Calamos Asset Management (CLMS) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Entity Information [Line Items]
Entity Registrant Name	Calamos Asset Management, Inc. /DE/
Entity Central Index Key	1,299,033
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		20,530,571
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		100

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 90,018	$ 35,285
Receivables:
Affiliates and affiliated funds	15,321	16,024
Customers	4,188	2,967
Investment securities	278,074	339,959
Partnership investments	114,313	143,723
Prepaid expenses	3,983	3,188
Deferred tax assets, net	7,496	9,194
Other current assets	3,902	2,508
Total current assets	517,295	552,848
Non-current assets:
Deferred tax assets, net	29,200	31,067
Goodwill	6,380	6,380
Property and equipment, net of accumulated depreciation and amortization ($63,121 at June 30, 2015 and $61,145 at December 31, 2014)	13,583	14,246
Other non-current assets	2,059	2,615
Total non-current assets	51,222	54,308
Total assets	568,517	607,156
Current liabilities:
Distribution fees payable	8,212	10,614
Accrued compensation and benefits	14,785	24,476
Interest payable	1,390	1,386
Liabilities of partnership investments	253	10,117
Accrued expenses and other current liabilities	7,378	6,009
Total current liabilities	32,018	52,602
Non-current liabilities:
Long-term debt	45,955	45,955
Deferred rent	8,835	8,803
Other non-current liabilities	1,418	1,710
Total non-current liabilities	56,208	56,468
Total liabilities	88,226	109,070
Redeemable non-controlling interest in partnership investments	78,721	76,167
EQUITY
Additional paid-in capital	223,463	221,208
Retained earnings	85,970	89,311
Accumulated other comprehensive income	2,374	1,297
Treasury stock; 7,618,094 shares at June 30, 2015 and 7,070,059 shares at December 31, 2014	(110,829)	(107,129)
Calamos Asset Management, Inc. stockholders’ equity	201,230	204,937
Non-controlling interest in Calamos Investments LLC (Calamos Interests)	200,340	216,982
Total equity	401,570	421,919
Total liabilities and equity	568,517	607,156
Class A Common Stock
EQUITY
Common Stock	252	250
Class B Common Stock
EQUITY
Common Stock	$ 0	$ 0

CONSOLIDATED STATEMENTS OF FIN3

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Non-current assets:
Property and equipment, accumulated depreciation and amortization	$ 63,121	$ 61,145
EQUITY
Treasury stock (in shares)	7,618,094	7,070,059
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)	25,231,667	24,990,781
Common Stock, shares outstanding (in shares)	17,613,573	17,920,722
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 OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
REVENUES
Investment management fees	$ 48,962	$ 49,697	$ 94,910	$ 99,975
Distribution and underwriting fees	10,747	12,642	21,594	25,631
Other	642	666	1,264	1,329
Total revenues	60,351	63,005	117,768	126,935
EXPENSES
Employee compensation and benefits	21,848	19,730	46,722	43,726
Distribution expenses	10,489	12,307	21,006	24,958
Marketing and sales promotion	4,330	4,666	17,735	8,371
General and administrative	9,592	9,668	19,718	19,170
Total operating expenses	46,259	46,371	105,181	96,225
Operating income	14,092	16,634	12,587	30,710
NON-OPERATING INCOME
Net interest expense	(721)	(1,460)	(1,451)	(2,925)
Investment and other income	692	10,464	6,429	12,047
Total non-operating income (loss)	(29)	9,004	4,978	9,122
Income before income taxes	14,063	25,638	17,565	39,832
Income tax provision	1,275	2,046	1,740	3,408
Net income	12,788	23,592	15,825	36,424
Net income attributable to non-controlling interest in Calamos Investments LLC (Calamos Interests)	(11,249)	(17,183)	(11,137)	(27,813)
Net (income) loss attributable to redeemable non-controlling interest in partnership investments	494	(3,181)	(2,554)	(3,244)
Net income attributable to Calamos Asset Management, Inc.	$ 2,033	$ 3,228	$ 2,134	$ 5,367
Earnings per share:
Basic (in dollars per share)	$ 0.11	$ 0.18	$ 0.12	$ 0.29
Diluted (in dollars per share)	$ 0.11	$ 0.17	$ 0.11	$ 0.28
Weighted average shares outstanding:
Basic (in shares)	17,789,931	18,243,363	17,830,916	18,658,954
Diluted (in shares)	18,635,798	19,048,456	18,618,888	19,345,019
Cash dividends declared per share	$ 0.15	$ 0.125	$ 0.30	$ 0.25

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 12,788	$ 23,592	$ 15,825	$ 36,424
Unrealized gains on available-for-sale securities:
Unrealized gains	3,039	8,136	12,055	10,654
Reclassification adjustment for realized gains included in net income	(1,657)	(4,794)	(2,510)	(5,610)
Other comprehensive income, before income tax provision	1,382	3,342	9,545	5,044
Income tax provision related to other comprehensive income	184	156	632	425
After-Tax Amount	1,198	3,186	8,913	4,619
Comprehensive income	13,986	26,778	24,738	41,043
Comprehensive income attributable to non-controlling interest in Calamos Investments LLC (Calamos Interests)	(12,134)	(20,102)	(18,973)	(31,689)
Comprehensive (income) loss attributable to redeemable non-controlling interest in partnership investments	494	(3,181)	(2,554)	(3,244)
Comprehensive income attributable to Calamos Asset Management, Inc.	$ 2,346	$ 3,495	$ 3,211	$ 6,110

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income	Treasury Stock	Non-controlling Interest in Calamos Investments LLC (Calamos Interests)	Redeemable Non-controlling Interest in Partnership Investments
Beginning balance at Dec. 31, 2014	$ 421,919	$ 250	$ 221,208	$ 89,311	$ 1,297	$ (107,129)	$ 216,982	$ 76,167
Increase (Decrease) in Stockholders' Equity
Net income	13,271			2,134			11,137	2,554
Other comprehensive income	8,913				1,077		7,836
Issuance of common stock (240,886 Class A common shares)		2	(2)
Repurchase of common stock by Calamos Investments LLC (548,035 Class A common shares)	(6,744)					(1,498)	(5,246)
Impact of the redemption of common stock from Calamos Investments LLC by Calamos Asset Management, Inc. (240,886 Class A common shares)			2,202			(2,202)
Cumulative impact of changes in ownership of Calamos Investments LLC	(674)		(108)				(566)	0
Compensation expense recognized under stock incentive plans	3,568		792				2,776
Impact on non-controlling interests as a result of dividends paid to Calamos Investments LLC on repurchased common stock			(629)				629
Dividend equivalent accrued under stock incentive plans	(559)			(124)			(435)
Equity and tax distributions paid to non-controlling interests in Calamos Investments LLC (Calamos Interests)	(32,773)						(32,773)
Dividends declared	(5,351)			(5,351)
Ending balance at Jun. 30, 2015	$ 401,570	$ 252	$ 223,463	$ 85,970	$ 2,374	$ (110,829)	$ 200,340	$ 78,721

CONSOLIDATED STATEMENTS OF CHA7

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - Class A Common Stock - shares	6 Months Ended
	Jun. 30, 2015
Issuance of common stock (in shares)	240,886
Repurchase of common stock (in shares)	548,035
Redemption of common stock (in shares)	240,886

