Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Sep. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | |
Class A [Member] | Class B [Member] | ||
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'Calamos Asset Management, Inc. /DE/ | ' | ' |
Entity Central Index Key | '0001299033 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 20,530,571 | 100 |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_FIN
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $71,582 | $106,796 |
Receivables: | ' | ' |
Affiliates and affiliated funds | 15,494 | 17,756 |
Customers | 7,335 | 9,870 |
Investment securities | 416,075 | 349,404 |
Derivative assets | 0 | 132 |
Partnership investments, net | 47,009 | 60,828 |
Prepaid expenses | 2,971 | 2,240 |
Deferred tax assets, net | 7,156 | 7,110 |
Other current assets | 3,114 | 804 |
Total current assets | 570,736 | 554,940 |
Non-current assets: | ' | ' |
Deferred tax assets, net | 39,670 | 48,198 |
Goodwill | 6,380 | 6,380 |
Property and equipment, net of accumulated depreciation and amortization ($60,584 at September 30, 2013 and $57,190 at December 31, 2012) | 16,979 | 19,522 |
Other non-current assets | 2,936 | 3,561 |
Total non-current assets | 65,965 | 77,661 |
Total assets | 636,701 | 632,601 |
Current liabilities: | ' | ' |
Distribution fees payable | 11,076 | 12,937 |
Accrued compensation and benefits | 21,878 | 23,953 |
Current portion of long-term debt | 46,160 | 0 |
Interest payable | 1,240 | 2,729 |
Accrued expenses and other current liabilities | 6,307 | 5,288 |
Total current liabilities | 86,661 | 44,907 |
Non-current liabilities: | ' | ' |
Long-term debt | 45,955 | 92,115 |
Deferred rent | 9,092 | 9,275 |
Other non-current liabilities | 2,987 | 4,455 |
Total non-current liabilities | 58,034 | 105,845 |
Total non-current liabilities | 144,695 | 150,752 |
STOCKHOLDERSb EQUITY | ' | ' |
Additional paid-in capital | 216,980 | 215,637 |
Retained earnings | 77,788 | 77,714 |
Accumulated other comprehensive income (loss) | 1,504 | -737 |
Treasury stock; 4,904,350 shares at September 30, 2013 and 4,000,000 at December 31, 2012 | -97,432 | -95,215 |
Calamos Asset Management, Inc. stockholdersb equity | 199,085 | 197,643 |
Total non-controlling interest | 292,921 | 284,206 |
Total stockholdersb equity | 492,006 | 481,849 |
Total liabilities and stockholdersb equity | 636,701 | 632,601 |
Calamos Investments LLC [Member] | ' | ' |
STOCKHOLDERSb EQUITY | ' | ' |
Non-controlling interest in Calamos Investments LLC (Calamos Interests) | 271,127 | 263,794 |
Partnership investment [Member] | ' | ' |
STOCKHOLDERSb EQUITY | ' | ' |
Non-controlling interest in partnership investments | 21,794 | 20,412 |
Class A [Member] | ' | ' |
STOCKHOLDERSb EQUITY | ' | ' |
Common stock | 245 | 244 |
Class B [Member] | ' | ' |
STOCKHOLDERSb EQUITY | ' | ' |
Common stock | $0 | $0 |
CONSOLIDATED_STATEMENTS_OF_FIN1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Non-current assets: | ' | ' |
Property and equipment, accumulated depreciation | $60,584 | $57,190 |
STOCKHOLDERSb EQUITY | ' | ' |
Treasury stock (in shares) | 4,904,350 | 4,000,000 |
Class A [Member] | ' | ' |
STOCKHOLDERSb EQUITY | ' | ' |
Common Stock, par value (in dollars per share) | $0.01 | $0.01 |
Common Stock, authorized (in shares) | 600,000,000 | 600,000,000 |
Common Stock, Shares issued (in shares) | 24,537,707 | 24,386,015 |
Common Stock, shares outstanding (in shares) | 19,633,357 | 20,386,015 |
Class B [Member] | ' | ' |
STOCKHOLDERSb EQUITY | ' | ' |
Common Stock, par value (in dollars per share) | $0.01 | $0.01 |
Common Stock, authorized (in shares) | 1,000 | 1,000 |
Common Stock, Shares issued (in shares) | 100 | 100 |
Common Stock, shares outstanding (in shares) | 100 | 100 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
REVENUES | ' | ' | ' | ' |
Investment management fees | $51,289 | $64,402 | $159,886 | $195,050 |
Distribution and underwriting fees | 13,024 | 16,684 | 40,730 | 52,444 |
Other | 652 | 761 | 1,992 | 2,305 |
Total revenues | 64,965 | 81,847 | 202,608 | 249,799 |
EXPENSES | ' | ' | ' | ' |
Employee compensation and benefits | 23,508 | 19,781 | 67,453 | 62,926 |
Distribution expenses | 12,913 | 15,957 | 40,085 | 49,992 |
Marketing and sales promotion | 4,208 | 4,608 | 11,536 | 14,562 |
General and administrative | 8,912 | 9,768 | 27,591 | 30,596 |
Total operating expenses | 49,541 | 50,114 | 146,665 | 158,076 |
Operating income | 15,424 | 31,733 | 55,943 | 91,723 |
NON-OPERATING INCOME | ' | ' | ' | ' |
Net interest expense | -1,456 | -1,396 | -4,307 | -4,220 |
Investment and other income | 6,786 | 4,152 | 12,128 | 25,508 |
Total non-operating income | 5,330 | 2,756 | 7,821 | 21,288 |
Income before income tax provision | 20,754 | 34,489 | 63,764 | 113,011 |
Income tax provision | 1,603 | 2,314 | 6,154 | 10,879 |
Net income | 19,151 | 32,175 | 57,610 | 102,132 |
Net income attributable to non-controlling interest in Calamos Investments LLC (Calamos Interests) | -15,000 | -26,384 | -48,259 | -86,974 |
Net income attributable to non-controlling interest in partnership investments | -1,454 | -1,058 | -1,579 | -1,572 |
Net income attributable to Calamos Asset Management, Inc. | $2,697 | $4,733 | $7,772 | $13,586 |
Earnings per share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.14 | $0.23 | $0.39 | $0.67 |
Diluted (in dollars per share) | $0.13 | $0.23 | $0.38 | $0.66 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 19,671,742 | 20,373,585 | 19,998,922 | 20,316,901 |
Diluted (in shares) | 20,387,651 | 20,802,592 | 20,599,821 | 20,698,105 |
Cash dividends per share (in dollars per share) | $0.13 | $0.11 | $0.38 | $0.30 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Comprehensive Income (Loss), before Tax [Abstract] | ' | ' | ' | ' |
Net income | $19,151 | $32,175 | $57,610 | $102,132 |
Unrealized gains on available-for-sale securities: | ' | ' | ' | ' |
Changes in unrealized gains | 20,094 | 15,115 | 20,485 | 21,469 |
Reclassification adjustment for (gains) losses included in net income | 610 | 534 | -4,973 | -20,040 |
Other comprehensive income, before income tax provision | 20,704 | 15,649 | 15,512 | 1,429 |
Income tax provision related to other comprehensive income | 1,874 | 1,276 | 1,316 | 116 |
Other comprehensive income, after income tax provision | 18,830 | 14,373 | 14,196 | 1,313 |
Comprehensive income | 37,981 | 46,548 | 71,806 | 103,445 |
Comprehensive income attributable to non-controlling interest in Calamos Investments LLC (Calamos Interests) | -30,641 | -38,579 | -60,218 | -88,094 |
Comprehensive income attributable to non-controlling interest in partnership investments | -1,454 | -1,058 | -1,579 | -1,572 |
Comprehensive income attributable to Calamos Asset Management, Inc. | $5,886 | $6,911 | $10,009 | $13,779 |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Noncontrolling Interest in Calamos Investments LLC (Calamos Interests) [Member] | Noncontrolling Interest in Partnership Investments [Member] |
In Thousands, unless otherwise specified | ||||||||
Balance at Dec. 31, 2012 | $481,849 | $244 | $215,637 | $77,714 | ($737) | ($95,215) | $263,794 | $20,412 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 57,610 | 0 | 0 | 7,772 | 0 | 0 | 48,259 | 1,579 |
Changes in unrealized gains on available-for-sale securities, net of income taxes | 18,761 | 0 | 0 | 0 | 2,933 | 0 | 15,828 | 0 |
Reclassification adjustment for gains on available-for-sale securities included in income, net of income taxes | -4,565 | 0 | 0 | 0 | -696 | 0 | -3,869 | 0 |
Issuance of common stock (151,692 Class A common shares) | 0 | 1 | -1 | 0 | 0 | 0 | 0 | 0 |
Repurchase of common stock by Calamos Investments LLC (904,350 Class A common shares) | -9,717 | 0 | 0 | 0 | 0 | -2,157 | -7,560 | 0 |
Impact of the redemption of common stock from Calamos Investments LLC by Calamos Asset Management, Inc. (7,136 Class A common shares) | 0 | 0 | 60 | 0 | 0 | -60 | 0 | 0 |
Cumulative impact of changes in ownership of Calamos Investments LLC | -390 | 0 | 333 | -4 | 4 | 0 | -723 | 0 |
Distribution to non-controlling interest in partnership investments | -197 | 0 | 0 | 0 | 0 | 0 | 0 | -197 |
Compensation expense recognized under stock incentive plans | 4,887 | 0 | 1,084 | 0 | 0 | 0 | 3,803 | 0 |
Impact on non-controlling interest as a result of dividends paid to Calamos Investments LLC on repurchased common stock | 0 | 0 | -133 | 0 | 0 | 0 | 133 | 0 |
Dividend equivalent accrued under stock incentive plans | -781 | 0 | 0 | -174 | 0 | 0 | -607 | 0 |
Distributions paid to non-controlling interests in Calamos Investments LLC (Calamos Interests) | -47,931 | 0 | 0 | 0 | 0 | 0 | -47,931 | 0 |
Dividends declared | -7,520 | 0 | 0 | -7,520 | 0 | 0 | 0 | 0 |
Balance at Sep. 30, 2013 | 492,006 | 245 | 216,980 | 77,788 | 1,504 | -97,432 | 271,127 | 21,794 |
Balance at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 19,151 | ' | ' | ' | ' | ' | ' | ' |
Changes in unrealized gains on available-for-sale securities, net of income taxes | 18,271 | ' | ' | ' | ' | ' | ' | ' |
Reclassification adjustment for gains on available-for-sale securities included in income, net of income taxes | 559 | ' | ' | ' | ' | ' | ' | ' |
Impact on non-controlling interest as a result of dividends paid to Calamos Investments LLC on repurchased common stock | ' | ' | ' | ' | ' | ' | 87 | ' |
Balance at Sep. 30, 2013 | $492,006 | ' | ' | ' | ' | ' | $271,127 | ' |
CONSOLIDATED_STATEMENT_OF_CHAN1
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) (Class A [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Class A [Member] | ' |
Issuance of common stock (in shares) | 151,692 |
Repurchase of common stock (in shares) | 904,350 |
Stock Issued During Period, Shares, Other | 7,136 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Cash Flows [Abstract] | ' | ' |
Cash and cash equivalents at beginning of period | $106,796 | $102,166 |
Cash flows provided by operating activities: | ' | ' |
Net income | 57,610 | 102,132 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Amortization of deferred sales commissions | 2,121 | 3,621 |
Other depreciation and amortization | 3,441 | 4,199 |
Deferred rent | -183 | -101 |
Change in unrealized gains on CFS securities, derivative assets, derivative liabilities and partnership investments, net | -2,306 | -5,322 |
Net realized gain on sale of investment securities, derivative assets, derivative liabilities and partnership investments, net | -5,131 | -15,917 |
Increase in deferred tax asset valuation allowance | 900 | 1,900 |
Deferred taxes | 6,170 | 7,124 |
Stock based compensation | 4,887 | 3,300 |
Employee taxes paid on vesting under stock incentive plans | -294 | -916 |
Receivables: | ' | ' |
Affiliates and affiliated funds, net | 2,262 | -77 |
Customers | 2,535 | -995 |
Other assets | -4,579 | -2,196 |
Decrease in liabilities: | ' | ' |
Distribution fees payable | -1,861 | -133 |
Accrued compensation and benefits | -2,075 | -3,554 |
Accrued expenses and other liabilities | -2,623 | -1,667 |
Net cash provided by operating activities | 60,874 | 91,398 |
Cash flows used in investing activities: | ' | ' |
Net additions to property and equipment | -856 | -1,431 |
Purchase of investment securities | -374,360 | -326,386 |
Proceeds from sale of investment securities | 329,686 | 330,678 |
Net purchases of derivatives | -1,720 | -12,327 |
Net changes in partnership investments | 16,426 | -1,401 |
Net cash paid for acquisition, net of cash acquired | 0 | -3,392 |
Net cash used in investing activities | -30,824 | -14,259 |
Cash flows used in financing activities: | ' | ' |
Excess tax liability on vesting under stock incentive plans | -96 | -97 |
Repurchase of common stock by Calamos Investments LLC (904,350 Class A common shares) | -9,717 | 0 |
Distributions paid to non-controlling interest in Calamos Investments LLC (Calamos Interests) | -47,931 | -55,203 |
Cash dividends paid to common stockholders | -7,520 | -6,104 |
Net cash used in financing activities | -65,264 | -61,404 |
Net increase (decrease) in cash | -35,214 | 15,735 |
Cash and cash equivalents at end of period | 71,582 | 117,901 |
Cash paid for: | ' | ' |
Income taxes, net | 1,593 | 1,972 |
Interest | $5,954 | $5,954 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (Class A [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Class A [Member] | ' |
Number of common stock repurchased (in shares) | 904,350 |
Organization_and_Description_o
Organization and Description of Business | 9 Months Ended | |
Sep. 30, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Organization and Description of Business | ' | |
Organization and Description of Business | ||
