above table were comprised of investments in corporate debt securities, which are valued based on prices provided by a third-party pricing service or third-party broker-dealers, and United States Treasury Bills carried at amortized cost, which approximates fair value. Trading investments classified as level 3 in the above table were comprised of limited partnership interests which represent the Company's co-investments through GRP-CIP in limited partnership vehicles that invest in private equity vehicles that invest directly in real estate which are generally valued using a discounted cash flow model. As of December 31, 2015 , the Company did not have the ability to redeem these interests. Trading investments classified as investments measured at NAV in the above table were comprised of limited partnership interests which represent the Company's co-investments through GRP-CIP in limited partnership vehicles that invest in non-registered real estate funds, which are valued based on the NAVs of the underlying funds. Equity method investments classified as investments measured at NAV in the above table were comprised of the Company's partnership interests in ACOM and GRP-TE, which approximate their fair value based on the funds' NAVs. ACOM invests in exchange-traded commodity futures contracts and other commodity related derivatives. The Company has the ability to redeem its investment in ACOM monthly at NAV with prior written notice of 5 days and there are no significant restrictions to redemption. GRP-TE invests in non-registered real estate funds and in private equity vehicles that invest directly in real estate. As of December 31, 2015 , the Company did not have the ability to redeem its investment in GRP-TE. The following table summarizes the changes in level 3 investments measured at fair value on a recurring basis for the years ended December 31, 2016 and 2015 (in thousands): Trading Investments Limited Partnership Interests Balance at January 1, 2015 $ 1,465 Purchases / contributions 58 Sales / distributions 3 Realized gains (3 ) Unrealized (losses) gains (1) (211 ) Transfers into (out of) level 3 — Balance at December 31, 2015 $ 1,312 Purchases / contributions 51 Sales / distributions (53 ) Realized gains — Unrealized (losses) gains (1) (114 ) Transfers into (out of) level 3 — Balance at December 31, 2016 $ 1,196 _________________________ (1) Pertains to unrealized gains (losses) from securities held at December 31, 2016 and 2015, respectively. Realized and unrealized gains (losses) from investments classified as trading investments in the above tables were recorded as gain (loss) from trading investments in the Company's consolidated statements of operations. Valuation Techniques In certain instances, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable brokers/dealers or independent pricing services. In determining the value of a particular investment, independent pricing services may use information with respect to transactions in such investments, broker quotes, pricing matrices, market transactions in comparable investments and various relationships between investments. As part of its independent price verification process, the Company generally performs reviews of valuations provided by broker-dealers or independent pricing services. Investments in Company-sponsored funds are valued at their closing price or NAV (or its equivalent) as a practical expedient. Foreign exchange contracts are valued by interpolating a value using the spot foreign exchange rate and forward points (based on the spot rate and currency rate differentials), which are all inputs that are observable in active markets (level 2). In the absence of observable market prices, the Company values its investments using valuation methodologies applied on a consistent basis. For some investments, little market activity may exist; management's determination of fair value is then based on the best information available in the circumstances, and may incorporate management's own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors. Such investments are valued on a quarterly basis, taking into consideration any changes in key inputs and changes in economic and other relevant conditions, and valuation models are updated accordingly. The valuation process also includes a review by the Company's valuation committee which is comprised of senior members from various departments within the Company, including investment management. The valuation committee provides independent oversight of the valuation policies and procedures. The valuation techniques and significant unobservable inputs used in the fair value measurement of the following level 3 investments as of December 31, 2016 were: Fair Value Fair Value Significant Input / (in thousands) Methodology Unobservable Inputs Range Limited partnership interests - direct investments in real estate $ 1,196 Discounted cash flows Discount rates Exit capitalization rates Market rental rates 11% - 12.5% 8% - 8.5% $14.00 - 17.00 psf The valuation techniques and significant unobservable inputs used in the fair value measurement of the following level 3 investments as of December 31, 2015 were: Fair Value Fair Value Significant Input / (in thousands) Methodology Unobservable Inputs Range Limited partnership interests - direct investments in real estate $ 1,312 Discounted cash flows Discount rates Exit capitalization rates Market rental rates 10% - 12.5% 8% - 8.5% $15.00 - 17.00 psf Changes in the significant unobservable inputs in the tables above may result in a materially higher or lower fair value measurement. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2016 | |
Derivatives [Abstract] | |
Derivatives | Derivatives The following is a summary of the notional and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts as of December 31, 2016 and December 31, 2015 (in thousands): December 31, 2016 Assets Liabilities Notional Fair Value Notional Fair Value Total foreign exchange contracts $ 13,839 $ 1,417 $ — $ — Total commodity contracts 6,538 343 4,825 266 Total derivatives $ 20,377 $ 1,760 $ 4,825 $ 266 December 31, 2015 Assets Liabilities Notional Fair Value Notional Fair Value Total foreign exchange contracts $ 2,361 $ 10 $ 14,955 $ 219 Total commodity contracts 3,962 290 7,337 425 Total derivatives $ 6,323 $ 300 $ 22,292 $ 644 Cash included in due from broker in the consolidated statement of financial condition of approximately $192,000 as of December 31, 2015 was held as collateral for futures contracts. Securities included in trading investments in the consolidated statement of financial condition of approximately $487,000 and $566,000 as of December 31, 2016 and December 31, 2015 , respectively, were held as collateral for futures contracts. Gains and losses from derivative financial instruments for the years ended December 31, 2016, 2015 and 2014 are summarized below (in thousands): Year Ended December 31, 2016 2015 2014 Foreign exchange contracts $ 1,626 $ (702 ) $ 95 Commodity contracts 835 (2,167 ) (3,280 ) Total derivatives $ 2,461 $ (2,869 ) $ (3,185 ) |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment The following is a summary of property and equipment as of December 31, 2016 and 2015 (in thousands): December 31, 2016 2015 Equipment $ 6,969 $ 6,651 Furniture and fixtures 3,505 2,156 Software 18,467 16,827 Leasehold improvements 16,031 10,141 Subtotal 44,972 35,775 Less: Accumulated depreciation and amortization (29,008 ) (25,992 ) Property and equipment, net $ 15,964 $ 9,783 Depreciation and amortization expense related to property and equipment was $4,155,000 , $3,827,000 and $4,535,000 for the years ended December 31, 2016, 2015 and 2014 , respectively. Depreciation and amortization expense related to property and equipment is recorded using the straight-line method over the estimated useful lives of the related assets which range from 3 - 7 years. Leasehold improvement is amortized using the straight-line method over the lease term. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted average shares outstanding. Diluted earnings per share is calculated by dividing net income attributable to common stockholders by the total weighted average shares of common stock outstanding and common stock equivalents. Common stock equivalents are comprised of dilutive potential shares from restricted stock unit awards. Common stock equivalents are excluded from the computation if their effect is anti-dilutive. Diluted earnings per share is computed using the treasury stock method. Anti-dilutive common stock equivalents of approximately 14,000 and 43,000 shares were excluded from the computation for the years ended December 31, 2016 and December 31, 2015, respectively. No anti-dilutive common stock equivalents were excluded from the computation for the year ended December 31, 2014. The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the years ended December 31, 2016, 2015 and 2014 (in thousands, except per share data): Years Ended December 31, 2016 2015 2014 Net income $ 92,810 $ 64,337 $ 75,734 Less: Net loss (income) attributable to redeemable noncontrolling interest 126 214 (224 ) Net income attributable to common stockholders $ 92,936 $ 64,551 $ 75,510 Basic weighted average shares outstanding 45,951 45,433 44,788 Dilutive potential shares from restricted stock units 481 464 855 Diluted weighted average shares outstanding 46,432 45,897 45,643 Basic earnings per share attributable to common stockholders $ 2.02 $ 1.42 $ 1.69 Diluted earnings per share attributable to common stockholders $ 2.00 $ 1.41 $ 1.65 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Amended and Restated Stock Incentive Plan The Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan (the SIP) provides for the issuance of Restricted Stock Units (RSUs), stock options and other stock-based awards for a period of up to ten years to eligible employees and directors. A total of 16.0 million shares of common stock may be granted under the SIP. At December 31, 2016 , RSUs with respect to approximately 14.1 million shares of common stock were issued. Total compensation cost related to unvested RSUs not yet recognized was approximately $32,559,000 at December 31, 2016 and is expected to be recognized over approximately the next three years. In January 2017, the Company granted approximately 0.8 million restricted stock units under the SIP which vest over a four year period. Restricted Stock Units Vested Restricted Stock Unit Grants The Company has granted awards of vested RSUs to the non-management directors of the Company pursuant to the SIP. The directors are entitled to receive delivery of the underlying common stock on the third anniversary of the date of grant. Dividends declared during the delayed delivery period are paid to the directors in cash. From time to time, the Company grants awards of vested RSUs to certain employees pursuant to the SIP. These grants are generally delivered ratably over four years. At December 31, 2016 , vested RSUs with respect to approximately 34,000 shares of common stock were outstanding pursuant to these grants. In connection with the grant of these vested RSUs, the Company recorded non-cash stock-based compensation expense of approximately $486,000 , $425,000 and $352,000 for the years ended December 31, 2016, 2015 and 2014 , respectively. The following table sets forth activity relating to the Company's awards of RSUs under the SIP to the non-management directors and certain employees (share data in thousands): Number of Shares Weighted Average Grant Date Fair Value Balance at January 1, 2014 29 $ 31.47 Granted 9 39.67 Delivered (10 ) 29.12 Balance at December 31, 2014 28 34.93 Granted 12 35.31 Delivered (10 ) 31.86 Balance at December 31, 2015 30 36.17 Granted 13 37.17 Delivered (9 ) 34.02 Balance at December 31, 2016 34 37.15 Unvested Restricted Stock Unit Grants The Company grants awards of unvested RSUs to certain employees pursuant to the SIP. The fair value at the date of grant is expensed on a straight-line basis over the applicable service periods. Prior to 2015, except in circumstances where a dividend was determined to be an extraordinary dividend in the sole discretion of the Company's Compensation Committee (in which case dividend equivalents are accrued on such RSUs in the form of additional unvested RSUs), dividends were not paid to the holders of such unvested RSUs. Commencing with 2015, dividend equivalents are accrued on unvested RSUs for all dividends declared by the Company. All dividend equivalents are forfeitable until they are delivered. At December 31, 2016 , RSUs with respect to approximately 307,000 shares of common stock were outstanding pursuant to these grants. Amortization expense related to the unearned stock-based compensation, net of forfeitures, was approximately $4,685,000 , $5,233,000 and $8,590,000 for the years ended December 31, 2016, 2015 and 2014 , respectively. The following table sets forth activity relating to the Company's awards of RSUs under the SIP to certain employees (share data in thousands): Number of Shares Weighted Average Grant Date Fair Value Balance at January 1, 2014 950 $ 26.72 Granted 110 37.33 Delivered (361 ) 24.45 Forfeited (9 ) 25.69 Balance at December 31, 2014 690 26.72 Granted 73 41.10 Delivered (461 ) 26.95 Forfeited (6 ) 40.52 Balance at December 31, 2015 296 36.36 Granted 159 30.31 Delivered (147 ) 35.52 Forfeited (1 ) 42.09 Balance at December 31, 2016 307 33.62 Incentive Bonus Plans for Employees of the Company The Company has implemented a program for employees which, based upon compensation levels, automatically pays a portion of their year-end bonuses in the form of unvested RSUs (Mandatory Program). Dividend equivalents are accrued on the deferred compensation awards in the form of additional unvested RSUs. The RSUs under the Mandatory Program will vest and be delivered ratably over four years and the dividend equivalents will vest and be delivered on the fourth anniversary of the original grant date. The fair value at the date of grant of the RSUs under the Mandatory Program is expensed on a straight-line basis over the vesting period. As of December 31, 2016 , approximately 1,399,000 RSUs under the Mandatory Program including dividend equivalents were outstanding. Amortization expense, net of forfeitures, related to the unearned stock-based compensation under the Mandatory Program, was approximately $16,847,000 , $17,315,000 and $16,178,000 for the years ended December 31, 2016, 2015 and 2014 , respectively. The following table sets forth activity relating to the Company's incentive bonus plans, including the Company match and dividend equivalents (share data in thousands): Number of Shares Weighted Average Grant Date Fair Value Balance at January 1, 2014 1,431 $ 32.03 Granted 522 36.67 Delivered (472 ) 30.84 Forfeited (27 ) 34.29 Balance at December 31, 2014 1,454 34.04 Granted 496 41.45 Delivered (607 ) 32.69 Forfeited (61 ) 38.51 Balance at December 31, 2015 1,282 37.33 Granted 722 30.02 Delivered (548 ) 35.86 Forfeited (57 ) 35.14 Balance at December 31, 2016 1,399 34.22 Employee Stock Purchase Plan Pursuant to the Amended and Restated Employee Stock Purchase Plan (ESPP), the Company allows eligible employees, as defined in the ESPP, to purchase common stock at a 15% discount from market value with a maximum of $25,000 in annual aggregate purchases by any one individual. The number of shares of common stock authorized for purchase by eligible employees is 600,000 . For the years ended December 31, 2016, 2015 and 2014 , approximately 19,000 , 19,000 and 14,000 shares, respectively, had been purchased by eligible employees through the ESPP. For the years ended December 31, 2016, 2015 and 2014 , the Company recorded a non-cash stock-based compensation expense of approximately $114,000 , $95,000 and $87,000 , respectively, which represents the discount on the shares issued pursuant to this plan. The ESPP will terminate upon the earliest to occur of the following: (1) termination of the ESPP by the board of directors, or (2) issuance of all of the shares reserved for issuance under the ESPP. |
