Diamond Hill Investment (DHIL) 10-K 23 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 23, 2017	Jun. 30, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	DIAMOND HILL INVESTMENT GROUP INC
Entity Central Index Key	909,108
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		3,434,871
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 581,099,527

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 57,189,876	$ 57,474,777
Investment portfolio	108,015,635	52,490,820
Accounts receivable	18,605,209	18,579,302
Prepaid expenses	2,032,726	1,780,105
Income taxes receivable	1,111,890	1,402,137
Property and equipment, net of depreciation	4,025,758	4,253,361
Deferred taxes	8,736,767	9,206,079
Total assets	199,717,861	145,186,581
Liabilities
Accounts payable and accrued expenses	9,787,048	7,651,324
Accrued incentive compensation	22,683,500	21,984,500
Deferred compensation	14,182,470	10,236,743
Total liabilities	46,653,018	39,872,567
Redeemable Noncontrolling Interest, Equity, Common, Fair Value	13,840,688	0
Shareholders’ Equity
Common stock, no par value 7,000,000 shares authorized; 3,411,556 issued and outstanding at December 31, 2016 (inclusive of 201,800 unvested shares); 3,414,338 issued and outstanding at December 31, 2015 (inclusive of 310,356 unvested shares)	109,293,803	102,536,527
Preferred stock, undesignated, 1,000,000 shares authorized and unissued	0	0
Deferred equity compensation	(17,728,106)	(19,294,784)
Retained Earnings	47,658,458	22,072,271
Total shareholders’ equity	139,224,155	105,314,014
Total liabilities and shareholders’ equity	$ 199,717,861	$ 145,186,581
Book value per share	$ 40.81	$ 30.84

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common Stock, No Par Value	$ 0	$ 0
Common stock, shares authorized	7,000,000	7,000,000
Common stock, shares issued	3,411,556	3,414,338
Common stock, shares outstanding	3,411,556	3,414,338
Common stock, unvested shares	201,800	310,356
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
REVENUES:
Investment advisory	$ 121,645,149	$ 107,915,557	$ 89,900,834
Mutual fund administration, net	14,457,926	16,510,429	14,657,931
Total revenue	136,103,075	124,425,986	104,558,765
OPERATING EXPENSES:
Compensation and related costs	52,264,843	47,951,039	43,892,336
General and administrative	12,621,831	10,245,866	8,099,410
Sales and marketing	4,263,143	4,179,064	2,222,382
Mutual fund administration	3,884,655	3,330,265	2,884,495
Total operating expenses	73,034,472	65,706,234	57,098,623
NET OPERATING INCOME	63,068,603	58,719,752	47,460,142
Investment income (loss)	7,517,398	(736,590)	2,905,794
Gain on sale of subsidiary	2,675,766	0	0
INCOME BEFORE TAXES	73,261,767	57,983,162	50,365,936
Income tax expense	(26,667,635)	(20,908,665)	(18,785,005)
NET INCOME	46,594,132	37,074,497	31,580,931
Less: Net income attributable to redeemable noncontrolling interest	(542,209)	0	0
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 46,051,923	$ 37,074,497	$ 31,580,931
Earnings per share attributable to common shareholders
Basic (per share)	$ 13.52	$ 11.31	$ 9.88
Diluted (per share)	$ 13.49	$ 11.03	$ 9.67
Weighted average shares outstanding
Basic (in shares)	3,407,408	3,277,920	3,196,127
Diluted (in shares)	3,413,391	3,359,786	3,266,168

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($)	Total	Common Stock	Deferred Equity Compensation	Retained Earnings/(Deficit)
Beginning Balance, shares at Dec. 31, 2013		3,257,247
Beginning Balance at Dec. 31, 2013	$ 44,942,990	$ 72,642,933	$ (11,397,560)	$ (16,302,383)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock grants	0	$ 7,518,895	(7,518,895)
Issuance of restricted stock grants, shares		31,613
Amortization of restricted stock grants	5,716,035		5,716,035
Issuance of stock grants	3,984,816	$ 3,984,816
Issuance of stock grants, shares		33,745
Issuance of common stock related to 401k plan match	1,356,035	$ 1,356,035
Issuance of common stock related to 401k plan match, shares		10,999
