Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 19, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | WETF | ||
Entity Registrant Name | WisdomTree Investments, Inc. | ||
Entity Central Index Key | 880631 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 134,852,119 | ||
Entity Public Float | $1,345,558,879 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $165,284 | $104,316 |
Accounts receivable | 18,176 | 17,591 |
Deferred tax asset, net | 3,872 | |
Other current assets | 1,708 | 1,320 |
Total current assets | 189,040 | 123,227 |
Fixed assets, net | 10,356 | 6,252 |
Investments | 13,990 | 11,748 |
Deferred tax asset, net | 5,618 | |
Goodwill | 1,676 | |
Other noncurrent assets | 71 | 564 |
Total assets | 220,751 | 141,791 |
Current liabilities: | ||
Fund management and administration payable | 9,983 | 10,394 |
Compensation and benefits payable | 14,333 | 14,278 |
Accounts payable and other liabilities | 5,115 | 4,384 |
Total current liabilities | 29,431 | 29,056 |
Acquisition payable | 1,757 | |
Deferred rent payable | 5,278 | 3,706 |
Total liabilities | 36,466 | 32,762 |
Stockholders' equity: | ||
Preferred stock, par value $0.01; 2,000 shares authorized: | ||
Common stock, par value $0.01; 250,000 shares authorized; issued: 134,959 and 132,247; outstanding: 133,445 and 130,350 | 1,350 | 1,322 |
Additional paid-in capital | 209,216 | 184,201 |
Accumulated other comprehensive loss | -53 | |
Accumulated deficit | -26,228 | -76,494 |
Total stockholders' equity | 184,285 | 109,029 |
Total liabilities and stockholders' equity | $220,751 | $141,791 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 2,000 | 2,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 250,000 | 250,000 |
Common stock, shares issued | 134,959 | 132,247 |
Common stock, shares outstanding | 133,445 | 130,350 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
ETF advisory fees | $182,816 | $148,594 | $84,024 |
Other income | 946 | 874 | 774 |
Total revenues | 183,762 | 149,468 | 84,798 |
Expenses: | |||
Compensation and benefits | 40,995 | 36,210 | 23,233 |
Fund management and administration | 34,383 | 35,076 | 23,020 |
Marketing and advertising | 11,514 | 8,309 | 5,363 |
Sales and business development | 6,221 | 6,474 | 3,586 |
Professional and consulting fees | 7,578 | 2,748 | 4,603 |
Occupancy, communications, and equipment | 3,578 | 2,784 | 1,419 |
Depreciation and amortization | 821 | 439 | 307 |
Third party sharing arrangements | 594 | 1,368 | 5,468 |
Other | 4,530 | 4,523 | 2,976 |
ETF shareholders proxy | 3,264 | ||
Litigation, net | 176 | ||
Exchange listing and offering | 353 | ||
Total expenses | 110,214 | 97,931 | 73,768 |
Income before taxes | 73,548 | 51,537 | 11,030 |
Income tax expense | 12,497 | ||
Net income | $61,051 | $51,537 | $11,030 |
Net income per share-basic | $0.46 | $0.41 | $0.09 |
Net income per share-diluted | $0.44 | $0.37 | $0.08 |
Weighted-average common shares-basic | 131,770 | 126,651 | 122,138 |
Weighted-average common shares-diluted | 138,551 | 139,797 | 137,968 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Comprehensive income | |||
Net income | $61,051 | $51,537 | $11,030 |
Other comprehensive loss | |||
Foreign currency translation adjustment | -53 | ||
Comprehensive income | $60,998 | $51,537 | $11,030 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Comprehensive Loss [Member] | Accumulated Deficit [Member] |
In Thousands, except Share data | |||||
Balance at Dec. 31, 2011 | $25,853 | $1,167 | $163,747 | ($139,061) | |
Balance, shares at Dec. 31, 2011 | 116,703,000 | ||||
Net proceeds from sale of common stock | 4,329 | 10 | 4,319 | ||
Net proceeds from sale of common stock, shares | 1,000,000 | ||||
Restricted stock issued, net | 12 | -12 | |||
Restricted stock issued net, shares | 1,179,000 | ||||
Shares repurchased | -2,261 | -4 | -2,257 | ||
Shares repurchased, shares | -357,123 | -357,000 | |||
Exercise of stock options, net | 4,672 | 80 | 4,592 | ||
Exercise of stock options net, shares | 8,018,516 | 8,019,000 | |||
Stock issued for services | 28 | 28 | |||
Stock issued for services, shares | 10,000 | ||||
Stock-based compensation | 7,409 | 7,409 | |||
Net income | 11,030 | 11,030 | |||
Balance at Dec. 31, 2012 | 51,060 | 1,265 | 177,826 | -128,031 | |
Balance, shares at Dec. 31, 2012 | 126,554,000 | ||||
Restricted stock issued, net | 10 | -10 | |||
Restricted stock issued net, shares | 974,000 | ||||
Shares repurchased | -1,613 | -1 | -1,612 | ||
Shares repurchased, shares | -136,641 | -137,000 | |||
Exercise of stock options, net | 1,586 | 48 | 1,538 | ||
Exercise of stock options net, shares | 4,875,500 | 4,856,000 | |||
Stock-based compensation | 6,459 | 6,459 | |||
Net income | 51,537 | 51,537 | |||
Balance at Dec. 31, 2013 | 109,029 | 1,322 | 184,201 | -76,494 | |
Balance, shares at Dec. 31, 2013 | 132,247,000 | ||||
Restricted stock issued, net | 6 | -6 | |||
Restricted stock issued net, shares | 613,000 | ||||
Shares repurchased | -6,531 | -4 | -6,527 | ||
Shares repurchased, shares | -415,834 | -416,000 | |||
Exercise of stock options, net | 1,544 | 26 | 1,518 | ||
Exercise of stock options net, shares | 2,514,621 | 2,515,000 | |||
Stock-based compensation | 8,137 | 8,137 | |||
Tax benefit from stock option exercised and vested restricted shares | 21,893 | 21,893 | |||
Foreign currency translation adjustment | -53 | -53 | |||
Dividends | -10,785 | -10,785 | |||
Net income | 61,051 | 61,051 | |||
Balance at Dec. 31, 2014 | $184,285 | $1,350 | $209,216 | ($53) | ($26,228) |
Balance, shares at Dec. 31, 2014 | 134,959,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $61,051 | $51,537 | $11,030 |
Non-cash items included in net income: | |||
Deferred income tax expense | 12,403 | ||
Depreciation and amortization and other | 821 | 439 | 307 |
Stock-based compensation | 8,137 | 6,459 | 7,437 |
Deferred rent | 1,572 | 706 | -140 |
Accretion to interest income and other | -72 | 116 | 194 |
Changes in operating assets and liabilities: | |||
Accounts receivable | -369 | -5,020 | -3,723 |
Other assets | 99 | -579 | 337 |
Fund management and administration payable | -445 | 3,470 | -3,111 |
Compensation and benefits payable | -186 | 12,122 | -2,012 |
Accounts payable and other liabilities | -381 | 874 | 915 |
Net cash provided by operating activities | 82,630 | 70,124 | 11,234 |
Cash flows from investing activities: | |||
Purchase of fixed assets | -4,894 | -6,211 | -190 |
Purchase of investments | -3,225 | -3,597 | -10,004 |
Cash acquired on acquisition | 1,349 | ||
Proceeds from the redemption of investments | 939 | 2,781 | 7,836 |
Net cash used in investing activities | -5,831 | -7,027 | -2,358 |
Cash flows from financing activities: | |||
Net proceeds from sale of common stock | 4,329 | ||
Dividends paid | -10,785 | ||
Shares repurchased | -6,531 | -1,613 | -2,261 |
Proceeds from exercise of stock options and warrants | 1,544 | 1,586 | 4,672 |
Net cash (used in)/provided by financing activities | -15,772 | -27 | 6,740 |
Decrease in cash flow due to changes in foreign exchange rate | -59 | ||
Net increase in cash and cash equivalents | 60,968 | 63,070 | 15,616 |
Cash and cash equivalents-beginning of year | 104,316 | 41,246 | 25,630 |
Cash and cash equivalents-end of year | 165,284 | 104,316 | 41,246 |
Supplemental disclosure of cash flow information: | |||
Cash paid for taxes | 66 | 38 | 33 |
Noncash investing and financing activities: | |||
Cashless exercise of stock options and warrants | $267 |
Organization_and_Description_o
Organization and Description of Business | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Organization and Description of Business | 1. Organization and Description of Business | |||
WisdomTree Investments, Inc., through its subsidiaries in the U.S., U.K., Jersey and Ireland (collectively, “WisdomTree” or the “Company”), is an ETP sponsor and asset manager headquartered in New York. WisdomTree offers ETPs covering equity, fixed income, currency, alternative and commodity asset classes. The Company has the following operating subsidiaries: | ||||
• | WisdomTree Asset Management, Inc. (“WTAM”) is a New York based investment adviser registered with the SEC providing investment advisory and other management services to WisdomTree Trust (“WTT”) and WisdomTree exchange traded funds (“ETFs”). | |||
• | Boost Management Limited (“BML” or “Boost”) is a Jersey based investment manager providing investment and other management services to Boost Issuer PLC (“BI”) and Boost ETPs. | |||
• | WisdomTree Europe Limited (“WisdomTree Europe”) is a U.K. based company registered with the Financial Conduct Authority providing management and other services to BML and WTML. | |||
• | WisdomTree Management Limited (“WTML”) is an Ireland based investment manager providing investment and other management services to WisdomTree Issuer plc (“WTI”) and WisdomTree UCITS ETFs. | |||
The WisdomTree ETFs are issued in the U.S. by WTT. WTT, a non-consolidated third party, is a Delaware statutory trust registered with the SEC as an open-end management investment company. The Company has licensed the use of certain of its own indexes on an exclusive basis in the U.S. to WTT for the WisdomTree ETFs. The Boost ETPs are issued by BI. BI, a non-consolidated third party, is a public limited company organized in Ireland. The WisdomTree UCITS ETFs are issued by WTI. WTI, a non-consolidated third party, is a public limited company organized in Ireland. | ||||
The Board of Trustees and Board of Directors of WTT, BI and WTI, respectively, are separate from the Board of Directors of the Company. The Trustees and Directors of WTT, BI and WTI respectively, are primarily responsible for overseeing the management and affairs of the WisdomTree ETFs, Boost ETPs and the WisdomTree UCITS ETFs for the benefit of the WisdomTree ETF, Boost ETP and the WisdomTree UCITS ETF shareholders, respectively, and have contracted with the Company to provide for general management and administration services. The Company, in turn, has contracted with third parties to provide the majority of these administration services. In addition, certain officers of the Company provide general management services for WTT, BI and WTI. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
Significant Accounting Policies | 2. Significant Accounting Policies | ||||
Basis of Presentation | |||||
These consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and in the opinion of management reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of financial condition, results of operations, and cash flows for the periods presented. The consolidated financial statements include the accounts of the Company’s wholly owned subsidiaries. | |||||
All intercompany accounts and transactions have been eliminated in consolidation. Certain accounts in the prior years’ consolidated financial statements have been reclassified to conform to the current year’s consolidated financial statements presentation. These reclassifications had no effect on the previously reported operating results. | |||||
Foreign Currency Translation | |||||
Assets and liabilities of subsidiaries whose functional currency is not the U.S. dollar are translated based on the end of period exchange rates from local currency to U.S. dollars. Results of operations are translated at the average exchange rates in effect during the period. | |||||
Use of Estimates | |||||
The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet dates and the reported amounts of revenues and expenses for the periods presented. Actual results could differ materially from those estimates. | |||||
Revenue Recognition | |||||
The Company earns investment advisory fees as well as licensing fees from third parties. Advisory fees are based on a percentage of the ETPs average daily net assets and recognized over the period the related service is provided. Licensing fees are based on a percentage of the average monthly net assets and recognized over the period the related service is provided. | |||||
Depreciation and Amortization | |||||
Depreciation is provided for using the straight-line method over the estimated useful lives of the related assets as follows: | |||||
Equipment | 5 years | ||||
Furniture and fixtures | 15 years | ||||
Leasehold improvements are amortized over the term of their respective leases or service lives of the improvements, whichever is shorter. Fixed assets are stated at cost less accumulated depreciation and amortization. | |||||