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statement of Cash Flows [Abstract]
Cash and cash equivalents at beginning of period	$ 35,285	$ 39,078
Cash flows provided by operating activities:
Net income	15,825	36,424
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred sales commissions	950	1,346
Other depreciation and amortization	2,204	2,196
Loss on disposal of property and equipment	71	(110)
Deferred rent	32	(127)
Change in unrealized gains on trading securities, derivative assets, derivative liabilities and partnership investments	(8,331)	(10,179)
Net realized losses on sale of investment securities, derivative assets, derivative liabilities and partnership investments	2,566	2,707
Deferred taxes, net	2,989	5,120
Stock-based compensation	3,568	2,775
Employee taxes paid on vesting under stock incentive plans	(730)	(477)
Receivables:
Affiliates and affiliated funds, net	703	179
Customers	(1,221)	2,065
Other assets	(2,595)	(4,572)
Increase (decrease) in liabilities:
Distribution fees payable	(2,402)	(378)
Accrued compensation and benefits	(9,691)	(7,755)
Accrued expenses and other liabilities	467	(2,112)
Net cash provided by operating activities	4,405	27,102
Cash flows provided by investing activities:
Net additions to property and equipment	(1,600)	(701)
Purchases of investment securities	(7,068)	(68,023)
Proceeds from sale of investment securities	80,669	232,192
Contributions to partnership investments	0	(38,091)
Distributions from partnership investments	23,139	0
Net cash provided by investing activities	95,140	125,377
Cash flows used in financing activities:
Deferred tax benefit (expense) on vesting under stock incentive plans	56	(10)
Repurchase of common stock by Calamos Investments LLC (548,035 at June 30, 2015, and 1,779,670 at June 30, 2014 Class A common shares)	(6,744)	(21,591)
Equity distributions paid to non-controlling interests (Calamos Interests)	(23,338)	(38,897)
Tax distributions paid to non-controlling interests (Calamos Interests)	(9,435)	(15,695)
Cash dividends paid to common stockholders	(5,351)	(4,722)
Net cash used in financing activities	(44,812)	(80,915)
Net increase in cash and cash equivalents	54,733	71,564
Cash and cash equivalents at end of period	90,018	110,642
Cash paid for:
Income taxes, net	62	155
Interest	$ 1,516	$ 2,977

CONSOLIDATED STATEMENTS OF CAS9

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Class A Common Stock
Repurchase of common stock (in shares)	548,035	1,779,670

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Calamos Asset Management, Inc. (“CAM”), representing the public shares outstanding, as of June 30, 2015 , owned 22.2% of the operating company, Calamos Investments LLC (“Calamos Investments”), with the remaining 77.8% privately owned 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. 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, and 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. 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 June 30, 2015 : (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 17.13% ownership interest of Class A common stock. The calculation of ownership interest includes options and restricted stock units ( "RSUs" ) that vest within 60 days , as well as CFP’s indirect 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, an exchange traded fund 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 included within the open-end funds.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 and for the three and six months ended June 30, 2015 , and 2014 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, 2014 . 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-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 June 30, 2015 and December 31, 2014 , 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 it has exclusive economic rights. As of June 30, 2015 and December 31, 2014 , these assets included cash, cash equivalents and investment securities of $78.6 million and $79.3 million , net current and non-current deferred tax assets of $36.7 million and $40.3 million , net current income taxes receivable of $3.8 million and $2.4 million , and a loan receivable from Calamos Investments of $25.0 million and $21.0 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 $17.6 million and $39.8 million for the six months ended June 30, 2015 and 2014 , respectively, each included $654,000 and $729,000 , respectively, of interest income, dividend income and realized gains and losses on cash and cash equivalents held solely by CAM. These portions of CAM’s income and expense are not affected by non-controlling interests. Calamos Investments, through its wholly owned subsidiaries and affiliates, is indirectly the general partner and controls the operations of Calamos Global Opportunities Fund LP, for which it acquired a majority interest in the partnership during the second quarter of 2014. The results of this partnership are included in the Company's consolidated financial statements for the year ended December 31, 2014 and the six months ended June 30, 2015 . Calamos Investments, through a wholly owned subsidiary, was indirectly the general partner and controlled the operations of Calamos Arista Strategic Fund LP, a U.S. feeder fund, and Calamos Arista Strategic Fund Ltd, an offshore feeder fund, both to Calamos Arista Strategic Master Fund LTD, a hedge fund in the Cayman Islands. As Calamos Investments was the general partner and controlled the operations of Calamos Arista Strategic Fund LP and Calamos Arista Strategic Fund Ltd, the results of these partnerships and the master fund were included in the Company’s consolidated financial results for the year ended December 31, 2014 . Calamos Arista Strategic Fund LP was liquidated on December 26, 2014. The partnership redemptions were completed during the first quarter of 2015 for proceeds of $23.1 million . For the year ended December 31, 2014 , the amount due to non-controlling interest of $7.7 million related to this partnership investment was presented in liabilities of partnership investments in our consolidated statements of financial condition. The operations of Calamos International Growth Fund LP were controlled by CAL, the general partner. 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, 2014 . 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 as partnership investments and liabilities of partnership investments, respectively, in the consolidated statements of financial condition. The net income for these partnerships are included in investment and other income in the consolidated statements of operations, and the change in partnership investments is included in contributions to or distributions from partnership investments in the consolidated statements of cash flows. 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 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 On November 13, 2014, the Company announced a repurchase of up to an additional 3 million shares of the Company's outstanding Class A Common Stock primarily to continue to manage the dilution from share issuances under the Company’s incentive compensation plan. During the six months ended June 30, 2015 , Calamos Investments repurchased 548,035 shares of Class A common stock, at an average purchase price of $12.31 and a total cost of $6.7 million under this repurchase program. 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 $1.5 million is reported in treasury stock, with Calamos Interests’ 77.8% ownership interest in these shares totaling $5.2 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 and six months ended June 30, 2015 , CAM redeemed 83,445 and 240,886 , respectively, Class A common shares from Calamos Investments for a value of $1.0 million and $2.8 million , respectively, 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 $764,000 and $2.2 million , respectively. During the three and six months ended June 30, 2015 , dividends on shares held by Calamos Investments totaled $397,000 and $808,000 , respectively. The payment of these dividends increased Calamos Investments' equity resulting in a $309,000 adjustment for the second quarter of 2015 , and a $629,000 adjustment for the six months ended June 30, 2015 , from additional paid in capital to non-controlling interest in Calamos Investments LLC in the consolidated statement of changes in equity. These adjustments represent Calamos Interests' ownership interest in those dividend payments. 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, 2014 .