Calamos Asset Management, Inc. (“CAM”) is a holding company and as of September 30, 2013 owned 22.2% of Calamos Investments LLC (“Calamos Investments”). CAM, together with Calamos Investments and Calamos Investments’ subsidiaries (the “Company”), operates the investment advisory and distribution services businesses reported within these consolidated financial statements. CAM operates and controls all of the business and affairs of Calamos Investments and, as a result of this control, consolidates the financial results of Calamos Investments with its own financial results. The remaining 77.8% ownership interest in Calamos Investments is held by Calamos Family Partners, Inc. (“CFP”), a Delaware corporation, and John P. Calamos, Sr. the Chairman, Chief Executive Officer and Global Co-Chief Investment Officer of CAM. CFP and John P. Calamos, Sr. (collectively "Calamos Interests"), ownership interest, in accordance with applicable accounting guidance, is reflected and referred to within these consolidated financial statements as “non-controlling interest in Calamos Investments LLC”. As shown in the diagram below, CFP also owns all of CAM’s outstanding Class B common stock, which represents 97.4% of the combined voting power of all classes of CAM’s voting stock. The graphic below illustrates our organizational and ownership structure as of September 30, 2013: | ||
______ | ||
-1 | Represents combined economic interest of Calamos Family Partners, Inc. and John P. Calamos, Sr. who is also a member of Calamos Investments LLC. | |
-2 | Represents combined economic interest of all public stockholders, including John P. Calamos, Sr., Nick Calamos and John P. Calamos, Jr.’s combined 11.88% ownership interest of Class A common stock. The calculation of ownership interest includes options and RSUs that vest within 60 days, as well as CFP’s ownership interest in Class A common stock purchased by Calamos Investments, pursuant to the Company’s share repurchase plan. | |
The Company primarily provides investment advisory services to individuals and institutional investors through a number of investment products that include open-end funds and closed-end funds (the “Funds”), separate accounts, offshore funds and partnerships, as well as provides model portfolio design and oversight for separately managed accounts. The subsidiaries through which the Company provides these services include: Calamos Advisors LLC (“CAL”), a Delaware limited liability company and registered investment advisor; Calamos Financial Services LLC (“CFS”), a Delaware limited liability company and registered broker-dealer; Calamos Wealth Management LLC, a Delaware limited liability company and registered investment advisor; and Calamos Investments LLP, a United Kingdom limited liability partnership, registered investment advisor with the Financial Conduct Authority in the United Kingdom, and a global distributor of the offshore funds and Company products. For reporting purposes, the offshore funds are reported within the open-end funds. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Basis of Presentation | |
The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Management believes the accounting estimates are appropriate and reasonably stated; however, due to the inherent uncertainties in making estimates, actual amounts could differ from these estimates. | |
The consolidated financial statements as of September 30, 2013 and for the three and nine months ended September 30, 2013 and 2012 have not been audited by the Company’s independent registered public accounting firm. In the opinion of management, these statements contain all adjustments, including those of a normal recurring nature, necessary for fair presentation of the financial condition and results of operations. The results for the interim periods presented are not necessarily indicative of the results to be obtained for a full fiscal year. This Form 10-Q filing should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |
The Company consolidates investments in which the Company’s ownership exceeds 50% or in which the Company operates and controls the business and affairs of the entity. As such, the consolidated financial statements include the financial statements of CAM, Calamos Investments and Calamos Investments’ wholly- and majority-owned subsidiaries, and the Company’s partnerships in which it owns a majority interest or in which it has operating control. The equity method of accounting is used for investments in which the Company has significant influence, but less than 50% ownership. All significant intercompany balances and transactions have been eliminated. | |
The Calamos Interests’ combined 77.8% and 77.9% ownership interest in Calamos Investments as of September 30, 2013 and December 31, 2012, respectively, is represented as a non-controlling interest in Calamos Investments LLC in the Company’s consolidated financial statements. Non-controlling interest in Calamos Investments is derived by multiplying the historical equity of Calamos Investments by the Calamos Interests’ aggregate ownership percentage for the periods presented. Issuances and repurchases of CAM’s common stock may result in changes in CAM’s ownership percentage and to the non-controlling interests’ ownership percentage of Calamos Investments with resulting changes reflected in the consolidated statement of changes in stockholders’ equity. Income is allocated based on the average ownership interest during the period in which the income is earned. | |
CAL is the general partner and controls the operations of Calamos International Growth Fund LP. Calamos Investments, through a wholly-owned subsidiary, indirectly is the general partner and controls the operations of Calamos Arista Strategic Fund LP, a U.S. feeder fund to Calamos Arista Strategic Master Fund LTD, a hedge fund domiciled in the Cayman Islands. As CAL and Calamos Investments are the general partners and control the operations of these funds, and Calamos Investments has a majority interest in Calamos Arista Strategic Fund LP, the results of Calamos International Growth Fund LP, Calamos Arista Strategic Fund LP and Calamos Arista Strategic Master Fund LTD are included in the Company’s consolidated financial results. | |
For the periods the partnerships are consolidated, the assets and liabilities of the partnerships are presented on a net basis within partnership investments, net in the consolidated statements of financial condition, net income is included in investment and other income in the consolidated statements of operations, and the change in partnership investments is included in the net changes in partnership investments in the consolidated statements of cash flows. The partnerships are presented on a net basis in order to provide more clarity to the financial position and results of the core operations of the Company. The underlying assets and liabilities that are being consolidated are described in Note 5, Partnership Investments. The combined interests of all of the consolidated partnerships, not owned by the Company, are presented as non-controlling interest in partnership investments in the Company’s consolidated financial statements for the periods those partnerships were consolidated. | |
The Company holds non-controlling interests in certain other partnership investments that are included in partnership investments, net in the consolidated statements of financial condition. These other partnership investments are accounted for under the equity method. | |
Reclassifications | |
During the first quarter ended March 31, 2013, the Company changed the presentation of its consolidated statements of operations and consolidated statements of financial condition. The changes consisted of the classification of amortization of deferred sales commissions, previously presented as a separate line, now included with distribution expenses; and the classification of deferred sales commissions asset, previously presented on a separate line, now included with other non-current assets. Deferred sales commissions asset and amortization became immaterial, with the discontinuation of the sale of Class B shares, making the separate line presentations less meaningful to the financial statement users. | |
Certain investments previously presented as Other are being presented as Alternative in Note 3, Investment Securities, and Note 6, Fair Value Measurements. | |
These reclassifications have been made for all periods presented. | |
Restricted Cash | |
The Company has $430,000 of security deposits that are restricted from the Company’s general corporate use and are being reported in other non-current assets in the consolidated statements of financial condition. | |
Treasury Stock | |
During the first quarter of 2013, the Company’s board of directors approved a Class A common share repurchase program. Under the repurchase program, Calamos Investments is authorized to repurchase up to 3 million shares of CAM’s common stock. The share repurchases are expected to occur over the next 2 years. The program was implemented primarily to manage the dilution from share issuances under the Company’s incentive compensation plan. During the nine months ended September 30, 2013, Calamos Investments repurchased 904,350 Class A common stock, at an average purchase price of $10.74 and a total cost of $9.7 million. As Calamos Investments is consolidated with CAM, the repurchased shares are reported as treasury shares. As such, CAM’s 22.2% ownership interest in these shares totaling $2.2 million is reported in treasury stock, with Calamos Interests’ 77.8% ownership interest in these shares totaling $7.6 million reported in non-controlling interest in the consolidated statements of financial condition. The total shares repurchased are not included in the calculation of basic and diluted earnings per share in accordance with GAAP. | |
During the third quarter of 2013, CAM redeemed 7,136 Class A common shares from Calamos Investments for a value of $77,000 which represents the fair value of the shares on the date of redemption. As Calamos Investments is consolidated with CAM, the impact of the distribution reflecting the non-controlling interest is $60,000. | |
During the third quarter and nine months ended September 30, 2013, dividends on shares held by Calamos Investments totaled $112,000 and $171,000, respectively. The payment of these dividends increased Calamos Investments' equity resulting in a $87,000 adjustment for the third quarter, and a $133,000 adjustment for the nine months ended September 30, 2013 from additional paid in capital to non-controlling interest in Calamos Investments LLC, in the consolidated statement of changes in stockholders' equity. This adjustment represents Calamos Interests' ownership interest in those dividend payments. | |
Investment Securities | |
Investment securities that are available-for-sale are evaluated for other-than-temporary impairment on a quarterly basis when the cost of an investment exceeds its fair value. When evaluating these securities, we consider many factors, including the duration of the impairment, the severity of the impairment, subsequent changes in value, the Company's intent and ability to hold these securities for a period of time sufficient to allow for recovery of the market value, and the nature of the securities held. When an impairment of an equity security is determined to be other-than-temporary, the impairment is recognized in earnings. See Note 3, Investment Securities for more discussion related to the other-than-temporary impairment charge recorded in the second quarter of 2013. | |
Income Taxes | |
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the temporary differences between the financial statement carrying amount of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. During the second quarter ended June 30, 2013, the Company recorded a valuation allowance to reduce its deferred income tax assets to an amount that is more likely than not to be realized based on available evidence at the time the estimate was made. No additional adjustment to the valuation allowances was made in the third quarter ended September 30, 2013. Determining a valuation allowance requires management to make significant judgments and assumptions. In determining a valuation allowance the Company uses historical and forecasted future realized and unrealized gains and losses on its investment, ongoing tax planning strategies, and forecasts of future taxable income. Each quarter, the Company re-evaluates its estimates related to its valuation allowance, including its assumptions about future taxable income. Applying its tax harvesting strategies, the Company's capital loss carryforward is used against realized gains on its investment, derivative assets, derivative liabilities and partnership investments. See Note 10, Income Taxes for more discussion related to the deferred tax valuation allowance. | |
