Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 17, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | WETF | ||
Entity Registrant Name | WisdomTree Investments, Inc. | ||
Entity Central Index Key | 880,631 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | 136,406,918 | ||
Entity Public Float | $ 2,515,088,646 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 210,070 | $ 165,284 |
Accounts receivable | 27,576 | 18,176 |
Other current assets | 2,899 | 1,708 |
Total current assets | 240,545 | 185,168 |
Fixed assets, net | 11,974 | 10,356 |
Investments | 23,689 | 13,990 |
Deferred tax asset, net | 14,071 | 9,490 |
Goodwill | 1,676 | 1,676 |
Other noncurrent assets | 738 | 71 |
Total assets | 292,693 | 220,751 |
Current liabilities: | ||
Fund management and administration payable | 12,971 | 9,983 |
Compensation and benefits payable | 28,060 | 14,333 |
Accounts payable and other liabilities | 8,063 | 5,115 |
Total current liabilities: | 49,094 | 29,431 |
Acquisition payable | 3,942 | 1,757 |
Deferred rent payable | 5,155 | 5,278 |
Total liabilities | $ 58,191 | $ 36,466 |
Stockholders' equity: | ||
Preferred stock, par value $0.01; 2,000 shares authorized: | ||
Common stock, par value $0.01; 250,000 shares authorized; issued: 138,415 and 134,959; outstanding: 136,794 and 133,445 | $ 1,384 | $ 1,350 |
Additional paid-in capital | 257,960 | 209,216 |
Accumulated other comprehensive loss | (126) | (53) |
Accumulated deficit | (24,716) | (26,228) |
Total stockholders' equity | 234,502 | 184,285 |
Total liabilities and stockholders' equity | $ 292,693 | $ 220,751 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 138,415,000 | 134,959,000 |
Common stock, shares outstanding | 136,794,000 | 133,445,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
ETF advisory fees | $ 297,944 | $ 182,816 | $ 148,594 |
Other income | 998 | 946 | 874 |
Total revenues | 298,942 | 183,762 | 149,468 |
Expenses: | |||
Compensation and benefits | 73,228 | 40,995 | 36,210 |
Fund management and administration | 42,782 | 34,383 | 35,076 |
Marketing and advertising | 13,371 | 11,514 | 8,309 |
Sales and business development | 9,189 | 6,221 | 6,474 |
Professional and consulting fees | 7,067 | 7,578 | 2,748 |
Occupancy, communications, and equipment | 4,299 | 3,578 | 2,784 |
Depreciation and amortization | 1,006 | 821 | 439 |
Third party sharing arrangements | 2,443 | 594 | 1,368 |
Acquisition contingent payment | 2,185 | ||
Other | 6,187 | 4,530 | 4,523 |
Total expenses | 161,757 | 110,214 | 97,931 |
Income before taxes | 137,185 | 73,548 | 51,537 |
Income tax expense | 57,133 | 12,497 | |
Net income | $ 80,052 | $ 61,051 | $ 51,537 |
Net income per share - basic | $ 0.58 | $ 0.46 | $ 0.41 |
Net income per share - diluted | $ 0.58 | $ 0.44 | $ 0.37 |
Weighted-average common shares - basic | 137,242 | 131,770 | 126,651 |
Weighted-average common shares - diluted | 138,825 | 138,551 | 139,797 |
Cash dividends declared per common share | $ 0.57 | $ 0.08 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Comprehensive income | |||
Net income | $ 80,052 | $ 61,051 | $ 51,537 |
Other comprehensive loss | |||
Foreign currency translation adjustment | (73) | (53) | |
Comprehensive income | $ 79,979 | $ 60,998 | $ 51,537 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Comprehensive Loss [Member] | Accumulated Deficit [Member] |
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 | (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 | (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 | 133,445,000 | 134,959,000 | |||
Restricted stock issued, net | $ 9 | (9) | |||
Restricted stock issued net, shares | 861,000 | ||||
Shares repurchased | $ (24,116) | $ (12) | (24,104) | ||
Shares repurchased, shares | (1,190,000) | ||||
Exercise of stock options, net | $ 4,520 | $ 37 | 4,483 | ||
Exercise of stock options net, shares | 3,785,473 | 3,785,000 | |||
Stock-based compensation | $ 10,900 | 10,900 | |||
Tax benefit from stock option exercised and vested restricted shares | 57,474 | 57,474 | |||
Foreign currency translation adjustment | (73) | (73) | |||
Dividends | (78,540) | (78,540) | |||
Net income | 80,052 | 80,052 | |||
Balance at Dec. 31, 2015 | $ 234,502 | $ 1,384 | $ 257,960 | $ (126) | $ (24,716) |
Balance, shares at Dec. 31, 2015 | 136,794,000 | 138,415,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 80,052 | $ 61,051 | $ 51,537 |
Non-cash items included in net income: | |||
Income tax expense | 53,018 | 12,403 | |
Depreciation and amortization and other | 1,006 | 821 | 439 |
Stock-based compensation | 10,900 | 8,137 | 6,459 |
Deferred rent | (83) | 1,572 | 706 |
Accretion to interest income and other | 4 | (72) | 116 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (9,321) | (369) | (5,020) |
Other assets | (1,864) | 99 | (579) |
Acquisition contingent payment | 2,185 | ||
Fund management and administration payable | 2,978 | (445) | 3,470 |
Compensation and benefits payable | 13,286 | (186) | 12,122 |
Accounts payable and other liabilities | 2,950 | (381) | 874 |
Net cash provided by operating activities | 155,111 | 82,630 | 70,124 |
Cash flows from investing activities: | |||
Purchase of fixed assets | (2,616) | (4,894) | (6,211) |
Purchase of investments | (14,467) | (3,225) | (3,597) |
Cash acquired on acquisition | 1,349 | ||
Proceeds from the redemption of investments | 4,764 | 939 | 2,781 |
Net cash used in investing activities | (12,319) | (5,831) | (7,027) |
Cash flows from financing activities: | |||
Dividends paid | (78,540) | (10,785) | |
Shares repurchased | (24,116) | (6,531) | (1,613) |
Proceeds from exercise of stock options and warrants | 4,520 | 1,544 | 1,586 |
Net cash used in financing activities | (98,136) | (15,772) | (27) |
Increase/(decrease) in cash flow due to changes in foreign exchange rate | 130 | (59) | |
Net increase in cash and cash equivalents | 44,786 | 60,968 | 63,070 |
Cash and cash equivalents-beginning of year | 165,284 | 104,316 | 41,246 |
Cash and cash equivalents-end of year | 210,070 | 165,284 | 104,316 |
Supplemental disclosure of cash flow information: | |||
Cash paid for taxes | $ 1,262 | $ 66 | 38 |
Noncash investing and financing activities: | |||