Investment Securities

Investment Securities	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 and December 31, 2014 : (in thousands) June 30, 2015 Cost Unrealized Gains Unrealized Losses Fair Value Available-for-sale securities: Funds Equity Global Growth $ 130,327 $ 9,810 $ (807 ) $ 139,330 U.S. Growth 64,376 6,731 (52 ) 71,055 Value 5,098 52 (140 ) 5,010 Alternative 31,117 1,190 (1 ) 32,306 Fixed Income/High Yield 17,843 60 (176 ) 17,727 Convertible 5,162 104 (2 ) 5,264 Multi-Strategy 1,551 158 (25 ) 1,684 Total Funds 255,474 18,105 (1,203 ) 272,376 Common stock 138 129 — 267 Total available-for-sale securities $ 255,612 $ 18,234 $ (1,203 ) $ 272,643 Trading securities: Funds Equity U.S. Growth $ 5,147 $ 284 $ — $ 5,431 Total investment securities $ 278,074 (in thousands) December 31, 2014 Cost Unrealized Gains Unrealized Losses Fair Value Available-for-sale securities: Funds Equity Global Growth $ 142,610 $ 5,275 $ (1,872 ) $ 146,013 U.S. Growth 64,526 3,194 (410 ) 67,310 Value 9,979 286 (171 ) 10,094 Alternative 40,752 1,283 (4 ) 42,031 Fixed Income/High Yield 17,596 1 (423 ) 17,174 Convertible 10,163 15 (1 ) 10,177 Multi-Strategy 1,494 198 (9 ) 1,683 Total Funds 287,120 10,252 (2,890 ) 294,482 Common stock 136 125 — 261 Total available-for-sale securities $ 287,256 $ 10,377 $ (2,890 ) $ 294,743 Trading securities: Funds Equity U.S. Growth $ 52,147 $ 33 $ (6,964 ) $ 45,216 Total investment securities $ 339,959 The investments in Funds at June 30, 2015 and December 31, 2014 , of $277.8 million and $339.7 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 June 30, 2015 and December 31, 2014 was $35.3 million and $98.1 million , respectively. As of June 30, 2015 and December 31, 2014 , the Company had no investment securities that had been in a continuous loss position for 12 months or longer. The Company recorded an other-than-temporary impairment charge of $811,000 for the three and six months ended June 30, 2015 on certain available-for-sale securities with unrealized losses. No other-than-temporary impairment charges were recorded for the three and six months ended June 30, 2014 . The other-than-temporary impairment charges were reported in non-operating income (loss), in the consolidated statements of operations. As of June 30, 2015 and December 31, 2014 , the Company believes that the remaining $1.2 million and $2.9 million , 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. The following table provides a summary of changes in investment securities for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended (in thousands) 2015 2014 2015 2014 Available-for-sale securities: Proceeds from sales $ 25,572 $ 107,065 $ 40,572 $ 194,328 Gross realized gains on sales $ 2,013 $ 5,018 $ 2,558 $ 5,472 Trading securities: Change in unrealized gains (losses) $ (605 ) $ (125 ) $ 7,215 $ 8,437 The table below summarizes the tax provision on unrealized gains and gains reclassified out of accumulated other comprehensive income (loss) on available-for-sale securities for the three and six months ended June 30, 2015 and 2014 : Three Months Ended Three Months Ended (in thousands) Before-Tax Amount Tax Provision After-Tax Before-Tax Amount Tax Provision After-Tax Available-for-sale securities: Changes in unrealized gains $ 3,039 $ 320 $ 2,719 $ 8,136 $ 635 $ 7,501 Reclassification adjustment for realized gains included in income (1,657 ) (136 ) (1,521 ) (4,794 ) (479 ) (4,315 ) Other comprehensive income $ 1,382 $ 184 $ 1,198 $ 3,342 $ 156 $ 3,186 Six Months Ended Six Months Ended (in thousands) Before-Tax Amount Tax Provision After-Tax Before-Tax Amount Tax Provision After-Tax Available-for-sale securities: Changes in unrealized gains $ 12,055 $ 1,084 $ 10,971 $ 10,654 $ 971 $ 9,683 Reclassification adjustment for realized gains included in income (2,510 ) (452 ) (2,058 ) (5,610 ) (546 ) (5,064 ) Other comprehensive income $ 9,545 $ 632 $ 8,913 $ 5,044 $ 425 $ 4,619 Reclassification of realized gains out of accumulated other comprehensive income are reported in non-operating income (loss), in investment income, in the consolidated statement of operations. See Note 9, Non-Operating Income (Loss) .

Derivative Assets and Liabiliti

Derivative Assets and Liabilities	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Assets and Liabilities	Derivative Assets and Liabilities The Company may use 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 that could result in realized or unrealized gains and losses. The Company's investment securities, totaling $278.1 million at June 30, 2015 , consist primarily of positions in several Calamos equity and fixed income funds. The equity price risk in the investment portfolio may be 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 are 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 did not record a gain or loss for the three and six months ended June 30, 2015 and 2014 . The Company may use these derivatives for risk management purposes but does not designate the contracts as hedges for accounting purposes. The Company had no derivative instruments outstanding as of June 30, 2015 and 2014.

Partnership Investments

Partnership Investments	6 Months Ended
	Jun. 30, 2015
Partnership Investments [Abstract]
Partnership Investments	Partnership Investments Presented below are the underlying assets and liabilities of the partnerships that the Company reports on a consolidated basis, as well as partnership investments that the Company accounts for under the equity method. These investments are presented as partnership investments and liabilities of partnership investments, respectively, in its consolidated statements of financial condition as of June 30, 2015 and December 31, 2014 . (in thousands) June 30, 2015 December 31, 2014 Consolidated partnerships: Assets Securities owned $ 108,264 $ 103,079 Cash and cash equivalents 5,445 39,205 Receivables for securities sold 305 — Other current assets 192 1,188 Exchange-traded option contracts, net 63 201 Total assets of consolidated partnerships $ 114,269 $ 143,673 Liabilities Payables for securities purchased $ — $ (2,256 ) Due to non-controlling interest in partnership investments — (7,719 ) Accrued expenses and other current liabilities (253 ) (142 ) Total $ (253 ) $ (10,117 ) Equity method investment in partnerships $ 44 $ 50 Profits and losses are allocated to the general partner and limited partners in proportion to their ownership interests at the beginning of each month. Partners' admissions, additional contributions and withdrawals are permitted on a monthly basis. Calamos Arista Strategic Fund LP was liquidated on December 26, 2014. The partnership redemptions were completed during the first quarter of 2015 for proceeds of $23.1 million . This investment is presented as a consolidated partnership as of the year ended December 31, 2014 , in the table above. During the second quarter of 2014, Calamos Investments, through its wholly owned subsidiaries and affiliates, acquired a majority interest in Calamos Global Opportunities Fund LP. This investment is presented as a consolidated partnership as of December 31, 2014 , and June 30, 2015 .

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
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 $255.0 million and $312.8 million at the end of June 30, 2015 and December 31, 2014 , 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 ask 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. Debt securities are valued based upon prices received from an independent pricing service or from a dealer or broker who makes markets in such securities. Pricing services utilize various observable market data and as such, debt securities are generally categorized as Level 2. 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 June 30, 2015 and December 31, 2014 , 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) Description June 30, 2015 Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Cash and cash equivalents Money market funds $ 26,220 $ 26,220 $ — Investment securities (Note 3) Funds Equity Global Growth 139,330 139,330 — U.S. Growth 76,486 76,486 — Value 5,010 5,010 — Alternative 33,672 33,672 — Fixed Income/High Yield 17,727 12,575 5,152 Convertible 5,264 5,264 — Multi-Strategy 1,684 1,684 — Total Funds 279,173 274,021 5,152 Common stock 267 267 — Investment securities 279,440 274,288 5,152 Securities and derivatives owned by partnership investments (Note 5) Common stocks 56,246 29,163 27,083 Preferred stocks 6,257 5,337 920 Convertible bonds 43,636 — 43,636 Corporate bonds 2,125 — 2,125 Money market funds 5,396 5,396 — Foreign currency 49 49 — Exchange-traded put option contracts 63 63 — 113,772 40,008 73,764 Securities sold but not yet purchased (Note 3) Common stocks (1,366 ) (1,366 ) — Total $ 418,066 $ 339,150 $ 78,916 Fair Value Measurements Using (in thousands) Description December 31, 2014 Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Cash and cash equivalents Money market funds $ 1,209 $ 1,209 $ — Investment securities (Note 3) Funds Equity Global Growth 146,013 146,013 — U.S. Growth 112,526 112,526 — Value 12,218 12,218 — Alternative 42,031 42,031 — Fixed Income/High Yield 17,174 12,174 5,000 Convertible 11,021 11,021 — Multi-Strategy 1,683 1,683 — Total Funds 342,666 337,666 5,000 Common stock 261 261 — Investment securities 342,927 337,927 5,000 Securities and derivatives owned by partnership investments (Note 5) Common stocks 51,403 26,237 25,166 Preferred stocks 5,736 2,281 3,455 Convertible bonds 41,119 — 41,119 Corporate bonds 4,821 — 4,821 Money market funds 37,060 7,851 29,209 Foreign currency 513 513 — Exchange-traded put option contracts 201 201 — 140,853 37,083 103,770 Securities sold but not yet purchased (Note 3) Common stocks (2,968 ) (2,968 ) — Total $ 482,021 $ 373,251 $ 108,770 The fair value of the Company’s long-term debt, which has a total carrying value of $46.0 million at June 30, 2015 and December 31, 2014 , was $53.4 million and $54.2 million , respectively. During the third quarter of 2014, $46.2 million of senior notes outstanding were repaid. The fair value and carrying value of the Company’s payment obligation was $1.7 million at June 30, 2015 , and December 31, 2014 . This obligation is associated with the Company's purchase of Black Capital LLC in 2012, reported in other 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	6 Months Ended
	Jun. 30, 2015
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 1.5% 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 June 30, 2015 and December 31, 2014 .