For a comprehensive disclosure of the Company's significant accounting policies, see the Company's Annual Report on Form 10-K for the year ended December 31, 2012. |
Investment_Securities
Investment Securities | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
Investment Securities | ' | |||||||||||||||||||||||
Investment Securities | ||||||||||||||||||||||||
As a registered broker-dealer, CFS is required to carry all investment securities it owns at fair value and record all changes in fair value in current earnings. As such, unrealized gains and losses on CFS securities, as well as realized gains and losses on all investment securities, are included in investment and other income in the consolidated statements of operations. The following tables provide a summary of investment securities owned by the Company as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Unrealized | Unrealized | |||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Funds | ||||||||||||||||||||||||
Equity | $ | 212,069 | $ | 12,257 | $ | (1 | ) | $ | 224,325 | |||||||||||||||
Fixed income | 105,443 | 291 | (2,844 | ) | 102,890 | |||||||||||||||||||
Lower-volatility equity | 45,501 | 1,950 | — | 47,451 | ||||||||||||||||||||
Alternative | 35,269 | 192 | — | 35,461 | ||||||||||||||||||||
Other | 1,385 | 65 | (10 | ) | 1,440 | |||||||||||||||||||
Total Funds | 399,667 | 14,755 | (2,855 | ) | 411,567 | |||||||||||||||||||
Common stock | 132 | 39 | — | 171 | ||||||||||||||||||||
Total available-for-sale securities | $ | 399,799 | $ | 14,794 | $ | (2,855 | ) | $ | 411,738 | |||||||||||||||
CFS securities: | ||||||||||||||||||||||||
Total CFS securities | $ | 3,913 | $ | 424 | $ | — | $ | 4,337 | ||||||||||||||||
Total investment securities | $ | 416,075 | ||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Unrealized | Unrealized | |||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Funds | ||||||||||||||||||||||||
Equity | $ | 195,553 | $ | 2,930 | $ | (5,517 | ) | $ | 192,966 | |||||||||||||||
Fixed income | 103,404 | 665 | (957 | ) | 103,112 | |||||||||||||||||||
Lower-volatility equity | 43,718 | 106 | (484 | ) | 43,340 | |||||||||||||||||||
Alternative | 5,058 | 2 | (92 | ) | 4,968 | |||||||||||||||||||
Other | 1,543 | 42 | (270 | ) | 1,315 | |||||||||||||||||||
Total Funds | 349,276 | 3,745 | (7,320 | ) | 345,701 | |||||||||||||||||||
Common stock | 131 | 1 | — | 132 | ||||||||||||||||||||
Total available-for-sale securities | $ | 349,407 | $ | 3,746 | $ | (7,320 | ) | $ | 345,833 | |||||||||||||||
CFS securities: | ||||||||||||||||||||||||
Total CFS securities | $ | 3,004 | $ | 567 | $ | — | $ | 3,571 | ||||||||||||||||
Total investment securities | $ | 349,404 | ||||||||||||||||||||||
Of the $415.9 million and $349.3 million investments in Funds at September 30, 2013 and December 31, 2012, respectively, $364.6 million and $295.0 million, respectively, were invested in affiliated funds. | ||||||||||||||||||||||||
The aggregate fair value of available-for-sale investment securities that were in an unrealized loss position at September 30, 2013 and December 31, 2012 was $79.8 million and $251.3 million, respectively, of which at September 30, 2013 and December 31, 2012 investment securities with a fair value of $0 and $123.9 million, respectively, were in a continuous loss position for 12 months or longer. | ||||||||||||||||||||||||
The Company recognized an other-than-temporary impairment charge of $4.4 million, recorded on certain available-for-sale securities with unrealized losses during the second quarter ended June 30, 2013. The other-than-temporary impairment charge was reported in non-operating income, in the consolidated statements of operations. As of September 30, 2013, the Company had no investment securities that had been in a continuous loss position for 12 months or longer. | ||||||||||||||||||||||||
The table below summarizes information on available-for-sale securities as well as the change in unrealized gains and losses on CFS securities for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Proceeds from sale | $ | 77,465 | $ | 54,162 | $ | 325,447 | $ | 330,678 | ||||||||||||||||
Gross realized gains on sales | $ | 2,833 | $ | 1,833 | $ | 10,171 | $ | 28,273 | ||||||||||||||||
CFS securities: | ||||||||||||||||||||||||
Change in unrealized gains (losses) | $ | 429 | $ | 153 | $ | (143 | ) | $ | 318 | |||||||||||||||
The tables below summarize the tax (provision) benefit on unrealized gains and gains reclassified out of accumulated other comprehensive income on available-for-sale securities for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||||
(in thousands) | Before-Tax Amount | Tax Provision | After-Tax | Before-Tax Amount | Tax Provision | After-Tax | ||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Changes in unrealized gains | $ | 20,094 | $ | (1,823 | ) | $ | 18,271 | $ | 15,115 | $ | (1,234 | ) | $ | 13,881 | ||||||||||
Reclassification adjustment for realized losses included in income | 610 | (51 | ) | 559 | 534 | (42 | ) | 492 | ||||||||||||||||
Other comprehensive income | $ | 20,704 | $ | (1,874 | ) | $ | 18,830 | $ | 15,649 | $ | (1,276 | ) | $ | 14,373 | ||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||||
(in thousands) | Before-Tax Amount | Tax (Provision) Benefit | After-Tax | Before-Tax Amount | Tax (Provision) Benefit | After-Tax | ||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Changes in unrealized gains | $ | 20,485 | $ | (1,724 | ) | $ | 18,761 | $ | 21,469 | $ | (1,753 | ) | $ | 19,716 | ||||||||||
Reclassification adjustment for realized gains included in income | (4,973 | ) | 408 | (4,565 | ) | (20,040 | ) | 1,637 | (18,403 | ) | ||||||||||||||
Other comprehensive income | $ | 15,512 | $ | (1,316 | ) | $ | 14,196 | $ | 1,429 | $ | (116 | ) | $ | 1,313 | ||||||||||
Reclassification of realized (gains) losses out of accumulated other comprehensive income are reported in non-operating income, in investment income, in the consolidated statements of operations. See Note 9, Non-operating Income. |
Derivative_Assets_and_Liabilit
Derivative Assets and Liabilities | 9 Months Ended |
Sep. 30, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivative Assets and Liabilities | ' |
Derivative Assets and Liabilities | |
The Company has used exchange traded option contracts as an economic hedge of price changes in its investment securities portfolio in order to reduce the volatility equity markets have on the fair value of the Company’s corporate investment portfolio and to assist in compliance with its debt covenants. The Company's investment securities totaling $416.1 million at September 30, 2013, consist primarily of positions in several Calamos equity funds and fixed income funds. The equity price risk in the investment portfolio has been hedged using exchange-traded option contracts that correlate most closely with the change in value of the portfolio being hedged. The use of these option contracts is part of a hedge overlay strategy to minimize downside risk in the hedged portfolio. The Company may adjust its hedge position in response to movement and volatility in prices and changes in the composition of the hedged portfolio, but generally is not actively buying and selling contracts. | |
When applicable, the fair value of option contracts is reported in derivative assets and derivative liabilities in the consolidated statements of financial condition. Net gains and losses on these contracts are reported in investment and other income in the consolidated statements of operations with net losses of $0 and $108,000 for the quarter ended September 30, 2013 and 2012, respectively. Net losses of $1.9 million and $8.2 million were recorded for the nine months ended September 30, 2013 and 2012, respectively. The Company has used these derivatives for risk management purposes but has not designated the contracts as hedges for accounting purposes. | |
The Company adopted a recent accounting pronouncement that requires certain disclosures if offsetting arrangements exist with the Company’s derivatives instruments. The Company had no derivative instruments outstanding as of September 30, 2013. |
Partnership_Investments
Partnership Investments | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Partnership Investments [Abstract] | ' | |||||||
Partnership Investments | ' | |||||||
Partnership Investments | ||||||||
Presented below are the underlying assets and liabilities of the partnerships that the Company reports on a net consolidated basis, as well as partnership investments that the Company accounts for under the equity method. These investments are presented collectively as partnership investments, net in the consolidated statements of financial condition as of September 30, 2013 and December 31, 2012. | ||||||||
(in thousands) | September 30, 2013 | December 31, 2012 | ||||||
Consolidated partnership: | ||||||||
Securities owned | $ | 35,118 | $ | 30,910 | ||||
Cash and cash equivalents | 16,698 | 12,720 | ||||||
Receivables for securities sold | 269 | — | ||||||
Other current assets | 324 | 743 | ||||||
Exchange-traded option contracts | 85 | 13 | ||||||
Securities sold not yet purchased | (7,817 | ) | (5,746 | ) | ||||
Payables for securities purchased | (997 | ) | — | |||||
Accrued expenses and other current liabilities | (308 | ) | (739 | ) | ||||
Total | 43,372 | 37,901 | ||||||
Equity method investment in partnerships | 3,637 | 22,927 | ||||||
Partnership investments, net | $ | 47,009 | $ | 60,828 | ||||
During the first quarter ended March 31, 2013, the Company redeemed $18.7 million of its interest in Calamos Global Opportunity Fund LP for proceeds of $20.0 million, resulting in a realized gain of $1.3 million. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Fair Value Measurements | ' | |||||||||||
Fair Value Measurements | ||||||||||||
The Company utilizes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1 — observable inputs such as quoted prices for identical assets and liabilities in active markets; Level 2 — inputs, other than the quoted prices in active markets, that are observable either directly or indirectly (including quoted prices of similar securities, interest rates, credit risk, fair value adjustments to quoted foreign securities, etc.); and Level 3 — unobservable inputs in which there is little or no market data, and require the reporting entity to develop its own assumptions. For each period presented, the Company did not have any assets or liabilities measured at fair value using Level 3 measurements. Transfers between levels are measured at the end of the reporting period. The Company had no transfers between levels during the reporting periods. | ||||||||||||
Investments are presented in the consolidated financial statements at fair value in accordance with GAAP. Investments in open-end funds are stated at fair value based on end of day published net asset values of shares owned by the Company. Investments in securities traded on a national securities exchange are stated at the last reported sales price on the day of valuation. Other securities, including derivatives, traded in the over-the-counter market and listed securities for which no sale was reported on that date are stated at the last quoted bid price. However, short sales positions and call options written are reported at the last quoted asked price. Fixed income securities, including convertible bonds and other securities for which quotations are not readily available are valued at fair value based on observable inputs such as market prices for similar instruments as validated by third-party pricing agencies and the Company’s prime broker. | ||||||||||||
The following tables provide the hierarchy of inputs used to derive the fair value of the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012, respectively. Foreign currency contracts are carried in our partnership investments and are presented on a net basis where the right of offset exists. There were no material foreign currency contracts for either period presented. | ||||||||||||
Fair Value Measurements Using | ||||||||||||
September 30, 2013 | Quoted Prices | |||||||||||
in Active | Significant | |||||||||||
(in thousands) | Markets for | Other | ||||||||||
Description | Identical Assets | Observable | ||||||||||
