Calamos Asset Management (CLMS) 10-Q 6 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 25, 2014	Apr. 25, 2014
		Class A Common Stock	Class B Common Stock
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 Filer Category	'Accelerated Filer	'	'
Entity Common Stock, Shares Outstanding	'	20,531,774	100
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	'Q1	'	'
Document Type	'10-Q	'	'
Amendment Flag	'false	'	'
Document Period End Date	31-Mar-14	'	'

CONSOLIDATED_STATEMENTS_OF_FIN

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$81,335	$39,078
Receivables:	'	'
Affiliates and affiliated funds	16,726	16,306
Customers	4,538	5,806
Investment securities	360,256	472,241
Partnership investments, net	39,323	34,047
Prepaid expenses	4,015	2,812
Deferred tax assets, net	7,319	10,165
Other current assets	3,094	2,283
Total current assets	516,606	582,738
Non-current assets:	'	'
Deferred tax assets, net	37,139	36,575
Goodwill	6,380	6,380
Property and equipment, net of accumulated depreciation and amortization ($61,445 at March 31, 2014 and $60,339 at December 31, 2013)	16,133	16,990
Other non-current assets	3,352	3,183
Total non-current assets	63,004	63,128
Total assets	579,610	645,866
Current liabilities:	'	'
Distribution fees payable	9,912	10,655
Accrued compensation and benefits	10,632	22,527
Current portion of long-term debt	46,160	46,160
Interest payable	1,240	2,729
Accrued expenses and other current liabilities	5,226	7,224
Total current liabilities	73,170	89,295
Non-current liabilities:	'	'
Long-term debt	45,955	45,955
Deferred rent	8,932	9,013
Other non-current liabilities	3,082	3,121
Total non-current liabilities	57,969	58,089
Total liabilities	131,139	147,384
Redeemable non-controlling interest in partnership investments	7,614	7,551
EQUITY	'	'
Additional paid-in capital	219,691	218,359
Retained earnings	85,772	86,115
Accumulated other comprehensive income	3,320	2,863
Treasury stock; 6,256,945 shares at March 31, 2014 and 5,220,330 shares at December 31, 2013	-103,336	-99,528
Calamos Asset Management, Inc. stockholdersb equity	205,695	208,056
Non-controlling interest in Calamos Investments LLC (Calamos Interests)	235,162	282,875
Total equity	440,857	490,931
Total liabilities and equity	579,610	645,866
Class A Common Stock	'	'
EQUITY	'	'
Common Stock	248	247
Class B Common Stock	'	'
EQUITY	'	'
Common Stock	$0	$0

CONSOLIDATED_STATEMENTS_OF_FIN1

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Non-current assets:	'	'
Property and equipment, accumulated depreciation and amortization	$61,445	$60,339
EQUITY	'	'
Treasury stock (in shares)	6,256,945	5,220,330
Class A Common Stock	'	'
EQUITY	'	'
Common Stock, par value (in dollar per share)	$0.01	$0.01
Common Stock, authorized (in shares)	600,000,000	600,000,000
Common Stock, shares issued (in shares)	24,822,945	24,696,095
Common Stock, shares outstanding (in shares)	18,566,000	19,475,765
Class B Common Stock	'	'
EQUITY	'	'
Common Stock, par value (in dollar 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
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
REVENUES	'	'
Investment management fees	$50,278	$55,942
Distribution and underwriting fees	12,989	14,328
Other	663	683
Total revenues	63,930	70,953
EXPENSES	'	'
Employee compensation and benefits	23,996	22,565
Distribution expenses	12,651	13,931
Marketing and sales promotion	3,705	3,389
General and administrative	9,502	8,953
Total operating expenses	49,854	48,838
Operating income	14,076	22,115
NON-OPERATING INCOME	'	'
Net interest expense	-1,465	-1,419
Investment and other income	1,583	3,219
Total non-operating income	118	1,800
Income before income taxes	14,194	23,915
Income tax provision	1,362	1,976
Net income	12,832	21,939
Net income attributable to non-controlling interest in Calamos Investments LLC (Calamos Interests)	-10,630	-17,997
Net income attributable to redeemable non-controlling interest in partnership investments	-63	-708
Net income attributable to Calamos Asset Management, Inc.	$2,139	$3,234
Earnings per share: (in dollars per share)	'	'
Basic	$0.11	$0.16
Diluted	$0.11	$0.16
Weighted average shares outstanding:	'	'
Basic	19,079,163	20,301,373
Diluted	19,805,828	20,836,996
Cash dividends declared per share	$0.13	$0.13

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Statement of Comprehensive Income [Abstract]	'	'
Net income	$12,832	$21,939
Unrealized gains on available-for-sale securities:	'	'
Unrealized gains	2,518	7,750
Reclassification adjustment for realized gains included in net income	-816	-1,423
Other comprehensive income, before income tax provision	1,702	6,327
Income tax provision related to other comprehensive income	269	517
Other comprehensive income, after income tax provision	1,433	5,810
Comprehensive income	14,265	27,749
Comprehensive income attributable to non-controlling interest in Calamos Investments LLC (Calamos Interests)	-11,587	-22,927
Comprehensive income attributable to redeemable non-controlling interest in partnership investments	-63	-708
Comprehensive income attributable to Calamos Asset Management, Inc.	$2,615	$4,114

CONSOLIDATED_STATEMENTS_OF_CHA

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Non-controlling Interest in Calamos Investments LLC (Calamos Interests)	Redeemable Non-controlling Interest in Partnership Investments
In Thousands, unless otherwise specified
Beginning balance at Dec. 31, 2013	$490,931	$247	$218,359	$86,115	$2,863	($99,528)	$282,875	$7,551
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'
Net income	12,769	'	'	2,139	'	'	10,630	63
Changes in unrealized gains on available-for-sale securities, net of income taxes	2,182	'	'	'	590	'	1,592	0
Reclassification adjustment for realized gains on available-for-sale securities included in income, net of income tax	-749	'	'	'	-114	'	-635	0
Issuance of common stock (126,850 Class A common shares)	'	1	-1	'	'	'	'	0
Repurchase of common stock by Calamos Investments LLC (1,036,615 Class A common shares)	-12,206	'	'	-8	'	-2,711	-9,487	0
Impact of the redemption of common stock from Calamos Investments LLC by Calamos Asset Management, Inc. (126,850 Class A common shares)	'	'	1,097	'	'	-1,097	'	0
Cumulative impact of changes in ownership of Calamos Investments LLC	-359	'	-100	8	-19	'	-248	0
Compensation expense recognized under stock incentive plans	2,045	'	455	'	'	'	1,590	0
Impact on non-controlling interests as a result of dividends paid to Calamos Investments LLC on repurchased common stock	'	'	-119	'	'	'	119	0
Dividend equivalent accrued under stock incentive plans	-309	'	'	-68	'	'	-241	0
Distributions to non-controlling interests	-51,033	'	'	'	'	'	-51,033	0
Dividends declared	-2,414	'	'	-2,414	'	'	'	0
Ending balance at Mar. 31, 2014	$440,857	$248	$219,691	$85,772	$3,320	($103,336)	$235,162	$7,614

