Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 26, 2016 | Jun. 30, 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 216.9 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Class A | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 20,529,331 | ||
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 | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 104,717 | $ 35,285 |
Receivables: | ||
Affiliates and affiliated funds | 13,891 | 16,024 |
Customers | 3,876 | 2,967 |
Investment securities | 257,057 | 339,959 |
Derivative assets | 4,311 | 0 |
Partnership investments | 112,640 | 143,723 |
Prepaid expenses | 3,709 | 3,188 |
Deferred tax assets, net | 8,294 | 9,194 |
Other current assets | 631 | 2,508 |
Total current assets | 509,126 | 552,848 |
Non-current assets: | ||
Deferred tax assets, net | 30,010 | 31,067 |
Goodwill and intangible assets, net | 7,301 | 6,380 |
Property and equipment, net of accumulated depreciation and amortization ($60,713 at December 31, 2015 and $61,145 at December 31, 2014) | 13,308 | 14,246 |
Other non-current assets | 1,717 | 2,615 |
Total non-current assets | 52,336 | 54,308 |
Total assets | 561,462 | 607,156 |
Current liabilities: | ||
Distribution fees payable | 7,641 | 10,614 |
Accrued compensation and benefits | 28,583 | 24,476 |
Interest payable | 1,390 | 1,386 |
Derivative liabilities | 5,475 | 0 |
Liabilities of partnership investments | 75 | 10,117 |
Accrued expenses and other current liabilities | 5,118 | 6,009 |
Total current liabilities | 48,282 | 52,602 |
Non-current liabilities: | ||
Long-term debt | 45,955 | 45,955 |
Deferred rent | 8,788 | 8,803 |
Other non-current liabilities | 2,043 | 1,710 |
Total non-current liabilities | 56,786 | 56,468 |
Total liabilities | 105,068 | 109,070 |
Redeemable non-controlling interest in partnership investments | 77,835 | 76,167 |
EQUITY | ||
Additional paid-in capital | 224,065 | 221,208 |
Retained earnings | 81,881 | 89,311 |
Accumulated other comprehensive income | 1,110 | 1,297 |
Treasury stock; 8,409,162 shares at December 31, 2015 and 7,070,059 shares at December 31, 2014 | (113,579) | (107,129) |
Calamos Asset Management, Inc. stockholders’ equity | 193,730 | 204,937 |
Non-controlling interest in Calamos Investments LLC (Calamos Interests) | 184,829 | 216,982 |
Total equity | 378,559 | 421,919 |
Total liabilities and equity | 561,462 | 607,156 |
Class A Common Stock | ||
EQUITY | ||
Common Stock | 253 | 250 |
Class B Common Stock | ||
EQUITY | ||
Common Stock | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Non-current assets: | ||
Property and equipment, accumulated depreciation and amortization | $ 60,713 | $ 61,145 |
EQUITY | ||
Treasury stock (in shares) | 8,409,162 | 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) | 25,326,522 | 24,990,781 |
Common Stock, shares outstanding (in shares) | 16,917,360 | 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 | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
REVENUES | |||
Investment management fees | $ 186,826 | $ 198,539 | $ 212,398 |
Distribution and underwriting fees | 41,583 | 49,764 | 54,068 |
Other | 2,471 | 2,659 | 2,664 |
Total revenues | 230,880 | 250,962 | 269,130 |
EXPENSES | |||
Employee compensation and benefits | 93,295 | 86,054 | 85,551 |
Distribution expenses | 40,845 | 48,432 | 53,082 |
Marketing and sales promotion | 26,189 | 16,128 | 15,728 |
General and administrative | 40,212 | 39,158 | 36,883 |
Total operating expenses | 200,541 | 189,772 | 191,244 |
Operating income | 30,339 | 61,190 | 77,886 |
NON-OPERATING INCOME (LOSS) | |||
Net interest expense | (2,871) | (4,509) | (5,764) |
Investment and other income (loss) | (3,747) | 19,913 | 35,439 |
Total non-operating income (loss) | (6,618) | 15,404 | 29,675 |
Income before income taxes | 23,721 | 76,594 | 107,561 |
Income tax provision | 2,320 | 5,787 | 6,262 |
Net income | 21,401 | 70,807 | 101,299 |
Net income attributable to non-controlling interest in Calamos Investments LLC (Calamos Interests) | (16,100) | (54,336) | (80,169) |
Net income attributable to redeemable non-controlling interest in partnership investments | (1,974) | (2,941) | (2,502) |
Net income attributable to Calamos Asset Management, Inc. | $ 3,327 | $ 13,530 | $ 18,628 |
Earnings per share: (in dollars per share) | |||
Basic | $ 0.19 | $ 0.74 | $ 0.94 |
Diluted | $ 0.18 | $ 0.71 | $ 0.92 |
Weighted average shares outstanding: | |||
Basic | 17,518,033 | 18,275,246 | 19,903,507 |
Diluted | 18,245,109 | 18,989,281 | 20,351,603 |
Cash dividends declared per share | $ 0.60 | $ 0.55 | $ 0.50 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 21,401 | $ 70,807 | $ 101,299 |
Unrealized gains on available-for-sale securities: | |||
Unrealized gains | 4,817 | 3,173 | 39,630 |
Reclassification adjustment for realized gains included in net income | (2,654) | (12,012) | (19,732) |
Other comprehensive income (loss), before income tax provision (benefit) | 2,163 | (8,839) | 19,898 |
Income tax provision (benefit) related to other comprehensive income (loss) | (110) | (920) | 2,114 |
Other comprehensive income (loss), after income tax provision (benefit) | 2,273 | (7,919) | 17,784 |
Comprehensive income | 23,674 | 62,888 | 119,083 |
Comprehensive income attributable to non-controlling interest in Calamos Investments LLC (Calamos Interests) | (18,559) | (47,964) | (94,358) |
Comprehensive income attributable to redeemable non-controlling interest in partnership investments | (1,974) | (2,941) | (2,502) |
Comprehensive income attributable to Calamos Asset Management, Inc. | $ 3,141 | $ 11,983 | $ 22,223 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Non-controlling Interest in Calamos Investments LLC (Calamos Interests) | Total |
Increase (Decrease) in Stockholders' Equity | ||||||||
Redeemable Non-controlling Interest in Partnership Investments, balance | $ 20,412 | |||||||
Balance, beginning of period at Dec. 31, 2012 | $ 244 | $ 215,637 | $ 77,714 | $ (737) | $ (95,215) | $ 263,794 | $ 461,437 | |
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | 101,299 | 18,628 | 80,169 | 98,797 | ||||
Redeemable Non-controlling Interest in Partnership Investments, Net income | 2,502 | |||||||
Other comprehensive income | 3,595 | 14,189 | 17,784 | |||||
Issuance of common stock | 3 | (3) | ||||||
Repurchase of common stock by Calamos Investments LLC | (2,930) | (10,266) | (13,196) | |||||
Impact of the redemption of common stock from Calamos Investments LLC by Calamos Asset Management, Inc. | 1,383 | (1,383) | ||||||
Cumulative impact of changes in ownership of Calamos Investments LLC | 5 | 5 | (1,661) | (1,651) | ||||
Distributions to redeemable non-controlling interests in partnership investments | (15,363) | |||||||
Compensation expense recognized under stock incentive plans | 1,558 | 5,467 | 7,025 | |||||
Impact on non-controlling interests as a result of dividends paid to Calamos Investments LLC on repurchased common stock | (221) | 221 | ||||||
Dividend equivalent accrued under stock incentive plans | (252) | (870) | (1,122) | |||||
Equity and tax distributions to non-controlling interests | (68,168) | (68,168) | ||||||
Dividends declared | (9,975) | (9,975) | ||||||
Balance, end of period at Dec. 31, 2013 | 247 | 218,359 | 86,115 | 2,863 | (99,528) | 282,875 | 490,931 | |
Increase (Decrease) in Stockholders' Equity | ||||||||
Redeemable Non-controlling Interest in Partnership Investments, balance | 7,551 | |||||||
Net income | 70,807 | 13,530 | 54,336 | 67,866 | ||||
Redeemable Non-controlling Interest in Partnership Investments, Net income | 2,941 | |||||||
Other comprehensive income | (1,547) | (6,372) | (7,919) | |||||
Issuance of common stock | 3 | (3) | ||||||
Repurchase of common stock by Calamos Investments LLC | (4,990) | (17,480) | (22,470) | |||||
Impact of the redemption of common stock from Calamos Investments LLC by Calamos Asset Management, Inc. | 2,611 | (2,611) | ||||||
Cumulative impact of changes in ownership of Calamos Investments LLC | (297) | (19) | (1,139) | (1,455) | ||||
Compensation expense recognized under stock incentive plans | 1,473 | 5,160 | 6,633 | |||||
Impact on non-controlling interests as a result of dividends paid to Calamos Investments LLC on repurchased common stock | (935) | 935 | ||||||
Dividend equivalent accrued under stock incentive plans | (244) | (853) | (1,097) | |||||
Consolidation of Calamos Global Opportunities Fund LP | 73,387 | |||||||
Liquidation of Calamos Arista Strategic Fund LP | (7,719) | |||||||
Net purchase of redeemable non-controlling interest in partnership investments | 7 | |||||||
Equity and tax distributions to non-controlling interests | (100,480) | (100,480) | ||||||
Dividends declared | (10,090) | (10,090) | ||||||
Balance, end of period at Dec. 31, 2014 | 421,919 | 250 | 221,208 | 89,311 | 1,297 | (107,129) | 216,982 | 421,919 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Redeemable Non-controlling Interest in Partnership Investments, balance | 76,167 | |||||||
Net income | 21,401 | 3,327 | 16,100 | 19,427 | ||||
Redeemable Non-controlling Interest in Partnership Investments, Net income | 1,974 | |||||||
Other comprehensive income | (186) | 2,459 | 2,273 | |||||
Issuance of common stock | 3 | (3) | ||||||
Repurchase of common stock by Calamos Investments LLC | (3,386) | (11,857) | (15,243) | |||||
Impact of the redemption of common stock from Calamos Investments LLC by Calamos Asset Management, Inc. | 3,064 | (3,064) | ||||||
Cumulative impact of changes in ownership of Calamos Investments LLC | (217) | (1) | (1,071) | (1,289) | ||||
Compensation expense recognized under stock incentive plans | 1,401 | 4,906 | 6,307 | |||||
Impact on non-controlling interests as a result of dividends paid to Calamos Investments LLC on repurchased common stock | (1,388) | 1,388 | ||||||
Dividend equivalent accrued under stock incentive plans | (223) | (783) | (1,006) | |||||
Net redemption of redeemable non-controlling interest in partnership investments | (306) | |||||||
Equity and tax distributions to non-controlling interests | (43,295) | (43,295) | ||||||
Dividends declared | (10,534) | (10,534) | ||||||
Balance, end of period at Dec. 31, 2015 | 378,559 | $ 253 | $ 224,065 | $ 81,881 | $ 1,110 | $ (113,579) | $ 184,829 | $ 378,559 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Redeemable Non-controlling Interest in Partnership Investments, balance | $ 77,835 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - Class A Common Stock - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Issuance of common stock (in shares) | 335,741 | 294,686 | 310,080 |
Repurchase of common stock (in shares) | 1,339,103 | 1,849,729 | 1,220,330 |
Redemption of common stock (in shares) | 335,741 | 294,686 | 165,524 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Cash Flows [Abstract] | |||
Cash and cash equivalents at beginning of period | $ 35,285 | $ 39,078 | $ 106,796 |
Cash flows provided by operating activities: | |||
Net income | 21,401 | 70,807 | 101,299 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization of deferred sales commissions | 1,750 | 2,575 | 2,686 |
Other depreciation and amortization | 4,064 | 4,428 | 4,577 |
(Gain) loss on disposal of property and equipment | 89 | (111) | 203 |
Amortization of deferred rent | (15) | (210) | (262) |
Change in unrealized (gains) losses on investment securities, derivative assets, derivative liabilities and partnership investments | (5,879) | (1,836) | 5,117 |
Net realized (gains) losses on sale of investment securities, derivative assets, derivative liabilities and partnership investments | 13,359 | (2,781) | (17,701) |
Change in deferred tax asset valuation allowance | 0 | (2,148) | (4,952) |
Deferred taxes, net | 2,141 | 9,601 | 11,351 |
Stock based compensation | 6,307 | 6,633 | 7,025 |
Employee taxes paid on vesting under stock incentive plans | (1,362) | (1,500) | (1,600) |
Receivables: | |||
Affiliates and affiliated funds, net | 2,133 | 282 | 1,450 |
Customers | (909) | 2,839 | 4,064 |
Other assets | 515 | (2,650) | (4,420) |
Increase (decrease) in liabilities: | |||
Distribution fees payable | (2,973) | (41) | (2,282) |
Accrued compensation and benefits | 3,562 | 1,949 | (1,426) |
Accrued expenses and other liabilities | (2,059) | (5,129) | (461) |
Net cash provided by operating activities | 42,124 | 82,708 | 104,668 |
Cash flows provided by (used in) investing activities: | |||
Net additions to property and equipment | (3,121) | (1,531) | (2,187) |
Purchases of investment securities | (35,068) | (204,571) | (621,760) |
Proceeds from sale of investment securities | 110,739 | 331,526 | 529,207 |
Net purchases of derivatives | 620 | 0 | (1,720) |
Contributions to partnership investments | (306) | (35,005) | (2,034) |
Distributions from partnership investments | 23,497 | 2,226 | 17,502 |
Net cash paid for acquisition | (55) | 0 | 0 |
Net cash provided by (used in) investing activities | 96,306 | 92,645 | (80,992) |
Cash flows used in financing activities: | |||
Repayment of long-term debt | 0 | (46,160) | 0 |
Deferred tax benefit (expense) on vesting under stock incentive plans | 74 | 54 | (55) |
Repurchase of common stock by Calamos Investments LLC (1,339,103 at December 31, 2015, 1,849,729 at December 31, 2014, and 1,220,330 at December 31, 2013 Class A common shares) | (15,243) | (22,470) | (13,196) |
Equity distributions paid to non-controlling interests (Calamos Interests) | (27,228) | (71,571) | (28,010) |
Tax distributions paid to non-controlling interests (Calamos Interests) | (16,067) | (28,909) | (40,158) |
Cash dividends paid to common stockholders | (10,534) | (10,090) | (9,975) |
Net cash used in financing activities | (68,998) | (179,146) | (91,394) |
Net increase (decrease) in cash and cash equivalents | 69,432 | (3,793) | (67,718) |
Cash and cash equivalents at end of period | 104,717 | 35,285 | 39,078 |
Cash paid (refunded) for: | |||
Income taxes, net | (1,929) | (1,484) | 1,507 |
Interest | $ 3,032 | $ 5,954 | $ 5,954 |
CONSOLIDATED STATEMENTS OF CAS9
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2015 | |
Consolidation of Calamos Global Opportunities Fund LP | $ 73.4 | |
Liabilities of partnership investments | $ 7.7 | |
Class A Common Stock | ||
Repurchase of common stock (in shares) | 1,339,103 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business Calamos Asset Management, Inc. (“CAM”) is a holding company and as of December 31, 2015 owned 22.2% of Calamos Investments LLC (“Calamos Investments”) . CAM, together with Calamos Investments and Calamos Investments’ subsidiaries ( the “Company”) , operates the investment advisory and distribution services businesses reported within these consolidated financial statements. CAM operates and is the sole manager, 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. The remaining 77.8% ownership interest in Calamos Investments is held by Calamos Family Partners, Inc. (“CFP”) , a Delaware corporation, and John P. Calamos, Sr. the Chairman, Chief Executive Officer and Global Co-Chief Investment Officer of CAM. CFP and John P. Calamos, Sr. ( collectively “Calamos Interests” ) ownership interest, in accordance with applicable rules, is reflected and referred to within these consolidated financial statements as “non-controlling interests in Calamos Investments LLC”. The Company primarily provides investment advisory services to individuals and institutional investors through a series of investment products that include open-end and closed-end funds ("funds”) , an exchange traded fund, separate accounts, offshore funds and partnerships. 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 (formerly known as Calamos International 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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. Principles of Consolidation The Company consolidates investments in which the Company’s ownership exceeds 50% or in which the Company operates and controls the business and affairs of the entity or is deemed to be the primary beneficiary. In order to make this determination, an analysis is performed to determine if the investment in an affiliate or partnership is a variable interest entity ( "VIE" ). The Company has evaluated its investments in affiliates and partnerships and has concluded that they are not VIEs. With respect to partnership investments, the limited partners have no control of the business and affairs of the partnership, no substantive ability to dissolve (liquidate) the partnership, or otherwise remove the general partner (CAL and Calamos Investments) without cause or have other substantive rights. The consolidated financial statements include the financial statements of CAM, Calamos Investments, Calamos Investments’ wholly- and majority-owned subsidiaries, and the Company’s partnerships in which it owns a majority interest or in which it has operating control. The equity method of accounting is used for investments in which the Company has significant influence, but less than 50% ownership. Intercompany balances and transactions have been eliminated. The Calamos Interests’ combined 77.8% interest in Calamos Investments at December 31, 2015 and 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 common stockholders have exclusive economic rights. As of December 31, 2015 , 2014 and 2013 , these assets include cash, cash equivalents and investment securities of $77.3 million , $79.3 million and $78.3 million , net current and non-current deferred tax assets of $38.3 million , $40.3 million and $46.7 million , and net current income taxes receivable of $355,000 , $2.4 million and $2.3 million , respectively, and a loan receivable from Calamos Investments of $25.0 million and $21.0 million , respectively, as of December 31, 2015 , and 2014 , that are reported together with Calamos Investments’ consolidated assets in the consolidated statements of financial condition. Additionally, net income before income taxes, of $23.7 million , $76.6 million and $107.6 million , respectively, for the years ended December 31, 2015 , 2014 and 2013 , each included $1.0 million , $3.6 million and $2.0 million , respectively, of income on cash and cash equivalents and investment securities 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 years ended December 31, 2015 and 2014 . 