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2015
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, 2014 provides details of this plan and its provisions. During the six months ended June 30, 2015 , the Company granted 780,649 RSUs and there were 282,546 RSUs forfeited. During the same period, the Company granted no stock options and there were 251,806 stock options forfeited. During the six months ended June 30, 2015 , 298,558 RSUs vested with 57,672 units withheld for taxes and 240,886 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 $3.1 million . The total tax benefit realized in connection with the vesting of the RSUs during the six months ended June 30, 2015 was $362,000 , as the Company receives tax benefits based upon the portion of Calamos Investments’ expense that it recognizes. During the six months ended June 30, 2015 and 2014 , compensation expense recorded in connection with the RSUs and stock options was $3.6 million and $2.8 million , respectively, of which $792,000 and $617,000 , respectively, was credited as additional paid-in capital after giving effect to the non-controlling interests. The amount of deferred tax asset created was $293,000 and $228,000 during the six months ended June 30, 2015 and 2014 , respectively. As of June 30, 2015 , $18.5 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 3.0 years.

Non-Operating Income (Loss)

Non-Operating Income (Loss)	6 Months Ended
	Jun. 30, 2015
Other Income and Expenses [Abstract]
Non-Operating Income (Loss)	Non-Operating Income (Loss) Non-operating income (loss) was comprised of the following components for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended (in thousands) 2015 2014 2015 2014 Interest income $ 45 $ 50 $ 89 $ 89 Interest expense (766 ) (1,510 ) (1,540 ) (3,014 ) Net interest expense (721 ) (1,460 ) (1,451 ) (2,925 ) Investment income 241 9,912 5,767 10,769 Dividend income 299 347 526 1,010 Miscellaneous other income 152 205 136 268 Investment and other income 692 10,464 6,429 12,047 Non-operating income (loss) $ (29 ) $ 9,004 $ 4,978 $ 9,122

