Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 28, 2016 | |
Entity Information [Line Items] | ||
Entity Registrant Name | Calamos Asset Management, Inc. /DE/ | |
Entity Central Index Key | 1,299,033 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Class A Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 20,530,571 | |
Class B Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 100 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 76,550 | $ 104,717 |
Receivables: | ||
Affiliates and affiliated funds | 12,000 | 13,891 |
Customers | 2,961 | 3,876 |
Investment securities | 57,960 | 257,057 |
Derivative assets | 6,904 | 4,311 |
Consolidated funds and partnership investments | 603,062 | 112,640 |
Prepaid expenses | 3,587 | 3,709 |
Deferred tax assets, net | 0 | 8,294 |
Other current assets | 714 | 631 |
Total current assets | 763,738 | 509,126 |
Non-current assets: | ||
Deferred tax assets, net | 37,022 | |
Deferred tax assets, net | 30,010 | |
Goodwill and intangible assets, net | 7,152 | 7,301 |
Property and equipment, net of accumulated depreciation and amortization ($61,691 at September 30, 2016 and $60,713 at December 31, 2015) | 13,339 | 13,308 |
Other non-current assets | 1,465 | 1,717 |
Total non-current assets | 58,978 | 52,336 |
Total assets | 822,716 | 561,462 |
Current liabilities: | ||
Distribution fees payable | 6,640 | 7,641 |
Accrued compensation and benefits | 25,013 | 28,583 |
Interest payable | 0 | 1,390 |
Derivative liabilities | 15,486 | 5,475 |
Liabilities of consolidated funds and partnership investments | 13,771 | 75 |
Accrued expenses and other current liabilities | 4,446 | 5,118 |
Total current liabilities | 65,356 | 48,282 |
Non-current liabilities: | ||
Long-term debt | 0 | 45,955 |
Deferred rent | 8,409 | 8,788 |
Other non-current liabilities | 2,143 | 2,043 |
Total non-current liabilities | 10,552 | 56,786 |
Total liabilities | 75,908 | 105,068 |
Redeemable non-controlling interest in consolidated funds and partnership investments | 394,525 | 77,835 |
EQUITY | ||
Additional paid-in capital | 226,892 | 224,065 |
Retained earnings | 76,096 | 81,881 |
Accumulated other comprehensive income | 303 | 1,110 |
Treasury stock; 8,934,490 shares at September 30, 2016 and 8,409,162 shares at December 31, 2015 | (117,806) | (113,579) |
Calamos Asset Management, Inc. stockholders’ equity | 185,742 | 193,730 |
Non-controlling interest in Calamos Investments LLC (Calamos Interests) | 166,541 | 184,829 |
Total equity | 352,283 | 378,559 |
Total liabilities and equity | 822,716 | 561,462 |
Class A Common Stock | ||
EQUITY | ||
Common Stock | 257 | 253 |
Class B Common Stock | ||
EQUITY | ||
Common Stock | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Non-current assets: | ||
Property and equipment, accumulated depreciation and amortization | $ 61,691 | $ 60,713 |
EQUITY | ||
Treasury stock (in shares) | 8,934,490 | 8,409,162 |
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) | 25,688,201 | 25,326,522 |
Common Stock, shares outstanding (in shares) | 16,753,711 | 16,917,360 |
Class B Common Stock | ||
EQUITY | ||
Common Stock, par value (in dollar per share) | $ 0.01 | $ 0.01 |
Common Stock, authorized (in shares) | 1,000 | 1,000 |
Common Stock, shares issued (in shares) | 100 | 100 |
Common Stock, shares outstanding (in shares) | 100 | 100 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
REVENUES | ||||
Investment management fees | $ 39,725 | $ 46,738 | $ 118,725 | $ 141,648 |
Distribution and underwriting fees | 8,055 | 10,264 | 24,764 | 31,858 |
Other | 537 | 616 | 1,603 | 1,880 |
Total revenues | 48,317 | 57,618 | 145,092 | 175,386 |
EXPENSES | ||||
Employee compensation and benefits | 23,679 | 23,891 | 73,096 | 70,613 |
Distribution expenses | 8,008 | 10,172 | 24,760 | 31,178 |
Marketing and sales promotion | 3,419 | 4,063 | 9,330 | 21,798 |
General and administrative | 9,106 | 10,865 | 26,995 | 30,583 |
Total operating expenses | 44,212 | 48,991 | 134,181 | 154,172 |
Operating income | 4,105 | 8,627 | 10,911 | 21,214 |
NON-OPERATING INCOME (LOSS) | ||||
Net interest expense | (180) | (717) | (1,572) | (2,168) |
Debt extinguishment costs | (4,867) | 0 | (4,867) | 0 |
Investment and other income (loss) | 30,174 | (10,997) | 18,874 | (4,568) |
Total non-operating income (loss) | 25,127 | (11,714) | 12,435 | (6,736) |
Income (loss) before income taxes | 29,232 | (3,087) | 23,346 | 14,478 |
Income tax provision (benefit) | 796 | (46) | 1,715 | 1,694 |
Net income (loss) | 28,436 | (3,041) | 21,631 | 12,784 |
Net income attributable to non-controlling interest in Calamos Investments LLC (Calamos Interests) | (6,563) | (894) | (5,076) | (12,031) |
Net (income) loss attributable to redeemable non-controlling interest in consolidated funds and partnership investments | (20,706) | 4,298 | (16,486) | 1,744 |
Net income attributable to Calamos Asset Management, Inc. | $ 1,167 | $ 363 | $ 69 | $ 2,497 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.07 | $ 0.02 | $ 0 | $ 0.14 |
Diluted (in dollars per share) | $ 0.07 | $ 0.02 | $ 0 | $ 0.14 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 16,751,609 | 17,316,823 | 16,744,592 | 17,657,669 |
Diluted (in shares) | 17,137,237 | 18,208,850 | 17,094,693 | 18,445,524 |
Cash dividends declared per share (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.45 | $ 0.45 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 28,436 | $ (3,041) | $ 21,631 | $ 12,784 |
Unrealized gains (losses) on available-for-sale securities: | ||||
Unrealized gains (losses) | 1,205 | (19,871) | (6,389) | (7,816) |
Reclassification adjustment for realized (gains) losses included in net income (loss) | 0 | 0 | 617 | (2,510) |
Other comprehensive income (loss), before income tax provision (benefit) | 1,205 | (19,871) | (5,772) | (10,326) |
Income tax provision (benefit) related to other comprehensive income (loss) | 99 | (1,857) | (474) | (1,225) |
Other comprehensive income (loss), after income tax provision (benefit) | 1,106 | (18,014) | (5,298) | (9,101) |
Comprehensive income (loss) | 29,542 | (21,055) | 16,333 | 3,683 |
Comprehensive (income) loss attributable to non-controlling interest in Calamos Investments LLC (Calamos Interests) | (7,500) | 13,958 | (585) | (5,015) |
Comprehensive (income) loss attributable to redeemable non-controlling interest in consolidated funds and partnership investments | (20,706) | 4,298 | (16,486) | 1,744 |
Comprehensive income (loss) attributable to Calamos Asset Management, Inc. | $ 1,336 | $ (2,799) | $ (738) | $ 412 |
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 |
Beginning balance at Dec. 31, 2014 | $ 250 | $ 221,208 | $ 89,311 | $ 1,297 | $ (107,129) | $ 216,982 | $ 421,919 | |
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income (loss) | $ 12,784 | 2,497 | 12,031 | 14,528 | ||||
Other comprehensive loss | (2,085) | (7,016) | (9,101) | |||||
Repurchase of common stock by Calamos Investments LLC (Class A common shares) | (2,655) | (9,302) | (11,957) | |||||
Issuance of common stock (Class A common shares) | 2 | (2) | 0 | |||||
Impact of the redemption of common stock from Calamos Investments LLC by Calamos Asset Management, Inc. (Class A common shares) | 2,202 | (2,202) | 0 | |||||
Shares withheld for taxes under stock incentive plans and other cumulative impact of changes in ownership of Calamos Investments LLC | (111) | (564) | (675) | |||||
Compensation expense recognized under stock incentive plans | 1,034 | 3,621 | 4,655 | |||||
Impact on non-controlling interests as a result of dividends paid to Calamos Investments LLC on repurchased common stock | (997) | 997 | ||||||
Dividend equivalent accrued under stock incentive plans | (158) | (556) | (714) | |||||
Equity and tax distributions paid to non-controlling interests in Calamos Investments LLC (Calamos Interests) | (33,730) | (33,730) | ||||||
Dividends declared | (7,957) | (7,957) | ||||||
Ending balance at Sep. 30, 2015 | 252 | 223,334 | 83,693 | (788) | (111,986) | 182,463 | 376,968 | |
Beginning balance at Dec. 31, 2014 | 76,167 | |||||||
Increase (Decrease) in Redeemable Non-controlling Interest in Consolidated Funds and Partnership Investments | ||||||||
Net income (loss) | (1,744) | |||||||
Net purchase (sales) of redeemable non-controlling interest in consolidated funds and partnership investments | (229) | |||||||
Ending balance at Sep. 30, 2015 | 74,194 | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Consolidation of funds upon adoption of new accounting pronouncement on January 1, 2016 | 1,882 | 6,594 | 8,476 | |||||
Increase (Decrease) in Redeemable Non-controlling Interest in Consolidated Funds and Partnership Investments | ||||||||
Consolidation of funds upon adoption of new accounting pronouncement on January 1, 2016 | 318,154 | |||||||
Beginning balance at Dec. 31, 2015 | 378,559 | 253 | 224,065 | 81,881 | 1,110 | (113,579) | 184,829 | 378,559 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income (loss) | 21,631 | 69 | 5,076 | 5,145 | ||||
Other comprehensive loss | (807) | (4,491) | (5,298) | |||||
Repurchase of common stock by Calamos Investments LLC (Class A common shares) | (1,050) | (3,650) | (4,700) | |||||
Issuance of common stock (Class A common shares) | 4 | (4) | 0 | |||||
Impact of the redemption of common stock from Calamos Investments LLC by Calamos Asset Management, Inc. (Class A common shares) | 3,177 | (3,177) | 0 | |||||
Shares withheld for taxes under stock incentive plans and other cumulative impact of changes in ownership of Calamos Investments LLC | (287) | (779) | (1,066) | |||||
Compensation expense recognized under stock incentive plans | 1,263 | 4,426 | 5,689 | |||||
Impact on non-controlling interests as a result of dividends paid to Calamos Investments LLC on repurchased common stock | (1,322) | 1,322 | 0 | |||||
Dividend equivalent accrued under stock incentive plans | (196) | (692) | (888) | |||||
Equity and tax distributions paid to non-controlling interests in Calamos Investments LLC (Calamos Interests) | (26,094) | (26,094) | ||||||
Dividends declared | (7,540) | (7,540) | ||||||
Ending balance at Sep. 30, 2016 | 352,283 | $ 257 | $ 226,892 | $ 76,096 | $ 303 | $ (117,806) | $ 166,541 | $ 352,283 |
Beginning balance at Dec. 31, 2015 | 77,835 | |||||||
Increase (Decrease) in Redeemable Non-controlling Interest in Consolidated Funds and Partnership Investments | ||||||||
Net income (loss) | 16,486 | |||||||
Consolidation of funds during period | 48,694 | |||||||
Net purchase (sales) of redeemable non-controlling interest in consolidated funds and partnership investments | (66,644) | |||||||
Ending balance at Sep. 30, 2016 | $ 394,525 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - Class A Common Stock - shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Repurchase of common stock (in shares) | 525,328 | 985,466 |
Issuance of common stock (in shares) | 361,679 | 240,886 |
Redemption of common stock (in shares) | 361,679 | 240,886 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Cash Flows [Abstract] | ||
Cash and cash equivalents at beginning of period | $ 104,717 | $ 35,285 |
Cash flows provided by operating activities: | ||
Net income | 21,631 | 12,784 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of deferred sales commissions | 810 | 1,358 |
Other depreciation and amortization | 2,780 | 3,111 |
Loss on disposal of property and equipment | 0 | 89 |
Deferred rent | (379) | 17 |
Change in unrealized gains on trading securities, derivative assets, derivative liabilities, consolidated funds and partnership investments, net | (17,340) | (1,157) |
Net realized losses on sale of investment securities, derivative assets, derivative liabilities, consolidated funds and partnership investments, net | 2,905 | 6,719 |
Debt extinguishment costs | 4,867 | 0 |
Change in deferred tax asset valuation allowance | 628 | 0 |
Deferred taxes, net | 5,522 | 4,309 |
Stock-based compensation | 5,689 | 4,655 |
Employee taxes paid on vesting under stock incentive plans | (996) | (730) |
Receivables: | ||
Affiliates and affiliated funds, net | 1,891 | 2,242 |
Customers | 915 | (1,234) |
Other assets | (5,042) | (3,780) |
Decrease in liabilities: | ||
Distribution fees payable | (1,001) | (2,661) |
Accrued compensation and benefits | (3,570) | (1,833) |
Accrued expenses and other liabilities | (2,780) | (2,030) |
Net cash provided by operating activities | 16,530 | 21,859 |
Cash flows provided by investing activities: | ||
Net additions to property and equipment | (2,604) | (2,574) |
Purchases of investment securities | (18,906) | (20,370) |
Proceeds from sale of investment securities | 35,514 | 89,022 |
Net purchases of derivatives | (1,000) | 0 |
Contributions to consolidated funds and partnership investments | (7,890) | (229) |
Distributions from consolidated funds and partnership investments | 39,415 | 23,403 |
Net cash paid for acquisition | 0 | (55) |