and Liabilities | Inputs | |||||||||||
(Level 1) | (Level 2) | |||||||||||
Cash and cash equivalents | ||||||||||||
Money market funds | $ | 3,810 | $ | 3,810 | $ | — | ||||||
Investment securities (Note 3) | ||||||||||||
Funds | ||||||||||||
Equity | 228,664 | 228,664 | — | |||||||||
Fixed income | 102,890 | 102,890 | — | |||||||||
Lower-volatility equity | 47,451 | 47,451 | — | |||||||||
Alternative | 35,461 | 35,461 | — | |||||||||
Other | 1,440 | 1,440 | — | |||||||||
Total Funds | 415,906 | 415,906 | — | |||||||||
Common stock | 171 | 171 | — | |||||||||
Investment securities | 416,077 | 416,077 | — | |||||||||
Derivative assets (Note 4) | ||||||||||||
Exchange-traded put option contracts | — | — | — | |||||||||
Securities and derivatives owned by partnership (Note 5) | ||||||||||||
Common stocks | 34,789 | 23,988 | 10,801 | |||||||||
Preferred stocks | 151 | — | 151 | |||||||||
Short term investments | 270 | — | 270 | |||||||||
Exchange-traded put option contracts | 315 | 315 | — | |||||||||
35,525 | 24,303 | 11,222 | ||||||||||
Securities sold but not yet purchased by partnership (Note 5) | ||||||||||||
Common stocks | (7,796 | ) | (7,796 | ) | — | |||||||
Exchange-traded call option contracts | (74 | ) | (74 | ) | — | |||||||
Forward foreign currency contracts | — | — | — | |||||||||
Securities sold but not yet purchased (Note 3) | ||||||||||||
Common stocks | (2 | ) | (2 | ) | — | |||||||
(7,872 | ) | (7,872 | ) | — | ||||||||
Total | $ | 447,540 | $ | 436,318 | $ | 11,222 | ||||||
Fair Value Measurements Using | ||||||||||||
December 31, 2012 | Quoted Prices | |||||||||||
(in thousands) | in Active | Significant | ||||||||||
Description | Markets for | Other | ||||||||||
Identical Assets | Observable | |||||||||||
and Liabilities | Inputs | |||||||||||
(Level 1) | (Level 2) | |||||||||||
Cash and cash equivalents | ||||||||||||
Money market funds | $ | 2,700 | $ | 2,700 | $ | — | ||||||
Investment securities (Note 3) | ||||||||||||
Funds | ||||||||||||
Equity | 196,537 | 196,537 | — | |||||||||
Fixed income | 103,112 | 103,112 | — | |||||||||
Lower-volatility equity | 43,340 | 43,340 | — | |||||||||
Alternative | 6,062 | 6,062 | — | |||||||||
Other | 1,315 | 1,315 | — | |||||||||
Total Funds | 350,366 | 350,366 | — | |||||||||
Common stock | 132 | 132 | — | |||||||||
Investment securities | 350,498 | 350,498 | — | |||||||||
Derivative assets (Note 4) | ||||||||||||
Exchange-traded put option contracts | 132 | 132 | — | |||||||||
Securities and derivatives owned by partnership (Note 5) | ||||||||||||
Common stocks | 29,742 | 20,105 | 9,637 | |||||||||
Preferred stocks | 1,167 | 1,167 | — | |||||||||
Short term investments | 467 | — | 467 | |||||||||
Exchange-traded put option contracts | 75 | 75 | — | |||||||||
Forward foreign currency contracts | 45 | 45 | — | |||||||||
31,496 | 21,392 | 10,104 | ||||||||||
Securities sold but not yet purchased by partnership (Note 5) | ||||||||||||
Common stocks | ||||||||||||
Common stocks | (5,746 | ) | (5,746 | ) | — | |||||||
Exchange-traded call option contracts | (62 | ) | (62 | ) | — | |||||||
Forward foreign currency contracts | (45 | ) | (45 | ) | — | |||||||
Securities sold but not yet purchased (Note 3) | ||||||||||||
Common stocks | (1,094 | ) | (1,094 | ) | — | |||||||
(6,947 | ) | (6,947 | ) | — | ||||||||
Total | $ | 377,879 | $ | 367,775 | $ | 10,104 | ||||||
The fair value of the Company’s long-term debt, which has a total carrying value of $92.1 million at September 30, 2013 and December 31, 2012, was $104.4 million and $110.1 million, respectively. The fair value of the Company’s payment obligation, which has a carrying value of $3.4 million at September 30, 2013 and December 31, 2012, was $3.3 million and $3.2 million, respectively. This obligation is associated with the Company's purchase of Black Capital, LLC in 2012, with the current portion reported in accrued expenses and other current liabilities and the non-current portion reported in other non-current liabilities in the consolidated statements of financial condition. These fair value estimates are calculated using discounted cash flows based on the Company’s incremental borrowing rates and market inputs for similar bonds for the debt, and the treasury yield curve plus market spread for the payment obligation. The fair value of the debt and payment obligation are based on Level 2 inputs within the fair value hierarchy. | ||||||||||||
The carrying value of all other financial instruments approximates fair value due to the short maturities of these financial instruments. |
Loans_Payable
Loans Payable | 9 Months Ended |
Sep. 30, 2013 | |
Loans Payable [Abstract] | ' |
Loans Payable | ' |
Loans Payable | |
The Company has access to margin loans for the settlement of call options, as well as an additional source of liquidity. The interest rates that can be charged on margin loans is 2.50% per annum, based on the brokerage firm’s lending rate. These loans are due on demand. The Company can borrow up to 70% of its marginable securities on deposit with its brokerage firm. The Company had no margin loan balances outstanding at September 30, 2013 and December 31, 2012. |
Stock_Based_Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Stock Based Compensation | ' |
Stock Based Compensation | |
Under the Company’s incentive compensation plan, certain employees of the Company receive stock based compensation comprised of stock options and restricted stock units (“RSUs”). Historically, RSUs have been settled with newly issued shares so that no cash was used by the Company to settle awards; however, the Company may also use treasury shares upon the exercise of stock options and upon conversion of RSUs. The Company’s Annual Report on Form 10-K for the year ended December 31, 2012 provides details of this plan and its provisions. | |
During the nine months ended September 30, 2013, the Company granted 838,663 RSUs and there were 403,873 RSUs forfeited. During the same period, the Company granted no stock options and there were 93,846 stock options forfeited. | |
During the nine months ended September 30, 2013, 178,903 RSUs vested with 27,211 units withheld for taxes and 151,692 RSUs converted into an equal number of shares of CAM’s Class A common stock. The total intrinsic value and the fair value of the converted shares was $1.7 million. The total tax benefit realized in connection with the vesting of the RSUs during the nine months ended September 30, 2013 was $184,000, as the Company receives tax benefits based upon the portion of Calamos Investments’ expense that it recognizes. | |
During the nine months ended September 30, 2013 and 2012, compensation expense recorded in connection with the RSUs and stock options was $4.9 million and $3.3 million, respectively, of which $1,084,000 and $726,000, respectively, was credited as additional paid-in capital after giving effect to the non-controlling interests. The amount of deferred tax asset created was $401,000 and $269,000 during the nine months ended September 30, 2013 and 2012, respectively. As of September 30, 2013, $19.6 million of total unrecognized compensation expense related to unvested stock option and RSU awards is expected to be recognized over a weighted-average period of 3.4 years. |
NonOperating_Income
Non-Operating Income | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||||
Non-Operating Income (Loss) | ' | |||||||||||||||
Non-operating Income | ||||||||||||||||
Non-operating income was comprised of the following components for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Interest income | $ | 49 | $ | 107 | $ | 209 | $ | 291 | ||||||||
Interest expense | (1,505 | ) | (1,503 | ) | (4,516 | ) | (4,511 | ) | ||||||||
Net interest expense | (1,456 | ) | (1,396 | ) | (4,307 | ) | (4,220 | ) | ||||||||
Investment income | 5,603 | 3,187 | 9,086 | 22,811 | ||||||||||||
Dividend income | 1,020 | 877 | 2,755 | 2,453 | ||||||||||||
Miscellaneous other income | 163 | 88 | 287 | 244 | ||||||||||||
Investment and other income | 6,786 | 4,152 | 12,128 | 25,508 | ||||||||||||
Non-operating income | $ | 5,330 | $ | 2,756 | $ | 7,821 | $ | 21,288 | ||||||||
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
Calamos Investments is subject to certain income-based state taxes; therefore, income taxes reflect not only the portion attributed to CAM stockholders but also a portion of income taxes attributable to non-controlling interests. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Income tax provision | $ | 1,603 | $ | 2,314 | $ | 6,154 | $ | 10,879 | ||||||||
Income tax (provision) benefit attributable to non-controlling interest in Calamos Investments | 10 | 377 | (37 | ) | 183 | |||||||||||
Income tax provision attributable to CAM | 1,613 | 2,691 | 6,117 | 11,062 | ||||||||||||
Net income attributable to CAM | 2,697 | 4,733 | 7,772 | 13,586 | ||||||||||||
Income before taxes attributable to CAM | $ | 4,310 | $ | 7,424 | $ | 13,889 | $ | 24,648 | ||||||||
CAM’s effective income tax rate | 37.4 | % | 36.2 | % | 44 | % | 44.9 | % | ||||||||
As of December 31, 2012, the Company’s total capital loss carryforward was $28.1 million, of which $21.8 million will expire in 2013, $5.8 million will expire in 2014, and $456,000 will expire in 2017, if not used before the expiration dates. As of September 30, 2013, the Company’s valuation allowance on this deferred tax asset was $8.0 million. | ||||||||||||||||
The effective tax rates for the first nine months of 2013 and 2012, include the impact of an increase in the deferred tax valuation allowance of $900,000 and $1.9 million, respectively, to reduce our deferred income tax assets to an amount that is more likely than not to be realized. Excluding the deferred tax valuation allowance, our effective income tax rates would be 37.6% and 37.2% for the first nine months ended September 30, 2013 and September 30, 2012, respectively. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
The following table reflects the calculation of basic and diluted earnings per share: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Earnings per share – basic | ||||||||||||||||
Earnings available to common shareholders | $ | 2,697 | $ | 4,733 | $ | 7,772 | $ | 13,586 | ||||||||
Weighted average shares outstanding | 19,672 | 20,374 | 19,999 | 20,317 | ||||||||||||
Earnings per share – basic | $ | 0.14 | $ | 0.23 | $ | 0.39 | $ | 0.67 | ||||||||
Earnings per share – diluted | ||||||||||||||||
Earnings available to common shareholders | $ | 2,697 | $ | 4,733 | $ | 7,772 | $ | 13,586 | ||||||||
Weighted average shares outstanding | 19,672 | 20,374 | 19,999 | 20,317 | ||||||||||||
Dilutive impact of restricted stock units | 716 | 429 | 601 | 381 | ||||||||||||
Weighted average diluted shares outstanding | 20,388 | 20,803 | 20,600 | 20,698 | ||||||||||||
Earnings per share – diluted | $ | 0.13 | $ | 0.23 | $ | 0.38 | $ | 0.66 | ||||||||
When dilutive, diluted shares outstanding are calculated (a) assuming that Calamos Interests exchanged all of their ownership interest in Calamos Investments and their CAM Class B common stock for shares of CAM’s Class A common stock (the "Exchange") and (b) including the effect of outstanding dilutive equity incentive compensation awards. As of September 30, 2013 and 2012, the impact of the Exchange was anti-dilutive and, therefore, excluded from the calculation of diluted earnings per share. | ||||||||||||||||
The Company uses the treasury stock method to reflect the dilutive effect of unvested RSUs and unexercised stock options on diluted earnings per share. Under the treasury stock method, if the average market price of common stock increases above the option’s exercise price, the proceeds that would be assumed to be realized from the exercise of the option would be used to acquire outstanding shares of common stock. However, the awards may be anti-dilutive even when the market price of the underlying stock exceeds the option’s exercise price. This result is possible because compensation cost attributed to future services and not yet recognized is included as a component of the assumed proceeds upon exercise. The dilutive effect of such options and RSUs would increase the weighted average number of shares used in the calculation of diluted earnings per share. | ||||||||||||||||
The Company amended its certificate of incorporation requiring that the Exchange be based on a fair value approach (details of the amendment are set forth in the Company’s Schedule 14C filed with the Securities and Exchange Commission on January 12, 2009). The amendment results in the same or fewer shares of Class A common stock being issued at the time of the Exchange. | ||||||||||||||||