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
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 June 30, Six Months Ended 2015 2014 2015 2014 (in thousands) Income tax provision $ 1,275 $ 2,046 $ 1,740 $ 3,408 Income tax provision attributable to non-controlling interest in Calamos Investments (17 ) (34 ) (31 ) (79 ) Income tax provision attributable to CAM 1,258 2,012 1,709 3,329 Net income attributable to CAM 2,033 3,228 2,134 5,367 Income before taxes attributable to CAM $ 3,291 $ 5,240 $ 3,843 $ 8,696 CAM’s effective income tax rate 38.2 % 38.4 % 44.5 % 38.3 % CAM's effective income tax rate was 38.2% for the second quarter of 2015 , compared with 38.4% for the second quarter of 2014 . For the first six months of 2015 , CAM's effective income tax rate was 44.5% , compared with 38.3% for the first six months of 2014 , a result of $238,000 of deferred tax expense related to expired employee stock options. As of December 31, 2014 , the Company's total capital loss carryforward was $456,000 which will expire in 2017, if not used before the expiration date. As of June 30, 2015 , the Company did not have a valuation allowance on this deferred tax asset.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2015
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 Six Months Ended (in thousands, except per share amounts) 2015 2014 2015 2014 Earnings per share – basic: Earnings available to common shareholders $ 2,033 $ 3,228 $ 2,134 $ 5,367 Weighted average shares outstanding 17,790 18,243 17,831 18,659 Earnings per share – basic $ 0.11 $ 0.18 $ 0.12 $ 0.29 Earnings per share – diluted: Earnings available to common shareholders $ 2,033 $ 3,228 $ 2,134 $ 5,367 Weighted average shares outstanding 17,790 18,243 17,831 18,659 Dilutive impact of restricted stock units 846 805 788 686 Weighted average shares outstanding 18,636 19,048 18,619 19,345 Earnings per share – diluted $ 0.11 $ 0.17 $ 0.11 $ 0.28 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 June 30, 2015 , and 2014 , 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 Six Months Ended 2015 2014 2015 2014 Shares of Class A common stock issuable upon an Exchange of Calamos Interests’ ownership in Calamos Investments* 23,495,196 30,782,715 23,495,196 30,782,715 Restricted stock units 5,250 — 11,874 — Stock options 1,177,361 1,970,507 1,177,361 1,970,507 Total 24,677,807 32,753,222 24,684,431 32,753,222 * Number of shares calculated with the value of Calamos Investments determined by using the closing price of our shares as of June 30, 2015 ( $12.25 ) and June 30, 2014 ( $13.39 ) 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 June 30, 2015 and 2014 . The value of Calamos Investments is then multiplied by Calamos Interests' percentage ownership in Calamos Investments, 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.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies On March 31, 2015, the initial public offering of a Calamos-sponsored closed-end fund was completed with underwriters of the closed-end fund subsequently exercising a portion of their over-allotment option, the closing of which over-allotment option occurred on May 13, 2015. As contemplated in the fund's prospectus, CAL, the fund's investment adviser has implemented a share purchase program pursuant to which CAL will, through a plan agent, purchase up to $20 million of common shares of the fund in the open market, subject to applicable federal securities laws as well as to a variety of market and discount conditions and a daily purchase limit. The purchase plan, which seeks to provide increased liquidity for the fund's common shares, commenced on July 7, 2015 and will run through February 25, 2016. Subsequent to June 30, 2015 , CAL purchased $2.7 million of common shares of the fund under this program. In the normal course of business, the Company may be party to various legal proceedings from time to time. Management believes that a current complaint filed against CAL and CFS, alleging breaches of fiduciary duties with respect to the receipt of advisory, distribution and servicing fees paid by an open-end investment company advised by CAL, is without merit and CAL and CFS intend to defend themselves vigorously against the allegations. Currently, management believes that the ultimate resolution of this legal proceeding will not materially affect the Company’s business, financial position or results of operations and that the likelihood of a material adverse impact is remote.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
Accounting Policies [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 will become effective in future years, with respect to the Company’s consolidated financial statements, is described below: In February 2015, the Financial Accounting Standards Board ( "FASB" ) issued an accounting update amending the consolidation requirements under GAAP. This standard modifies existing consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. This guidance is effective for annual and interim periods beginning after December 15, 2015, and requires either a retrospective or a modified retrospective approach to adoption. Early adoption is permitted. The Company is currently evaluating the potential impact of this standard on its results of operations, cash flows or financial position, as well as the available transition methods. In May 2014, the FASB issued new guidance on revenue from contracts with customers. The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB decided to defer the effective date of the new revenue guidance by one year to annual reporting periods beginning after December 15, 2017, with early adoption being permitted for annual periods beginning after December 15, 2016. The Company's effective date is January 1, 2018. The Company is evaluating the effect of adopting this new accounting guidance but does not expect adoption will have a material impact on its results of operations, cash flows or financial position.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [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 will become effective in future years, with respect to the Company’s consolidated financial statements, is described below: In February 2015, the Financial Accounting Standards Board ( "FASB" ) issued an accounting update amending the consolidation requirements under GAAP. This standard modifies existing consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. This guidance is effective for annual and interim periods beginning after December 15, 2015, and requires either a retrospective or a modified retrospective approach to adoption. Early adoption is permitted. The Company is currently evaluating the potential impact of this standard on its results of operations, cash flows or financial position, as well as the available transition methods. In May 2014, the FASB issued new guidance on revenue from contracts with customers. The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB decided to defer the effective date of the new revenue guidance by one year to annual reporting periods beginning after December 15, 2017, with early adoption being permitted for annual periods beginning after December 15, 2016. The Company's effective date is January 1, 2018. The Company is evaluating the effect of adopting this new accounting guidance but does not expect adoption will have a material impact on its results of operations, cash flows or financial position.
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-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 June 30, 2015 and December 31, 2014 , 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 it has exclusive economic rights. As of June 30, 2015 and December 31, 2014 , these assets included cash, cash equivalents and investment securities of $78.6 million and $79.3 million , net current and non-current deferred tax assets of $36.7 million and $40.3 million , net current income taxes receivable of $3.8 million and $2.4 million , and a loan receivable from Calamos Investments of $25.0 million and $21.0 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 $17.6 million and $39.8 million for the six months ended June 30, 2015 and 2014 , respectively, each included $654,000 and $729,000 , respectively, of interest income, dividend income and realized gains and losses on cash and cash equivalents held solely by CAM. These portions of CAM’s income and expense are not affected by non-controlling interests. Calamos Investments, through its wholly owned subsidiaries and affiliates, is indirectly the general partner and controls the operations of Calamos Global Opportunities Fund LP, for which it acquired a majority interest in the partnership during the second quarter of 2014. The results of this partnership are included in the Company's consolidated financial statements for the year ended December 31, 2014 and the six months ended June 30, 2015 . Calamos Investments, through a wholly owned subsidiary, was indirectly the general partner and controlled the operations of Calamos Arista Strategic Fund LP, a U.S. feeder fund, and Calamos Arista Strategic Fund Ltd, an offshore feeder fund, both to Calamos Arista Strategic Master Fund LTD, a hedge fund in the Cayman Islands. As Calamos Investments was the general partner and controlled the operations of Calamos Arista Strategic Fund LP and Calamos Arista Strategic Fund Ltd, the results of these partnerships and the master fund were included in the Company’s consolidated financial results for the year ended December 31, 2014 . Calamos Arista Strategic Fund LP was liquidated on December 26, 2014. The partnership redemptions were completed during the first quarter of 2015 for proceeds of $23.1 million . For the year ended December 31, 2014 , the amount due to non-controlling interest of $7.7 million related to this partnership investment was presented in liabilities of partnership investments in our consolidated statements of financial condition. The operations of Calamos International Growth Fund LP were controlled by CAL, the general partner. 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, 2014 . 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 as partnership investments and liabilities of partnership investments, respectively, in the consolidated statements of financial condition. The net income for these partnerships are included in investment and other income in the consolidated statements of operations, and the change in partnership investments is included in contributions to or distributions from partnership investments in the consolidated statements of cash flows. 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 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)	6 Months Ended
	Jun. 30, 2015
Investments [Abstract]
Summary of investment securities	The following table provides a summary of investment securities as of June 30, 2015 and December 31, 2014 : (in thousands) June 30, 2015 Cost Unrealized Gains Unrealized Losses Fair Value Available-for-sale securities: Funds Equity Global Growth $ 130,327 $ 9,810 $ (807 ) $ 139,330 U.S. Growth 64,376 6,731 (52 ) 71,055 Value 5,098 52 (140 ) 5,010 Alternative 31,117 1,190 (1 ) 32,306 Fixed Income/High Yield 17,843 60 (176 ) 17,727 Convertible 5,162 104 (2 ) 5,264 Multi-Strategy 1,551 158 (25 ) 1,684 Total Funds 255,474 18,105 (1,203 ) 272,376 Common stock 138 129 — 267 Total available-for-sale securities $ 255,612 $ 18,234 $ (1,203 ) $ 272,643 Trading securities: Funds Equity U.S. Growth $ 5,147 $ 284 $ — $ 5,431 Total investment securities $ 278,074 (in thousands) December 31, 2014 Cost Unrealized Gains Unrealized Losses Fair Value Available-for-sale securities: Funds Equity Global Growth $ 142,610 $ 5,275 $ (1,872 ) $ 146,013 U.S. Growth 64,526 3,194 (410 ) 67,310 Value 9,979 286 (171 ) 10,094 Alternative 40,752 1,283 (4 ) 42,031 Fixed Income/High Yield 17,596 1 (423 ) 17,174 Convertible 10,163 15 (1 ) 10,177 Multi-Strategy 1,494 198 (9 ) 1,683 Total Funds 287,120 10,252 (2,890 ) 294,482 Common stock 136 125 — 261 Total available-for-sale securities $ 287,256 $ 10,377 $ (2,890 ) $ 294,743 Trading securities: Funds Equity U.S. Growth $ 52,147 $ 33 $ (6,964 ) $ 45,216 Total investment securities $ 339,959
Changes in investment securities	The following table provides a summary of changes in investment securities for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended (in thousands) 2015 2014 2015 2014 Available-for-sale securities: Proceeds from sales $ 25,572 $ 107,065 $ 40,572 $ 194,328 Gross realized gains on sales $ 2,013 $ 5,018 $ 2,558 $ 5,472 Trading securities: Change in unrealized gains (losses) $ (605 ) $ (125 ) $ 7,215 $ 8,437
Summary of tax (provision) benefit on unrealized gains	The table below summarizes the tax provision on unrealized gains and gains reclassified out of accumulated other comprehensive income (loss) on available-for-sale securities for the three and six months ended June 30, 2015 and 2014 : Three Months Ended Three Months Ended (in thousands) Before-Tax Amount Tax Provision After-Tax Before-Tax Amount Tax Provision After-Tax Available-for-sale securities: Changes in unrealized gains $ 3,039 $ 320 $ 2,719 $ 8,136 $ 635 $ 7,501 Reclassification adjustment for realized gains included in income (1,657 ) (136 ) (1,521 ) (4,794 ) (479 ) (4,315 ) Other comprehensive income $ 1,382 $ 184 $ 1,198 $ 3,342 $ 156 $ 3,186 Six Months Ended Six Months Ended (in thousands) Before-Tax Amount Tax Provision After-Tax Before-Tax Amount Tax Provision After-Tax Available-for-sale securities: Changes in unrealized gains $ 12,055 $ 1,084 $ 10,971 $ 10,654 $ 971 $ 9,683 Reclassification adjustment for realized gains included in income (2,510 ) (452 ) (2,058 ) (5,610 ) (546 ) (5,064 ) Other comprehensive income $ 9,545 $ 632 $ 8,913 $ 5,044 $ 425 $ 4,619