Marketing and Advertising | |||||
Advertising costs, including media advertising and production costs are expensed when incurred. | |||||
Cash and Cash Equivalents | |||||
The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of purchase to be classified as cash equivalents. Cash and cash equivalents are held primarily with one large financial institution. | |||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||
Accounts receivable are customer and other obligations due under normal trade terms. An allowance for doubtful accounts is not provided since, in the opinion of management, all accounts receivable recorded are deemed collectible. | |||||
Impairment of Long-Lived Assets | |||||
On a periodic basis, the Company performs a review for the impairment of long-lived assets when events or changes in circumstances indicate that the estimated undiscounted future cash flows expected to be generated by the assets are less than their carrying amounts or when other events occur which may indicate that the carrying amount of an asset may not be recoverable. | |||||
Earnings per Share | |||||
Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the reduction in earnings per share assuming options or other contracts to issue common stock were exercised or converted into common stock. | |||||
Investments | |||||
The Company accounts for all of its investments as held-to-maturity, which are recorded at amortized cost. For held-to-maturity investments, the Company has the intent and ability to hold investments to maturity and it is not more-likely-than-not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity. | |||||
On a periodic basis, the Company reviews its portfolio of investments for impairment. If a decline in fair value is deemed to be other-than-temporary, the security is written down to its fair value through earnings. | |||||
Goodwill | |||||
Goodwill is the excess of the fair value of the purchase price over the fair values of the identifiable net assets at the acquisition date. The Company tests its goodwill for impairment at least annually. An impairment loss is triggered if the estimated fair value of the operating reporting unit is less than the estimated net book value. Such loss is calculated as the difference between the estimated fair value of goodwill and its carrying value. | |||||
Stock-Based Awards | |||||
Accounting for stock-based compensation requires the measurement and recognition of compensation expense for all equity awards based on estimated fair values. The Company accounts for stock-based compensation for its employees based on the cost of employee services received in exchange for a stock-based award. Stock-based compensation is measured based on the grant-date fair value of the award and are amortized over the relevant service period. | |||||
Stock-based awards granted to non-employees for goods or services are valued at the fair value of the equity instruments issued or the fair value of consideration received, whichever is a more reliable measure of the fair value of the transaction, and recognized when performance obligations are complete. | |||||
Income Taxes | |||||
The Company accounts for income taxes using the liability method, which requires the determination of deferred tax assets and liabilities based on the differences between the financial and tax basis of assets and liabilities using the enacted tax rates in effect for the year in which differences are expected to reverse. Deferred tax assets are adjusted by a valuation allowance if, based on the weight of available evidence, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. | |||||
In order to recognize and measure any unrecognized tax benefits, management evaluates and determines whether any of its tax positions are more-likely-than-not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets this recognition threshold, the position is measured to determine the amount of benefit to be recognized in the consolidated financial statements. The Company records interest expense and penalties related to tax expenses as income tax expense. | |||||
Related Party Transactions | |||||
The Company’s revenues are derived primarily from investment advisory agreements with WTT and WisdomTree ETFs. Under these agreements, the Company has granted WTT an exclusive license to its own indexes for operation of the WisdomTree ETFs. The Trustees are primarily responsible for overseeing the management and affairs of the WisdomTree ETFs and the Trust for the benefit of the WisdomTree ETF shareholders and WTT has contracted with the Company to provide for general management and administration of WTT and the WisdomTree ETFs. The Company is also responsible for certain expenses of WTT, including the cost of transfer agency, custody, fund administration and accounting, legal, audit, and other non-distribution services, excluding extraordinary expenses, taxes and certain other expenses. In exchange, the Company receives fees based on a percentage of the ETF average daily net assets. The advisory agreements may be terminated by WTT upon notice. Certain officers of the Company also provide general management oversight of WTT; however, these officers have no material decision making responsibilities and primarily implement the decisions of the Trustees. At December 31, 2014, and 2013, the balance of accounts receivable from WTT was approximately $17,288 and $14,791, respectively which is included as a component of accounts receivable in the consolidated balance sheet. Revenue from advisory services provided to WTT for the years ended December 31, 2014, 2013 and 2012 was approximately $181,987, $148,594 and $84,024, respectively. | |||||
Revenue from advisory fee services provided to BI for the period from April 15, 2014 to December 31, 2014 was approximately $829. | |||||
Third Party Sharing Arrangements | |||||
Included in third party sharing arrangements expense are payments from the Company with respect to (i) a collaborative arrangement and (ii) marketing agreements with third parties to sell the Company’s ETFs or include them on certain platforms. | |||||
Collaborative Arrangement—In 2008, the Company entered into a mutual participation agreement with Mellon Capital Management Corporation (“Mellon Capital”) and The Dreyfus Corporation (“Dreyfus”) in which the parties agreed to collaborate in developing currency and fixed income ETFs under WTT. Under the agreement, the Company was responsible for operating the ETFs and providing sales, marketing and research support at its own cost. Mellon Capital and Dreyfus were responsible for providing sub-advisory, fund administration and accounting services for these collaborative ETFs at their own cost. Any revenues less third party costs, such as marketing, legal, accounting or fund management, related to these collaborative products were shared equally, including any losses (“net profit/(loss)”). The Company was responsible for arranging any third party costs related to this collaborative arrangement. | |||||
In October 2012, the parties agreed to end this joint venture as of December 31, 2012 and entered into a new fee arrangement effective January 1, 2013. | |||||
The Company had determined it was the principal participant for transactions under this collaborative arrangement and as such, recorded these transactions on a gross basis reflecting all of the revenues and third party expenses on its consolidated financial statements in accordance with the nature of the revenue or expense. Any net profit/(loss) payments were reflected in Third Party Sharing Arrangements expense on the consolidated financial statements. | |||||
Revenues and expenses under this collaborative arrangement included in the Company’s consolidated financial statements were as follows: | |||||
2012 | |||||
ETF advisory fee revenue | $ | 10,968 | |||
Expenses: | |||||
Fund management and administration | 1,341 | ||||
Marketing and advertising | 39 | ||||
Sales and business development | 24 | ||||
Third party expenses | 1,404 | ||||
Net profit | 9,564 | ||||
Sharing | $ | 4,662 | |||
Marketing agreements—In 2010, the Company entered into agreements with firms to serve as the external marketing agents for the WisdomTree ETFs. Under these agreements, the Company will pay a percentage of its advisory fee revenue based on incremental growth in AUM, subject to caps or minimums, to the marketing agents to sell WisdomTree ETFs or to include them on their customer platforms. The Company incurred marketing fees of $594, $1,368 and $806 for the years ended December 31, 2014, 2013 and 2012 respectively. | |||||
Segment, Geographic and Customer Information | |||||
The Company operates as a single business segment as an ETP sponsor and asset manager providing investment advisory services. Substantially all of the Company’s revenues, pretax income and assets are derived or located in the U.S. The Company maintains operations in Europe through its acquisition of Boost, now known as WisdomTree Europe (Note 13). | |||||
Recently Issued Accounting Pronouncements | |||||
In May 2014, the FASB issued Accounting Standards Update 2014-09 (ASU 2014-09) Revenue from Contracts with Customers, which is a new comprehensive revenue recognition standard on the financial reporting requirements for revenue from contracts entered into with customers. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2016. The Company is currently assessing the potential impact of the adoption of this guidance on its consolidated financial statements. | |||||
Business Combinations | |||||
The Company includes the results of operations of the businesses that it acquires from the respective dates of acquisition. The fair values of the purchase price of the acquisitions are allocated to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the fair value of purchase price over the fair values of these identifiable assets and liabilities is recorded as goodwill. | |||||
Subsequent Events | |||||
The Company has evaluated subsequent events after the date of the consolidated financial statements to consider whether or not the impact of such events needed to be reflected or disclosed in the consolidated financial statements. Such evaluation was performed through the issuance date of the consolidated financial statements. |
Investments_and_Fair_Value_Mea
Investments and Fair Value Measurements | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Text Block [Abstract] | |||||||||
Investments and Fair Value Measurements | 3. Investments and Fair Value Measurements | ||||||||
The following table is a summary of the Company’s investments: | |||||||||
2014 | 2013 | ||||||||
Held-to- | Held-to- | ||||||||
Maturity | Maturity | ||||||||
Federal agency debt instruments | $ | 13,990 | $ | 11,748 | |||||
The following table summarizes unrealized gains, losses, and fair value of investments: | |||||||||
2014 | 2013 | ||||||||
Held-to- | Held-to- | ||||||||
Maturity | Maturity | ||||||||
Cost/amortized cost | $ | 13,990 | $ | 11,748 | |||||
Gross unrealized gains | 112 | 20 | |||||||
Gross unrealized losses | (386 | ) | (1,459 | ) | |||||
Fair value | $ | 13,716 | $ | 10,309 | |||||
The following table sets forth the maturity profile of investments; however these investments may be called prior to maturity date: | |||||||||
2014 | 2013 | ||||||||
Held-to- | Held-to- | ||||||||
Maturity | Maturity | ||||||||
Due within one year | $ | — | $ | — | |||||
Due one year through five years | 1,409 | — | |||||||
Due five years through ten years | 350 | 686 | |||||||
Due over ten years | 12,231 | 11,062 | |||||||
Total | $ | 13,990 | $ | 11,748 | |||||
Fair Value Measurement | |||||||||
Under the accounting for fair value measurements and disclosures, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, or the exit price, in an orderly transaction between market participants at the measurement date. The accounting guidance establishes a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. | |||||||||
These three types of inputs create the following fair value hierarchy: | |||||||||
Level 1—Quoted prices for identical instruments in active markets. | |||||||||
Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. | |||||||||
Level 3—Instruments whose significant value drivers are unobservable. | |||||||||