The shares issued upon Exchange as presented are estimated solely on the formula as described in the Schedule 14C that does not necessarily reflect all inputs used in a fair valuation. It is critical to note that this formula does not incorporate certain economic factors and as such, in the event of an actual Exchange, the majority of the Company’s independent directors may determine the fair market value of CAM’s net assets and its ownership in Calamos Investments. For example, premiums and/or discounts for control and marketability as well as a different discount rate for future cash flows may be applied. Therefore, the directors’ valuation may result in the actual number of shares being materially different from the shares presented. Further, based upon currently available information, the Company believes it is extremely remote that any Exchange would transpire without a fair market valuation of CAM’s net assets and an agreement by Calamos Interests to Exchange, based upon that fair market valuation. | ||||||||||||||||
The following table shows the number of shares which were excluded from the computation of diluted earnings per share as they were anti-dilutive: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Exchange of Calamos Interests’ ownership in Calamos Investments for shares of Class A common stock | 31,877,237 | 41,710,042 | 31,877,237 | 41,710,042 | ||||||||||||
Restricted stock units | — | 6,934 | — | — | ||||||||||||
Stock options | 2,101,568 | 2,196,591 | 2,101,568 | 2,196,591 | ||||||||||||
Total | 33,978,805 | 43,913,567 | 33,978,805 | 43,906,633 | ||||||||||||
The maximum number of shares of Class A common stock that could be issued to the Calamos Interests upon exchange is 68,784,032 as of September 30, 2013. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements | |
The Company has reviewed all newly issued accounting pronouncements that are applicable to its business and to the preparation of its consolidated financial statements, including those not yet required to be adopted. The Company does not believe any such pronouncements will have a material effect on the Company’s financial position or results of operations. Accounting guidance that either have become effective this year or will become effective in future years, with respect to the Company’s consolidated financial statements, are described below: | |
In July 2013, the Financial Accounting Standards Board (FASB) issued new guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. This guidance is intended to reduce the diversity in presentation of unrecognized tax benefits. This guidance is effective for annual and interim periods beginning on or after December 15, 2013. The Company’s effective date is January 1, 2014. The Company’s current disclosures conform to this guidance and adopting this guidance does not add to the current disclosure requirements nor impact on the Company’s financial position or results of operations. | |
In July 2013, the FASB issued new guidance that permits the Fed Funds Effective Swap Rate to be used as a benchmark interest rate for hedge accounting purposes in addition to interest rates on direct United States Treasury obligations and the LIBOR. This guidance is effective for qualifying new or redesigned hedging relationships entered into on or after July 17, 2013. At September 30, 2013, the Company had no hedging relationships in place. The adoption of this guidance had no impact on the Company’s financial position or results of operations. | |
In February 2013, the FASB issued new guidance that requires an entity to provide additional information about reclassifications out of accumulated other comprehensive income. The amendments in this update supersede and replace the presentation requirements for reclassifications out of accumulated other comprehensive income in previously amended updates. This guidance is effective prospectively for annual and interim periods beginning on or after December 15, 2012. The Company’s effective date is January 1, 2013. The Company has adopted this guidance, which required the Company to disclose the impact of realized gains on net income that were previously reported in accumulated other comprehensive income and were reclassified out. As this pronouncement is disclosure related, the adoption of this guidance had no impact on the Company’s financial position or results of operations. | |
In December 2011, the FASB issued new guidance that requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. This guidance is effective for annual and interim periods beginning on or after January 1, 2013. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. This guidance became effective and was adopted by the Company during the first quarter of this year. The adoption of this guidance currently has no effect on the Company’s financial position or disclosure. However, when applicable, this guidance will result in additional disclosures related to the Company’s derivative instruments that have offsetting arrangements. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
The Company consolidates investments in which the Company’s ownership exceeds 50% or in which the Company operates and controls the business and affairs of the entity. As such, the consolidated financial statements include the financial statements of CAM, Calamos Investments and Calamos Investments’ wholly- and majority-owned subsidiaries, and the Company’s partnerships in which it owns a majority interest or in which it has operating control. The equity method of accounting is used for investments in which the Company has significant influence, but less than 50% ownership. All significant intercompany balances and transactions have been eliminated. | |
The Calamos Interests’ combined 77.8% and 77.9% ownership interest in Calamos Investments as of September 30, 2013 and December 31, 2012, respectively, is represented as a non-controlling interest in Calamos Investments LLC in the Company’s consolidated financial statements. Non-controlling interest in Calamos Investments is derived by multiplying the historical equity of Calamos Investments by the Calamos Interests’ aggregate ownership percentage for the periods presented. Issuances and repurchases of CAM’s common stock may result in changes in CAM’s ownership percentage and to the non-controlling interests’ ownership percentage of Calamos Investments with resulting changes reflected in the consolidated statement of changes in stockholders’ equity. Income is allocated based on the average ownership interest during the period in which the income is earned. | |
CAL is the general partner and controls the operations of Calamos International Growth Fund LP. Calamos Investments, through a wholly-owned subsidiary, indirectly is the general partner and controls the operations of Calamos Arista Strategic Fund LP, a U.S. feeder fund to Calamos Arista Strategic Master Fund LTD, a hedge fund domiciled in the Cayman Islands. As CAL and Calamos Investments are the general partners and control the operations of these funds, and Calamos Investments has a majority interest in Calamos Arista Strategic Fund LP, the results of Calamos International Growth Fund LP, Calamos Arista Strategic Fund LP and Calamos Arista Strategic Master Fund LTD are included in the Company’s consolidated financial results. | |
For the periods the partnerships are consolidated, the assets and liabilities of the partnerships are presented on a net basis within partnership investments, net in the consolidated statements of financial condition, net income is included in investment and other income in the consolidated statements of operations, and the change in partnership investments is included in the net changes in partnership investments in the consolidated statements of cash flows. The partnerships are presented on a net basis in order to provide more clarity to the financial position and results of the core operations of the Company. The underlying assets and liabilities that are being consolidated are described in Note 5, Partnership Investments. The combined interests of all of the consolidated partnerships, not owned by the Company, are presented as non-controlling interest in partnership investments in the Company’s consolidated financial statements for the periods those partnerships were consolidated. | |
The Company holds non-controlling interests in certain other partnership investments that are included in partnership investments, net in the consolidated statements of financial condition. These other partnership investments are accounted for under the equity method. | |
Reclassifications | ' |
Reclassifications | |
During the first quarter ended March 31, 2013, the Company changed the presentation of its consolidated statements of operations and consolidated statements of financial condition. The changes consisted of the classification of amortization of deferred sales commissions, previously presented as a separate line, now included with distribution expenses; and the classification of deferred sales commissions asset, previously presented on a separate line, now included with other non-current assets. Deferred sales commissions asset and amortization became immaterial, with the discontinuation of the sale of Class B shares, making the separate line presentations less meaningful to the financial statement users. | |
Certain investments previously presented as Other are being presented as Alternative in Note 3, Investment Securities, and Note 6, Fair Value Measurements. | |
These reclassifications have been made for all periods presented. | |
Restricted Cash | ' |
Restricted Cash | |
The Company has $430,000 of security deposits that are restricted from the Company’s general corporate use and are being reported in other non-current assets in the consolidated statements of financial condition. | |
Treasury Stock | ' |
Treasury Stock | |
During the first quarter of 2013, the Company’s board of directors approved a Class A common share repurchase program. Under the repurchase program, Calamos Investments is authorized to repurchase up to 3 million shares of CAM’s common stock. The share repurchases are expected to occur over the next 2 years. The program was implemented primarily to manage the dilution from share issuances under the Company’s incentive compensation plan. During the nine months ended September 30, 2013, Calamos Investments repurchased 904,350 Class A common stock, at an average purchase price of $10.74 and a total cost of $9.7 million. As Calamos Investments is consolidated with CAM, the repurchased shares are reported as treasury shares. As such, CAM’s 22.2% ownership interest in these shares totaling $2.2 million is reported in treasury stock, with Calamos Interests’ 77.8% ownership interest in these shares totaling $7.6 million reported in non-controlling interest in the consolidated statements of financial condition. The total shares repurchased are not included in the calculation of basic and diluted earnings per share in accordance with GAAP. | |
During the third quarter of 2013, CAM redeemed 7,136 Class A common shares from Calamos Investments for a value of $77,000 which represents the fair value of the shares on the date of redemption. As Calamos Investments is consolidated with CAM, the impact of the distribution reflecting the non-controlling interest is $60,000. | |
During the third quarter and nine months ended September 30, 2013, dividends on shares held by Calamos Investments totaled $112,000 and $171,000, respectively. The payment of these dividends increased Calamos Investments' equity resulting in a $87,000 adjustment for the third quarter, and a $133,000 adjustment for the nine months ended September 30, 2013 from additional paid in capital to non-controlling interest in Calamos Investments LLC, in the consolidated statement of changes in stockholders' equity. This adjustment represents Calamos Interests' ownership interest in those dividend payments. | |
Investment Securities | ' |
Investment Securities | |
Investment securities that are available-for-sale are evaluated for other-than-temporary impairment on a quarterly basis when the cost of an investment exceeds its fair value. When evaluating these securities, we consider many factors, including the duration of the impairment, the severity of the impairment, subsequent changes in value, the Company's intent and ability to hold these securities for a period of time sufficient to allow for recovery of the market value, and the nature of the securities held. When an impairment of an equity security is determined to be other-than-temporary, the impairment is recognized in earnings. See Note 3, Investment Securities for more discussion related to the other-than-temporary impairment charge recorded in the second quarter of 2013. | |