Tax benefit from dividend payments related to restricted stock grants	296,755	$ 296,755
Net excess tax benefit from vested restricted stock grants	666,889	666,889
Shares withheld related to employee tax withholding	(976,343)	$ (976,343)
Shares withheld related to employee tax withholding (shares)		(7,663)
Forfeiture of restricted stock grants	0	$ (634,287)	634,287
Forfeiture of restricted stock grants, shares		(8,213)
Cash dividend paid of $4.00 in 2014, $5.00 in 2015, and $6.00 in 2016 per share respectively	(13,248,884)			(13,248,884)
Net income	31,580,931			31,580,931
Ending Balance, shares at Dec. 31, 2014		3,317,728
Ending Balance at Dec. 31, 2014	74,319,224	$ 84,855,693	(12,566,133)	2,029,664
Beginning balances attributable to redeemable noncontrolling interests at Dec. 31, 2013	0
Increase (Decrease) in Temporary Equity [Roll Forward]
Cumulative-effect adjustment from the adoption of ASU 2015-02 (Note 2)	0
Ending balances attributable to redeemable noncontrolling interests at Dec. 31, 2014	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock grants	0	$ 13,907,286	(13,907,286)
Issuance of restricted stock grants, shares		92,050
Amortization of restricted stock grants	6,906,300		6,906,300
Issuance of stock grants	3,826,458	$ 3,826,458
Issuance of stock grants, shares		27,192
Issuance of common stock related to 401k plan match	1,645,434	$ 1,645,434
Issuance of common stock related to 401k plan match, shares		9,336
Tax benefit from dividend payments related to restricted stock grants	376,394	$ 376,394
Net excess tax benefit from vested restricted stock grants	2,521,273	2,521,273
Shares withheld related to employee tax withholding	(4,323,676)	$ (4,323,676)
Shares withheld related to employee tax withholding (shares)		(28,468)
Forfeiture of restricted stock grants	0	$ (272,335)	272,335
Forfeiture of restricted stock grants, shares		(3,500)
Cash dividend paid of $4.00 in 2014, $5.00 in 2015, and $6.00 in 2016 per share respectively	(17,031,890)			(17,031,890)
Net income	$ 37,074,497			37,074,497
Ending Balance, shares at Dec. 31, 2015	3,414,338	3,414,338
Ending Balance at Dec. 31, 2015	$ 105,314,014	$ 102,536,527	(19,294,784)	22,072,271
Increase (Decrease) in Temporary Equity [Roll Forward]
Cumulative-effect adjustment from the adoption of ASU 2015-02 (Note 2)	0
Ending balances attributable to redeemable noncontrolling interests at Dec. 31, 2015	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock grants	0	$ 7,504,564	(7,504,564)
Issuance of restricted stock grants, shares		35,900
Amortization of restricted stock grants	6,466,797		6,466,797
Issuance of stock grants	3,879,431	$ 3,879,431
Issuance of stock grants, shares		21,940
Issuance of common stock related to 401k plan match	1,738,287	$ 1,738,287
Issuance of common stock related to 401k plan match, shares		9,466
Tax benefit from dividend payments related to restricted stock grants	1,372,996	$ 1,372,996
Net excess tax benefit from vested restricted stock grants	4,895,907	4,895,907
Shares withheld related to employee tax withholding	(10,029,464)	$ (10,029,464)
Shares withheld related to employee tax withholding (shares)		(53,018)
Forfeiture of restricted stock grants	0	$ (2,604,445)	2,604,445
Forfeiture of restricted stock grants, shares		(17,070)
Cash dividend paid of $4.00 in 2014, $5.00 in 2015, and $6.00 in 2016 per share respectively	(20,465,736)			(20,465,736)
Net income	$ 46,051,923			46,051,923
Ending Balance, shares at Dec. 31, 2016	3,411,556	3,411,556
Ending Balance at Dec. 31, 2016	$ 139,224,155	$ 109,293,803	$ (17,728,106)	$ 47,658,458
Increase (Decrease) in Temporary Equity [Roll Forward]
Cumulative-effect adjustment from the adoption of ASU 2015-02 (Note 2)	4,031,756
Net Income Attributable to Redeemable Noncontrolling Interest	542,209
Net subscriptions of consolidated funds	9,266,723
Ending balances attributable to redeemable noncontrolling interests at Dec. 31, 2016	$ 13,840,688

Consolidated Statements of Sha6

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Dividend paid per share	$ 6	$ 5	$ 4