Net cash provided by investing activities | 44,529 | 89,197 |
Cash flows used in financing activities: | ||
Repayment of long-term debt | (45,955) | 0 |
Debt extinguishment costs | (4,867) | 0 |
Deferred tax benefit (expense) on vesting under stock incentive plans | (70) | 56 |
Repurchase of common stock by Calamos Investments LLC (525,328 at September 30, 2016, and 985,466 at September 30, 2015 Class A common shares) | (4,700) | (11,957) |
Equity distributions paid to non-controlling interests (Calamos Interests) | (15,559) | (23,338) |
Tax distributions paid to non-controlling interests (Calamos Interests) | (10,535) | (10,392) |
Cash dividends paid to common stockholders | (7,540) | (7,957) |
Net cash used in financing activities | (89,226) | (53,588) |
Net (decrease) increase in cash and cash equivalents | (28,167) | 57,468 |
Cash and cash equivalents at end of period | 76,550 | 92,753 |
Cash paid (refunded) for: | ||
Income taxes, net | (91) | (105) |
Interest | $ 3,142 | $ 3,032 |
CONSOLIDATED STATEMENTS OF CAS9
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Class A Common Stock | ||
Repurchase of common stock (in shares) | 525,328 | 985,466 |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business Calamos Asset Management, Inc. (“CAM”), representing the public shares outstanding, as of September 30, 2016 , owned 22.2% of the operating company, Calamos Investments LLC (“Calamos Investments”), with the remaining 77.8% privately owned by Calamos Partners LLC (“Calamos Partners”) , a Delaware limited liability company, and John P. Calamos, Sr., the Founder, Chairman and Global Chief Investment Officer of CAM. Calamos Partners received its interest from Calamos Family Partners, Inc., a Delaware corporation, on July 26, 2016. 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. Calamos Partners' and John P. Calamos, Sr.'s (collectively "Calamos Interests" ) ownership interest, in accordance with applicable accounting guidance, is reflected and referred to within these consolidated financial statements as "non-controlling interest in Calamos Investments LLC". As shown in the diagram below, Calamos Partners also owns all of CAM’s outstanding Class B common stock, which represents 97.4% of the combined voting power of all classes of CAM’s voting stock. The graphic below illustrates our organizational and ownership structure as of September 30, 2016 : (1) Represents combined economic interest of Calamos Partners LLC and John P. Calamos, Sr. who is also a member of Calamos Investments LLC. (2) Represents combined economic interest of all public stockholders, including John P. Calamos, Sr. and John P. Calamos, Jr.’s combined 20.78% ownership interest of Class A common stock. The calculation of ownership interest includes options and restricted stock units ( "RSUs" ) that vest within 60 days , as well as Calamos Partners' indirect ownership interest in Class A common stock purchased by Calamos Investments LLC, pursuant to the Company’s share repurchase plan. The Company primarily provides investment advisory services to individuals and institutional investors through a number of investment products that include open-end funds and closed-end funds (the “Funds”), separate accounts, and partnerships, as well as provides model portfolio design and oversight for separately managed accounts. The subsidiaries through which the Company provides these services include: Calamos Advisors LLC (“CAL”) , a Delaware limited liability company and registered investment advisor; Calamos Financial Services LLC (“CFS”) , a Delaware limited liability company and registered broker-dealer; Calamos Wealth Management LLC, a Delaware limited liability company and registered investment advisor; and Calamos Investments LLP, a United Kingdom limited liability partnership, registered investment advisor with the Financial Conduct Authority in the United Kingdom, and a global distributor of the offshore funds and Company products. For reporting purposes, the offshore funds are included within the open-end funds. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) , which require the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Management believes the accounting estimates are appropriate and reasonably stated; however, due to the inherent uncertainties in making estimates, actual amounts could differ from these estimates. The consolidated financial statements as of September 30, 2016 and for the three and nine months ended September 30, 2016 , and 2015 have not been audited by the Company’s independent registered public accounting firm. In the opinion of management, these statements contain all adjustments, including those of a normal recurring nature, necessary for fair presentation of the financial condition and results of operations. The results for the interim periods presented are not necessarily indicative of the results to be obtained for a full fiscal year. This Form 10-Q filing should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . New Accounting Guidance In August 2016, the Financial Accounting Standards Board ( "FASB" ) issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , to add or clarify guidance on the classification of certain cash receipts and cash payments, such as debt prepayment and extinguishment costs, on the statement of cash flows. The amendment is effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted. The Company early adopted this guidance, resulting in debt extinguishment costs of $4.9 million being classified as cash flows from financing activities for the nine months ended September 30, 2016 . The Company implemented Accounting Standards Update No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , which amended the consolidation requirements under GAAP, on January 1, 2016, using the modified retrospective method. The modified retrospective method did not require the restatement of prior year periods. In connection with the adoption of this guidance, the Company reevaluated all of its investments for consolidation, including its investments in open-end funds. The adoption of the guidance resulted in open-end funds regulated outside the U.S. previously accounted for as voting interest entities ( "VOE" ) to be evaluated as variable interest entities ( "VIE" ) and led to the consolidation of five open-end funds that were previously accounted for as available-for-sale securities. The adoption also resulted in the consolidation of four U.S. regulated open-end funds that were previously accounted for as available-for-sale securities. The impact to the consolidated statements of financial condition upon adoption was the consolidation of $333.6 million of assets, $15.4 million of liabilities, and $318.2 million of redeemable non-controlling interests. In connection with the adoption, the Company reclassified $1.9 million and $6.6 million , respectively, in accumulated other comprehensive income to retained earnings and non-controlling interest in Calamos Investments LLC. Additional disclosures related to consolidated voting interest entities and variable interest entities, and the impact the new accounting guidance has had on the quarter are included in Note 5, Consolidated Funds and Partnership Investments . Principles of Consolidation The consolidated financial statements include the financial statements of CAM, Calamos Investments, Calamos Investments’ wholly-owned subsidiaries, the Company’s partnerships, and open-end funds in which it has a controlling financial interest or operating control. The equity method of accounting is used for investments in which the Company has significant influence, but less than a 50% controlling interest. All intercompany balances and transactions have been eliminated. The Calamos Interests’ combined 77.8% interest in Calamos Investments at September 30, 2016 and December 31, 2015 is represented as a non-controlling interest in Calamos Investments LLC in the Company’s consolidated financial statements. The non-controlling interest in Calamos Investments is derived by multiplying the historical equity of Calamos Investments by the Calamos Interests’ aggregate ownership percentage for the periods presented. Issuances and repurchases of CAM’s common stock may result in changes to CAM’s ownership percentage and to the non-controlling interests’ ownership percentage of Calamos Investments with resulting changes reflected in the consolidated statements of changes in equity. Income is allocated based on the average ownership interest during the period in which the income is earned. CAM owns certain assets to which it has exclusive economic rights. As of September 30, 2016 , these assets included cash and cash equivalents of $55.8 million , net non-current deferred tax assets of $37.0 million , net current income taxes receivable of $256,000 , and a loan receivable from Calamos Investments of $45.0 million . As of December 31, 2015 , these assets included cash, cash equivalents and investment securities of $77.3 million , net current and non-current deferred tax assets of $38.3 million , net current income taxes receivable of $355,000 , and a loan receivable from Calamos Investments of $25.0 million . These assets are reported together with Calamos Investments’ consolidated assets in the consolidated statements of financial condition. Additionally, net income before income taxes of $23.3 million and $14.5 million for the nine months ended September 30, 2016 and 2015 , respectively, each included $303,000 and $721,000 , respectively, of interest income and realized gains and losses on cash and cash equivalents held solely by CAM. These portions of CAM’s income and expense are not affected by non-controlling interests. The Company consolidates investments in which the Company’s controlling interest 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, partnership or open-end fund is a VOE or VIE. The analysis involves judgment and considers several factors, including an entity’s legal organization, capital structure, the rights of the equity investment holders, the Company's ownership interest in the entity, and its contractual involvement with the entity. The Company continually reviews and reconsiders its previously reached VIE or VOE conclusions upon the occurrence of certain events, such as changes to its ownership interest, changes to an entity’s organization and legal structure, or amendments to governing documents. The open-end funds that the Company consolidates in its consolidated financial statements are generally those products to which it provided initial seed capital at the time of their formation and has a controlling interest. The Company's U.S. regulated open-end funds are considered VOEs while those regulated outside the U.S. are considered VIEs. VIEs are entities that, by design (i ) lack sufficient equity to permit the entity to finance its activities independently, or (ii) have equity holders that do not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, the obligation to absorb the entity’s losses, or the rights to receive the entity’s residual returns. The Company consolidates a VIE when it is the primary beneficiary, which is the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the VIE that could potentially be significant. For the periods the funds and partnerships are consolidated, the assets and liabilities of the funds and partnerships are presented as consolidated funds and partnership investments and liabilities of consolidated funds and partnership investments, respectively, in the consolidated statements of financial condition. The net income for these funds and partnerships is included in investment and other income in the consolidated statements of operations, and the change in funds and partnership investments is included in contributions to or distributions from consolidated funds and partnership investments in the consolidated statements of cash flows. The combined interests of all of the consolidated funds and partnerships not owned by the Company and that are redeemable at the option of the holder, are presented as redeemable non-controlling interest in consolidated funds and partnership investments in the Company’s consolidated financial statements for the periods those funds and partnerships were consolidated. See Note 5, Consolidated Funds and Partnership Investments , for more discussion regarding these funds. Calamos Investments, through its wholly-owned subsidiaries and affiliates, is indirectly the general partner and controls the operations of Calamos Global Opportunities Fund LP. The results of this partnership are included in the Company's consolidated financial statements. The Company holds non-controlling interests in certain other partnership investments that are included in partnership investments and consolidated funds in the consolidated statements of financial