Partnership Investments (Tables

Partnership Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Partnership Investments [Abstract]
Partnership investments	These investments are presented as partnership investments and liabilities of partnership investments, respectively, in its consolidated statements of financial condition as of June 30, 2015 and December 31, 2014 . (in thousands) June 30, 2015 December 31, 2014 Consolidated partnerships: Assets Securities owned $ 108,264 $ 103,079 Cash and cash equivalents 5,445 39,205 Receivables for securities sold 305 — Other current assets 192 1,188 Exchange-traded option contracts, net 63 201 Total assets of consolidated partnerships $ 114,269 $ 143,673 Liabilities Payables for securities purchased $ — $ (2,256 ) Due to non-controlling interest in partnership investments — (7,719 ) Accrued expenses and other current liabilities (253 ) (142 ) Total $ (253 ) $ (10,117 ) Equity method investment in partnerships $ 44 $ 50

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
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) Description June 30, 2015 Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Cash and cash equivalents Money market funds $ 26,220 $ 26,220 $ — Investment securities (Note 3) Funds Equity Global Growth 139,330 139,330 — U.S. Growth 76,486 76,486 — Value 5,010 5,010 — Alternative 33,672 33,672 — Fixed Income/High Yield 17,727 12,575 5,152 Convertible 5,264 5,264 — Multi-Strategy 1,684 1,684 — Total Funds 279,173 274,021 5,152 Common stock 267 267 — Investment securities 279,440 274,288 5,152 Securities and derivatives owned by partnership investments (Note 5) Common stocks 56,246 29,163 27,083 Preferred stocks 6,257 5,337 920 Convertible bonds 43,636 — 43,636 Corporate bonds 2,125 — 2,125 Money market funds 5,396 5,396 — Foreign currency 49 49 — Exchange-traded put option contracts 63 63 — 113,772 40,008 73,764 Securities sold but not yet purchased (Note 3) Common stocks (1,366 ) (1,366 ) — Total $ 418,066 $ 339,150 $ 78,916 Fair Value Measurements Using (in thousands) Description December 31, 2014 Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Cash and cash equivalents Money market funds $ 1,209 $ 1,209 $ — Investment securities (Note 3) Funds Equity Global Growth 146,013 146,013 — U.S. Growth 112,526 112,526 — Value 12,218 12,218 — Alternative 42,031 42,031 — Fixed Income/High Yield 17,174 12,174 5,000 Convertible 11,021 11,021 — Multi-Strategy 1,683 1,683 — Total Funds 342,666 337,666 5,000 Common stock 261 261 — Investment securities 342,927 337,927 5,000 Securities and derivatives owned by partnership investments (Note 5) Common stocks 51,403 26,237 25,166 Preferred stocks 5,736 2,281 3,455 Convertible bonds 41,119 — 41,119 Corporate bonds 4,821 — 4,821 Money market funds 37,060 7,851 29,209 Foreign currency 513 513 — Exchange-traded put option contracts 201 201 — 140,853 37,083 103,770 Securities sold but not yet purchased (Note 3) Common stocks (2,968 ) (2,968 ) — Total $ 482,021 $ 373,251 $ 108,770

Non-Operating Income (Loss) (Ta

Non-Operating Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2015
Other Income and Expenses [Abstract]
Non-Operating Income (Loss)	Non-operating income (loss) was comprised of the following components for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended (in thousands) 2015 2014 2015 2014 Interest income $ 45 $ 50 $ 89 $ 89 Interest expense (766 ) (1,510 ) (1,540 ) (3,014 ) Net interest expense (721 ) (1,460 ) (1,451 ) (2,925 ) Investment income 241 9,912 5,767 10,769 Dividend income 299 347 526 1,010 Miscellaneous other income 152 205 136 268 Investment and other income 692 10,464 6,429 12,047 Non-operating income (loss) $ (29 ) $ 9,004 $ 4,978 $ 9,122

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, Six Months Ended 2015 2014 2015 2014 (in thousands) Income tax provision $ 1,275 $ 2,046 $ 1,740 $ 3,408 Income tax provision attributable to non-controlling interest in Calamos Investments (17 ) (34 ) (31 ) (79 ) Income tax provision attributable to CAM 1,258 2,012 1,709 3,329 Net income attributable to CAM 2,033 3,228 2,134 5,367 Income before taxes attributable to CAM $ 3,291 $ 5,240 $ 3,843 $ 8,696 CAM’s effective income tax rate 38.2 % 38.4 % 44.5 % 38.3 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
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 Six Months Ended (in thousands, except per share amounts) 2015 2014 2015 2014 Earnings per share – basic: Earnings available to common shareholders $ 2,033 $ 3,228 $ 2,134 $ 5,367 Weighted average shares outstanding 17,790 18,243 17,831 18,659 Earnings per share – basic $ 0.11 $ 0.18 $ 0.12 $ 0.29 Earnings per share – diluted: Earnings available to common shareholders $ 2,033 $ 3,228 $ 2,134 $ 5,367 Weighted average shares outstanding 17,790 18,243 17,831 18,659 Dilutive impact of restricted stock units 846 805 788 686 Weighted average shares outstanding 18,636 19,048 18,619 19,345 Earnings per share – diluted $ 0.11 $ 0.17 $ 0.11 $ 0.28
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 Six Months Ended 2015 2014 2015 2014 Shares of Class A common stock issuable upon an Exchange of Calamos Interests’ ownership in Calamos Investments* 23,495,196 30,782,715 23,495,196 30,782,715 Restricted stock units 5,250 — 11,874 — Stock options 1,177,361 1,970,507 1,177,361 1,970,507 Total 24,677,807 32,753,222 24,684,431 32,753,222 * Number of shares calculated with the value of Calamos Investments determined by using the closing price of our shares as of June 30, 2015 ( $12.25 ) and June 30, 2014 ( $13.39 ) 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 June 30, 2015 and 2014 . The value of Calamos Investments is then multiplied by Calamos Interests' percentage ownership in Calamos Investments, 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 30

Organization and Description of Business (Details) - Jun. 30, 2015	Total	Total
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%
Class A Common Stock
Corporate Structure [Line Items]
Percentage of ownership (including vested stock options) by noncontrolling owners (as a percent)	17.13%	17.13%
Class B Common Stock | Calamos Family Partners, Inc.
Corporate Structure [Line Items]
Percentage of voting power owned in Calamos Asset Management (as a percent)	97.40%	97.40%
Percentage of economic interest (as a percent)	1.00%	1.00%
Public Stockholders | Class A Common Stock
Corporate Structure [Line Items]
Percentage of public shareholders voting power (as a percent)	2.60%	2.60%
Percentage of public shareholders economic interest (as a percent)	99.00%	99.00%

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Percentage of combined interest in subsidiary that is considered to be noncontrolling interest (as a percent)	77.80%			77.80%		77.80%
Deferred tax assets	$ 293			$ 293		$ 228
Interest income	45		$ 50	89	$ 89
Liabilities of partnership investments	253			253		10,117
Restricted cash	430			430
Calamos Asset Management, Inc.
Related Party Transaction [Line Items]
Cash and cash equivalents and investment securities	78,600			78,600		79,300
Deferred tax assets	36,700			36,700		40,300
Net current income taxes receivable	3,800			3,800		2,400
Loan receivable	$ 25,000			25,000		21,000
Net income before income taxes				17,600	39,800
Interest income				$ 654	$ 729
Non-controlling Interest in Calamos Investments LLC | Subsidiaries
Related Party Transaction [Line Items]
Proceeds from partnership redemptions		$ 23,100
Liabilities of partnership investments						$ 7,700