401(k) and Profit-Sharing Plan
401(k) and Profit-Sharing Plan | 12 Months Ended |
Dec. 31, 2016 | |
Compensation Related Costs [Abstract] | |
401 (k) and Profit-Sharing Plan | 401(k) and Profit-Sharing Plan The Company sponsors a profit-sharing plan (the Plan) covering all employees who meet certain age and service requirements. Subject to limitations, the Plan permits participants to defer up to 100% of their eligible compensation pursuant to Section 401(k) of the Internal Revenue Code. Employee contributions are matched by the Company at $0.50 per $1.00 deferred. The Plan also allows the Company to make discretionary contributions, which are integrated with the taxable wage base under the Social Security Act. No discretionary contributions were made for the years ended December 31, 2016, 2015 and 2014 . Forfeitures occur when participants terminate employment before becoming entitled to their full benefits under the Plan. Forfeited amounts are used to reduce the Company's contributions to the Plan or to pay Plan expenses. Forfeitures for the years ended December 31, 2016, 2015 and 2014 totaled approximately $126,000 , $118,000 and $83,000 , respectively. Matching contributions, net of forfeitures, to the Plan totaled approximately $1,464,000 , $1,511,000 and $1,074,000 for the years ended December 31, 2016, 2015 and 2014 , respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company is an investment adviser to, and has administrative agreements with, affiliated funds for which certain employees are officers and/or directors. The following table sets forth the amount of revenue the Company earned from these affiliated funds for the years ended December 31, 2016, 2015 and 2014 (in thousands): Years Ended December 31, 2016 2015 2014 Investment advisory and administration fees $ 227,184 $ 218,942 $ 210,316 Distribution and service fees 19,396 16,001 14,667 $ 246,580 $ 234,943 $ 224,983 Sales proceeds, gross realized gains, gross realized losses and dividend income from available-for-sale investments in Company-sponsored funds for the years ended December 31, 2016, 2015 and 2014 are summarized below (in thousands): Years Ended December 31, 2016 2015 2014 Proceeds from sales $ 13,251 $ — $ 192 Gross realized gains 1,159 — — Gross realized losses, including other-than-temporary impairment — (2,846 ) (3 ) Dividend income 787 250 390 The Company has agreements with certain affiliated open-end and closed-end funds to reimburse certain fund expenses. For the years ended December 31, 2016, 2015 and 2014 , expenses of approximately $8,568,000 , $8,676,000 and $9,218,000 , respectively, were incurred by the Company pursuant to these agreements and are included in general and administrative expenses. Included in accounts receivable at December 31, 2016 and 2015 are receivables due from Company-sponsored funds of approximately $20,221,000 and $19,209,000 , respectively. |
Regulatory Requirements
Regulatory Requirements | 12 Months Ended |
Dec. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Requirements | Regulatory Requirements CSS, a registered broker-dealer in the U.S., is subject to the SEC’s Uniform Net Capital Rule 15c3-1 (the Rule), which requires that broker-dealers maintain a minimum level of net capital, as prescribed under the Rule. As of December 31, 2016 , CSS had net capital of approximately $ 3,459,000 , which exceeded its requirements by approximately $ 3,214,000 . The Rule also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital of a broker-dealer is less than the amount required under the Rule and requires prior notice to the SEC for certain withdrawals of capital. In July 2016, CSCM made a capital contribution into CSS in the amount of $2 million . CSS does not carry customer accounts and is exempt from SEC Rule 15c3-3 pursuant to provisions (k)(1) and (k)(2)(i) of such rule. CSAL and CSUK are regulated outside the U.S. by the Hong Kong Securities and Futures Commission and the United Kingdom Financial Conduct Authority, respectively. As of December 31, 2016 , CSAL and CSUK had aggregate regulatory capital of approximately $ 68,671,000 , which exceeded aggregate regulatory capital requirements by approximately $ 65,862,000 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | Commitments and Contingencies The Company leases office space under noncancelable operating leases expiring at various dates through January 2024. The Company also leases certain office equipment and information technology applications under noncancelable operating leases expiring at various dates through December 2020. The aggregate minimum future payments under the leases are as follows (in thousands): Years Ended December 31, Operating Leases 2017 $ 12,196 2018 11,446 2019 11,593 2020 11,236 2021 10,832 Thereafter 22,620 $ 79,923 Rent expense charged to operations, including escalation charges for real estate taxes and other expenses, totaled approximately $11,535,000 , $11,215,000 and $10,103,000 for the years ended December 31, 2016, 2015 and 2014 , respectively. Sublease rental income received for the year ended December 31, 2014 was approximately $70,000 . There was no sublease rental income received for the years ended December 31, 2016 and 2015. From time to time, the Company is involved in legal matters relating to claims arising in the ordinary course of business. There are currently no such matters pending that the Company believes could have a material adverse effect on its consolidated results of operations, cash flows or financial position. The Company has committed to co-invest up to $5.1 million alongside GRP-TE, a portion of which is made through GRP-TE and the remainder of which is made through GRP-CIP for up to 12 years through the life of GRP-TE. As of December 31, 2016 , the Company has funded approximately $3.3 million with respect to this commitment. The actual timing for funding the unfunded portion of this commitment is currently unknown, as the drawdown of the Company's unfunded commitment is contingent on the timing of drawdowns by the underlying funds and co-investments in which GRP-TE invests. The unfunded commitment was not recorded on the Company's consolidated statements of financial condition as of December 31, 2016 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes for the years ended December 31, 2016, 2015 and 2014 includes U.S. federal, state, local and foreign taxes. The effective tax rate for the year ended December 31, 2016 was approximately 35.3% which differs from the U.S. federal statutory rate primarily due to the release of a valuation allowance associated with unrealized gains on the Company's seed investments. The effective tax rate for the year ended December 31, 2015 was approximately 42.9% , which included the recordation of a valuation allowance on the tax benefit associated with losses on the Company's seed investments. The effective tax rate was approximately 38% for the year ended December 31, 2014 . At December 31, 2016 , the Company's foreign subsidiaries have recorded cumulative undistributed earnings and profits of approximately $91.1 million . The Company does not provide for deferred taxes on these undistributed foreign earnings as they are considered to be permanently invested outside of the United States. The determination of additional deferred taxes on this amount is not practicable due to the complexities of the hypothetical calculation. The income before provision for income taxes and provision for income taxes for the years ended December 31, 2016, 2015 and 2014 are as follows (in thousands): Years Ended December 31, 2016 2015 2014 Income before provision for income taxes - U.S. $ 132,882 $ 101,007 $ 108,452 Income before provision for income taxes - Non-U.S. 10,521 11,737 13,562 Total income before provision for income taxes $ 143,403 $ 112,744 $ 122,014 Current taxes: U.S. federal $ 42,056 $ 32,065 $ 38,711 State and local 7,423 6,442 4,966 Non-U.S. 2,014 2,508 2,882 51,493 41,015 46,559 Deferred taxes: U.S. federal (743 ) 6,334 (96 ) State and local (86 ) 1,273 (12 ) Non-U.S. (71 ) (215 ) (171 ) (900 ) 7,392 (279 ) Provision for income taxes $ 50,593 $ 48,407 $ 46,280 Deferred income taxes represent the tax effects of the temporary differences between book and tax bases and are measured using enacted tax rates that will be in effect when such items are expected to reverse. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. Significant components of the Company's net deferred income tax asset at December 31, 2016 and 2015 consist of the following (in thousands): At December 31, 2016 2015 Deferred income tax assets (liabilities): Stock-based compensation $ 7,797 $ 7,634 Non-deductible realized loss on investments 2,685 4,708 Dividend equivalents on unvested restricted stock units 2,686 3,052 Unrealized loss on investments 4,101 4,642 Deferred compensation (4,528 ) (6,792 ) Deferred rent 2,407 2,414 Other (2,743 ) (757 ) Subtotal 12,405 14,901 Less: valuation allowance (6,786 ) (9,350 ) Deferred income tax asset - net $ 5,619 $ 5,551 The Company had capital loss carryforwards of approximately $6,959,000 and $6,413,000 for the years ended December 31, 2016 and December 31, 2015 which, if unused, will expire in years 2017 to 2021. The valuation allowance on the net deferred income tax asset decreased approximately $2,564,000 during the year ended December 31, 2016 . At December 31, 2016 , the Company had approximately $7,852,000 of total gross unrecognized tax benefits. Of this total, approximately $4,915,000 (net of the federal benefit on state issues) represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the Company's effective tax rate in future periods. The Company believes it is reasonably possible that it will reduce its unrecognized tax benefits by $1,496,000 within the next twelve months due to the lapse of the statute of limitations on certain positions. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands): Liability for Unrecognized Tax Benefits Gross unrecognized tax benefits balance at January 1, 2014 $ 5,927 Addition for tax positions of current year 1,230 Addition for tax positions of prior years 90 Reduction of tax positions from prior years (901 ) Gross unrecognized tax benefits balance at December 31, 2014 $ 6,346 Addition for tax positions of current year 1,147 Addition for tax positions of prior years 250 Reduction of tax positions from prior years (484 ) Gross unrecognized tax benefits balance at December 31, 2015 $ 7,259 Addition for tax positions of current year 1,437 Addition for tax positions of prior years 163 Reduction of tax positions from prior years (1,007 ) Gross unrecognized tax benefits balance at December 31, 2016 $ 7,852 The Company records potential interest and penalties related to uncertain tax positions in the provision for income taxes. At December 31, 2016 and 2015, the Company had approximately $2,250,000 and $1,661,000 , respectively, in potential interest and penalties associated with uncertain tax positions. The tax years 2011 through 2016 remain open to examination by various taxing jurisdictions. A reconciliation of the Company's statutory federal income tax rate and the effective tax rate for the years ended December 31, 2016, 2015 and 2014 is as follows: Years Ended December 31, 2016 2015 2014 U.S. statutory tax rate 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal income taxes 3.5 % 4.3 % 4.5 % Non-deductible loss on investments 1.3 % 5.2 % 0.6 % Non-taxable gain on investments (3.0 )% — % — % Foreign operations tax differential (1.1 )% (2.1 )% (2.2 )% Other (0.4 )% 0.5 % 0.1 % Effective income tax rate 35.3 % 42.9 % 38.0 % |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | Concentration of Credit Risk The Company's cash and cash equivalents are principally on deposit with three major financial institutions. The Company is subject to credit risk should these financial institutions be unable to fulfill their obligations. The following affiliated funds and third-party institutional separate account subadvisory relationship, which is comprised of multiple accounts, provided 10 percent or more of the total revenue of the Company (in thousands): Years Ended December 31, 2016 2015 2014 Cohen & Steers Realty Shares, Inc. (CSR): Investment advisory and administration fees $ 45,047 $ 47,870 $ 45,904 Percent of total revenue 13 % 15 % 15 % Cohen & Steers Preferred Securities and Income Fund, Inc. (CPX): Investment advisory and administration fees $ 43,797 $ 29,212 $ 20,318 Percent of total revenue 13 % 9 % 6 % Daiwa Asset Management: Investment advisory fees $ 39,377 $ 37,653 $ 37,505 Portfolio consulting and other 2,930 2,793 1,970 Total $ 42,307 $ 40,446 $ 39,475 Percent of total revenue 12 % 12 % 13 % The table below presents revenue by client domicile for the years ended December 31, 2016, 2015 and 2014 (in thousands): Years Ended December 31, 2016 2015 2014 United States $ 282,516 $ 266,583 $ 256,137 Non - U.S. Japan 43,458 41,899 40,179 Other 23,902 20,173 17,618 Total $ 349,876 $ 328,655 $ 313,934 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (unadudited) | Selected Quarterly Financial Data (unaudited) The table below presents selected quarterly financial data for 2016 and 2015 (in thousands, except per share data): Quarter 1st 2nd 3rd 4th Total 2016 Revenue $ 79,681 $ 86,373 $ 94,388 $ 89,434 $ 349,876 Operating income 28,307 34,131 37,213 35,860 135,511 Net income attributable to common stockholders 18,083 24,808 23,877 26,168 92,936 Earnings per share attributable to common stockholders: Basic 0.39 0.54 0.52 0.57 2.02 Diluted 0.39 0.53 0.51 0.56 2.00 Weighted-average shares outstanding: Basic 45,808 45,984 45,999 46,010 45,951 Diluted 46,195 46,378 46,544 46,609 46,432 2015 (1) Revenue $ 83,815 $ 83,502 $ 79,667 $ 81,671 $ 328,655 Operating income 34,549 31,171 31,477 30,352 127,549 Net income attributable to common stockholders 20,816 19,012 12,338 12,385 64,551 Earnings per share attributable to common stockholders: Basic 0.46 0.42 0.27 0.27 1.42 Diluted 0.45 0.42 0.27 0.27 1.41 Weighted-average shares outstanding: Basic 45,241 45,462 45,500 45,524 45,433 Diluted 45,980 45,805 45,830 45,969 45,897 _________________________ (1) During the three months ended December 31, 2015, one of the company's seed investments changed classification from available-for-sale to equity method. As a result, all prior periods have been retroactively adjusted to reflect this investment as if it had been an equity method investment in prior periods. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the consolidated financial statements were issued. Other than the items described below, the Company determined that there were no additional subsequent events that require disclosure and/or adjustment. On February 23, 2017, CNS declared a quarterly dividend on its common stock in the amount of $0.28 per share. This dividend will be payable on March 23, 2017 to stockholders of record at the close of business on March 9, 2017. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements Adopted | New Accounting Pronouncements Adopted —In February 2015, the Financial Accounting Standards Board (FASB) revised the guidance applicable to consolidation of legal entities. The revised rules include guidance for evaluating (a) limited partnerships and similar entities, (b) the impact of decision maker or service provider fees on the consolidation analysis, (c) the impact of interests held by related parties on the consolidation analysis and (d) consolidation of certain investment funds. The Company adopted this guidance effective January 1, 2016, using a full retrospective method. In connection with the adoption of this guidance, the Company reevaluated all of its sponsored funds and management fees under the new guidance. The Company concluded that certain entities that were not previously considered Variable Interest Entities (VIEs) would be considered VIEs under the revised guidance. See Note 4 for further discussion of the Company's seed investments. In May 2015, the FASB issued new guidance related to the disclosure of certain investments that calculate net asset value per share (NAV) as a practical expedient. This guidance removes the requirement to categorize such investments within the fair value hierarchy table. The Company adopted this guidance on January 1, 2016 on a retrospective basis to all periods presented. As a result of adoption, $7.2 million and $6.5 million of NAV investments at December 31, 2016 and December 31, 2015 , respectively, are no longer classified within Level 2 and Level 3 within the fair value hierarchy. The fair value amounts presented in Note 5 are intended to permit reconciliation of the investments included in the fair value hierarchy to the amounts presented on the consolidated statement of financial position. In August 2014, the FASB issued new guidance regarding disclosure of going concern uncertainties in the financial statements. The guidance requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued at each annual and interim reporting period. This new guidance was effective for the Company's first quarter of 2016. The adoption of this new guidance did not have a material impact on its consolidated financial statements and related disclosures. |
Accounting Estimates | Accounting Estimates —The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates. |
Consolidation of Company-sponsored Funds | Consolidation of Company-sponsored Funds —The Company consolidates entities, including sponsored funds, that are deemed to be voting interest entities (VOE) when it has financial control over the entity which is generally when the Company owns a majority of the outstanding voting interest. Investments in Company-sponsored funds and management fees are evaluated at inception and subsequently if there is a reconsideration event to determine if the fund is a VIE or VOE and which consolidation model to apply. All of the Company's management fees are presumed to be commensurate and at market and are therefore not considered variable interests. VIEs for which the Company is deemed to be the primary beneficiary are consolidated. Investments in Company-sponsored funds that are determined to be VOEs are consolidated when the Company’s ownership interest is greater than 50% of the outstanding voting interests of the fund or when the Company is the general partner of the fund and the limited partners do not have substantive kick-out or participating rights in the fund. The Company records noncontrolling interests in consolidated subsidiaries for which the Company’s ownership is less than 100 percent . |
VIE | A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has (a) the power to direct the activities of the VIE that most significantly affect its performance and (b) 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. Investments and redemptions or amendments to the governing documents of the respective entities could affect an entity's status as a VIE or the determination of the primary beneficiary. The Company assesses whether it is the primary beneficiary of any VIEs identified by evaluating its economic interests in the entity held either directly by the Company and its affiliates or indirectly through employees. See Note 4 for further discussion about the Company’s seed investments. |
Cash and Cash Equivalents | Cash and Cash Equivalents —Cash equivalents consist of short-term, highly liquid investments, which are readily convertible into cash and have original maturities of three months or less. |
Due from/to Brokers | Due from/to Brokers —The Company conducts business, primarily with respect to its consolidated seed investments, with brokers for certain of its investment activities. The clearing and custody operations for these investment activities are performed pursuant to contractual agreements. The due from/to brokers balance represents cash and cash equivalents balances at brokers/custodians and/or receivables and payables for unsettled securities transactions. |
Investments | Investments —Management of the Company determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination at each statement of financial condition date. Investments classified as trading represent securities held within the affiliated funds that the Company consolidates and are measured at fair value based on quoted market prices, market prices obtained from independent pricing services engaged by management or as determined by management and approved by the Company’s valuation committee. Unrealized gains and losses are recorded as gain (loss) from trading investments—net in the Company’s consolidated statements of operations. Investments classified as equity method investments represent seed investments in which the Company owns between 20-50% of the outstanding voting interests in the affiliated fund or when it is determined that the Company is able to exercise significant influence but not control over the investments. When using the equity method, the Company recognizes its respective share of the affiliated investee fund net income or loss for the period which is recorded as equity in earnings (losses) of affiliates in the Company’s consolidated statements of operations. As of December 31, 2016 , the Company's equity method investments consisted of interests in affiliated funds which measure their underlying investments at fair value based on quoted market prices or NAV (or its equivalent) as a practical expedient and report a net asset value on a recurring basis. The carrying amounts of these investments approximate their fair value. Investments classified as available-for-sale are comprised of equity securities, investment-grade preferred instruments and investments in Company-sponsored open-end funds where the Company has neither control nor the ability to exercise significant influence. These investments are carried at fair value based on quoted market prices or market prices obtained from independent pricing services engaged by management, with unrealized gains and losses, net of tax, reported in accumulated other comprehensive income. The Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other than temporary. If the Company believes an impairment of a security position is other than temporary, based on available quantitative and qualitative information as of the report date, the loss will be recognized as gain (loss) from available-for-sale investments—net in the Company’s consolidated statements of operations. From time to time, the affiliated funds consolidated by the Company enter into derivative contracts to gain exposure to the underlying commodities markets or to hedge market and credit risks of the underlying portfolios utilizing options, total return swaps, credit default swaps and futures contracts. These instruments are measured at fair value based on their settlement price at the close of trading on the associated commodities exchange or board of trade with gains and losses recorded as gain (loss) from trading investments—net in the Company's consolidated statements of operations. The fair values of these instruments are recorded in other assets or other liabilities and accrued expenses in the Company's consolidated statements of financial condition. As of December 31, 2016 , none of the outstanding derivative contracts were subject to a master netting agreement or other similar arrangement. Additionally, from time to time, the Company enters into foreign exchange contracts to hedge its currency exposure related to certain client receivables. These instruments are measured at fair value with gains and losses recorded in other non-operating income in the Company's consolidated statements of operations. The fair values of these contracts are recorded in other assets or other liabilities and accrued expenses in the Company's consolidated statements of financial condition. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets —Goodwill represents the excess of the cost of the Company’s investment in the net assets of an acquired company over the fair value of the underlying identifiable net assets at the date of acquisition. Goodwill and indefinite lived intangible assets are not amortized but are tested at least annually for impairment by comparing the fair value to their carrying amounts. Finite lived intangible assets are amortized over their useful lives and are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. |
Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest —Redeemable noncontrolling interest represents third-party interests in the Company's consolidated entities. This interest is redeemable at the option of the investors and therefore is not treated as permanent equity. Redeemable noncontrolling interest is remeasured at redemption value which approximates the fair value at each reporting period. |
Investment Advisory and Administration Fees | Investment Advisory and Administration Fees —The Company earns revenue by providing asset management services to institutional accounts and to Company-sponsored open-end and closed-end funds. Investment advisory fees are earned pursuant to the terms of investment management agreements, and are based on a contractual fee rate applied to the assets in the portfolio. The Company also earns administration fees from certain Company-sponsored open-end and closed-end funds pursuant to the terms of underlying administration contracts. Administration fees are based on the average assets under management of such funds. Investment advisory and administration fee revenue is recognized as such fees are earned. |
Distribution and Service Fee Revenue | Distribution and Service Fee Revenue —CSS acts as the principal distributor of the Company’s sponsored open-end funds which may offer the following classes: Class A (initial sales load), Class C (back-end sales load), Class R (load retirement) and Class Z (no load retirement). Effective May 2007, the Company suspended sales of Class B shares and all remaining Class B shares converted to Class A shares in 2015. Distribution and service fee revenue is based on the average daily net assets of the funds as detailed below. Distribution and service fee revenue is earned daily and is recorded gross of any third-party distribution and service fee expense for applicable share classes. Pursuant to distribution plans with the Company's sponsored open-end funds, CSS receives distribution fees of up to 25bps for Class A shares and 75bps for Class C shares. CSS also receives shareholder servicing fees of up to 10bps on Class A shares, 25bps on Class C shares and 15bps on Class Z shares, pursuant to shareholder servicing plans with the funds. Effective October 1, 2014, the Company no longer receives shareholder servicing fees on Class Z shares. CSS receives combined distribution and shareholder servicing fees of up to 50bps for Class R shares. |
Distribution and Service Fee Expense | Distribution and Service Fee Expense —Distribution and service fee expense includes distribution fees, service fees and intermediary assistance payments. Distribution and service fee expense is recorded as incurred. Distribution fee expense represents payments made to qualified intermediaries for (i) assistance in connection with the distribution of the Company's sponsored open-end funds' shares and (ii) for other expenses such as advertising costs and printing and distribution of prospectuses to investors. Such amounts may also be used to pay financial intermediaries for services as specified in the terms of written agreements complying with Rule 12b-1 of the Investment Company Act of 1940 (Rule 12b-1). CSS pays distribution fee expense based on the average daily net assets under management of up to 25bps on Class A shares and 75bps on Class C shares. Shareholder servicing fee expense represents payments made to qualified intermediaries for shareholder account service and maintenance. These services are provided pursuant to written agreements with such qualified institutions. CSS pays service fee expenses based on the average daily net assets under management of up to 10bps on Class A shares, 25bps on Class C shares and 15bps on Class Z shares. Effective October 1, 2014, the Company no longer pays shareholder service fees on Class Z shares. CSS pays combined distribution and service fee expenses based on the average daily net assets under management of up to 50bps on Class R shares. Intermediary assistance payments represent payments to qualified intermediaries for activities related to distribution, shareholder servicing and marketing and support of Company-sponsored open-end funds and are incremental to those described above. Intermediary assistance payments are generally based on the average assets under management or the number of accounts being serviced. |
Portfolio Consulting and Other | Portfolio Consulting and Other —The Company earns portfolio consulting and other fees by: (i) providing portfolio consulting services in connection with model-based strategy accounts; (ii) earning a licensing fee for the use of the Company's proprietary indexes; and (iii) providing portfolio monitoring services related to a number of unit investment trusts. This revenue is earned pursuant to the terms of the underlying contract, and the fee schedules for these relationships vary based on the type of services the Company provides for each relationship. This revenue is recognized as such fees are earned. |
Stock-based Compensation | Stock-based Compensation —The Company recognizes compensation expense for the grant-date fair value of awards of equity instruments to employees. This expense is recognized over the period during which employees are required to provide service. The Company also estimates forfeitures. |