condition. These other partnership investments are accounted for under the equity method. Restricted Cash The Company has a $430,000 security deposit related to a property lease that is restricted from the Company’s general corporate use and is being reported in other non-current assets in the consolidated statements of financial condition. Treasury Stock On November 13, 2014, the Company announced a repurchase of up to an additional 3 million shares of the Company's outstanding Class A Common Stock primarily to continue to manage the dilution from share issuances under the Company’s incentive compensation plan. During the nine months ended September 30, 2016 , Calamos Investments repurchased 525,328 shares of Class A common stock, at an average purchase price of $8.95 and a total cost of $4.7 million under this repurchase program. As Calamos Investments is consolidated with CAM, the repurchased shares are reported as treasury shares. As such, CAM’s 22.2% ownership interest in these shares totaling $1.0 million is reported in treasury stock, with Calamos Interests’ 77.8% ownership interest in these shares, totaling $3.7 million , reported in non-controlling interest in the consolidated statements of financial condition. The total shares repurchased are not included in the calculation of basic and diluted earnings per share in accordance with GAAP. During the three and nine months ended September 30, 2016 , CAM redeemed 6,634 and 361,679 , respectively, Class A common shares from Calamos Investments for a value of $75,000 and $4.1 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 $58,000 and $3.2 million , respectively. During the three and nine months ended September 30, 2016 , dividends on shares held by Calamos Investments totaled $567,000 and $1.7 million , respectively. The payment of these dividends increased Calamos Investments' equity by $441,000 for the third quarter of 2016 , and $1.3 million for the nine months ended September 30, 2016 , from additional paid in capital to non-controlling interest in Calamos Investments LLC in the consolidated statement of changes in equity. Those amounts represent Calamos Interests' ownership interest in those dividend payments. For a comprehensive disclosure of the Company's significant accounting policies, see the Company's Annual Report on Form 10-K for the year ended December 31, 2015 . |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2016 | |
Investments [Abstract] | |
Investment Securities | Investment Securities The Company carries all investment securities it owns at fair value and records all changes in fair value in current earnings or as a separate component of accumulated other comprehensive income (loss) in equity. As such, unrealized gains and losses on trading securities, as well as realized gains and losses on all investment securities, are included in investment and other income in the consolidated statements of operations. Unrealized gains and losses on available-for-sale securities are reported, net of CAM's deferred income tax, as a separate component of accumulated other comprehensive income (loss) in equity until realized. The following table provides a summary of investment securities as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, 2016 Cost Unrealized Gains Unrealized Losses Fair Value Available-for-sale securities: Funds U.S. Equity $ 54 $ 1 $ (1 ) $ 54 Global Equity 10,151 1,075 — 11,226 Convertible 32 — — 32 Fixed Income 5,485 390 — 5,875 Alternative 51 2 — 53 Multi-Strategy 19,971 2,179 (3 ) 22,147 Total Funds 35,744 3,647 (4 ) 39,387 Common stock 141 233 — 374 Total available-for-sale securities $ 35,885 $ 3,880 $ (4 ) $ 39,761 Trading securities: Funds U.S. Equity $ 2,229 $ 99 $ — $ 2,328 Global Equity 4,735 360 — 5,095 Convertible 1,816 122 — 1,938 Fixed Income 53 2 — 55 Alternative 8,678 112 (7 ) 8,783 Total trading securities $ 17,511 $ 695 $ (7 ) $ 18,199 Total investment securities $ 57,960 (in thousands) December 31, 2015 Cost Unrealized Gains Unrealized Losses Fair Value Available-for-sale securities: Funds U.S. Equity $ 62,839 $ 2,914 $ (44 ) $ 65,709 Global Equity 124,929 6,606 (46 ) 131,489 Convertible 5,093 — (14 ) 5,079 Fixed Income 16,922 58 (15 ) 16,965 Alternative 14,153 125 (191 ) 14,087 Multi-Strategy 16,150 208 (133 ) 16,225 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 The investments in Funds at September 30, 2016 and December 31, 2015 of $57.6 million and $256.7 million , respectively, were invested in affiliated funds that are not consolidated and accounts that are separately managed. In connection with the adoption of the new consolidation accounting guidance on January 1, 2016, the Company reevaluated all of its investments for consolidation, including its investments in open-end funds. The Company determined that its interests in certain available-for-sale securities with a fair value of $197.5 million at December 31, 2015 , were deemed controlling interests under the new accounting guidance and resulted in these open-end funds being consolidated on January 1, 2016. The aggregate fair value of available-for-sale investment securities that were in an unrealized loss position at September 30, 2016 and December 31, 2015 was $164,000 and $12.5 million , respectively. As of September 30, 2016 and December 31, 2015 , 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 $55,000 and $374,000 , respectively, for the three and nine months ended September 30, 2016 on certain available-for-sale securities with unrealized losses. Other-than-temporary impairment charges recorded for the three and nine months ended September 30, 2015 were $4.5 million and $5.3 million , respectively. The other-than-temporary impairment charges were reported in non-operating income (loss) in the consolidated statements of operations. As of September 30, 2016 and December 31, 2015 , the Company believes that the remaining $4,000 and $443,000 , respectively, in unrealized losses on certain available-for-sale securities are only temporary in nature, as these losses are a result of short-term declines in the net asset value of the funds. Further, the Company has the intent and ability to hold these securities for a period of time sufficient to allow for recovery of the fair value. The Company also considered current market conditions and the nature of the securities held when determining the recoverability of those securities' fair value. The following table provides a summary of changes in investment securities for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 Available-for-sale securities: Proceeds from sales $ 1,814 $ 8,353 $ 18,857 $ 48,925 Gross realized gains on sales $ 286 $ 291 $ 63 $ 2,849 Trading securities: Changes in unrealized gains (losses) $ 9,440 $ (789 ) $ 5,652 $ 6,426 The table below summarizes the tax provision (benefit) on unrealized gains (losses) and (gains) losses reclassified out of accumulated other comprehensive income (loss) on available-for-sale securities for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended Three Months Ended (in thousands) Before-Tax Amount Tax Provision (Benefit) After-Tax Before-Tax Amount Tax Provision (Benefit) After-Tax Available-for-sale securities: Changes in unrealized gains (losses) $ 1,205 $ 99 $ 1,106 $ (19,871 ) $ (1,857 ) $ (18,014 ) Other comprehensive income (loss) $ 1,205 $ 99 $ 1,106 $ (19,871 ) $ (1,857 ) $ (18,014 ) Nine Months Ended Nine Months Ended (in thousands) Before-Tax Amount Tax Provision (Benefit) After-Tax Before-Tax Amount Tax Provision (Benefit) After-Tax Available-for-sale securities: Changes in unrealized gains (losses) $ 2,087 $ 171 $ 1,916 $ (7,816 ) $ (773 ) $ (7,043 ) Reclassification adjustment for realized (gains) losses included in income 617 51 566 (2,510 ) (452 ) (2,058 ) Unrealized gains on consolidation of funds upon adoption of new accounting pronouncement (8,476 ) (696 ) (7,780 ) — — — Other comprehensive loss $ (5,772 ) $ (474 ) $ (5,298 ) $ (10,326 ) $ (1,225 ) $ (9,101 ) Reclassification of realized (gains) losses out of accumulated other comprehensive income (loss) are reported in non-operating income (loss), in investment income (loss), in the consolidated statement of operations. See Note 9, Non-Operating Income (Loss) . |
Derivative Assets and Liabiliti
Derivative Assets and Liabilities | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Assets and Liabilities | Derivative Assets and Liabilities The Company used exchange-traded option contracts as an economic hedge of price changes in its investment securities portfolio in order to reduce the volatility equity markets have on the fair value of the Company's corporate investment portfolio and that could result in realized or unrealized gains and losses. The Company's investment securities and consolidated funds, net of redeemable non-controlling interest, totaling $216.4 million at September 30, 2016 , consist primarily of positions in several Calamos equity and fixed income funds. The equity price risk in the investment portfolio may be hedged using exchange-traded option contracts that correlate most closely with the change in value of the portfolio being hedged. The use of these option contracts are part of a hedge overlay strategy to minimize downside risk in the hedged portfolio. The Company may adjust its hedge position in response to movement and volatility in prices and changes in the composition of the hedged portfolio, but generally is not actively buying and selling contracts. The Company has elected not to offset its derivative assets with its derivative liabilities even if a right of offset exists. When applicable, the fair value of option contracts is reported on a gross basis in derivative assets and derivative liabilities in the consolidated statements of financial condition. Net gains and losses on these contracts are reported in investment and other income (loss) in the consolidated statements of operations. The Company recorded net losses of $3.7 million and $8.4 million , respectively, on these contracts for the three and nine months ended September 30, 2016 . The Company did not record a gain or loss for the three and nine months ended September 30, 2015 . The Company may use these derivatives for risk management purposes but does not designate the contracts as hedges for accounting purposes. The Company had $6.9 million and $4.3 million , respectively, of derivative assets outstanding as of September 30, 2016 and December 31, 2015 . As of September 30, 2016 and December 31, 2015 , the Company had $15.5 million and $5.5 million , respectively, of derivative liabilities outstanding. |
Consolidated Funds and Partners
Consolidated Funds and Partnership Investments | 9 Months Ended |
Sep. 30, 2016 | |
Partnership Investments [Abstract] | |
Consolidated Funds and Partnership Investments | Consolidated Funds and Partnership Investments Presented below are the underlying assets and liabilities of the funds and partnership investments 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 consolidated funds and partnership investments and liabilities of consolidated funds and partnership investments, respectively, in its consolidated statements of financial condition as of September 30, 2016 and December 31, 2015 . (in thousands) September 30, 2016 Consolidated Funds Partnership Investments Total Assets Securities owned $ 441,413 $ 115,839 $ 557,252 Cash and cash equivalents 15,151 6,265 21,416 Receivables for securities sold 20,189 — 20,189 Other current assets 1,599 261 1,860 Exchange-traded option contracts 2,111 214 2,325 Total assets of consolidated funds and partnership investments $ 480,463 $ 122,579 $ 603,042 Liabilities Payables on redemptions $ (933 ) $ — $ (933 ) Payables for securities purchased (10,369 ) — (10,369 ) Securities sold not yet purchased (22 ) — (22 ) Accrued expenses and other current liabilities (1,357 ) (315 ) (1,672 ) Exchange-traded option contracts (775 ) — (775 ) Total liabilities of consolidated funds and partnership investments $ (13,456 ) $ (315 ) $ (13,771 ) Equity method investment in partnerships $ — $ 20 $ 20 (in thousands) December 31, 2015 Consolidated Funds Partnership Investments Total Assets Securities owned $ — $ 106,667 $ 106,667 Cash and cash equivalents — 5,356 5,356 Other current assets — 500 500 Exchange-traded option contracts — 87 87 Total assets of consolidated partnership investments $ — $ 112,610 $ 112,610 Liabilities Accrued expenses and other current liabilities — (75 ) (75 ) Total $ — $ (75 ) $ (75 ) Equity method investment in partnerships $ — $ 30 $ 30 The open-end funds included in the Company's consolidated financial statements are generally those products for which it provided initial seed capital at the time of their formation and for which the Company has a controlling interest. The Company's U.S. regulated open-end funds are considered voting interest entities while those regulated outside the U.S. are considered variable interest entities. The Company is required to recognize the valuation changes associated with all underlying investments held by these funds in its consolidated financial statements of operations, and disclose the portion attributable to third party investors as net income attributable to redeemable 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. This investment is presented as a consolidated partnership in the table above. 