This hierarchy requires the use of observable market data when available. The Company’s held-to-maturity securities are categorized as Level 1. The majority of the Company’s acquisition payable is measured at fair value and is categorized as Level 3. Fair value is determined, in part, based on the contractual minimum payment obligation to the Boost shareholders (Note 13). Some of our financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature. |
Fixed_Assets
Fixed Assets | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Fixed Assets | 4. Fixed Assets | ||||||||
The following table summarizes fixed assets: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Equipment | $ | 913 | $ | 518 | |||||
Furniture and fixtures | 1,620 | 1,005 | |||||||
Leasehold improvements | 8,795 | 4,880 | |||||||
Less accumulated depreciation and amortization | (972 | ) | (151 | ) | |||||
Total | $ | 10,356 | $ | 6,252 | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | 5. Commitments and Contingencies | ||||
Contractual Obligations | |||||
The Company has entered into obligations under operating leases with initial non-cancelable terms in excess of one year for office space, telephone, and data services. Expenses recorded under these agreements for the years ended December 31, 2014, 2013, and 2012 were approximately $3,157, $2,323 and $1,338, respectively. | |||||
Future minimum lease payments with respect to non-cancelable operating leases at December 31, 2014 are approximately as follows: | |||||
2015 | $ | 3,200 | |||
2016 | 2,905 | ||||
2017 | 2,778 | ||||
2018 and thereafter | 32,414 | ||||
Total | $ | 41,297 | |||
The Company’s prior office lease expired in January 2014. In August 2013, the Company entered into a new 16 year lease agreement. Pursuant to the new lease agreement, the Company received lease incentives which include a deferred rent period and a leasehold improvement allowance equal to $3,223. The Company recorded a receivable of $3,223 due from the lessor of its new office space related to its leasehold improvement allowance, which was included in accounts receivable on the Company’s Consolidated Balance Sheet at December 31, 2013. The balance at December 31, 2014 was $509. | |||||
Letter of Credit | |||||
The Company collateralized its office lease through a standby letter of credit. At December 31, 2014 and December 31, 2013, the Company provided letters of credit totaling $1,384 and $1,803, respectively, the collateral of which are included in investments on the Company’s Consolidated Balance Sheet. | |||||
Contingencies | |||||
The Company is subject to various routine reviews and inspections by regulatory authorities as well as legal proceedings arising in the ordinary course of business. The Company is not currently party to any litigation or other legal proceedings that are expected to have a material impact on its business, financial position or results of operations. |
StockBased_Awards
Stock-Based Awards | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Stock-Based Awards | 6. Stock-Based Awards | ||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||
The Company grants equity awards to employees and directors. Options are issued generally for terms of ten years and vest between two to four years. Options are issued with an exercise price equal to the fair value of the Company on the date of grant. The Company estimated the fair value for options using the Black-Scholes option pricing model. All option awards require future service as a condition of vesting with certain awards subject to acceleration under certain conditions. | |||||||||||||||||||||||||
The Company has six stock option plans, which are similar in nature (collectively, referred to as the “Plans”). Under the Plans, the Company can issue a maximum of 25,000,000 shares of common stock pursuant to stock options and other stock-based awards and also has issued from time to time stock-based awards outside the Plans. Options outstanding at December 31, 2014 expire on dates ranging from June 5, 2015 to November 15, 2021. | |||||||||||||||||||||||||
In January 2009, the Company’s Compensation Committee and Board of the Directors approved a proposal to provide eligible employees an opportunity to exercise their underwater stock options in the future at an alternative lower strike price. To obtain the full benefit of the alternative strike price, employees were required to remain with the Company for an additional 4 years. Under the program, eligible employees could exercise one quarter of their stock options each year at an alternative strike price of $1.07. The alternative strike price represented a 50% premium to the Company’s thirty day volume weighted-average price on the day the program was approved. Options prices on the programs approval date ranged from $1.75 to $9.45 with a weighted-average exercise price of $4.34. The Company has recorded a charge of $589 over the four years (2009-2012) which represents the excess of the fair value of eligible options using the alternative strike price over the existing strike price; this charge was fully recognized by December 31, 2012. For the year ended December 31, 2012 the Company recorded $118 for this program. | |||||||||||||||||||||||||
A summary of option activity is as follows: | |||||||||||||||||||||||||
Options | Weighted- | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||
Price | |||||||||||||||||||||||||
Outstanding January 1, 2012 | 20,852,614 | $ | 0.79 | ||||||||||||||||||||||
Granted | — | 0 | |||||||||||||||||||||||
Forfeitures or expirations | (73,907 | ) | 1.75 | ||||||||||||||||||||||
Exercised | (8,018,516 | ) | 0.58 | ||||||||||||||||||||||
Outstanding at December 31, 2012 | 12,760,191 | $ | 0.95 | ||||||||||||||||||||||
Granted | — | 0 | |||||||||||||||||||||||
Forfeitures or expirations | (40,000 | ) | 4.11 | ||||||||||||||||||||||
Exercised | (4,875,500 | ) | 0.38 | ||||||||||||||||||||||
Outstanding at December 31, 2013 | 7,844,691 | $ | 1.29 | ||||||||||||||||||||||
Granted | — | 0 | |||||||||||||||||||||||
Forfeitures or expirations | — | 0 | |||||||||||||||||||||||
Exercised | (2,514,621 | ) | 0.61 | ||||||||||||||||||||||
Outstanding at December 31, 2014 | 5,330,070 | $ | 1.61 | ||||||||||||||||||||||
In 2012, all of the 1,320,833 outstanding options awards granted to nonemployee consultants and special advisers were exercised with a weighted average exercise price of $1.34. After December 31, 2012, there were no remaining option awards outstanding to non-employees. | |||||||||||||||||||||||||
The following table summarizes information on stock options outstanding at December 31, 2014: | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of Exercise Prices | Number | Weighted- | Weighted- | Number | Weighted- | Aggregate | |||||||||||||||||||
Outstanding at | Average | Average | Exercisable at | Average | Intrinsic | ||||||||||||||||||||
December 31, | Remaining | Exercise | December 31, | Exercise | Value at | ||||||||||||||||||||
2014 | Contractual | Price | 2014 | Price | December 31, | ||||||||||||||||||||
Life in Years | 2014 | ||||||||||||||||||||||||
$0.70 – $0.70 | 2,435,000 | 4.1 | 0.7 | 2,285,000 | 0.7 | 34,218 | |||||||||||||||||||
$1.07 – $1.07 | 1,368,891 | 2.1 | 1.07 | 1,368,891 | 1.07 | 19,993 | |||||||||||||||||||
$2.03 – $4.03 | 948,299 | 3.4 | 2.19 | 948,299 | 2.19 | 12,790 | |||||||||||||||||||
$5.05 – $5.05 | 360,000 | 6.1 | 5.05 | 247,500 | 5.05 | 2,630 | |||||||||||||||||||
$6.36 – $6.82 | 122,880 | 6.5 | 6.49 | 72,880 | 6.48 | 670 | |||||||||||||||||||
$7.01 – $8.51 | 95,000 | 6.7 | 7.5 | 65,000 | 7.51 | 531 | |||||||||||||||||||
5,330,070 | 3.7 | $ | 1.61 | 4,987,570 | $ | 1.47 | $ | 70,832 | |||||||||||||||||
Restricted stock | |||||||||||||||||||||||||
The Company grants restricted stock to employees and directors. All restricted stock awards require future service as a condition of delivery of the underlying shares of common stock along with certain other requirements outlined in the award agreements. Restricted stock awards generally vest over three years. | |||||||||||||||||||||||||
The following table summarizes information about restricted shares outstanding for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||||||
Restricted | |||||||||||||||||||||||||
Stock Awards | |||||||||||||||||||||||||
Unvested balance at January 1, 2012 | 1,311,371 | ||||||||||||||||||||||||
Granted | 1,209,114 | ||||||||||||||||||||||||
Vested | (1,209,121 | ) | |||||||||||||||||||||||
Forfeited | (30,220 | ) | |||||||||||||||||||||||
Unvested balance at December 31, 2012 | 1,281,144 | ||||||||||||||||||||||||
Granted | 981,810 | ||||||||||||||||||||||||
Vested | (358,334 | ) | |||||||||||||||||||||||
Forfeited | (7,743 | ) | |||||||||||||||||||||||
Unvested balance at December 31, 2013 | 1,896,877 | ||||||||||||||||||||||||
Granted | 623,088 | ||||||||||||||||||||||||
Vested | (996,385 | ) | |||||||||||||||||||||||
Forfeited | (9,641 | ) | |||||||||||||||||||||||
Unvested balance at December 31, 2014 | 1,513,939 | ||||||||||||||||||||||||
As of December 31, 2012 all awards of restricted stock have vested for nonemployee consultants and special advisers. There are no remaining unvested restricted shares to non-employees or special advisers at December 31, 2014. | |||||||||||||||||||||||||
The following table summarizes the Company’s stock-based compensation expense: | |||||||||||||||||||||||||
For the Year Ended | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Employees and directors option awards | $ | 487 | $ | 381 | $ | 1,436 | |||||||||||||||||||
Employees and directors restricted stock awards | 7,650 | 6,078 | 3,814 | ||||||||||||||||||||||
Nonemployee consultants and special advisers restricted stock awards | — | — | 2,187 | ||||||||||||||||||||||
Total | $ | 8,137 | $ | 6,459 | $ | 7,437 | |||||||||||||||||||
Stock-based compensation expense related to nonemployee consultants and special advisers was included in professional and consulting fees and stock-based compensation expense related to directors is included in other expenses on the consolidated statements of operations. | |||||||||||||||||||||||||
The following table summarizes the Company’s unrecognized stock-based compensation expense and remaining vesting period as of December 31, 2014: | |||||||||||||||||||||||||
Unrecognized Stock-Based | Average | ||||||||||||||||||||||||
Compensation | Remaining | ||||||||||||||||||||||||
Vesting Period | |||||||||||||||||||||||||
Employees and directors option awards | $ | 415 | 1.06 | ||||||||||||||||||||||
Employees and directors restricted stock awards | $ | 10,574 | 1.41 |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 7. Employee Benefit Plans |
The Company has a 401(k) savings plan covering all eligible employees in which the Company can make discretionary contributions from its profits. In 2014 and 2013 the Company made discretionary contributions in the amount of $588 and $491 respectively. The Company did not make any discretionary contributions for the year ended December 31, 2012. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share | 8. Earnings Per Share | ||||||||||||
The following is a reconciliation of the basic and diluted earnings per share computation: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(shares in thousands) | |||||||||||||
Net income | $ | 61,051 | $ | 51,537 | $ | 11,030 | |||||||
Shares of common stock and common stock equivalents: | |||||||||||||
Weighted averages shares used in basic computation | 131,770 | 126,651 | 122,138 | ||||||||||
Dilutive effect of stock options and unvested restricted stock | 6,781 | 13,146 | 15,830 | ||||||||||
Weighted averages shares used in dilutive computation | 138,551 | 139,797 | 137,968 | ||||||||||
Basic earnings per share | $ | 0.46 | $ | 0.41 | $ | 0.09 | |||||||
Dilutive earnings per share | $ | 0.44 | $ | 0.37 | $ | 0.08 | |||||||
Diluted earnings per share reflects the reduction in earnings per share assuming options or other contracts to issue common stock were exercised or converted into common stock under the treasury stock method. The dilutive effect of options to purchase shares of common stock and restricted shares were included in the diluted earnings per share in the years ended December 31, 2014, 2013 and 2012, respectively. 1,246,888 restricted shares were determined to be anti-dilutive and were not included in the calculation of diluted earnings per share for the year ended December 31, 2014. There were no anti-dilutive shares included in the calculation of diluted earnings per share for the years ended December 31, 2013 and 2012, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 9. Income Taxes | ||||||||||||