Income Taxes | ' |
Income Taxes | |
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the temporary differences between the financial statement carrying amount of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. During the second quarter ended June 30, 2013, the Company recorded a valuation allowance to reduce its deferred income tax assets to an amount that is more likely than not to be realized based on available evidence at the time the estimate was made. No additional adjustment to the valuation allowances was made in the third quarter ended September 30, 2013. Determining a valuation allowance requires management to make significant judgments and assumptions. In determining a valuation allowance the Company uses historical and forecasted future realized and unrealized gains and losses on its investment, ongoing tax planning strategies, and forecasts of future taxable income. Each quarter, the Company re-evaluates its estimates related to its valuation allowance, including its assumptions about future taxable income. Applying its tax harvesting strategies, the Company's capital loss carryforward is used against realized gains on its investment, derivative assets, derivative liabilities and partnership investments. See Note 10, Income Taxes for more discussion related to the deferred tax valuation allowance. |
Investment_Securities_Tables
Investment Securities (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
Summary of investment securities | ' | |||||||||||||||||||||||
The following tables provide a summary of investment securities owned by the Company as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Unrealized | Unrealized | |||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Funds | ||||||||||||||||||||||||
Equity | $ | 212,069 | $ | 12,257 | $ | (1 | ) | $ | 224,325 | |||||||||||||||
Fixed income | 105,443 | 291 | (2,844 | ) | 102,890 | |||||||||||||||||||
Lower-volatility equity | 45,501 | 1,950 | — | 47,451 | ||||||||||||||||||||
Alternative | 35,269 | 192 | — | 35,461 | ||||||||||||||||||||
Other | 1,385 | 65 | (10 | ) | 1,440 | |||||||||||||||||||
Total Funds | 399,667 | 14,755 | (2,855 | ) | 411,567 | |||||||||||||||||||
Common stock | 132 | 39 | — | 171 | ||||||||||||||||||||
Total available-for-sale securities | $ | 399,799 | $ | 14,794 | $ | (2,855 | ) | $ | 411,738 | |||||||||||||||
CFS securities: | ||||||||||||||||||||||||
Total CFS securities | $ | 3,913 | $ | 424 | $ | — | $ | 4,337 | ||||||||||||||||
Total investment securities | $ | 416,075 | ||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Unrealized | Unrealized | |||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Funds | ||||||||||||||||||||||||
Equity | $ | 195,553 | $ | 2,930 | $ | (5,517 | ) | $ | 192,966 | |||||||||||||||
Fixed income | 103,404 | 665 | (957 | ) | 103,112 | |||||||||||||||||||
Lower-volatility equity | 43,718 | 106 | (484 | ) | 43,340 | |||||||||||||||||||
Alternative | 5,058 | 2 | (92 | ) | 4,968 | |||||||||||||||||||
Other | 1,543 | 42 | (270 | ) | 1,315 | |||||||||||||||||||
Total Funds | 349,276 | 3,745 | (7,320 | ) | 345,701 | |||||||||||||||||||
Common stock | 131 | 1 | — | 132 | ||||||||||||||||||||
Total available-for-sale securities | $ | 349,407 | $ | 3,746 | $ | (7,320 | ) | $ | 345,833 | |||||||||||||||
CFS securities: | ||||||||||||||||||||||||
Total CFS securities | $ | 3,004 | $ | 567 | $ | — | $ | 3,571 | ||||||||||||||||
Total investment securities | $ | 349,404 | ||||||||||||||||||||||
Summary of changes in unrealized gains and losses on investment securities | ' | |||||||||||||||||||||||
The table below summarizes information on available-for-sale securities as well as the change in unrealized gains and losses on CFS securities for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Proceeds from sale | $ | 77,465 | $ | 54,162 | $ | 325,447 | $ | 330,678 | ||||||||||||||||
Gross realized gains on sales | $ | 2,833 | $ | 1,833 | $ | 10,171 | $ | 28,273 | ||||||||||||||||
CFS securities: | ||||||||||||||||||||||||
Change in unrealized gains (losses) | $ | 429 | $ | 153 | $ | (143 | ) | $ | 318 | |||||||||||||||
Summary of tax (provision) benefit on unrealized gains | ' | |||||||||||||||||||||||
The tables below summarize the tax (provision) benefit on unrealized gains and gains reclassified out of accumulated other comprehensive income on available-for-sale securities for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||||
(in thousands) | Before-Tax Amount | Tax Provision | After-Tax | Before-Tax Amount | Tax Provision | After-Tax | ||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Changes in unrealized gains | $ | 20,094 | $ | (1,823 | ) | $ | 18,271 | $ | 15,115 | $ | (1,234 | ) | $ | 13,881 | ||||||||||
Reclassification adjustment for realized losses included in income | 610 | (51 | ) | 559 | 534 | (42 | ) | 492 | ||||||||||||||||
Other comprehensive income | $ | 20,704 | $ | (1,874 | ) | $ | 18,830 | $ | 15,649 | $ | (1,276 | ) | $ | 14,373 | ||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||||
(in thousands) | Before-Tax Amount | Tax (Provision) Benefit | After-Tax | Before-Tax Amount | Tax (Provision) Benefit | After-Tax | ||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Changes in unrealized gains | $ | 20,485 | $ | (1,724 | ) | $ | 18,761 | $ | 21,469 | $ | (1,753 | ) | $ | 19,716 | ||||||||||
Reclassification adjustment for realized gains included in income | (4,973 | ) | 408 | (4,565 | ) | (20,040 | ) | 1,637 | (18,403 | ) | ||||||||||||||
Other comprehensive income | $ | 15,512 | $ | (1,316 | ) | $ | 14,196 | $ | 1,429 | $ | (116 | ) | $ | 1,313 | ||||||||||
Partnership_Investments_Tables
Partnership Investments (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Partnership Investments [Abstract] | ' | |||||||
Partnership Investments | ' | |||||||
These investments are presented collectively as partnership investments, net in the consolidated statements of financial condition as of September 30, 2013 and December 31, 2012. | ||||||||
(in thousands) | September 30, 2013 | December 31, 2012 | ||||||
Consolidated partnership: | ||||||||
Securities owned | $ | 35,118 | $ | 30,910 | ||||
Cash and cash equivalents | 16,698 | 12,720 | ||||||
Receivables for securities sold | 269 | — | ||||||
Other current assets | 324 | 743 | ||||||
Exchange-traded option contracts | 85 | 13 | ||||||
Securities sold not yet purchased | (7,817 | ) | (5,746 | ) | ||||
Payables for securities purchased | (997 | ) | — | |||||
Accrued expenses and other current liabilities | (308 | ) | (739 | ) | ||||
Total | 43,372 | 37,901 | ||||||
Equity method investment in partnerships | 3,637 | 22,927 | ||||||
Partnership investments, net | $ | 47,009 | $ | 60,828 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Fair value of assets and liabilities measured on recurring basis | ' | |||||||||||
The following tables provide the hierarchy of inputs used to derive the fair value of the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012, respectively. Foreign currency contracts are carried in our partnership investments and are presented on a net basis where the right of offset exists. There were no material foreign currency contracts for either period presented. | ||||||||||||
Fair Value Measurements Using | ||||||||||||
September 30, 2013 | Quoted Prices | |||||||||||
in Active | Significant | |||||||||||
(in thousands) | Markets for | Other | ||||||||||
Description | Identical Assets | Observable | ||||||||||
and Liabilities | Inputs | |||||||||||
(Level 1) | (Level 2) | |||||||||||
Cash and cash equivalents | ||||||||||||
Money market funds | $ | 3,810 | $ | 3,810 | $ | — | ||||||
Investment securities (Note 3) | ||||||||||||
Funds | ||||||||||||
Equity | 228,664 | 228,664 | — | |||||||||
Fixed income | 102,890 | 102,890 | — | |||||||||
Lower-volatility equity | 47,451 | 47,451 | — | |||||||||
Alternative | 35,461 | 35,461 | — | |||||||||
Other | 1,440 | 1,440 | — | |||||||||
Total Funds | 415,906 | 415,906 | — | |||||||||
Common stock | 171 | 171 | — | |||||||||
Investment securities | 416,077 | 416,077 | — | |||||||||
Derivative assets (Note 4) | ||||||||||||
Exchange-traded put option contracts | — | — | — | |||||||||
Securities and derivatives owned by partnership (Note 5) | ||||||||||||
Common stocks | 34,789 | 23,988 | 10,801 | |||||||||
Preferred stocks | 151 | — | 151 | |||||||||
Short term investments | 270 | — | 270 | |||||||||
Exchange-traded put option contracts | 315 | 315 | — | |||||||||
35,525 | 24,303 | 11,222 | ||||||||||
Securities sold but not yet purchased by partnership (Note 5) | ||||||||||||
Common stocks | (7,796 | ) | (7,796 | ) | — | |||||||
Exchange-traded call option contracts | (74 | ) | (74 | ) | — | |||||||
Forward foreign currency contracts | — | — | — | |||||||||
Securities sold but not yet purchased (Note 3) | ||||||||||||
Common stocks | (2 | ) | (2 | ) | — | |||||||
(7,872 | ) | (7,872 | ) | — | ||||||||
Total | $ | 447,540 | $ | 436,318 | $ | 11,222 | ||||||
Fair Value Measurements Using | ||||||||||||
December 31, 2012 | Quoted Prices | |||||||||||
(in thousands) | in Active | Significant | ||||||||||
Description | Markets for | Other | ||||||||||
Identical Assets | Observable | |||||||||||
and Liabilities | Inputs | |||||||||||
(Level 1) | (Level 2) | |||||||||||
Cash and cash equivalents | ||||||||||||
Money market funds | $ | 2,700 | $ | 2,700 | $ | — | ||||||
Investment securities (Note 3) | ||||||||||||
Funds | ||||||||||||
Equity | 196,537 | 196,537 | — | |||||||||
Fixed income | 103,112 | 103,112 | — | |||||||||
Lower-volatility equity | 43,340 | 43,340 | — | |||||||||
Alternative | 6,062 | 6,062 | — | |||||||||
Other | 1,315 | 1,315 | — | |||||||||
Total Funds | 350,366 | 350,366 | — | |||||||||
Common stock | 132 | 132 | — | |||||||||
Investment securities | 350,498 | 350,498 | — | |||||||||
Derivative assets (Note 4) | ||||||||||||
Exchange-traded put option contracts | 132 | 132 | — | |||||||||
Securities and derivatives owned by partnership (Note 5) | ||||||||||||
Common stocks | 29,742 | 20,105 | 9,637 | |||||||||
Preferred stocks | 1,167 | 1,167 | — | |||||||||
Short term investments | 467 | — | 467 | |||||||||
Exchange-traded put option contracts | 75 | 75 | — | |||||||||
Forward foreign currency contracts | 45 | 45 | — | |||||||||
31,496 | 21,392 | 10,104 | ||||||||||
Securities sold but not yet purchased by partnership (Note 5) | ||||||||||||
Common stocks | ||||||||||||
Common stocks | (5,746 | ) | (5,746 | ) | — | |||||||
Exchange-traded call option contracts | (62 | ) | (62 | ) | — | |||||||
Forward foreign currency contracts | (45 | ) | (45 | ) | — | |||||||
Securities sold but not yet purchased (Note 3) | ||||||||||||
Common stocks | (1,094 | ) | (1,094 | ) | — | |||||||
(6,947 | ) | (6,947 | ) | — | ||||||||
Total | $ | 377,879 | $ | 367,775 | $ | 10,104 | ||||||
NonOperating_Income_Tables
Non-Operating Income (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||||
Non-operating income | ' | |||||||||||||||
Non-operating income was comprised of the following components for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Interest income | $ | 49 | $ | 107 | $ | 209 | $ | 291 | ||||||||
Interest expense | (1,505 | ) | (1,503 | ) | (4,516 | ) | (4,511 | ) | ||||||||
Net interest expense | (1,456 | ) | (1,396 | ) | (4,307 | ) | (4,220 | ) | ||||||||
Investment income | 5,603 | 3,187 | 9,086 | 22,811 | ||||||||||||
Dividend income | 1,020 | 877 | 2,755 | 2,453 | ||||||||||||
Miscellaneous other income | 163 | 88 | 287 | 244 | ||||||||||||
Investment and other income | 6,786 | 4,152 | 12,128 | 25,508 | ||||||||||||
Non-operating income | $ | 5,330 | $ | 2,756 | $ | 7,821 | $ | 21,288 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Schedule of components of income tax expense (benefit) | ' | |||||||||||||||
Calamos Investments is subject to certain income-based state taxes; therefore, income taxes reflect not only the portion attributed to CAM stockholders but also a portion of income taxes attributable to non-controlling interests. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Income tax provision | $ | 1,603 | $ | 2,314 | $ | 6,154 | $ | 10,879 | ||||||||
Income tax (provision) benefit attributable to non-controlling interest in Calamos Investments | 10 | 377 | (37 | ) | 183 | |||||||||||
Income tax provision attributable to CAM | 1,613 | 2,691 | 6,117 | 11,062 | ||||||||||||