Income Taxes | Income Taxes —The Company records the current and deferred tax consequences of all transactions that have been recognized in the consolidated financial statements in accordance with the provisions of the enacted tax laws. Deferred tax assets are recognized for temporary differences that will result in deductible amounts in future years at tax rates that are expected to apply in those years. Deferred tax liabilities are recognized for temporary differences that will result in taxable income in future years at tax rates that are expected to apply in those years. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. The calculation of the tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across our global operations. A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. |
Currency Translation and Transactions | Currency Translation and Transactions —Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the applicable consolidated statement of financial condition date. Revenue and expenses of such subsidiaries are translated at average exchange rates during the period. The gains or losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are included in the Company's consolidated statements of comprehensive income. |
Comprehensive Income | Comprehensive Income —The Company reports all changes in comprehensive income in the consolidated statements of comprehensive income. Comprehensive income includes net income or loss attributable to common stockholders, foreign currency translation gain and loss (net of tax), unrealized gain and loss from available-for-sale investments (net of tax) and reclassification to statements of operations of realized gain and loss from available-for-sale investments (net of tax). |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements —In January 2017, the FASB issued guidance to simplify the impairment test by removing the requirement to perform a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This new guidance will be effective for the Company’s first quarter of 2020. The Company is currently evaluating the potential effect of this new guidance on its consolidated financial statements and related disclosures. In August 2016, the FASB issued new guidance amending the current guidance on the classification of certain cash receipts and payments in the statement of cash flows. This guidance is intended to unify the currently diverse presentations and classifications, which address eight classification issues related to the statement of cash flows, including debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance principle. This new guidance will be effective for the Company’s first quarter of 2018 and requires a retrospective approach to adoption. The Company is currently evaluating the potential effect of this new guidance on its consolidated financial statements and the related disclosures. In March 2016, the FASB issued new guidance amending the current accounting for an investment that becomes qualified for the equity method of accounting. The guidance requires that the cost of acquiring an additional interest in the investment, if any, that resulted in it qualifying for the equity method be added to the carrying value of the investment. The equity method will then be applied from that point forward without any retroactive application or adjustment. This new guidance will be effective for the Company’s first quarter of 2017. The Company does not expect the adoption of the new standard to have a material effect on its consolidated financial statements and related disclosures. In March 2016, the FASB issued new guidance which simplifies several aspects of the accounting for share-based payment transactions, including the accounting for income taxes, excess tax benefits, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. This new guidance will be effective for the Company’s first quarter of 2017. The Company has evaluated the impact that adoption of this standard will have on its financial statements and related disclosures and has concluded that adoption will result in the tax effect associated with differences between the grant date price and delivery date price of restricted stock units being recorded on the income statement rather than in additional paid-in capital and reclassification of such amounts on the statement of cash flows from financing activities to operating activities. In February 2016, the FASB issued guidance introducing a new lease model which requires all operating leases to be recorded on the balance sheet as right of use assets and offsetting lease liability obligations. The guidance requires disclosures by lessees and lessors to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. This new guidance will be effective for the Company’s first quarter of 2019. The Company is currently evaluating the potential effect of this new guidance on its consolidated financial statements and related disclosures. In January 2016, the FASB issued new guidance amending the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. This new guidance will be effective for the Company’s first quarter of 2018. Upon adoption of this guidance, changes in the fair value of the Company's available-for-sale investments will be reported through earnings rather than through other comprehensive income. In May 2014, the FASB issued new guidance which outlined a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In March 2016, the FASB issued revised guidance which clarifies the guidance related to (a) determining the appropriate unit of account under the revenue standard’s principal versus agent guidance and (b) applying the indicators of whether an entity is a principal or an agent in accordance with the revenue standard’s control principle. In April 2016, the FASB issued an amendment to provide more detailed guidance including additional implementation guidance and examples related to a) identifying performance obligations and b) licenses of intellectual property. In May 2016, the FASB amended the standard to clarify the guidance on assessing collectibility, presenting sales taxes, measuring noncash consideration, and certain transition matters. This new guidance will be effective for the Company's first quarter of 2018 and requires either a retrospective or a modified retrospective approach to adoption. The Company's implementation analysis is ongoing, however, it does not expect the adoption of the guidance to have a significant effect on the timing of the recognition of revenue. The Company is currently evaluating performance obligations and the related transaction costs. The overall effect upon adoption may change based on further analysis and implementation efforts. The Company has not yet determined which transition method will be employed. |
Valuation Techniques | Valuation Techniques In certain instances, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable brokers/dealers or independent pricing services. In determining the value of a particular investment, independent pricing services may use information with respect to transactions in such investments, broker quotes, pricing matrices, market transactions in comparable investments and various relationships between investments. As part of its independent price verification process, the Company generally performs reviews of valuations provided by broker-dealers or independent pricing services. Investments in Company-sponsored funds are valued at their closing price or NAV (or its equivalent) as a practical expedient. Foreign exchange contracts are valued by interpolating a value using the spot foreign exchange rate and forward points (based on the spot rate and currency rate differentials), which are all inputs that are observable in active markets (level 2). In the absence of observable market prices, the Company values its investments using valuation methodologies applied on a consistent basis. For some investments, little market activity may exist; management's determination of fair value is then based on the best information available in the circumstances, and may incorporate management's own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors. Such investments are valued on a quarterly basis, taking into consideration any changes in key inputs and changes in economic and other relevant conditions, and valuation models are updated accordingly. The valuation process also includes a review by the Company's valuation committee which is comprised of senior members from various departments within the Company, including investment management. The valuation committee provides independent oversight of the valuation policies and procedures. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Goodwill and Intangible Assets | The following summarizes the changes in the Company's goodwill and intangible assets during the years ended December 31, 2016 and 2015 (in thousands): Goodwill Finite Lived Intangible Assets Indefinite Lived Intangible Assets Balance at January 1, 2015 $ 19,120 $ 362 $ 1,250 Currency revaluation (1,145 ) — — Amortization during 2015 N/A (89 ) N/A Balance at December 31, 2015 $ 17,975 $ 273 $ 1,250 Currency revaluation (291 ) — — Amortization during 2016 N/A (89 ) N/A Balance at December 31, 2016 $ 17,684 $ 184 $ 1,250 |
Schedule of Intangible Assets | The following is a summary of the intangible assets at December 31, 2016 and December 31, 2015 (in thousands): Remaining Amortization Period (in months) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net 2016 Amortized intangible assets: Client relationships 24 $ 1,543 $ (1,359 ) $ 184 Non-amortized intangible assets: Fund management contracts — 1,250 — 1,250 Total $ 2,793 $ (1,359 ) $ 1,434 2015 Amortized intangible assets: Client relationships 36 $ 1,543 $ (1,270 ) $ 273 Non-amortized intangible assets: Fund management contracts — 1,250 — 1,250 Total $ 2,793 $ (1,270 ) $ 1,523 |
Schedule Future Amortization Expense | Estimated future amortization expense is as follows (in thousands): Periods Ending December 31, Estimated Amortization Expense 2017 $ 89 2018 95 Total $ 184 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments [Abstract] | |
Summary of Investment Holdings | The following is a summary of the Company's investments as of December 31, 2016 and December 31, 2015 (in thousands): December 31, 2016 2015 Trading investments $ 12,689 $ 37,169 Equity method investments 6,459 16,974 Available-for-sale investments 35,396 17,191 |
Gain (Loss) on Investments | Gain (loss) from investments for the years ended December 31, 2016, 2015 and 2014 are summarized below (in thousands): Years Ended December 31, 2016 2015 2014 Gain (loss) from trading investments—net (1) $ 218 $ (2,376 ) $ (1,567 ) Equity in earnings (losses) of affiliates 3,324 (10,378 ) (1,955 ) Gain (loss) from available-for-sale investments—net 1,451 (2,648 ) 2,041 Number of new funds seeded — 2 1 _________________________ (1) Includes net income/(loss) attributable to redeemable noncontrolling interest for the periods presented. |
Schedule of Variable Interest Entities | The following represents the portion of the consolidated statements of financial condition attributable to the consolidated GLI SICAV as of December 31, 2016 and December 31, 2015 . The assets may only be used to settle obligations of GLI SICAV and the liabilities are the sole obligation of GLI SICAV, for which creditors do not have recourse to the general credit of the Company (in thousands): December 31, 2016 December 31, 2015 Assets: Trading investments $ 5,069 $ 4,719 Due from broker 181 176 Other assets 43 53 Total assets $ 5,293 $ 4,948 Liabilities: Due to broker $ — $ 12 Other liabilities and accrued expenses 70 50 Total liabilities $ 70 $ 62 The following represents the portion of the condensed consolidated statements of financial condition attributable to the consolidated GRP-CIP as of December 31, 2016 and December 31, 2015 . The assets may only be used to settle obligations of GRP-CIP and the liabilities are the sole obligation of GRP-CIP, for which creditors do not have recourse to the general credit of the Company (in thousands): December 31, 2016 December 31, 2015 Assets: Trading investments $ 1,918 $ 2,131 Due from broker 294 207 Other assets — — Total assets $ 2,212 $ 2,338 Liabilities: Due to broker $ — $ — Other liabilities and accrued expenses 5 5 Total liabilities $ 5 $ 5 |
Equity Method Investments | The following is the aggregate condensed statement of financial condition information for the Company's equity method investments as of December 31, 2016 and December 31, 2015 (in thousands): December 31, 2016 2015 Total assets $ 105,946 $ 147,590 Total liabilities 109 2,038 Net assets 105,837 145,552 The following is the condensed statement of operations for the aggregate of the Company's equity method investments for the years ended December 31, 2016, 2015 and 2014 (in thousands): Years Ended December 31, (1) 2016 2015 2014 Total revenue $ 5,163 $ 2,753 $ 2,896 Total expenses 1,609 1,194 2,019 Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments 10,201 (44,936 ) (14,827 ) Net income (loss) $ 13,755 $ (43,377 ) $ (13,950 ) _________________________ (1) Amounts are included only for the time in which the investees were accounted for under the equity method. |
Summary of Fair Value of Trading Investments and Equity Method Investments | The following is a summary of the fair value of trading investments and equity method investments as of December 31, 2016 and December 31, 2015 (in thousands): December 31, 2016 December 31, 2015 Trading Investments Equity Method Investments Trading Investments Equity Method Investments ACOM $ — $ 6,371 $ — $ 5,624 CDF 5,702 — 5,606 — GLI SICAV 5,069 — 4,719 — GRP-CIP 1,918 — 2,131 — GRP-TE — 88 — 92 LPX — — 24,713 — MLO — — — 11,258 Total $ 12,689 $ 6,459 $ 37,169 $ 16,974 |
Gain (Loss) from Trading Investments | Gain (loss) from trading investments—net for the years ended December 31, 2016, 2015 and 2014 , which represent realized and unrealized gains and losses recorded by the funds the Company consolidates, are summarized below (in thousands): Years Ended December 31, 2016 2015 2014 ACOM $ — $ — $ (505 ) CDF 839 (2,167 ) (2,804 ) GLI SICAV 297 (135 ) — GRP-CIP (149 ) (80 ) 151 LPX (769 ) 6 — MLO — — 1,567 Onshore Fund — — 24 Total gain (loss) from trading investments—net $ 218 $ (2,376 ) $ (1,567 ) |
Schedule of Equity in Earnings (Losses) of Affiliates | Equity in earnings (losses) of affiliates for the years ended December 31, 2016, 2015 and 2014 are summarized below (in thousands): Years Ended December 31, 2016 2015 2014 ACOM $ 748 $ (1,988 ) $ (1,228 ) GRP-TE (13 ) 7 11 LPX 852 — — MLO 1,737 (8,397 ) (1,511 ) Offshore Fund — — 20 RAP — — 753 Total equity in earnings (losses) of affiliates $ 3,324 $ (10,378 ) $ (1,955 ) |
Schedule of Available-for-Sale Investments Reconciliation | The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments as of December 31, 2016 and December 31, 2015 (in thousands): December 31, 2016 Cost Gross Unrealized Gains Gross (1) Fair Value Preferred securities $ 1,020 $ 13 $ (22 ) $ 1,011 Common stocks 4,639 194 (325 ) 4,508 Company-sponsored funds 28,232 1,755 (110 ) 29,877 Total available-for-sale investments $ 33,891 $ 1,962 $ (457 ) $ 35,396 _________________________ (1) At December 31, 2016 , there were no securities with unrealized losses continuously for a period of more than 12 months. December 31, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses (1) Fair Value Preferred securities $ 1,115 $ 66 $ (3 ) $ 1,178 Common stocks 3,828 288 (282 ) 3,834 Company-sponsored funds 12,184 1 (6 ) 12,179 Total available-for-sale investments $ 17,127 $ 355 $ (291 ) $ 17,191 _________________________ (1) At December 31, 2015 , there were no securities with unrealized losses continuously for a period of more than 12 months. |