The components of current and deferred income tax expense included in the Consolidated Statement of Operations for years ended December 31, 2014, 2013 and 2012 as determined in accordance with ASC 740, Income Taxes (“ASC 740”), are as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State and local | 94 | — | — | ||||||||||
Foreign | — | — | — | ||||||||||
94 | — | — | |||||||||||
Deferred: | |||||||||||||
Federal | 10,739 | — | — | ||||||||||
State and local | 1,664 | — | — | ||||||||||
Foreign | — | — | — | ||||||||||
12,403 | — | — | |||||||||||
Income tax expense from operations | $ | 12,497 | $ | — | $ | — | |||||||
The Company has recorded its non-income based taxes as part of other liabilities and other expenses. | |||||||||||||
Net operating losses – U.S. | |||||||||||||
The Company has generated net operating losses for tax purposes (“NOL”) during the years ended December 31, 2013 and 2012 and prior periods which may be used to minimize income taxes paid. The following table provides a summary of the NOL activity for the years indicated: | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning NOL | $ | (140,959 | ) | $ | (136,515 | ) | $ | (106,939 | ) | ||||
U.S. GAAP income | 77,609 | 51,537 | 11,030 | ||||||||||
Tax differences: | |||||||||||||
Temporary | (1,425 | ) | 5,580 | (5,633 | ) | ||||||||
Permanent | (45,064 | ) | (61,561 | ) | (37,618 | ) | |||||||
Net operating losses expired | — | — | 2,645 | ||||||||||
Ending NOL | $ | (109,839 | ) | $ | (140,959 | ) | $ | (136,515 | ) | ||||
Temporary differences are primarily comprised of the timing difference between recognizing expenses for tax purposes and U.S. GAAP purposes associated with rent, stock-based compensation and depreciation of fixed assets. | |||||||||||||
Permanent differences are primarily comprised of the difference between stock-based compensation amounts recognized for tax purposes and previously expensed at the date of grant for U.S. GAAP purposes at the time options are exercised (at the intrinsic value) or restricted stock is vested (at fair value of the share price). The Company may record additional NOLs from stock-based compensation awards which have been granted to employees and remain unexercised or unvested as of December 31, 2014. See Note 6 for additional details related to outstanding stock compensation awards. | |||||||||||||
The Company’s net operating losses generally expire 20 years from the time they are generated. In addition, due to the Company incurring a series of changes in ownership as defined by Section 382 under the Internal Revenue Code, the Company is limited as to the amount of NOL it may use in a given year. Prior to the consideration of any limitations imposed due to ownership changes, the Company’s available NOLs will expire as follows: | |||||||||||||
Year Ending December 31: | |||||||||||||
2018 | $ | 502 | |||||||||||
2019 | 5,101 | ||||||||||||
2021 | 579 | ||||||||||||
2023 | 608 | ||||||||||||
2024 | 1,942 | ||||||||||||
2027 | 18,039 | ||||||||||||
2028 | 19,754 | ||||||||||||
2029 | 14,218 | ||||||||||||
2030 | 6,385 | ||||||||||||
2031 | 6,052 | ||||||||||||
2032 | 32,215 | ||||||||||||
2033 | 4,444 | ||||||||||||
$ | 109,839 | ||||||||||||
The amounts summarized above are subject to the following annual limitations as indicated by the years such NOLs were incurred: | |||||||||||||
NOLs generated between | Total | Annual | Amount | ||||||||||
Prospective | Deemed | ||||||||||||
Limitation | Worthless | ||||||||||||
1998 — 2004 | $ | 8,731 | $ | 524 | $ | 3,487 | |||||||
2005 — 2013 | 101,108 | — | — | ||||||||||
Net operating losses | $ | 109,839 | $ | 524 | $ | 3,487 | |||||||
Any NOL amounts not used because of the annual limitation can be used in future periods until expiration. | |||||||||||||
Net operating losses – Non-U.S. | |||||||||||||
During the year ended December 31, 2014, the Company’s foreign subsidiaries generated $4,061 of NOLs. At December 31, 2014, a deferred tax asset related to these NOLs has been fully offset by a valuation allowance of $816. | |||||||||||||
Deferred tax asset | |||||||||||||
As of December 31, 2014 and 2013, $101,108 and $111,635 of the NOLs has been generated from stock-based compensation amounts recognized for tax purposes at the time options are exercised (at the intrinsic value) or restricted stock is vested (at fair value of the share price) and previously expensed at the date of grant for U.S. GAAP purposes. Since these amounts cannot be recognized as a deferred tax asset under U.S. GAAP, accordingly, a deferred tax asset related to this amount is not recorded. | |||||||||||||
A reconciliation of the NOL amount presented above and the amount utilized in calculating the deferred tax asset at December 31, 2014 and 2013, respectively, is as follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Net operating losses | $ | 109,839 | $ | 140,959 | |||||||||
Net operating losses deemed worthless | (3,487 | ) | (3,487 | ) | |||||||||
Unrecognized stock-based compensation | (101,108 | ) | (111,635 | ) | |||||||||
Gross net operating losses available for deferred tax asset | 5,244 | 25,837 | |||||||||||
Tax rate | 38.38 | % | 45.43 | % | |||||||||
Tax affected | $ | 2,013 | $ | 11,738 | |||||||||
At December 31, 2014 and 2013, the composition of the deferred tax asset is summarized as follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating losses | $ | 2,013 | $ | 11,738 | |||||||||
Foreign net operating losses | 816 | — | |||||||||||
Stock-based compensation | 6,046 | 7,579 | |||||||||||
Accrued expenses | 5,236 | — | |||||||||||
Deferred rent liability | 2,170 | 1,855 | |||||||||||
Other | 82 | 82 | |||||||||||
Deferred tax assets | 16,363 | 21,254 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Incentive compensation | 4,092 | — | |||||||||||
Fixed assets | 1,965 | 7 | |||||||||||
Unrealized gains | — | 26 | |||||||||||
Deferred tax liabilities | 6,057 | 33 | |||||||||||
Total deferred tax assets less deferred tax liabilities | 10,306 | 21,221 | |||||||||||
Less: valuation allowance | (816 | ) | (21,221 | ) | |||||||||
Net deferred tax assets and liabilities | $ | 9,490 | $ | — | |||||||||
At December 31, 2014 and 2013, the deferred tax asset has been offset by a valuation allowance of $816 and $21,221 respectively. | |||||||||||||
During the first quarter of 2014, management determined that although realization is not assured, it believed that it is more likely than not that its gross deferred tax asset would be realized. Therefore, it released the valuation allowance previously recorded resulting in an income tax benefit of $21,221 on the Company’s Consolidated Statements of Operations. In addition, during 2014, the Company generated foreign losses resulting in a deferred tax asset of $816 that is currently not expected to be realized in the foreseeable future and, accordingly, a valuation allowance has been established. | |||||||||||||
During the third quarter of 2014, the Company completed a state income tax study, which resulted in a reduction in its current baseline operating tax rate in the U.S. from 45% to approximately 38%. The Company recorded a charge to income tax expense in the third quarter to reduce the value of our deferred tax asset, which had previously been recorded using a 45% rate. The Company recorded a credit to additional paid-in capital of $21,893 for the amount of NOLs from stock-based compensation utilized to reduce taxes payable during the period. | |||||||||||||
A reconciliation of the statutory federal income tax rate of 35% and the Company’s effective rate is as follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Permanent differences | 0.69 | % | 0.09 | % | 0.37 | % | |||||||
State income tax rate, net of federal benefit | 1.55 | % | 10.06 | % | 9.44 | % | |||||||
Foreign tax differential | 0.82 | % | — | — | |||||||||
Decrease in valuation allowance | (27.74 | %) | (45.13 | %) | (44.82 | %) | |||||||
Change in effective state rate | 6.86 | % | — | — | |||||||||
Other differences, net | (0.19 | %) | (0.02 | %) | 0.01 | % | |||||||
Effective rate | 16.99 | % | 0 | % | 0 | % | |||||||
Uncertain tax positions | |||||||||||||
As of December 31, 2014, the Company determined that it has no uncertain tax positions, interest or penalties as defined within ASC 740-10. The Company does not have unrecognized tax benefits. The Company does not believe that it is reasonably possible that the total unrecognized benefits will significantly increase within the next 12 months. The Company is not currently under audit by any taxing authority. Tax returns filed with each jurisdiction remain open to examination under the normal three-year statute of limitations. |
Shares_Repurchased
Shares Repurchased | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Shares Repurchased | 10. Shares Repurchased |
During the years ended December 31, 2014, 2013 and 2012, the Company repurchased 415,834, 136,641 and 357,123 shares of its Company stock for an aggregate cost of $6,531, $1,613 and $2,261, respectively which were withheld pursuant to the terms of awards granted to employees to cover income tax withholding obligations. |
Public_Offerings
Public Offerings | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Public Offerings | 11. Public Offerings |
In February 2012, the Company completed a public offering of its common stock at $5.61 per share. The Company sold 1,000,000 shares and certain of our stockholders sold 15,516,587 shares. Proceeds to the Company, less commissions and other direct selling expenses were approximately $4,329 and were used for working capital and other general corporate purposes. In November 2012, the Company completed a second public offering of its common stock where certain of its existing stockholders sold 27,795,630 shares at $6.10 per share. The Company did not sell any stock in the second offering and did not receive any proceeds from the sale of shares of its common stock by the selling stockholders. The Company incurred $353 in expenses in 2012 related to the second offering. |
ETF_Shareholder_Proxy_Solicita
ETF Shareholder Proxy Solicitation | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
ETF Shareholder Proxy Solicitation | 12. ETF Shareholder Proxy Solicitation |
In 2012, the Company completed its solicitation from the WisdomTree ETF shareholders to obtain approval for the Company to continue as investment adviser for the WisdomTree ETFs if the Company’s largest stockholder, Michael Steinhardt, who then beneficially owned 25.5% of the Company’s common stock prior to the second public offering discussed above in Note 11, were to sell or otherwise transfer shares of the Company’s common stock resulting in his beneficial ownership falling below 25%. The Investment Company Act presumes a change in control of the Company if Mr. Steinhardt’s ownership fell below the 25% threshold, which would trigger an automatic termination of the Company’s investment advisory agreements with the WisdomTree Trust and require approval of the WisdomTree ETF shareholders to continue the agreements. No further shareholder approval was required when Mr. Steinhardt’s ownership fell below 25%. In addition, the Company received approval from the WisdomTree ETF shareholders to allow the Company to change sub-advisers in the future. For the year ended December 31, 2012, the Company incurred proxy related expense of $3,264. |
Acquisition_and_Goodwill
Acquisition and Goodwill | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Acquisition and Goodwill | 13. Acquisition and Goodwill | ||||
On April 15, 2014, the Company completed its acquisition of Boost, a U.K. and Jersey based ETP sponsor, now known as WisdomTree Europe, as part of the Company’s strategy to expand internationally. Under the terms of the agreement, the Company owns 75% of WisdomTree Europe and the former Boost shareholders own 25%. The Company will acquire the remaining 25% ownership interest at the end of four years using a predefined formula based on European assets under management at the end of the four year period and will be tied to the Company’s enterprise value over global AUM at the time of payout, and affected by profitability of the European business. No consideration was transferred on the acquisition date. The ultimate payout will be made in cash over two years. | |||||