Cashless exercise of stock options and warrants | $ 267 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business WisdomTree Investments, Inc., through its global subsidiaries (collectively, “WisdomTree” or the “Company”), is an exchange traded product (“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. • Boost Management Limited • WisdomTree Europe Limited • WisdomTree Management Limited • WisdomTree Japan K. K. 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 to WTT the use of certain of its own indexes on an exclusive basis for the WisdomTree ETFs in the U.S. 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 Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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 from its ETPs, as well as licensing fees from third parties. ETP 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. Stock-based compensation is measured based on the grant-date fair value of the award and is amortized over the relevant service period. 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 licensed to WTT and WTI the use of certain of its own indexes on an exclusive basis for the WisdomTree ETFs in the U.S. and Europe 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, 2015 and December 31, 2014, the balance of accounts receivable from WTT was approximately $24,560 and $17,288, respectively, which is included as a component of accounts receivable on the Company’s Consolidated Balance Sheets. Revenues from advisory services provided to WTT for the years ended December 31, 2015, 2014 and 2013 was approximately $293,788, $181,987 and $148,594, respectively. At December 31, 2015 and December 31, 2014, the balance of accounts receivable from BI and WTI was approximately $487 and $157, respectively, which is included as a component of accounts receivable on the Company’s Consolidated Balance Sheets. Revenues from advisory fee services provided to BI and WTI for the years ended December 31, 2015 and 2014 was approximately $4,156 and $829, respectively. Third-Party Sharing Arrangements The Company pays a percentage of its advisory fee revenues based on incremental growth in AUM, subject to caps or minimums, to marketing agents to sell WisdomTree ETFs and for including WisdomTree ETFs on third party customer platforms. 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 and Japan. Recently Issued Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2015-17 (ASU 2015-17), Balance Sheet Classification of Deferred Taxes, ASU 2015-17 In February 2015, the FASB issued Accounting Standards Update 2015-02 (ASU 2015-02) Amendments to the Consolidation Analysis ASC 810-10-65-2(a), In May 2014, the FASB issued Accounting Standards Update 2014-09 (ASU 2014-09) Revenue from Contracts with Customers 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 Meas
Investments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
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: 2015 2014 Held-to- Held-to- Federal agency debt instruments $ 23,689 $ 13,990 The following table summarizes unrealized gains, losses, and fair value of investments: 2015 2014 Held-to- Maturity Held-to- Maturity Cost/amortized cost $ 23,689 $ 13,990 Gross unrealized gains 82 112 Gross unrealized losses (609 ) (386 ) Fair value $ 23,162 $ 13,716 The following table sets forth the maturity profile of investments; however these investments may be called prior to maturity date: 2015 2014 Held-to- Maturity Held-to- Maturity Due within one year $ — $ — Due one year through five years 8,369 1,409 Due five years through ten years 3,127 350 Due over ten years 12,193 12,231 Total $ 23,689 $ 13,990 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 Level 2 Level 3 This hierarchy requires the use of observable market data when available. The Company’s held-to-maturity securities are categorized as Level 1. The Company estimated the fair value of the acquisition payable to be $9,900, of which $3,942 has been recorded as of December 31, 2015 (Note 11). The fair value measurement of the acquisition payable is categorized as Level 3 and based on a predefined formula that includes the following inputs: the contractual minimum payment obligation, European AUM, the Company’s enterprise value over global AUM, and operating results of the European business. At each reporting period, the fair value of the acquisition payable is determined using a discounted cash flows analysis. The significant unobservable inputs used in the fair value measurement as of December 31, 2015 are the projected AUM of the European listed ETPs (ranging from $1.0 billion to $6.0 billion), the projected operating results of the European business, and the discount rate (27.5%). Significant increases (decreases) to the projected AUM of the European listed ETPs or operating results of the European business in isolation would result in a higher (lower) fair value measurement. Significant increases (decreases) to the discount rate in isolation would be expected to result in a lower (higher) fair value measurement. During the year ended December 31, 2015, the Company recorded an expense of $2,185, which was recorded as acquisition contingent payment on the Company’s Consolidated Statements of Operations. Some of the Company’s 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, 2015 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | 4. Fixed Assets The following table summarizes fixed assets: December 31, 2015 2014 Equipment $ 1,258 $ 913 Furniture and fixtures 2,382 1,620 Leasehold improvements 10,312 8,795 Less accumulated depreciation and amortization (1,978 ) (972 ) Total $ 11,974 $ 10,356 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015, 2014, and 2013 were approximately $3,447, $3,157 and $2,323, respectively. Future minimum lease payments with respect to non-cancelable operating leases at December 31, 2015 are approximately as follows: 2016 $ 3,925 2017 3,512 2018 3,119 2019 and thereafter 29,933 Total $ 40,489 Letter of Credit The Company collateralized its U.S. office lease through a standby letter of credit totaling $1,384. The collateral is included in investments on the Company’s Consolidated Balance Sheets. 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. |
Stock-Based Awards
Stock-Based Awards | 12 Months Ended |
Dec. 31, 2015 | |
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 may be issued for terms of ten years and may vest between two to four years. Options may be 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 stock and option awards require future service as a condition of vesting with certain awards subject to acceleration under certain conditions. The Company has three equity award plans, which are similar in nature (collectively, referred to as the “Plans”). Under the Plans, the Company can issue a maximum of 23,000,000 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, 2015 expire on dates ranging from May 21, 2016 to November 15, 2021. A summary of option activity is as follows: Options Weighted- Average Exercise Price Outstanding January 1, 2013 12,760,191 $ 0.95 Granted — — Forfeitures or expirations (40,000 ) 4.11 Exercised (4,875,500 ) 0.38 Outstanding at December 31, 2013 7,844,691 $ 1.29 Granted — — Forfeitures or expirations — — Exercised (2,514,621 ) 0.61 Outstanding at December 31, 2014 5,330,070 $ 1.61 Granted — — Forfeitures