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. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company utilizes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1 — observable inputs such as quoted prices for identical assets and liabilities in active markets; Level 2 — inputs, other than the quoted prices in active markets, that are observable either directly or indirectly (including quoted prices of similar securities, interest rates, credit risk, fair value adjustments to quoted foreign securities, etc.); and Level 3 — unobservable inputs in which there is little or no market data, and require the reporting entity to develop its own assumptions. For each period presented, the Company did not have any assets or liabilities measured at fair value using Level 3 measurements. Transfers between levels are measured at the end of the reporting period. The Company had no transfers between levels during the period. Investments are presented in the consolidated financial statements at fair value in accordance with GAAP. Investments in open-end funds are stated at fair value based on end of day published net asset values of shares owned by the Company. The fair value of investment securities and consolidated funds, net of redeemable non-controlling interest, in open-end funds was $180.5 million and $228.1 million at September 30, 2016 and December 31, 2015 , respectively. There are no unfunded commitments related to these investments. These investments may be redeemed daily with a redemption notice period of up to seven days . Investments in securities traded on a national securities exchange are stated at the last reported sales price on the day of valuation. Other securities, including derivatives, traded in the over-the-counter market and listed securities for which no sale was reported on that date are stated at the last quoted bid price. However, short sales positions and call options written are reported at the last quoted ask price. Convertible bonds, fixed income securities and other securities for which quotations are not readily available are valued at fair value based on observable inputs such as market prices for similar instruments as validated by third party pricing agencies and the Company’s prime broker. Debt securities are valued based upon prices received from an independent pricing service or from a dealer or broker who makes markets in such securities. Pricing services utilize various observable market data and as such, debt securities are generally categorized as Level 2. The following tables provide the hierarchy of inputs used to derive the fair value of the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 . Foreign currency contracts are carried in the Company's consolidated funds and partnership investments and are presented on a net basis where the right of offset exists, and had an insignificant impact for the periods presented. Fair Value Measurements Using (in thousands) Description September 30, 2016 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 $ 5,296 $ 5,296 $ — Investment securities (Note 3) Funds U.S. Equity 2,382 2,382 — Global Equity 16,321 16,321 — Convertible 1,970 1,970 — Fixed Income 5,930 525 5,405 Alternative 8,836 8,836 — Multi-Strategy 22,147 22,147 — Total Funds 57,586 52,181 5,405 Common stock 374 374 — Total investment securities 57,960 52,555 5,405 Derivative assets (Note 4) Exchange-traded option contracts 6,904 6,904 — Securities and derivative assets owned by consolidated funds and partnership investments (Note 5) Common stocks 314,589 189,952 124,637 Preferred stocks 40,173 31,976 8,197 Convertible bonds 174,805 — 174,805 Corporate bonds 27,685 — 27,685 Money market funds 14,327 14,327 — Exchange-traded option contracts 2,325 2,325 — Total securities and derivative assets owned by consolidated funds and partnership investments 573,904 238,580 335,324 Derivative liabilities (Note 4) Exchange-traded option contracts (15,486 ) (15,486 ) — Derivative liabilities owned by consolidated funds (Note 5) Exchange-traded option contracts (775 ) (775 ) — Total $ 627,803 $ 287,074 $ 340,729 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 3) Funds U.S. Equity 70,425 70,425 — Global Equity 133,954 133,954 — Convertible 5,079 5,079 — Fixed Income 16,965 12,097 4,868 Alternative 14,087 14,087 — Multi-Strategy 16,225 16,225 — Total Funds 256,735 251,867 4,868 Common stock 322 322 — Total investment securities 257,057 252,189 4,868 Derivative assets (Note 4) Exchange-traded option contracts 4,311 4,311 — Securities and derivatives owned by partnership investments (Note 5) 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 option contracts 87 87 — Total securities and derivatives owned by partnership investments 112,064 37,170 74,894 Derivative liabilities (Note 4) Exchange-traded option contracts (5,475 ) (5,475 ) — Total $ 393,197 $ 313,435 $ 79,762 The fair value of the Company’s long-term debt, which had a total carrying value of $46.0 million at December 31, 2015 , was approximately $51.6 million , 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 was based on Level 2 inputs within the fair value hierarchy. The Company repaid its long-term debt on July 28, 2016 and incurred debt extinguishment costs of $4.9 million , included in non-operating income (loss). The fair value and carrying value of the Company's contingent consideration at September 30, 2016 and December 31, 2015 , was $409,000 and $998,000 , respectively. This contingent consideration is associated with the Company's purchase of Phineus Partners LP in 2015, reported in other current and non-current liabilities in the consolidated statements of financial condition. For the three months ended September 30, 2016 , 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 carrying value of all other financial instruments approximates fair value due to the short maturities of these financial instruments. |
Loans Payable
Loans Payable | 9 Months Ended |
Sep. 30, 2016 | |
Loans Payable [Abstract] | |
Loans Payable | Loans Payable The Company has access to margin loans for the settlement of option liabilities, 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 September 30, 2016 and December 31, 2015 . |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Under the Company’s incentive compensation plan, certain employees of the Company receive stock-based compensation comprised of stock options and restricted stock units (“RSUs”) . Historically, RSUs have been settled with newly issued shares so that no cash was used by the Company to settle awards; however, the Company may also use treasury shares upon the exercise of stock options and upon conversion of RSUs. The Company’s Annual Report on Form 10-K for the year ended December 31, 2015 provides details of this plan and its provisions. During the nine months ended September 30, 2016 , the Company granted 2,364,892 RSUs and there were 158,768 RSUs forfeited. The RSUs granted in the first nine months of 2016 , included awards to key investment personnel and officers as part of a strategic plan to promote retention and succession planning. During the same period, the Company granted no stock options and there were 299,412 stock options forfeited. During the nine months ended September 30, 2016 , 478,173 RSUs vested with 116,494 units withheld for taxes and 361,679 RSUs converted into an equal number of shares of CAM’s Class A common stock. The total intrinsic value and the fair value of the converted shares was $3.1 million . The total tax benefit realized in connection with the vesting of the RSUs during the nine months ended September 30, 2016 was $412,000 , as the Company receives tax benefits based upon the portion of Calamos Investments’ expense that it recognizes. During the nine months ended September 30, 2016 and 2015 , compensation expense recorded in connection with the RSUs and stock options was $5.7 million and $4.7 million , respectively, of which $1.3 million and $1.0 million , respectively, was credited as additional paid-in capital after giving effect to the non-controlling interests. The amount of deferred tax asset created was $467,000 and $382,000 during the nine months ended September 30, 2016 and 2015 , respectively. As of September 30, 2016 , $21.1 million of total unrecognized compensation expense related to unvested stock option and RSU awards is expected to be recognized over a weighted-average period of 4.0 years. |
Non-Operating Income (Loss)
Non-Operating Income (Loss) | 9 Months Ended |
Sep. 30, 2016 | |
Other Income and Expenses [Abstract] | |
Non-Operating Income (Loss) | Non-Operating Income (Loss) Non-operating income (loss) was comprised of the following components for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 Interest income $ 58 $ 49 $ 194 $ 138 Interest expense (238 ) (766 ) (1,766 ) (2,306 ) Net interest expense (180 ) (717 ) (1,572 ) (2,168 ) Debt extinguishment costs (4,867 ) — (4,867 ) — Investment income (loss) 29,542 (11,332 ) 17,147 (5,565 ) Dividend income 605 322 1,663 848 Miscellaneous other income 27 13 64 149 Investment and other income (loss) 30,174 (10,997 ) 18,874 (4,568 ) Non-operating income (loss) $ 25,127 $ (11,714 ) $ 12,435 $ (6,736 ) |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Calamos Investments is subject to certain income-based state taxes; therefore, income taxes reflect not only the portion attributed to CAM stockholders but also a portion of income taxes attributable to non-controlling interests. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Income tax provision (benefit) $ 796 $ (46 ) $ 1,715 $ 1,694 Income tax (provision) benefit attributable to non-controlling interest in Calamos Investments 9 3 (26 ) (28 ) Income tax provision (benefit) attributable to CAM 805 (43 ) 1,689 1,666 Net income attributable to CAM 1,167 363 69 2,497 Income before taxes attributable to CAM $ 1,972 $ 320 $ 1,758 $ 4,163 CAM’s effective income tax rate 40.8 % (13.4 )% * 40.0 % ________________ * Not meaningful CAM's effective income tax rate was 40.8% for the third quarter of 2016 , compared with (13.4)% for the third quarter of 2015 . For the first nine months of 2016 , CAM's income tax provision was consistent with income before income tax provision attributable to CAM, resulting in an income tax rate that was not meaningful. The income tax provision for the first nine months of 2016 included $964,000 of deferred tax expense related to expired employee stock options and an allowance for employee stock options expected to expire in future periods. As of September 30, 2016 , the Company's valuation allowance on this deferred tax asset was $628,000 . Excluding the deferred tax valuation allowance and deferred tax expense related to expired employee stock options, CAM's effective income tax rate would be 41.2% for the first nine months of 2016 . CAM's effective income tax rate was 40.0% for the first nine months of 2015 , a result of $238,000 of deferred tax expense related to expired employee options in the prior year. On January 1, 2016 the Company early adopted Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes , which requires that deferred tax liabilities and assets be classified as non-current on the balance sheet. The Company has applied the requirements of this standard prospectively, which resulted in the reclassification of $8.3 million from current deferred tax assets to non-current deferred tax assets in the consolidated statements of financial condition as of January 1, 2016. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table reflects the calculation of basic and diluted earnings per share: Three Months Ended Nine Months Ended (in thousands, except per share amounts) 2016 2015 2016 2015 Earnings per share – basic: Earnings available to common shareholders $ 1,167 $ 363 $ 69 $ 2,497 Weighted average shares outstanding 16,751,609 17,316,823 16,744,592 17,657,669 Earnings per share – basic $ 0.07 $ 0.02 $ — $ 0.14 Earnings per share – diluted: Earnings available to common shareholders $ 1,167 $ 363 $ 69 $ 2,497 Weighted average shares outstanding 16,751,609 17,316,823 16,744,592 17,657,669 Dilutive impact of restricted stock units 385,628 892,027 350,101 787,855 Weighted average shares outstanding 17,137,237 18,208,850 17,094,693 18,445,524 Earnings per share – diluted $ 0.07 $ 0.02 $ — $ 0.14 When dilutive, diluted shares outstanding are calculated (a) assuming that Calamos Interests exchanged all of their ownership interest in Calamos Investments and their CAM Class B common stock for shares of CAM’s Class A common stock (the " Exchange ") and (b) including the effect of outstanding dilutive equity incentive compensation awards. As of September 30, 2016 , and 2015 , 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 (loss) per share. Under the treasury stock method, if the average market price of common stock increases above the option’s exercise price, the proceeds that would be assumed to be realized from the exercise of the option would be used to acquire outstanding shares of common stock. However, the awards may be anti-dilutive even when the market price of the underlying stock exceeds the option’s exercise price. This result is possible because compensation cost attributed to future services and not yet recognized is included as a component of the assumed proceeds upon exercise. The dilutive effect of such options and RSUs would increase the weighted average number of shares used in the calculation of diluted earnings per share. The Company amended its certificate of incorporation requiring that the Exchange be based on a fair value approach (details of the amendment are set forth in the Company’s Schedule 14C filed with the Securities and Exchange Commission on January 12, 2009). The amendment results in the same or fewer shares of Class A common stock being issuable at the time of the Exchange. The shares issuable upon the Exchange as presented are estimated solely on the formula as described in Schedule 14C that does not necessarily reflect all inputs used in a fair valuation. It is critical to note that this formula does not incorporate certain economic factors and as such, in the event of an actual Exchange, the majority of the Company’s independent directors may determine the fair market value of CAM’s net assets and its ownership in Calamos Investments. For example, premiums and/or discounts for control and marketability as well as a different discount rate for future cash flows may be applied. Therefore, the directors’ valuation may result in the actual number of shares being materially different from the shares presented. Further, based upon currently available information, the Company believes it is unlikely that any Exchange would transpire without a fair market valuation of CAM’s net assets and possibly an agreement by Calamos Interests to Exchange, based upon that fair market valuation. The following table shows the number of shares which were excluded from the computation of diluted earnings per share as they were anti-dilutive: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Shares of Class A common stock issuable upon an Exchange of Calamos Interests’ ownership in Calamos Investments* — 11,665,798 — 11,665,798 Restricted stock units 2,839,205 — 1,965,985 11,874 Stock options 849,073 1,148,485 849,073 1,148,485 Total 3,688,278 12,814,283 2,815,058 12,826,157 * Number of shares calculated with the value of Calamos Investments determined by using the closing price of our shares as of September 30, 2016 ( $6.82 ) and September 30, 2015 ( $9.48 ) 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 September 30, 2016 and 2015 . The value of Calamos Investments is then multiplied by Calamos Interests' percentage ownership in Calamos Investments, with the result divided by the applicable period-end closing price. See Note 2, Summary of Significant Accounting Policies - Principles of Consolidation, for a description of certain assets owned by CAM. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies 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. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements The Company has reviewed all newly issued accounting pronouncements that are applicable to its business and to the preparation of its consolidated financial statements, including those not yet required to be adopted. Accounting guidance that will become effective in future years, with respect to the Company’s consolidated financial statements, is described below: In March 2016, the FASB issued an accounting update related to employee share-based payment accounting. The amendment includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements, including: income tax effects of share-based payments, minimum statutory tax withholding requirements and forfeitures. The amendment is effective for annual and interim periods beginning after December 15, 2016. The provisions may be applied using various transition approaches, including prospective, retrospective and modified retrospective. The Company is evaluating the impact that the adoption of this standard will have on its consolidated financial statements. In February 2016, the 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 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 | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event The Company has received notice that one account, representing approximately $1.1 billion , or 5% , of our total assets under management at September 30, 2016 , will be terminated in the fourth quarter of 2016. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
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. |
New Accounting Guidance and Recently Issued Accounting Pronouncements | New Accounting Guidance In August 2016, the Financial Accounting Standards Board ( "FASB" ) issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , to add or clarify guidance on the classification of certain cash receipts and cash payments, such as debt prepayment and extinguishment costs, on the statement of cash flows. The amendment is effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted. The Company early adopted this guidance, resulting in debt extinguishment costs of $4.9 million being classified as cash flows from financing activities for the nine months ended September 30, 2016 . The Company implemented Accounting Standards Update No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , which amended the consolidation requirements under GAAP, on January 1, 2016, using the modified retrospective method. The modified retrospective method did not require the restatement of prior year periods. In connection with the adoption of this guidance, the Company reevaluated all of its investments for consolidation, including its investments in open-end funds. The adoption of the guidance resulted in open-end funds regulated outside the U.S. previously accounted for as voting interest entities ( "VOE" ) to be evaluated as variable interest entities ( "VIE" ) and led to the consolidation of five open-end funds that were previously accounted for as available-for-sale securities. The adoption also resulted in the consolidation of four U.S. regulated open-end funds that were previously accounted for as available-for-sale securities. Recently Issued Accounting Pronouncements The Company has reviewed all newly issued accounting pronouncements that are applicable to its business and to the preparation of its consolidated financial statements, including those not yet required to be adopted. Accounting guidance that will become effective in future years, with respect to the Company’s consolidated financial statements, is described below: In March 2016, the FASB issued an accounting update related to employee share-based payment accounting. The amendment includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements, including: income tax effects of share-based payments, minimum statutory tax withholding requirements and forfeitures. The amendment is effective for annual and interim periods beginning after December 15, 2016. The provisions may be applied using various transition approaches, including prospective, retrospective and modified retrospective. The Company is evaluating the impact that the adoption of this standard will have on its consolidated financial statements. In February 2016, the 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 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. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the financial statements of CAM, Calamos Investments, Calamos Investments’ wholly-owned subsidiaries, the Company’s partnerships, and open-end funds in which it has a controlling financial interest or operating control. The equity method of accounting is used for investments in which the Company has significant influence, but less than a 50% controlling interest. All intercompany balances and transactions have been eliminated. The Calamos Interests’ combined 77.8% interest in Calamos Investments at September 30, 2016 and December 31, 2015 is represented as a non-controlling interest in Calamos Investments LLC in the Company’s consolidated financial statements. The non-controlling interest in Calamos Investments is derived by multiplying the historical equity of Calamos Investments by the Calamos Interests’ aggregate ownership percentage for the periods presented. Issuances and repurchases of CAM’s common stock may result in changes to CAM’s ownership percentage and to the non-controlling interests’ ownership percentage of Calamos Investments with resulting changes reflected in the consolidated statements of changes in equity. Income is allocated based on the average ownership interest during the period in which the income is earned. CAM owns certain assets to which it has exclusive economic rights. As of September 30, 2016 , these assets included cash and cash equivalents of $55.8 million , net non-current deferred tax assets of $37.0 million , net current income taxes receivable of $256,000 , and a loan receivable from Calamos Investments of $45.0 million . As of December 31, 2015 , these assets included cash, cash equivalents and investment securities of $77.3 million , net current and non-current deferred tax assets of $38.3 million , net current income taxes receivable of $355,000 , and a loan receivable from Calamos Investments of $25.0 million . These assets are reported together with Calamos Investments’ consolidated assets in the consolidated statements of financial condition. Additionally, net income before income taxes of $23.3 million and $14.5 million for the nine months ended September 30, 2016 and 2015 , respectively, each included $303,000 and $721,000 , respectively, of interest income and realized gains and losses on cash and cash equivalents held solely by CAM. These portions of CAM’s income and expense are not affected by non-controlling interests. The Company consolidates investments in which the Company’s controlling interest 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, partnership or open-end fund is a VOE or VIE. The analysis involves judgment and considers several factors, including an entity’s legal organization, capital structure, the rights of the equity investment holders, the Company's ownership interest in the entity, and its contractual involvement with the entity. The Company continually reviews and reconsiders its previously reached VIE or VOE conclusions upon the occurrence of certain events, such as changes to its ownership interest, changes to an entity’s organization and legal structure, or amendments to governing documents. The open-end funds that the Company consolidates in its consolidated financial statements are generally those products to which it provided initial seed capital at the time of their formation and has a controlling interest. The Company's U.S. regulated open-end funds are considered VOEs while those regulated outside the U.S. are considered VIEs. VIEs are entities that, by design (i ) lack sufficient equity to permit the entity to finance its activities independently, or (ii) have equity holders that do not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, the obligation to absorb the entity’s losses, or the rights to receive the entity’s residual returns. The Company consolidates a VIE when it is the primary beneficiary, which is the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the VIE that could potentially be significant. For the periods the funds and partnerships are consolidated, the assets and liabilities of the funds and partnerships are presented as consolidated funds and partnership investments and liabilities of consolidated funds and partnership investments, respectively, in the consolidated statements of financial condition. The net income for these funds and partnerships is included in investment and other income in the consolidated statements of operations, and the change in funds and partnership investments is included in contributions to or distributions from consolidated funds and partnership investments in the consolidated statements of cash flows. The combined interests of all of the consolidated funds and partnerships not owned by the Company and that are redeemable at the option of the holder, are presented as redeemable non-controlling interest in consolidated funds and partnership investments in the Company’s consolidated financial statements for the periods those funds and partnerships were consolidated. See Note 5, Consolidated Funds and Partnership Investments , for more discussion regarding these funds. Calamos Investments, through its wholly-owned subsidiaries and affiliates, is indirectly the general partner and controls the operations of Calamos Global Opportunities Fund LP. The results of this partnership are included in the Company's consolidated financial statements. The Company holds non-controlling interests in certain other partnership investments that are included in partnership investments and consolidated funds in the consolidated statements of financial condition. These other partnership investments are accounted for under the equity method. |