Schedule of Realized Gains (Losses) on Available-for-sale investments | Sales proceeds, gross realized gains and losses from available-for-sale investments for the years ended December 31, 2016, 2015 and 2014 are summarized below (in thousands): Years Ended December 31, 2016 2015 2014 Proceeds from sales $ 20,823 $ 7,298 $ 12,704 Gross realized gains 1,879 759 2,251 Gross realized losses, including other-than-temporary impairment (428 ) (3,407 ) (1) (210 ) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | ||
Fair Value Measurements, Valuation Techniques | The valuation techniques and significant unobservable inputs used in the fair value measurement of the following level 3 investments as of December 31, 2016 were: Fair Value Fair Value Significant Input / (in thousands) Methodology Unobservable Inputs Range Limited partnership interests - direct investments in real estate $ 1,196 Discounted cash flows Discount rates Exit capitalization rates Market rental rates 11% - 12.5% 8% - 8.5% $14.00 - 17.00 psf | The valuation techniques and significant unobservable inputs used in the fair value measurement of the following level 3 investments as of December 31, 2015 were: Fair Value Fair Value Significant Input / (in thousands) Methodology Unobservable Inputs Range Limited partnership interests - direct investments in real estate $ 1,312 Discounted cash flows Discount rates Exit capitalization rates Market rental rates 10% - 12.5% 8% - 8.5% $15.00 - 17.00 psf |
Fair Value Measurements, Recurring and Nonrecurring | The following table presents fair value measurements as of December 31, 2016 (in thousands): Level 1 Level 2 Level 3 Investments Measured at NAV (2) Total Cash equivalents (1) $ 140,872 $ — $ — $ — $ 140,872 Trading investments Common stocks $ 5,069 $ — $ — $ — $ 5,069 Fixed income securities — 5,702 — — 5,702 Limited partnership interests — — 1,196 722 1,918 Total trading investments $ 5,069 $ 5,702 $ 1,196 $ 722 $ 12,689 Equity method investments $ — $ — $ — $ 6,459 $ 6,459 Available-for-sale investments Preferred securities $ 1,001 $ 10 $ — $ — $ 1,011 Common stocks 4,508 — — — 4,508 Company-sponsored funds 29,877 — — — 29,877 Total available-for-sale investments $ 35,386 $ 10 $ — $ — $ 35,396 Derivatives - assets Foreign exchange contracts $ — $ 1,417 $ — $ — $ 1,417 Commodity contracts 343 — — — 343 Total derivatives - assets $ 343 $ 1,417 $ — $ — $ 1,760 Derivatives - liabilities Commodity contracts $ 266 $ — $ — $ — $ 266 Total derivatives - liabilities $ 266 $ — $ — $ — $ 266 _________________________ (1) Comprised of investments in actively traded U.S. Treasury money market funds measured at NAV. (2) Comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the condensed consolidated statement of financial position. | The following table presents fair value measurements as of December 31, 2015 (in thousands): Level 1 Level 2 Level 3 Investments Measured at NAV (2) Total Cash equivalents (1) $ 60,412 $ — $ — $ — $ 60,412 Trading investments Preferred securities $ 3,863 $ — $ — $ — $ 3,863 Common stocks 4,719 — — — 4,719 Fixed income securities — 26,456 — — 26,456 Limited partnership interests — — 1,312 819 2,131 Total trading investments $ 8,582 $ 26,456 $ 1,312 $ 819 $ 37,169 Equity method investments $ 11,258 $ — $ — $ 5,716 $ 16,974 Available-for-sale investments Preferred securities $ 1,178 $ — $ — $ — $ 1,178 Common stocks 3,834 — — — 3,834 Company-sponsored funds 12,179 — — — 12,179 Total available-for-sale investments $ 17,191 $ — $ — $ — $ 17,191 Derivatives - assets Foreign exchange contracts $ — $ 10 $ — $ — $ 10 Commodity contracts 290 — — — 290 Total derivatives - assets $ 290 $ 10 $ — $ — $ 300 Derivatives - liabilities Foreign exchange contracts $ — $ 219 $ — $ — $ 219 Commodity contracts 425 — — — 425 Total derivatives - liabilities $ 425 $ 219 $ — $ — $ 644 _________________________ (1) Comprised of investments in actively traded U.S. Treasury money market funds measured at NAV. (2) Comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the condensed consolidated statement of financial position. |
Fair Value, Valuation Technique, Unobservable Inputs | The following table summarizes the changes in level 3 investments measured at fair value on a recurring basis for the years ended December 31, 2016 and 2015 (in thousands): Trading Investments Limited Partnership Interests Balance at January 1, 2015 $ 1,465 Purchases / contributions 58 Sales / distributions 3 Realized gains (3 ) Unrealized (losses) gains (1) (211 ) Transfers into (out of) level 3 — Balance at December 31, 2015 $ 1,312 Purchases / contributions 51 Sales / distributions (53 ) Realized gains — Unrealized (losses) gains (1) (114 ) Transfers into (out of) level 3 — Balance at December 31, 2016 $ 1,196 _________________________ (1) Pertains to unrealized gains (losses) from securities held at December 31, 2016 and 2015, respectively. |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivatives [Abstract] | ||
Schedule of Derivative Instruments | The notional amount represents the absolute value amount of all outstanding derivative contracts as of December 31, 2016 and December 31, 2015 (in thousands): December 31, 2016 Assets Liabilities Notional Fair Value Notional Fair Value Total foreign exchange contracts $ 13,839 $ 1,417 $ — $ — Total commodity contracts 6,538 343 4,825 266 Total derivatives $ 20,377 $ 1,760 $ 4,825 $ 266 | December 31, 2015 Assets Liabilities Notional Fair Value Notional Fair Value Total foreign exchange contracts $ 2,361 $ 10 $ 14,955 $ 219 Total commodity contracts 3,962 290 7,337 425 Total derivatives $ 6,323 $ 300 $ 22,292 $ 644 |
Gains (Losses) on Derivatives | Gains and losses from derivative financial instruments for the years ended December 31, 2016, 2015 and 2014 are summarized below (in thousands): Year Ended December 31, 2016 2015 2014 Foreign exchange contracts $ 1,626 $ (702 ) $ 95 Commodity contracts 835 (2,167 ) (3,280 ) Total derivatives $ 2,461 $ (2,869 ) $ (3,185 ) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | The following is a summary of property and equipment as of December 31, 2016 and 2015 (in thousands): December 31, 2016 2015 Equipment $ 6,969 $ 6,651 Furniture and fixtures 3,505 2,156 Software 18,467 16,827 Leasehold improvements 16,031 10,141 Subtotal 44,972 35,775 Less: Accumulated depreciation and amortization (29,008 ) (25,992 ) Property and equipment, net $ 15,964 $ 9,783 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the years ended December 31, 2016, 2015 and 2014 (in thousands, except per share data): Years Ended December 31, 2016 2015 2014 Net income $ 92,810 $ 64,337 $ 75,734 Less: Net loss (income) attributable to redeemable noncontrolling interest 126 214 (224 ) Net income attributable to common stockholders $ 92,936 $ 64,551 $ 75,510 Basic weighted average shares outstanding 45,951 45,433 44,788 Dilutive potential shares from restricted stock units 481 464 855 Diluted weighted average shares outstanding 46,432 45,897 45,643 Basic earnings per share attributable to common stockholders $ 2.02 $ 1.42 $ 1.69 Diluted earnings per share attributable to common stockholders $ 2.00 $ 1.41 $ 1.65 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table sets forth activity relating to the Company's awards of RSUs under the SIP to the non-management directors and certain employees (share data in thousands): Number of Shares Weighted Average Grant Date Fair Value Balance at January 1, 2014 29 $ 31.47 Granted 9 39.67 Delivered (10 ) 29.12 Balance at December 31, 2014 28 34.93 Granted 12 35.31 Delivered (10 ) 31.86 Balance at December 31, 2015 30 36.17 Granted 13 37.17 Delivered (9 ) 34.02 Balance at December 31, 2016 34 37.15 The following table sets forth activity relating to the Company's incentive bonus plans, including the Company match and dividend equivalents (share data in thousands): Number of Shares Weighted Average Grant Date Fair Value Balance at January 1, 2014 1,431 $ 32.03 Granted 522 36.67 Delivered (472 ) 30.84 Forfeited (27 ) 34.29 Balance at December 31, 2014 1,454 34.04 Granted 496 41.45 Delivered (607 ) 32.69 Forfeited (61 ) 38.51 Balance at December 31, 2015 1,282 37.33 Granted 722 30.02 Delivered (548 ) 35.86 Forfeited (57 ) 35.14 Balance at December 31, 2016 1,399 34.22 The following table sets forth activity relating to the Company's awards of RSUs under the SIP to certain employees (share data in thousands): Number of Shares Weighted Average Grant Date Fair Value Balance at January 1, 2014 950 $ 26.72 Granted 110 37.33 Delivered (361 ) 24.45 Forfeited (9 ) 25.69 Balance at December 31, 2014 690 26.72 Granted 73 41.10 Delivered (461 ) 26.95 Forfeited (6 ) 40.52 Balance at December 31, 2015 296 36.36 Granted 159 30.31 Delivered (147 ) 35.52 Forfeited (1 ) 42.09 Balance at December 31, 2016 307 33.62 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Sales proceeds, gross realized gains, gross realized losses and dividend income from available-for-sale investments in Company-sponsored funds for the years ended December 31, 2016, 2015 and 2014 are summarized below (in thousands): Years Ended December 31, 2016 2015 2014 Proceeds from sales $ 13,251 $ — $ 192 Gross realized gains 1,159 — — Gross realized losses, including other-than-temporary impairment — (2,846 ) (3 ) Dividend income 787 250 390 The following table sets forth the amount of revenue the Company earned from these affiliated funds for the years ended December 31, 2016, 2015 and 2014 (in thousands): Years Ended December 31, 2016 2015 2014 Investment advisory and administration fees $ 227,184 $ 218,942 $ 210,316 Distribution and service fees 19,396 16,001 14,667 $ 246,580 $ 234,943 $ 224,983 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The Company also leases certain office equipment and information technology applications under noncancelable operating leases expiring at various dates through December 2020. The aggregate minimum future payments under the leases are as follows (in thousands): Years Ended December 31, Operating Leases 2017 $ 12,196 2018 11,446 2019 11,593 2020 11,236 2021 10,832 Thereafter 22,620 $ 79,923 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Taxes | The income before provision for income taxes and provision for income taxes for the years ended December 31, 2016, 2015 and 2014 are as follows (in thousands): Years Ended December 31, 2016 2015 2014 Income before provision for income taxes - U.S. $ 132,882 $ 101,007 $ 108,452 Income before provision for income taxes - Non-U.S. 10,521 11,737 13,562 Total income before provision for income taxes $ 143,403 $ 112,744 $ 122,014 Current taxes: U.S. federal $ 42,056 $ 32,065 $ 38,711 State and local 7,423 6,442 4,966 Non-U.S. 2,014 2,508 2,882 51,493 41,015 46,559 Deferred taxes: U.S. federal (743 ) 6,334 (96 ) State and local (86 ) 1,273 (12 ) Non-U.S. (71 ) (215 ) (171 ) (900 ) 7,392 (279 ) Provision for income taxes $ 50,593 $ 48,407 $ 46,280 |
Components of Deferred Tax Assets and Liabilities | Significant components of the Company's net deferred income tax asset at December 31, 2016 and 2015 consist of the following (in thousands): At December 31, 2016 2015 Deferred income tax assets (liabilities): Stock-based compensation $ 7,797 $ 7,634 Non-deductible realized loss on investments 2,685 4,708 Dividend equivalents on unvested restricted stock units 2,686 3,052 Unrealized loss on investments 4,101 4,642 Deferred compensation (4,528 ) (6,792 ) Deferred rent 2,407 2,414 Other (2,743 ) (757 ) Subtotal 12,405 14,901 Less: valuation allowance (6,786 ) (9,350 ) Deferred income tax asset - net $ 5,619 $ 5,551 |
Reconciliation of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands): Liability for Unrecognized Tax Benefits Gross unrecognized tax benefits balance at January 1, 2014 $ 5,927 Addition for tax positions of current year 1,230 Addition for tax positions of prior years 90 Reduction of tax positions from prior years (901 ) Gross unrecognized tax benefits balance at December 31, 2014 $ 6,346 Addition for tax positions of current year 1,147 Addition for tax positions of prior years 250 Reduction of tax positions from prior years (484 ) Gross unrecognized tax benefits balance at December 31, 2015 $ 7,259 Addition for tax positions of current year 1,437 Addition for tax positions of prior years 163 Reduction of tax positions from prior years (1,007 ) Gross unrecognized tax benefits balance at December 31, 2016 $ 7,852 |
Reconciliation of Federal Statutory Income Tax Rate to Effective Rate | A reconciliation of the Company's statutory federal income tax rate and the effective tax rate for the years ended December 31, 2016, 2015 and 2014 is as follows: Years Ended December 31, 2016 2015 2014 U.S. statutory tax rate 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal income taxes 3.5 % 4.3 % 4.5 % Non-deductible loss on investments 1.3 % 5.2 % 0.6 % Non-taxable gain on investments (3.0 )% — % — % Foreign operations tax differential (1.1 )% (2.1 )% (2.2 )% Other (0.4 )% 0.5 % 0.1 % Effective income tax rate 35.3 % 42.9 % 38.0 % |
Concentration of Credit Risk (T
Concentration of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Schedules of Concentration of Risk, by Risk Factor | The table below presents revenue by client domicile for the years ended December 31, 2016, 2015 and 2014 (in thousands): Years Ended December 31, 2016 2015 2014 United States $ 282,516 $ 266,583 $ 256,137 Non - U.S. Japan 43,458 41,899 40,179 Other 23,902 20,173 17,618 Total $ 349,876 $ 328,655 $ 313,934 The following affiliated funds and third-party institutional separate account subadvisory relationship, which is comprised of multiple accounts, provided 10 percent or more of the total revenue of the Company (in thousands): Years Ended December 31, 2016 2015 2014 Cohen & Steers Realty Shares, Inc. (CSR): Investment advisory and administration fees $ 45,047 $ 47,870 $ 45,904 Percent of total revenue 13 % 15 % 15 % Cohen & Steers Preferred Securities and Income Fund, Inc. (CPX): Investment advisory and administration fees $ 43,797 $ 29,212 $ 20,318 Percent of total revenue 13 % 9 % 6 % Daiwa Asset Management: Investment advisory fees $ 39,377 $ 37,653 $ 37,505 Portfolio consulting and other 2,930 2,793 1,970 Total $ 42,307 $ 40,446 $ 39,475 Percent of total revenue 12 % 12 % 13 % |
Selected Quarterly Financial 39