or expirations — — Exercised (3,785,473 ) 1.19 Outstanding at December 31, 2015 1,544,597 $ 2.62 The following table summarizes information on stock options outstanding at December 31, 2015: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding at December 31, 2015 Weighted- Average Remaining Contractual Life in Years Weighted- Average Exercise Price Number Exercisable at December 31, 2015 Weighted- Average Exercise Price Aggregate Intrinsic Value at December 31, 2015 $0.70 – $0.70 435,000 3.1 0.70 435,000 0.70 6,516 $1.07 – $1.07 263,635 1.3 1.07 263,635 1.07 3,852 $2.09 – $2.26 396,426 3.4 2.20 396,426 2.20 5,345 $5.05 – $5.05 285,000 5.1 5.05 210,000 5.05 2,232 $6.36 – $6.82 74,536 5.4 6.46 74,536 6.46 687 $7.01 – $8.51 90,000 5.7 7.48 90,000 7.48 738 1,544,597 3.5 $ 2.62 1,469,597 $ 2.50 $ 19,370 Restricted stock The Company grants restricted stock to employees and directors. All restricted stock awards require future service as a condition of vesting with certain awards subject to acceleration under certain conditions. Restricted stock awards generally vest over three years. The following table summarizes information about restricted shares outstanding for the years ended December 31, 2015, 2014 and 2013: Restricted Unvested balance at January 1, 2013 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 Granted 886,413 Vested (753,917 ) Forfeited (25,709 ) Unvested balance at December 31, 2015 1,620,726 The following table summarizes the Company’s stock-based compensation expense: Year Ended December 31, 2015 2014 2013 Employees and directors option awards $ 295 $ 487 $ 381 Employees and directors restricted stock awards 10,605 7,650 6,078 Total $ 10,900 $ 8,137 $ 6,459 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, 2015: Unrecognized Stock-Based Compensation Average Remaining Vesting Period Employees and directors option awards $ 120 1.07 Employees and directors restricted stock awards $ 17,008 1.61 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
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. A summary of the Company made discretionary contributions is as follows: Year Ended December 31, 2015 2014 2013 $ 763 $ 588 $ 491 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
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: Year Ended December 31, 2015 2014 2013 (shares in thousands) Net income $ 80,052 $ 61,051 $ 51,537 Shares of common stock and common stock equivalents: Weighted average shares used in basic computation 137,242 131,770 126,651 Dilutive effect of common stock equivalents 1,583 6,781 13,146 Weighted average shares used in dilutive computation 138,825 138,551 139,797 Basic earnings per share $ 0.58 $ 0.46 $ 0.41 Diluted earnings per share $ 0.58 $ 0.44 $ 0.37 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 common stock equivalents was included in the diluted earnings per share in the years ended December 31, 2015, 2014 and 2013, respectively. 1,247 common stock equivalents 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 common stock equivalents included in the calculation of diluted earnings per share for the years ended December 31, 2015 and 2013. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015, 2014 and 2013 as determined in accordance with ASC 740, Income Taxes (“ASC 740”), are as follows: Year Ended December 31, 2015 2014 2013 Current: Federal $ 1,598 $ — $ — State and local 2,431 94 — Foreign 210 — — 4,239 94 — Deferred: Federal 46,784 10,739 — State and local 6,233 1,664 — Foreign (123 ) — — 52,894 12,403 — Income tax expense from operations $ 57,133 $ 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 (“NOLs”) during the year ended December 31, 2013 and prior periods which may be used to minimize income taxes. The following table provides a summary of the NOL activity for the years indicated: Year Ended December 31, 2015 2014 2013 Beginning NOLs $ (109,839 ) $ (140,959 ) $ (136,515 ) 2014 return to provision adjustment 3,906 — — U.S. GAAP income 143,665 77,609 51,537 Tax differences: Temporary 11,804 (1,425 ) 5,580 Permanent (73,175 ) (45,064 ) (61,561 ) State taxes (2,431 ) — — Ending NOLs $ (26,070 ) $ (109,839 ) $ (140,959 ) 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, accrued 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, 2015. See Note 6 for additional details related to outstanding stock compensation awards. The Company’s NOLs 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 NOLs 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: 2019 $ 5,078 2021 579 2023 608 2024 1,942 2032 13,419 2033 4,444 $ 26,070 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 Prospective Limitation Amount Deemed Worthless 1998 — 2004 $ 8,207 $ 524 $ 3,487 2005 — 2013 17,863 — — NOLs $ 26,070 $ 524 $ 3,487 Any NOLs not used because of the annual limitation can be used in future periods until expiration. Net operating losses – Non-U.S. During the years ended December 31, 2015 and 2014, the Company’s foreign subsidiaries generated $6,685 and $4,061 of NOLs for a total of $10,746. At December 31, 2015 and 2014, a deferred tax asset related to these NOLs has been fully offset by a valuation allowance of $2,051 and $816 respectively. Deferred tax asset As of December 31, 2015 and 2014, $17,863 and $101,108 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. These amounts cannot be recognized as a deferred tax asset under U.S. GAAP. Similarly, a deferred tax asset for AMT credit of $1,598 that was created in 2015 also cannot be recognized. A reconciliation of the NOLs presented above and the amount utilized in calculating the deferred tax asset at December 31, 2015 and 2014, respectively, is as follows: December 31, 2015 2014 NOLs $ 26,070 $ 109,839 NOLs deemed worthless (3,487 ) (3,487 ) Unrecognized stock-based compensation (17,863 ) (101,108 ) Gross NOLs available for deferred tax asset 4,720 5,244 Tax rate 38.74 % 38.38 % Tax affected $ 1,828 $ 2,013 At December 31, 2015 and 2014, the composition of the deferred tax asset is summarized as follows: December 31, 2015 2014 Deferred tax assets: NOLs $ 1,828 $ 2,013 Foreign NOLs 2,051 816 Stock-based compensation 4,868 6,046 Accrued expenses 10,197 5,236 Deferred rent liability 2,116 2,170 Other 82 82 Deferred tax assets 21,142 16,363 Deferred tax liabilities: Incentive compensation 2,753 4,092 Fixed assets 2,272 1,965 Unrealized gains (5 ) — Deferred tax liabilities 5,020 6,057 Total deferred tax assets less deferred tax liabilities 16,122 10,306 Less: valuation allowance (2,051 ) (816 ) Net deferred tax assets and liabilities $ 14,071 $ 9,490 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. At December 31, 2015 and 2014, the Company generated foreign losses resulting in a deferred tax asset of $2,051 and $816, respectively, that