Restricted Cash | Restricted Cash The Company has a $430,000 security deposit related to a property lease that is restricted from the Company’s general corporate use and is being reported in other non-current assets in the consolidated statements of financial condition. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments [Abstract] | |
Summary of Investment Securities | The following table provides a summary of investment securities as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, 2016 Cost Unrealized Gains Unrealized Losses Fair Value Available-for-sale securities: Funds U.S. Equity $ 54 $ 1 $ (1 ) $ 54 Global Equity 10,151 1,075 — 11,226 Convertible 32 — — 32 Fixed Income 5,485 390 — 5,875 Alternative 51 2 — 53 Multi-Strategy 19,971 2,179 (3 ) 22,147 Total Funds 35,744 3,647 (4 ) 39,387 Common stock 141 233 — 374 Total available-for-sale securities $ 35,885 $ 3,880 $ (4 ) $ 39,761 Trading securities: Funds U.S. Equity $ 2,229 $ 99 $ — $ 2,328 Global Equity 4,735 360 — 5,095 Convertible 1,816 122 — 1,938 Fixed Income 53 2 — 55 Alternative 8,678 112 (7 ) 8,783 Total trading securities $ 17,511 $ 695 $ (7 ) $ 18,199 Total investment securities $ 57,960 (in thousands) December 31, 2015 Cost Unrealized Gains Unrealized Losses Fair Value Available-for-sale securities: Funds U.S. Equity $ 62,839 $ 2,914 $ (44 ) $ 65,709 Global Equity 124,929 6,606 (46 ) 131,489 Convertible 5,093 — (14 ) 5,079 Fixed Income 16,922 58 (15 ) 16,965 Alternative 14,153 125 (191 ) 14,087 Multi-Strategy 16,150 208 (133 ) 16,225 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 |
Summary of Changes in Investment Securities | The following table provides a summary of changes in investment securities for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 Available-for-sale securities: Proceeds from sales $ 1,814 $ 8,353 $ 18,857 $ 48,925 Gross realized gains on sales $ 286 $ 291 $ 63 $ 2,849 Trading securities: Changes in unrealized gains (losses) $ 9,440 $ (789 ) $ 5,652 $ 6,426 |
Summary of Tax Provision on Unrealized Gains (Losses) and (Gains) Losses Reclassified Out of Accumulated Other Comprehensive Income (Loss) | The table below summarizes the tax provision (benefit) on unrealized gains (losses) and (gains) losses reclassified out of accumulated other comprehensive income (loss) on available-for-sale securities for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended Three Months Ended (in thousands) Before-Tax Amount Tax Provision (Benefit) After-Tax Before-Tax Amount Tax Provision (Benefit) After-Tax Available-for-sale securities: Changes in unrealized gains (losses) $ 1,205 $ 99 $ 1,106 $ (19,871 ) $ (1,857 ) $ (18,014 ) Other comprehensive income (loss) $ 1,205 $ 99 $ 1,106 $ (19,871 ) $ (1,857 ) $ (18,014 ) Nine Months Ended Nine Months Ended (in thousands) Before-Tax Amount Tax Provision (Benefit) After-Tax Before-Tax Amount Tax Provision (Benefit) After-Tax Available-for-sale securities: Changes in unrealized gains (losses) $ 2,087 $ 171 $ 1,916 $ (7,816 ) $ (773 ) $ (7,043 ) Reclassification adjustment for realized (gains) losses included in income 617 51 566 (2,510 ) (452 ) (2,058 ) Unrealized gains on consolidation of funds upon adoption of new accounting pronouncement (8,476 ) (696 ) (7,780 ) — — — Other comprehensive loss $ (5,772 ) $ (474 ) $ (5,298 ) $ (10,326 ) $ (1,225 ) $ (9,101 ) |
Consolidated Funds and Partne26
Consolidated Funds and Partnership Investments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Partnership Investments [Abstract] | |
Partnership Investments | These investments are presented as consolidated funds and partnership investments and liabilities of consolidated funds and partnership investments, respectively, in its consolidated statements of financial condition as of September 30, 2016 and December 31, 2015 . (in thousands) September 30, 2016 Consolidated Funds Partnership Investments Total Assets Securities owned $ 441,413 $ 115,839 $ 557,252 Cash and cash equivalents 15,151 6,265 21,416 Receivables for securities sold 20,189 — 20,189 Other current assets 1,599 261 1,860 Exchange-traded option contracts 2,111 214 2,325 Total assets of consolidated funds and partnership investments $ 480,463 $ 122,579 $ 603,042 Liabilities Payables on redemptions $ (933 ) $ — $ (933 ) Payables for securities purchased (10,369 ) — (10,369 ) Securities sold not yet purchased (22 ) — (22 ) Accrued expenses and other current liabilities (1,357 ) (315 ) (1,672 ) Exchange-traded option contracts (775 ) — (775 ) Total liabilities of consolidated funds and partnership investments $ (13,456 ) $ (315 ) $ (13,771 ) Equity method investment in partnerships $ — $ 20 $ 20 (in thousands) December 31, 2015 Consolidated Funds Partnership Investments Total Assets Securities owned $ — $ 106,667 $ 106,667 Cash and cash equivalents — 5,356 5,356 Other current assets — 500 500 Exchange-traded option contracts — 87 87 Total assets of consolidated partnership investments $ — $ 112,610 $ 112,610 Liabilities Accrued expenses and other current liabilities — (75 ) (75 ) Total $ — $ (75 ) $ (75 ) Equity method investment in partnerships $ — $ 30 $ 30 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables provide the hierarchy of inputs used to derive the fair value of the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 . Foreign currency contracts are carried in the Company's consolidated funds and partnership investments and are presented on a net basis where the right of offset exists, and had an insignificant impact for the periods presented. Fair Value Measurements Using (in thousands) Description September 30, 2016 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 $ 5,296 $ 5,296 $ — Investment securities (Note 3) Funds U.S. Equity 2,382 2,382 — Global Equity 16,321 16,321 — Convertible 1,970 1,970 — Fixed Income 5,930 525 5,405 Alternative 8,836 8,836 — Multi-Strategy 22,147 22,147 — Total Funds 57,586 52,181 5,405 Common stock 374 374 — Total investment securities 57,960 52,555 5,405 Derivative assets (Note 4) Exchange-traded option contracts 6,904 6,904 — Securities and derivative assets owned by consolidated funds and partnership investments (Note 5) Common stocks 314,589 189,952 124,637 Preferred stocks 40,173 31,976 8,197 Convertible bonds 174,805 — 174,805 Corporate bonds 27,685 — 27,685 Money market funds 14,327 14,327 — Exchange-traded option contracts 2,325 2,325 — Total securities and derivative assets owned by consolidated funds and partnership investments 573,904 238,580 335,324 Derivative liabilities (Note 4) Exchange-traded option contracts (15,486 ) (15,486 ) — Derivative liabilities owned by consolidated funds (Note 5) Exchange-traded option contracts (775 ) (775 ) — Total $ 627,803 $ 287,074 $ 340,729 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 3) Funds U.S. Equity 70,425 70,425 — Global Equity 133,954 133,954 — Convertible 5,079 5,079 — Fixed Income 16,965 12,097 4,868 Alternative 14,087 14,087 — Multi-Strategy 16,225 16,225 — Total Funds 256,735 251,867 4,868 Common stock 322 322 — Total investment securities 257,057 252,189 4,868 Derivative assets (Note 4) Exchange-traded option contracts 4,311 4,311 — Securities and derivatives owned by partnership investments (Note 5) 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 option contracts 87 87 — Total securities and derivatives owned by partnership investments 112,064 37,170 74,894 Derivative liabilities (Note 4) Exchange-traded option contracts (5,475 ) (5,475 ) — Total $ 393,197 $ 313,435 $ 79,762 |
Non-Operating Income (Loss) (Ta
Non-Operating Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Other Income and Expenses [Abstract] | |
Non-Operating Income (Loss) | Non-operating income (loss) was comprised of the following components for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 Interest income $ 58 $ 49 $ 194 $ 138 Interest expense (238 ) (766 ) (1,766 ) (2,306 ) Net interest expense (180 ) (717 ) (1,572 ) (2,168 ) Debt extinguishment costs (4,867 ) — (4,867 ) — Investment income (loss) 29,542 (11,332 ) 17,147 (5,565 ) Dividend income 605 322 1,663 848 Miscellaneous other income 27 13 64 149 Investment and other income (loss) 30,174 (10,997 ) 18,874 (4,568 ) Non-operating income (loss) $ 25,127 $ (11,714 ) $ 12,435 $ (6,736 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Calamos Investments is subject to certain income-based state taxes; therefore, income taxes reflect not only the portion attributed to CAM stockholders but also a portion of income taxes attributable to non-controlling interests. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Income tax provision (benefit) $ 796 $ (46 ) $ 1,715 $ 1,694 Income tax (provision) benefit attributable to non-controlling interest in Calamos Investments 9 3 (26 ) (28 ) Income tax provision (benefit) attributable to CAM 805 (43 ) 1,689 1,666 Net income attributable to CAM 1,167 363 69 2,497 Income before taxes attributable to CAM $ 1,972 $ 320 $ 1,758 $ 4,163 CAM’s effective income tax rate 40.8 % (13.4 )% * 40.0 % ________________ * Not meaningful |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Earnings (Loss) Per Share | The following table reflects the calculation of basic and diluted earnings per share: Three Months Ended Nine Months Ended (in thousands, except per share amounts) 2016 2015 2016 2015 Earnings per share – basic: Earnings available to common shareholders $ 1,167 $ 363 $ 69 $ 2,497 Weighted average shares outstanding 16,751,609 17,316,823 16,744,592 17,657,669 Earnings per share – basic $ 0.07 $ 0.02 $ — $ 0.14 Earnings per share – diluted: Earnings available to common shareholders $ 1,167 $ 363 $ 69 $ 2,497 Weighted average shares outstanding 16,751,609 17,316,823 16,744,592 17,657,669 Dilutive impact of restricted stock units 385,628 892,027 350,101 787,855 Weighted average shares outstanding 17,137,237 18,208,850 17,094,693 18,445,524 Earnings per share – diluted $ 0.07 $ 0.02 $ — $ 0.14 |
Number of Shares Excluded from Computation of Diluted Earnings (Loss) Per Share | The following table shows the number of shares which were excluded from the computation of diluted earnings per share as they were anti-dilutive: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Shares of Class A common stock issuable upon an Exchange of Calamos Interests’ ownership in Calamos Investments* — 11,665,798 — 11,665,798 Restricted stock units 2,839,205 — 1,965,985 11,874 Stock options 849,073 1,148,485 849,073 1,148,485 Total 3,688,278 12,814,283 2,815,058 12,826,157 * Number of shares calculated with the value of Calamos Investments determined by using the closing price of our shares as of September 30, 2016 ( $6.82 ) and September 30, 2015 ( $9.48 ) 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 September 30, 2016 and 2015 . The value of Calamos Investments is then multiplied by Calamos Interests' percentage ownership in Calamos Investments, with the result divided by the applicable period-end closing price. See Note 2, Summary of Significant Accounting Policies - Principles of Consolidation, for a description of certain assets owned by CAM. |
Organization and Description 31
Organization and Description of Business (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Corporate Structure [Line Items] | |||
Options and RSU awards vesting period | 60 days | ||
Calamos Asset Management, Inc. | |||
Corporate Structure [Line Items] | |||
Percentage ownership interest in Calamos Investments LLC | 22.20% | ||
Calamos Partners LLC | |||
Corporate Structure [Line Items] | |||
Percentage ownership interest in Calamos Investments LLC | 77.80% | 77.80% | |
Class A Common Stock | |||
Corporate Structure [Line Items] | |||
Percentage of ownership (including vested stock options) by noncontrolling owners | 20.78% | 20.78% | |
Class B Common Stock | Calamos Partners LLC | |||
Corporate Structure [Line Items] | |||
Percentage of voting power owned in Calamos Asset Management | 97.40% | 97.40% | |