CONSOLIDATED_STATEMENTS_OF_CHA1

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) (Class A Common Stock)	3 Months Ended
	Mar. 31, 2014
Class A Common Stock	'
Issuance of common stock (in shares)	126,850
Repurchase of common stock (in shares)	1,036,615
Redemption of common stock (in shares)	126,850

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Statement of Cash Flows [Abstract]	'	'
Cash and cash equivalents at beginning of period	$39,078	$106,796
Cash flows (used in) provided by operating activities:	'	'
Net income	12,832	21,939
Adjustments to reconcile net income to net cash (used in) provided by operating activities:	'	'
Amortization of deferred sales commissions	638	714
Other depreciation and amortization	1,121	1,198
Deferred rent	-81	-50
Change in unrealized (gains) losses on trading securities, derivative assets, derivative liabilities and partnership investments, net	-8,779	63
Net realized losses (gains) on sale of investment securities, derivative assets, derivative liabilities and partnership investments, net	7,992	-1,640
Deferred taxes, net	1,989	1,866
Stock based compensation	2,045	1,490
Employee taxes paid on vesting under stock incentive plans	-335	-157
Receivables:	'	'
Affiliates and affiliated funds, net	-420	639
Customers	1,268	1,514
Other assets	-2,836	-2,184
Increase (decrease) in liabilities:	'	'
Distribution fees payable	-743	-1,728
Accrued compensation and benefits	-11,895	-15,393
Accrued expenses and other liabilities	-3,811	-348
Net cash (used in) provided by operating activities	-1,015	7,923
Cash flows provided by investing activities:	'	'
Net additions to property and equipment	-249	-239
Purchases of investment securities	-8,618	-55,890
Proceeds from sale of investment securities	122,875	54,996
Net purchases of derivatives	0	-1,822
Net changes in partnership investments	-5,059	19,297
Net cash provided by investing activities	108,949	16,342
Cash flows used in financing activities:	'	'
Deferred tax expense on vesting under stock incentive plans	-24	-93
Repurchase of common stock by Calamos Investments LLC (1,036,615 at March 31, 2014, and 312,469 at March 31, 2013 Class A common shares)	-12,206	-3,368
Equity distributions paid to non-controlling interests (Calamos Interests)	-38,897	-7,006
Tax distributions paid to non-controlling interests (Calamos Interests)	-12,136	-12,646
Cash dividends paid to common stockholders	-2,414	-2,559
Net cash used in financing activities	-65,677	-25,672
Net increase (decrease) in cash and cash equivalents	42,257	-1,407
Cash and cash equivalents at end of period	81,335	105,389
Cash paid for:	'	'
Income taxes, net	111	1,636
Interest	$2,977	$2,977

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (Class A Common Stock)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Class A Common Stock	'	'
Repurchase of common stock (in shares)	1,036,615	312,469

Organization_and_Description_o

Organization and Description of Business	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014 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 is the sole manager, thus 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 March 31, 2014:
	-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. and John P. Calamos, Jr.’s combined 15.24% 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 LLC, 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	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014 and for the three months ended March 31, 2014 and 2013 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, 2013.
	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 or is deemed to be the primary beneficiary. In order to make this determination, an analysis is performed to determine if the investment in an affiliate or partnership is a variable interest entity ("VIE"). The Company has evaluated its investments in affiliates and partnerships and has concluded that they are not VIEs. With respect to partnership investments, the limited partners have no control of the business and affairs of the partnership, no substantive ability to dissolve (liquidate) the partnership, or otherwise remove the general partner (CAL and Calamos Investments) without cause or have other substantive rights.
	The consolidated financial statements include the financial statements of CAM, Calamos Investments, 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% interest in Calamos Investments at March 31, 2014 and December 31, 2013, 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 to CAM’s ownership percentage and to the non-controlling interests’ ownership percentage of Calamos Investments with resulting changes reflected in the consolidated statements of changes in equity. Income is allocated based on the average ownership interest during the period in which the income is earned.
	CAM owns certain assets to which common stockholders have exclusive economic rights. As of March 31, 2014 and 2013, these assets include cash, cash equivalents and investment securities of $91.1 million and $68.5 million, net current and non-current deferred tax assets of $44.5 million and $52.8 million, and net current income taxes receivable of $3.0 million and $2.1 million, respectively, that are reported together with Calamos Investments’ consolidated assets in the consolidated statements of financial condition. Additionally, net income before income taxes, of $14.2 million and $23.9 million for the three months ended March 31, 2014 and 2013, respectively, each included $38,000 and $87,000, respectively, of interest income on cash and cash equivalents held solely by CAM. These portions of CAM’s income and expense are not affected by non-controlling interests.
	CAL is the general partner and controls the operations of Calamos International Growth Fund LP and Calamos Investments, through a wholly owned subsidiary, is indirectly the general partner and controls the operations of Calamos Arista Strategic Fund LP (formerly Black Strategic Fund, LP) a U.S. feeder fund to Calamos Arista Strategic Master Fund LTD (formerly Black Strategic Master Fund Ltd.) a hedge fund in the Cayman Islands. As CAL and Calamos Investments are the general partners and control the operations of Calamos International Growth Fund LP and Calamos Arista Strategic Fund LP, respectively, and as Calamos Investments has a majority interest in Calamos Arista Strategic Fund LP, the results of these partnerships and the master fund are included into the Company’s consolidated financial results. In December 2013, the limited partners of Calamos International Growth Fund LP redeemed all of their interests in the fund. As a result, the Company deconsolidated Calamos International Growth Fund LP and accounted for this partnership investment using the equity method as of December 31, 2013. Calamos International Growth Fund LP was dissolved on April 10, 2014. See Note 5, Partnership Investments, for more discussion regarding these funds.
	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. The net income for these partnerships 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 and that are redeemable at the option of the holder, are presented as redeemable 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.
	Restricted Cash
	The Company has a $430,000 security deposit that is restricted from the Company’s general corporate use and is 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 three months ended March 31, 2014, Calamos Investments repurchased 1,036,615 shares of Class A common stock, at an average purchase price of $11.77 and a total cost of $12.2 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 $2.7 million is reported in treasury stock, with Calamos Interests’ 77.8% ownership interest in these shares totaling $9.5 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 three months ended March 31, 2014, CAM redeemed 126,850 Class A common shares from Calamos Investments for a value of $1.4 million 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 $1.1 million.
	During the three months ended March 31, 2014, dividends on shares held by Calamos Investments totaled $153,000. The payment of these dividends increased Calamos Investments' equity resulting in a $119,000 adjustment from additional paid in capital to non-controlling interest in Calamos Investments LLC in the consolidated statement of changes in equity. This adjustment represents Calamos Interests' ownership interest in those dividend payments.