Two shareholders of Boost, who owned 88% of Boost prior to the acquisition, became co-CEOs of WisdomTree Europe and are guaranteed a minimum payment of $1,757 for their interest if they terminate their employment without good reason or they are terminated for cause. The Company determined that this minimum payment represents consideration transferred and was recognized and measured at acquisition-date fair value to determine the purchase price. Any future payments made to the co-CEOs in excess of the minimum payments is accounted for separately from the business combination as compensation expense for post-acquisition services. | |||||
Because the Company is required to redeem the shares from the former Boost shareholders at the end of four years under a predefined formula, under U.S. GAAP, the Company does not reflect the 25% interest held by the former Boost shareholders in WisdomTree Europe as non-controlling interest (“NCI”). The obligation to mandatorily redeem the NCI for cash was measured at fair value on the acquisition date and is re-measured at the amount of cash that would be paid under the conditions specified in the contract as if settlement occurred at the reporting date. Any change in the carrying amount of the liability will be recognized as an expense. | |||||
The Company recorded goodwill of $1,676 in connection with this acquisition. Goodwill represents the excess value of the purchase price over the $81 fair value of the net assets acquired, consisting primarily of accounts receivable, accounts payable and fixed assets. While the Company paid no consideration up front to the former Boost shareholders, under the terms of the acquisition agreement, $1,757 was deemed to represent the purchase price. Goodwill is not expected to be tax deductible. | |||||
The following table summarizes the goodwill activity for the year ended December 31, 2014: | |||||
Balance at January 1, 2014 | $ | — | |||
Goodwill acquired during the period | 1,676 | ||||
Balance at December 31, 2014 | $ | 1,676 | |||
Transaction costs of $1,607 were incurred during the year ended December 31, 2014 in connection with this acquisition. Such expenses are recorded in professional and consulting fees, other and sales and business development in the Company’s Consolidated Statements of Operations. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
Basis of Presentation | Basis of Presentation | ||||
These consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and in the opinion of management reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of financial condition, results of operations, and cash flows for the periods presented. The consolidated financial statements include the accounts of the Company’s wholly owned subsidiaries. | |||||
All intercompany accounts and transactions have been eliminated in consolidation. Certain accounts in the prior years’ consolidated financial statements have been reclassified to conform to the current year’s consolidated financial statements presentation. These reclassifications had no effect on the previously reported operating results. | |||||
Foreign Currency Translation | Foreign Currency Translation | ||||
Assets and liabilities of subsidiaries whose functional currency is not the U.S. dollar are translated based on the end of period exchange rates from local currency to U.S. dollars. Results of operations are translated at the average exchange rates in effect during the period. | |||||
Use of Estimates | Use of Estimates | ||||
The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet dates and the reported amounts of revenues and expenses for the periods presented. Actual results could differ materially from those estimates. | |||||
Revenue Recognition | Revenue Recognition | ||||
The Company earns investment advisory fees as well as licensing fees from third parties. Advisory fees are based on a percentage of the ETPs average daily net assets and recognized over the period the related service is provided. Licensing fees are based on a percentage of the average monthly net assets and recognized over the period the related service is provided. | |||||
Depreciation and Amortization | Depreciation and Amortization | ||||
Depreciation is provided for using the straight-line method over the estimated useful lives of the related assets as follows: | |||||
Equipment | 5 years | ||||
Furniture and fixtures | 15 years | ||||
Leasehold improvements are amortized over the term of their respective leases or service lives of the improvements, whichever is shorter. Fixed assets are stated at cost less accumulated depreciation and amortization. | |||||
Marketing and Advertising | Marketing and Advertising | ||||
Advertising costs, including media advertising and production costs are expensed when incurred. | |||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||
The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of purchase to be classified as cash equivalents. Cash and cash equivalents are held primarily with one large financial institution. | |||||
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts | ||||
Accounts receivable are customer and other obligations due under normal trade terms. An allowance for doubtful accounts is not provided since, in the opinion of management, all accounts receivable recorded are deemed collectible. | |||||
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets | ||||
On a periodic basis, the Company performs a review for the impairment of long-lived assets when events or changes in circumstances indicate that the estimated undiscounted future cash flows expected to be generated by the assets are less than their carrying amounts or when other events occur which may indicate that the carrying amount of an asset may not be recoverable. | |||||
Earnings per Share | Earnings per Share | ||||
Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the reduction in earnings per share assuming options or other contracts to issue common stock were exercised or converted into common stock. | |||||
Investments | Investments | ||||
The Company accounts for all of its investments as held-to-maturity, which are recorded at amortized cost. For held-to-maturity investments, the Company has the intent and ability to hold investments to maturity and it is not more-likely-than-not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity. | |||||
On a periodic basis, the Company reviews its portfolio of investments for impairment. If a decline in fair value is deemed to be other-than-temporary, the security is written down to its fair value through earnings. | |||||
Goodwill | Goodwill | ||||
Goodwill is the excess of the fair value of the purchase price over the fair values of the identifiable net assets at the acquisition date. The Company tests its goodwill for impairment at least annually. An impairment loss is triggered if the estimated fair value of the operating reporting unit is less than the estimated net book value. Such loss is calculated as the difference between the estimated fair value of goodwill and its carrying value. | |||||
Stock-Based Awards | Stock-Based Awards | ||||
Accounting for stock-based compensation requires the measurement and recognition of compensation expense for all equity awards based on estimated fair values. The Company accounts for stock-based compensation for its employees based on the cost of employee services received in exchange for a stock-based award. Stock-based compensation is measured based on the grant-date fair value of the award and are amortized over the relevant service period. | |||||
Stock-based awards granted to non-employees for goods or services are valued at the fair value of the equity instruments issued or the fair value of consideration received, whichever is a more reliable measure of the fair value of the transaction, and recognized when performance obligations are complete. | |||||
Income Taxes | Income Taxes | ||||
The Company accounts for income taxes using the liability method, which requires the determination of deferred tax assets and liabilities based on the differences between the financial and tax basis of assets and liabilities using the enacted tax rates in effect for the year in which differences are expected to reverse. Deferred tax assets are adjusted by a valuation allowance if, based on the weight of available evidence, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. | |||||
In order to recognize and measure any unrecognized tax benefits, management evaluates and determines whether any of its tax positions are more-likely-than-not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets this recognition threshold, the position is measured to determine the amount of benefit to be recognized in the consolidated financial statements. The Company records interest expense and penalties related to tax expenses as income tax expense. | |||||
Related Party Transactions | Related Party Transactions | ||||
The Company’s revenues are derived primarily from investment advisory agreements with WTT and WisdomTree ETFs. Under these agreements, the Company has granted WTT an exclusive license to its own indexes for operation of the WisdomTree ETFs. The Trustees are primarily responsible for overseeing the management and affairs of the WisdomTree ETFs and the Trust for the benefit of the WisdomTree ETF shareholders and WTT has contracted with the Company to provide for general management and administration of WTT and the WisdomTree ETFs. The Company is also responsible for certain expenses of WTT, including the cost of transfer agency, custody, fund administration and accounting, legal, audit, and other non-distribution services, excluding extraordinary expenses, taxes and certain other expenses. In exchange, the Company receives fees based on a percentage of the ETF average daily net assets. The advisory agreements may be terminated by WTT upon notice. Certain officers of the Company also provide general management oversight of WTT; however, these officers have no material decision making responsibilities and primarily implement the decisions of the Trustees. At December 31, 2014, and 2013, the balance of accounts receivable from WTT was approximately $17,288 and $14,791, respectively which is included as a component of accounts receivable in the consolidated balance sheet. Revenue from advisory services provided to WTT for the years ended December 31, 2014, 2013 and 2012 was approximately $181,987, $148,594 and $84,024, respectively. | |||||
Revenue from advisory fee services provided to BI for the period from April 15, 2014 to December 31, 2014 was approximately $829. | |||||
Third Party Sharing Arrangements | Third Party Sharing Arrangements | ||||
Included in third party sharing arrangements expense are payments from the Company with respect to (i) a collaborative arrangement and (ii) marketing agreements with third parties to sell the Company’s ETFs or include them on certain platforms. | |||||
Collaborative Arrangement—In 2008, the Company entered into a mutual participation agreement with Mellon Capital Management Corporation (“Mellon Capital”) and The Dreyfus Corporation (“Dreyfus”) in which the parties agreed to collaborate in developing currency and fixed income ETFs under WTT. Under the agreement, the Company was responsible for operating the ETFs and providing sales, marketing and research support at its own cost. Mellon Capital and Dreyfus were responsible for providing sub-advisory, fund administration and accounting services for these collaborative ETFs at their own cost. Any revenues less third party costs, such as marketing, legal, accounting or fund management, related to these collaborative products were shared equally, including any losses (“net profit/(loss)”). The Company was responsible for arranging any third party costs related to this collaborative arrangement. | |||||
In October 2012, the parties agreed to end this joint venture as of December 31, 2012 and entered into a new fee arrangement effective January 1, 2013. | |||||
The Company had determined it was the principal participant for transactions under this collaborative arrangement and as such, recorded these transactions on a gross basis reflecting all of the revenues and third party expenses on its consolidated financial statements in accordance with the nature of the revenue or expense. Any net profit/(loss) payments were reflected in Third Party Sharing Arrangements expense on the consolidated financial statements. | |||||