Percentage of economic interest (less than) | 1.00% | 1.00% | |
Public Stockholders | Class A Common Stock | |||
Corporate Structure [Line Items] | |||
Percentage of public shareholders voting power | 2.60% | 2.60% | |
Percentage of public shareholders economic interest (greater than) | 99.00% | 99.00% |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Details) $ in Thousands | Jan. 01, 2016USD ($)fund | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Related Party Transaction [Line Items] | |||||||
Debt extinguishment costs | $ 4,867 | $ 0 | |||||
Open-end funds consolidated | fund | 5 | ||||||
Number of U.S. regulated open-end funds consolidated | fund | 4 | ||||||
Assets | $ 822,716 | 822,716 | $ 561,462 | ||||
Liabilities | 75,908 | 75,908 | 105,068 | ||||
Redeemable non-controlling interests | 318,154 | ||||||
Cash and cash equivalents | 76,550 | $ 92,753 | 76,550 | 92,753 | $ 104,717 | $ 35,285 | |
Deferred tax assets, net | 37,022 | 37,022 | |||||
Interest income, dividend income, and realized gains and losses on cash and cash equivalents | 58 | $ 49 | 194 | 138 | |||
Security deposit | 430 | $ 430 | |||||
Calamos Partners LLC | |||||||
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% | ||||||
Cash and cash equivalents | 55,800 | $ 55,800 | |||||
Deferred tax assets, net | 37,000 | 37,000 | |||||
Current income taxes receivable, net | 256 | 256 | |||||
Loan receivable from Calamos Investments | $ 45,000 | 45,000 | $ 25,000 | ||||
Cash, cash equivalents and investment securities | 77,300 | ||||||
Deferred tax assets, net | 38,300 | ||||||
Current income taxes receivable, net | 355 | ||||||
Net income before income taxes | 23,300 | 14,500 | |||||
Interest income, dividend income, and realized gains and losses on cash and cash equivalents | 303 | $ 721 | |||||
Accounting Standards Update 2015-02 | |||||||
Related Party Transaction [Line Items] | |||||||
Assets | $ 333,600 | ||||||
Liabilities | $ 15,400 | ||||||
Retained Earnings | |||||||
Related Party Transaction [Line Items] | |||||||
Reclassification of accumulated other comprehensive income | 1,882 | ||||||
Non-controlling Interest in Calamos Investments LLC (Calamos Interests) | |||||||
Related Party Transaction [Line Items] | |||||||
Reclassification of accumulated other comprehensive income | $ 6,594 | ||||||
New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2016-15 | |||||||
Related Party Transaction [Line Items] | |||||||
Debt extinguishment costs | $ 4,900 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies - Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Nov. 13, 2014 | |
Class of Stock [Line Items] | |||||
Dividends on shares held | $ 567 | $ 1,700 | |||
Class A Common Stock | |||||
Class of Stock [Line Items] | |||||
Number of shares authorized to be repurchased (in shares) | 3,000,000 | ||||
Repurchase of common stock (in shares) | 525,328 | 985,466 | |||
Issuance of common stock (in shares) | 361,679 | 240,886 | |||
Calamos Asset Management, Inc. | |||||
Class of Stock [Line Items] | |||||
Percentage ownership interest in Calamos Investments LLC | 22.20% | ||||
Calamos Asset Management, Inc. | Class A Common Stock | |||||
Class of Stock [Line Items] | |||||
Issuance of common stock (in shares) | 6,634 | 361,679 | |||
Issuance of common stock | $ 75 | $ 4,100 | |||
Calamos Partners LLC | |||||
Class of Stock [Line Items] | |||||
Percentage ownership interest in Calamos Investments LLC | 77.80% | 77.80% | |||
Non-controlling Interest in Calamos Investments LLC (Calamos Interests) | |||||
Class of Stock [Line Items] | |||||
Shares repurchased | $ 3,650 | $ 9,302 | |||
Impact on non-controlling interests as a result of dividends paid to Calamos Investments LLC on repurchased common stock | 441 | 1,322 | 997 | ||
Treasury Stock | |||||
Class of Stock [Line Items] | |||||
Shares repurchased | 1,050 | $ 2,655 | |||
Noncontrolling Interest | Calamos Asset Management, Inc. | Class A Common Stock | |||||
Class of Stock [Line Items] | |||||
Issuance of common stock | $ 58 | $ 3,200 | |||
2014 Share Repurchase Program | Non-controlling Interest in Calamos Investments LLC | Common Stock | |||||
Class of Stock [Line Items] | |||||
Repurchase of common stock (in shares) | 525,328 | ||||
Average purchase price of shares (in dollars per share) | $ 8.95 | ||||
Shares repurchased | $ 4,700 |
Investment Securities - Summary
Investment Securities - Summary (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Trading securities: | ||
Total investment securities | $ 57,960 | $ 257,057 |
Available-for-sale Securities | ||
Available-for-sale securities: | ||
Cost | 35,885 | 240,227 |
Unrealized Gains | 3,880 | 10,092 |
Unrealized Losses | (4) | (443) |
Fair Value | 39,761 | 249,876 |
Available-for-sale Securities | U.S. Equity | ||
Available-for-sale securities: | ||
Cost | 54 | 62,839 |
Unrealized Gains | 1 | 2,914 |
Unrealized Losses | (1) | (44) |
Fair Value | 54 | 65,709 |
Available-for-sale Securities | Global Equity | ||
Available-for-sale securities: | ||
Cost | 10,151 | 124,929 |
Unrealized Gains | 1,075 | 6,606 |
Unrealized Losses | 0 | (46) |
Fair Value | 11,226 | 131,489 |
Available-for-sale Securities | Convertible | ||
Available-for-sale securities: | ||
Cost | 32 | 5,093 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | (14) |
Fair Value | 32 | 5,079 |
Available-for-sale Securities | Fixed Income | ||
Available-for-sale securities: | ||
Cost | 5,485 | 16,922 |
Unrealized Gains | 390 | 58 |
Unrealized Losses | 0 | (15) |
Fair Value | 5,875 | 16,965 |
Available-for-sale Securities | Alternative | ||
Available-for-sale securities: | ||
Cost | 51 | 14,153 |
Unrealized Gains | 2 | 125 |
Unrealized Losses | 0 | (191) |
Fair Value | 53 | 14,087 |
Available-for-sale Securities | Multi-Strategy | ||
Available-for-sale securities: | ||
Cost | 19,971 | 16,150 |
Unrealized Gains | 2,179 | 208 |
Unrealized Losses | (3) | (133) |
Fair Value | 22,147 | 16,225 |
Available-for-sale Securities | Total Funds | ||
Available-for-sale securities: | ||
Cost | 35,744 | 240,086 |
Unrealized Gains | 3,647 | 9,911 |
Unrealized Losses | (4) | (443) |
Fair Value | 39,387 | 249,554 |
Available-for-sale Securities | Common stock | ||
Available-for-sale securities: | ||
Cost | 141 | 141 |
Unrealized Gains | 233 | 181 |
Unrealized Losses | 0 | 0 |
Fair Value | 374 | 322 |
Trading securities | ||
Trading securities: | ||
Cost | 17,511 | 7,694 |
Unrealized Gains | 695 | 0 |
Unrealized Losses | (7) | (513) |
Fair Value | 18,199 | 7,181 |
Trading securities | U.S. Equity | ||
Trading securities: | ||
Cost | 2,229 | 5,194 |
Unrealized Gains | 99 | 0 |
Unrealized Losses | 0 | (478) |
Fair Value | 2,328 | 4,716 |
Trading securities | Global Equity | ||
Trading securities: | ||
Cost | 4,735 | 2,500 |
Unrealized Gains | 360 | 0 |
Unrealized Losses | 0 | (35) |
Fair Value | 5,095 | $ 2,465 |
Trading securities | Convertible | ||
Trading securities: | ||
Cost | 1,816 | |
Unrealized Gains | 122 | |
Unrealized Losses | 0 | |
Fair Value | 1,938 | |
Trading securities | Fixed Income | ||
Trading securities: | ||
Cost | 53 | |
Unrealized Gains | 2 | |
Unrealized Losses | 0 | |
Fair Value | 55 | |
Trading securities | Alternative | ||
Trading securities: | ||
Cost | 8,678 | |
Unrealized Gains | 112 | |
Unrealized Losses | (7) | |
Fair Value | $ 8,783 |
Investment Securities - Changes
Investment Securities - Changes in Investment Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Available-for-sale securities: | ||||
Proceeds from sales | $ 1,814 | $ 8,353 | $ 18,857 | $ 48,925 |
Gross realized gains on sales | 286 | 291 | 63 | 2,849 |
Trading securities: | ||||
Changes in unrealized gains (losses) | $ 9,440 | $ (789) | $ 5,652 | $ 6,426 |
Investment Securities - Tax Pro
Investment Securities - Tax Provision on Unrealized Gains (Losses) and Gains (Losses) Reclassified out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Available-for-sale securities: | ||||
Other comprehensive income (loss), before income tax provision (benefit) | $ 1,205 | $ (19,871) | $ (5,772) | $ (10,326) |
Other comprehensive income (loss), tax provision (benefit) | 99 | (1,857) | (474) | (1,225) |
Other comprehensive income (loss), after income tax provision (benefit) | 1,106 | (18,014) | (5,298) | (9,101) |
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest | ||||
Available-for-sale securities: | ||||
Reclassification adjustment for realized (gains) losses included in income, before-tax amount | 617 | (2,510) | ||
Reclassification adjustment for realized (gains) losses included in income, tax provision (benefit) | 51 | (452) | ||
Reclassification adjustment for realized (gains) losses included in income, after-tax amount | 566 | (2,058) | ||
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest | Previous Accounting Guidance | ||||
Available-for-sale securities: | ||||
Changes in unrealized gains (losses), before-tax amount | 1,205 | (19,871) | 2,087 | (7,816) |
Changes in unrealized gains (losses), tax provision (benefit) | 99 | (1,857) | 171 | (773) |
Changes in unrealized gains (losses), after-tax amount | $ 1,106 | $ (18,014) | 1,916 | (7,043) |
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest | Accounting Standards Update 2015-02 | ||||
Available-for-sale securities: | ||||
Changes in unrealized gains (losses), before-tax amount | (8,476) | 0 | ||
Changes in unrealized gains (losses), tax provision (benefit) | (696) | 0 | ||
Changes in unrealized gains (losses), after-tax amount | $ (7,780) | $ 0 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Investment in funds | $ 57,600,000 | $ 57,600,000 | $ 256,700,000 | ||
Aggregate fair value of available-for-sale securities in unrealized loss position | 164,000 | 164,000 | 12,500,000 | ||
Available-for-sale securities in unrealized loss position for 12 months or longer | 0 | 0 | 0 | ||
Other-than-temporary impairment charges | 55,000 | $ 4,500,000 | 374,000 | $ 5,300,000 | |
Available-for-sale Securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale securities | 39,761,000 | 39,761,000 | 249,876,000 | ||
Unrealized losses on certain available-for-sale securities | $ 4,000 | $ 4,000 | 443,000 | ||
Available-for-sale Securities | Consolidated Funds | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale securities | $ 197,500,000 |
Derivative Assets and Liabili38
Derivative Assets and Liabilities (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Investment Holdings [Line Items] | |||||
Loss on derivatives | $ 3,700,000 | $ 0 | $ 8,400,000 | $ 0 | |
Derivative assets outstanding | 6,904,000 | 6,904,000 | $ 4,311,000 | ||
Derivative liabilities outstanding | 15,486,000 | 15,486,000 | $ 5,475,000 | ||
Parent | |||||
Investment Holdings [Line Items] | |||||
Total investment securities and consolidated funds | $ 216,400,000 | $ 216,400,000 |
Consolidated Funds and Partne39
Consolidated Funds and Partnership Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||||
Cash and cash equivalents | $ 76,550 | $ 104,717 | $ 92,753 | $ 35,285 |
Liabilities | ||||
Total liabilities of consolidated funds and partnership investments | (75,908) | (105,068) | ||
Consolidated Funds | ||||
Assets | ||||
Securities owned | 441,413 | 0 | ||
Cash and cash equivalents | 15,151 | 0 | ||
Receivables for securities sold | 20,189 | |||
Other current assets | 1,599 | 0 | ||
Exchange-traded option contracts | 2,111 | 0 | ||
Total assets of consolidated funds and partnership investments | 480,463 | 0 | ||
Liabilities | ||||
Payables on redemptions | (933) | |||
Payables for securities purchased | (10,369) | |||
Securities sold not yet purchased | (22) | |||
Accrued expenses and other current liabilities | (1,357) | 0 | ||
Exchange-traded option contracts | (775) | |||
Total liabilities of consolidated funds and partnership investments | (13,456) | 0 | ||
Equity method investment in partnerships | 0 | 0 | ||
Partnership Investments | ||||
Assets | ||||
Securities owned | 115,839 | 106,667 | ||
Cash and cash equivalents | 6,265 | 5,356 | ||
Receivables for securities sold | 0 | |||
Other current assets | 261 | 500 | ||
Exchange-traded option contracts | 214 | 87 | ||
Total assets of consolidated funds and partnership investments | 122,579 | 112,610 | ||
Liabilities | ||||
Payables on redemptions | 0 | |||
Payables for securities purchased | 0 | |||
Securities sold not yet purchased | 0 | |||
Accrued expenses and other current liabilities | (315) | (75) | ||
Exchange-traded option contracts | 0 | |||
Total liabilities of consolidated funds and partnership investments | (315) | (75) | ||
Equity method investment in partnerships | 20 | 30 | ||
Total | ||||
Assets | ||||
Securities owned | 557,252 | 106,667 | ||
Cash and cash equivalents | 21,416 | 5,356 | ||
Receivables for securities sold | 20,189 | |||
Other current assets | 1,860 | 500 | ||
Exchange-traded option contracts | 2,325 | 87 | ||