Investment_Securities

Investment Securities	3 Months Ended
	Mar. 31, 2014
Investments [Abstract]	'
Investment Securities	'
	Investment Securities
	The Company 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 trading 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. Unrealized gains and losses on available-for-sale securities are reported, net of CAM's deferred income tax, as a separate component of accumulated other comprehensive income in equity until realized.
	The following table provides a summary of investment securities as of March 31, 2014 and December 31, 2013:
	(in thousands)
	March 31, 2014		Cost			Unrealized Gains			Unrealized Losses				Fair Value
	Available-for-sale securities:
	Funds
	Equity		$	197,416		$	11,416		$	(768	)		$	208,064
	Fixed income		29,887			818			(1		)		30,704
	Lower-volatility equity		67,841			3,954			(171		)		71,624
	Alternative		40,664			2,522			(3		)		43,183
	Other		1,432			196			(1		)		1,627
	Total Funds		337,240			18,906			(944		)		355,202
	Common stock		134			65			—				199
	Total available-for-sale securities		$	337,374		$	18,971		$	(944	)		$	355,401
	Trading securities:
	Funds
	Equity		$	4,539		$	316		$	—			$	4,855
	Total investment securities												$	360,256
	(in thousands)
	31-Dec-13		Cost			Unrealized Gains			Unrealized Losses				Fair Value
	Available-for-sale securities:
	Funds
	Equity		$	211,970		$	11,997		$	(679	)		$	223,288
	Fixed income		98,834			430			(4		)		99,260
	Lower-volatility equity		67,836			2,385			(15		)		70,206
	Alternative		35,436			2,000			—				37,436
	Other		1,414			133			(2		)		1,545
	Total Funds		415,490			16,945			(700		)		431,735
	Common stock		133			80			—				$	213
	Total available-for-sale securities		$	415,623		$	17,025		$	(700	)		$	431,948
	Trading securities:
	Funds
	Equity		$	48,539		$	320		$	(8,566	)		$	40,293
	Total investment securities												$	472,241
	Of the $360.1 million and $472.0 million investments in Funds at March 31, 2014 and December 31, 2013, respectively, $360.1 million and $427.6 million, respectively, were invested in affiliated funds and accounts that are separately managed.
	The aggregate fair value of available-for-sale investment securities that were in an unrealized loss position at March 31, 2014 and December 31, 2013 was $50.3 million and $14.0 million, respectively. As of March 31, 2014 and December 31, 2013, the Company had no investment securities that had been in a continuous loss position for 12 months or longer.
	As of March 31, 2014 and December 31, 2013, the Company believes that the $900,000 and $700,000, respectively, in unrealized losses on certain available-for-sale securities are only temporary in nature, as these losses are a result of short-term declines in the net asset value of the funds. Further, the Company has the intent and ability to hold these securities for a period of time sufficient to allow for recovery of the market value. The Company also considered current market conditions and the nature of the securities held when determining the recoverability of those securities' market value. As of March 31, 2014, no other-than-temporary impairment charge was recorded.
	The following table provides a summary of changes in investment securities for the three months ended March 31, 2014 and 2013:
		Three Months Ended March 31,
	(in thousands)	2014			2013
	Available-for-sale securities:
	Proceeds from sales	$	87,263		$	54,996
	Gross realized gains on sales	$	454		$	1,420
	Trading securities:
	Change in unrealized gains/losses	$	8,562		$	366
	The table below summarizes the tax provision (benefit) on unrealized gains and gains reclassified out of accumulated other comprehensive income on available-for-sale securities for the three months ended March 31, 2014 and 2013:
		Three Months Ended										Three Months Ended
		March 31, 2014										March 31, 2013
	(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	$	2,518		$	336		$	2,182			$	7,750		$	634		$	7,116
	Reclassification adjustment for realized gains included in income	(816		)	(67		)	(749		)		(1,423		)	(117		)	(1,306		)
	Other comprehensive income	$	1,702		$	269		$	1,433			$	6,327		$	517		$	5,810
	Reclassification of realized gains out of accumulated other comprehensive income are reported in non-operating income, in investment income, in the consolidated statement of operations.  See Note 9, Non-Operating Income.

Derivative_Assets_and_Liabilit

Derivative Assets and Liabilities	3 Months Ended
	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivative Assets and Liabilities	'
	Derivative Assets and Liabilities
	The Company 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 during the first quarter of 2013. The Company's investment securities, totaled $358.4 million at March 31, 2013, consisting primarily of positions in several Calamos equity and fixed income funds. The equity price risk in the investment portfolio was 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 was 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.
	The Company has elected not to offset its derivative assets with its derivative liabilities even if a right of offset exists. When applicable, the fair value of option contracts is reported on a gross basis 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. The Company had no derivative instruments outstanding as of March 31, 2014. The Company recorded a net loss of $1.7 million for the quarter ended March 31, 2013. The Company used these derivatives for risk management purposes but has not designated the contracts as hedges for accounting purposes.

Partnership_Investments

Partnership Investments	3 Months Ended
	Mar. 31, 2014
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 its consolidated statements of financial condition as of March 31, 2014 and December 31, 2013.
	(in thousands)	31-Mar-14			31-Dec-13
	Consolidated partnerships:
	Securities owned	$	30,430		$	29,149
	Cash and cash equivalents	15,087			12,208
	Receivables for securities sold	1,332			1,076
	Other current assets	—			30
	Exchange-traded option contracts	23			94
	Securities sold not yet purchased	(8,957		)	(10,670		)
	Payables for securities purchased	(2,317		)	(1,576		)
	Accrued expenses and other current liabilities	(141		)	(76		)
	Total	35,457			30,235
	Equity method investment in partnerships	3,866			3,812
	Partnership investments, net	$	39,323		$	34,047