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. See Note 8, 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 8, 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. Cash and Cash Equivalents All highly liquid financial instruments with maturities of three months or less from date of purchase, consisting primarily of investments in insured money market accounts and money market funds are considered cash equivalents. Receivables from Customers Receivables from customers represent balances arising from contractual investment advisory services provided to separate account customers and are recorded on an accrual basis. Provisions for bad debt expense during the years ended December 31, 2015 , 2014 , and 2013 and allowance for doubtful accounts as of December 31, 2015 and 2014 , were not material. Investment Securities The Company carries its investment securities at fair value. For a majority of the Company’s investments, fair values are determined based upon quoted prices in active markets. If quoted market prices are not available, the Company uses matrix, model or other similar pricing methods to determine fair value. Investment securities transactions are recorded on a trade-date basis. Investment securities are classified as available-for-sale as the Company does not intend to trade these securities in the near term. Unrealized gains and losses on available-for-sale securities are excluded from earnings and are reported, net of income tax, as a separate component of equity until realized. Realized gains and losses from the sale of available-for-sale securities are determined on a specific identification basis and are included in investment and other income in the consolidated statements of operations. Investment securities that are classified as trading securities are carried at fair value with all changes in the value of the securities going through current earnings. Therefore, both realized and unrealized gains and losses on these securities are included in investment and other income in the consolidated statements of operations. On a quarterly basis, the Company conducts reviews to assess whether an other-than-temporary impairment exists on its available-for-sale investment securities. Other-than-temporary declines in value may exist when the fair value of an investment security has been below the carrying value for an extended period of time. If an other-than-temporary decline in value is determined to exist, the unrealized investment loss, net of tax is recognized in the consolidated statements of operations in the period in which the other-than-temporary decline in value occurs, as well as an accompanying permanent adjustment to accumulated other comprehensive income. See Note 6, Investment Securities for more discussion related to the other-than-temporary impairment charges recorded in 2015 and 2014. Derivative Assets and Liabilities From time to time, the Company enters into derivative contracts to mitigate the negative impact that changes in security prices may have on the investment portfolio. The Company does not measure effectiveness or meet the criteria for hedge accounting and therefore, records the changes in the fair value of these instruments in investment and other income in the consolidated statements of operations. The Company classifies derivatives as derivative assets and derivative liabilities in the consolidated statements of financial condition. Goodwill and Intangible Assets, net The Company’s goodwill represents the future economic benefits arising from Calamos Investments’ acquisitions of Black Capital LLC ( "Black Capital" ) and Phineus Partners LLC ( "Phineus" ), that are not individually identified and separately recognized. Goodwill is assessed for impairment at the reporting unit level, Calamos Investments, at least annually, or whenever events or circumstances occur indicating that an impairment may have occurred. The goodwill impairment test is a two-step process. The first step requires the Company to estimate the fair value of its reporting unit and compare the fair value to the reporting unit’s carrying amount. If the fair value exceeds the carrying amount, the goodwill is not considered impaired. To the extent the reporting unit’s carrying amount exceeds its fair value, the reporting unit’s goodwill may be impaired and the second step of the impairment test must be performed. The second step involves assigning the reporting unit’s fair value to all of its recognized and unrecognized assets and liabilities as if the reporting unit had been acquired in a business combination in order to determine the implied fair value of the reporting unit’s goodwill. The implied fair value of the reporting unit’s goodwill is then compared to the carrying amount of goodwill to quantify an impairment loss, if any, which would equal the excess of the carrying amount of goodwill over the goodwill’s implied fair value. No impairment has been recorded for the years ended December 31, 2015 , 2014 and 2013 . See, Note 3, Acquisition for more discussion related to the acquisition of Phineus. The Company's definite-lived intangible assets consist of separately-managed account relationships from the acquisition of Phineus that are amortized over three years. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. No impairment has been recorded for the year ended December 31, 2015 . See Note 4, Goodwill and Intangible Assets, Net for more discussion related to the acquired intangible assets. Property and Equipment Property and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization is provided on a straight-line basis over the estimated useful lives of the assets, ranging from three to twenty years . Leasehold improvements are amortized over the shorter of their estimated useful lives or the remaining term of the lease, ranging from five to twenty years . Property and equipment are reviewed for impairment when there is an indication that the carrying amount of an asset may not be recoverable. Carrying values are not recoverable when the undiscounted cash flows estimated to be generated by the assets are less than their carrying value. When an asset is determined to not be recoverable, the impairment loss is measured based on the excess, if any, of the carrying value of the asset over its respective fair value. Fair value is determined by discounted cash flows models, appraisals or other applicable methods. Internally Developed Software Certain internal and external development costs incurred in connection with developing or obtaining software for internal use are capitalized. These capitalized costs are included in property and equipment, net in the consolidated statements of financial condition and are amortized using the straight-line method over their estimated useful lives, ranging from three to five years. On an annual basis, the Company conducts reviews to assess the functionality and remaining useful lives of the capitalized software. Impairments of these assets, if any, are recognized in the consolidated statements of operations in the period in which the impairment occurs. For the year ended December 31, 2015 , impairment for internally developed software was not material. No impairment for internally developed software was recorded for the year ended December 31, 2014 . For the year ended December 31, 2013 , the Company recorded impairment for its internally developed software totaling $199,000 . Restricted Cash The Company has a $430,000 security deposit that is restricted from the Company’s general corporate use and is being reported in other non-current assets in the consolidated statements of financial condition. Treasury Stock During the years ended December 31, 2015 and 2014 , Calamos Investments repurchased 1,339,103 and 1,849,729 , respectively, shares of Class A common stock, at an average purchase price of $11.38 and $12.15 , respectively, and a total cost of $15.2 million and $22.5 million , respectively, under its share repurchase programs. Calamos Investments completed a share repurchase program of 3 million shares of the Company's outstanding Class A common stock for a total cost of $34.8 million on June 13, 2014. The program was implemented primarily to manage the dilution from share issuances under the Company's incentive compensation plan. During the year ended December 31, 2014, Calamos Investments repurchased 1,779,670 shares of Class A common stock, at an average purchase price of $12.13 and a total cost of $21.6 million under this repurchase program. 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. During the year ended December 31, 2014, Calamos Investments repurchased 70,059 shares of Class A common stock, at an average purchase price of $12.54 and a total cost of $879,000 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 as of December 31, 2015 and 2014 , totaling $3.4 million and $5.0 million , respectively, is reported in treasury stock, with Calamos Interests’ 77.8% ownership interest in these shares totaling $11.9 million and $17.5 million , respectively, 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 2015 and 2014 , CAM redeemed 335,741 and 294,686 , respectively, Class A common shares from Calamos Investments for a value of $3.9 million and $3.4 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 $3.1 million and $2.6 million , respectively. For the years ended December 31, 2015 and 2014 , dividends on shares held by Calamos Investments totaled $1.8 million and $1.2 million , respectively. The payment of these dividends increased Calamos Investments' equity resulting in a $1.4 million and $935,000 , respectively, adjustment from additional paid in capital to non-controlling interest in Calamos Investments LLC, in the consolidated statement of changes in equity. This adjustment represents Calamos Interests' ownership interest in those dividend payments. Compensation Plans The Company has an incentive stock plan that provides for certain employees of the Company to receive stock based compensation in the form of restricted stock units (“RSUs”) and stock options. RSUs are convertible on a one-for-one basis into shares of the Company’s common stock. Stock option awards are based on shares of the Company’s common stock. The Company estimates the fair value of the options as of the grant date using the Black-Scholes option-pricing model. Stock based compensation expense is recognized based on the grant-date fair value of the award. The Company records compensation expense on a straight-line basis over the service period. Revenue Recognition The Company earns investment management fees by providing services pursuant to the terms of the underlying advisory contract. Fees are based on a contractual investment advisory fee applied to the assets in each portfolio. Any fees collected in advance are deferred and recognized over the period earned. Performance-based advisory fees from certain separate accounts are recognized annually upon completion of the contract year and based upon either (1) the difference between the investment returns on a client’s portfolio compared to a benchmark index or (2) the absolute percentage of gain in the client’s account. Performance-based advisory fees from the open-end funds are recognized monthly when earned and are based upon the differences between the investment returns of the respective fund compared to a benchmark index. Distribution and underwriting fees consist primarily of Rule 12b-1 distribution and/or service fees from the open-end funds, contingent deferred sales charges on the redemption of open-end fund shares and sales charges earned on open-end funds. Distribution service fees are accrued monthly as services are performed and are based on the average daily assets of the open-end funds. Contingent deferred sales charges are recorded on a trade-date basis when earned, and sales charges are recorded on the settlement date. Net Interest Expense Net interest expense represents interest expense incurred on debt net of interest income generated from cash and cash equivalents. Interest income is recognized when earned, and interest expense is recorded when incurred. Investment and Other Income (Loss) Investment and other income (loss) is primarily comprised of: realized gains (losses) from all investment securities and partnership investments; unrealized gains (losses) on trading securities and partnership investments; other-than-temporary impairment charges on available-for-sale securities, if any; realized and unrealized gains (losses) on derivatives; gains (losses) on foreign currency translation; and dividend income. Dividend income is recognized on the ex-dividend date. Foreign Currency Foreign currency balances are revalued into U.S. dollars, which is the functional currency of the Company, at prevailing exchange rates on the reporting date. Revenues earned and expenses incurred in foreign currency are revalued at average exchange rates during the reporting period. Gains and losses arising from the revaluation of account balances denominated in foreign currencies are recognized in investment and other income in the consolidated statements of operations. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the temporary differences between the financial statement carrying amount of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. During 2014, the Company recorded a valuation allowance adjustment to reduce its deferred income tax assets to an amount that is more likely than not to be realized based on available evidence at the time estimates are made. Although valuation allowances may be established to reduce the amounts expected to be realized, there was no deferred tax asset valuation allowance at December 31, 2015 and 2014 . Future interest or penalties related to uncertain income tax positions are recognized in income tax provision when determined. The Company did not record any accrued interest or penalties related to uncertain tax positions through December 31, 2015 . Advertising Costs Advertising costs are expensed as incurred and are included in marketing and sales promotion expenses in the consolidated statements of operations. For the years ended December 31, 2015 , 2014 and 2013 , advertising costs were $3.9 million , $3.8 million and $3.7 million , respectively. Earnings Per Share Basic earnings per share is computed by dividing net income attributable to CAM by the weighted average number of shares of Class A and Class B common stock outstanding during each year. Shares issued or repurchased during the year are weighted for the portion of the year that they were outstanding. Diluted earnings per share reflects the potential dilution that would occur if RSUs and stock options granted to participants of the Company incentive compensation plan were exercised and if the Calamos Interests exchanged all of their ownership interest in Calamos Investments and their Class B common stock for shares of Class A common stock. Diluted shares which result in anti-dilution are excluded from the diluted earnings per share calculation and are detailed in Note 18, Earnings Per Share . |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisition | Acquisition On September 30, 2015, Calamos Investments acquired Phineus, a long/short equity investment firm located in San Francisco, California for a total purchase price of $1.0 million . The acquisition enhances the Company’s product offerings and role as an innovator in the liquid alternatives space. The purchase price consisted of $55,000 cash paid to the selling shareholder with the remaining balance as contingent consideration payable annually over the next three years. This future obligation is reported at fair value in other current and non-current liabilities. As part of the acquisition, the Company recognized $596,000 of definite-lived intangible assets related to separately-managed account relationships amortized over three years. The excess of the purchase price over the fair value of identifiable tangible and intangible assets acquired resulted in the recognition of $375,000 of goodwill. Acquisition-related expenses for professional services were expensed as incurred, and recorded in general and administrative expenses. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net The Company’s goodwill represents the future economic benefits arising from Calamos Investments’ acquisitions. The following table summarizes the changes in the carrying amount of goodwill as of December 31, 2015 : (in thousands) Total Balance as of December 31, 2014 $ 6,380 Goodwill acquired during the period 375 Balance as of December 31, 2015 $ 6,755 As part of the Phineus acquisition, the Company recognized $596,000 of definite-lived intangible assets related to separately-managed account relationships amortized over three years. For the year ended December 31, 2015 , intangible assets, net of amortization expense of $50,000 , was $546,000 . Intangible asset amortization expense is included in general and administrative expenses in the consolidated statements of operations. The following table summarizes the estimated amortization expense for 2016 through 2018: (in thousands) 2016 $ 199 2017 198 2018 149 $ 546 |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions CAL provides investment management and portfolio accounting services to the open-end funds and the closed-end funds. CFS acts as the sole distributor of the U.S. open-end funds. Calamos Investments LLP is the sole global distributor of the offshore funds. The Company earns management, distribution and portfolio accounting fees for these services that are accrued and settled monthly. The table below summarizes the total fees earned from affiliates identified above during the years ended December 31, 2015 , 2014 and 2013 : (in thousands) 2015 2014 2013 Investment management fees from: Open-end funds $ 104,690 $ 119,898 $ 124,875 Closed-end funds 61,316 57,911 53,981 Totals $ 166,006 $ 177,809 $ 178,856 Distribution fees from open-end funds $ 41,006 $ 48,942 $ 53,143 Portfolio accounting fees from: Open-end funds $ 1,529 $ 1,756 $ 1,810 Closed-end funds 766 727 679 Totals $ 2,295 $ 2,483 $ 2,489 In September 2012, CAL began providing investment management services to Calamos Arista Strategic Master Fund LTD, a hedge fund in the Cayman Islands. Calamos Arista Strategic Fund LP was a newly consolidated partnership and U.S. feeder fund to Calamos Arista Strategic Master Fund LTD. Management and incentive fees for those services were not material for the year ended December 31, 2015 . For the years ended December 31, 2014 and 2013 , management and incentive fees for those services were $58,000 and $85,000 , respectively. Calamos Investments is party to a lease with 1111 Warrenville Road LLC, a subsidiary of Calamos Property Holdings LLC (“CPH”) . In January 2011, Calamos Investments and 1111 Warrenville Road LLC amended the lease in order to extend the term for two years with automatic one year renewals and to increase the base rent accordingly. Rent under the lease commenced in August 2005 and ended on December 31, 2015. For the years ended December 31, 2015 , 2014 and 2013 annual base rent and operating expense payments were $765,000 , $774,000 and $712,000 , respectively. Calamos Investments is party to a 20 -year lease with 2020 Calamos Court LLC, a subsidiary of CPH, with respect to the corporate headquarters constructed for the Company’s occupancy. Rent under the lease commenced in April 2005 and will end on May 31, 2025. For the years ended December 31, 2015 , 2014 and 2013 , annual base rent payments were $3.8 million , $3.7 million and $3.6 million , respectively. Annual base rent payments increase by 3% annually for the remaining term of the lease. Calamos Investments may not terminate the lease unless a casualty, condemnation or temporary government taking affects all or a substantial portion of the leased premises. 