Retained Earnings/(Deficit)
Dividend paid per share	$ 6	$ 5	$ 4

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 46,594,132	$ 37,074,497	$ 31,580,931
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	712,112	625,788	301,936
Share-based compensation	8,205,084	8,551,734	7,303,799
Decrease (increase) in accounts receivable	486,491	(2,065,156)	(3,511,851)
Change in current income taxes	6,559,150	316,910	(3,324,298)
Change in deferred income taxes	469,312	(3,547,087)	2,404,433
Gain on sale of subsidiary	(2,675,766)	0	0
Net (gains)/losses on investments	(5,471,469)	1,860,360	(1,517,662)
Net change in trading securities held by Consolidated Funds	(41,674,992)	0	0
Increase in accrued incentive compensation	4,578,431	5,829,708	4,127,457
Increase in deferred compensation	3,945,727	4,557,979	4,391,019
Excess income tax benefit from share-based compensation	(4,895,907)	(2,521,273)	(666,889)
Income tax benefit from dividends paid on restricted stock	(1,372,996)	(376,394)	(296,755)
Other changes in assets and liabilities	4,612,437	1,724,253	1,827,723
Net cash provided by operating activities	20,071,746	52,031,319	42,619,843
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(484,509)	(1,550,857)	(1,504,368)
Purchase of Company sponsored investments	(25,953,000)	(22,095,491)	(25,433,201)
Proceeds from sale of Company sponsored investments	19,543,607	11,770,565	249,477
Proceeds from sale of subsidiary, net of cash disposed	1,163,769	0	0
Net cash used in investing activities	(5,730,133)	(11,875,783)	(26,688,092)
CASH FLOWS FROM FINANCING ACTIVITIES:
Value of shares withheld related to employee tax withholding	(10,029,464)	(4,323,676)	(976,343)
Excess income tax benefit from share-based compensation	4,895,907	2,521,273	666,889
Income tax benefit from dividends paid on restricted stock	1,372,996	376,394	296,755
Payment of dividends	(20,465,736)	(17,031,890)	(13,248,884)
Net subscriptions received from (redemptions and distributions paid to) redeemable noncontrolling interest holders	9,599,783	0	0
Net cash used in financing activities	(14,626,514)	(18,457,899)	(13,261,583)
CASH AND CASH EQUIVALENTS
Net change during the year	(284,901)	21,697,637	2,670,168
At beginning of year	57,474,777	35,777,140	33,106,972
At end of year	57,189,876	57,474,777	35,777,140
Supplemental cash flow information:
Income taxes paid	19,639,173	24,138,841	19,704,817
Supplemental disclosure of non-cash transactions:
Charitable donation of corporate investments	1,729,735	1,401,202	0
Common stock issued as incentive compensation	3,879,431	3,826,458	3,984,816
Cumulative-effect adjustment from the adoption of ASU 2015-02 (Note 2)	4,031,756	0	0
Net redemption of ETF Shares for marketable securities	$ (244,200)	$ 0	$ 0

Business and Organization (Note

Business and Organization (Notes)	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Diamond Hill Investment Group, Inc. (the “Company”), an Ohio corporation, derives its consolidated revenues and net income from investment advisory and fund administration services. Diamond Hill Capital Management, Inc. (“DHCM”), an Ohio corporation, is a wholly owned subsidiary of the Company and a registered investment adviser. DHCM is the investment adviser to the Diamond Hill Funds (the “Funds”), a series of open-end mutual funds, private investment funds (“Private Funds”), an exchange traded fund ("ETF"), and other institutional accounts. In addition, DHCM is administrator for the Funds. Beacon Hill Fund Services, Inc. (“BHFS”) and BHIL Distributors, Inc. (“BHIL”), collectively operated as "Beacon Hill," were operating subsidiaries of the Company. On July 31, 2016, the Company sold Beacon Hill to Foreside Financial Group, LLC ("Foreside"). The entirety of Beacon Hill's business was transferred to Foreside in the sale. Prior to the sale, Beacon Hill provided compliance, treasury, underwriting and other fund administration services to investment advisers and mutual funds. See Note 11 .