is currently not expected to be realized in the foreseeable future and, accordingly, a valuation allowance was established. During the third quarter of 2014, the Company completed a state income tax study, which resulted in a reduction in its 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 its 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, 2015 2014 2013 Federal statutory rate 35.00 % 35.00 % 35.00 % Permanent differences 0.69 % 0.69 % 0.09 % State income tax rate, net of federal benefit 4.11 % 1.55 % 10.06 % Foreign tax differential 0.82 % 0.82 % — Change in valuation allowance 0.90 % (27.74 %) (45.13 %) Change in effective state rate (0.06 %) 6.86 % — Other differences, net 0.19 % (0.19 %) (0.02 %) Effective rate 41.65 % 16.99 % 0.00 % Uncertain tax positions As of December 31, 2015, 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. APB 23 – Accounting for Income Taxes The Company recognizes deferred tax liabilities associated with outside basis differences on investments in foreign subsidiaries unless the difference is considered essentially permanent in duration. As of December 31, 2015, the Company has not recorded any deferred taxes on approximately $117 of undistributed earnings and profits as they are considered permanently reinvested. In addition, foreign tax credits will likely be available to eliminate a substantial portion of any future tax from distributions of these foreign earnings. As of December 31, 2015, the determination of the unrecorded deferred tax liability related to these earnings is not practicable. If circumstances change in the foreseeable future and it becomes apparent that some or all of the undistributed earnings will not be reinvested indefinitely, or will be remitted in the foreseeable future, an additional deferred tax liability will be recorded for some or all of the outside basis difference. |
Shares Repurchased
Shares Repurchased | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Shares Repurchased | 10. Shares Repurchased On October 29, 2014, the Company’s Board of Directors authorized a three-year share repurchase program of up to $100 million. During the year ended December 31, 2015, the Company repurchased 1,190 shares of its common stock under this program for an aggregate cost of $24,116. As of December 31, 2015, $75,884 remains under this program for future purchases. During the years ended December 31, 2014 and 2013, the Company repurchased 416 and 137 shares of its common stock for an aggregate cost of $6,531 and $1,613, respectively. |
Acquisition and Goodwill
Acquisition and Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisition and Goodwill | 11. 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 on or about March 31, 2018 using a predefined formula based on the 180-day average of European AUM at December 31, 2017 and will be tied to the Company’s enterprise value over the 180-day average of global AUM at December 31, 2017, 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 the two years subsequent to December 31, 2017. 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 prior to December 31, 2017. 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 acquisition contingent payment on the Company’s Consolidated Statements of Operations and Comprehensive Income and represents compensation for post-acquisition services, which will be recognized through December 31, 2017. The obligation to mandatorily redeem the remaining 12% minority shareholders’ interest in Boost is measured at the fair value of the amount of cash that would be paid under the conditions specified in the agreement. Any change in the carrying amount of the liability will be recognized as an expense. For the year ended December 31, 2015, the Company incurred $997 of compensation expense and $1,188 of interest expense, which represents contingent consideration due to the co-CEOs and non-employee shareholders, respectively. These amounts have both been recorded in acquisition contingent payment on the Company’s Consolidated Statements of Operations and Comprehensive Income. Because the Company is required to redeem the shares from the former Boost shareholders on or about March 31, 2018 using 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. 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 activity of goodwill: Balance at January 1, 2014 $ — Goodwill acquired during the period 1,676 Balance at December 31, 2014 1,676 Goodwill acquired during the period — Balance at December 31, 2015 $ 1,676 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | 12. Subsequent Event On October 29, 2015, the Company entered into an agreement to acquire GreenHaven Commodity Services, LLC, the managing owner of the GreenHaven Continuous Commodity Index Fund (NYSE Arca: GCC), and GreenHaven Coal Services, LLC, the sponsor of the GreenHaven Coal Fund (NYSE Arca: TONS), from GreenHaven, LLC and GreenHaven Group LLC, respectively, for approximately $11,839 in cash. The transaction closed on January 4, 2016 with an effective date of January 1, 2016. The Company has retained GreenHaven Advisors, LLC as the sub-advisor to the funds to conduct portfolio management services. In January and February 2016, the Company repurchased 3.4 million shares of its common stock under its share repurchase program for an aggregate cost of $35.6 million. |
Significant Accounting Polici20
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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 from its ETPs, as well as licensing fees from third parties. ETP 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. Stock-based compensation is measured based on the grant-date fair value of the award and is amortized over the relevant service period. |
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 licensed to WTT and WTI the use of certain of its own indexes on an exclusive basis for the WisdomTree ETFs in the U.S. and Europe 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, 2015 and December 31, 2014, the balance of accounts receivable from WTT was approximately $24,560 and $17,288, respectively, which is included as a component of accounts receivable on the Company’s Consolidated Balance Sheets. Revenues from advisory services provided to WTT for the years ended December 31, 2015, 2014 and 2013 was approximately $293,788, $181,987 and $148,594, respectively. At December 31, 2015 and December 31, 2014, the balance of accounts receivable from BI and WTI was approximately $487 and $157, respectively, which is included as a component of accounts receivable on the Company’s Consolidated Balance Sheets. Revenues from advisory fee services provided to BI and WTI for the years ended December 31, 2015 and 2014 was approximately $4,156 and $829, respectively. |