2020 Calamos Court LLC may only terminate the lease upon specified events of default, which are subject to applicable grace periods. Calamos Investments is party to an agreement with Primacy Business Center LLC (“Primacy”) , a subsidiary of CFP, where office space at the Company’s corporate headquarters is subleased to Primacy. The lease expires December 31, 2016, but automatically extends annually. Calamos Investments recognized sublease rental income of $275,000 for the year ended December 31, 2015 , and $277,000 for each of the years ended December 31, 2014 and 2013 , which is classified as other income and included in investment and other income in the consolidated statements of operations. Calamos Investments is party to a 20 -year lease with 2020 Calamos Court Annex LLC, a subsidiary of CPH, with respect to the cafeteria in the Company’s corporate headquarters. Rent under the lease commenced in December 2005 and will end on May 31, 2025. For the years ended December 31, 2015 , 2014 and 2013 , annual base rent and operating expense payments were $310,000 , $321,000 and $300,000 , respectively. Annual base rent payments increase by 3% annually for the remaining term of the lease. Calamos Investments is party to an agreement with CF Restaurant Enterprises LLC (“CFRE”) , a subsidiary of CFP, where CFRE provides food and beverage services to Calamos Investments. Calamos Investments guarantees minimum daily revenues and CFRE agrees that certain quantities and combinations of food and beverage will be available at a predetermined price. For the years ended December 31, 2015 , 2014 and 2013 , Calamos Investments incurred expenses of $959,000 , $940,000 and $956,000 , respectively. Calamos Investments is party to a 7.5 year lease with CityGate Centre I LLC, a subsidiary of CPH, with respect to office space. Rent payments under the lease commenced in May 2008 and ended on April 30, 2015. For the years ended December 31, 2015 , 2014 and 2013 , annual base rent and operating expense payments were $343,000 , $990,000 and $943,000 , respectively. Annual base rent payments increased by 2.5% annually. Calamos Investments headquarter campus is owned and operated by CPH and its subsidiaries ( collectively , “CityGate Centre”) and is utilized by the Company to promote its business and brand awareness both in the local community and with its visiting strategic clients. CityGate Centre offers amenities such as hotel accommodations, restaurants and event planning services. For the years ended December 31, 2015 , 2014 and 2013 , Calamos Investments had expense payments of $662,000 , $530,000 and $533,000 , respectively, related to these services. Dragon Leasing Corporation (“Dragon”) is an affiliated company controlled by a principal of the Company. CFP, CPH and Dragon have each entered into agreements with CAM, whereby the parties provide to each other certain services and resources, including furnishing office space and equipment, providing insurance coverage, overseeing the administration of their businesses and providing personnel to perform certain management and administrative services. These agreements have a term of one year and are renewable annually. The agreements are terminable on 30 days' notice by either party. In accordance with the terms of the agreements, the parties have agreed to pay each other an amount equal to the direct out-of-pocket expenses paid or incurred plus an allocation of indirect expenses, such as employee compensation and benefits. The following table summarizes fees that have been recorded as expense allocations during the twelve months ended and the net receivable balance as of December 31, 2015 , 2014 and 2013 : (in thousands) 2015 2014 2013 Expense allocated from the Company to CPH $ 507 $ 590 $ 556 Expense allocated from the Company to CFP 254 243 236 Expense allocated from the Company to Dragon 15 16 16 Total expenses allocated from the Company to affiliates 776 849 808 Expense allocated from CPH and CFP to the Company 638 173 151 Net expense allocated from the Company to affiliates $ 138 $ 676 $ 657 Net receivable for management services from CPH $ 35 $ 40 $ 43 Net receivable (payable) for management services from CFP $ (7 ) $ (11 ) $ 9 Net receivable for management services from Dragon $ 1 $ 1 $ 1 As a result of the control exercised by CFP, none of our agreements with CFP and other companies controlled by them are deemed to be negotiated on “arm’s length” terms. However, while not mandated, to date, any such agreements since the Company's initial public offering have been approved in accordance with the Conflict of Interests Policy contained in the Company's Second Amended and Restated Certificate of Incorporation. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
Investment Securities | Investment Securities The following table provides a summary of investment securities as of December 31, 2015 and 2014 : (in thousands) December 31, 2015 Cost Unrealized Gains Unrealized Losses Fair Value Available-for-sale securities: Funds Global Equity $ 124,929 $ 6,606 $ (46 ) $ 131,489 U.S. Equity 62,839 2,914 (44 ) 65,709 Fixed Income 16,922 58 (15 ) 16,965 Multi-Strategy 16,150 208 (133 ) 16,225 Alternative 14,153 125 (191 ) 14,087 Convertible 5,093 — (14 ) 5,079 Total Funds 240,086 9,911 (443 ) 249,554 Common stock 141 181 — 322 Total available-for-sale securities $ 240,227 $ 10,092 $ (443 ) $ 249,876 Trading securities: Funds U.S. Equity $ 5,194 $ — $ (478 ) $ 4,716 Global Equity 2,500 — (35 ) 2,465 Total trading securities $ 7,694 $ — $ (513 ) $ 7,181 Total investment securities $ 257,057 (in thousands) December 31, 2014 Cost Unrealized Gains Unrealized Losses Fair Value Available-for-sale securities: Funds Global Equity $ 142,610 $ 5,275 $ (1,872 ) $ 146,013 U.S. Equity 74,505 3,480 (581 ) 77,404 Fixed Income 17,596 1 (423 ) 17,174 Multi-Strategy 1,494 198 (9 ) 1,683 Alternative 40,752 1,283 (4 ) 42,031 Convertible 10,163 15 (1 ) 10,177 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 U.S. Equity $ 52,147 $ 33 $ (6,964 ) $ 45,216 Total investment securities $ 339,959 The investment in Funds at December 31, 2015 and 2014 , of $256.7 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 December 31, 2015 and 2014 was $12.5 million and $98.1 million , respectively. As of December 31, 2015 and 2014 , the Company had no investment securities that had been in a continuous loss position for 12 months or longer. The Company recorded other-than-temporary impairment charges of $12.9 million and $667,000 , respectively, on certain available-for-sale securities with unrealized losses during 2015 and 2014 . The other-than-temporary impairment charges were reported in non-operating income (loss), in the consolidated statements of operations. As of December 31, 2015 and 2014 , the Company believes that the remaining $443,000 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 years ended December 31, 2015 , 2014 and 2013 : (in thousands) 2015 2014 2013 Available-for-sale securities: Proceeds from sales $ 70,642 $ 293,662 $ 524,968 Gross realized gains on sales $ 3,946 $ 11,024 $ 25,882 Trading securities: Change in unrealized gains (losses) $ 6,418 $ 1,315 $ (8,813 ) The table below summarizes the tax provision (benefit) on unrealized gains (losses) and gains reclassified out of accumulated other comprehensive income (loss) on available-for-sale securities for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 (in thousands) Before-Tax Amount Tax Provision (Benefit) After-Tax Before-Tax Amount Tax Provision (Benefit) After-Tax Before-Tax Amount Tax Provision (Benefit) After-Tax Available-for-sale securities: Changes in unrealized gains $ 4,817 $ 395 $ 4,422 $ 3,173 $ 404 $ 2,769 $ 39,630 $ 3,793 $ 35,837 Reclassification adjustment for realized gains included in income (2,654 ) (505 ) (2,149 ) (12,012 ) (1,324 ) (10,688 ) (19,732 ) (1,679 ) (18,053 ) Other comprehensive income (loss) $ 2,163 $ (110 ) $ 2,273 $ (8,839 ) $ (920 ) $ (7,919 ) $ 19,898 $ 2,114 $ 17,784 Reclassification of realized gains out of accumulated other comprehensive income (loss) are reported in non-operating income (loss), in investment and other income (loss), in the consolidated statement of operations. See Note 16, Non-Operating Income (Loss) . |
Derivative Assets and Liabiliti
Derivative Assets and Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Assets and Liabilities | Derivative Assets and Liabilities The Company used exchange-traded option contracts as an economic hedge of price changes in its investment securities portfolio in order to reduce the volatility equity markets had 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 $257.1 million at December 31, 2015 , consist primarily of positions in several Calamos equity and fixed income funds. The equity price risk in the investment portfolio was hedged using exchange-traded option contracts that correlate most closely with the change in value of the portfolio being hedged. The use of these option contracts was part of a hedge overlay strategy to minimize downside risk in the hedged portfolio. The Company may adjust its hedge position in response to movement and volatility in prices and changes in the composition of the hedged portfolio, but generally is not actively buying and selling contracts. The Company has elected not to offset its derivative assets with its derivative liabilities even if a right of offset exists. When applicable, the fair value of option contracts is reported on a gross basis in derivative assets and derivative liabilities in the consolidated statements of financial condition. Net gains and losses on these contracts are reported in investment and other income (loss) in the consolidated statements of operations with net losses of $544,000 , $1.8 million and $1.9 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Company used these derivatives for risk management purposes but has not designated the contracts as hedges for accounting purposes. The Company had $4.3 million of derivative assets and $5.5 million of derivative liabilities outstanding as of December 31, 2015 . The Company had no derivative instruments outstanding as of December 31, 2014 . |
Partnership Investments
Partnership Investments | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and 2014 . (in thousands) 2015 2014 Consolidated partnerships: Assets Securities owned $ 106,667 $ 103,079 Cash and cash equivalents 5,356 39,205 Other current assets 500 1,188 Exchange-traded option contracts 87 201 Total assets of consolidated partnerships $ 112,610 $ 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 (75 ) (142 ) Total liabilities of consolidated partnerships $ (75 ) $ (10,117 ) Equity method investment in partnerships $ 30 $ 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. 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 for the years ended December 31, 2015 and 2014 , in the table above. As of December 31, 2015 and 2014 , the Company held non-controlling interests in another partnership and therefore, accounted for this investment using the equity method. This investment is presented as an equity method investment in partnerships in the table above. Calamos Arista Strategic Fund LP was liquidated on December 26, 2014, and as of December 31, 2014, the net assets were $30.8 million . The partnership redemptions were completed subsequent to December 31, 2014. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | air 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 years ended December 31, 2015 and 2014 . 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 $228.1 million and $312.8 million at the end of December 31, 2015 and 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 asked price. Convertible bonds, fixed income securities and other securities for which quotations are not readily available are valued at fair value based on observable inputs such as market prices for similar instruments as validated by third party pricing agencies and the Company’s prime broker. Debt securities are valued based upon evaluated 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 December 31, 2015 and 2014 . 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 December 31, 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 $ 25,240 $ 25,240 $ — Investment securities (Note 6) Funds Global Equity 133,954 133,954 — U.S. Equity 70,425 70,425 — Fixed Income 16,965 12,097 4,868 Multi-Strategy 16,225 16,225 — Alternative 14,087 14,087 — Convertible 5,079 5,079 — Total Funds 256,735 251,867 4,868 Common stock 322 322 — Total investment securities 257,057 252,189 4,868 Derivative assets (Note 7) Exchange-traded option contracts 4,311 4,311 — Securities and derivatives owned by partnership investments (Note 8) Common stocks 53,467 27,899 25,568 Preferred stocks 3,875 3,875 — Convertible bonds 48,369 — 48,369 Corporate bonds 957 — 957 Money market funds 5,309 5,309 — Exchange-traded put option contracts 87 87 — Total securities and derivatives owned by partnership investments 112,064 37,170 74,894 Derivative liabilities (Note 7) Exchange-traded option contracts (5,475 ) (5,475 ) — Total $ 393,197 $ 313,435 $ 79,762 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 6) Funds Global Equity 146,013 146,013 — U.S. Equity 124,744 124,744 — Fixed Income 17,174 12,203 4,971 Multi-Strategy 1,683 1,683 — Alternative 42,031 42,031 — Convertible 11,021 11,021 — Total Funds 342,666 337,695 4,971 Common stock 261 261 — Total investment securities 342,927 337,956 4,971 Securities and derivatives owned by partnership investments (Note 8) 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 Exchange-traded put option contracts 201 201 — Total securities and derivatives owned by partnership investments 140,340 36,570 103,770 Securities sold but not yet purchased (Note 7) Common stocks (2,968 ) (2,968 ) — Total $ 481,508 $ 372,767 $ 108,741 The fair value of the Company’s long-term debt, which has a total carrying value of $46.0 million at December 31, 2015 and 2014 , was $51.6 million and $54.2 million , respectively, calculated using discounted cash flows based on the Company's incremental borrowing rates and market inputs for similar bonds. The fair value of the debt is based on Level 2 inputs within the fair value hierarchy. At September 30, 2015, the Company recorded contingent consideration associated with its purchase of Phineus. The fair value and carrying value of the contingent consideration was $998,000 at December 31, 2015 , and is included in other current and non-current liabilities in the consolidated statements of financial condition. For the year ended December 31, 2015 , the change in the fair value of the contingent consideration is not material, and is included in other income in the consolidated statements of operations. The fair value of the contingent consideration is based on Level 3 unobservable inputs within the fair value hierarchy as it is calculated using certain assumptions regarding business performance and probability of payment. The fair value and carrying value of the Company’s payment obligation associated with a previous acquisition was $1.7 million at December 31, 2014 , reported in other current liabilities in the consolidated statements of financial condition. This obligation was paid in the third quarter of 2015. The fair value of the payment obligation was based on Level 2 inputs within the fair value hierarchy as it was calculated using discounted cash flows based on the Company’s incremental borrowing rates and market inputs for similar bonds. The carrying value of all other financial instruments approximates fair value due to the short maturities of these financial instruments. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment As of December 31, 2015 and 2014 , property and equipment and related accumulated depreciation were as follows: (in thousands) 2015 2014 Property and equipment: Furniture, fixtures and equipment $ 25,829 $ 25,421 Leasehold improvements 29,553 32,062 Computer software 18,639 17,908 Total costs 74,021 75,391 Accumulated depreciation and amortization (60,713 ) (61,145 ) Property and equipment, net $ 13,308 $ 14,246 Computer software includes both internally developed software and software purchased. |
Loans Payable
Loans Payable | 12 Months Ended |
Dec. 31, 2015 | |
Loans Payable [Abstract] | |
Loans Payable | Loans Payable The Company has access to margin loans for the settlement of exchange-traded option contracts, as well as an additional source of liquidity. The interest rate that can be charged on margin loans is 1.75% per annum, based on the brokerage firm’s lending rate. These loans are due on demand. The Company had no margin loan balances outstanding at December 31, 2015 and 2014 . |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt In July 2007, Calamos Investments completed a private debt offering of $375 million aggregate principal senior unsecured notes, with three series consisting of $197 million of 6.33% notes due July 15, 2014 , $85 million of 6.52% notes due July 15, 2017 and $93 million of 6.67% notes due July 15, 2019 . On July 15, 2014, Calamos Investments repaid at maturity $46.2 million of the senior notes outstanding. In December 2008, the Company paid down a portion of its outstanding long-term debt and re-negotiated its debt covenants. As of December 31, 2015 and 2014 , the outstanding balance of the notes totaled $46.0 million . The table below summarizes the debt balance at December 31, 2015 and 2014 : (in thousands) 2015 2014 Senior unsecured notes: 6.52% notes due July 15, 2017 $ 22,100 $ 22,100 6.67% notes due July 15, 2019 23,855 23,855 Total long-term debt $ 45,955 $ 45,955 The table below summarizes the aggregate contractual annual maturities for the total debt balance at December 31, 2015 : (in thousands) Contractual Maturities 2016 $ — 2017 22,100 2018 — 2019 23,855 2020 — Thereafter — Total long-term debt $ 45,955 Under the amended note purchase agreements governing the terms of these notes, Calamos Investments must maintain certain consolidated net worth in addition to leverage, investment and interest coverage ratios. The amended note purchase agreements also contain other covenants that, among other things, restrict the ability of Calamos Investments’ subsidiaries to incur debt and restrict the ability of Calamos Investments or its subsidiaries to create liens and to merge or consolidate, or sell or convey all or substantially all of Calamos Investments’ assets and places certain limitations on distributions and redemptions of equity interests. As of December 31, 2015 and 2014 , the Company was in compliance with all covenants. The weighted average interest rate on the notes is 6.60% over the remaining life of the notes. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | Common Stock All shares of Class A common stock and Class B common stock are identical and entitle the holders to the same rights and privileges, including dividend rights and liquidity rights, unless otherwise required by law. However, the holders of Class B common stock possess super-voting rights which represents a 97.4% voting interest in the Company. |
Profit Sharing Plan