Net income attributable to CAM | 2,697 | 4,733 | 7,772 | 13,586 | ||||||||||||
Income before taxes attributable to CAM | $ | 4,310 | $ | 7,424 | $ | 13,889 | $ | 24,648 | ||||||||
CAM’s effective income tax rate | 37.4 | % | 36.2 | % | 44 | % | 44.9 | % |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Calculation of basic and diluted earnings per share | ' | |||||||||||||||
The following table reflects the calculation of basic and diluted earnings per share: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Earnings per share – basic | ||||||||||||||||
Earnings available to common shareholders | $ | 2,697 | $ | 4,733 | $ | 7,772 | $ | 13,586 | ||||||||
Weighted average shares outstanding | 19,672 | 20,374 | 19,999 | 20,317 | ||||||||||||
Earnings per share – basic | $ | 0.14 | $ | 0.23 | $ | 0.39 | $ | 0.67 | ||||||||
Earnings per share – diluted | ||||||||||||||||
Earnings available to common shareholders | $ | 2,697 | $ | 4,733 | $ | 7,772 | $ | 13,586 | ||||||||
Weighted average shares outstanding | 19,672 | 20,374 | 19,999 | 20,317 | ||||||||||||
Dilutive impact of restricted stock units | 716 | 429 | 601 | 381 | ||||||||||||
Weighted average diluted shares outstanding | 20,388 | 20,803 | 20,600 | 20,698 | ||||||||||||
Earnings per share – diluted | $ | 0.13 | $ | 0.23 | $ | 0.38 | $ | 0.66 | ||||||||
Schedule of antidilutive securities excluded from computation of earnings per share | ' | |||||||||||||||
The following table shows the number of shares which were excluded from the computation of diluted earnings per share as they were anti-dilutive: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Exchange of Calamos Interests’ ownership in Calamos Investments for shares of Class A common stock | 31,877,237 | 41,710,042 | 31,877,237 | 41,710,042 | ||||||||||||
Restricted stock units | — | 6,934 | — | — | ||||||||||||
Stock options | 2,101,568 | 2,196,591 | 2,101,568 | 2,196,591 | ||||||||||||
Total | 33,978,805 | 43,913,567 | 33,978,805 | 43,906,633 | ||||||||||||
Organization_and_Description_o1
Organization and Description of Business (Details) | 9 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | ||
Corporate Structure [Line Items] | ' | ' | |
Percentage of ownership interest held by Calamos Family Partners, Inc. (in hundredths) | 77.80% | [1] | 77.90% |
Options and RSU awards vesting period | '60 days | ' | |
Class A Common Stock [Member] | ' | ' | |
Corporate Structure [Line Items] | ' | ' | |
Percentage of ownership (including vested stock options) by noncontrolling owners (in hundredths) | 11.88% | ' | |
Class A Common Stock [Member] | Public Stockholders [Member] | ' | ' | |
Corporate Structure [Line Items] | ' | ' | |
Percentage of public shareholders voting power (in hundredths) | 2.60% | [2] | ' |
Class A Common Stock [Member] | Public Stockholders [Member] | Minimum [Member] | ' | ' | |
Corporate Structure [Line Items] | ' | ' | |
Percentage of public shareholders economic interest (in hundredths) | 99.00% | [2] | ' |
Calamos Asset Management, Inc. [Member] | ' | ' | |
Corporate Structure [Line Items] | ' | ' | |
Percentage of ownership (in hundredths) | 22.20% | ' | |
Calamos Family Partners, Inc. [Member] | Class B Common Stock [Member] | ' | ' | |
Corporate Structure [Line Items] | ' | ' | |
Percentage of voting power owned in Calamos Asset Management (in hundredths) | 97.40% | ' | |
Calamos Family Partners, Inc. [Member] | Class B Common Stock [Member] | Maximum [Member] | ' | ' | |
Corporate Structure [Line Items] | ' | ' | |
Percentage of economic interest (in hundredths) | 1.00% | ' | |
[1] | Represents combined economic interest of Calamos Family Partners, Inc. and John P. Calamos, Sr. who is also a member of Calamos Investments LLC. | ||
[2] | Represents combined economic interest of all public stockholders, including John P. Calamos, Sr., Nick Calamos and John P. Calamos, Jr.bs combinedB 11.88% ownership interest of Class A common stock. The calculation of ownership interest includes options and RSUs that vest within 60 days, as well as CFPbs ownership interest in Class A common stock purchased by Calamos Investments, pursuant to the Companybs share repurchase plan. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | ||
Accounting Policies [Abstract] | ' | ' | ' | ||
Equity method investment, ownership percentage, maximum (in hundredths) | 50.00% | 50.00% | ' | ||
Percentage of combined interest in subsidiary that is considered to be noncontrolling interest (in hundredths) | 77.80% | [1] | 77.80% | [1] | 77.90% |
Restricted Cash [Abstract] | ' | ' | ' | ||
Restricted cash | $430 | $430 | ' | ||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ||
Period over which shares can be repurchased | ' | '2 years | ' | ||
Total cost of repurchase of common stock | ' | 9,717 | ' | ||
Stock distributed, value | ' | 0 | ' | ||
Dividends paid to subsidiary | 112 | 171 | ' | ||
Impact on non-controlling interest as a result of dividends paid to Calamos Investments LLC on repurchased common stock | ' | 0 | ' | ||
Treasury Stock [Member] | ' | ' | ' | ||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ||
Total cost of repurchase of common stock | ' | 2,157 | ' | ||
Stock distributed, value | ' | 0 | ' | ||
Impact on non-controlling interest as a result of dividends paid to Calamos Investments LLC on repurchased common stock | ' | 0 | ' | ||
Noncontrolling Interest in Calamos Investments LLC (Calamos Interests) [Member] | ' | ' | ' | ||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ||
Total cost of repurchase of common stock | ' | 7,560 | ' | ||
Stock distributed, value | ' | 0 | ' | ||
Impact on non-controlling interest as a result of dividends paid to Calamos Investments LLC on repurchased common stock | 87 | 133 | ' | ||
Calamos Asset Management, Inc. [Member] | ' | ' | ' | ||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ||
Percentage of ownership (in hundredths) | ' | 22.20% | ' | ||
Class A Common Stock [Member] | ' | ' | ' | ||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ||
Number of shares authorized to be repurchased (in shares) | 3,000,000 | 3,000,000 | ' | ||
Repurchase of common stock (in shares) | ' | 904,350 | ' | ||
Average purchase price per share (in dollars per share) | ' | $10.74 | ' | ||
Total cost of repurchase of common stock | ' | 9,700 | ' | ||
Stock distributed (in shares) | ' | 151,692 | ' | ||
Class A Common Stock [Member] | Calamos Asset Management, Inc. [Member] | ' | ' | ' | ||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ||
Stock distributed (in shares) | 7,136 | ' | ' | ||
Stock distributed, value | 77 | ' | ' | ||
Class A Common Stock [Member] | Calamos Asset Management, Inc. [Member] | Noncontrolling Interest [Member] | ' | ' | ' | ||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ||
Stock distributed, value | $60 | ' | ' | ||
[1] | Represents combined economic interest of Calamos Family Partners, Inc. and John P. Calamos, Sr. who is also a member of Calamos Investments LLC. |
Investment_Securities_Details
Investment Securities (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Summary of investment securities [Abstract] | ' | ' | ' | ' | ' | ' |
CFS Securities, cost | $3,913,000 | ' | ' | $3,913,000 | ' | $3,004,000 |
Trading securities, Unrealized Gain | 424,000 | ' | ' | 424,000 | ' | 567,000 |
Trading Securities, Unrealized Loss | 0 | ' | ' | 0 | ' | 0 |
CFS Securities, fair value | 4,337,000 | ' | ' | 4,337,000 | ' | 3,571,000 |
Total investment securities | 416,075,000 | ' | ' | 416,075,000 | ' | 349,404,000 |
Investments in funds | 415,900,000 | ' | ' | 415,900,000 | ' | 349,300,000 |
Investments in affiliated funds | 364,600,000 | ' | ' | 364,600,000 | ' | 295,000,000 |
Aggregate fair value of available-for-sale securities in unrealized loss position | 79,800,000 | ' | ' | 79,800,000 | ' | 251,300,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | ' | ' | 0 | ' | 123,900,000 |
Period for which the losses on securities were continuous | ' | ' | ' | '12 months | ' | ' |
Other than Temporary Impairment Losses, Investments | ' | 4,400,000 | ' | ' | ' | ' |
Available-for-sale securities: | ' | ' | ' | ' | ' | ' |
Proceeds from sale | 77,465,000 | ' | 54,162,000 | 325,447,000 | 330,678,000 | ' |
Gross realized gains on sales | 2,833,000 | ' | 1,833,000 | 10,171,000 | 28,273,000 | ' |
CFS securities: | ' | ' | ' | ' | ' | ' |
Change in unrealized gains (losses) | 429,000 | ' | 153,000 | -143,000 | 318,000 | ' |
Available-for-sale securities [Abstract] | ' | ' | ' | ' | ' | ' |
Changes in unrealized losses (Before-Tax Amount) | 20,094,000 | ' | 15,115,000 | 20,485,000 | 21,469,000 | ' |
Change in unrealized gains (losses), Tax (Provision) Benefit | -1,823,000 | ' | -1,234,000 | -1,724,000 | -1,753,000 | ' |
Change in unrealized gains (losses), After-Tax Amount | 18,271,000 | ' | 13,881,000 | 18,761,000 | 19,716,000 | ' |
Reclassification adjustment for realized gains included in income (Before-Tax Amount) | 610,000 | ' | 534,000 | -4,973,000 | -20,040,000 | ' |
Reclassification adjustment for realized gains included in income, Tax (Provision) Benefit | -51,000 | ' | -42,000 | 408,000 | 1,637,000 | ' |
Reclassification adjustment for realized gains included in income, After-Tax Amount | 559,000 | ' | 492,000 | -4,565,000 | -18,403,000 | ' |
Other comprehensive income, before income tax provision | 20,704,000 | ' | 15,649,000 | 15,512,000 | 1,429,000 | ' |
Other comprehensive income (loss), Tax (Provision) Benefit | -1,874,000 | ' | -1,276,000 | -1,316,000 | -116,000 | ' |
Other comprehensive income, after income tax provision | 18,830,000 | ' | 14,373,000 | 14,196,000 | 1,313,000 | ' |
Available-For-Sale Securities [Member] | ' | ' | ' | ' | ' | ' |
Summary of investment securities [Abstract] | ' | ' | ' | ' | ' | ' |
Available-for-sale securities, cost | 399,799,000 | ' | ' | 399,799,000 | ' | 349,407,000 |
Available-for-sale securities, Unrealized Gains | 14,794,000 | ' | ' | 14,794,000 | ' | 3,746,000 |
Available-for-sale securities, Unrealized Losses | -2,855,000 | ' | ' | -2,855,000 | ' | -7,320,000 |
Available-for-sale securities, Fair Value | 411,738,000 | ' | ' | 411,738,000 | ' | 345,833,000 |
Available-For-Sale Securities [Member] | Equity [Member] | ' | ' | ' | ' | ' | ' |
Summary of investment securities [Abstract] | ' | ' | ' | ' | ' | ' |
Available-for-sale securities, cost | 212,069,000 | ' | ' | 212,069,000 | ' | 195,553,000 |
Available-for-sale securities, Unrealized Gains | 12,257,000 | ' | ' | 12,257,000 | ' | 2,930,000 |
Available-for-sale securities, Unrealized Losses | -1,000 | ' | ' | -1,000 | ' | -5,517,000 |
Available-for-sale securities, Fair Value | 224,325,000 | ' | ' | 224,325,000 | ' | 192,966,000 |
Available-For-Sale Securities [Member] | Fixed Income [Member] | ' | ' | ' | ' | ' | ' |
Summary of investment securities [Abstract] | ' | ' | ' | ' | ' | ' |
Available-for-sale securities, cost | 105,443,000 | ' | ' | 105,443,000 | ' | 103,404,000 |
Available-for-sale securities, Unrealized Gains | 291,000 | ' | ' | 291,000 | ' | 665,000 |
Available-for-sale securities, Unrealized Losses | -2,844,000 | ' | ' | -2,844,000 | ' | -957,000 |
Available-for-sale securities, Fair Value | 102,890,000 | ' | ' | 102,890,000 | ' | 103,112,000 |
Available-For-Sale Securities [Member] | Low-Volatility Equity [Member] | ' | ' | ' | ' | ' | ' |
Summary of investment securities [Abstract] | ' | ' | ' | ' | ' | ' |
Available-for-sale securities, cost | 45,501,000 | ' | ' | 45,501,000 | ' | 43,718,000 |
Available-for-sale securities, Unrealized Gains | 1,950,000 | ' | ' | 1,950,000 | ' | 106,000 |
Available-for-sale securities, Unrealized Losses | 0 | ' | ' | 0 | ' | -484,000 |
Available-for-sale securities, Fair Value | 47,451,000 | ' | ' | 47,451,000 | ' | 43,340,000 |
Available-For-Sale Securities [Member] | Alternative [Member] | ' | ' | ' | ' | ' | ' |
Summary of investment securities [Abstract] | ' | ' | ' | ' | ' | ' |
Available-for-sale securities, cost | 35,269,000 | ' | ' | 35,269,000 | ' | 5,058,000 |
Available-for-sale securities, Unrealized Gains | 192,000 | ' | ' | 192,000 | ' | 2,000 |
Available-for-sale securities, Unrealized Losses | 0 | ' | ' | 0 | ' | -92,000 |
Available-for-sale securities, Fair Value | 35,461,000 | ' | ' | 35,461,000 | ' | 4,968,000 |
Available-For-Sale Securities [Member] | Other [Member] | ' | ' | ' | ' | ' | ' |
Summary of investment securities [Abstract] | ' | ' | ' | ' | ' | ' |
Available-for-sale securities, cost | 1,385,000 | ' | ' | 1,385,000 | ' | 1,543,000 |
Available-for-sale securities, Unrealized Gains | 65,000 | ' | ' | 65,000 | ' | 42,000 |