Third-Party Sharing Arrangements | Third-Party Sharing Arrangements The Company pays a percentage of its advisory fee revenues based on incremental growth in AUM, subject to caps or minimums, to marketing agents to sell WisdomTree ETFs and for including WisdomTree ETFs on third party customer platforms. |
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 and Japan. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2015-17 (ASU 2015-17), Balance Sheet Classification of Deferred Taxes, ASU 2015-17 In February 2015, the FASB issued Accounting Standards Update 2015-02 (ASU 2015-02) Amendments to the Consolidation Analysis ASC 810-10-65-2(a), In May 2014, the FASB issued Accounting Standards Update 2014-09 (ASU 2014-09) Revenue from Contracts with Customers |
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 Polici21
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 |
Investments and Fair Value Me22
Investments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Schedule of Investments | The following table is a summary of the Company’s investments: 2015 2014 Held-to- Held-to- Federal agency debt instruments $ 23,689 $ 13,990 |
Schedule of Unrealized Gains, Losses and Fair Value of Investments | The following table summarizes unrealized gains, losses, and fair value of investments: 2015 2014 Held-to- Maturity Held-to- Maturity Cost/amortized cost $ 23,689 $ 13,990 Gross unrealized gains 82 112 Gross unrealized losses (609 ) (386 ) Fair value $ 23,162 $ 13,716 |
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: 2015 2014 Held-to- Maturity Held-to- Maturity Due within one year $ — $ — Due one year through five years 8,369 1,409 Due five years through ten years 3,127 350 Due over ten years 12,193 12,231 Total $ 23,689 $ 13,990 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Fixed Assets | The following table summarizes fixed assets: December 31, 2015 2014 Equipment $ 1,258 $ 913 Furniture and fixtures 2,382 1,620 Leasehold improvements 10,312 8,795 Less accumulated depreciation and amortization (1,978 ) (972 ) Total $ 11,974 $ 10,356 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 are approximately as follows: 2016 $ 3,925 2017 3,512 2018 3,119 2019 and thereafter 29,933 Total $ 40,489 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Option Activity | A summary of option activity is as follows: Options Weighted- Average Exercise Price Outstanding January 1, 2013 12,760,191 $ 0.95 Granted — — Forfeitures or expirations (40,000 ) 4.11 Exercised (4,875,500 ) 0.38 Outstanding at December 31, 2013 7,844,691 $ 1.29 Granted — — Forfeitures or expirations — — Exercised (2,514,621 ) 0.61 Outstanding at December 31, 2014 5,330,070 $ 1.61 Granted — — Forfeitures or expirations — — Exercised (3,785,473 ) 1.19 Outstanding at December 31, 2015 1,544,597 $ 2.62 |
Summary of Stock Options Outstanding | The following table summarizes information on stock options outstanding at December 31, 2015: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding at December 31, 2015 Weighted- Average Remaining Contractual Life in Years Weighted- Average Exercise Price Number Exercisable at December 31, 2015 Weighted- Average Exercise Price Aggregate Intrinsic Value at December 31, 2015 $0.70 – $0.70 435,000 3.1 0.70 435,000 0.70 6,516 $1.07 – $1.07 263,635 1.3 1.07 263,635 1.07 3,852 $2.09 – $2.26 396,426 3.4 2.20 396,426 2.20 5,345 $5.05 – $5.05 285,000 5.1 5.05 210,000 5.05 2,232 $6.36 – $6.82 74,536 5.4 6.46 74,536 6.46 687 $7.01 – $8.51 90,000 5.7 7.48 90,000 7.48 738 1,544,597 3.5 $ 2.62 1,469,597 $ 2.50 $ 19,370 |
Summary of Restricted Shares Outstanding | The following table summarizes information about restricted shares outstanding for the years ended December 31, 2015, 2014 and 2013: Restricted Unvested balance at January 1, 2013 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 Granted 886,413 Vested (753,917 ) Forfeited (25,709 ) Unvested balance at December 31, 2015 1,620,726 |
Summary of Stock-Based Compensation Expense | The following table summarizes the Company’s stock-based compensation expense: Year Ended December 31, 2015 2014 2013 Employees and directors option awards $ 295 $ 487 $ 381 Employees and directors restricted stock awards 10,605 7,650 6,078 Total $ 10,900 $ 8,137 $ 6,459 |
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, 2015: Unrecognized Stock-Based Compensation Average Remaining Vesting Period Employees and directors option awards $ 120 1.07 Employees and directors restricted stock awards $ 17,008 1.61 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Summary of Discretionary Contributions | A summary of the Company made discretionary contributions is as follows: Year Ended December 31, 2015 2014 2013 $ 763 $ 588 $ 491 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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: Year Ended December 31, 2015 2014 2013 (shares in thousands) Net income $ 80,052 $ 61,051 $ 51,537 Shares of common stock and common stock equivalents: Weighted average shares used in basic computation 137,242 131,770 126,651 Dilutive effect of common stock equivalents 1,583 6,781 13,146 Weighted average shares used in dilutive computation 138,825 138,551 139,797 Basic earnings per share $ 0.58 $ 0.46 $ 0.41 Diluted earnings per share $ 0.58 $ 0.44 $ 0.37 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015, 2014 and 2013 as determined in accordance with ASC 740, Income Taxes (“ASC 740”), are as follows: Year Ended December 31, 2015 2014 2013 Current: Federal $ 1,598 $ — $ — State and local 2,431 94 — Foreign 210 — — 4,239 94 — Deferred: Federal 46,784 10,739 — State and local 6,233 1,664 — Foreign (123 ) — — 52,894 12,403 — Income tax expense from operations $ 57,133 $ 12,497 $ — |
Schedule of Net Operating Losses for Tax Purposes | The Company has generated net operating losses for tax purposes (“NOLs”) during the year ended December 31, 2013 and prior periods which may be used to minimize income taxes. The following table provides a summary of the NOL activity for the years indicated: Year Ended December 31, 2015 2014 2013 Beginning NOLs $ (109,839 ) $ (140,959 ) $ (136,515 ) 2014 return to provision adjustment 3,906 — — U.S. GAAP income 143,665 77,609 51,537 Tax differences: Temporary 11,804 (1,425 ) 5,580 Permanent (73,175 ) (45,064 ) (61,561 ) State taxes (2,431 ) — — Ending NOLs $ (26,070 ) $ (109,839 ) $ (140,959 ) |
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: 2019 $ 5,078 2021 579 2023 608 2024 1,942 2032 13,419 2033 4,444 $ 26,070 |
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 Prospective Limitation Amount Deemed Worthless 1998 — 2004 $ 8,207 $ 524 $ 3,487 2005 — 2013 17,863 — — NOLs $ 26,070 $ 524 $ 3,487 |