Profit Sharing Plan | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Profit Sharing Plan | Profit Sharing Plan The Company contributes to a defined contribution profit sharing plan (the " PSP Plan" ) covering substantially all employees. Contributions to the PSP Plan are at the discretion of the Company and include discretionary profit sharing and matching components. For the years ended December 31, 2015 , 2014 and 2013 , the Company recorded expense for the contributions to the PSP Plan in the amounts of $3.6 million , $3.9 million and $2.5 million , respectively. This expense is included in employee compensation and benefits on the consolidated statements of operations. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | Stock Based Compensation Certain employees of the Company receive stock based compensation comprised of RSUs and stock options under the Company’s incentive compensation plan, which is designed to retain key employees. A total of 10,000,000 shares of CAM’s common stock may be granted under the plan. 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. RSUs entitle each recipient to receive a share of Class A common stock and a dividend equivalent to the actual dividends declared on CAM’s Class A common stock. RSUs are granted with no strike price and, therefore, the Company receives no proceeds when the RSUs vest. These awards, including accrued dividends, vest at the end of the restriction period, generally not to exceed six years after the grant date, and are expensed on a straight-line basis over this period. For the years ended December 31, 2015 , 2014 and 2013 , 782,474 RSUs, 897,082 RSUs and 838,663 RSUs with an estimated fair value of $9.7 million , $10.7 million and $8.9 million , respectively, were awarded to employees of the Company in accordance with the provisions of the plan. A summary of the RSU activity follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2012 2,612,106 $ 12.26 Granted 838,663 10.66 Forfeited (407,656 ) 12.14 Exercised upon vesting (458,138 ) 14.96 Outstanding at December 31, 2013 2,584,975 11.58 Granted 897,082 11.89 Forfeited (501,194 ) 11.00 Exercised upon vesting (413,298 ) 12.27 Outstanding at December 31, 2014 2,567,565 11.69 Granted 782,474 12.46 Forfeited (702,363 ) 11.71 Exercised upon vesting (461,430 ) 11.46 Outstanding at December 31, 2015 2,186,246 12.01 Converted during the year ended December 31: 2013 310,080 $ 10.87 2014 294,686 12.23 2015 335,741 11.79 As of December 31, 2015 , the Company had 2,186,246 RSUs outstanding with a weighted average remaining contractual life of 2.6 years and an aggregate intrinsic value of $21.2 million . The weighted average fair value of RSUs at the date of grant for the years ended December 31, 2015 , 2014 and 2013 were $12.46 , $11.89 and $10.66 per share, respectively. The aggregate intrinsic value and the fair value of RSUs that vested and were exercised during 2015 , 2014 and 2013 was $5.3 million , $5.1 million and $5.0 million , respectively. For the years ended December 31, 2015 , 2014 and 2013 , 461,430 RSUs, 413,298 RSUs and 458,138 RSUs, respectively, were vested and exercised and, after 125,689 RSUs, 118,612 RSUs and 148,058 RSUs, respectively, were withheld for taxes, 335,741 RSUs, 294,686 RSUs and 310,080 RSUs, respectively, were converted, on a one -for- one basis, for shares of CAM’s Class A common stock. The total intrinsic value and the fair value of the converted shares were $4.0 million , $3.6 million and $3.4 million , respectively. The total tax benefit realized in connection with the exercise of the RSUs during 2015 , 2014 and 2013 were $511,000 , $471,000 and $443,000 , respectively, as the Company receives tax benefits equal to the fair value of CAM’s common stock on the exercise date, less the amount attributable to the non-controlling interest. Stock options entitle each recipient to purchase a share of Class A common stock in exchange for the stated exercise price upon vesting of each award. Under the plan, the exercise price of each option, which has a 10 -year life, equals the market price of the Company’s stock on the date of grant. No awards were granted during the years ended December 31, 2015 , 2014 and 2013 . Summarized information on the Company’s outstanding stock options at December 31, 2015 was as follows: Options Outstanding Options Exercisable Range of Exercise Prices Number of Shares Average Remaining Contractual Life Weighted Average Option Price Number of Shares Weighted Average Option Price $17.80 136,330 0.9 $ 17.80 136,330 $ 17.80 $18.00 - $29.11 756,330 1.8 $ 22.37 756,330 $ 22.37 $35.43 255,825 0.1 $ 35.43 255,825 $ 35.43 1,148,485 1.4 $ 24.73 1,148,485 $ 24.73 The outstanding options do not have an intrinsic value as the exercise price exceeded the market value. A summary of the stock option activity was as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2012 2,195,414 $ 23.36 Forfeited/expired (93,846 ) 21.94 Outstanding at December 31, 2013 2,101,568 23.42 Forfeited/expired (672,401 ) 19.49 Outstanding at December 31, 2014 1,429,167 25.27 Forfeited/expired (280,682 ) 27.80 Outstanding at December 31, 2015 1,148,485 24.73 Exercisable at December 31: 2013 1,910,292 $ 23.76 2014 1,429,167 25.27 2015 1,148,485 24.73 For the years ended December 31, 2015 , 2014 and 2013 , compensation expense recorded in connection with the RSUs and stock options was $6.3 million , $6.6 million and $7.0 million , respectively, of which $1.4 million , $1.5 million and $1.6 million , respectively, was credited as additional paid-in capital. For the years ended December 31, 2015 , 2014 and 2013 , the amount of deferred tax asset created was $518,000 , $545,000 and $577,000 , respectively. As of December 31, 2015 , $12.3 million of total unrecognized compensation expense related to unvested stock option and RSU awards is expected to be recognized over a weighted average service period of 2.6 years. |
Non-Operating Income (Loss)
Non-Operating Income (Loss) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2015 , 2014 and 2013 : (in thousands) 2015 2014 2013 Interest income $ 199 $ 160 $ 257 Interest expense (3,070 ) (4,669 ) (6,021 ) Net interest expense (2,871 ) (4,509 ) (5,764 ) Investment income (loss) (5,513 ) 17,585 29,891 Dividend income 1,589 1,987 5,355 Miscellaneous other income 177 341 193 Investment and other income (loss) (3,747 ) 19,913 35,439 Non-operating income (loss) $ (6,618 ) $ 15,404 $ 29,675 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income tax provision for the years ended December 31, 2015 , 2014 and 2013 consists of the following: (in thousands) 2015 2014 2013 Current: Federal $ (4,158 ) $ (1,767 ) $ (216 ) State: CAM portion (485 ) (92 ) 23 Calamos Interests portion 42 178 56 Foreign 17 15 — Total current income tax benefit (4,584 ) (1,666 ) (137 ) Deferred: Federal 6,330 6,833 5,867 State 574 620 532 Total deferred income tax provision 6,904 7,453 6,399 Total income tax provision $ 2,320 $ 5,787 $ 6,262 Calamos Investments is subject to certain income-based state taxes; therefore, income tax provision reflects not only the portion attributed to CAM stockholders but also a portion of income tax provision attributable to non-controlling interests. The Company files income tax returns in federal, state and foreign tax jurisdictions. The Company is subject to U.S. federal, state and local examinations by tax authorities for years 2012 – 2015. The following table reconciles the statutory federal income tax rate to the effective income tax rate for the years ended December 31, 2015 , 2014 and 2013 , respectively. 2015 2014 2013 Statutory U.S. federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefits 2.1 % 2.0 % 2.0 % Impact of expiring employee stock options 4.6 % 2.4 % — % Calamos Investments’ foreign and state income taxes 1.0 % 1.1 % 0.3 % Impact of deferred tax assets valuation allowance reversal (2.8 )% (10.4 )% (12.2 )% Other non-deductible items 2.0 % 0.7 % 0.4 % Impact on net deferred tax assets from change in statutory income tax rate (0.5 )% (0.6 )% (0.3 )% Effective income tax rate 41.4 % 30.2 % 25.2 % Calamos Interests state income taxes (0.8 )% (0.9 )% (0.2 )% CAM effective income tax rate 40.6 % 29.3 % 25.0 % Deferred income taxes reflect the expected future tax consequences of temporary differences between carrying amounts and tax bases of the Company’s assets and liabilities. The significant components of deferred income taxes at December 31, 2015 and 2014 are as follows: (in thousands) 2015 2014 Deferred tax assets: Intangible assets $ 26,545 $ 34,459 Federal capital loss carryforward 1,942 169 Federal net operating loss carryforward 4,120 — State net operating loss carryforward 624 — Differences between book basis and tax basis of investments 3,202 4,165 Stock-based compensation 1,921 2,098 Other 1,208 698 Total deferred tax assets 39,562 41,589 Deferred tax liabilities: Unrealized net holding gains on investments of available-for-sale securities 793 902 Deferred sales commission 49 85 Goodwill 113 81 Other 303 260 Total deferred tax liabilities 1,258 1,328 Net deferred tax assets $ 38,304 $ 40,261 Deferred tax assets and liabilities are reflected on the Company’s consolidated statements of financial condition as net deferred tax assets. The current and non-current portions of the net deferred tax asset were $8.3 million and $30.0 million , respectively, at December 31, 2015 and $9.2 million and $31.1 million , respectively, at December 31, 2014 . As of December 31, 2015 , the Company’s net deferred income tax asset attributable to intangible assets was $26.5 million , which is being amortized and creating a tax benefit of $7.9 million per year over 15 years expiring during 2019 . This deferred income tax asset was created as a result of the Company purchasing 20,000,000 membership units from CFP in 2004, whereby the Company made an election under Section 754 of the Internal Revenue Code to mark-to-market all qualified assets that it purchased, of which 17,000,000 membership units qualified for the stepped-up basis. Most of the assets receiving the stepped-up basis for tax purposes are in the form of intangible assets, such as management contracts, distribution contracts and intellectual property. As of December 31, 2015 , the Company’s federal capital loss carryforward was $5.2 million , of which $237,000 will expire in 2017 and $5.0 million will expire in 2020, if not used before the expiration dates. As of December 31, 2015 , the Company did not have a valuation allowance on this deferred tax asset. As of December 31, 2015 , the Company's federal net operating loss carryforward was $12.1 million , which will expire in 2035, if not used before the expiration date. As of December 31, 2015 , the Company's total state net operating loss carryforward was $10.4 million , which will expire following each state's varying income tax statues and regulations. As a result of Calamos Investments' acquisitions, the Company is amortizing goodwill in the amount of $7.4 million over 15 years, creating a deferred income tax liability. As of December 31, 2015 and 2014 , the Company had no material unrecognized tax benefits and it does not anticipate any unrecognized tax benefits arising in the next 12 months that would result in a material change to its financial position. A reconciliation is not provided, as the beginning and ending amounts of unrecognized benefits are zero with no interim additions, reductions or settlements. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table reflects the calculation of basic and diluted earnings per share: (in thousands, except per share amounts) 2015 2014 2013 Earnings per share – basic: Earnings available to common shareholders $ 3,327 $ 13,530 $ 18,628 Weighted average shares outstanding 17,518 18,275 19,904 Earnings per share – basic $ 0.19 $ 0.74 $ 0.94 Earnings per share – diluted: Earnings available to common shareholders $ 3,327 $ 13,530 $ 18,628 Weighted average shares outstanding 17,518 18,275 19,904 Dilutive impact of restricted stock units 727 714 448 Weighted average shares outstanding 18,245 18,989 20,352 Earnings per share – diluted $ 0.18 $ 0.71 $ 0.92 When dilutive, diluted shares outstanding for 2015 , 2014 and 2013 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 December 31, 2015 , 2014 and 2013 , the impact of the Exchange was anti-dilutive and, therefore, excluded from the calculation of diluted earnings per share. The Company uses the treasury stock method to reflect the dilutive effect of unvested RSUs and unexercised stock options on diluted earnings per share. Under the treasury stock method, if the average market price of common stock increases above the option’s exercise price, the proceeds that would be assumed to be realized from the exercise of the option would be used to acquire outstanding shares of common stock. However, the awards may be anti-dilutive even when the market price of the underlying stock exceeds the option’s exercise price. This result is possible because compensation cost attributed to future services and not yet recognized is included as a component of the assumed proceeds upon exercise. The dilutive effect of such options and RSUs would increase the weighted average number of shares used in the calculation of diluted earnings per share. The Company amended its certificate of incorporation requiring that the Exchange be based on a fair value approach (details of the amendment are set forth in the Company’s Schedule 14C filed with the Securities and Exchange Commission on January 12, 2009). The amendment results in the same or fewer shares of Class A common stock being issuable at the time of the Exchange. The shares issuable upon the Exchange as presented are estimated solely on the formula as described in Schedule 14C that does not necessarily reflect all inputs used in a fair valuation. It is critical to note that this formula does not incorporate certain economic factors and as such, in the event of an actual Exchange, the majority of the Company’s independent directors may determine the fair market value of CAM’s net assets and its ownership in Calamos Investments. For example, premiums and/or discounts for control and marketability as well as a different discount rate for future cash flows may be applied. Therefore, the directors’ valuation may result in the actual number of shares being materially different from the shares presented. Further, based upon currently available information, the Company believes it is unlikely that any Exchange would transpire without a fair market valuation of CAM’s net assets and possibly an agreement by Calamos Interests to Exchange, based upon that fair market valuation. The following table shows the number of shares which were excluded from the computation of diluted earnings per share as they were anti-dilutive: 2015 2014 2013 Shares of Class A common stock issuable upon an Exchange of Calamos Interests’ ownership in Calamos Investments* 11,537,504 27,916,544 34,594,896 Restricted stock units — 174,523 558,473 Stock options 1,148,485 1,429,167 2,101,568 Total 12,685,989 29,520,234 37,254,937 * Number of shares calculated with the value of Calamos Investments determined by using the closing price of our shares as of December 31, 2015 ( $9.68 ), December 31, 2014 ( $13.32 ) and December 31, 2013 ( $11.84 ) 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 December 31, 2015 , 2014 and 2013 . The value of Calamos Investments is then multiplied by Calamos Interests' percentage ownership in Calamos Investments, with the result divided by the applicable year-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 | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the normal course of business, the Company enters into agreements that include indemnities in favor of third parties, such as engagement letters with advisors and consultants, distribution agreements and service agreements. In accordance with the Company’s by-laws, the Company has also agreed to indemnify its directors, officers, employees and agents in certain cases. Certain agreements do not contain any limits on the Company’s liability and, therefore, it is not possible to estimate the Company’s potential liability under these indemnities. In certain cases, the Company may have recourse against third parties with respect to these indemnities. Further, the Company maintains insurance policies that may provide coverage against certain claims under these indemnities. 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 complaint 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. 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. CAL purchased $15.6 million of common shares of the fund under this program during the year ended December 31, 2015 . The purchase program was completed on February 25, 2016 for a total cost of $20.0 million . The Company leases office space and computer equipment under long-term operating leases expiring at various dates through fiscal year 2025. Lease expenses were $5.5 million for the year ended December 31, 2015 , and $5.6 million for each of the years ended December 31, 2014 and 2013 . As of December 31, 2015 , the Company’s aggregate future minimum payments for operating leases having initial or non-cancelable terms greater than one year are payable as follows: (in thousands) Minimum Payments Year ended December 31: 2016 $ 5,252 2017 5,403 2018 5,520 2019 5,530 2020 5,314 Thereafter 22,799 Total minimum lease payments $ 49,818 |
Regulatory and Net Capital Requ
Regulatory and Net Capital Requirements | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory and Net Capital Requirements | Regulatory and Net Capital Requirements As a broker-dealer, CFS is subject to the Securities and Exchange Commission’s Uniform Net Capital Rule (Rule 15c3-1), which requires the maintenance of minimum net capital, as defined, and requires that the ratio of aggregate indebtedness to net capital (net capital ratio), as defined, shall not exceed 15 to 1 . As of December 31, 2015 and 2014 , the net capital, the excess of the required net capital and the net capital ratio were as follows: (in thousands) 2015 2014 Net capital $ 5,433 $ 1,791 Excess of required net capital $ 4,636 $ 1,003 Net capital ratio 2.20 : 1.0 6.60 : 1.0 |
Concentration Risk