Significant Accounting Policies

Significant Accounting Policies (Notes)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying Consolidated Financial Statements of the Company have been prepared pursuant to the rules and regulations of the U. S. Securities and Exchange Commission ("SEC") and in accordance with the instructions to Form 10-K. The Company believes that the disclosures contained herein are adequate to make the information presented not misleading. These Consolidated Financial Statements reflect, in the opinion of the Company, all material adjustments (which include only normal recurring adjustments) necessary to fairly present the Company’s financial position as of December 31, 2016 and 2015 , and results of operations for the years ended December 31, 2016 , 2015 and 2014 . The preparation of the Consolidated Financial Statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenue and expense during the reporting period. Estimates have been prepared on the basis of the most current and best available information, but actual results could differ materially from those estimates. Book value per share is computed by dividing total shareholders' equity by the number of shares issued and outstanding at the end of the measurement period. Reclassification Certain prior period amounts and disclosures may have been reclassified to conform to the current period's financial presentation. Principles of Consolidation The accompanying consolidated financial statements include the operations of the Company and its controlled subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. The Company holds certain investments in the Funds and the ETF we advise for general corporate investment purposes and to provide seed capital for newly formed strategies. The Funds are organized in a series fund structure in which there are multiple mutual funds within one Trust (the "Trust"). The Trust is an open-end investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The ETF we advise is an individual series of ETF Series Solutions which is also an open-end investment company registered under the 1940 Act. Each of the individual mutual funds and the ETF represent a separate share class of a legal entity organized under the Trust. As of January 1, 2016, the Company adopted ASU 2015-02 - Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02") and we have performed our analysis at the individual mutual fund and ETF level and have concluded the mutual funds and ETF are voting rights entities ("VREs"). The Company has concluded that the mutual funds and the ETF are VREs because the structure of the investment product is such that the shareholders are deemed to have the power through voting rights to direct the activities that most significantly impact the entity's economic performance. To the extent material, these investment products are consolidated if Company ownership, directly or indirectly, represents a majority interest (greater than 50%). The Company records redeemable noncontrolling interests in consolidated investments for which the Company's ownership is less than 100%. We adopted ASU 2015-02 utilizing the modified retrospective transition method and have recorded a cumulative-effect adjustment to equity of $4.0 million as of January 1, 2016. Prior to the adoption of ASU 2015-02, we performed our analysis at the Trust level and concluded we did not need to consolidate the Funds or the ETF as we owned less than 1% of the voting interest in the respective Trusts. In 2016, the Company consolidated the ETF and one of our individual mutual funds (collectively the "Consolidated Funds") as our ownership was greater than 50% in each. DHCM is the managing member of Diamond Hill General Partner, LLC (the “General Partner”), the general partner of Diamond Hill Investment Partners, L.P. (“DHIP”) and Diamond Hill Global Fund, L.P. ("DHGF"), each a limited partnership whose underlying assets consist primarily of marketable securities, or collectively (the "Partnerships" or “LPs”). DHCM is wholly owned by the Company and is consolidated by us. Further, DHCM through its control of the General Partner, has the power to direct each LP’s economic activities and the right to receive investment advisory and performance incentive fees that may be significant to the LPs. The Company concluded we did not have a variable interest in DHIP as the fees paid to the General Partner are considered to contain customary terms and conditions as found in the market for similar products and the Company has no equity ownership in DHIP. The Company concluded DHGF was a variable interest entity ("VIE") as DHCM has disproportionately less voting interest than economic interests because the Company receives over 95% of the variability of DHGF, yet the limited partners have full power to remove the Company as the General Partner due to the existence of substantive kick-out rights. In addition, substantially all of the LPs' activities are conducted on behalf of the General Partner which has disproportionately few voting rights. The Company concluded we are not the primary beneficiary of DHGF as we lack the power to control the entity due to the existence of single-party kick-out rights where the limited partners have the unilateral ability to remove us as the General Partner without cause. DHCM’s investment in DHGF is reported