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2014
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 period.
	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. The fair value of investments in open-end funds was $333.4 million and $450.4 million at the end of March 31, 2014 and December 31, 2013, respectively. There are no unfunded commitments related to these investments. These investments may be redeemed daily with a redemption notice period of up to seven days. 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. Convertible bonds, fixed income securities 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 March 31, 2014 and December 31, 2013, respectively. Foreign currency contracts are carried in the Company's partnership investments and are presented on a net basis where the right of offset exists, and had no impact for either period presented.
					Fair Value Measurements Using
	(in thousands)	March 31, 2014			Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)
	Description
	Cash and cash equivalents
	Money market funds	$	21,253		$	21,253		$	—
	Investment securities (Note 3)
	Funds
	Equity	212,919			212,919			—
	Fixed income	30,704			30,704			—
	Lower-volatility equity	71,624			71,624			—
	Alternative	43,183			43,183
	Other	1,627			1,627			—
	Total Funds	360,057			360,057			—
	Common stock	199			199			—
	Investment securities	360,256			360,256			—
	Securities and derivatives owned by partnership (Note 5)
	Common stocks	30,430			30,430			—
	Exchange-traded put option contracts	59			59			—
		30,489			30,489			—
	Securities sold but not yet purchased by partnership (Note 5)
	Common stocks	(8,590		)	(8,590		)	—
	Exchange-traded funds	(367		)	(367		)
	Exchange-traded call option contracts	(36		)	(36		)	—
		(8,993		)	(8,993		)	—
	Total	$	403,005		$	403,005		$	—
					Fair Value Measurements Using
	(in thousands)	31-Dec-13			Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs
					and Liabilities			(Level 2)
	Description				(Level 1)
	Cash and cash equivalents
	Money market funds	$	1,752		$	1,752		$	—
	Investment securities (Note 3)
	Funds
	Equity	263,581			263,581			—
	Fixed income	99,260			99,260			—
	Lower-volatility equity	70,206			70,206			—
	Alternative	37,436			37,436
	Other	1,545			1,545			—
	Total Funds	472,028			472,028			—
	Common stock	213			213			—
	Investment securities	472,241			472,241			—
	Securities and derivatives owned by partnership (Note 5)
	Common stocks	29,149			29,149			—
	Exchange-traded put option contracts	150			150			—
		29,299			29,299			—
	Securities sold but not yet purchased by partnership (Note 5)
	Common stocks	(10,185		)	(10,185		)	—
	Exchange-traded funds	(485		)	(485		)	—
	Exchange-traded call option contracts	(56		)	(56		)	—
		(10,726		)	(10,726		)	—
	Total	$	492,566		$	492,566		$	—
	The fair value of the Company’s long-term debt, including the current portion of long-term debt, which has a total carrying value of $92.1 million at March 31, 2014 and December 31, 2013, was $102.2 million and $104.4 million, respectively. The fair value of the Company’s payment obligation, which has a carrying value of $1.7 million and $3.4 million at March 31, 2014 and December 31, 2013, was $1.6 million and $3.3 million, respectively. This obligation is associated with the Company's purchase of Black Capital in 2012, 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 values 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	3 Months Ended
	Mar. 31, 2014
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 rate that can be charged on margin loans is 2.5% 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 March 31, 2014 and December 31, 2013.

Stock_Based_Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2014
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, 2013 provides details of this plan and its provisions.
	During the three months ended March 31, 2014, the Company granted 834,949 RSUs and there were 11,051 RSUs forfeited. During the same period, the Company granted no stock options and there were 122,711 stock options forfeited.
	During the three months ended March 31, 2014, 157,006 RSUs vested with 30,156 units withheld for taxes and 126,850 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 $1.4 million. The total tax benefit realized in connection with the vesting of the RSUs during the three months ended March 31, 2014 was $170,000, as the Company receives tax benefits based upon the portion of Calamos Investments’ expense that it recognizes.
	During the three months ended March 31, 2014 and 2013, compensation expense recorded in connection with the RSUs and stock options was $2.0 million and $1.5 million, respectively, of which $455,000 and $330,000, respectively, was credited as additional paid-in capital after giving effect to the non-controlling interests. The amount of deferred tax asset created was $168,000 and $122,000 during the three months ended March 31, 2014 and 2013, respectively. As of March 31, 2014, $24.3 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	3 Months Ended
	Mar. 31, 2014
Other Income and Expenses [Abstract]	'
Non-Operating Income	'
	Non-Operating Income
	Non-operating income was comprised of the following components for the three months ended March 31, 2014 and 2013:
		Three Months Ended March 31,
	(in thousands)	2014			2013
	Interest income	$	39		$	87
	Interest expense	(1,504		)	(1,506		)
	Net interest expense	(1,465		)	(1,419		)
	Investment income	857			2,284
	Dividend income	663			892
	Miscellaneous other income	63			43
	Investment and other income	1,583			3,219
	Non-operating income	$	118		$	1,800

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2014
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
		March 31,
		2014			2013
	(in thousands)
	Income tax provision	$	1,362		$	1,976
	Income tax provision attributable to non-controlling interest in Calamos Investments	(45		)	(31		)
	Income tax provision attributable to CAM	1,317			1,945
	Net income attributable to CAM	2,139			3,234
	Income before taxes attributable to CAM	$	3,456		$	5,179
	CAM’s effective income tax rate	38.1		%	37.6		%