Available-for-sale securities, Unrealized Losses | -10,000 | ' | ' | -10,000 | ' | -270,000 |
Available-for-sale securities, Fair Value | 1,440,000 | ' | ' | 1,440,000 | ' | 1,315,000 |
Available-For-Sale Securities [Member] | Total Funds [Member] | ' | ' | ' | ' | ' | ' |
Summary of investment securities [Abstract] | ' | ' | ' | ' | ' | ' |
Available-for-sale securities, cost | 399,667,000 | ' | ' | 399,667,000 | ' | 349,276,000 |
Available-for-sale securities, Unrealized Gains | 14,755,000 | ' | ' | 14,755,000 | ' | 3,745,000 |
Available-for-sale securities, Unrealized Losses | -2,855,000 | ' | ' | -2,855,000 | ' | -7,320,000 |
Available-for-sale securities, Fair Value | 411,567,000 | ' | ' | 411,567,000 | ' | 345,701,000 |
Available-For-Sale Securities [Member] | Common Stock [Member] | ' | ' | ' | ' | ' | ' |
Summary of investment securities [Abstract] | ' | ' | ' | ' | ' | ' |
Available-for-sale securities, cost | 132,000 | ' | ' | 132,000 | ' | 131,000 |
Available-for-sale securities, Unrealized Gains | 39,000 | ' | ' | 39,000 | ' | 1,000 |
Available-for-sale securities, Unrealized Losses | 0 | ' | ' | 0 | ' | 0 |
Available-for-sale securities, Fair Value | $171,000 | ' | ' | $171,000 | ' | $132,000 |
Derivative_Assets_and_Liabilit1
Derivative Assets and Liabilities (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' | ' | ' |
Total investment securities | $416,075 | ' | $416,075 | ' | $349,404 |
Net loss on derivatives | $0 | $108 | $1,900 | $8,200 | ' |
Partnership_Investments_Detail
Partnership Investments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2013 |
Consolidated Partnerships [Member] | Consolidated Partnerships [Member] | Calamos Global Opportunities Fund LP [Member] | |||
Other Ownership Interests [Line Items] | ' | ' | ' | ' | ' |
Total investment securities | $416,075,000 | $349,404,000 | ' | ' | ' |
Consolidated partnership [Abstract] | ' | ' | ' | ' | ' |
Securities owned | ' | ' | 35,118,000 | 30,910,000 | ' |
Cash and cash equivalents | ' | ' | 16,698,000 | 12,720,000 | ' |
Receivables for securities sold | ' | ' | 269,000 | 0 | ' |
Other current assets | ' | ' | 324,000 | 743,000 | ' |
Exchange-traded option contracts | ' | ' | 85,000 | 13,000 | ' |
Securities sold not yet purchased | ' | ' | -7,817,000 | -5,746,000 | ' |
Payables for securities purchased | ' | ' | -997,000 | 0 | ' |
Accrued expenses and other current liabilities | ' | ' | -308,000 | -739,000 | ' |
Total | ' | ' | 43,372,000 | 37,901,000 | ' |
Equity method investment in partnerships | ' | ' | 3,637,000 | 22,927,000 | ' |
Partnership investments, net | ' | ' | 47,009,000 | 60,828,000 | ' |
Liquidated interest value | ' | ' | ' | ' | 18,700,000 |
Proceeds from sale of investments | ' | ' | ' | ' | 20,000,000 |
Realized capital gains on sale of investments | ' | ' | ' | ' | $1,300,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | ' | ' |
Cash and cash equivalents [Abstract] | ' | ' |
Money market funds | $3,810,000 | $2,700,000 |
Investment securities owned (Note 3) [Abstract] | ' | ' |
Equity | 228,664,000 | 196,537,000 |
Fixed income | 102,890,000 | 103,112,000 |
Lower-volatility equity | 47,451,000 | 43,340,000 |
Alternative | 35,461,000 | 6,062,000 |
Other | 1,440,000 | 1,315,000 |
Total Funds | 415,906,000 | 350,366,000 |
Common stock | 171,000 | 132,000 |
Investment securities | 416,077,000 | 350,498,000 |
Derivative assets (Note 4) [Abstract] | ' | ' |
Exchange-traded put option contracts | 0 | 132,000 |
Securities and derivatives owned by partnership (Note 5) [Abstract] | ' | ' |
Common stocks | 23,988,000 | 20,105,000 |
Preferred stocks | 0 | 1,167,000 |
Short term investments | 0 | 0 |
Exchange-traded put option contracts | 315,000 | 75,000 |
Forward foreign currency contracts | ' | 45,000 |
Securities and derivatives owned by partnership | 24,303,000 | 21,392,000 |
Securities sold but not yet purchased by partnership (Note 5) [Abstract] | ' | ' |
Common stocks | -7,796,000 | -5,746,000 |
Financial Instruments Sold, Not yet Purchased, Derivatives and Other Contracts | -74,000 | -62,000 |
Forward foreign currency contracts | 0 | -45,000 |
Securities sold but not yet purchased (Note 3) [Abstract] | ' | ' |
Common stocks | -2,000 | -1,094,000 |
Securities sold but not yet purchased by partnership | -7,872,000 | -6,947,000 |
Total | 436,318,000 | 367,775,000 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Cash and cash equivalents [Abstract] | ' | ' |
Money market funds | 0 | 0 |
Investment securities owned (Note 3) [Abstract] | ' | ' |
Equity | 0 | 0 |
Fixed income | 0 | 0 |
Lower-volatility equity | 0 | 0 |
Alternative | 0 | 0 |
Other | 0 | 0 |
Total Funds | 0 | 0 |
Common stock | 0 | 0 |
Investment securities | 0 | 0 |
Derivative assets (Note 4) [Abstract] | ' | ' |
Exchange-traded put option contracts | 0 | 0 |
Securities and derivatives owned by partnership (Note 5) [Abstract] | ' | ' |
Common stocks | 10,801,000 | 9,637,000 |
Preferred stocks | 151,000 | 0 |
Short term investments | 270,000 | 467,000 |
Exchange-traded put option contracts | 0 | 0 |
Forward foreign currency contracts | ' | 0 |
Securities and derivatives owned by partnership | 11,222,000 | 10,104,000 |
Securities sold but not yet purchased by partnership (Note 5) [Abstract] | ' | ' |
Common stocks | 0 | 0 |
Financial Instruments Sold, Not yet Purchased, Derivatives and Other Contracts | 0 | 0 |
Forward foreign currency contracts | 0 | 0 |
Securities sold but not yet purchased (Note 3) [Abstract] | ' | ' |
Common stocks | 0 | 0 |
Securities sold but not yet purchased by partnership | 0 | 0 |
Total | 11,222,000 | 10,104,000 |
Recurring [Member] | Carrying Value [Member] | ' | ' |
Cash and cash equivalents [Abstract] | ' | ' |
Money market funds | 3,810,000 | 2,700,000 |
Investment securities owned (Note 3) [Abstract] | ' | ' |
Equity | 228,664,000 | 196,537,000 |
Fixed income | 102,890,000 | 103,112,000 |
Lower-volatility equity | 47,451,000 | 43,340,000 |
Alternative | 35,461,000 | 6,062,000 |
Other | 1,440,000 | 1,315,000 |
Total Funds | 415,906,000 | 350,366,000 |
Common stock | 171,000 | 132,000 |
Investment securities | 416,077,000 | 350,498,000 |
Derivative assets (Note 4) [Abstract] | ' | ' |
Exchange-traded put option contracts | 0 | 132,000 |
Securities and derivatives owned by partnership (Note 5) [Abstract] | ' | ' |
Common stocks | 34,789,000 | 29,742,000 |
Preferred stocks | 151,000 | 1,167,000 |
Short term investments | 270,000 | 467,000 |
Exchange-traded put option contracts | 315,000 | 75,000 |
Forward foreign currency contracts | ' | 45,000 |
Securities and derivatives owned by partnership | 35,525,000 | 31,496,000 |
Securities sold but not yet purchased by partnership (Note 5) [Abstract] | ' | ' |
Common stocks | -7,796,000 | -5,746,000 |
Financial Instruments Sold, Not yet Purchased, Derivatives and Other Contracts | -74,000 | -62,000 |
Forward foreign currency contracts | 0 | -45,000 |
Securities sold but not yet purchased (Note 3) [Abstract] | ' | ' |
Common stocks | -2,000 | -1,094,000 |
Securities sold but not yet purchased by partnership | -7,872,000 | -6,947,000 |
Total | 447,540,000 | 377,879,000 |
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Securities sold but not yet purchased (Note 3) [Abstract] | ' | ' |
Carrying value of long-term debt | 92,100,000 | 92,100,000 |
Long-term debt fair value | 104,400,000 | 110,100,000 |
Payment obligation fair value | 3,300,000 | 3,200,000 |
Payment obligation associated with acquisition | $3,400,000 | $3,400,000 |
Loans_Payable_Details
Loans Payable (Details) (Margin Loan [Member]) | Sep. 30, 2013 |
Margin Loan [Member] | ' |
Short-term Debt [Line Items] | ' |
Margin loan interest rate effective percentage rate (in hundredths) | 2.50% |
Percentage of borrowing upon marginal securities, maximum (in hundredths) | 70.00% |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Compensation expense recorded in connection with RSUs and stock options | $4,887,000 | $3,300,000 |
Deferred tax assets | 401,000 | 269,000 |
Total unrecognized compensation expense | 19,600,000 | ' |
Unrecognized compensation expense, expected weighted-average period to be recognized | '3 years 4 months 24 days | ' |
Additional Paid-in Capital [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Compensation expense recognized under stock incentive plans credited to additional paid-in capital | 1,084,000 | 726,000 |
RSU [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted stock units, granted (in shares) | 838,663 | ' |
Restricted stock units, forfeited (in shares) | 403,873 | ' |
Restricted stock units, vested (in shares) | 178,903 | ' |
Number of RSUs withheld for taxes (in shares) | 27,211 | ' |
Number of RSUs converted on a one-for-one basis for shares of company's Class A common stock (in shares) | 151,692 | ' |
Total intrinsic value and fair value of converted shares | 1,700,000 | ' |
Total tax benefit realized in connection with the vesting of RSUs | $184,000 | ' |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock options granted (in shares) | 0 | ' |
Stock options forfeited (in shares) | 93,846 | ' |
NonOperating_Income_Details
Non-Operating Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Income and Expenses [Abstract] | ' | ' | ' | ' |
Interest income | $49 | $107 | $209 | $291 |
Interest expense | -1,505 | -1,503 | -4,516 | -4,511 |
Net interest expense | -1,456 | -1,396 | -4,307 | -4,220 |
Investment income | 5,603 | 3,187 | 9,086 | 22,811 |
Dividend income | 1,020 | 877 | 2,755 | 2,453 |
Miscellaneous other income | 163 | 88 | 287 | 244 |
Investment and other income | 6,786 | 4,152 | 12,128 | 25,508 |
Total non-operating income (loss) | $5,330 | $2,756 | $7,821 | $21,288 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Income tax expense (benefit) [Abstract] | ' | ' | ' | ' | ' |
Income tax provision | $1,603,000 | $2,314,000 | $6,154,000 | $10,879,000 | ' |
Net income attributable to CAM | 2,697,000 | 4,733,000 | 7,772,000 | 13,586,000 | ' |
Income before taxes attributable to CAM | 4,310,000 | 7,424,000 | 13,889,000 | 24,648,000 | ' |
CAM's effective income tax rate (in hundredths) | 37.40% | 36.20% | 44.00% | 44.90% | ' |
Adjustedeffectivetaxrate (as a percent) | ' | ' | 37.60% | 37.20% | ' |
Capital loss carryforward | ' | ' | ' | ' | 28,100,000 |
Amount of capital loss carry forward expiring in 2013 | ' | ' | ' | ' | 21,800,000 |
Amount of capital loss carry forward expiring in 2014 | ' | ' | ' | ' | 5,800,000 |
Amount of capital loss carry forward expiring in 2017 | ' | ' | ' | ' | 456,000 |
Valuation allowance | 8,000,000 | ' | 8,000,000 | ' | ' |
Increase in deferred tax asset valuation allowance | ' | ' | 900,000 | 1,900,000 | ' |
Non-controlling Interest in Calamos Investments LLC [Member] | ' | ' | ' | ' | ' |
Income tax expense (benefit) [Abstract] | ' | ' | ' | ' | ' |
Income tax provision | 10,000 | 377,000 | -37,000 | 183,000 | ' |
Calamos Asset Management, Inc. [Member] | ' | ' | ' | ' | ' |
Income tax expense (benefit) [Abstract] | ' | ' | ' | ' | ' |
Income tax provision | $1,613,000 | $2,691,000 | $6,117,000 | $11,062,000 | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings per share - basic [Abstract] | ' | ' | ' | ' |
Earnings available to common shareholders | $2,697 | $4,733 | $7,772 | $13,586 |
Weighted average shares outstanding (in shares) | 19,671,742 | 20,373,585 | 19,998,922 | 20,316,901 |
Earnings per share - basic (in dollars per share) | $0.14 | $0.23 | $0.39 | $0.67 |
Earnings per share - diluted [Abstract] | ' | ' | ' | ' |
Earnings available to common shareholders | $2,697 | $4,733 | $7,772 | $13,586 |
Weighted average shares outstanding (in shares) | 19,671,742 | 20,373,585 | 19,998,922 | 20,316,901 |
Dilutive impact of restricted stock units (in shares) | 716,000 | 429,000 | 601,000 | 381,000 |
Weighted average diluted shares outstanding (in shares) | 20,387,651 | 20,802,592 | 20,599,821 | 20,698,105 |
Earnings per share - diluted (in dollars per share) | $0.13 | $0.23 | $0.38 | $0.66 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive (in shares) | 33,978,805 | 43,913,567 | 33,978,805 | 43,906,633 |
Class A Common Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Number of shares issuable to Calamos interests, maximum (in shares) | 68,784,032 | ' | 68,784,032 | ' |
Ownership interest in Calamos Investments [Member] | Class A Common Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive (in shares) | 31,877,237 | 41,710,042 | 31,877,237 | 41,710,042 |
Restricted stock units [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive (in shares) | 0 | 6,934 | 0 | 0 |
Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive (in shares) | 2,101,568 | 2,196,591 | 2,101,568 | 2,196,591 |