Selected Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The table below presents selected quarterly financial data for 2016 and 2015 (in thousands, except per share data): Quarter 1st 2nd 3rd 4th Total 2016 Revenue $ 79,681 $ 86,373 $ 94,388 $ 89,434 $ 349,876 Operating income 28,307 34,131 37,213 35,860 135,511 Net income attributable to common stockholders 18,083 24,808 23,877 26,168 92,936 Earnings per share attributable to common stockholders: Basic 0.39 0.54 0.52 0.57 2.02 Diluted 0.39 0.53 0.51 0.56 2.00 Weighted-average shares outstanding: Basic 45,808 45,984 45,999 46,010 45,951 Diluted 46,195 46,378 46,544 46,609 46,432 2015 (1) Revenue $ 83,815 $ 83,502 $ 79,667 $ 81,671 $ 328,655 Operating income 34,549 31,171 31,477 30,352 127,549 Net income attributable to common stockholders 20,816 19,012 12,338 12,385 64,551 Earnings per share attributable to common stockholders: Basic 0.46 0.42 0.27 0.27 1.42 Diluted 0.45 0.42 0.27 0.27 1.41 Weighted-average shares outstanding: Basic 45,241 45,462 45,500 45,524 45,433 Diluted 45,980 45,805 45,830 45,969 45,897 _________________________ (1) During the three months ended December 31, 2015, one of the company's seed investments changed classification from available-for-sale to equity method. As a result, all prior periods have been retroactively adjusted to reflect this investment as if it had been an equity method investment in prior periods. |
Summary of Significant Accoun40
Summary of Significant Accounting Policies Investments at NAV (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Investments Measured at NAV | $ 7.2 | $ 6.5 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies Consolidation (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Minimum | |
Schedule of Equity Method Investments [Line Items] | |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% |
Maximum | |
Schedule of Equity Method Investments [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Summary of Significant Accoun42
Summary of Significant Accounting Policies Cumulative Translation Adjustments Balance (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accumulated Translation Adjustment | |||
Cumulative Translation Adjustments balance [Line Items] | |||
Cumulative Foreign Currency Translation Adjustment, Net of Tax | $ (6,845) | $ (3,908) | $ (1,446) |
Summary of Significant Accoun43
Summary of Significant Accounting Policies Distribution rate - Phantom (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Common Class A | Maximum | |
Investment [Line Items] | |
Distribution Fees Expense, Percent | 0.25% |
Servicing Fees, Percent | 0.10% |
Distribution Fees, Percent | 0.25% |
Service Fee Expenses, Percent | 0.10% |
Common Class C | |
Investment [Line Items] | |
Distribution Fees Expense, Percent | 0.75% |
Servicing Fees, Percent | 0.25% |
Service Fee Expenses, Percent | 0.25% |
Common Class C | Maximum | |
Investment [Line Items] | |
Distribution Fees, Percent | 0.75% |
Common Class R | |
Investment [Line Items] | |
Distribution Fees Expense, Percent | 0.50% |
Common Class R | Maximum | |
Investment [Line Items] | |
Distribution Fees, Percent | 0.50% |
Goodwill and Intangible Asset44
Goodwill and Intangible Assets - Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill | |||
Beginning balance | $ 17,975 | $ 19,120 | |
Currency revaluation | (291) | (1,145) | |
Ending balance | 17,684 | 17,975 | $ 19,120 |
Finite Lived Intangible Assets | |||
Finite lived intangible assets, gross | 362 | ||
Amortization | (89) | (89) | (89) |
Finite Lived Intangible Assets | 184 | 273 | |
Indefinite Lived Intangible Assets | |||
Fund management contracts | $ 1,250 | $ 1,250 | $ 1,250 |
Goodwill and Intangible Asset45
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization Period Remaining | 24 months | 36 months | |
Client relationships, Gross Carrying Amount | $ 362 | ||
Client relationships, Accumulated Amortization | $ (1,359) | $ (1,270) | |
Client relationships, Net | 184 | 273 | |
Fund management contracts | 1,250 | 1,250 | $ 1,250 |
Gross Carrying Amount | 2,793 | 2,793 | |
Intangible assets—net | 1,434 | 1,523 | |
Client Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Client relationships, Gross Carrying Amount | 1,543 | 1,543 | |
Client relationships, Accumulated Amortization | (1,359) | (1,270) | |
Client relationships, Net | 184 | 273 | |
Fund Management Contracts Member | |||
Finite-Lived Intangible Assets [Line Items] | |||
Fund management contracts | $ 1,250 | $ 1,250 |
Goodwill and Intangible Asset46
Goodwill and Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense related to intangible assets | $ 89 | $ 89 | $ 89 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2,017 | 89 | ||
2,018 | 95 | ||
Total | $ 184 | $ 273 |
Investments Trading, Equity Met
Investments Trading, Equity Method Investments and Available-for-Sale Investments (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016USD ($)new_funds_seeded | Dec. 31, 2015USD ($)new_funds_seeded | Dec. 31, 2014USD ($)new_funds_seeded | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||
Other-than-temporary impairment, available-for-sale investments | $ 2,846 | |||||
Available-for-sale investments, unrealized loss position, fair value | 18,521 | $ 1,779 | ||||
Trading, Equity Method Investments and Available-for-Sale Investments [Abstract] | ||||||
Trading investments | [1],[2] | 12,689 | 37,169 | |||
Equity method investments | 6,459 | 16,974 | ||||
Available-for-sale investments | 35,396 | 17,191 | ||||
Gain (loss) from trading investments—net | [3] | 218 | (2,376) | $ (1,567) | ||
Equity in earnings (losses) of affiliates | 3,324 | (10,378) | (1,955) | |||
Gain (loss) from available-for-sale investments—net | $ 1,451 | $ (2,648) | $ 2,041 | |||
Number of new funds seeded | new_funds_seeded | 0 | 2 | 1 | |||
Available-for-sale investments [Abstract] | ||||||
Cost | $ 33,891 | $ 17,127 | ||||
Gross Unrealized Gains | 1,962 | 355 | ||||
Gross Unrealized Losses | (457) | [4] | (291) | [5] | ||
Fair Value | 35,396 | 17,191 | ||||
Proceeds from investing activities [Abstract] | ||||||
Proceeds from sales | 20,823 | 7,298 | $ 12,704 | |||
Gross realized gains | 1,879 | 759 | 2,251 | |||
Gross realized losses, including other-than-temporary impairment | (428) | (3,407) | [6] | (210) | ||
Equity Method Investments | ||||||
Equity Method Investment, Summarized Financial Information [Abstract] | ||||||
Total assets | 105,946 | 147,590 | ||||
Total liabilities | 109 | 2,038 | ||||
Net assets | 105,837 | 145,552 | ||||
Total revenue | [7] | 5,163 | 2,753 | 2,896 | ||
Total expenses | [7] | 1,609 | 1,194 | 2,019 | ||
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments | [7] | 10,201 | (44,936) | (14,827) | ||
Net income (loss) | [7] | $ 13,755 | (43,377) | (13,950) | ||
ACOM | ||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||
Ownership Percentage range | 10.36% | |||||
Trading, Equity Method Investments and Available-for-Sale Investments [Abstract] | ||||||
Trading investments | $ 0 | 0 | ||||
Equity method investments | 6,371 | 5,624 | ||||
Gain (loss) from trading investments—net | 0 | 0 | (505) | |||
Equity in earnings (losses) of affiliates | 748 | (1,988) | (1,228) | |||
CDF | ||||||
Trading, Equity Method Investments and Available-for-Sale Investments [Abstract] | ||||||
Trading investments | 5,702 | 5,606 | ||||
Equity method investments | 0 | 0 | ||||
Gain (loss) from trading investments—net | 839 | (2,167) | (2,804) | |||
GLI SICAV | ||||||
Trading, Equity Method Investments and Available-for-Sale Investments [Abstract] | ||||||
Trading investments | 5,069 | 4,719 | ||||
Equity method investments | 0 | 0 | ||||
Gain (loss) from trading investments—net | 297 | (135) | 0 | |||
GRP-CIP | ||||||
Trading, Equity Method Investments and Available-for-Sale Investments [Abstract] | ||||||
Trading investments | 1,918 | 2,131 | ||||
Equity method investments | 0 | 0 | ||||
Gain (loss) from trading investments—net | $ (149) | (80) | 151 | |||
GRP-TE | ||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||
Ownership Percentage range | 0.20% | |||||
Trading, Equity Method Investments and Available-for-Sale Investments [Abstract] | ||||||
Trading investments | $ 0 | 0 | ||||
Equity method investments | 88 | 92 | ||||
Equity in earnings (losses) of affiliates | (13) | 7 | 11 | |||
Onshore Fund | ||||||
Trading, Equity Method Investments and Available-for-Sale Investments [Abstract] | ||||||
Gain (loss) from trading investments—net | 0 | 0 | 24 | |||
Offshore Fund | ||||||
Trading, Equity Method Investments and Available-for-Sale Investments [Abstract] | ||||||
Equity in earnings (losses) of affiliates | 0 | 0 | 20 | |||
LPX | ||||||
Trading, Equity Method Investments and Available-for-Sale Investments [Abstract] | ||||||
Trading investments | 0 | 24,713 | ||||
Equity method investments | 0 | 0 | ||||
Gain (loss) from trading investments—net | (769) | 6 | 0 | |||
Equity in earnings (losses) of affiliates | 852 | 0 | 0 | |||
MLO | ||||||
Trading, Equity Method Investments and Available-for-Sale Investments [Abstract] | ||||||
Trading investments | 0 | 0 | ||||
Equity method investments | 0 | 11,258 | ||||
Gain (loss) from trading investments—net | 0 | 0 | 1,567 | |||
Equity in earnings (losses) of affiliates | 1,737 | (8,397) | (1,511) | |||
RAP | ||||||
Trading, Equity Method Investments and Available-for-Sale Investments [Abstract] | ||||||
Equity in earnings (losses) of affiliates | 0 | 0 | $ 753 | |||
Preferred securities | ||||||
Trading, Equity Method Investments and Available-for-Sale Investments [Abstract] | ||||||
Available-for-sale investments | 1,011 | 1,178 | ||||
Available-for-sale investments [Abstract] | ||||||
Cost | 1,020 | 1,115 | ||||
Gross Unrealized Gains | 13 | 66 | ||||
Gross Unrealized Losses | (22) | [4] | (3) | [5] | ||
Fair Value | 1,011 | 1,178 | ||||
Common stocks | ||||||
Trading, Equity Method Investments and Available-for-Sale Investments [Abstract] | ||||||
Available-for-sale investments | 4,508 | 3,834 | ||||
Available-for-sale investments [Abstract] | ||||||
Cost | 4,639 | 3,828 | ||||
Gross Unrealized Gains | 194 | 288 | ||||
Gross Unrealized Losses | (325) | [4] | (282) | [5] | ||
Fair Value | 4,508 | 3,834 | ||||
Company-sponsored funds | ||||||
Trading, Equity Method Investments and Available-for-Sale Investments [Abstract] | ||||||
Available-for-sale investments | 29,877 | 12,179 | ||||
Available-for-sale investments [Abstract] | ||||||
Cost | 28,232 | 12,184 | ||||
Gross Unrealized Gains | 1,755 | 1 | ||||
Gross Unrealized Losses | (110) | [4] | (6) | [5] | ||
Fair Value | $ 29,877 | $ 12,179 | ||||
[1] | Asset and liability amounts in parentheses represent the aggregated balances at December 31, 2016 and December 31, 2015 attributable to Cohen & Steers SICAV Global Listed Infrastructure Fund and Cohen & Steers Co-Investment Partnership, L.P., which were variable interest entities as of December 31, 2016 and December 31, 2015, respectively. | |||||
[2] | Pledged as collateral attributable to the consolidated balances of Cohen & Steers Active Commodities Strategy Fund, Inc. as of December 31, 2016 and December 31, 2015, respectively. | |||||
[3] | Includes net income/(loss) attributable to redeemable noncontrolling interest for the periods presented. | |||||
[4] | At December 31, 2016, there were no securities with unrealized losses continuously for a period of more than 12 months. | |||||
[5] | At December 31, 2015, there were no securities with unrealized losses continuously for a period of more than 12 months. | |||||
[6] | Includes other-than-temporary impairment charge of $2,846,000 related to the Company's seed investment in RAP. | |||||
[7] | Amounts are included only for the time in which the investees were accounted for under the equity method. |
Investments Variable Interest E
Investments Variable Interest Entity (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Variable Interest Entity [Line Items] | |||
Trading investments | [1],[2] | $ 12,689 | $ 37,169 |
Due from broker | [1] | 1,579 | 6,104 |
Other assets | [1] | 7,382 | 5,765 |
Total assets | 333,728 | 305,322 | |
Due to broker | [1] | 0 | 4,369 |
Other liabilities and accrued expenses | [1] | 9,672 | 8,000 |
Total liabilities | 67,061 | 62,212 | |
GRP-CIP | |||
Variable Interest Entity [Line Items] | |||
Trading investments | 1,918 | 2,131 | |
Due from broker | 294 | 207 | |
Other assets | 0 | 0 | |
Total assets | 2,212 | 2,338 | |
Due to broker | 0 | 0 | |
Other liabilities and accrued expenses | 5 | 5 | |
Total liabilities | 5 | 5 | |
GLI SICAV | |||
Variable Interest Entity [Line Items] | |||
Trading investments | 5,069 | 4,719 | |
Due from broker | 181 | 176 | |
Other assets | 43 | 53 | |
Total assets | 5,293 | 4,948 | |
Due to broker | 0 | 12 | |
Other liabilities and accrued expenses | 70 | 50 | |
Total liabilities | $ 70 | $ 62 | |
[1] | Asset and liability amounts in parentheses represent the aggregated balances at December 31, 2016 and December 31, 2015 attributable to Cohen & Steers SICAV Global Listed Infrastructure Fund and Cohen & Steers Co-Investment Partnership, L.P., which were variable interest entities as of December 31, 2016 and December 31, 2015, respectively. | ||
[2] | Pledged as collateral attributable to the consolidated balances of Cohen & Steers Active Commodities Strategy Fund, Inc. as of December 31, 2016 and December 31, 2015, respectively. |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Investments Measured at NAV | $ 7,200 | $ 6,500 | |
Trading investments | [1],[2] | 12,689 | 37,169 |
Equity method investments | 6,459 | 16,974 | |
Available-for-sale investments | 35,396 | 17,191 | |
Preferred securities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Available-for-sale investments | 1,011 | 1,178 | |
Common stocks | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Available-for-sale investments | 4,508 | 3,834 | |
Cash equivalents | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Investments Measured at NAV | [3] | 0 | 0 |
Cash equivalents | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Cash equivalents | [3] | 140,872 | 60,412 |
Cash equivalents | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Cash equivalents | [3] | 140,872 | 60,412 |
Cash equivalents | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Cash equivalents | [3] | 0 | 0 |
Cash equivalents | Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Cash equivalents | [3] | 0 | 0 |
Trading investments | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Investments Measured at NAV | 722 | 819 | |
Trading investments | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Trading investments | 12,689 | 37,169 | |
Trading investments | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Trading investments | 5,069 | 8,582 | |
Trading investments | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Trading investments | 5,702 | 26,456 | |
Trading investments | Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Trading investments | 1,196 | 1,312 | |
Trading investments | Preferred securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Trading investments | 3,863 | ||
Trading investments | Preferred securities | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Trading investments | 3,863 | ||
Trading investments | Preferred securities | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Trading investments | 0 | ||
Trading investments | Preferred securities | Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Trading investments | 0 | ||
Trading investments | Common stocks | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Trading investments | 5,069 | 4,719 | |
Trading investments | Common stocks | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Trading investments | 5,069 | 4,719 | |
Trading investments | Common stocks | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Trading investments | 0 | 0 | |