Revenues and expenses under this collaborative arrangement included in the Company’s consolidated financial statements were as follows: | |||||
2012 | |||||
ETF advisory fee revenue | $ | 10,968 | |||
Expenses: | |||||
Fund management and administration | 1,341 | ||||
Marketing and advertising | 39 | ||||
Sales and business development | 24 | ||||
Third party expenses | 1,404 | ||||
Net profit | 9,564 | ||||
Sharing | $ | 4,662 | |||
Marketing agreements—In 2010, the Company entered into agreements with firms to serve as the external marketing agents for the WisdomTree ETFs. Under these agreements, the Company will pay a percentage of its advisory fee revenue based on incremental growth in AUM, subject to caps or minimums, to the marketing agents to sell WisdomTree ETFs or to include them on their customer platforms. The Company incurred marketing fees of $594, $1,368 and $806 for the years ended December 31, 2014, 2013 and 2012 respectively. | |||||
Segment, Geographic and Customer Information | Segment, Geographic and Customer Information | ||||
The Company operates as a single business segment as an ETP sponsor and asset manager providing investment advisory services. Substantially all of the Company’s revenues, pretax income and assets are derived or located in the U.S. The Company maintains operations in Europe through its acquisition of Boost, now known as WisdomTree Europe (Note 13). | |||||
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements | ||||
In May 2014, the FASB issued Accounting Standards Update 2014-09 (ASU 2014-09) Revenue from Contracts with Customers, which is a new comprehensive revenue recognition standard on the financial reporting requirements for revenue from contracts entered into with customers. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2016. The Company is currently assessing the potential impact of the adoption of this guidance on its consolidated financial statements. | |||||
Business Combinations | Business Combinations | ||||
The Company includes the results of operations of the businesses that it acquires from the respective dates of acquisition. The fair values of the purchase price of the acquisitions are allocated to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the fair value of purchase price over the fair values of these identifiable assets and liabilities is recorded as goodwill. | |||||
Subsequent Events | Subsequent Events | ||||
The Company has evaluated subsequent events after the date of the consolidated financial statements to consider whether or not the impact of such events needed to be reflected or disclosed in the consolidated financial statements. Such evaluation was performed through the issuance date of the consolidated financial statements. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
Schedule of Estimated Useful Lives of Related Assets | Depreciation is provided for using the straight-line method over the estimated useful lives of the related assets as follows: | ||||
Equipment | 5 years | ||||
Furniture and fixtures | 15 years | ||||
Revenues and Expenses under Collaborative Arrangement | Revenues and expenses under this collaborative arrangement included in the Company’s consolidated financial statements were as follows: | ||||
2012 | |||||
ETF advisory fee revenue | $ | 10,968 | |||
Expenses: | |||||
Fund management and administration | 1,341 | ||||
Marketing and advertising | 39 | ||||
Sales and business development | 24 | ||||
Third party expenses | 1,404 | ||||
Net profit | 9,564 | ||||
Sharing | $ | 4,662 |
Investments_and_Fair_Value_Mea1
Investments and Fair Value Measurements (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Text Block [Abstract] | |||||||||
Schedule of Investments | The following table is a summary of the Company’s investments: | ||||||||
2014 | 2013 | ||||||||
Held-to- | Held-to- | ||||||||
Maturity | Maturity | ||||||||
Federal agency debt instruments | $ | 13,990 | $ | 11,748 | |||||
Schedule of Unrealized Gains, Losses, and Fair Value of Investments | The following table summarizes unrealized gains, losses, and fair value of investments: | ||||||||
2014 | 2013 | ||||||||
Held-to- | Held-to- | ||||||||
Maturity | Maturity | ||||||||
Cost/amortized cost | $ | 13,990 | $ | 11,748 | |||||
Gross unrealized gains | 112 | 20 | |||||||
Gross unrealized losses | (386 | ) | (1,459 | ) | |||||
Fair value | $ | 13,716 | $ | 10,309 | |||||
Schedule of Maturity Profile of Investments | The following table sets forth the maturity profile of investments; however these investments may be called prior to maturity date: | ||||||||
2014 | 2013 | ||||||||
Held-to- | Held-to- | ||||||||
Maturity | Maturity | ||||||||
Due within one year | $ | — | $ | — | |||||
Due one year through five years | 1,409 | — | |||||||
Due five years through ten years | 350 | 686 | |||||||
Due over ten years | 12,231 | 11,062 | |||||||
Total | $ | 13,990 | $ | 11,748 | |||||
Fixed_Assets_Tables
Fixed Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Schedule of Fixed Assets | The following table summarizes fixed assets: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Equipment | $ | 913 | $ | 518 | |||||
Furniture and fixtures | 1,620 | 1,005 | |||||||
Leasehold improvements | 8,795 | 4,880 | |||||||
Less accumulated depreciation and amortization | (972 | ) | (151 | ) | |||||
Total | $ | 10,356 | $ | 6,252 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Lease Payments | Future minimum lease payments with respect to non-cancelable operating leases at December 31, 2014 are approximately as follows: | ||||
2015 | $ | 3,200 | |||
2016 | 2,905 | ||||
2017 | 2,778 | ||||
2018 and thereafter | 32,414 | ||||
Total | $ | 41,297 | |||
StockBased_Awards_Tables
Stock-Based Awards (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Summary of Options Activity | A summary of option activity is as follows: | ||||||||||||||||||||||||
Options | Weighted- | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||
Price | |||||||||||||||||||||||||
Outstanding January 1, 2012 | 20,852,614 | $ | 0.79 | ||||||||||||||||||||||
Granted | — | 0 | |||||||||||||||||||||||
Forfeitures or expirations | (73,907 | ) | 1.75 | ||||||||||||||||||||||
Exercised | (8,018,516 | ) | 0.58 | ||||||||||||||||||||||
Outstanding at December 31, 2012 | 12,760,191 | $ | 0.95 | ||||||||||||||||||||||
Granted | — | 0 | |||||||||||||||||||||||
Forfeitures or expirations | (40,000 | ) | 4.11 | ||||||||||||||||||||||
Exercised | (4,875,500 | ) | 0.38 | ||||||||||||||||||||||
Outstanding at December 31, 2013 | 7,844,691 | $ | 1.29 | ||||||||||||||||||||||
Granted | — | 0 | |||||||||||||||||||||||
Forfeitures or expirations | — | 0 | |||||||||||||||||||||||
Exercised | (2,514,621 | ) | 0.61 | ||||||||||||||||||||||
Outstanding at December 31, 2014 | 5,330,070 | $ | 1.61 | ||||||||||||||||||||||
Summary of Stock Options Outstanding | The following table summarizes information on stock options outstanding at December 31, 2014: | ||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of Exercise Prices | Number | Weighted- | Weighted- | Number | Weighted- | Aggregate | |||||||||||||||||||
Outstanding at | Average | Average | Exercisable at | Average | Intrinsic | ||||||||||||||||||||
December 31, | Remaining | Exercise | December 31, | Exercise | Value at | ||||||||||||||||||||
2014 | Contractual | Price | 2014 | Price | December 31, | ||||||||||||||||||||
Life in Years | 2014 | ||||||||||||||||||||||||
$0.70 – $0.70 | 2,435,000 | 4.1 | 0.7 | 2,285,000 | 0.7 | 34,218 | |||||||||||||||||||
$1.07 – $1.07 | 1,368,891 | 2.1 | 1.07 | 1,368,891 | 1.07 | 19,993 | |||||||||||||||||||
$2.03 – $4.03 | 948,299 | 3.4 | 2.19 | 948,299 | 2.19 | 12,790 | |||||||||||||||||||
$5.05 – $5.05 | 360,000 | 6.1 | 5.05 | 247,500 | 5.05 | 2,630 | |||||||||||||||||||
$6.36 – $6.82 | 122,880 | 6.5 | 6.49 | 72,880 | 6.48 | 670 | |||||||||||||||||||
$7.01 – $8.51 | 95,000 | 6.7 | 7.5 | 65,000 | 7.51 | 531 | |||||||||||||||||||
5,330,070 | 3.7 | $ | 1.61 | 4,987,570 | $ | 1.47 | $ | 70,832 | |||||||||||||||||
Summary of Restricted Shares Outstanding | The following table summarizes information about restricted shares outstanding for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||
Restricted | |||||||||||||||||||||||||
Stock Awards | |||||||||||||||||||||||||
Unvested balance at January 1, 2012 | 1,311,371 | ||||||||||||||||||||||||
Granted | 1,209,114 | ||||||||||||||||||||||||
Vested | (1,209,121 | ) | |||||||||||||||||||||||
Forfeited | (30,220 | ) | |||||||||||||||||||||||
Unvested balance at December 31, 2012 | 1,281,144 | ||||||||||||||||||||||||
Granted | 981,810 | ||||||||||||||||||||||||
Vested | (358,334 | ) | |||||||||||||||||||||||
Forfeited | (7,743 | ) | |||||||||||||||||||||||
Unvested balance at December 31, 2013 | 1,896,877 | ||||||||||||||||||||||||
Granted | 623,088 | ||||||||||||||||||||||||
Vested | (996,385 | ) | |||||||||||||||||||||||
Forfeited | (9,641 | ) | |||||||||||||||||||||||
Unvested balance at December 31, 2014 | 1,513,939 | ||||||||||||||||||||||||
Summary of Stock-Based Compensation Expense | The following table summarizes the Company’s stock-based compensation expense: | ||||||||||||||||||||||||
For the Year Ended | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Employees and directors option awards | $ | 487 | $ | 381 | $ | 1,436 | |||||||||||||||||||
Employees and directors restricted stock awards | 7,650 | 6,078 | 3,814 | ||||||||||||||||||||||
Nonemployee consultants and special advisers restricted stock awards | — | — | 2,187 | ||||||||||||||||||||||
Total | $ | 8,137 | $ | 6,459 | $ | 7,437 | |||||||||||||||||||
Summary of Unrecognized Stock-Based Compensation Expense and Remaining Vesting Period | The following table summarizes the Company’s unrecognized stock-based compensation expense and remaining vesting period as of December 31, 2014: | ||||||||||||||||||||||||
Unrecognized Stock-Based | Average | ||||||||||||||||||||||||
Compensation | Remaining | ||||||||||||||||||||||||
Vesting Period | |||||||||||||||||||||||||
Employees and directors option awards | $ | 415 | 1.06 | ||||||||||||||||||||||
Employees and directors restricted stock awards | $ | 10,574 | 1.41 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Reconciliation of Basic and Diluted Earnings Per Share | The following is a reconciliation of the basic and diluted earnings per share computation: | ||||||||||||
For the Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(shares in thousands) | |||||||||||||
Net income | $ | 61,051 | $ | 51,537 | $ | 11,030 | |||||||
Shares of common stock and common stock equivalents: | |||||||||||||
Weighted averages shares used in basic computation | 131,770 | 126,651 | 122,138 | ||||||||||
Dilutive effect of stock options and unvested restricted stock | 6,781 | 13,146 | 15,830 | ||||||||||
Weighted averages shares used in dilutive computation | 138,551 | 139,797 | 137,968 | ||||||||||
Basic earnings per share | $ | 0.46 | $ | 0.41 | $ | 0.09 | |||||||
Dilutive earnings per share | $ | 0.44 | $ | 0.37 | $ | 0.08 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Components of Current and Deferred Income Tax Expense | The components of current and deferred income tax expense included in the Consolidated Statement of Operations for years ended December 31, 2014, 2013 and 2012 as determined in accordance with ASC 740, Income Taxes (“ASC 740”), are as follows: | ||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State and local | 94 | — | — | ||||||||||
Foreign | — | — | — | ||||||||||
94 | — | — | |||||||||||
Deferred: | |||||||||||||
Federal | 10,739 | — | — | ||||||||||
State and local | 1,664 | — | — | ||||||||||
Foreign | — | — | — | ||||||||||
12,403 | — | — | |||||||||||
Income tax expense from operations | $ | 12,497 | $ | — | $ | — | |||||||
Schedule of Net Operating Losses for Tax Purposes | The Company has generated net operating losses for tax purposes (“NOL”) during the years ended December 31, 2013 and 2012 and prior periods which may be used to minimize income taxes paid. The following table provides a summary of the NOL activity for the years indicated: | ||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning NOL | $ | (140,959 | ) | $ | (136,515 | ) | $ | (106,939 | ) | ||||
U.S. GAAP income | 77,609 | 51,537 | 11,030 | ||||||||||
Tax differences: | |||||||||||||
Temporary | (1,425 | ) | 5,580 | (5,633 | ) | ||||||||