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Nov. 13, 2014
Class of Stock [Line Items]
Ownership interest (as a percent)	77.80%	77.80%
Shares repurchased		$ 6,744
Dividends on shares held	$ 397	$ 800
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)		548,035	1,779,670
Issuance of common stock (in shares)		240,886
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)	83,445	240,886
Issuance of common stock	$ 1,000	$ 2,800
Treasury Stock
Class of Stock [Line Items]
Shares repurchased		1,498
Noncontrolling interest	764	2,202
Non-controlling Interest in Calamos Investments LLC (Calamos Interests)
Class of Stock [Line Items]
Shares repurchased		5,246
Impact on non-controlling interests as a result of dividends paid to Calamos Investments LLC on repurchased common stock	$ 309	$ 629
2014 Share Repurchase Program | Non-controlling Interest in Calamos Investments LLC | Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares)		548,035
Average purchase price of shares (in dollars per share)		$ 12.31
Shares repurchased		$ 6,700

Investment Securities - Summary

Investment Securities - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Trading securities:
Total investment securities	$ 278,074	$ 339,959
Available-for-sale securities
Available-for-sale securities:
Cost	255,612	287,256
Unrealized Gains	18,234	10,377
Unrealized Losses	(1,203)	(2,890)
Fair Value	272,643	294,743
Available-for-sale securities | Global Growth
Available-for-sale securities:
Cost	130,327	142,610
Unrealized Gains	9,810	5,275
Unrealized Losses	(807)	(1,872)
Fair Value	139,330	146,013
Available-for-sale securities | U.S. Growth
Available-for-sale securities:
Cost	64,376	64,526
Unrealized Gains	6,731	3,194
Unrealized Losses	(52)	(410)
Fair Value	71,055	67,310
Available-for-sale securities | Value
Available-for-sale securities:
Cost	5,098	9,979
Unrealized Gains	52	286
Unrealized Losses	(140)	(171)
Fair Value	5,010	10,094
Available-for-sale securities | Alternative
Available-for-sale securities:
Cost	31,117	40,752
Unrealized Gains	1,190	1,283
Unrealized Losses	(1)	(4)
Fair Value	32,306	42,031
Available-for-sale securities | Fixed Income/High Yield
Available-for-sale securities:
Cost	17,843	17,596
Unrealized Gains	60	1
Unrealized Losses	(176)	(423)
Fair Value	17,727	17,174
Available-for-sale securities | Convertible
Available-for-sale securities:
Cost	5,162	10,163
Unrealized Gains	104	15
Unrealized Losses	(2)	(1)
Fair Value	5,264	10,177
Available-for-sale securities | Multi-Strategy
Available-for-sale securities:
Cost	1,551	1,494
Unrealized Gains	158	198
Unrealized Losses	(25)	(9)
Fair Value	1,684	1,683
Available-for-sale securities | Total Funds
Available-for-sale securities:
Cost	255,474	287,120
Unrealized Gains	18,105	10,252
Unrealized Losses	(1,203)	(2,890)
Fair Value	272,376	294,482
Available-for-sale securities | Common stock
Available-for-sale securities:
Cost	138	136
Unrealized Gains	129	125
Unrealized Losses	0	0
Fair Value	267	261
Trading securities
Trading securities:
Cost		52,147
Unrealized Gains		33
Unrealized Losses		(6,964)
Fair Value		$ 45,216
Trading securities | U.S. Growth
Trading securities:
Cost	5,147
Unrealized Gains	284
Unrealized Losses	0
Fair Value	$ 5,431

Investment Securities - Changes

Investment Securities - Changes in Investment Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Available-for-sale securities:
Proceeds from sales	$ 25,572	$ 107,065	$ 40,572	$ 194,328
Gross realized gains on sales	2,013	5,018	2,558	5,472
Trading securities:
Change in unrealized gains (losses)	$ (605)	$ (125)	$ 7,215	$ 8,437

Investment Securities - Tax (Pr

Investment Securities - Tax (Provision) Benefit on Unrealized Gains (Losses) and Gains (Losses) Reclassified out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Changes in unrealized gains
Unrealized gains	$ 3,039	$ 8,136	$ 12,055	$ 10,654
Tax Provision	320	635	1,084	971
After-Tax Amount	2,719	7,501	10,971	9,683
Reclassification adjustment for realized gains included in income
Before-Tax Amount	(1,657)	(4,794)	(2,510)	(5,610)
Tax Provision (Benefit)	(136)	(479)	(452)	(546)
After-Tax Amount	(1,521)	(4,315)	(2,058)	(5,064)
Other comprehensive income
Before-Tax Amount	1,382	3,342	9,545	5,044
Tax Provision (Benefit)	184	156	632	425
After-Tax Amount	$ 1,198	$ 3,186	$ 8,913	$ 4,619

Investment Securities - Narrati

Investment Securities - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Investments [Abstract]
Investments in funds	$ 277,800,000		$ 277,800,000		$ 339,700,000
Aggregate fair value of available-for-sale securities in unrealized loss position	35,300,000		35,300,000		$ 98,100,000
Other than temporary impairment losses	$ 811,000	$ 0	$ 811,000	$ 0

Derivative Assets and Liabili37

Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Investment securities	$ 278,074	$ 339,959

Partnership Investments (Detail

Partnership Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Consolidated partnerships:
Cash and cash equivalents		$ 90,018	$ 35,285	$ 110,642	$ 39,078
Due to non-controlling interest in partnership investments		(253)	(10,117)
Total		(88,226)	(109,070)
Consolidated partnerships:
Consolidated partnerships:
Securities owned		108,264	103,079
Cash and cash equivalents		5,445	39,205
Receivables for securities sold		305	0
Other current assets		192	1,188
Exchange-traded option contracts, net		63	201
Total		114,269	143,673
Payables for securities purchased		0	(2,256)
Due to non-controlling interest in partnership investments		0	(7,719)
Accrued expenses and other current liabilities		(253)	(142)
Total		(253)	(10,117)
Equity method investment in partnerships		$ 44	50
Subsidiaries | Non-controlling Interest in Calamos Investments LLC
Consolidated partnerships:
Due to non-controlling interest in partnership investments			$ (7,700)
Proceeds from partnership redemptions	$ 23,100