Earnings_Per_Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2014
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
		March 31,
	(in thousands, except per share amounts)	2014			2013
	Earnings per share – basic:
	Earnings available to common shareholders	$	2,139		$	3,234
	Weighted average shares outstanding	19,079			20,301
	Earnings per share – basic	$	0.11		$	0.16
	Earnings per share – diluted:
	Earnings available to common shareholders	$	2,139		$	3,234
	Weighted average shares outstanding	19,079			20,301
	Dilutive impact of restricted stock units	727			536
	Weighted average shares outstanding	19,806			20,837
	Earnings per share – diluted	$	0.11		$	0.16
	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 March 31, 2014, and 2013, 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 issuable at the time of the Exchange.
	The shares issuable upon the Exchange as presented are estimated solely on the formula as described in 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 unlikely that any Exchange would transpire without a fair market valuation of CAM’s net assets and possibly 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 March 31,
		2014		2013
	Shares of Class A common stock issuable upon an Exchange of Calamos Interests’ ownership in Calamos Investments*	31,167,271		39,102,589
	Stock options	1,978,857		2,187,005
	Total	33,146,128		41,289,594
	* Number of shares calculated with the value of Calamos Investments LLC determined by using the closing price of our shares as of March 31, 2014 ($12.93) and March 31, 2013 ($11.77) as well as assuming said closing prices fully reflect all of CAM's assets; including the application of a 12% discount rate to certain deferred tax assets at each of March 31, 2014 and 2013. The value of Calamos Investments is then multiplied by Calamos Interests' percentage ownership in Calamos Investments LLC, with the result divided by the applicable period-end closing price. See Note 2, Summary of Significant Accounting Policies - Principles of Consolidation, for a description of certain assets owned by CAM.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Basis of Presentation	'
	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.
Principles of Consolidation	'
	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 or is deemed to be the primary beneficiary. In order to make this determination, an analysis is performed to determine if the investment in an affiliate or partnership is a variable interest entity ("VIE"). The Company has evaluated its investments in affiliates and partnerships and has concluded that they are not VIEs. With respect to partnership investments, the limited partners have no control of the business and affairs of the partnership, no substantive ability to dissolve (liquidate) the partnership, or otherwise remove the general partner (CAL and Calamos Investments) without cause or have other substantive rights.
	The consolidated financial statements include the financial statements of CAM, Calamos Investments, 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% interest in Calamos Investments at March 31, 2014 and December 31, 2013, 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 to CAM’s ownership percentage and to the non-controlling interests’ ownership percentage of Calamos Investments with resulting changes reflected in the consolidated statements of changes in equity. Income is allocated based on the average ownership interest during the period in which the income is earned.
	CAM owns certain assets to which common stockholders have exclusive economic rights. As of March 31, 2014 and 2013, these assets include cash, cash equivalents and investment securities of $91.1 million and $68.5 million, net current and non-current deferred tax assets of $44.5 million and $52.8 million, and net current income taxes receivable of $3.0 million and $2.1 million, respectively, that are reported together with Calamos Investments’ consolidated assets in the consolidated statements of financial condition. Additionally, net income before income taxes, of $14.2 million and $23.9 million for the three months ended March 31, 2014 and 2013, respectively, each included $38,000 and $87,000, respectively, of interest income on cash and cash equivalents held solely by CAM. These portions of CAM’s income and expense are not affected by non-controlling interests.
	CAL is the general partner and controls the operations of Calamos International Growth Fund LP and Calamos Investments, through a wholly owned subsidiary, is indirectly the general partner and controls the operations of Calamos Arista Strategic Fund LP (formerly Black Strategic Fund, LP) a U.S. feeder fund to Calamos Arista Strategic Master Fund LTD (formerly Black Strategic Master Fund Ltd.) a hedge fund in the Cayman Islands. As CAL and Calamos Investments are the general partners and control the operations of Calamos International Growth Fund LP and Calamos Arista Strategic Fund LP, respectively, and as Calamos Investments has a majority interest in Calamos Arista Strategic Fund LP, the results of these partnerships and the master fund are included into the Company’s consolidated financial results. In December 2013, the limited partners of Calamos International Growth Fund LP redeemed all of their interests in the fund. As a result, the Company deconsolidated Calamos International Growth Fund LP and accounted for this partnership investment using the equity method as of December 31, 2013. Calamos International Growth Fund LP was dissolved on April 10, 2014. See Note 5, Partnership Investments, for more discussion regarding these funds.
	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. The net income for these partnerships 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 and that are redeemable at the option of the holder, are presented as redeemable 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.
Restricted Cash	'
	Restricted Cash
	The Company has a $430,000 security deposit that is restricted from the Company’s general corporate use and is being reported in other non-current assets in the consolidated statements of financial condition.

Investment_Securities_Tables

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2014
Investments [Abstract]	'
Summary of investment securities	'
	The following table provides a summary of investment securities as of March 31, 2014 and December 31, 2013:
	(in thousands)
	March 31, 2014		Cost			Unrealized Gains			Unrealized Losses				Fair Value
	Available-for-sale securities:
	Funds
	Equity		$	197,416		$	11,416		$	(768	)		$	208,064
	Fixed income		29,887			818			(1		)		30,704
	Lower-volatility equity		67,841			3,954			(171		)		71,624
	Alternative		40,664			2,522			(3		)		43,183
	Other		1,432			196			(1		)		1,627
	Total Funds		337,240			18,906			(944		)		355,202
	Common stock		134			65			—				199
	Total available-for-sale securities		$	337,374		$	18,971		$	(944	)		$	355,401
	Trading securities:
	Funds
	Equity		$	4,539		$	316		$	—			$	4,855
	Total investment securities												$	360,256
	(in thousands)
	31-Dec-13		Cost			Unrealized Gains			Unrealized Losses				Fair Value
	Available-for-sale securities:
	Funds
	Equity		$	211,970		$	11,997		$	(679	)		$	223,288
	Fixed income		98,834			430			(4		)		99,260
	Lower-volatility equity		67,836			2,385			(15		)		70,206
	Alternative		35,436			2,000			—				37,436
	Other		1,414			133			(2		)		1,545
	Total Funds		415,490			16,945			(700		)		431,735
	Common stock		133			80			—				$	213
	Total available-for-sale securities		$	415,623		$	17,025		$	(700	)		$	431,948
	Trading securities:
	Funds
	Equity		$	48,539		$	320		$	(8,566	)		$	40,293
	Total investment securities												$	472,241
Changes in investment securities	'
	The following table provides a summary of changes in investment securities for the three months ended March 31, 2014 and 2013:
		Three Months Ended March 31,
	(in thousands)	2014			2013
	Available-for-sale securities:
	Proceeds from sales	$	87,263		$	54,996
	Gross realized gains on sales	$	454		$	1,420
	Trading securities:
	Change in unrealized gains/losses	$	8,562		$	366
Summary of tax (provision) benefit on unrealized gains	'
	The table below summarizes the tax provision (benefit) on unrealized gains and gains reclassified out of accumulated other comprehensive income on available-for-sale securities for the three months ended March 31, 2014 and 2013:
		Three Months Ended										Three Months Ended
		March 31, 2014										March 31, 2013
	(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	$	2,518		$	336		$	2,182			$	7,750		$	634		$	7,116
	Reclassification adjustment for realized gains included in income	(816		)	(67		)	(749		)		(1,423		)	(117		)	(1,306		)
	Other comprehensive income	$	1,702		$	269		$	1,433			$	6,327		$	517		$	5,810

Partnership_Investments_Tables

Partnership Investments (Tables)	3 Months Ended
	Mar. 31, 2014
Partnership Investments [Abstract]	'
Partnership investments	'
	These investments are presented collectively as partnership investments, net in its consolidated statements of financial condition as of March 31, 2014 and December 31, 2013.
	(in thousands)	31-Mar-14			31-Dec-13
	Consolidated partnerships:
	Securities owned	$	30,430		$	29,149
	Cash and cash equivalents	15,087			12,208
	Receivables for securities sold	1,332			1,076
	Other current assets	—			30
	Exchange-traded option contracts	23			94
	Securities sold not yet purchased	(8,957		)	(10,670		)
	Payables for securities purchased	(2,317		)	(1,576		)
	Accrued expenses and other current liabilities	(141		)	(76		)
	Total	35,457			30,235
	Equity method investment in partnerships	3,866			3,812
	Partnership investments, net	$	39,323		$	34,047