Concentration Risk | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk | Concentration Risk For the years ended December 31, 2015 , 2014 and 2013 , the percentage of revenues derived from services provided to three Company-sponsored open-end funds, the Calamos Growth Fund, the Calamos Market Neutral Fund and the Calamos Growth and Income Fund were as follows: 2015 2014 2013 Calamos Growth Fund 17 % 18 % 21 % Calamos Market Neutral Fund 14 % 14 % 10 % Calamos Growth and Income Fund 13 % 14 % 15 % |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) As of or for the Quarter Ended 2015 2014 Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Sept. 30 June 30 March 31 (in millions) Assets under management* $ 21,908 $ 22,454 $ 24,432 $ 24,476 $ 23,506 $ 24,514 $ 25,755 $ 26,147 (in thousands, except share data) Total revenue $ 55,494 $ 57,618 $ 60,351 $ 57,417 $ 60,495 $ 63,532 $ 63,005 $ 63,930 Total operating expenses 46,369 48,991 46,259 58,922 45,868 47,679 46,371 49,854 Operating income (loss) $ 9,125 $ 8,627 $ 14,092 $ (1,505 ) $ 14,627 $ 15,853 $ 16,634 $ 14,076 Net income attributable to CAM $ 830 $ 363 $ 2,033 $ 101 $ 4,794 $ 3,369 $ 3,228 $ 2,139 Diluted earnings per share $ 0.05 $ 0.02 $ 0.11 $ 0.01 $ 0.25 $ 0.18 $ 0.17 $ 0.11 Diluted shares outstanding 17,858,985 18,208,850 18,635,798 18,699,641 18,808,798 18,781,856 19,048,456 19,805,828 *Assets under management do not include assets for which the Company provides model portfolio design and oversight. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements We have reviewed all newly issued accounting pronouncements that are applicable to our business and to the preparation of our consolidated financial statements, including those not yet required to be adopted. Accounting guidance that will become effective in future years, with respect to the Company’s consolidated financial statements, is described below: In February 2016, the Financial Accounting Standards Board ( "FASB" ) issued an accounting update related to the accounting for leases. Under the new guidance, lessees will be required to recognize a right-of-use asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term, and a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis. This guidance is effective for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company is evaluating the effect of adopting this new accounting guidance on its results of operations, cash flows and financial position. In January 2016, the FASB issued an accounting update that addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The new guidance will require the change in fair value of equity instruments with readily determinable fair values to be recognized through the statements of operations. This guidance is effective for annual and interim periods beginning after December 15, 2017, and requires a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. Early adoption is not permitted. The Company is currently evaluating the full impact of the standard, however, upon adoption the change in the fair value of available-for-sale securities will be recognized in the consolidated statements of operations instead of accumulated other comprehensive income on the statements of financial position. In February 2015, the 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 does not expect adoption will have a material impact on its results of operations, cash flows or financial position. 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On March 3, 2016, the Board of Directors of CAM approved a distribution of $20.0 million from Calamos Investments to its members, payable in the first quarter of 2016, of which $4.4 million will be distributed to CAM, and $15.6 million will be distributed to the Calamos Interests. The distribution will be funded from cash on hand. Subsequent to December 31, 2015 , the balance of the loan from CAM to Calamos Investments was $40.0 million . |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) , which require the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Management believes the accounting estimates are appropriate and reasonably stated; however, due to the inherent uncertainties in making estimates, actual amounts could differ from these estimates. |
Principles of Consolidation | Principles of Consolidation The Company consolidates investments in which the Company’s ownership exceeds 50% or in which the Company operates and controls the business and affairs of the entity or is deemed to be the primary beneficiary. In order to make this determination, an analysis is performed to determine if the investment in an affiliate or partnership is a variable interest entity ( "VIE" ). The Company has evaluated its investments in affiliates and partnerships and has concluded that they are not VIEs. With respect to partnership investments, the limited partners have no control of the business and affairs of the partnership, no substantive ability to dissolve (liquidate) the partnership, or otherwise remove the general partner (CAL and Calamos Investments) without cause or have other substantive rights. The consolidated financial statements include the financial statements of CAM, Calamos Investments, Calamos Investments’ wholly- and majority-owned subsidiaries, and the Company’s partnerships in which it owns a majority interest or in which it has operating control. The equity method of accounting is used for investments in which the Company has significant influence, but less than 50% ownership. Intercompany balances and transactions have been eliminated. 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 years ended December 31, 2015 and 2014 . 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. See Note 8, 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 8, 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. Non-controlling interest in Calamos Investments is derived by multiplying the historical equity of Calamos Investments by the Calamos Interests’ aggregate ownership percentage for the periods presented. Issuances and repurchases of CAM’s common stock may result in changes to CAM’s ownership percentage and to the non-controlling interests’ ownership percentage of Calamos Investments with resulting changes reflected in the consolidated statements of changes in equity. Income is allocated based on the average ownership interest during the period in which the income is earned. CAM owns certain assets to which common stockholders have exclusive economic rights. |
Cash and Cash Equivalents | Cash and Cash Equivalents All highly liquid financial instruments with maturities of three months or less from date of purchase, consisting primarily of investments in insured money market accounts and money market funds are considered cash equivalents |
Receivables from Customers | Receivables from Customers Receivables from customers represent balances arising from contractual investment advisory services provided to separate account customers and are recorded on an accrual basis. |
Investment Securities | Investment Securities The Company carries its investment securities at fair value. For a majority of the Company’s investments, fair values are determined based upon quoted prices in active markets. If quoted market prices are not available, the Company uses matrix, model or other similar pricing methods to determine fair value. Investment securities transactions are recorded on a trade-date basis. Investment securities are classified as available-for-sale as the Company does not intend to trade these securities in the near term. Unrealized gains and losses on available-for-sale securities are excluded from earnings and are reported, net of income tax, as a separate component of equity until realized. Realized gains and losses from the sale of available-for-sale securities are determined on a specific identification basis and are included in investment and other income in the consolidated statements of operations. Investment securities that are classified as trading securities are carried at fair value with all changes in the value of the securities going through current earnings. Therefore, both realized and unrealized gains and losses on these securities are included in investment and other income in the consolidated statements of operations. On a quarterly basis, the Company conducts reviews to assess whether an other-than-temporary impairment exists on its available-for-sale investment securities. Other-than-temporary declines in value may exist when the fair value of an investment security has been below the carrying value for an extended period of time. If an other-than-temporary decline in value is determined to exist, the unrealized investment loss, net of tax is recognized in the consolidated statements of operations in the period in which the other-than-temporary decline in value occurs, as well as an accompanying permanent adjustment to accumulated other comprehensive income. |
Derivative Assets and Liabilities | Derivative Assets and Liabilities From time to time, the Company enters into derivative contracts to mitigate the negative impact that changes in security prices may have on the investment portfolio. The Company does not measure effectiveness or meet the criteria for hedge accounting and therefore, records the changes in the fair value of these instruments in investment and other income in the consolidated statements of operations. The Company classifies derivatives as derivative assets and derivative liabilities in the consolidated statements of financial condition. |
Goodwill and Intangible Assets, net | Goodwill and Intangible Assets, net The Company’s goodwill represents the future economic benefits arising from Calamos Investments’ acquisitions of Black Capital LLC ( "Black Capital" ) and Phineus Partners LLC ( "Phineus" ), that are not individually identified and separately recognized. Goodwill is assessed for impairment at the reporting unit level, Calamos Investments, at least annually, or whenever events or circumstances occur indicating that an impairment may have occurred. The goodwill impairment test is a two-step process. The first step requires the Company to estimate the fair value of its reporting unit and compare the fair value to the reporting unit’s carrying amount. If the fair value exceeds the carrying amount, the goodwill is not considered impaired. To the extent the reporting unit’s carrying amount exceeds its fair value, the reporting unit’s goodwill may be impaired and the second step of the impairment test must be performed. The second step involves assigning the reporting unit’s fair value to all of its recognized and unrecognized assets and liabilities as if the reporting unit had been acquired in a business combination in order to determine the implied fair value of the reporting unit’s goodwill. The implied fair value of the reporting unit’s goodwill is then compared to the carrying amount of goodwill to quantify an impairment loss, if any, which would equal the excess of the carrying amount of goodwill over the goodwill’s implied fair value. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization is provided on a straight-line basis over the estimated useful lives of the assets, ranging from three to twenty years . Leasehold improvements are amortized over the shorter of their estimated useful lives or the remaining term of the lease, ranging from five to twenty years . Property and equipment are reviewed for impairment when there is an indication that the carrying amount of an asset may not be recoverable. Carrying values are not recoverable when the undiscounted cash flows estimated to be generated by the assets are less than their carrying value. When an asset is determined to not be recoverable, the impairment loss is measured based on the excess, if any, of the carrying value of the asset over its respective fair value. Fair value is determined by discounted cash flows models, appraisals or other applicable methods. |
Internally Developed Software | Internally Developed Software Certain internal and external development costs incurred in connection with developing or obtaining software for internal use are capitalized. These capitalized costs are included in property and equipment, net in the consolidated statements of financial condition and are amortized using the straight-line method over their estimated useful lives, ranging from three to five years. On an annual basis, the Company conducts reviews to assess the functionality and remaining useful lives of the capitalized software. Impairments of these assets, if any, are recognized in the consolidated statements of operations in the period in which the impairment occurs. |
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. |
Compensation Plans | Compensation Plans The Company has an incentive stock plan that provides for certain employees of the Company to receive stock based compensation in the form of restricted stock units (“RSUs”) and stock options. RSUs are convertible on a one-for-one basis into shares of the Company’s common stock. Stock option awards are based on shares of the Company’s common stock. The Company estimates the fair value of the options as of the grant date using the Black-Scholes option-pricing model. Stock based compensation expense is recognized based on the grant-date fair value of the award. The Company records compensation expense on a straight-line basis over the service period. |
Revenue Recognition | Revenue Recognition The Company earns investment management fees by providing services pursuant to the terms of the underlying advisory contract. Fees are based on a contractual investment advisory fee applied to the assets in each portfolio. Any fees collected in advance are deferred and recognized over the period earned. Performance-based advisory fees from certain separate accounts are recognized annually upon completion of the contract year and based upon either (1) the difference between the investment returns on a client’s portfolio compared to a benchmark index or (2) the absolute percentage of gain in the client’s account. Performance-based advisory fees from the open-end funds are recognized monthly when earned and are based upon the differences between the investment returns of the respective fund compared to a benchmark index. Distribution and underwriting fees consist primarily of Rule 12b-1 distribution and/or service fees from the open-end funds, contingent deferred sales charges on the redemption of open-end fund shares and sales charges earned on open-end funds. Distribution service fees are accrued monthly as services are performed and are based on the average daily assets of the open-end funds. Contingent deferred sales charges are recorded on a trade-date basis when earned, and sales charges are recorded on the settlement date. |
Net Interest Expense | Net Interest Expense Net interest expense represents interest expense incurred on debt net of interest income generated from cash and cash equivalents. Interest income is recognized when earned, and interest expense is recorded when incurred. |
Investment and Other Income (Loss) | Investment and Other Income (Loss) Investment and other income (loss) is primarily comprised of: realized gains (losses) from all investment securities and partnership investments; unrealized gains (losses) on trading securities and partnership investments; other-than-temporary impairment charges on available-for-sale securities, if any; realized and unrealized gains (losses) on derivatives; gains (losses) on foreign currency translation; and dividend income. Dividend income is recognized on the ex-dividend date. |
Foreign Currency | Foreign Currency Foreign currency balances are revalued into U.S. dollars, which is the functional currency of the Company, at prevailing exchange rates on the reporting date. Revenues earned and expenses incurred in foreign currency are revalued at average exchange rates during the reporting period. Gains and losses arising from the revaluation of account balances denominated in foreign currencies are recognized in investment and other income in the consolidated statements of operations. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the temporary differences between the financial statement carrying amount of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. During 2014, the Company recorded a valuation allowance adjustment to reduce its deferred income tax assets to an amount that is more likely than not to be realized based on available evidence at the time estimates are made. Although valuation allowances may be established to reduce the amounts expected to be realized, there was no deferred tax asset valuation allowance at December 31, 2015 and 2014 . Future interest or penalties related to uncertain income tax positions are recognized in income tax provision when determined. The Company did not record any accrued interest or penalties related to uncertain tax positions through December 31, 2015 . |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred and are included in marketing and sales promotion expenses in the consolidated statements of operations. |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income attributable to CAM by the weighted average number of shares of Class A and Class B common stock outstanding during each year. Shares issued or repurchased during the year are weighted for the portion of the year that they were outstanding. Diluted earnings per share reflects the potential dilution that would occur if RSUs and stock options granted to participants of the Company incentive compensation plan were exercised and if the Calamos Interests exchanged all of their ownership interest in Calamos Investments and their Class B common stock for shares of Class A common stock. Diluted shares which result in anti-dilution are excluded from the diluted earnings per share calculation and are detailed in Note 18, Earnings Per Share . |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements We have reviewed all newly issued accounting pronouncements that are applicable to our business and to the preparation of our consolidated financial statements, including those not yet required to be adopted. Accounting guidance that will become effective in future years, with respect to the Company’s consolidated financial statements, is described below: In February 2016, the Financial Accounting Standards Board ( "FASB" ) issued an accounting update related to the accounting for leases. Under the new guidance, lessees will be required to recognize a right-of-use asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term, and a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis. This guidance is effective for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company is evaluating the effect of adopting this new accounting guidance on its results of operations, cash flows and financial position. In January 2016, the FASB issued an accounting update that addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The new guidance will require the change in fair value of equity instruments with readily determinable fair values to be recognized through the statements of operations. This guidance is effective for annual and interim periods beginning after December 15, 2017, and requires a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. Early adoption is not permitted. The Company is currently evaluating the full impact of the standard, however, upon adoption the change in the fair value of available-for-sale securities will be recognized in the consolidated statements of operations instead of accumulated other comprehensive income on the statements of financial position. In February 2015, the 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 does not expect adoption will have a material impact on its results of operations, cash flows or financial position. 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. |
Goodwill and Intangible Asset35
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in the Carrying Amount of Goodwill | The following table summarizes the changes in the carrying amount of goodwill as of December 31, 2015 : (in thousands) Total Balance as of December 31, 2014 $ 6,380 Goodwill acquired during the period 375 Balance as of December 31, 2015 $ 6,755 |