Trading investments | Common stocks | Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Trading investments | 0 | 0 | |
Trading investments | Fixed income securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Trading investments | 5,702 | 26,456 | |
Trading investments | Fixed income securities | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Trading investments | 0 | 0 | |
Trading investments | Fixed income securities | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Trading investments | 5,702 | 26,456 | |
Trading investments | Fixed income securities | Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Trading investments | 0 | 0 | |
Trading investments | Limited partnership interests | Level 3 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, Sales, Issuances, Settlements [Abstract] | |||
Level 3 Fair Value | $ 1,196 | $ 1,312 | |
Trading investments | Limited partnership interests | Level 3 | Minimum | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, Sales, Issuances, Settlements [Abstract] | |||
Fair Value Inputs, Discount Rates | 12.50% | 12.50% | |
Fair Value Inputs, Cap Rate | 8.50% | 8.50% | |
Fair Value Inputs, Market Rental Rates | 17 | 17 | |
Trading investments | Limited partnership interests | Level 3 | Maximum | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, Sales, Issuances, Settlements [Abstract] | |||
Fair Value Inputs, Discount Rates | 11.00% | 10.00% | |
Fair Value Inputs, Cap Rate | 8.00% | 8.00% | |
Fair Value Inputs, Market Rental Rates | 14 | 15 | |
Trading investments | Limited partnership interests | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Trading investments | $ 1,918 | $ 2,131 | |
Trading investments | Limited partnership interests | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Trading investments | 0 | 0 | |
Trading investments | Limited partnership interests | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Trading investments | 0 | 0 | |
Trading investments | Limited partnership interests | Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Trading investments | 1,196 | 1,312 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 1,312 | 1,465 | |
Purchases / contributions | 51 | 58 | |
Sales / distributions | (53) | 3 | |
Realized gains | 0 | (3) | |
Unrealized (losses) gains | [4] | (114) | (211) |
Transfers into (out of) level 3 | 0 | 0 | |
Ending Balance | 1,196 | 1,312 | |
Common stocks | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Investments Measured at NAV | 0 | 0 | |
Fixed income securities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Investments Measured at NAV | 0 | 0 | |
Limited partnership interests | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Investments Measured at NAV | 722 | 819 | |
Equity Method Investments | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Investments Measured at NAV | 6,459 | 5,716 | |
Equity Method Investments | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Equity method investments | 6,459 | 16,974 | |
Equity Method Investments | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Equity method investments | 0 | 11,258 | |
Equity Method Investments | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Equity method investments | 0 | 0 | |
Equity Method Investments | Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Equity method investments | 0 | 0 | |
Available-for-sale investments | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Investments Measured at NAV | 0 | 0 | |
Available-for-sale investments | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Available-for-sale investments | 35,396 | 17,191 | |
Available-for-sale investments | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Available-for-sale investments | 35,386 | 17,191 | |
Available-for-sale investments | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Available-for-sale investments | 10 | 0 | |
Available-for-sale investments | Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Available-for-sale investments | 0 | 0 | |
Available-for-sale investments | Preferred securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Available-for-sale investments | 1,011 | 1,178 | |
Available-for-sale investments | Preferred securities | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Available-for-sale investments | 1,001 | 1,178 | |
Available-for-sale investments | Preferred securities | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Available-for-sale investments | 10 | 0 | |
Available-for-sale investments | Preferred securities | Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Available-for-sale investments | 0 | 0 | |
Available-for-sale investments | Common stocks | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Available-for-sale investments | 4,508 | 3,834 | |
Available-for-sale investments | Common stocks | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Available-for-sale investments | 4,508 | 3,834 | |
Available-for-sale investments | Common stocks | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Available-for-sale investments | 0 | 0 | |
Available-for-sale investments | Common stocks | Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Available-for-sale investments | 0 | 0 | |
Available-for-sale investments | Company-sponsored funds | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Available-for-sale investments | 29,877 | 12,179 | |
Available-for-sale investments | Company-sponsored funds | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Available-for-sale investments | 29,877 | 12,179 | |
Available-for-sale investments | Company-sponsored funds | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Available-for-sale investments | 0 | 0 | |
Available-for-sale investments | Company-sponsored funds | Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Available-for-sale investments | 0 | 0 | |
Preferred securities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Investments Measured at NAV | 0 | 0 | |
Company-sponsored funds | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Investments Measured at NAV | 0 | 0 | |
Derivative assets | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Investments Measured at NAV | 0 | 0 | |
Derivative assets | Foreign exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Investments Measured at NAV | 0 | 0 | |
Derivative assets | Commodity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Investments Measured at NAV | 0 | 0 | |
Derivative assets | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Derivative - assets | 1,760 | 300 | |
Derivative - liabilities | 266 | 644 | |
Derivative assets | Fair Value, Measurements, Recurring | Foreign exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Derivative - assets | 1,417 | 10 | |
Derivative assets | Fair Value, Measurements, Recurring | Commodity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Derivative - assets | 343 | 290 | |
Derivative assets | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Derivative - assets | 343 | 290 | |
Derivative assets | Fair Value, Measurements, Recurring | Level 1 | Foreign exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Derivative - assets | 0 | 0 | |
Derivative assets | Fair Value, Measurements, Recurring | Level 1 | Commodity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Derivative - assets | 343 | 290 | |
Derivative assets | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Derivative - assets | 1,417 | 10 | |
Derivative assets | Fair Value, Measurements, Recurring | Level 2 | Foreign exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Derivative - assets | 1,417 | 10 | |
Derivative assets | Fair Value, Measurements, Recurring | Level 2 | Commodity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Derivative - assets | 0 | 0 | |
Derivative assets | Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Derivative - assets | 0 | 0 | |
Derivative assets | Fair Value, Measurements, Recurring | Level 3 | Foreign exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Derivative - assets | 0 | 0 | |
Derivative assets | Fair Value, Measurements, Recurring | Level 3 | Commodity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Derivative - assets | 0 | 0 | |
Derivative liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Investments Measured at NAV | 0 | 0 | |
Derivative liabilities | Foreign exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Investments Measured at NAV | 0 | ||
Derivative liabilities | Commodity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Investments Measured at NAV | 0 | 0 | |
Derivative liabilities | Fair Value, Measurements, Recurring | Foreign exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Derivative - liabilities | 219 | ||
Derivative liabilities | Fair Value, Measurements, Recurring | Commodity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Derivative - liabilities | 266 | 425 | |
Derivative liabilities | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Derivative - liabilities | 266 | 425 | |
Derivative liabilities | Fair Value, Measurements, Recurring | Level 1 | Foreign exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Derivative - liabilities | 0 | ||
Derivative liabilities | Fair Value, Measurements, Recurring | Level 1 | Commodity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Derivative - liabilities | 266 | 425 | |
Derivative liabilities | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Derivative - liabilities | 0 | 219 | |
Derivative liabilities | Fair Value, Measurements, Recurring | Level 2 | Foreign exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Derivative - liabilities | 219 | ||
Derivative liabilities | Fair Value, Measurements, Recurring | Level 2 | Commodity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Derivative - liabilities | 0 | 0 | |
Derivative liabilities | Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Derivative - liabilities | 0 | 0 | |
Derivative liabilities | Fair Value, Measurements, Recurring | Level 3 | Foreign exchange contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Derivative - liabilities | 0 | ||
Derivative liabilities | Fair Value, Measurements, Recurring | Level 3 | Commodity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||
Derivative - liabilities | $ 0 | $ 0 | |
[1] | Asset and liability amounts in parentheses represent the aggregated balances at December 31, 2016 and December 31, 2015 attributable to Cohen & Steers SICAV Global Listed Infrastructure Fund and Cohen & Steers Co-Investment Partnership, L.P., which were variable interest entities as of December 31, 2016 and December 31, 2015, respectively. | ||
[2] | Pledged as collateral attributable to the consolidated balances of Cohen & Steers Active Commodities Strategy Fund, Inc. as of December 31, 2016 and December 31, 2015, respectively. | ||
[3] | Comprised of investments in actively traded U.S. Treasury money market funds measured at NAV. | ||
[4] | Pertains to unrealized gains (losses) from securities held at December 31, 2016 and 2015, respectively. |
Derivatives (Details)
Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Derivative [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 2,461 | $ (2,869) | $ (3,185) | |
Derivative Assets, Notional Amount | 20,377 | 6,323 | ||
Derivative Assets, Fair Value | 1,760 | 300 | ||
Derivative Liabilities, Notional Amount | 4,825 | 22,292 | ||
Derivative Liabilities, Fair Value | 266 | 644 | ||
Foreign exchange contracts | ||||
Derivative [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 1,626 | (702) | 95 | |
Derivative Assets, Notional Amount | 13,839 | 2,361 | ||
Derivative Assets, Fair Value | 1,417 | 10 | ||
Derivative Liabilities, Notional Amount | 0 | 14,955 | ||
Derivative Liabilities, Fair Value | 0 | 219 | ||
Commodity contracts | ||||
Derivative [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 835 | (2,167) | $ (3,280) | |
Derivative Assets, Notional Amount | 6,538 | 3,962 | ||
Derivative Assets, Fair Value | 343 | 290 | ||
Derivative Liabilities, Notional Amount | 4,825 | 7,337 | ||
Derivative Liabilities, Fair Value | 266 | 425 | ||
Due from broker | ||||
Derivative [Line Items] | ||||
Cash Collateral for Borrowed Securities | 192 | |||
Trading investments pledged as collateral | ||||
Derivative [Line Items] | ||||
Securities owned and held as collateral | $ 487 | $ 566 | [1] | |
[1] | Pledged as collateral attributable to the consolidated balances of Cohen & Steers Active Commodities Strategy Fund, Inc. as of December 31, 2016 and December 31, 2015, respectively. |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property and Equipment [Line Items] | |||
Depreciation and amortization | $ 4,155 | $ 3,827 | $ 4,535 |
Property and equipment, gross | 44,972 | 35,775 | |
Accumulated depreciation and amortization | (29,008) | (25,992) | |
Property and equipment, net | $ 15,964 | 9,783 | |
Minimum | |||
Property and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum | |||
Property and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Equipment | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | $ 6,969 | 6,651 | |
Furniture and fixtures | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | 3,505 | 2,156 | |
Software | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | 18,467 | 16,827 | |
Leasehold improvements | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | $ 16,031 | $ 10,141 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Earnings Per Share [Abstract] | |||||||||||||
Anti-dilutive common stock equivalents excluded from computation (in shares) | 14,000 | 43,000 | 0 | ||||||||||
Net income | $ 92,810 | $ 64,337 | $ 75,734 | ||||||||||
Less: Net loss (income) attributable to redeemable noncontrolling interest | 126 | 214 | (224) | ||||||||||
Net income attributable to common stockholders | $ 26,168 | $ 23,877 | $ 24,808 | $ 18,083 | $ 12,385 | $ 12,338 | [1] | $ 19,012 | [1] | $ 20,816 | $ 92,936 | $ 64,551 | $ 75,510 |
Basic weighted average shares outstanding (in shares) | 46,010,000 | 45,999,000 | 45,984,000 | 45,808,000 | 45,524,000 | 45,500,000 | 45,462,000 | 45,241,000 | 45,951,000 | 45,433,000 | 44,788,000 | ||
Dilutive potential shares from restricted stock units (in shares) | 481,000 | 464,000 | 855,000 | ||||||||||
Diluted weighted average shares outstanding (in shares) | 46,609,000 | 46,544,000 | 46,378,000 | 46,195,000 | 45,969,000 | 45,830,000 | 45,805,000 | 45,980,000 | 46,432,000 | 45,897,000 | 45,643,000 | ||
Basic earnings per share attributable to common stockholders (in dollars per share) | $ 0.57 | $ 0.52 | $ 0.54 | $ 0.39 | $ 0.27 | $ 0.27 | $ 0.42 | $ 0.46 | $ 2.02 | $ 1.42 | $ 1.69 | ||
Diluted earnings per share attributable to common stockholders (in dollars per share) | $ 0.56 | $ 0.51 | $ 0.53 | $ 0.39 | $ 0.27 | $ 0.27 | $ 0.42 | $ 0.45 | $ 2 | $ 1.41 | $ 1.65 | ||
[1] | During the three months ended December 31, 2015, one of the company's seed investments changed classification from available-for-sale to equity method. As a result, all prior periods have been retroactively adjusted to reflect this investment as if it had been an equity method investment in prior periods. |
Stock-Based Compensation Vested
Stock-Based Compensation Vested RSUs (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Common stock, shares issued | 50,415,152 | 49,690,562 | |
Restricted Stock Units (RSUs) | Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 32,559 | ||