as a component of the Company’s investment portfolio, valued at DHCM’s proportionate interest in the net asset value ("NAV") of DHGF. The LPs are not subject to lock-up periods and can be redeemed on demand. Gains and losses attributable to changes in the value of DHCM’s interests in the LPs are included in the Company’s reported investment income. The Company’s exposure to loss as a result of its involvement with the LPs is limited to the amount of its investments. DHCM is not obligated to provide, and has not provided, financial or other support to the LPs, other than its investments to date and its contractually provided investment advisory responsibilities. The Company has not provided liquidity arrangements, guarantees or other commitments to support the LPs’ operations, and the LPs’ creditors and interest holders have no recourse to the general credit of the Company. Certain board members, officers and employees of the Company invest in DHIP and are not subject to a management fee or an incentive fee. These individuals receive no remuneration as a result of their personal investment in DHIP. The capital of the General Partner is not subject to a management fee or an incentive fee. Redeemable Noncontrolling Interest Redeemable noncontrolling interest represents third-party interests in the Consolidated Funds. This interest is redeemable at the option of the investors and therefore is not treated as permanent equity. Redeemable noncontrolling interest is remeasured at redemption value which approximates the fair value each reporting period. Segment Information Management has determined that the Company operates in one business segment, providing investment management and administration services to mutual funds, institutional accounts, and private investment funds. Therefore, no disclosures relating to operating segments are required in the annual financial statements. Cash and Cash Equivalents Cash and cash equivalents include demand deposits and money market mutual funds. Accounts Receivable Accounts receivable are recorded when they are due and are presented on the balance sheet net of any allowance for doubtful accounts. Accounts receivable are written off when they are determined to be uncollectible. Any allowance for doubtful accounts is estimated based on the Company’s historical losses, existing conditions in the industry, and the financial stability of those individuals or entities that owe the receivable. No allowance for doubtful accounts was deemed necessary at December 31, 2016 or 2015 . Accounts Receivable from the Funds were $10.4 million and $9.2 million as of December 31, 2016 and 2015 , respectively. Investments Management determines the appropriate classification of its investments at the time of purchase and re-evaluates its determination at each reporting period. Investments classified as trading represent Company sponsored investments in the Funds where the Company has neither control nor the ability to exercise significant influence as well as securities held in the Consolidated Funds. These investments are measured at fair value based on quoted market prices. Unrealized gains and losses are recorded as investment income (loss) in the Company's consolidated statements of income. Investments classified as equity method investments represent Company sponsored investments in which the Company owns between 20-50% of the outstanding voting interests in the entity or when it is determined that the Company is able to exercise significant influence but not control over the investments. When using the equity method, the Company recognizes its respective share of the investee's net income or loss for the period which is recorded as investment income (loss) in the Company's consolidated statements of income. Valuation of Investment Portfolio Accounting Standards Codification Topic 820, Fair Value Measurement ("ASC 820") specifies a hierarchy of valuation classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or unobservable. These classifications are summarized in the three broad levels listed below: Level 1 - Unadjusted quoted prices for identical instruments in active markets. Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-driven valuations in which all significant inputs are observable. Level 3 - Valuations derived from techniques in which significant inputs are unobservable. Inputs used to measure fair value might fall in different levels of the fair value hierarchy, in which case the Company defaults to the lowest level input that is significant to the fair value measurement in its entirety. These levels are not necessarily an indication of the risk or liquidity associated with investments. The following table summarizes the values of the Company's investments as of December 31, 2016 : Level 1 Level 2 Level 3 Investments measured at NAV (a) Total Cash equivalents $ 47,717,187 $ — $ — $ — $ 47,717,187 Trading Investments Securities held in Consolidated Funds (b) 19,835,458 37,520,013 — — $ 57,355,471 Company sponsored investments 20,245 — — — $ 20,245 Company sponsored equity method investments 34,886,484 — — 1,570,965 $ 36,457,449 Deferred compensation investments 14,182,470 — — — $ 14,182,470 (a) Comprised of certain investments in limited partnerships measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. (b) Of the equity interests in the