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Fair value of assets and liabilities measured on recurring basis	'
	Foreign currency contracts are carried in the Company's partnership investments and are presented on a net basis where the right of offset exists, and had no impact for either period presented.
					Fair Value Measurements Using
	(in thousands)	March 31, 2014			Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)
	Description
	Cash and cash equivalents
	Money market funds	$	21,253		$	21,253		$	—
	Investment securities (Note 3)
	Funds
	Equity	212,919			212,919			—
	Fixed income	30,704			30,704			—
	Lower-volatility equity	71,624			71,624			—
	Alternative	43,183			43,183
	Other	1,627			1,627			—
	Total Funds	360,057			360,057			—
	Common stock	199			199			—
	Investment securities	360,256			360,256			—
	Securities and derivatives owned by partnership (Note 5)
	Common stocks	30,430			30,430			—
	Exchange-traded put option contracts	59			59			—
		30,489			30,489			—
	Securities sold but not yet purchased by partnership (Note 5)
	Common stocks	(8,590		)	(8,590		)	—
	Exchange-traded funds	(367		)	(367		)
	Exchange-traded call option contracts	(36		)	(36		)	—
		(8,993		)	(8,993		)	—
	Total	$	403,005		$	403,005		$	—
					Fair Value Measurements Using
	(in thousands)	31-Dec-13			Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs
					and Liabilities			(Level 2)
	Description				(Level 1)
	Cash and cash equivalents
	Money market funds	$	1,752		$	1,752		$	—
	Investment securities (Note 3)
	Funds
	Equity	263,581			263,581			—
	Fixed income	99,260			99,260			—
	Lower-volatility equity	70,206			70,206			—
	Alternative	37,436			37,436
	Other	1,545			1,545			—
	Total Funds	472,028			472,028			—
	Common stock	213			213			—
	Investment securities	472,241			472,241			—
	Securities and derivatives owned by partnership (Note 5)
	Common stocks	29,149			29,149			—
	Exchange-traded put option contracts	150			150			—
		29,299			29,299			—
	Securities sold but not yet purchased by partnership (Note 5)
	Common stocks	(10,185		)	(10,185		)	—
	Exchange-traded funds	(485		)	(485		)	—
	Exchange-traded call option contracts	(56		)	(56		)	—
		(10,726		)	(10,726		)	—
	Total	$	492,566		$	492,566		$	—

NonOperating_Income_Tables

Non-Operating Income (Tables)	3 Months Ended
	Mar. 31, 2014
Other Income and Expenses [Abstract]	'
Non-operating income	'
	Non-operating income was comprised of the following components for the three months ended March 31, 2014 and 2013:
		Three Months Ended March 31,
	(in thousands)	2014			2013
	Interest income	$	39		$	87
	Interest expense	(1,504		)	(1,506		)
	Net interest expense	(1,465		)	(1,419		)
	Investment income	857			2,284
	Dividend income	663			892
	Miscellaneous other income	63			43
	Investment and other income	1,583			3,219
	Non-operating income	$	118		$	1,800

Income_Taxes_Tables

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2014
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
		March 31,
		2014			2013
	(in thousands)
	Income tax provision	$	1,362		$	1,976
	Income tax provision attributable to non-controlling interest in Calamos Investments	(45		)	(31		)
	Income tax provision attributable to CAM	1,317			1,945
	Net income attributable to CAM	2,139			3,234
	Income before taxes attributable to CAM	$	3,456		$	5,179
	CAM’s effective income tax rate	38.1		%	37.6		%

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2014
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
		March 31,
	(in thousands, except per share amounts)	2014			2013
	Earnings per share – basic:
	Earnings available to common shareholders	$	2,139		$	3,234
	Weighted average shares outstanding	19,079			20,301
	Earnings per share – basic	$	0.11		$	0.16
	Earnings per share – diluted:
	Earnings available to common shareholders	$	2,139		$	3,234
	Weighted average shares outstanding	19,079			20,301
	Dilutive impact of restricted stock units	727			536
	Weighted average shares outstanding	19,806			20,837
	Earnings per share – diluted	$	0.11		$	0.16
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 March 31,
		2014		2013
	Shares of Class A common stock issuable upon an Exchange of Calamos Interests’ ownership in Calamos Investments*	31,167,271		39,102,589
	Stock options	1,978,857		2,187,005
	Total	33,146,128		41,289,594
	* Number of shares calculated with the value of Calamos Investments LLC determined by using the closing price of our shares as of March 31, 2014 ($12.93) and March 31, 2013 ($11.77) as well as assuming said closing prices fully reflect all of CAM's assets; including the application of a 12% discount rate to certain deferred tax assets at each of March 31, 2014 and 2013. The value of Calamos Investments is then multiplied by Calamos Interests' percentage ownership in Calamos Investments LLC, with the result divided by the applicable period-end closing price. See Note 2, Summary of Significant Accounting Policies - Principles of Consolidation, for a description of certain assets owned by CAM.

Organization_and_Description_o1

Organization and Description of Business (Details)	3 Months Ended
	Mar. 31, 2014
Corporate Structure [Line Items]	'
Options and RSU awards vesting period (in days)	'60 days
Calamos Asset Management, Inc.	'
Corporate Structure [Line Items]	'
Percentage ownership interest in Calamos Investments LLC (as a percent)	22.20%
Calamos Family Partners, Inc.	'
Corporate Structure [Line Items]	'
Percentage ownership interest in Calamos Investments LLC (as a percent)	77.80%	[1]
Class A Common Stock	'
Corporate Structure [Line Items]	'
Percentage of ownership (including vested stock options) by noncontrolling owners (in hundredths)	15.24%
Class B Common Stock | Calamos Family Partners, Inc.	'
Corporate Structure [Line Items]	'
Percentage of voting power owned in Calamos Asset Management (in hundredths)	97.40%
Public Stockholders | Class A Common Stock	'
Corporate Structure [Line Items]	'
Percentage of public shareholders voting power (in hundredths)	2.60%
Minimum | Public Stockholders | Class A Common Stock	'
Corporate Structure [Line Items]	'
Percentage of public shareholders economic interest (in hundredths)	99.00%
Maximum | Class B Common Stock | Calamos Family Partners, Inc.	'
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.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Related Party Transaction [Line Items]	'	'	'
Equity method investment, ownership percentage, maximum (as a percent)	50.00%	'	'
Percentage of combined interest in subsidiary that is considered to be noncontrolling interest (as a percent)	77.80%	'	77.80%
Deferred tax assets	$168,000	$122,000	'
Interest income	39,000	87,000	'
Restricted cash	430,000	'	'
Calamos Asset Management, Inc.	'	'	'
Related Party Transaction [Line Items]	'	'	'
Cash and cash equivalents and investment securities	91,100,000	68,500,000	'
Deferred tax assets	44,500,000	52,800,000	'
Net current income taxes receivable	3,000,000	2,100,000	'
Net income before income taxes	14,200,000	23,900,000	'
Interest income	$38,000	$87,000	'