Schedule of Reconciliation of Gross Net Operating Loss | A reconciliation of the NOLs presented above and the amount utilized in calculating the deferred tax asset at December 31, 2015 and 2014, respectively, is as follows: December 31, 2015 2014 NOLs $ 26,070 $ 109,839 NOLs deemed worthless (3,487 ) (3,487 ) Unrecognized stock-based compensation (17,863 ) (101,108 ) Gross NOLs available for deferred tax asset 4,720 5,244 Tax rate 38.74 % 38.38 % Tax affected $ 1,828 $ 2,013 |
Deferred Tax Assets | At December 31, 2015 and 2014, the composition of the deferred tax asset is summarized as follows: December 31, 2015 2014 Deferred tax assets: NOLs $ 1,828 $ 2,013 Foreign NOLs 2,051 816 Stock-based compensation 4,868 6,046 Accrued expenses 10,197 5,236 Deferred rent liability 2,116 2,170 Other 82 82 Deferred tax assets 21,142 16,363 Deferred tax liabilities: Incentive compensation 2,753 4,092 Fixed assets 2,272 1,965 Unrealized gains (5 ) — Deferred tax liabilities 5,020 6,057 Total deferred tax assets less deferred tax liabilities 16,122 10,306 Less: valuation allowance (2,051 ) (816 ) Net deferred tax assets and liabilities $ 14,071 $ 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, 2015 2014 2013 Federal statutory rate 35.00 % 35.00 % 35.00 % Permanent differences 0.69 % 0.69 % 0.09 % State income tax rate, net of federal benefit 4.11 % 1.55 % 10.06 % Foreign tax differential 0.82 % 0.82 % — Change in valuation allowance 0.90 % (27.74 %) (45.13 %) Change in effective state rate (0.06 %) 6.86 % — Other differences, net 0.19 % (0.19 %) (0.02 %) Effective rate 41.65 % 16.99 % 0.00 % |
Acquisition and Goodwill (Table
Acquisition and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Summary of Goodwill Activity | The following table summarizes the activity of goodwill: Balance at January 1, 2014 $ — Goodwill acquired during the period 1,676 Balance at December 31, 2014 1,676 Goodwill acquired during the period — Balance at December 31, 2015 $ 1,676 |
Significant Accounting Polici30
Significant Accounting Policies - Schedule of Estimated Useful Lives of Related Assets (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
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 Polici31
Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Financial_InstitutionSegment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Related Party Transaction [Line Items] | |||
Cash and cash equivalents maturity period, maximum | 90 days | ||
Number of financial institutions | Financial_Institution | 1 | ||
ETF advisory fee revenue | $ 297,944 | $ 182,816 | $ 148,594 |
Number of operating segments | Segment | 1 | ||
Adjustments for New Accounting Principle, Early Adoption [Member] | |||
Related Party Transaction [Line Items] | |||
Reduction in current assets | $ 9,279 | 3,872 | |
Boost Issuer PLC [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts receivable related-party | 487 | 157 | |
ETF advisory fee revenue | 4,156 | 829 | |
Wisdom Tree Issuer Plc [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts receivable related-party | 487 | 157 | |
ETF advisory fee revenue | 4,156 | 829 | |
WisdomTree Trust [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts receivable related-party | 24,560 | 17,288 | |
ETF advisory fee revenue | $ 293,788 | $ 181,987 | $ 148,594 |
Investments and Fair Value Me32
Investments and Fair Value Measurements - Schedule of Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity debt instruments | $ 23,689 | $ 13,990 |
Federal Agency [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity debt instruments | $ 23,689 | $ 13,990 |
Investments and Fair Value Me33
Investments and Fair Value Measurements - Schedule of Unrealized Gains, Losses and Fair Value of Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Held-to-maturity cost or amortized cost | $ 23,689 | $ 13,990 |
Held-to-maturity gross unrealized gains | 82 | 112 |
Held-to-maturity gross unrealized losses | (609) | (386) |
Held-to-maturity fair value | $ 23,162 | $ 13,716 |
Investments and Fair Value Me34
Investments and Fair Value Measurements - Schedule of Maturity Profile of Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Held-to-maturity due within one year | $ 0 | $ 0 |
Held-to-maturity due one year through five years | 8,369 | 1,409 |
Held-to-maturity due five years through ten years | 3,127 | 350 |
Held-to-maturity due over ten years | 12,193 | 12,231 |
Held-to-maturity cost or amortized cost | $ 23,689 | $ 13,990 |
Investments and Fair Value Me35
Investments and Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Acquisition payable | $ 3,942,000 | $ 1,757,000 |
Acquisition contingent payment | 2,185,000 | |
Boost Shareholders [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Acquisition contingent payment | 2,185,000 | |
Level 3 [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Acquisition payable | 3,942,000 | |
Estimated fair value of acquisition payable | $ 9,900,000 | |
Discounted cash flows, discount rate | 27.50% | |
Level 3 [Member] | ETP [Member] | Europe [Member] | Minimum [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Projected AUM | $ 1,000,000,000 | |
Level 3 [Member] | ETP [Member] | Europe [Member] | Maximum [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Projected AUM | $ 6,000,000,000 |
Fixed Assets - Schedule of Fixe
Fixed Assets - Schedule of Fixed Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Less accumulated depreciation and amortization | $ (1,978) | $ (972) |
Total | 11,974 | 10,356 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 1,258 | 913 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 2,382 | 1,620 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 10,312 | $ 8,795 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating leases expenses | $ 3,447 | $ 3,157 | $ 2,323 |
Stand by letter of credit decreased | $ 1,384 |
Commitments and Contingencies38
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 3,925 |
2,017 | 3,512 |
2,018 | 3,119 |
2019 and thereafter | 29,933 |
Total | $ 40,489 |
Stock-Based Awards - Additional
Stock-Based Awards - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015Equity_Planshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock option issuance period | 10 years |
Option issued period | Options may be issued for terms of ten years |
Number of equity award plans | Equity_Plan | 3 |
Issuance of common stock pursuant to stock options | shares | 23,000,000 |
Expire start date on options | May 21, 2016 |
Expire end date on options | Nov. 15, 2021 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Option vested period | 3 years |
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 |
Stock-Based Awards - Summary of
Stock-Based Awards - Summary of Option Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Options, beginning balance | 5,330,070 | 7,844,691 | 12,760,191 |