Consolidated Funds as of December 31, 2016 , $42.6 million were held directly by the Company and $14.7 million were held by noncontrolling shareholders. Level 1 investments are all registered investment companies (mutual funds) or equity securities held in the Consolidated Funds and include, as of December 31, 2016 , $47.7 million of investments in money market mutual funds that the Company classifies as cash equivalents. Level 2 investments are comprised of investments in debt securities, which are valued by an independent pricing service which uses pricing techniques which take into account factors such as trading activity, readily available market quotations, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit rates and other observable inputs. The Company determines transfers between fair value hierarchy levels at the end of the reporting period. There were no transfers in or out of the levels during the year ended December 31, 2016 , 2015 , and 2014 . Changes in fair values on the investments are recorded in the Company's consolidated statements of income as investment income (loss). Property and Equipment Property and equipment, consisting of leasehold improvements, computer equipment, furniture and fixtures, are carried at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated life of the assets. Revenue Recognition – General The Company earns substantially all of its revenue from investment advisory and fund administration services. Investment advisory and administration fees, generally calculated as a percentage of AUM, are recorded as revenue as services are performed. In addition to fixed fees based on a percentage of AUM, certain client accounts also provide periodic variable fees. Investment advisory revenue from the Funds was $88.9 million , $80.7 million and $65.1 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Revenue Recognition – Variable Fees The Company manages certain client accounts that provide for variable fees. These fees are calculated based on client investment results over rolling five -year periods. The Company records variable fees at the end of the contract measurement period. The following table summarizes the variable fees earned by the Company during the years ended December 31, 2016 , 2015 and 2014 : For the year ended December 31, 2016 2015 2014 $ 6,444,599 $ — $ — During the year ended December 31, 2016, the Company recorded $6.4 million in variable fees upon the termination of a variable fee contract that was in the final year of the five-year contract measurement period. The table below shows AUM subject to variable fees and the amount of variable fees that would be recognized based upon current investment results as of December 31, 2016 : As Of December 31, 2016 AUM subject to variable fees Variable fees Contractual Period Ends: Quarter Ended December 31, 2018 $ 94,212,727 $ — Quarter Ended September 30, 2019 31,923,922 239,442 Quarter Ended March 31, 2020 10,426,125 — Quarter Ended September 30, 2021 231,220,034 — Total $ 367,782,808 $ 239,442 The contractual end dates highlight the time remaining until the variable fees are scheduled to be earned. The amount of variable fees that would be recognized based upon investments results as of December 31, 2016 will increase or decrease based on future client investment results through the contractual period end. There can be no assurance that the unearned amounts will ultimately be earned. Revenue Recognition – Mutual Fund Administration DHCM has an administrative and transfer agency services agreement with the Funds under which DHCM performs certain services for each Fund. These services include mutual fund administration, fund accounting, transfer agency and other related functions. For performing these services each Fund pays DHCM a fee, which is calculated using an annual rate times the average daily net assets of each respective share class.The Funds have selected and contractually engaged certain vendors to fulfill various services to benefit the Funds’ shareholders or to satisfy regulatory requirements of the Funds. These services include, among others, required shareholder mailings, federal and state registrations, and legal and audit services. DHCM, in fulfilling a portion of its role under the administration agreement with the Funds, acts as agent to pay these obligations of the Funds. Each vendor is independently responsible for fulfillment of the services it has been engaged to provide and negotiates fees and terms with the management and board of trustees of the Funds. The fee that each Fund pays to DHCM is reviewed annually by the Funds’ board of trustees and specifically takes into account the contractual expenses that DHCM pays on behalf of the Funds. As a result, DHCM is not involved in the delivery or pricing of these services and bears no risk related to these services. Revenue has been recorded net of these Fund related expenses, in accordance with FASB ASC 605-45, Revenue Recognition – Principal Agent Considerations . In addition, DHCM advances the upfront commissions which are paid to brokers who sell Class C shares of the Funds. These advances are capitalized and amortized over 12 months to correspond with the repayments DHCM receives from the principal underwriter to recoup this commission advancement. Prior to the sale of Beacon Hill, the Company, through Beacon