Stock Incentive Plan | Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Authorized | 16,000,000 | ||
Stock Incentive Plan | Restricted Stock Units (RSUs) | Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock, shares issued | 14,100,000 | ||
Allocated Share-based Compensation Expense | $ 4,685 | $ 5,233 | $ 8,590 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Number of Shares [Roll Forward] [Roll Forward] | |||
Balance at Beginning of Period (shares) | 30,000 | 28,000 | 29,000 |
Granted (shares) | 13,000 | 12,000 | 9,000 |
Delivered (shares) | (9,000) | (10,000) | (10,000) |
Balance at End of Period (shares) | 34,000 | 30,000 | 28,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Weighted Average Grant Date Fair Value [Abstract] [Abstract] | |||
Balance at beginning of period, Weighted Average Grant Date Fair Value (usd per share) | $ 36.17 | $ 34.93 | $ 31.47 |
Granted, Weighted Average Grant Date Fair Value (usd per share) | 37.17 | 35.31 | 39.67 |
Delivered, Weighted Average Grant Date Fair Value (usd per share) | 34.02 | 31.86 | 29.12 |
Balance at end of period, Weighted Average Grant Date Fair Value (usd per share) | $ 37.15 | $ 36.17 | $ 34.93 |
Stock Incentive Plan | Vested Restricted Stock Units (RSUs) | Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 486 | $ 425 | $ 352 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Number of Shares [Roll Forward] [Roll Forward] | |||
Balance at End of Period (shares) | 34,000 |
Stock-Based Compensation Unvest
Stock-Based Compensation Unvested RSUs and Incentive Bonus Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Common stock, shares issued | 50,415,152 | 49,690,562 | |
Share-based Compensation Arrangement by Share-based Payment Award, Incentive Bonus Plans, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Employee stock purchase plans | 19,000 | 19,000 | 14,000 |
Vesting period of unvested employee stock compensation, number of years | 3 years | ||
Common stock | Incentive Bonus Plans for Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award, Incentive Bonus Plans, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Annual Aggregate Purchases Per Employee | $ 25,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | 600,000 | ||
Restricted Stock Units (RSUs) | Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Allocated Share-based Compensation Expense | $ 32,559,000 | ||
Restricted Stock Units (RSUs) | Common stock | Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Balance at beginning of period (shares) | 296,000 | 690,000 | 950,000 |
Granted (shares) | 159,000 | 73,000 | 110,000 |
Delivered (shares) | (147,000) | (461,000) | (361,000) |
Forfeited (shares) | (1,000) | (6,000) | (9,000) |
Balance at end of period (shares) | 307,000 | 296,000 | 690,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Balance at beginning of period, Weighted Average Grant Date Fair Value (usd per share) | $ 36.36 | $ 26.72 | $ 26.72 |
Granted, Weighted Average Grant Date Fair Value (usd per share) | 30.31 | 41.10 | 37.33 |
Delivered, Weighted Average Grant Date Fair Value (usd per share) | 35.52 | 26.95 | 24.45 |
Forfeited, Weighted Average Grant Date Fair Value (usd per share) | 42.09 | 40.52 | 25.69 |
Balance at end of period, Weighted Average Grant Date Fair Value (usd per share) | $ 33.62 | $ 36.36 | $ 26.72 |
Common stock, shares issued | 14,100,000 | ||
Allocated Share-based Compensation Expense | $ 4,685,000 | $ 5,233,000 | $ 8,590,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Incentive Bonus Plans, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Delivered, Weighted Average Grant Date Fair Value (usd per share) | $ 35.52 | $ 26.95 | $ 24.45 |
Restricted Stock Units (RSUs) | Common stock | Incentive Bonus Plans for Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Delivered, Weighted Average Grant Date Fair Value (usd per share) | $ 35.86 | $ 32.69 | $ 30.84 |
Share-based Compensation Arrangement by Share-based Payment Award, Incentive Bonus Plans [Roll Forward] | |||
Balance at beginning of period (shares) | 1,282,000 | 1,454,000 | 1,431,000 |
Granted (shares) | 722,000 | 496,000 | 522,000 |
Delivered (shares) | 548,000 | 607,000 | (472,000) |
Forfeited (shares) | (57,000) | (61,000) | (27,000) |
Balance at end of period (shares) | 1,399,000 | 1,282,000 | 1,454,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Incentive Bonus Plans, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Balance at beginning of period, Weighted Average Grant Date Fair Value (usd per share) | $ 37.33 | $ 34.04 | $ 32.03 |
Granted, Weighted Average Grant Date Fair Value (usd per share) | 30.02 | 41.45 | 36.67 |
Delivered, Weighted Average Grant Date Fair Value (usd per share) | 35.86 | 32.69 | 30.84 |
Forfeited, Weighted Average Grant Date Fair Value (usd per share) | 35.14 | 38.51 | 34.29 |
Balance at end of period, Weighted Average Grant Date Fair Value (usd per share) | $ 34.22 | $ 37.33 | $ 34.04 |
Discount from market price, purchase date | 15.00% | ||
Restricted Stock Units (RSUs) | Common stock | Mandatory Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Common stock, shares issued | 1,399,000 | ||
Allocated Share-based Compensation Expense | $ 16,847,000 | $ 17,315,000 | $ 16,178,000 |
Restricted Stock Units (RSUs) | Common stock | Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Allocated Share-based Compensation Expense | 114,000 | 95,000 | 87,000 |
Vested Restricted Stock Units (RSUs) | Common stock | Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Allocated Share-based Compensation Expense | $ 486,000 | $ 425,000 | $ 352,000 |
401(k) and Profit-Sharing Plan
401(k) and Profit-Sharing Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Employer Matching Contribution, Percent of Match | 50.00% | ||
The Plan | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Maximum Employee Subscription Rate | 100.00% | ||
Forfeitures during period | $ 126 | $ 118 | $ 83 |
Employer matching contributions | 1,464 | $ 1,511 | $ 1,074 |
Common stock | Restricted Stock Units (RSUs) | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Allocated Share-based Compensation Expense | $ 32,559 |
Related Party Transactions (Det
Related Party Transactions (Details) - Affiliated Entity - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transactions Revenue [Abstract] | |||
Investment advisory and administrative fees | $ 227,184 | $ 218,942 | $ 210,316 |
Distribution and service fees | 19,396 | 16,001 | 14,667 |
Total | 246,580 | 234,943 | 224,983 |
Related Party Transactions Summary [Abstract] | |||
Proceeds from sales | 13,251 | 0 | 192 |
Gross realized gains | 1,159 | 0 | 0 |
Gross realized losses, including other-than-temporary impairment | 0 | (2,846) | (3) |
Dividend income | 787 | 250 | 390 |
Fund expenses, included in general and administrative expenses | 8,568 | 8,676 | $ 9,218 |
Receivables, company sponsored mutual funds | $ 20,221 | $ 19,209 |
Regulatory Requirements (Detail
Regulatory Requirements (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Regulatory Requirements | |
Proceeds from Contributions from Parent | $ 2,000 |
Securities Registered Domestically | |
Regulatory Requirements | |
Net Capital | 3,459 |
Excess Capital | 3,214 |
Foreign Country | |
Regulatory Requirements | |
Net Capital | 68,671 |
Excess Capital | $ 65,862 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Commitments | |
Loss Contingencies [Line Items] | |
Long-term Purchase Commitments, Time Period | 12 years |
Commitment to invest | |
Loss Contingencies [Line Items] | |
Other Commitment | $ 5.1 |
Long-term committment, funded amount | $ 3.3 |
Commitments and Contingencies59
Commitments and Contingencies - Other Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Aggregate Minimum Future Payments [Line Items] | |||
Sublease rental income | $ 70 | ||
Rent expense | $ 11,535 | $ 11,215 | $ 10,103 |
Rent Obligations | |||
Aggregate Minimum Future Payments [Line Items] | |||
2,017 | 12,196 | ||
2,018 | 11,446 | ||
2,019 | 11,593 | ||
2,020 | 11,236 | ||
2,021 | 10,832 | ||
Thereafter | 22,620 | ||
Other Commitment | $ 79,923 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 35.30% | 42.90% | 38.00% | |
Unrecognized deferred tax in investments of foreign subsidiaries | $ 91,138 | |||
Gross unrecognized tax benefits | 7,852 | $ 7,259 | $ 6,346 | $ 5,927 |
Unrecognized tax benefits that impact effective tax rate in future periods | 4,915 | |||
Reduction in unrecognized tax benefits | 1,496 | |||
Uncertain tax positions, accrued interest and penalties | $ 2,250 | $ 1,661 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income before Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income before provision for income taxes | |||
U.S. income before provision for income taxes | $ 132,882 | $ 101,007 | $ 108,452 |
Foreign income before provision for income taxes | 10,521 | 11,737 | 13,562 |
Income before provision for income taxes | 143,403 | 112,744 | 122,014 |
Current taxes: | |||
U.S. federal | 42,056 | 32,065 | 38,711 |
State and local | 7,423 | 6,442 | 4,966 |
Non-U.S. | 2,014 | 2,508 | 2,882 |
Total | 51,493 | 41,015 | 46,559 |
Deferred taxes: | |||
U.S. federal | (743) | 6,334 | (96) |
State and local | (86) | 1,273 | (12) |
Non-U.S. | (71) | (215) | (171) |
Deferred income taxes | (900) | 7,392 | (279) |
Provision for income taxes | $ 50,593 | $ 48,407 | $ 46,280 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Stock-based compensation | $ 7,797 | $ 7,634 |
Non-deductible realized loss on investments | 2,685 | 4,708 |
Dividend equivalents on unvested restricted stock units | 2,686 | 3,052 |
Deferred Tax Assets, Unrealized Losses on Trading Securities | 4,101 | 4,642 |
Deferred compensation | (4,528) | (6,792) |
Deferred rent | 2,407 | 2,414 |
Other | (2,743) | (757) |
Subtotal | 12,405 | 14,901 |
Less: valuation allowance | (6,786) | (9,350) |
Deferred income tax asset - net | 5,619 | 5,551 |
Capital Loss Carryforward | 6,959 | $ 6,413 |
Changes in Valuation Allowance | $ 2,564 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Gross unrecognized tax benefits balance | $ 7,259 | $ 6,346 | $ 5,927 |
Addition for tax positions of current year | 1,437 | 1,147 | 1,230 |
Addition for tax positions of prior years | 163 | 250 | 90 |
Reduction of tax positions from prior years | (1,007) | (484) | (901) |
Gross unrecognized tax benefits balance | $ 7,852 | $ 7,259 | $ 6,346 |
Income Taxes - Reconciliation64
Income Taxes - Reconciliation of Federal Statutory Income Tax Rate to Effective Rate (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
U.S. statutory tax rate | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal income taxes | 3.50% | 4.30% | 4.50% |
Non-deductible loss on investments | 1.30% | 5.20% | 0.60% |
Non-taxable gain on investments | (3.00%) | 0.00% | 0.00% |
Foreign operations tax differential | (1.10%) | (2.10%) | (2.20%) |
Other | (0.40%) | 0.50% | 0.10% |
Effective income tax rate | 35.30% | 42.90% | 38.00% |
Concentration of Credit Risk (D
Concentration of Credit Risk (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)financial_institution | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Concentration Risk (Line Items) | |||||||||||
Revenues | $ 89,434 | $ 94,388 | $ 86,373 | $ 79,681 | $ 81,671 | $ 79,667 | $ 83,502 | $ 83,815 | $ 349,876 | $ 328,655 | $ 313,934 |
Number of financial institutions | financial_institution | 3 | ||||||||||
Sales Revenue, Segment | Geographic Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Revenues | $ 349,876 | 328,655 | 313,934 | ||||||||
Sales Revenue, Segment | United States | Geographic Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Revenues | 282,516 | 266,583 | 256,137 | ||||||||
Sales Revenue, Segment | Japan | Geographic Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Revenues | 43,458 | 41,899 | 40,179 | ||||||||
Sales Revenue, Segment | Other | Geographic Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Revenues | $ 23,902 | $ 20,173 | $ 17,618 | ||||||||
Cohen & Steers Realty Shares, Inc. (CSR) | Sales Revenue, Services | Customer Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Percent of total revenue | 13.00% | 15.00% | 15.00% | ||||||||
Cohen & Steers Realty Shares, Inc. (CSR) | Sales Revenue, Services | Investment advisory and administration fees | Customer Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Revenues | $ 45,047 | $ 47,870 | $ 45,904 | ||||||||
Cohen & Steers Preferred Securities and Income Fund, Inc. (CPX) | Sales Revenue, Services | Customer Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Percent of total revenue | 13.00% | 9.00% | 6.00% | ||||||||
Cohen & Steers Preferred Securities and Income Fund, Inc. (CPX) | Sales Revenue, Services | Investment advisory and administration fees | Customer Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Revenues | $ 43,797 | $ 29,212 | $ 20,318 | ||||||||
Daiwa Asset Management | Sales Revenue, Services | Customer Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Revenues | $ 42,307 | $ 40,446 | $ 39,475 | ||||||||
Percent of total revenue | 12.00% | 12.00% | 13.00% | ||||||||
Daiwa Asset Management | Sales Revenue, Services | Investment advisory and administration fees | Customer Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Revenues | $ 39,377 | $ 37,653 | $ 37,505 | ||||||||
Daiwa Asset Management | Sales Revenue, Services | Portfolio consulting and other revenue | Customer Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Revenues | $ 2,930 | $ 2,793 | $ 1,970 |
Selected Quarterly Financial 66
Selected Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||
Revenues | $ 89,434 | $ 94,388 | $ 86,373 | $ 79,681 | $ 81,671 | $ 79,667 | $ 83,502 | $ 83,815 | $ 349,876 | $ 328,655 | $ 313,934 | ||
Operating income | 35,860 | 37,213 | 34,131 | 28,307 | 30,352 | 31,477 | 31,171 | 34,549 | 135,511 | 127,549 | 121,941 | ||
Net income attributable to common stockholders | $ 26,168 | $ 23,877 | $ 24,808 | $ 18,083 | $ 12,385 | $ 12,338 | [1] | $ 19,012 | [1] | $ 20,816 | $ 92,936 | $ 64,551 | $ 75,510 |
Earnings per share attributable to common stockholders: | |||||||||||||
Basic (in dollars per share) | $ 0.57 | $ 0.52 | $ 0.54 | $ 0.39 | $ 0.27 | $ 0.27 | $ 0.42 | $ 0.46 | $ 2.02 | $ 1.42 | $ 1.69 | ||
Diluted (in dollars per share) | $ 0.56 | $ 0.51 | $ 0.53 | $ 0.39 | $ 0.27 | $ 0.27 | $ 0.42 | $ 0.45 | $ 2 | $ 1.41 | $ 1.65 | ||
Weighted-average shares outstanding: | |||||||||||||
Basic (shares) | 46,010 | 45,999 | 45,984 | 45,808 | 45,524 | 45,500 | 45,462 | 45,241 | 45,951 | 45,433 | 44,788 | ||
Diluted (shares) | 46,609 | 46,544 | 46,378 | 46,195 | 45,969 | 45,830 | 45,805 | 45,980 | 46,432 | 45,897 | 45,643 | ||
[1] | During the three months ended December 31, 2015, one of the company's seed investments changed classification from available-for-sale to equity method. As a result, all prior periods have been retroactively adjusted to reflect this investment as if it had been an equity method investment in prior periods. |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Feb. 23, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Subsequent Event [Line Items] | ||||
Dividends declared per share | $ 1.54 | $ 1.50 | $ 1.88 | |
Dividend Declared | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends declared per share | $ 0.28 |