Permanent | (45,064 | ) | (61,561 | ) | (37,618 | ) | |||||||
Net operating losses expired | — | — | 2,645 | ||||||||||
Ending NOL | $ | (109,839 | ) | $ | (140,959 | ) | $ | (136,515 | ) | ||||
Schedule of Net Operating Loss Expiration | Prior to the consideration of any limitations imposed due to ownership changes, the Company’s available NOLs will expire as follows: | ||||||||||||
Year Ending December 31: | |||||||||||||
2018 | $ | 502 | |||||||||||
2019 | 5,101 | ||||||||||||
2021 | 579 | ||||||||||||
2023 | 608 | ||||||||||||
2024 | 1,942 | ||||||||||||
2027 | 18,039 | ||||||||||||
2028 | 19,754 | ||||||||||||
2029 | 14,218 | ||||||||||||
2030 | 6,385 | ||||||||||||
2031 | 6,052 | ||||||||||||
2032 | 32,215 | ||||||||||||
2033 | 4,444 | ||||||||||||
$ | 109,839 | ||||||||||||
Schedule of Annual Limitations for Net Operating Losses | The amounts summarized above are subject to the following annual limitations as indicated by the years such NOLs were incurred: | ||||||||||||
NOLs generated between | Total | Annual | Amount | ||||||||||
Prospective | Deemed | ||||||||||||
Limitation | Worthless | ||||||||||||
1998 — 2004 | $ | 8,731 | $ | 524 | $ | 3,487 | |||||||
2005 — 2013 | 101,108 | — | — | ||||||||||
Net operating losses | $ | 109,839 | $ | 524 | $ | 3,487 | |||||||
Schedule of Reconciliation of Gross Net Operating Loss | A reconciliation of the NOL amount presented above and the amount utilized in calculating the deferred tax asset at December 31, 2014 and 2013, respectively, is as follows: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Net operating losses | $ | 109,839 | $ | 140,959 | |||||||||
Net operating losses deemed worthless | (3,487 | ) | (3,487 | ) | |||||||||
Unrecognized stock-based compensation | (101,108 | ) | (111,635 | ) | |||||||||
Gross net operating losses available for deferred tax asset | 5,244 | 25,837 | |||||||||||
Tax rate | 38.38 | % | 45.43 | % | |||||||||
Tax affected | $ | 2,013 | $ | 11,738 | |||||||||
Deferred Tax Assets | At December 31, 2014 and 2013, the composition of the deferred tax asset is summarized as follows: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating losses | $ | 2,013 | $ | 11,738 | |||||||||
Foreign net operating losses | 816 | — | |||||||||||
Stock-based compensation | 6,046 | 7,579 | |||||||||||
Accrued expenses | 5,236 | — | |||||||||||
Deferred rent liability | 2,170 | 1,855 | |||||||||||
Other | 82 | 82 | |||||||||||
Deferred tax assets | 16,363 | 21,254 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Incentive compensation | 4,092 | — | |||||||||||
Fixed assets | 1,965 | 7 | |||||||||||
Unrealized gains | — | 26 | |||||||||||
Deferred tax liabilities | 6,057 | 33 | |||||||||||
Total deferred tax assets less deferred tax liabilities | 10,306 | 21,221 | |||||||||||
Less: valuation allowance | (816 | ) | (21,221 | ) | |||||||||
Net deferred tax assets and liabilities | $ | 9,490 | $ | — | |||||||||
Reconciliation of Statutory Federal Income Tax Rate and Company's Effective Rate | A reconciliation of the statutory federal income tax rate of 35% and the Company’s effective rate is as follows: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Permanent differences | 0.69 | % | 0.09 | % | 0.37 | % | |||||||
State income tax rate, net of federal benefit | 1.55 | % | 10.06 | % | 9.44 | % | |||||||
Foreign tax differential | 0.82 | % | — | — | |||||||||
Decrease in valuation allowance | (27.74 | %) | (45.13 | %) | (44.82 | %) | |||||||
Change in effective state rate | 6.86 | % | — | — | |||||||||
Other differences, net | (0.19 | %) | (0.02 | %) | 0.01 | % | |||||||
Effective rate | 16.99 | % | 0 | % | 0 | % | |||||||
Acquisition_and_Goodwill_Table
Acquisition and Goodwill (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Summary of Goodwill Activity | The following table summarizes the goodwill activity for the year ended December 31, 2014: | ||||
Balance at January 1, 2014 | $ | — | |||
Goodwill acquired during the period | 1,676 | ||||
Balance at December 31, 2014 | $ | 1,676 | |||
Significant_Accounting_Policie3
Significant Accounting Policies - Schedule of Estimated Useful Lives of Related Assets (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 15 years |
Significant_Accounting_Policie4
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Segment | ||||
Financial_Institution | ||||
Related Party Transaction [Line Items] | ||||
Cash and cash equivalents maturity period, maximum | 90 days | |||
Number of financial institutions | 1 | 1 | ||
Accounts receivable related-party | $17,288 | $14,791 | $17,288 | |
ETF advisory fee revenue | 182,816 | 148,594 | 84,024 | |
Joint venture agreement date | 1-Jan-13 | |||
Marketing fees | 594 | 1,368 | 806 | |
Number of operating segments | 1 | |||
Boost Issuer PLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
ETF advisory fee revenue | 829 | |||
WisdomTree Trust [Member] | ||||
Related Party Transaction [Line Items] | ||||
ETF advisory fee revenue | $181,987 | $148,594 | $84,024 |
Significant_Accounting_Policie5
Significant Accounting Policies - Revenues and Expenses under Collaborative Arrangement (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||
ETF advisory fee revenue | $182,816 | $148,594 | $84,024 |
Expenses: | |||
Marketing and advertising | 11,514 | 8,309 | 5,363 |
Sales and business development | 6,221 | 6,474 | 3,586 |
Total expenses | 110,214 | 97,931 | 73,768 |
Net income | 61,051 | 51,537 | 11,030 |
Third-Party Sharing Arrangements [Member] | |||
Related Party Transaction [Line Items] | |||
ETF advisory fee revenue | 10,968 | ||
Expenses: | |||
Fund management and administration | 1,341 | ||
Marketing and advertising | 39 | ||
Sales and business development | 24 | ||
Total expenses | 1,404 | ||
Net income | 9,564 | ||
Sharing | $4,662 |
Investments_and_Fair_Value_Mea2
Investments and Fair Value Measurements - Schedule of Investments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity debt instruments | $13,990 | $11,748 |
Federal Agency [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity debt instruments | $13,990 | $11,748 |
Investments_and_Fair_Value_Mea3
Investments and Fair Value Measurements - Schedule of Unrealized Gains, Losses, and Fair Value of Investments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ||
Held-to-maturity cost or amortized cost | $13,990 | $11,748 |
Held-to-maturity gross unrealized gains | 112 | 20 |
Held-to-maturity gross unrealized losses | -386 | -1,459 |
Held-to-maturity fair value | $13,716 | $10,309 |
Investments_and_Fair_Value_Mea4
Investments and Fair Value Measurements - Schedule of Maturity Profile of Investments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ||
Held-to-maturity due within one year | $0 | $0 |
Held-to-maturity due one year through five years | 1,409 | |
Held-to-maturity due five years through ten years | 350 | 686 |
Held-to-maturity due over ten years | 12,231 | 11,062 |
Held-to-maturity total | $13,990 | $11,748 |
Fixed_Assets_Schedule_of_Fixed
Fixed Assets - Schedule of Fixed Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Less accumulated depreciation and amortization | ($972) | ($151) |
Total | 10,356 | 6,252 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 913 | 518 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 1,620 | 1,005 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $8,795 | $4,880 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating leases expenses | $3,157 | $2,323 | $1,338 |
Period in which office lease expires | 1-Jan-14 | ||
New lease agreement term | 16 years | ||
New lease agreement date | 2013-08 | ||
Lease incentives received including a deferred rent period and a leasehold improvement allowance | 3,223 | ||
Leasehold improvement allowance | 509 | 3,223 | |
Stand by letter of credit decreased | $1,384 | $1,803 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $3,200 |
2016 | 2,905 |
2017 | 2,778 |
2018 and thereafter | 32,414 |
Total | $41,297 |
StockBased_Awards_Additional_I
Stock-Based Awards - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock_Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option issuance period | 10 years | |||
Option issued period | Options are issued generally for terms of ten years | |||
Number of stock option plans | 6 | |||
Issuance of common stock pursuant to stock options | 25,000,000 | |||
Expire dates on options | June 5, 2015 to November 15, 2021 | |||
Period of employees were required to remain in the company | 4 years | |||
Stock options strike price | $1.07 | |||
Percentage of weighted-average price | 50.00% | |||
Options prices range, lower limit | $1.75 | |||
Options prices range, upper limit | $9.45 | |||
Weighted-average exercise price | $4.34 | |||
Excess fair value of option | $589 | |||
Alternative strike price program expense | $118 | |||
Excess fair value of option period (2009-2012) | 4 years | |||
Number of options awards granted | 0 | 0 | 0 | |
Weighted average exercise price | $0 | $0 | $0 | |
Option awards outstanding to non-employees | 5,330,070 | 7,844,691 | 12,760,191 | 20,852,614 |
Nonemployee Consultants and Special Advisors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options awards granted | 1,320,833 | |||
Weighted average exercise price | $1.34 | |||
Option awards outstanding to non-employees | 0 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option vested period | 3 years | |||
Shares of unvested restricted stock awards granted to nonemployee consultants and special advisers | 0 | |||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option vested period | 2 years | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option vested period | 4 years |
StockBased_Awards_Summary_of_O
Stock-Based Awards - Summary of Options Activity (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Options, beginning balance | 7,844,691 | 12,760,191 | 20,852,614 |
Options, granted | 0 | 0 | 0 |
Options, forfeitures or expirations | -40,000 | -73,907 | |
Options, exercised | -2,514,621 | -4,875,500 | -8,018,516 |
Options, ending balance | 5,330,070 | 7,844,691 | 12,760,191 |
Weighted average exercise price of options, beginning balance | $1.29 | $0.95 | $0.79 |
Weighted average exercise price of options, granted | $0 | $0 | $0 |
Weighted average exercise price of options, forfeitures or expirations | $0 | $4.11 | $1.75 |
Weighted average exercise price of options, exercised | $0.61 | $0.38 | $0.58 |
Weighted average exercise price of options, ending balance | $1.61 | $1.29 | $0.95 |
StockBased_Awards_Summary_of_S
Stock-Based Awards - Summary of Stock Options Outstanding (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit | $1.75 |
Upper range limit | $9.45 |
Number Outstanding at December 31, 2014 | 5,330,070 |
Weighted- Average Remaining Contractual Life in Years | 3 years 8 months 12 days |
Weighted- Average Exercise Price, option outstanding | $1.61 |
Number Exercisable at December 31, 2014 | 4,987,570 |
Weighted- Average Exercise Price, option exercisable | $1.47 |
Aggregate Intrinsic Value at December 31, 2014 | $70,832 |
Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit | $0.70 |
Upper range limit | $0.70 |
Number Outstanding at December 31, 2014 | 2,435,000 |
Weighted- Average Remaining Contractual Life in Years | 4 years 1 month 6 days |
Weighted- Average Exercise Price, option outstanding | $0.70 |
Number Exercisable at December 31, 2014 | 2,285,000 |
Weighted- Average Exercise Price, option exercisable | $0.70 |
Aggregate Intrinsic Value at December 31, 2014 | 34,218 |
Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit | $1.07 |
Upper range limit | $1.07 |
Number Outstanding at December 31, 2014 | 1,368,891 |
Weighted- Average Remaining Contractual Life in Years | 2 years 1 month 6 days |
Weighted- Average Exercise Price, option outstanding | $1.07 |
Number Exercisable at December 31, 2014 | 1,368,891 |
Weighted- Average Exercise Price, option exercisable | $1.07 |
Aggregate Intrinsic Value at December 31, 2014 | 19,993 |
Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit | $2.03 |
Upper range limit | $4.03 |
Number Outstanding at December 31, 2014 | 948,299 |
Weighted- Average Remaining Contractual Life in Years | 3 years 4 months 24 days |
Weighted- Average Exercise Price, option outstanding | $2.19 |
Number Exercisable at December 31, 2014 | 948,299 |
Weighted- Average Exercise Price, option exercisable | $2.19 |
Aggregate Intrinsic Value at December 31, 2014 | 12,790 |