Total assets of consolidated funds and partnership investments | 603,042 | 112,610 | ||
Liabilities | ||||
Payables on redemptions | (933) | |||
Payables for securities purchased | (10,369) | |||
Securities sold not yet purchased | (22) | |||
Accrued expenses and other current liabilities | (1,672) | (75) | ||
Exchange-traded option contracts | (775) | |||
Total liabilities of consolidated funds and partnership investments | (13,771) | (75) | ||
Equity method investment in partnerships | $ 20 | $ 30 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities and derivatives owned by consolidated funds and partnership investments | $ 603,062 | $ 112,640 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 5,296 | 25,240 |
Investment securities | 57,960 | 257,057 |
Securities and derivatives owned by consolidated funds and partnership investments | 573,904 | 112,064 |
Total | 627,803 | 393,197 |
Recurring | U.S. Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 2,382 | 70,425 |
Recurring | Global Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 16,321 | 133,954 |
Recurring | Convertible | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 1,970 | 5,079 |
Recurring | Fixed Income | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 5,930 | 16,965 |
Recurring | Alternative | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 8,836 | 14,087 |
Recurring | Multi-Strategy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 22,147 | 16,225 |
Recurring | Total Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 57,586 | 256,735 |
Recurring | Common stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 374 | 322 |
Securities and derivatives owned by consolidated funds and partnership investments | 314,589 | 53,467 |
Recurring | Preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities and derivatives owned by consolidated funds and partnership investments | 40,173 | 3,875 |
Recurring | Convertible bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities and derivatives owned by consolidated funds and partnership investments | 174,805 | 48,369 |
Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities and derivatives owned by consolidated funds and partnership investments | 27,685 | 957 |
Recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities and derivatives owned by consolidated funds and partnership investments | 14,327 | 5,309 |
Recurring | Exchange-traded option contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities and derivatives owned by consolidated funds and partnership investments | 2,325 | 87 |
Recurring | Consolidated Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Exchange-traded option contracts | (775) | |
Recurring | Exchange Traded Options | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 6,904 | 4,311 |
Exchange-traded option contracts | (15,486) | (5,475) |
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] | ||
Money market funds | 5,296 | 25,240 |
Investment securities | 52,555 | 252,189 |
Securities and derivatives owned by consolidated funds and partnership investments | 238,580 | 37,170 |
Total | 287,074 | 313,435 |
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 | 2,382 | 70,425 |
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 | 16,321 | 133,954 |
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 | 1,970 | 5,079 |
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 | 525 | 12,097 |
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 | 8,836 | 14,087 |
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 | 22,147 | 16,225 |
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 | 52,181 | 251,867 |
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 | 374 | 322 |
Securities and derivatives owned by consolidated funds and partnership investments | 189,952 | 27,899 |
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 consolidated funds and partnership investments | 31,976 | 3,875 |
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 consolidated funds and partnership investments | 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 consolidated funds and partnership investments | 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 consolidated funds and partnership investments | 14,327 | 5,309 |
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Exchange-traded option contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities and derivatives owned by consolidated funds and partnership investments | 2,325 | 87 |
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Consolidated Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Exchange-traded option contracts | (775) | |
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Exchange Traded Options | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 6,904 | 4,311 |
Exchange-traded option contracts | (15,486) | (5,475) |
Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 0 | 0 |
Investment securities | 5,405 | 4,868 |
Securities and derivatives owned by consolidated funds and partnership investments | 335,324 | 74,894 |
Total | 340,729 | 79,762 |
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 | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Global Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 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 | 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 | 5,405 | 4,868 |
Recurring | Significant Other Observable Inputs (Level 2) | Alternative | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Multi-Strategy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 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 | 5,405 | 4,868 |
Recurring | Significant Other Observable Inputs (Level 2) | Common stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Securities and derivatives owned by consolidated funds and partnership investments | 124,637 | 25,568 |
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 consolidated funds and partnership investments | 8,197 | 0 |
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 consolidated funds and partnership investments | 174,805 | 48,369 |
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 consolidated funds and partnership investments | 27,685 | 957 |
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 consolidated funds and partnership investments | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Exchange-traded option contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities and derivatives owned by consolidated funds and partnership investments | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Consolidated Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Exchange-traded option contracts | 0 | |
Recurring | Significant Other Observable Inputs (Level 2) | Exchange Traded Options | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Exchange-traded option contracts | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | Jul. 28, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Open-end funds | $ 180,500 | $ 180,500 | $ 228,100 | |||
Redemption notice period | 7 days | |||||
Carrying value of long-term debt | 46,000 | |||||
Long-term debt fair value | 51,600 | |||||
Debt extinguishment costs | $ (4,900) | (4,867) | $ 0 | $ (4,867) | $ 0 | |
Phineus Partners LP | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Contingent consideration | $ 409 | $ 409 | $ 998 |
Loans Payable (Details)
Loans Payable (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Short-term Debt [Line Items] | ||
Margin loans | $ 0 | $ 0 |
Margin Loan | ||
Short-term Debt [Line Items] | ||
Margin loan interest rate | 1.75% |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense recorded in connection with RSUs and stock options | $ 5,689 | $ 4,655 |
Deferred tax assets created | 467 | 382 |
Total unrecognized compensation expense | $ 21,100 | |
Unrecognized compensation expense, expected weighted-average period to be recognized | 4 years | |
Additional Paid-in capital | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense recognized under stock incentive plans credited to additional paid-in capital | $ 1,300 | $ 1,000 |
Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grants in period (in shares) | 2,364,892 | |
Forfeitures in period (in shares) | 158,768 | |
Vested in period (in shares) | 478,173 | |
Withheld for taxes (in shares) | 116,494 | |
Number converted on a one-for-one basis for shares of company's Class A common stock (in shares) | 361,679 | |
Total intrinsic value and fair value of converted shares | $ 3,100 | |
Total tax benefit realized in connection with vesting | $ 412 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grants in period (in shares) | 0 | |
Forfeitures in period (in shares) | 299,412 |
Non-Operating Income (Loss) (De
Non-Operating Income (Loss) (Details) - USD ($) $ in Thousands | Jul. 28, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Other Income and Expenses [Abstract] | |||||
Interest income | $ 58 | $ 49 | $ 194 | $ 138 | |
Interest expense | (238) | (766) | (1,766) | (2,306) | |
Net interest expense | (180) | (717) | (1,572) | (2,168) | |
Debt extinguishment costs | $ (4,900) | (4,867) | 0 | (4,867) | 0 |
Investment income (loss) | 29,542 | (11,332) | 17,147 | (5,565) | |
Dividend income | 605 | 322 | 1,663 | 848 | |
Miscellaneous other income | 27 | 13 | 64 | 149 | |
Investment and other income (loss) | 30,174 | (10,997) | 18,874 | (4,568) | |
Total non-operating income (loss) | $ 25,127 | $ (11,714) | $ 12,435 | $ (6,736) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income tax expense (benefit) [Abstract] | ||||
Income tax provision (benefit) | $ 796 | $ (46) | $ 1,715 | $ 1,694 |
Net income attributable to CAM | 1,167 | 363 | 69 | 2,497 |
Income before taxes attributable to CAM | $ 1,972 | $ 320 | $ 1,758 | $ 4,163 |
CAM’s effective income tax rate | 40.80% | (13.40%) | 41.20% | 40.00% |
Non-controlling Interest in Calamos Investments LLC | ||||
Income tax expense (benefit) [Abstract] | ||||
Income tax provision (benefit) | $ (9) | $ (3) | $ 26 | $ 28 |
Parent | ||||
Income tax expense (benefit) [Abstract] | ||||
Income tax provision (benefit) | $ 805 | $ (43) | $ 1,689 | $ 1,666 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jan. 01, 2016 | Dec. 31, 2015 | |
Disclosures Related to Income Tax Expense (Benefit) [Line Items] | ||||||
CAM’s effective income tax rate | 40.80% | (13.40%) | 41.20% | 40.00% | ||
Deferred tax expense, expired employee stock options | $ 964 | $ 238 | $ 964 | $ 238 | ||
Deferred tax assets, valuation allowance | 628 | 628 | ||||
Reclassification to non-current deferred tax assets | 37,022 | 37,022 | ||||
Reclassification from current deferred tax assets | $ 0 | $ 0 | $ 8,294 | |||
Accounting Standards Update 2015-17 | ||||||
Disclosures Related to Income Tax Expense (Benefit) [Line Items] | ||||||
Reclassification to non-current deferred tax assets | $ 8,300 | |||||
Reclassification from current deferred tax assets | $ (8,300) |
Earnings Per Share - Basic and
Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings per share – basic: | ||||
Earnings available to common shareholders | $ 1,167 | $ 363 | $ 69 | $ 2,497 |
Weighted average shares outstanding (in shares) | 16,751,609 | 17,316,823 | 16,744,592 | 17,657,669 |
Earnings per share – basic (in dollars per share) | $ 0.07 | $ 0.02 | $ 0 | $ 0.14 |
Earnings per share – diluted: | ||||
Earnings available to common shareholders | $ 1,167 | $ 363 | $ 69 | $ 2,497 |
Weighted average shares outstanding (in shares) | 16,751,609 | 17,316,823 | 16,744,592 | 17,657,669 |
Dilutive impact of restricted stock units (in shares) | 385,628 | 892,027 | 350,101 | 787,855 |
Weighted average shares outstanding (in shares) | 17,137,237 | 18,208,850 | 17,094,693 | 18,445,524 |
Earnings per share – diluted (in dollars per share) | $ 0.07 | $ 0.02 | $ 0 | $ 0.14 |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Shares (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive (in shares) | 3,688,278 | 12,814,283 | 2,815,058 | 12,826,157 |
Restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive (in shares) | 2,839,205 | 0 | 1,965,985 | 11,874 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive (in shares) | 849,073 | 1,148,485 | 849,073 | 1,148,485 |
Class A Common Stock | Shares of Class A common stock issuable upon an Exchange of Calamos Interests’ ownership in Calamos Investments | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive (in shares) | 0 | 11,665,798 | 0 | 11,665,798 |
Closing price of shares (in dollars per share) | $ 6.82 | $ 9.48 | $ 6.82 | $ 9.48 |
Discount rate | 12.00% | 12.00% |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Event (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | ||
Assets | $ 822,716 | $ 561,462 |
Customer Concentration Risk | Terminated Account | Total Assets | ||
Subsequent Event [Line Items] | ||
Assets | $ 1,100,000 | |
Concentration risk, percentage | 5.00% |