Summary of Future Estimated Amortization Expense | The following table summarizes the estimated amortization expense for 2016 through 2018: (in thousands) 2016 $ 199 2017 198 2018 149 $ 546 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Summary of total fees earned from affiliates | The table below summarizes the total fees earned from affiliates identified above during the years ended December 31, 2015 , 2014 and 2013 : (in thousands) 2015 2014 2013 Investment management fees from: Open-end funds $ 104,690 $ 119,898 $ 124,875 Closed-end funds 61,316 57,911 53,981 Totals $ 166,006 $ 177,809 $ 178,856 Distribution fees from open-end funds $ 41,006 $ 48,942 $ 53,143 Portfolio accounting fees from: Open-end funds $ 1,529 $ 1,756 $ 1,810 Closed-end funds 766 727 679 Totals $ 2,295 $ 2,483 $ 2,489 |
Fees that have been recorded as expense allocations | The following table summarizes fees that have been recorded as expense allocations during the twelve months ended and the net receivable balance as of December 31, 2015 , 2014 and 2013 : (in thousands) 2015 2014 2013 Expense allocated from the Company to CPH $ 507 $ 590 $ 556 Expense allocated from the Company to CFP 254 243 236 Expense allocated from the Company to Dragon 15 16 16 Total expenses allocated from the Company to affiliates 776 849 808 Expense allocated from CPH and CFP to the Company 638 173 151 Net expense allocated from the Company to affiliates $ 138 $ 676 $ 657 Net receivable for management services from CPH $ 35 $ 40 $ 43 Net receivable (payable) for management services from CFP $ (7 ) $ (11 ) $ 9 Net receivable for management services from Dragon $ 1 $ 1 $ 1 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
Summary of investment securities | The following table provides a summary of investment securities as of December 31, 2015 and 2014 : (in thousands) December 31, 2015 Cost Unrealized Gains Unrealized Losses Fair Value Available-for-sale securities: Funds Global Equity $ 124,929 $ 6,606 $ (46 ) $ 131,489 U.S. Equity 62,839 2,914 (44 ) 65,709 Fixed Income 16,922 58 (15 ) 16,965 Multi-Strategy 16,150 208 (133 ) 16,225 Alternative 14,153 125 (191 ) 14,087 Convertible 5,093 — (14 ) 5,079 Total Funds 240,086 9,911 (443 ) 249,554 Common stock 141 181 — 322 Total available-for-sale securities $ 240,227 $ 10,092 $ (443 ) $ 249,876 Trading securities: Funds U.S. Equity $ 5,194 $ — $ (478 ) $ 4,716 Global Equity 2,500 — (35 ) 2,465 Total trading securities $ 7,694 $ — $ (513 ) $ 7,181 Total investment securities $ 257,057 (in thousands) December 31, 2014 Cost Unrealized Gains Unrealized Losses Fair Value Available-for-sale securities: Funds Global Equity $ 142,610 $ 5,275 $ (1,872 ) $ 146,013 U.S. Equity 74,505 3,480 (581 ) 77,404 Fixed Income 17,596 1 (423 ) 17,174 Multi-Strategy 1,494 198 (9 ) 1,683 Alternative 40,752 1,283 (4 ) 42,031 Convertible 10,163 15 (1 ) 10,177 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 U.S. Equity $ 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 years ended December 31, 2015 , 2014 and 2013 : (in thousands) 2015 2014 2013 Available-for-sale securities: Proceeds from sales $ 70,642 $ 293,662 $ 524,968 Gross realized gains on sales $ 3,946 $ 11,024 $ 25,882 Trading securities: Change in unrealized gains (losses) $ 6,418 $ 1,315 $ (8,813 ) |
Summary of tax (provision) benefit on unrealized gains | The table below summarizes the tax provision (benefit) on unrealized gains (losses) and gains reclassified out of accumulated other comprehensive income (loss) on available-for-sale securities for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 (in thousands) Before-Tax Amount Tax Provision (Benefit) After-Tax Before-Tax Amount Tax Provision (Benefit) After-Tax Before-Tax Amount Tax Provision (Benefit) After-Tax Available-for-sale securities: Changes in unrealized gains $ 4,817 $ 395 $ 4,422 $ 3,173 $ 404 $ 2,769 $ 39,630 $ 3,793 $ 35,837 Reclassification adjustment for realized gains included in income (2,654 ) (505 ) (2,149 ) (12,012 ) (1,324 ) (10,688 ) (19,732 ) (1,679 ) (18,053 ) Other comprehensive income (loss) $ 2,163 $ (110 ) $ 2,273 $ (8,839 ) $ (920 ) $ (7,919 ) $ 19,898 $ 2,114 $ 17,784 |
Partnership Investments (Tables
Partnership Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Partnership Investments [Abstract] | |
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 December 31, 2015 and 2014 . (in thousands) 2015 2014 Consolidated partnerships: Assets Securities owned $ 106,667 $ 103,079 Cash and cash equivalents 5,356 39,205 Other current assets 500 1,188 Exchange-traded option contracts 87 201 Total assets of consolidated partnerships $ 112,610 $ 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 (75 ) (142 ) Total liabilities of consolidated partnerships $ (75 ) $ (10,117 ) Equity method investment in partnerships $ 30 $ 50 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair value of assets and liabilities measured on recurring basis | The following tables provide the hierarchy of inputs used to derive the fair value of the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and 2014 . 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 December 31, 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 $ 25,240 $ 25,240 $ — Investment securities (Note 6) Funds Global Equity 133,954 133,954 — U.S. Equity 70,425 70,425 — Fixed Income 16,965 12,097 4,868 Multi-Strategy 16,225 16,225 — Alternative 14,087 14,087 — Convertible 5,079 5,079 — Total Funds 256,735 251,867 4,868 Common stock 322 322 — Total investment securities 257,057 252,189 4,868 Derivative assets (Note 7) Exchange-traded option contracts 4,311 4,311 — Securities and derivatives owned by partnership investments (Note 8) Common stocks 53,467 27,899 25,568 Preferred stocks 3,875 3,875 — Convertible bonds 48,369 — 48,369 Corporate bonds 957 — 957 Money market funds 5,309 5,309 — Exchange-traded put option contracts 87 87 — Total securities and derivatives owned by partnership investments 112,064 37,170 74,894 Derivative liabilities (Note 7) Exchange-traded option contracts (5,475 ) (5,475 ) — Total $ 393,197 $ 313,435 $ 79,762 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 6) Funds Global Equity 146,013 146,013 — U.S. Equity 124,744 124,744 — Fixed Income 17,174 12,203 4,971 Multi-Strategy 1,683 1,683 — Alternative 42,031 42,031 — Convertible 11,021 11,021 — Total Funds 342,666 337,695 4,971 Common stock 261 261 — Total investment securities 342,927 337,956 4,971 Securities and derivatives owned by partnership investments (Note 8) 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 Exchange-traded put option contracts 201 201 — Total securities and derivatives owned by partnership investments 140,340 36,570 103,770 Securities sold but not yet purchased (Note 7) Common stocks (2,968 ) (2,968 ) — Total $ 481,508 $ 372,767 $ 108,741 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment and related accumulated depreciation | As of December 31, 2015 and 2014 , property and equipment and related accumulated depreciation were as follows: (in thousands) 2015 2014 Property and equipment: Furniture, fixtures and equipment $ 25,829 $ 25,421 Leasehold improvements 29,553 32,062 Computer software 18,639 17,908 Total costs 74,021 75,391 Accumulated depreciation and amortization (60,713 ) (61,145 ) Property and equipment, net $ 13,308 $ 14,246 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of long-term debt | The table below summarizes the debt balance at December 31, 2015 and 2014 : (in thousands) 2015 2014 Senior unsecured notes: 6.52% notes due July 15, 2017 $ 22,100 $ 22,100 6.67% notes due July 15, 2019 23,855 23,855 Total long-term debt $ 45,955 $ 45,955 |
Aggregate contractual annual maturities for long-term debt | The table below summarizes the aggregate contractual annual maturities for the total debt balance at December 31, 2015 : (in thousands) Contractual Maturities 2016 $ — 2017 22,100 2018 — 2019 23,855 2020 — Thereafter — Total long-term debt $ 45,955 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of the RSU activity | A summary of the RSU activity follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2012 2,612,106 $ 12.26 Granted 838,663 10.66 Forfeited (407,656 ) 12.14 Exercised upon vesting (458,138 ) 14.96 Outstanding at December 31, 2013 2,584,975 11.58 Granted 897,082 11.89 Forfeited (501,194 ) 11.00 Exercised upon vesting (413,298 ) 12.27 Outstanding at December 31, 2014 2,567,565 11.69 Granted 782,474 12.46 Forfeited (702,363 ) 11.71 Exercised upon vesting (461,430 ) 11.46 Outstanding at December 31, 2015 2,186,246 12.01 Converted during the year ended December 31: 2013 310,080 $ 10.87 2014 294,686 12.23 2015 335,741 11.79 |
Information on the Company's outstanding stock options | Summarized information on the Company’s outstanding stock options at December 31, 2015 was as follows: Options Outstanding Options Exercisable Range of Exercise Prices Number of Shares Average Remaining Contractual Life Weighted Average Option Price Number of Shares Weighted Average Option Price $17.80 136,330 0.9 $ 17.80 136,330 $ 17.80 $18.00 - $29.11 756,330 1.8 $ 22.37 756,330 $ 22.37 $35.43 255,825 0.1 $ 35.43 255,825 $ 35.43 1,148,485 1.4 $ 24.73 1,148,485 $ 24.73 |
Summary of the stock option activity | A summary of the stock option activity was as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2012 2,195,414 $ 23.36 Forfeited/expired (93,846 ) 21.94 Outstanding at December 31, 2013 2,101,568 23.42 Forfeited/expired (672,401 ) 19.49 Outstanding at December 31, 2014 1,429,167 25.27 Forfeited/expired (280,682 ) 27.80 Outstanding at December 31, 2015 1,148,485 24.73 Exercisable at December 31: 2013 1,910,292 $ 23.76 2014 1,429,167 25.27 2015 1,148,485 24.73 |
Non-Operating Income (Tables)
Non-Operating Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Non-operating income (loss) | Non-operating income (loss) was comprised of the following components for the years ended December 31, 2015 , 2014 and 2013 : (in thousands) 2015 2014 2013 Interest income $ 199 $ 160 $ 257 Interest expense (3,070 ) (4,669 ) (6,021 ) Net interest expense (2,871 ) (4,509 ) (5,764 ) Investment income (loss) (5,513 ) 17,585 29,891 Dividend income 1,589 1,987 5,355 Miscellaneous other income 177 341 193 Investment and other income (loss) (3,747 ) 19,913 35,439 Non-operating income (loss) $ (6,618 ) $ 15,404 $ 29,675 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income tax provision | The income tax provision for the years ended December 31, 2015 , 2014 and 2013 consists of the following: (in thousands) 2015 2014 2013 Current: Federal $ (4,158 ) $ (1,767 ) $ (216 ) State: CAM portion (485 ) (92 ) 23 Calamos Interests portion 42 178 56 Foreign 17 15 — Total current income tax benefit (4,584 ) (1,666 ) (137 ) Deferred: Federal 6,330 6,833 5,867 State 574 620 532 Total deferred income tax provision 6,904 7,453 6,399 Total income tax provision $ 2,320 $ 5,787 $ 6,262 |
Reconciliation of the statutory federal income tax rate to the effective income tax rate | The following table reconciles the statutory federal income tax rate to the effective income tax rate for the years ended December 31, 2015 , 2014 and 2013 , respectively. 2015 2014 2013 Statutory U.S. federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefits 2.1 % 2.0 % 2.0 % Impact of expiring employee stock options 4.6 % 2.4 % — % Calamos Investments’ foreign and state income taxes 1.0 % 1.1 % 0.3 % Impact of deferred tax assets valuation allowance reversal (2.8 )% (10.4 )% (12.2 )% Other non-deductible items 2.0 % 0.7 % 0.4 % Impact on net deferred tax assets from change in statutory income tax rate (0.5 )% (0.6 )% (0.3 )% Effective income tax rate 41.4 % 30.2 % 25.2 % Calamos Interests state income taxes (0.8 )% (0.9 )% (0.2 )% CAM effective income tax rate 40.6 % 29.3 % 25.0 % |
Significant components of deferred income taxes | The significant components of deferred income taxes at December 31, 2015 and 2014 are as follows: (in thousands) 2015 2014 Deferred tax assets: Intangible assets $ 26,545 $ 34,459 Federal capital loss carryforward 1,942 169 Federal net operating loss carryforward 4,120 — State net operating loss carryforward 624 — Differences between book basis and tax basis of investments 3,202 4,165 Stock-based compensation 1,921 2,098 Other 1,208 698 Total deferred tax assets 39,562 41,589 Deferred tax liabilities: Unrealized net holding gains on investments of available-for-sale securities 793 902 Deferred sales commission 49 85 Goodwill 113 81 Other 303 260 Total deferred tax liabilities 1,258 1,328 Net deferred tax assets $ 38,304 $ 40,261 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 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: (in thousands, except per share amounts) 2015 2014 2013 Earnings per share – basic: Earnings available to common shareholders $ 3,327 $ 13,530 $ 18,628 Weighted average shares outstanding 17,518 18,275 19,904 Earnings per share – basic $ 0.19 $ 0.74 $ 0.94 Earnings per share – diluted: Earnings available to common shareholders $ 3,327 $ 13,530 $ 18,628 Weighted average shares outstanding 17,518 18,275 19,904 Dilutive impact of restricted stock units 727 714 448 Weighted average shares outstanding 18,245 18,989 20,352 Earnings per share – diluted $ 0.18 $ 0.71 $ 0.92 |
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: 2015 2014 2013 Shares of Class A common stock issuable upon an Exchange of Calamos Interests’ ownership in Calamos Investments* 11,537,504 27,916,544 34,594,896 Restricted stock units — 174,523 558,473 Stock options 1,148,485 1,429,167 2,101,568 Total 12,685,989 29,520,234 37,254,937 * Number of shares calculated with the value of Calamos Investments determined by using the closing price of our shares as of December 31, 2015 ( $9.68 ), December 31, 2014 ( $13.32 ) and December 31, 2013 ( $11.84 ) 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 December 31, 2015 , 2014 and 2013 . The value of Calamos Investments is then multiplied by Calamos Interests' percentage ownership in Calamos Investments, with the result divided by the applicable year-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 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Aggregate future minimum payments for operating leases | As of December 31, 2015 , the Company’s aggregate future minimum payments for operating leases having initial or non-cancelable terms greater than one year are payable as follows: (in thousands) Minimum Payments Year ended December 31: 2016 $ 5,252 2017 5,403 2018 5,520 2019 5,530 2020 5,314 Thereafter 22,799 Total minimum lease payments $ 49,818 |
Regulatory and Net Capital Re47
Regulatory and Net Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Capital Requirements [Abstract] | |
The net capital, the excess of the required net capital and the net capital ratio | As of December 31, 2015 and 2014 , the net capital, the excess of the required net capital and the net capital ratio were as follows: (in thousands) 2015 2014 Net capital $ 5,433 $ 1,791 Excess of required net capital $ 4,636 $ 1,003 Net capital ratio 2.20 : 1.0 6.60 : 1.0 |
Concentration Risk (Tables)
Concentration Risk (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Percentage of revenues derived from services provided to two Company-sponsored open-end funds | For the years ended December 31, 2015 , 2014 and 2013 , the percentage of revenues derived from services provided to three Company-sponsored open-end funds, the Calamos Growth Fund, the Calamos Market Neutral Fund and the Calamos Growth and Income Fund were as follows: 2015 2014 2013 Calamos Growth Fund 17 % 18 % 21 % Calamos Market Neutral Fund 14 % 14 % 10 % Calamos Growth and Income Fund 13 % 14 % 15 % |
Quarterly Financial Informati49
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | As of or for the Quarter Ended 2015 2014 Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Sept. 30 June 30 March 31 (in millions) Assets under management* $ 21,908 $ 22,454 $ 24,432 $ 24,476 $ 23,506 $ 24,514 $ 25,755 $ 26,147 (in thousands, except share data) Total revenue $ 55,494 $ 57,618 $ 60,351 $ 57,417 $ 60,495 $ 63,532 $ 63,005 $ 63,930 Total operating expenses 46,369 48,991 46,259 58,922 45,868 47,679 46,371 49,854 Operating income (loss) $ 9,125 $ 8,627 $ 14,092 $ (1,505 ) $ 14,627 $ 15,853 $ 16,634 $ 14,076 Net income attributable to CAM $ 830 $ 363 $ 2,033 $ 101 $ 4,794 $ 3,369 $ 3,228 $ 2,139 Diluted earnings per share $ 0.05 $ 0.02 $ 0.11 $ 0.01 $ 0.25 $ 0.18 $ 0.17 $ 0.11 Diluted shares outstanding 17,858,985 18,208,850 18,635,798 18,699,641 18,808,798 18,781,856 19,048,456 19,805,828 *Assets under management do not include assets for which the Company provides model portfolio design and oversight. |
Organization and Description 50
Organization and Description of Business (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Calamos Asset Management, Inc. | ||
Corporate Structure [Line Items] | ||
Percentage ownership interest in Calamos Investments LLC | 22.20% | 22.20% |
Calamos Family Partners, Inc. | ||
Corporate Structure [Line Items] | ||
Percentage ownership interest in Calamos Investments LLC | 77.80% | 77.80% |
Summary of Significant Accoun51
Summary of Significant Accounting Policies - Principles of Consolidation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Total deferred tax assets | $ 38,304 | $ 40,261 | |
Net Income before income taxes | 23,721 | 76,594 | $ 107,561 |
Interest income on cash and cash equivalent held | 1,000 | 3,600 | 2,000 |
Liabilities of partnership investments | 75 | 10,117 | |
Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Loan receivable | $ 25,000 | $ 21,000 | |
Calamos Family Partners, Inc. | |||
Related Party Transaction [Line Items] | |||
Percentage ownership interest in Calamos Investments LLC | 77.80% | 77.80% | |
Calamos Asset Management, Inc. | |||
Related Party Transaction [Line Items] | |||
Percentage ownership interest in Calamos Investments LLC | 22.20% | 22.20% | |
Cash and cash equivalent | $ 77,300 | $ 79,300 | 78,300 |
Total deferred tax assets | 38,300 | 40,300 | 46,700 |
Current income tax receivable, net | 355 | 2,400 | $ 2,300 |
Calamos Investments | Subsidiary | |||
Related Party Transaction [Line Items] | |||
Proceeds from partnership redemptions | $ 23,100 | ||
Liabilities of partnership investments | $ 7,700 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies - Other(Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Goodwill impairment loss | $ 0 | $ 0 | $ 0 |
Restricted cash | $ 430,000 | ||
Conversion basis | one-for-one | ||
Conversion basis in shares | 1 | ||
Advertising expense | $ 3,900,000 | 3,800,000 | 3,700,000 |
Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life (in years) | 3 years | ||
Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life (in years) | 20 years | ||
Leasehold improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life (in years) | 5 years | ||
Leasehold improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life (in years) | 20 years | ||
Internally Developed Software | |||
Property, Plant and Equipment [Line Items] | |||
Impairment on internally developed software | $ 0 | $ 199,000 | |
Internally Developed Software | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life (in years) | 3 years | ||
Internally Developed Software | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life (in years) | 5 years | ||
Phineus Partners LP | Customer-Related Intangible Assets | |||
Property, Plant and Equipment [Line Items] | |||
Definite-lived intangible assets acquired, useful life | 3 years |
Summary of Significant Accoun53
Summary of Significant Accounting Policies - Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 13, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 13, 2014 |