Range Four [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit | $5.05 |
Upper range limit | $5.05 |
Number Outstanding at December 31, 2014 | 360,000 |
Weighted- Average Remaining Contractual Life in Years | 6 years 1 month 6 days |
Weighted- Average Exercise Price, option outstanding | $5.05 |
Number Exercisable at December 31, 2014 | 247,500 |
Weighted- Average Exercise Price, option exercisable | $5.05 |
Aggregate Intrinsic Value at December 31, 2014 | 2,630 |
Range Five [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit | $6.36 |
Upper range limit | $6.82 |
Number Outstanding at December 31, 2014 | 122,880 |
Weighted- Average Remaining Contractual Life in Years | 6 years 6 months |
Weighted- Average Exercise Price, option outstanding | $6.49 |
Number Exercisable at December 31, 2014 | 72,880 |
Weighted- Average Exercise Price, option exercisable | $6.48 |
Aggregate Intrinsic Value at December 31, 2014 | 670 |
Range Six [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit | $7.01 |
Upper range limit | $8.51 |
Number Outstanding at December 31, 2014 | 95,000 |
Weighted- Average Remaining Contractual Life in Years | 6 years 8 months 12 days |
Weighted- Average Exercise Price, option outstanding | $7.50 |
Number Exercisable at December 31, 2014 | 65,000 |
Weighted- Average Exercise Price, option exercisable | $7.51 |
Aggregate Intrinsic Value at December 31, 2014 | $531 |
StockBased_Awards_Summary_of_R
Stock-Based Awards - Summary of Restricted Shares Outstanding (Detail) (Restricted Stock Awards [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards, beginning balance | 1,896,877 | 1,281,144 | 1,311,371 |
Granted | 623,088 | 981,810 | 1,209,114 |
Vested | -996,385 | -358,334 | -1,209,121 |
Forfeited | -9,641 | -7,743 | -30,220 |
Restricted stock awards, ending balance | 1,513,939 | 1,896,877 | 1,281,144 |
StockBased_Awards_Summary_of_S1
Stock-Based Awards - Summary of Stock-Based Compensation Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $8,137 | $6,459 | $7,437 |
Employees and Directors Option Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 487 | 381 | 1,436 |
Employees and Directors Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 7,650 | 6,078 | 3,814 |
Nonemployee Consultants and Special Advisers Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $2,187 |
StockBased_Awards_Summary_of_U
Stock-Based Awards - Summary of Unrecognized Stock-Based Compensation Expense and Remaining Vesting Period (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Employees and Directors Option Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock-Based Compensation | $415 |
Average Remaining Vesting Period | 1 year 22 days |
Employees and Directors Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock-Based Compensation | $10,574 |
Average Remaining Vesting Period | 1 year 4 months 28 days |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Compensation and Retirement Disclosure [Abstract] | |||
Discretionary contributions | $588,000 | $491,000 | $0 |
Earnings_Per_Share_Reconciliat
Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||
Net income | $61,051 | $51,537 | $11,030 |
Shares of common stock and common stock equivalents: | |||
Weighted averages shares used in basic computation | 131,770 | 126,651 | 122,138 |
Dilutive effect of stock options and unvested restricted stock | 6,781 | 13,146 | 15,830 |
Weighted averages shares used in dilutive computation | 138,551 | 139,797 | 137,968 |
Basic earnings per share | $0.46 | $0.41 | $0.09 |
Dilutive earnings per share | $0.44 | $0.37 | $0.08 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive excluded from calculation of diluted earnings per share | 1,246,888 | 0 | 0 |
Income_Taxes_Components_of_Cur
Income Taxes - Components of Current and Deferred Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $0 | $0 | $0 |
State and local | 94 | ||
Foreign | 0 | 0 | 0 |
Total current | 94 | ||
Deferred: | |||
Federal | 10,739 | ||
State and local | 1,664 | ||
Foreign | 0 | 0 | 0 |
Total deferred | 12,403 | ||
Income tax expense from operations | $12,497 |
Income_Taxes_Schedule_of_Net_O
Income Taxes - Schedule of Net Operating Losses for Tax Purposes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Beginning NOL | ($140,959) | ($136,515) | ($106,939) |
U.S. GAAP income | 77,609 | 51,537 | 11,030 |
Tax differences: | |||
Temporary | -1,425 | 5,580 | -5,633 |
Permanent | -45,064 | -61,561 | -37,618 |
Net operating losses expired | 2,645 | ||
Ending NOL | ($109,839) | ($140,959) | ($136,515) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Mar. 31, 2014 | |
Schedule Of Income Tax [Line Items] | ||||||
Net operating losses expiration period | 20 years | |||||
NOLs available for deferred tax asset | $5,244,000 | $5,244,000 | $25,837,000 | |||
Deferred tax asset offset by a valuation allowance | 816,000 | 816,000 | 21,221,000 | |||
Unrecognized stock-based compensation | 101,108,000 | 101,108,000 | 111,635,000 | |||
Valuation allowance resulting in income tax benefit | 5,618,000 | 5,618,000 | 21,221,000 | |||
Deferred tax asset resulting from foreign losses | 816,000 | 816,000 | ||||
Credit to additional paid-in capital for the amount of NOLs from stock-based compensation | 21,893,000 | |||||
Current baseline operating tax rate | 16.99% | 0.00% | 0.00% | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% | |||
Uncertain tax positions, interest or penalties amount | 0 | |||||
Income tax examination description | Tax returns filed with each jurisdiction remain open to examination under the normal three-year statute of limitations. | |||||
Previously Reported [Member] | State Income Tax [Member] | ||||||
Schedule Of Income Tax [Line Items] | ||||||
Current baseline operating tax rate | 45.00% | |||||
Restatement Adjustment [Member] | State Income Tax [Member] | ||||||
Schedule Of Income Tax [Line Items] | ||||||
Current baseline operating tax rate | 38.00% | |||||
Foreign Subsidiaries [Member] | ||||||
Schedule Of Income Tax [Line Items] | ||||||
NOLs available for deferred tax asset | 4,061,000 | 4,061,000 | ||||
Deferred tax asset offset by a valuation allowance | $816,000 | $816,000 |
Income_Taxes_Schedule_of_Net_O1
Income Taxes - Schedule of Net Operating Loss Expiration (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Operating Loss Carryforwards [Line Items] | |
Net operating loss expiration amount | $109,839 |
2018 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss expiration amount | 502 |
2019 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss expiration amount | 5,101 |
2021 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss expiration amount | 579 |
2023 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss expiration amount | 608 |
2024 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss expiration amount | 1,942 |
2027 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss expiration amount | 18,039 |
2028 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss expiration amount | 19,754 |
2029 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss expiration amount | 14,218 |
2030 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss expiration amount | 6,385 |
2031 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss expiration amount | 6,052 |
2032 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss expiration amount | 32,215 |
2033 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss expiration amount | $4,444 |
Income_Taxes_Schedule_of_Annua
Income Taxes - Schedule of Annual Limitations for Net Operating Losses (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||||
Total | $109,839 | $140,959 | $136,515 | $106,939 |
Annual Prospective Limitation | 524 | |||
Annual Deemed Worthless | 3,487 | |||
1998 - 2004 [Member] | ||||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||||
Total | 8,731 | |||
Annual Prospective Limitation | 524 | |||
Annual Deemed Worthless | 3,487 | |||
2005 - 2013 [Member] | ||||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||||
Total | $101,108 |
Income_Taxes_Schedule_of_Recon
Income Taxes - Schedule of Reconciliation of Gross Net Operating Loss (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ||||
Net operating losses | $109,839 | $140,959 | $136,515 | $106,939 |
Net operating losses deemed worthless | -3,487 | -3,487 | ||
Unrecognized stock-based compensation | -101,108 | -111,635 | ||
Gross net operating losses available for deferred tax asset | 5,244 | 25,837 | ||
Tax rate | 38.38% | 45.43% | ||
Tax affected | $2,013 | $11,738 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Net operating losses | $2,013 | $11,738 |
Foreign net operating losses | 816 | |
Stock-based compensation | 6,046 | 7,579 |
Accrued expenses | 5,236 | |
Deferred rent liability | 2,170 | 1,855 |
Other | 82 | 82 |
Deferred tax assets | 16,363 | 21,254 |
Deferred tax liabilities: | ||
Incentive compensation | 4,092 | |
Fixed assets | 1,965 | 7 |
Unrealized gains | 26 | |
Deferred tax liabilities | 6,057 | 33 |
Total deferred tax assets less deferred tax liabilities | 10,306 | 21,221 |
Less: valuation allowance | -816 | -21,221 |
Net deferred tax assets and liabilities | $9,490 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Statutory Federal Income Tax Rate and Company's Effective Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Permanent differences | 0.69% | 0.09% | 0.37% |
State income tax rate, net of federal benefit | 1.55% | 10.06% | 9.44% |
Foreign tax differential | 0.82% | ||
Decrease in valuation allowance | -27.74% | -45.13% | -44.82% |
Change in effective state rate | 6.86% | ||
Other differences, net | -0.19% | -0.02% | 0.01% |
Effective rate | 16.99% | 0.00% | 0.00% |
Shares_Repurchased_Additional_
Shares Repurchased - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | |||
Repurchased common stock, shares | 415,834 | 136,641 | 357,123 |
Repurchased shares, value | $6,531 | $1,613 | $2,261 |
Public_Offerings_Additional_In
Public Offerings - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2012 | Feb. 29, 2012 | Dec. 31, 2012 | |
Equity [Abstract] | |||
Public offering of common stock per share amount | $6.10 | $5.61 | |
Shares sold by company | 1,000,000 | ||
Number of shares sold by stockholders | 27,795,630 | 15,516,587 | |
Proceeds after commissions and other direct selling expenses | $4,329,000 | $4,329,000 | |
Sale of Stock, Consideration Received on Transaction | 0 | ||
Proceeds from Existing Shareholders on Sale | 0 | ||
Expenses related to offering | $353,000 |
ETF_Shareholder_Proxy_Solicita1
ETF Shareholder Proxy Solicitation - Additional Information (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Equity [Abstract] | |
Percentage of common stock own by beneficial owner | 25.50% |
Reduced percentage of common stock owned by beneficial owner due to sell or transfer | 25.00% |
Threshold percentage of ownership presumes change in control | 25.00% |
ETF shareholders proxy | $3,264 |
Acquisition_and_Goodwill_Addit
Acquisition and Goodwill - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |
Apr. 15, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | |||
Remaining acquiree ownership percentage | 25.00% | ||
Acquisition ownership percentage | 88.00% | ||
Goodwill | $1,676,000 | ||
WisdomTree Europe [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition ownership percentage | 75.00% | ||
Time period over percentage change of ownership occur | 4 years | ||
Business acquisition consideration transferred | 0 | ||
Payout description | The ultimate payout will be made in cash over two years. | ||
Payout period | 2 years | ||
Acquisition transaction cost | 1,607,000 | ||
WisdomTree Europe [Member] | Chief Executive Officer [Member] | |||
Business Acquisition [Line Items] | |||
Guaranteed minimum payment | 1,757,000 | ||
Boost Shareholders [Member] | |||
Business Acquisition [Line Items] | |||
Number of shareholders | 2 | ||
Redeemable noncontrolling interest, ownership percentage by noncontrolling owners | 25.00% | ||
Goodwill | 1,676,000 | ||
Purchase price | 1,757,000 | ||
Boost Shareholders [Member] | Fair Value [Member] | |||
Business Acquisition [Line Items] | |||
Fair value of net assets acquired | $81,000 |
Acquisition_and_Goodwill_Summa
Acquisition and Goodwill - Summary of Goodwill Activity (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Business Combination, Goodwill [Abstract] | |
Beginning balance | |
Goodwill acquired during the period | 1,676 |
Ending balance | $1,676 |