Options, Granted | 0 | 0 | 0 |
Options, Forfeitures or expirations | (40,000) | ||
Options, Exercised | (3,785,473) | (2,514,621) | (4,875,500) |
Options, ending balance | 1,544,597 | 5,330,070 | 7,844,691 |
Weighted Average Exercise Price of Options, beginning balance | $ 1.61 | $ 1.29 | $ 0.95 |
Weighted Average Exercise Price of Options, Granted | 0 | 0 | 0 |
Weighted Average Exercise Price of Options, Forfeitures or expirations | 4.11 | ||
Weighted Average Exercise Price of Options, Exercised | 1.19 | 0.61 | 0.38 |
Weighted Average Exercise Price of Options, ending balance | $ 2.62 | $ 1.61 | $ 1.29 |
Stock-Based Awards - Summary 41
Stock-Based Awards - Summary of Stock Options Outstanding (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding at December 31, 2015 | shares | 1,544,597 |
Weighted- Average Remaining Contractual Life in Years | 3 years 6 months |
Weighted- Average Exercise Price, option outstanding | $ 2.62 |
Number Exercisable at December 31, 2015 | shares | 1,469,597 |
Weighted- Average Exercise Price, option exercisable | $ 2.50 |
Aggregate Intrinsic Value at December 31, 2015 | $ | $ 19,370 |
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, 2015 | shares | 435,000 |
Weighted- Average Remaining Contractual Life in Years | 3 years 1 month 6 days |
Weighted- Average Exercise Price, option outstanding | $ 0.70 |
Number Exercisable at December 31, 2015 | shares | 435,000 |
Weighted- Average Exercise Price, option exercisable | $ 0.70 |
Aggregate Intrinsic Value at December 31, 2015 | $ | $ 6,516 |
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, 2015 | shares | 263,635 |
Weighted- Average Remaining Contractual Life in Years | 1 year 3 months 18 days |
Weighted- Average Exercise Price, option outstanding | $ 1.07 |
Number Exercisable at December 31, 2015 | shares | 263,635 |
Weighted- Average Exercise Price, option exercisable | $ 1.07 |
Aggregate Intrinsic Value at December 31, 2015 | $ | $ 3,852 |
Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit | $ 2.09 |
Upper range limit | $ 2.26 |
Number Outstanding at December 31, 2015 | shares | 396,426 |
Weighted- Average Remaining Contractual Life in Years | 3 years 4 months 24 days |
Weighted- Average Exercise Price, option outstanding | $ 2.20 |
Number Exercisable at December 31, 2015 | shares | 396,426 |
Weighted- Average Exercise Price, option exercisable | $ 2.20 |
Aggregate Intrinsic Value at December 31, 2015 | $ | $ 5,345 |
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, 2015 | shares | 285,000 |
Weighted- Average Remaining Contractual Life in Years | 5 years 1 month 6 days |
Weighted- Average Exercise Price, option outstanding | $ 5.05 |
Number Exercisable at December 31, 2015 | shares | 210,000 |
Weighted- Average Exercise Price, option exercisable | $ 5.05 |
Aggregate Intrinsic Value at December 31, 2015 | $ | $ 2,232 |
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, 2015 | shares | 74,536 |
Weighted- Average Remaining Contractual Life in Years | 5 years 4 months 24 days |
Weighted- Average Exercise Price, option outstanding | $ 6.46 |
Number Exercisable at December 31, 2015 | shares | 74,536 |
Weighted- Average Exercise Price, option exercisable | $ 6.46 |
Aggregate Intrinsic Value at December 31, 2015 | $ | $ 687 |
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, 2015 | shares | 90,000 |
Weighted- Average Remaining Contractual Life in Years | 5 years 8 months 12 days |
Weighted- Average Exercise Price, option outstanding | $ 7.48 |
Number Exercisable at December 31, 2015 | shares | 90,000 |
Weighted- Average Exercise Price, option exercisable | $ 7.48 |
Aggregate Intrinsic Value at December 31, 2015 | $ | $ 738 |
Stock-Based Awards - Summary 42
Stock-Based Awards - Summary of Restricted Shares Outstanding (Detail) - Restricted Stock Awards [Member] - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards, beginning balance | 1,513,939 | 1,896,877 | 1,281,144 |
Granted | 886,413 | 623,088 | 981,810 |
Vested | (753,917) | (996,385) | (358,334) |
Forfeited | (25,709) | (9,641) | (7,743) |
Restricted stock awards, ending balance | 1,620,726 | 1,513,939 | 1,896,877 |
Stock-Based Awards - Summary 43
Stock-Based Awards - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 10,900 | $ 8,137 | $ 6,459 |
Employees and Directors Option Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 295 | 487 | 381 |
Employees and Directors Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 10,605 | $ 7,650 | $ 6,078 |
Stock-Based Awards - Summary 44
Stock-Based Awards - Summary of Unrecognized Stock-Based Compensation Expense and Remaining Vesting Period (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Employees and Directors Option Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock-Based Compensation | $ 120 |
Average Remaining Vesting Period | 1 year 26 days |
Employees and Directors Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock-Based Compensation | $ 17,008 |
Average Remaining Vesting Period | 1 year 7 months 10 days |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Discretionary Contributions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Discretionary contributions | $ 763 | $ 588 | $ 491 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Net income | $ 80,052 | $ 61,051 | $ 51,537 |
Shares of common stock and common stock equivalents: | |||
Weighted average shares used in basic computation | 137,242 | 131,770 | 126,651 |
Dilutive effect of common stock equivalents | 1,583 | 6,781 | 13,146 |
Weighted average shares used in dilutive computation | 138,825 | 138,551 | 139,797 |
Basic earnings per share | $ 0.58 | $ 0.46 | $ 0.41 |
Diluted earnings per share | $ 0.58 | $ 0.44 | $ 0.37 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive common stock equivalents excluded from calculation of diluted earnings per share | 0 | 1,247,000 | 0 |
Income Taxes - Components of Cu
Income Taxes - Components of Current and Deferred Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | ||
Federal | $ 1,598 | |
State and local | 2,431 | $ 94 |
Foreign | 210 | |
Total current | 4,239 | 94 |
Deferred: | ||
Federal | 46,784 | 10,739 |
State and local | 6,233 | 1,664 |
Foreign | (123) | |
Total deferred | 52,894 | 12,403 |
Income tax expense from operations | $ 57,133 | $ 12,497 |
Income Taxes - Schedule of Net
Income Taxes - Schedule of Net Operating Losses for Tax Purposes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Beginning NOLs | $ (109,839) | $ (140,959) | $ (136,515) |
2014 return to provision adjustment | 3,906 | ||
U.S. GAAP income | 143,665 | 77,609 | 51,537 |
Tax differences: | |||
Temporary | 11,804 | (1,425) | 5,580 |
Permanent | (73,175) | (45,064) | (61,561) |
State taxes | (2,431) | (94) | |