Class of Stock [Line Items] | |||||
Dividends on shares held | $ 1,800 | $ 1,200 | |||
Common stock, conversion basis | one-for-one | ||||
Class A Common Stock | |||||
Class of Stock [Line Items] | |||||
Repurchase of common stock (in shares) | 1,339,103 | 1,849,729 | 1,220,330 | ||
Number of shares authorized to be repurchased (in shares) | 3,000,000 | 3,000,000 | |||
Issuance of common stock (in shares) | 335,741 | 294,686 | 310,080 | ||
Calamos Investments | Class A Common Stock | |||||
Class of Stock [Line Items] | |||||
Repurchase of common stock (in shares) | 1,339,103 | 1,849,729 | |||
Average purchase price of shares (in dollars per share) | $ 11.38 | $ 12.15 | |||
Repurchase of common stock by Calamos Investments LLC | $ 15,200 | $ 22,500 | |||
Calamos Asset Management, Inc. | |||||
Class of Stock [Line Items] | |||||
Percentage ownership interest in Calamos Investments LLC | 22.20% | 22.20% | |||
Calamos Asset Management, Inc. | Class A Common Stock | |||||
Class of Stock [Line Items] | |||||
Issuance of common stock (in shares) | 335,741 | 294,686 | |||
Issuance of common stock (Class A common shares) | $ 3,900 | $ 3,400 | |||
Calamos Family Partners, Inc. | |||||
Class of Stock [Line Items] | |||||
Percentage ownership interest in Calamos Investments LLC | 77.80% | 77.80% | |||
Treasury Stock | |||||
Class of Stock [Line Items] | |||||
Repurchase of common stock by Calamos Investments LLC | $ 3,386 | $ 4,990 | $ 2,930 | ||
Non-controlling Interest in Calamos Investments LLC (Calamos Interests) | |||||
Class of Stock [Line Items] | |||||
Repurchase of common stock by Calamos Investments LLC | 11,857 | 17,480 | 10,266 | ||
Impact on non-controlling interests as a result of dividends paid to Calamos Investments LLC on repurchased common stock | 1,388 | 935 | $ 221 | ||
Calamos Family Partners, Inc. | Calamos Asset Management, Inc. | Class A Common Stock | |||||
Class of Stock [Line Items] | |||||
Issuance of common stock (Class A common shares) | $ 3,100 | $ 2,600 | |||
2013 Share Repurchase Program | Calamos Investments | Class A Common Stock | |||||
Class of Stock [Line Items] | |||||
Repurchase of common stock (in shares) | 1,779,670 | ||||
Average purchase price of shares (in dollars per share) | $ 12.13 | ||||
Repurchase of common stock by Calamos Investments LLC | $ 34,800 | $ 21,600 | |||
2014 Share Repurchase Program | Calamos Investments | Common Stock | |||||
Class of Stock [Line Items] | |||||
Repurchase of common stock (in shares) | 70,059 | ||||
Average purchase price of shares (in dollars per share) | $ 12.54 | ||||
Repurchase of common stock by Calamos Investments LLC | $ 879 |
Acquisition (Details)
Acquisition (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||
Goodwill and intangible assets, net | $ 6,755 | $ 6,380 | ||
Phineus Partners LP | ||||
Business Acquisition [Line Items] | ||||
Total purchase price | $ 1,000 | |||
Purchase price, cash | 55 | |||
Contingent consideration repayment period | 3 years | |||
Goodwill and intangible assets, net | 375 | $ 375 | ||
Customer Relationships | Phineus Partners LP | ||||
Business Acquisition [Line Items] | ||||
Definite-lived intangible assets | $ 596 | $ 596 | ||
Definite-lived intangible assets acquired, useful life | 3 years |
Goodwill and Intangible Asset55
Goodwill and Intangible Assets, Net - Goodwill (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2014 | $ 6,380 |
Goodwill acquired during the period | 375 |
Balance as of December 31, 2015 | $ 6,755 |
Goodwill and Intangible Asset56
Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 50 | |
Definite-lived intangible assets, net | 546 | |
Phineus Partners LP | ||
Finite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets, net | $ 546 | |
Customer Relationships | Phineus Partners LP | ||
Finite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets, gross | $ 596 | |
Definite-lived intangible assets acquired, useful life | 3 years |
Goodwill and Intangible Asset57
Goodwill and Intangible Assets, Net - Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 199 |
2,017 | 198 |
2,018 | 149 |
Definite-lived intangible assets, net | $ 546 |
Related Party Transactions - Fe
Related Party Transactions - Fees Earned from Affiliates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Investment management fees from: | $ 186,826 | $ 198,539 | $ 212,398 |
Distribution fees from open-end funds | 41,583 | 49,764 | 54,068 |
CAL | |||
Related Party Transaction [Line Items] | |||
Investment management fees from: | 166,006 | 177,809 | 178,856 |
Distribution fees from open-end funds | 41,006 | 48,942 | 53,143 |
Portfolio accounting fees from: | 2,295 | 2,483 | 2,489 |
CAL | Open-end funds | |||
Related Party Transaction [Line Items] | |||
Investment management fees from: | 104,690 | 119,898 | 124,875 |
Portfolio accounting fees from: | 1,529 | 1,756 | 1,810 |
CAL | Closed-end funds | |||
Related Party Transaction [Line Items] | |||
Investment management fees from: | 61,316 | 57,911 | 53,981 |
Portfolio accounting fees from: | $ 766 | $ 727 | $ 679 |
Related-Party Transactions (Det
Related-Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Investment management services | $ 58 | $ 85 | |
1111 Warrenville Road LLC | |||
Related Party Transaction [Line Items] | |||
Lease extension period (in years) | 2 years | ||
Lease automatic renewal period (in years) | 1 year | ||
Annual base rent and operating expense | $ 765 | 774 | 712 |
2020 Calamos Court LLC | |||
Related Party Transaction [Line Items] | |||
Lease period (in years) | 20 years | ||
Annual base rent payments | $ 3,800 | 3,700 | 3,600 |
Percentage increase in annual base rent (as a percent) | 3.00% | ||
Primary Business Center LLC | |||
Related Party Transaction [Line Items] | |||
Sublease rental income | 275 | 277 | |
2020 Calamos Court Annex LLC | |||
Related Party Transaction [Line Items] | |||
Annual base rent and operating expense | $ 310 | 321 | 300 |
Lease period (in years) | 20 years | ||
Percentage increase in annual base rent (as a percent) | 3.00% | ||
CF Restaurant Enterprises LLC | |||
Related Party Transaction [Line Items] | |||
Expenses incurred for food and beverage | $ 959 | 940 | 956 |
CityGate Centre 1 LLC | |||
Related Party Transaction [Line Items] | |||
Annual base rent and operating expense | $ 343 | 990 | 943 |
Lease period (in years) | 7 years 6 months | ||
Percentage increase in annual base rent (as a percent) | 2.50% | ||
CFP, CPH and Dragon | |||
Related Party Transaction [Line Items] | |||
Expenses related to hotel accommodations, restaurants and event planning services | $ 662 | $ 530 | $ 533 |
Agreements term (in years) | 1 year | ||
Notice period to terminate agreement (in days) | 30 days |
Related-Party Transactions - Fe
Related-Party Transactions - Fees Recorded as Expense Allocations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Total expenses allocated from the Company to affiliates | $ 776 | $ 849 | $ 808 |
Net expense allocated from the Company to affiliates | 138 | 676 | 657 |
CPH | |||
Related Party Transaction [Line Items] | |||
Total expenses allocated from the Company to affiliates | 507 | 590 | 556 |
CFP | |||
Related Party Transaction [Line Items] | |||
Total expenses allocated from the Company to affiliates | 254 | 243 | 236 |
Dragon Leasing Corporation | |||
Related Party Transaction [Line Items] | |||
Total expenses allocated from the Company to affiliates | 15 | 16 | 16 |
Calamos | |||
Related Party Transaction [Line Items] | |||
Expense allocated from CPH and CFP to the Company | 638 | 173 | 151 |
Management Services Agreement | CPH | |||
Related Party Transaction [Line Items] | |||
Accounts receivables (payables) | 35 | 40 | 43 |
Management Services Agreement | CFP | |||
Related Party Transaction [Line Items] | |||
Accounts receivables (payables) | (7) | (11) | 9 |
Management Services Agreement | Dragon Leasing Corporation | |||
Related Party Transaction [Line Items] | |||
Accounts receivables (payables) | $ 1 | $ 1 | $ 1 |
Investment Securities - Summary
Investment Securities - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Trading securities: | ||
Total investment securities | $ 257,057 | $ 339,959 |
Available-for-sale securities: | ||
Available-for-sale securities: | ||
Cost | 240,227 | 287,256 |
Unrealized Gains | 10,092 | 10,377 |
Unrealized Losses | (443) | (2,890) |
Fair Value | 249,876 | 294,743 |
Available-for-sale securities: | Global Equity | ||
Available-for-sale securities: | ||
Cost | 124,929 | 142,610 |
Unrealized Gains | 6,606 | 5,275 |
Unrealized Losses | (46) | (1,872) |
Fair Value | 131,489 | 146,013 |
Available-for-sale securities: | U.S. Equity | ||
Available-for-sale securities: | ||
Cost | 62,839 | 74,505 |
Unrealized Gains | 2,914 | 3,480 |
Unrealized Losses | (44) | (581) |
Fair Value | 65,709 | 77,404 |
Available-for-sale securities: | Fixed Income | ||
Available-for-sale securities: | ||
Cost | 16,922 | 17,596 |
Unrealized Gains | 58 | 1 |
Unrealized Losses | (15) | (423) |
Fair Value | 16,965 | 17,174 |
Available-for-sale securities: | Multi-Strategy | ||
Available-for-sale securities: | ||
Cost | 16,150 | 1,494 |
Unrealized Gains | 208 | 198 |
Unrealized Losses | (133) | (9) |
Fair Value | 16,225 | 1,683 |
Available-for-sale securities: | Alternative | ||
Available-for-sale securities: | ||
Cost | 14,153 | 40,752 |
Unrealized Gains | 125 | 1,283 |
Unrealized Losses | (191) | (4) |
Fair Value | 14,087 | 42,031 |
Available-for-sale securities: | Convertible | ||
Available-for-sale securities: | ||
Cost | 5,093 | 10,163 |
Unrealized Gains | 0 | 15 |
Unrealized Losses | (14) | (1) |
Fair Value | 5,079 | 10,177 |
Available-for-sale securities: | Total Funds | ||
Available-for-sale securities: | ||
Cost | 240,086 | 287,120 |
Unrealized Gains | 9,911 | 10,252 |
Unrealized Losses | (443) | (2,890) |
Fair Value | 249,554 | 294,482 |
Available-for-sale securities: | Common stock | ||
Available-for-sale securities: | ||
Cost | 141 | 136 |
Unrealized Gains | 181 | 125 |
Unrealized Losses | 0 | 0 |
Fair Value | 322 | 261 |
Trading securities: | Global Equity | ||
Available-for-sale securities: | ||
Cost | 2,500 | |
Unrealized Gains | 0 | |
Unrealized Losses | (35) | |
Fair Value | 2,465 | |
Trading securities: | U.S. Equity | ||
Available-for-sale securities: | ||
Cost | 5,194 | |
Unrealized Gains | 0 | |
Unrealized Losses | (478) | |
Fair Value | 4,716 | |
Trading securities: | ||
Cost | 7,694 | 52,147 |
Unrealized Gains | 0 | 33 |
Unrealized Losses | (513) | (6,964) |
Fair Value | $ 7,181 | $ 45,216 |
Investment Securities - Changes
Investment Securities - Changes in Investment Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Available-for-sale securities: | |||
Proceeds from sales | $ 70,642 | $ 293,662 | $ 524,968 |
Gross realized gains on sales | 3,946 | 11,024 | 25,882 |
Trading securities: | |||
Change in unrealized gains (losses) | $ 6,418 | $ 1,315 | $ (8,813) |
Investment Securities - Tax (Pr
Investment Securities - Tax (Provision) Benefit on Unrealized Gains (Losses) and Gains (Losses) Reclassified out of AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Changes in unrealized gains | |||
Before-Tax Amount | $ 4,817 | $ 3,173 | $ 39,630 |
Tax Provision (Benefit) | 395 | 404 | 3,793 |
After-Tax Amount | 4,422 | 2,769 | 35,837 |
Reclassification adjustment for realized gains included in income | |||
Before-Tax Amount | (2,654) | (12,012) | (19,732) |
Tax Provision (Benefit) | (505) | (1,324) | (1,679) |
After-Tax Amount | (2,149) | (10,688) | (18,053) |
Other comprehensive income (loss) | |||
Other comprehensive income (loss), before income tax provision (benefit) | 2,163 | (8,839) | 19,898 |
Tax Provision (Benefit) | (110) | (920) | 2,114 |
Other comprehensive income (loss), after income tax provision (benefit) | $ 2,273 | $ (7,919) | $ 17,784 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Investments [Abstract] | ||
Investments in Funds | $ 256,700 | $ 339,700 |
Aggregate fair value of available-for-sale securities in unrealized loss position | 12,500 | 98,100 |
Other than temporary impairment charge | 12,900 | 667 |
Unrealized losses, temporary in nature | $ 443 | $ 2,900 |
Derivative Assets and Liabili65
Derivative Assets and Liabilities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | |||
Investment securities | $ 257,057,000 | $ 339,959,000 | |
Derivative assets | 4,311,000 | 0 | |
Derivative liabilities | 5,475,000 | 0 | |
Derivative instruments | 0 | ||
Investment and other income (loss) | |||
Derivative [Line Items] | |||
Net loss on derivatives | $ 544,000 | $ 1,800,000 | $ 1,900,000 |
Partnership Investments (Detail
Partnership Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated partnerships: | ||||
Cash and cash equivalents | $ 104,717 | $ 35,285 | $ 39,078 | $ 106,796 |
Due to non-controlling interest in partnership investments | (75) | (10,117) | ||
Total liabilities of consolidated partnerships | (105,068) | (109,070) | ||
Consolidated partnerships: | ||||
Consolidated partnerships: | ||||
Securities owned | 106,667 | 103,079 | ||
Cash and cash equivalents | 5,356 | 39,205 | ||
Other current assets | 500 | 1,188 | ||
Exchange-traded option contracts | 87 | 201 | ||
Total assets of consolidated partnerships | 112,610 | 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 | (75) | (142) | ||
Total liabilities of consolidated partnerships | (75) | (10,117) | ||
Equity method investment in partnerships | 30 | $ 50 | ||
Consolidated partnerships: | Affiliated Entity | ||||
Consolidated partnerships: | ||||
Total assets of consolidated partnerships | $ 30,800 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities and derivatives owned by partnership investments (Note 8) | $ 112,640 | $ 143,723 |
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 | 25,240 | 1,209 |
Investment securities (Note 6) | 252,189 | 337,956 |
Securities and derivatives owned by partnership investments (Note 8) | 37,170 | 36,570 |
Total | 313,435 | 372,767 |
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Global Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities (Note 6) | 133,954 | 146,013 |
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | U.S. Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities (Note 6) | 70,425 | 124,744 |
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Fixed Income | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities (Note 6) | 12,097 | 12,203 |
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 6) | 16,225 | 1,683 |
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 6) | 14,087 | 42,031 |
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 6) | 5,079 | 11,021 |
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 6) | 251,867 | 337,695 |
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 6) | 322 | 261 |
Securities and derivatives owned by partnership investments (Note 8) | 27,899 | 26,237 |
Corporate bonds | (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 8) | 3,875 | 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 8) | 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 8) | 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 8) | 5,309 | 7,851 |
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 8) | 87 | 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 6) | 4,868 | 4,971 |
Securities and derivatives owned by partnership investments (Note 8) | 74,894 | 103,770 |
Total | 79,762 | 108,741 |
Recurring | Significant Other Observable Inputs (Level 2) | Global Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities (Note 6) | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | U.S. Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities (Note 6) | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Fixed Income | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities (Note 6) | 4,868 | 4,971 |
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 6) | 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 6) | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Convertible | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities (Note 6) | 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 6) | 4,868 | 4,971 |
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 6) | 0 | 0 |
Securities and derivatives owned by partnership investments (Note 8) | 25,568 | 25,166 |
Corporate bonds | 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 8) | 0 | 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 8) | 48,369 | 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 8) | 957 | 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 8) | 0 | 29,209 |
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 8) | 0 | 0 |
Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 25,240 | 1,209 |
Investment securities (Note 6) | 257,057 | 342,927 |
Securities and derivatives owned by partnership investments (Note 8) | 112,064 | 140,340 |
Total | 393,197 | 481,508 |
Recurring | Estimate of Fair Value Measurement | Global Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities (Note 6) | 133,954 | 146,013 |
Recurring | Estimate of Fair Value Measurement | U.S. Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities (Note 6) | 70,425 | 124,744 |
Recurring | Estimate of Fair Value Measurement | Fixed Income | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities (Note 6) | 16,965 | 17,174 |
Recurring | Estimate of Fair Value Measurement | Multi-Strategy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities (Note 6) | 16,225 | 1,683 |
Recurring | Estimate of Fair Value Measurement | Alternative | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities (Note 6) | 14,087 | 42,031 |
Recurring | Estimate of Fair Value Measurement | Convertible | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities (Note 6) | 5,079 | 11,021 |
Recurring | Estimate of Fair Value Measurement | Total Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities (Note 6) | 256,735 | 342,666 |
Recurring | Estimate of Fair Value Measurement | Common Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities (Note 6) | 322 | 261 |
Securities and derivatives owned by partnership investments (Note 8) | 53,467 | 51,403 |
Corporate bonds | (2,968) | |
Recurring | Estimate of Fair Value Measurement | Preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities and derivatives owned by partnership investments (Note 8) | 3,875 | 5,736 |
Recurring | Estimate of Fair Value Measurement | Convertible bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities and derivatives owned by partnership investments (Note 8) | 48,369 | 41,119 |
Recurring | Estimate of Fair Value Measurement | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities and derivatives owned by partnership investments (Note 8) | 957 | 4,821 |
Recurring | Estimate of Fair Value Measurement | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities and derivatives owned by partnership investments (Note 8) | 5,309 | 37,060 |
Recurring | Estimate of Fair Value Measurement | 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 8) | 87 | $ 201 |
Exchange-traded option contracts | 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] | ||
Derivative asset | 4,311 | |
Corporate bonds | (5,475) | |