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2014	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open-end funds		$ 255,000	$ 312,800
Redemption period (in days)		7 days
Securities and derivatives owned by partnership investments (Note 5)		$ 114,313	143,723
Carrying value of long-term debt		46,000	46,000
Long-term debt fair value		53,400	54,200
Repayment of long-term debt	$ (46,200)
Payment obligation associated with acquisition		1,700	1,700
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		26,220	1,209
Investment securities (Note 3)		274,288	337,927
Securities and derivatives owned by partnership investments (Note 5)		40,008	37,083
Total		339,150	373,251
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Global Growth
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		139,330	146,013
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | U.S. Growth
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		76,486	112,526
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		5,010	12,218
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Alternative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		33,672	42,031
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Fixed Income/High Yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		12,575	12,174
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Convertible
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		5,264	11,021
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Multi-Strategy
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		1,684	1,683
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Total Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		274,021	337,666
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		267	261
Securities and derivatives owned by partnership investments (Note 5)		29,163	26,237
Securities sold but not yet purchased (Note 3)		(1,366)	(2,968)
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Preferred stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments (Note 5)		5,337	2,281
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Convertible bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments (Note 5)		0	0
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments (Note 5)		0	0
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments (Note 5)		5,396	7,851
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Foreign currency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments (Note 5)		49	513
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Exchange-traded put option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments (Note 5)		63	201
Recurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		0	0
Investment securities (Note 3)		5,152	5,000
Securities and derivatives owned by partnership investments (Note 5)		73,764	103,770
Total		78,916	108,770
Recurring | Significant Other Observable Inputs (Level 2) | Global Growth
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		0	0
Recurring | Significant Other Observable Inputs (Level 2) | U.S. Growth
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		0	0
Recurring | Significant Other Observable Inputs (Level 2) | Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		0	0
Recurring | Significant Other Observable Inputs (Level 2) | Alternative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		0	0
Recurring | Significant Other Observable Inputs (Level 2) | Fixed Income/High Yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		5,152	5,000
Recurring | Significant Other Observable Inputs (Level 2) | Convertible
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		0	0
Recurring | Significant Other Observable Inputs (Level 2) | Multi-Strategy
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		0	0
Recurring | Significant Other Observable Inputs (Level 2) | Total Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		5,152	5,000
Recurring | Significant Other Observable Inputs (Level 2) | Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		0	0
Securities and derivatives owned by partnership investments (Note 5)		27,083	25,166
Securities sold but not yet purchased (Note 3)		0	0
Recurring | Significant Other Observable Inputs (Level 2) | Preferred stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments (Note 5)		920	3,455
Recurring | Significant Other Observable Inputs (Level 2) | Convertible bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments (Note 5)		43,636	41,119
Recurring | Significant Other Observable Inputs (Level 2) | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments (Note 5)		2,125	4,821
Recurring | Significant Other Observable Inputs (Level 2) | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments (Note 5)		0	29,209
Recurring | Significant Other Observable Inputs (Level 2) | Foreign currency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments (Note 5)		0	0
Recurring | Significant Other Observable Inputs (Level 2) | Exchange-traded put option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments (Note 5)		0	0
Fair Value | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		26,220	1,209
Investment securities (Note 3)		279,440	342,927
Securities and derivatives owned by partnership investments (Note 5)		113,772	140,853
Total		418,066	482,021
Fair Value | Recurring | Global Growth
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		139,330	146,013
Fair Value | Recurring | U.S. Growth
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		76,486	112,526
Fair Value | Recurring | Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		5,010	12,218
Fair Value | Recurring | Alternative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		33,672	42,031
Fair Value | Recurring | Fixed Income/High Yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		17,727	17,174
Fair Value | Recurring | Convertible
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		5,264	11,021
Fair Value | Recurring | Multi-Strategy
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		1,684	1,683
Fair Value | Recurring | Total Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		279,173	342,666
Fair Value | Recurring | Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities (Note 3)		267	261
Securities and derivatives owned by partnership investments (Note 5)		56,246	51,403
Securities sold but not yet purchased (Note 3)		(1,366)	(2,968)
Fair Value | Recurring | Preferred stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments (Note 5)		6,257	5,736
Fair Value | Recurring | Convertible bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments (Note 5)		43,636	41,119
Fair Value | Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments (Note 5)		2,125	4,821
Fair Value | Recurring | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments (Note 5)		5,396	37,060
Fair Value | Recurring | Foreign currency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments (Note 5)		49	513
Fair Value | Recurring | Exchange-traded put option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments (Note 5)		$ 63	$ 201

Loans Payable (Details)

Loans Payable (Details) - Margin Loan	Jun. 30, 2015
Short-term Debt [Line Items]
Margin loan interest rate effective percentage rate, maximum (as a percent)	1.50%
Percentage of borrowing upon marginal securities, maximum (as a percent)	70.00%

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense recorded in connection with RSUs and stock options	$ 3,568	$ 2,775
Deferred tax assets	293		$ 228
Total unrecognized compensation expense	$ 18,500
Unrecognized compensation expense, expected weighted-average period to be recognized (in years)	3 years
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	$ 792	$ 617
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, granted (in shares)	780,649
Restricted stock units, forfeited (in shares)	282,546
Restricted stock units, vested (in shares)	298,558
Number of RSUs withheld for taxes (in shares)	57,672
Number of RSUs converted on a one-for-one basis for shares of company's Class A common stock (in shares)	240,886
Total intrinsic value and fair value of converted shares	$ 3,100
Total tax benefit realized in connection with the vesting of RSUs	$ 362
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	0
Stock options forfeited (in shares)	251,806

Non-Operating Income (Loss) (De

Non-Operating Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Other Income and Expenses [Abstract]
Interest income	$ 45	$ 50	$ 89	$ 89
Interest expense	(766)	(1,510)	(1,540)	(3,014)
Net interest expense	(721)	(1,460)	(1,451)	(2,925)
Investment income	241	9,912	5,767	10,769
Dividend income	299	347	526	1,010
Miscellaneous other income	152	205	136	268
Investment and other income	692	10,464	6,429	12,047
Non-operating income (loss)	$ (29)	$ 9,004	$ 4,978	$ 9,122

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income tax expense (benefit) [Abstract]
Income tax provision	$ 1,275	$ 2,046	$ 1,740	$ 3,408
Net income attributable to CAM	2,033	3,228	2,134	5,367
Income before taxes attributable to CAM	$ 3,291	$ 5,240	$ 3,843	$ 8,696
CAM’s effective income tax rate (as a percent)	38.20%	38.40%	44.50%	38.30%
Non-controlling Interest in Calamos Investments LLC
Income tax expense (benefit) [Abstract]
Income tax provision	$ (17)	$ (34)	$ (31)	$ (79)
Calamos Asset Management, Inc.
Income tax expense (benefit) [Abstract]
Income tax provision	$ 1,258	$ 2,012	$ 1,709	$ 3,329

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income Tax Disclosure [Abstract]
CAM’s effective income tax rate (as a percent)	38.20%	38.40%	44.50%	38.30%
Expired employee stock options		$ 238
Capital loss carryforward					$ 456

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings per share – basic:
Earnings available to common shareholders	$ 2,033	$ 3,228	$ 2,134	$ 5,367
Weighted average shares outstanding (in shares)	17,789,931	18,243,363	17,830,916	18,658,954
Earnings per share – basic (in dollars per share)	$ 0.11	$ 0.18	$ 0.12	$ 0.29
Earnings per share – diluted:
Earnings available to common shareholders	$ 2,033	$ 3,228	$ 2,134	$ 5,367
Weighted average shares outstanding (in shares)	17,789,931	18,243,363	17,830,916	18,658,954
Dilutive impact of restricted stock units (in shares)	846,000	805,000	788,000	686,000
Earnings per share – diluted (in dollars per share)	$ 0.11	$ 0.17	$ 0.11	$ 0.28
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive (in shares)	24,677,807	32,753,222	24,684,431	32,753,222
Shares of Class A common stock issuable upon an Exchange of Calamos Interests’ ownership in Calamos Investments | Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive (in shares)	23,495,196	30,782,715	23,495,196	30,782,715
Closing price of shares (in dollars per share)	$ 12.25	$ 13.39	$ 12.25	$ 13.39
Discount rate (as a percent)		12.00%		12.00%
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive (in shares)	5,250	0	11,874	0
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive (in shares)	1,177,361	1,970,507	1,177,361	1,970,507

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	1 Months Ended	6 Months Ended
	Aug. 06, 2015	Jun. 30, 2015	Mar. 27, 2015
Other Commitments [Line Items]
Shares repurchased		$ 6,744,000
Purchase of Common Shares
Other Commitments [Line Items]
Commitment to purchase shares			$ 20,000,000
Subsequent Event | Purchase of Common Shares
Other Commitments [Line Items]
Shares repurchased	$ 2,700,000