Ending NOLs | $ (26,070) | $ (109,839) | $ (140,959) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Dec. 31, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Schedule Of Income Tax [Line Items] | ||||||
NOLs expiration period | 20 years | |||||
NOLs available for deferred tax asset | $ 4,720,000 | $ 4,720,000 | $ 5,244,000 | |||
Deferred tax asset offset by a valuation allowance | 2,051,000 | 2,051,000 | 816,000 | |||
Unrecognized stock-based compensation | 17,863,000 | 17,863,000 | 101,108,000 | |||
Deferred tax asset for AMT credit | 1,598,000 | 1,598,000 | ||||
Valuation allowance resulting in income tax benefit | 14,071,000 | 14,071,000 | 9,490,000 | $ 21,221,000 | ||
Deferred tax asset resulting from foreign losses | 2,051,000 | 2,051,000 | 816,000 | |||
Credit to additional paid-in capital for the amount of NOLs from stock-based compensation | $ 57,474,000 | $ 21,893,000 | ||||
Current baseline operating tax rate | 41.65% | 16.99% | 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. | |||||
Not recorded any deferred taxes on undistributed earnings and profits | 117,000 | $ 117,000 | ||||
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 | 6,685,000 | 6,685,000 | $ 4,061,000 | |||
Deferred tax asset offset by a valuation allowance | $ 2,051,000 | $ 2,051,000 | $ 816,000 |
Income Taxes - Schedule of Ne51
Income Taxes - Schedule of Net Operating Loss Expiration (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss expiration amount | $ 26,070 |
2019 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss expiration amount | 5,078 |
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 |
2032 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss expiration amount | 13,419 |
2033 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss expiration amount | $ 4,444 |
Income Taxes - Schedule of Annu
Income Taxes - Schedule of Annual Limitations for Net Operating Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||||
Total | $ 26,070 | $ 109,839 | $ 140,959 | $ 136,515 |
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 | 8,207 | |||
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 | $ 17,863 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Gross Net Operating Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | ||||
NOLs | $ 26,070 | $ 109,839 | $ 140,959 | $ 136,515 |
NOLs deemed worthless | (3,487) | (3,487) | ||
Unrecognized stock-based compensation | (17,863) | (101,108) | ||
Gross NOLs available for deferred tax asset | $ 4,720 | $ 5,244 | ||
Tax rate | 38.74% | 38.38% | ||
Tax affected | $ 1,828 | $ 2,013 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
NOLs | $ 1,828 | $ 2,013 |
Foreign NOLs | 2,051 | 816 |
Stock-based compensation | 4,868 | 6,046 |
Accrued expenses | 10,197 | 5,236 |
Deferred rent liability | 2,116 | 2,170 |
Other | 82 | 82 |
Deferred tax assets | 21,142 | 16,363 |
Deferred tax liabilities: | ||
Incentive compensation | 2,753 | 4,092 |
Fixed assets | 2,272 | 1,965 |
Unrealized gains | (5) | |
Deferred tax liabilities | 5,020 | 6,057 |
Total deferred tax assets less deferred tax liabilities | 16,122 | 10,306 |
Less: valuation allowance | (2,051) | (816) |
Net deferred tax assets and liabilities | $ 14,071 | $ 9,490 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Statutory Federal Income Tax Rate and Company's Effective Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Permanent differences | 0.69% | 0.69% | 0.09% |
State income tax rate, net of federal benefit | 4.11% | 1.55% | 10.06% |
Foreign tax differential | 0.82% | 0.82% | |
Change in valuation allowance | 0.90% | (27.74%) | (45.13%) |
Change in effective state rate | (0.06%) | 6.86% | |
Other differences, net | 0.19% | (0.19%) | (0.02%) |
Effective rate | 41.65% | 16.99% | 0.00% |
Shares Repurchased - Additional
Shares Repurchased - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 29, 2014 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Repurchased common stock, value | $ 24,116,000 | $ 6,531,000 | $ 1,613,000 | |
Three-Year Share Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Common stock purchase authorized amount | $ 100,000,000 | |||
Repurchased common stock, shares | 1,190 | |||
Repurchased common stock, value | $ 24,116,000 | |||
Repurchased shares, remaining for future purchases | $ 75,884,000 | |||
Three-Year Share Repurchase Program [Member] | Tax Withholding Obligations [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Repurchased common stock, shares | 416 | 137 | ||
Repurchased common stock, value | $ 6,531,000 | $ 1,613,000 |
Acquisition and Goodwill - Addi
Acquisition and Goodwill - Additional Information (Detail) | Apr. 15, 2014USD ($) | Dec. 31, 2015USD ($)Shareholder | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Business Acquisition [Line Items] | ||||
Remaining acquiree ownership percentage | 25.00% | |||
Acquisition ownership percentage | 88.00% | |||
Stock-based compensation expense | $ 10,900,000 | $ 8,137,000 | $ 6,459,000 | |
Goodwill | 1,676,000 | $ 1,676,000 | $ 0 | |
Chief Executive Officer [Member] | ||||
Business Acquisition [Line Items] | ||||
Stock-based compensation expense | 997,000 | |||
Non-Employee Shareholders [Member] | ||||
Business Acquisition [Line Items] | ||||
Interest expense | $ 1,188,000 | |||
WisdomTree Europe [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition ownership percentage | 75.00% | |||
Business acquisition consideration transferred | $ 0 | |||
Payout description | The ultimate payout will be made in cash over two years. | |||
Payout period | 2 years | |||
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 | Shareholder | 2 | |||
Percentage of minority shareholder's | 12.00% | |||
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 - Summ
Acquisition and Goodwill - Summary of Goodwill Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Combination, Goodwill [Abstract] | ||
Beginning balance | $ 1,676 | $ 0 |
Goodwill acquired during the period | 0 | 1,676 |
Ending balance | $ 1,676 | $ 1,676 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 29, 2015 | Feb. 28, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Subsequent Event [Line Items] | |||||
Repurchased common stock, value | $ 24,116 | $ 6,531 | $ 1,613 | ||
Three-Year Share Repurchase Program [Member] | |||||
Subsequent Event [Line Items] | |||||
Repurchased common stock, shares | 1,190 | ||||
Repurchased common stock, value | $ 24,116 | ||||
Three-Year Share Repurchase Program [Member] | Subsequent Events [Member] | |||||
Subsequent Event [Line Items] | |||||
Repurchased common stock, shares | 3,400,000 | ||||
Repurchased common stock, value | $ 35,600 | ||||
GreenHaven Commodity Services, LLC [Member] | |||||
Subsequent Event [Line Items] | |||||
Cash consideration to acquire business | $ 11,839 |