Summary_of_Significant_Account3

Summary of Significant Accounting Policies - Treasury Stock (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Class of Stock [Line Items]	'	'
Period over which shares can be repurchased (in years)	'2 years	'
Repurchase of common stock by Calamos Investments LLC	$12,206	'
Ownership interest (as a percent)	77.80%	'
Dividends on shares held	153	'
Class A Common Stock	'	'
Class of Stock [Line Items]	'	'
Number of shares authorized to be repurchased (in shares)	3,000,000	'
Repurchase of common stock (in shares)	1,036,615	312,469
Average purchase price of shares (in dollars per share)	$11.77	'
Repurchase of common stock by Calamos Investments LLC	12,200	'
Issuance of common stock (in shares)	126,850	'
Calamos Asset Management, Inc.	'	'
Class of Stock [Line Items]	'	'
Percentage ownership interest in Calamos Investments LLC (as a percent)	22.20%	'
Calamos Asset Management, Inc. | Class A Common Stock	'	'
Class of Stock [Line Items]	'	'
Issuance of common stock (in shares)	126,850	'
Issuance of common stock (126,850 Class A common shares)	1,400	'
Treasury Stock	'	'
Class of Stock [Line Items]	'	'
Repurchase of common stock by Calamos Investments LLC	2,711	'
Noncontrolling interest	-1,097	'
Non-controlling Interest in Calamos Investments LLC (Calamos Interests)	'	'
Class of Stock [Line Items]	'	'
Repurchase of common stock by Calamos Investments LLC	9,487	'
Impact on non-controlling interests as a result of dividends paid to Calamos Investments LLC on repurchased common stock	$119	'

Investment_Securities_Summary_

Investment Securities - Summary (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
In Thousands, unless otherwise specified
Trading securities:	'	'	'
Total investment securities	$360,256	$472,241	$358,408
Available-for-sale securities	'	'	'
Available-for-sale securities:	'	'	'
Cost	337,374	415,623	'
Unrealized Gains	18,971	17,025	'
Unrealized Losses	-944	-700	'
Fair Value	355,401	431,948	'
Available-for-sale securities | Equity	'	'	'
Available-for-sale securities:	'	'	'
Cost	197,416	211,970	'
Unrealized Gains	11,416	11,997	'
Unrealized Losses	-768	-679	'
Fair Value	208,064	223,288	'
Available-for-sale securities | Fixed income	'	'	'
Available-for-sale securities:	'	'	'
Cost	29,887	98,834	'
Unrealized Gains	818	430	'
Unrealized Losses	-1	-4	'
Fair Value	30,704	99,260	'
Available-for-sale securities | Lower-volatility equity	'	'	'
Available-for-sale securities:	'	'	'
Cost	67,841	67,836	'
Unrealized Gains	3,954	2,385	'
Unrealized Losses	-171	-15	'
Fair Value	71,624	70,206	'
Available-for-sale securities | Alternative	'	'	'
Available-for-sale securities:	'	'	'
Cost	40,664	35,436	'
Unrealized Gains	2,522	2,000	'
Unrealized Losses	-3	0	'
Fair Value	43,183	37,436	'
Available-for-sale securities | Other	'	'	'
Available-for-sale securities:	'	'	'
Cost	1,432	1,414	'
Unrealized Gains	196	133	'
Unrealized Losses	-1	-2	'
Fair Value	1,627	1,545	'
Available-for-sale securities | Total Funds	'	'	'
Available-for-sale securities:	'	'	'
Cost	337,240	415,490	'
Unrealized Gains	18,906	16,945	'
Unrealized Losses	-944	-700	'
Fair Value	355,202	431,735	'
Available-for-sale securities | Common stock	'	'	'
Available-for-sale securities:	'	'	'
Cost	134	133	'
Unrealized Gains	65	80	'
Unrealized Losses	0	0	'
Fair Value	199	213	'
Trading securities	'	'	'
Trading securities:	'	'	'
Cost	4,539	48,539	'
Unrealized Gains	316	320	'
Unrealized Losses	0	-8,566	'
Fair Value	$4,855	$40,293	'

Investment_Securities_Changes_

Investment Securities - Changes in Investment Securities (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Available-for-sale securities:	'	'
Proceeds from sales	$87,263	$54,996
Gross realized gains on sales	454	1,420
Trading securities:	'	'
Change in unrealized gains/losses	$8,562	$366

Investment_Securities_Tax_Prov

Investment Securities - Tax (Provision) Benefit on Unrealized Gains (Losses) and Gains (Losses) Reclassified out of AOCI (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Changes in unrealized gains	'	'
Before-Tax Amount	$2,518	$7,750
Tax Provision (Benefit)	336	634
After-Tax Amount	2,182	7,116
Reclassification adjustment for realized gains included in income	'	'
Before-Tax Amount	-816	-1,423
Tax Provision (Benefit)	-67	-117
After-Tax Amount	-749	-1,306
Other comprehensive income	'	'
Before-Tax Amount	1,702	6,327
Tax Provision (Benefit)	269	517
After-Tax Amount	$1,433	$5,810

Investment_Securities_Narrativ

Investment Securities - Narrative (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Investments [Abstract]	'	'
Investments in Funds	$360,100,000	$472,000,000
Investments in affiliated funds	360,100,000	427,600,000
Aggregate fair value of available-for-sale securities in unrealized loss position	50,300,000	14,000,000
Unrealized losses, temporary in nature	$900,000	$700,000

Derivative_Assets_and_Liabilit1

Derivative Assets and Liabilities (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Mar. 31, 2013
				Investment and other income (loss)
Derivative [Line Items]	'	'	'	'
Investment securities	$360,256,000	$472,241,000	$358,408,000	'
Net loss on derivatives	'	'	'	$1,700,000

Partnership_Investments_Detail

Partnership Investments (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Consolidated partnerships:	'	'	'	'
Cash and cash equivalents	$81,335	$39,078	$105,389	$106,796
Equity method investment in partnerships	3,866	3,812	'	'
Partnership investments, net	39,323	34,047	'	'
Consolidated partnerships:	'	'	'	'
Consolidated partnerships:	'	'	'	'
Securities owned	30,430	29,149	'	'
Cash and cash equivalents	15,087	12,208	'	'
Receivables for securities sold	1,332	1,076	'	'
Other current assets	0	30	'	'
Exchange-traded option contracts	23	94	'	'
Securities sold not yet purchased	-8,957	-10,670	'	'
Payables for securities purchased	-2,317	-1,576	'	'
Accrued expenses and other current liabilities	-141	-76	'	'
Total	$35,457	$30,235	'	'