Exchange-traded option contracts | Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | |
Corporate bonds | 0 | |
Exchange-traded option contracts | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 4,311 | |
Corporate bonds | $ (5,475) |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments in open-end funds | $ 228,100 | $ 312,800 |
Total long-term debt | 45,955 | 45,955 |
Fair value of long-term debt | 51,600 | 54,200 |
Carrying value of payment obligation | $ 1,700 | |
Phineus Partners LP | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration, liability | $ 998 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Total costs | $ 74,021 | $ 75,391 |
Accumulated depreciation and amortization | (60,713) | (61,145) |
Property and equipment, net | 13,308 | 14,246 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total costs | 25,829 | 25,421 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total costs | 29,553 | 32,062 |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Total costs | $ 18,639 | $ 17,908 |
Loans Payable (Details)
Loans Payable (Details) | Dec. 31, 2015 |
Margin Loan | |
Short-term Debt [Line Items] | |
Margin loan interest rate effective percentage rate, maximum (as a percent) | 1.75% |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Jul. 15, 2014 | Jul. 31, 2007 | |
Debt Instrument [Line Items] | ||||
Total senior unsecured notes | $ 45,955,000 | $ 45,955,000 | ||
Weighted average interest rate on the notes (as a percent) | 6.60% | |||
Senior unsecured notes: | ||||
Debt Instrument [Line Items] | ||||
Debt instrument | $ 375,000,000 | |||
6.33% notes due July 15, 2014 | ||||
Debt Instrument [Line Items] | ||||
Total senior unsecured notes | $ 46,200,000 | |||
6.33% notes due July 15, 2014 | Series 1 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument | $ 197,000,000 | |||
Debt instrument interest rate (as a percent) | 6.33% | |||
Debt instrument maturity date | Jul. 15, 2014 | |||
6.52% notes due July 15, 2017 | ||||
Debt Instrument [Line Items] | ||||
Total senior unsecured notes | $ 22,100,000 | 22,100,000 | ||
6.52% notes due July 15, 2017 | Series 2 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument | $ 85,000,000 | |||
Debt instrument interest rate (as a percent) | 6.52% | |||
Debt instrument maturity date | Jul. 15, 2017 | |||
6.67% notes due July 15, 2019 | ||||
Debt Instrument [Line Items] | ||||
Total senior unsecured notes | $ 23,855,000 | $ 23,855,000 | ||
6.67% notes due July 15, 2019 | Series 3 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument | $ 93,000,000 | |||
Debt instrument interest rate (as a percent) | 6.67% | |||
Debt instrument maturity date | Jul. 15, 2019 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 45,955 | $ 45,955 |
6.52% notes due July 15, 2017 | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 22,100 | 22,100 |
6.67% notes due July 15, 2019 | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 23,855 | $ 23,855 |
Debt - Contractual Annual Matur
Debt - Contractual Annual Maturities (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 0 |
2,017 | 22,100 |
2,018 | 0 |
2,019 | 23,855 |
2,020 | 0 |
Thereafter | 0 |
Total long-term debt | $ 45,955 |
Common Stock (Details)
Common Stock (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Percentage of Class B common stock voting rights | 97.40% |
Profit Sharing Plan (Details)
Profit Sharing Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Employer contribution to profit sharing plan | $ 3.6 | $ 3.9 | $ 2.5 |
Stock Based Compensation - Narr
Stock Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized for grant (in shares) | 10,000,000 | |||
Weighted average remaining contractual life (in years) | 2 years 7 months | |||
Stock options granted | 0 | 0 | 0 | |
Compensation expense recorded in connection with RSUs and stock options | $ 6,307 | $ 6,633 | $ 7,025 | |
Stock-based compensation | 518 | 545 | 577 | |
Total unrecognized compensation expense | $ 12,300 | |||
Unrecognized compensation expense, expected weighted-average period to be recognized (in years) | 2 years 7 months | |||
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 | $ 1,400 | $ 1,500 | $ 1,600 | |
RSU | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU awards vesting period (in years) | 6 years | |||
Granted (in shares) | 782,474 | 897,082 | 838,663 | |
Estimated fair value of RSU awards | $ 9,700 | $ 10,700 | $ 8,900 | |
RSUs outstanding | 2,186,246 | 2,567,565 | 2,584,975 | 2,612,106 |
Aggregate intrinsic value | $ 21,200 | |||
Granted (in shares) | $ 12.46 | $ 11.89 | $ 10.66 | |
Aggregate intrinsic value and the fair value of RSUs that vested and were exercised | $ 5,300 | $ 5,100 | $ 5,000 | |
Exercised upon vesting (in shares) | 461,430 | 413,298 | 458,138 | |
Number of RSUs withheld for taxes (in shares) | 125,689 | 118,612 | 148,058 | |
Shares withheld for taxes | 335,741 | 294,686 | 310,080 | |
Number of RSUs converted on a one-for-one basis for shares of company's Class A common stock (in shares) | 1 | |||
Total intrinsic value and fair value of converted shares | $ 4,000 | $ 3,600 | $ 3,400 | |
Total tax benefit realized in connection with the vesting of RSUs | $ 511 | $ 471 | $ 443 | |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU awards vesting period (in years) | 10 years | |||
Number of RSUs converted on a one-for-one basis for shares of company's Class A common stock (in shares) | 1 |
Stock Based Compensation - Rest
Stock Based Compensation - Restricted Stock Unit Activity (Details) - RSU - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Shares | |||
Outstanding, beginning of period | 2,567,565 | 2,584,975 | 2,612,106 |
Granted | 782,474 | 897,082 | 838,663 |
Forfeited | (702,363) | (501,194) | (407,656) |
Exercised upon vesting | (461,430) | (413,298) | (458,138) |
Outstanding, end of period | 2,186,246 | 2,567,565 | 2,584,975 |
Converted during the year | 335,741 | 294,686 | 310,080 |
Weighted Average Fair Value of RSUs Granted (in dollars per share) | |||
Outstanding, beginning of period | $ 11.69 | $ 11.58 | $ 12.26 |
Granted | 12.46 | 11.89 | 10.66 |
Forfeited | 11.71 | 11 | 12.14 |
Exercised upon vesting | 11.46 | 12.27 | 14.96 |
Outstanding, end of period | 12.01 | 11.69 | 11.58 |
Converted during the year | $ 11.79 | $ 12.23 | $ 10.87 |
Stock Based Compensation - Outs
Stock Based Compensation - Outstanding Stock Options (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number of Shares (in shares) | shares | 1,148,485 |
Options Outstanding, Average Remaining Contractual Life (in years) | 1 year 4 months 24 days |
Options Outstanding, Weighted Average Option Price (in dollars per share) | $ 24.73 |
Options Exercisable, Number of Shares (in shares) | shares | 1,148,485 |
Options Exercisable, Weighted Average Option Price (in dollars per share) | $ 24.73 |
Range of Exercise Prices | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number of Shares (in shares) | shares | 136,330 |
Options Outstanding, Average Remaining Contractual Life (in years) | 10 months 25 days |
Options Outstanding, Weighted Average Option Price (in dollars per share) | $ 17.80 |
Options Exercisable, Number of Shares (in shares) | shares | 136,330 |
Options Exercisable, Weighted Average Option Price (in dollars per share) | $ 17.80 |
Range of Exercise Prices, minimum (in dollar per share) | $ 17.80 |
Range of Exercise Prices | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number of Shares (in shares) | shares | 756,330 |
Options Outstanding, Average Remaining Contractual Life (in years) | 1 year 9 months 18 days |
Options Outstanding, Weighted Average Option Price (in dollars per share) | $ 22.37 |
Options Exercisable, Number of Shares (in shares) | shares | 756,330 |
Options Exercisable, Weighted Average Option Price (in dollars per share) | $ 22.37 |
Range of Exercise Prices, minimum (in dollar per share) | 18 |
Range of Exercise Prices, maximum (in dollars per share) | $ 29.11 |
Range of Exercise Prices | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number of Shares (in shares) | shares | 255,825 |
Options Outstanding, Average Remaining Contractual Life (in years) | 1 month 6 days |
Options Outstanding, Weighted Average Option Price (in dollars per share) | $ 35.43 |
Options Exercisable, Number of Shares (in shares) | shares | 255,825 |
Options Exercisable, Weighted Average Option Price (in dollars per share) | $ 35.43 |
Range of Exercise Prices, minimum (in dollar per share) | $ 35.43 |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock Option Activity (Details) - Stock options - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Shares | |||
Outstanding at beginning of the period | 1,429,167 | 2,101,568 | 2,195,414 |
Forfeited/expired | (280,682) | (672,401) | (93,846) |
Outstanding at end of the period | 1,148,485 | 1,429,167 | 2,101,568 |
Weighted Average Exercise Price (in dollars per share) | |||
Outstanding at beginning of period | $ 25.27 | $ 23.42 | $ 23.36 |
Forfeited/expired | 27.80 | 19.49 | 21.94 |
Outstanding at end of period | $ 24.73 | $ 25.27 | $ 23.42 |
Stock Based Compensation - Opti
Stock Based Compensation - Options Exercisable (Details) - Stock options - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercisable at end of period (in shares) | 1,148,485 | 1,429,167 | 1,910,292 |
Exercisable at the end of period (in dollars per share) | $ 24.73 | $ 25.27 | $ 23.76 |
Non-Operating Income (Details)
Non-Operating Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Income and Expenses [Abstract] | |||
Interest income | $ 199 | $ 160 | $ 257 |
Interest expense | (3,070) | (4,669) | (6,021) |
Net interest expense | (2,871) | (4,509) | (5,764) |
Investment income (loss) | (5,513) | 17,585 | 29,891 |
Dividend income | 1,589 | 1,987 | 5,355 |
Miscellaneous other income | 177 | 341 | 193 |
Investment and other income (loss) | (3,747) | 19,913 | 35,439 |
Total non-operating income (loss) | $ (6,618) | $ 15,404 | $ 29,675 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ (4,158) | $ (1,767) | $ (216) |
CAM portion | (485) | (92) | 23 |
Calamos Interests portion | 42 | 178 | 56 |
Foreign | 17 | 15 | 0 |
Total current income tax benefit | (4,584) | (1,666) | (137) |
Deferred: | |||
Federal | 6,330 | 6,833 | 5,867 |
State | 574 | 620 | 532 |
Total deferred income tax provision | 6,904 | 7,453 | 6,399 |
Total income tax provision | $ 2,320 | $ 5,787 | $ 6,262 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Tax Credit Carryforward [Line Items] | ||
Current portion of net deferred tax assets | $ 8,294 | $ 9,194 |
Non-current portions of the net deferred tax assets | 30,010 | 31,067 |
Intangible assets | 26,545 | 34,459 |
Tax benefit per year created from net deferred income tax asset attributable to intangible assets | $ 7,900 | |
Period of tax benefit (in years) | 15 years | |
Tax benefit expiry period | 2,019 | |
Number of membership units purchased from CFP (in shares) | 20,000,000 | |
Number of membership units that qualified for stepped-up in basis (in shares) | 17,000,000 | |
Goodwill and intangible assets, net | $ 7,400 | |
Goodwill amortization period (in years) | 15 years | |
Capital Loss Carryforward | ||
Tax Credit Carryforward [Line Items] | ||
Valuation allowance on tax credit carryforward | $ 0 | |
State | ||
Tax Credit Carryforward [Line Items] | ||
Operating loss carryforwards | $ 10,400 | |
Internal Revenue Service (IRS) | Federal | ||
Tax Credit Carryforward [Line Items] | ||
Operating loss carryforwards | 12,100 | |
Internal Revenue Service (IRS) | Federal | Capital Loss Carryforward | ||
Tax Credit Carryforward [Line Items] | ||
Capital loss carryforward | 5,200 | |
Expiration in Tax Year 2017 | Internal Revenue Service (IRS) | Federal | Capital Loss Carryforward | ||
Tax Credit Carryforward [Line Items] | ||
Capital loss carryforward | 237 | |
Expiration in Tax Year 2020 | Internal Revenue Service (IRS) | Federal | Capital Loss Carryforward | ||
Tax Credit Carryforward [Line Items] | ||
Capital loss carryforward | $ 5,000 |
Income Taxes - Income Tax Rate
Income Taxes - Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefits | 2.10% | 2.00% | 2.00% |
Impact of expiring employee stock options | 4.60% | 2.40% | 0.00% |
Calamos Investments’ foreign and state income taxes | 1.00% | 1.10% | 0.30% |
Impact of deferred tax assets valuation allowance reversal | (2.80%) | (10.40%) | (12.20%) |
Other non-deductible items | 2.00% | 0.70% | 0.40% |
Impact on net deferred tax assets from change in statutory income tax rate | (0.50%) | (0.60%) | (0.30%) |
Effective income tax rate | 41.40% | 30.20% | 25.20% |
Calamos Interests state income taxes | (0.80%) | (0.90%) | (0.20%) |
CAM effective income tax rate | 40.60% | 29.30% | 25.00% |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Intangible assets | $ 26,545 | $ 34,459 |
Federal capital loss carryforward | 1,942 | 169 |
Federal net operating loss carryforward | 4,120 | 0 |
State net operating loss carryforward | 624 | 0 |
Differences between book basis and tax basis of investments | 3,202 | 4,165 |
Stock-based compensation | 1,921 | 2,098 |
Other | 1,208 | 698 |
Total deferred tax assets | 39,562 | 41,589 |
Deferred tax liabilities: | ||
Unrealized net holding gains on investments of available-for-sale securities | 793 | 902 |
Deferred sales commission | 49 | 85 |
Goodwill | 113 | 81 |
Other | 303 | 260 |
Total deferred tax liabilities | 1,258 | 1,328 |
Net deferred tax assets | $ 38,304 | $ 40,261 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings per share – basic: | |||||||||||
Earnings available to common shareholders | $ 830 | $ 363 | $ 2,033 | $ 101 | $ 4,794 | $ 3,369 | $ 3,228 | $ 2,139 | $ 3,327 | $ 13,530 | $ 18,628 |
Weighted average shares outstanding (in shares) | 17,518,033 | 18,275,246 | 19,903,507 | ||||||||
Earnings per share - basic (in dollars per share) | $ 0.19 | $ 0.74 | $ 0.94 | ||||||||
Earnings per share – diluted: | |||||||||||
Earnings available to common shareholders | $ 830 | $ 363 | $ 2,033 | $ 101 | $ 4,794 | $ 3,369 | $ 3,228 | $ 2,139 | $ 3,327 | $ 13,530 | $ 18,628 |
Weighted average shares outstanding (in shares) | 17,518,033 | 18,275,246 | 19,903,507 | ||||||||
Dilutive impact of restricted stock units (in shares) | 727,000 | 714,000 | 448,000 | ||||||||
Weighted average diluted shares outstanding (in shares) | 17,858,985 | 18,208,850 | 18,635,798 | 18,699,641 | 18,808,798 | 18,781,856 | 19,048,456 | 19,805,828 | 18,245,109 | 18,989,281 | 20,351,603 |
Earnings per share - diluted (in dollars per share) | $ 0.05 | $ 0.02 | $ 0.11 | $ 0.01 | $ 0.25 | $ 0.18 | $ 0.17 | $ 0.11 | $ 0.18 | $ 0.71 | $ 0.92 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Anti-dilutive (in shares) | 12,685,989 | 29,520,234 | 37,254,937 | ||||||||
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) | 11,537,504 | 27,916,544 | 34,594,896 | ||||||||
Closing price of shares (in dollars per share) | $ 9.68 | $ 13.32 | $ 9.68 | $ 13.32 | $ 11.84 | ||||||
Discount rate (as a percent) | 12.00% | 12.00% | 12.00% | ||||||||
Restricted stock units | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Anti-dilutive (in shares) | 0 | 174,523 | 558,473 | ||||||||
Stock options | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Anti-dilutive (in shares) | 1,148,485 | 1,429,167 | 2,101,568 |
Commitments and Contingencies87
Commitments and Contingencies (Details) - USD ($) | 8 Months Ended | 12 Months Ended | ||
Feb. 25, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Long-term Purchase Commitment [Line Items] | ||||
Lease expenses | $ 5,500,000 | $ 5,600,000 | $ 5,600,000 | |
Year ended December 31: [Abstract] | ||||
2,016 | 5,252,000 | |||
2,017 | 5,403,000 | |||
2,018 | 5,520,000 | |||
2,019 | 5,530,000 | |||
2,020 | 5,314,000 | |||
Thereafter | 22,799,000 | |||
Total minimum lease payments | 49,818,000 | |||
Calamos Advisors LLC | Purchase of Common Shares | ||||
Long-term Purchase Commitment [Line Items] | ||||
Repurchase of common stock by Calamos Investments LLC | 15,600,000 | |||
Calamos Advisors LLC | Subsequent Event | ||||
Long-term Purchase Commitment [Line Items] | ||||
Repurchase of common stock by Calamos Investments LLC | $ 20,000,000 | |||
Calamos Advisors LLC | Maximum | Purchase of Common Shares | ||||
Long-term Purchase Commitment [Line Items] | ||||
Share purchase program, maximum shares repurchased | $ 20,000,000 |
Regulatory and Net Capital Re88
Regulatory and Net Capital Requirements (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Regulatory Capital Requirements [Abstract] | ||
Required ratio of aggregate indebtedness to net capital | 15 | |
The net capital, the excess of the required net capital and the net capital ratio [Abstract] | ||
Net capital | $ 5,433 | $ 1,791 |
Excess of required net capital | $ 4,636 | $ 1,003 |
Net capital ratio | 2.20 | 6.60 |
Concentration Risk (Details)
Concentration Risk (Details) - fund | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Concentration Risk [Line Items] | |||
Number of companies | 3 | ||
Revenue | Customer Concentration Risk | Calamos Growth Fund | |||
Concentration Risk [Line Items] | |||
Percentage of revenues derived from services provided to two Company-sponsored open-end funds | 17.00% | 18.00% | 21.00% |
Revenue | Customer Concentration Risk | Calamos Market Neutral Fund | |||
Concentration Risk [Line Items] | |||
Percentage of revenues derived from services provided to two Company-sponsored open-end funds | 14.00% | 14.00% | 10.00% |
Revenue | Customer Concentration Risk | Calamos Growth and Income Fund | |||
Concentration Risk [Line Items] | |||
Percentage of revenues derived from services provided to two Company-sponsored open-end funds | 13.00% | 14.00% | 15.00% |
Quarterly Financial Informati90
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Assets under management | $ 21,908,000 | $ 22,454,000 | $ 24,432,000 | $ 24,476,000 | $ 23,506,000 | $ 24,514,000 | $ 25,755,000 | $ 26,147,000 | $ 21,908,000 | $ 23,506,000 | |
Total revenue | 55,494 | 57,618 | 60,351 | 57,417 | 60,495 | 63,532 | 63,005 | 63,930 | 230,880 | 250,962 | $ 269,130 |
Total operating expenses | 46,369 | 48,991 | 46,259 | 58,922 | 45,868 | 47,679 | 46,371 | 49,854 | 200,541 | 189,772 | 191,244 |
Operating income (loss) | 9,125 | 8,627 | 14,092 | (1,505) | 14,627 | 15,853 | 16,634 | 14,076 | 30,339 | 61,190 | 77,886 |
Net income attributable to CAM | $ 830 | $ 363 | $ 2,033 | $ 101 | $ 4,794 | $ 3,369 | $ 3,228 | $ 2,139 | $ 3,327 | $ 13,530 | $ 18,628 |
Earnings per share - diluted (in dollars per share) | $ 0.05 | $ 0.02 | $ 0.11 | $ 0.01 | $ 0.25 | $ 0.18 | $ 0.17 | $ 0.11 | $ 0.18 | $ 0.71 | $ 0.92 |
Weighted average diluted shares outstanding (in shares) | 17,858,985 | 18,208,850 | 18,635,798 | 18,699,641 | 18,808,798 | 18,781,856 | 19,048,456 | 19,805,828 | 18,245,109 | 18,989,281 | 20,351,603 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | 1 Months Ended | |
Mar. 31, 2016 | Mar. 11, 2016 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Loan due from related party | $ 40 | |
Scenario, Forecast | ||
Subsequent Event [Line Items] | ||
Approved distribution | $ 20 | |
Scenario, Forecast | Calamos Asset Management, Inc. | ||
Subsequent Event [Line Items] | ||
Approved distribution | 4.4 | |
Scenario, Forecast | Calamos Interests | ||
Subsequent Event [Line Items] | ||
Approved distribution | $ 15.6 |