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Funds	'	'
Total Funds	$333,400,000	$450,400,000
Securities sold but not yet purchased by partnership	'	'
Carrying value of long-term debt	92,115,000	92,115,000
Long-term debt fair value	102,200,000	104,400,000
Payment obligation associated with acquisition	1,700,000	3,400,000
Payment obligation fair value	1,600,000	3,300,000
Recurring | Carrying Value	'	'
Cash and cash equivalents	'	'
Money market funds	21,253,000	1,752,000
Funds	'	'
Equity	212,919,000	263,581,000
Fixed income	30,704,000	99,260,000
Lower-volatility equity	71,624,000	70,206,000
Alternative	43,183,000	37,436,000
Other	1,627,000	1,545,000
Total Funds	360,057,000	472,028,000
Common stock	199,000	213,000
Investment securities	360,256,000	472,241,000
Securities and derivatives owned by partnership	'	'
Common stocks	30,430,000	29,149,000
Exchange-traded put option contracts	59,000	150,000
Securities and derivatives owned by partnership (Note 5)	30,489,000	29,299,000
Securities sold but not yet purchased by partnership	'	'
Common stocks	-8,590,000	-10,185,000
Exchange-traded funds	-367,000	-485,000
Exchange-traded call option contracts	-36,000	-56,000
Securities sold but not yet purchased by partnership (Note 5)	-8,993,000	-10,726,000
Total	403,005,000	492,566,000
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)	'	'
Cash and cash equivalents	'	'
Money market funds	21,253,000	1,752,000
Funds	'	'
Equity	212,919,000	263,581,000
Fixed income	30,704,000	99,260,000
Lower-volatility equity	71,624,000	70,206,000
Alternative	43,183,000	37,436,000
Other	1,627,000	1,545,000
Total Funds	360,057,000	472,028,000
Common stock	199,000	213,000
Investment securities	360,256,000	472,241,000
Securities and derivatives owned by partnership	'	'
Common stocks	30,430,000	29,149,000
Exchange-traded put option contracts	59,000	150,000
Securities and derivatives owned by partnership (Note 5)	30,489,000	29,299,000
Securities sold but not yet purchased by partnership	'	'
Common stocks	-8,590,000	-10,185,000
Exchange-traded funds	-367,000	-485,000
Exchange-traded call option contracts	-36,000	-56,000
Securities sold but not yet purchased by partnership (Note 5)	-8,993,000	-10,726,000
Total	403,005,000	492,566,000
Recurring | Significant Other Observable Inputs (Level 2)	'	'
Cash and cash equivalents	'	'
Money market funds	0	0
Funds	'	'
Equity	0	0
Fixed income	0	0
Lower-volatility equity	0	0
Other	0	0
Total Funds	0	0
Common stock	0	0
Investment securities	0	0
Securities and derivatives owned by partnership	'	'
Common stocks	0	0
Exchange-traded put option contracts	0	0
Securities and derivatives owned by partnership (Note 5)	0	0
Securities sold but not yet purchased by partnership	'	'
Common stocks	0	0
Exchange-traded funds	'	0
Exchange-traded call option contracts	0	0
Securities sold but not yet purchased by partnership (Note 5)	0	0
Total	$0	$0

Loans_Payable_Details

Loans Payable (Details) (Margin Loan)	Mar. 31, 2014
Margin Loan	'
Short-term Debt [Line Items]	'
Margin loan interest rate effective percentage rate, maximum (as a percent)	2.50%
Percentage of borrowing upon marginal securities, maximum (as a percent)	70.00%

Stock_Based_Compensation_Detai

Stock Based Compensation (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Compensation expense recorded in connection with RSUs and stock options	$2,045,000	$1,490,000
Deferred tax assets	168,000	122,000
Total unrecognized compensation expense	24,300,000	'
Unrecognized compensation expense, expected weighted-average period to be recognized	'3 years 4 months 24 days	'
Additional paid-in capital	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Compensation expense recognized under stock incentive plans credited to additional paid-in capital	455,000	330,000
RSU	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Restricted stock units, granted (in shares)	834,949	'
Restricted stock units, forfeited (in shares)	11,051	'
Restricted stock units, vested (in shares)	157,006	'
Number of RSUs withheld for taxes (in shares)	30,156	'
Number of RSUs converted on a one-for-one basis for shares of company's Class A common stock (in shares)	126,850	'
Total intrinsic value and fair value of converted shares	1,400,000	'
Total tax benefit realized in connection with the vesting of RSUs	$170,000	'
Stock options	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock options granted (in shares)	0	'
Stock options forfeited (in shares)	122,711	'

NonOperating_Income_Details

Non-Operating Income (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Other Income and Expenses [Abstract]	'	'
Interest income	$39	$87
Interest expense	-1,504	-1,506
Net interest expense	-1,465	-1,419
Investment income	857	2,284
Dividend income	663	892
Miscellaneous other income	63	43
Investment and other income	1,583	3,219
Total non-operating income	$118	$1,800

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Income tax expense (benefit) [Abstract]	'	'
Income tax provision	$1,362	$1,976
Net income attributable to CAM	2,139	3,234
Income before taxes attributable to CAM	3,456	5,179
CAMbs effective income tax rate	38.10%	37.60%
Non-controlling Interest in Calamos Investments LLC	'	'
Income tax expense (benefit) [Abstract]	'	'
Income tax provision	-45	-31
Calamos Asset Management, Inc.	'	'
Income tax expense (benefit) [Abstract]	'	'
Income tax provision	$1,317	$1,945

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Earnings per share b basic:	'		'
Earnings available to common shareholders	$2,139		$3,234
Weighted average shares outstanding	19,079,163		20,301,373
Earnings per share b basic	$0.11		$0.16
Earnings per share b diluted:	'		'
Earnings available to common shareholders	$2,139		$3,234
Weighted average shares outstanding	19,079,163		20,301,373
Dilutive impact of restricted stock units	726,665		535,623
Weighted average shares outstanding	19,805,828		20,836,996
Earnings per share b diluted	$0.11		$0.16
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'		'
Anti-dilutive (in shares)	33,146,128		41,289,594
Shares of Class A common stock issuable upon an Exchange of Calamos Interestsb ownership in Calamos Investments | Class A Common Stock	'		'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'		'
Anti-dilutive (in shares)	31,167,271	[1]	39,102,589	[1]
Closing price of shares (in dollars per share)	$12.93		$11.77
Discount rate (as a percent)	12.00%		12.00%
Stock options	'		'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'		'
Anti-dilutive (in shares)	1,978,857		2,187,005
[1]	Number of shares calculated with the value of Calamos Investments LLC determined by using the closing price of our shares as of MarchB 31, 2014 ($12.93) and MarchB 31, 2013 ($11.77) as well as assuming said closing prices fully reflect all of CAM's assets; including the application of a 12% discount rate to certain deferred tax assets at each of MarchB 31, 2014 and 2013. The value of Calamos Investments is then multiplied by Calamos Interests' percentage ownership in Calamos Investments LLC, with the result divided by the applicable period-end closing price. See Note 2, Summary of Significant Accounting Policies - Principles of Consolidation, for a description of certain assets owned by CAM.