Hill, had underwriting and administrative service agreements with certain clients, including registered mutual funds. The fee arrangements varied from client to client based upon services provided and have been recorded as revenue under mutual fund administration on the Consolidated Statements of Income. Part of Beacon Hill’s role as underwriter was to act as an agent on behalf of its mutual fund clients to receive 12b-1/service fees and commission revenue and facilitate the payment of those fees and commissions to third parties who provide services to the funds and their shareholders. The majority of 12b-1/service fees were paid to independent third parties and the remainder were retained by the Company as a reimbursement of expenses the Company had incurred. The amounts of 12b-1/service fees and commissions were determined by each mutual fund client, and Beacon Hill bore no financial risk related to these services. As a result, 12b-1/service fees and commission revenue was recorded net of the expense payments to third parties, in accordance with the appropriate accounting treatment for this agency relationship. See Note 11 . Mutual fund administration gross and net revenue are summarized below: Year Ended December 31, 2016 2015 2014 Mutual fund administration: Administration revenue, gross $ 26,664,635 $ 27,042,861 $ 22,968,369 12b-1/service fees and commission revenue received from fund clients 6,360,400 11,087,978 10,514,242 12b-1/service fees and commission expense payments to third parties (5,660,430 ) (9,617,568 ) (9,102,565 ) Fund related expense (12,937,067 ) (12,031,353 ) (9,753,359 ) Revenue, net of related expenses 14,427,538 16,481,918 14,626,687 DHCM C-Share financing: Broker commission advance repayments 691,228 991,430 878,105 Broker commission amortization (660,840 ) (962,919 ) (846,861 ) Financing activity, net 30,388 28,511 31,244 Mutual fund administration revenue, net $ 14,457,926 $ 16,510,429 $ 14,657,931 Mutual fund administrative net revenue from the Funds was $13.4 million , $14.3 million and $13.1 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Income Taxes The Company accounts for current and deferred income taxes through an asset and liability approach. Deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company is subject to examination by federal and applicable state and local jurisdictions for various tax periods. The Company’s income tax positions are based on research and interpretations of the income tax laws and rulings in each of the jurisdictions in which it does business. Due to the subjectivity of interpretations of laws and rulings in each jurisdiction, the differences and interplay in tax laws between those jurisdictions, as well as the inherent uncertainty in estimating the final resolution of complex tax audit matters, the Company’s estimates of income tax liabilities may differ from actual payments or assessments. The Company regularly assesses its position with regard to tax exposures and records liabilities for these uncertain tax positions and related interest and penalties, if any, according to the principles of FASB ASC 740, Income Taxes . As of December 31, 2016 , the Company had not recorded any liability for uncertain tax positions. The Company records interest and penalties, if any, within income tax expense on the income statement. Earnings Per Share Basic earnings per share (“EPS”) excludes dilution and is computed by dividing net income by the weighted average number of Common Shares outstanding for the period, which includes participating securities. Diluted EPS reflects the potential dilution of EPS due to unvested restricted stock grants with forfeitable rights to dividends and restricted stock units. For the periods presented, the Company had unvested stock-based payment awards that contain both forfeitable and nonforfeitable rights to dividends and restricted stock units. See Note 9 . Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers", which supersedes existing accounting standards for revenue recognition and creates a single framework. ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This standard also specifies the accounting for certain costs to obtain or fulfill a contract with a customer. This ASU will supersede much of the existing revenue recognition guidance in GAAP and is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period, and requires either a retrospective or a modified retrospective approach to adoption. The Company is currently assessing the impact of this standard on its consolidated financial statements and related disclosures, as well as the transition methods. Early application is permitted for the first interim period within annual reporting periods beginning after December 15, 2016. In March 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting", which is intended to improve the accounting for share-based payment transactions as part of the FASB's simplification initiative. The standard is intended to simplify several areas of accounting for share-based compensation arrangements, including the accounting for income taxes, classification of excess tax benefits on the statement of cash flows, forfeitures, statutory tax withholding requirements, classification of awards as either equity or liabilities, and classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. ASU 2016-09 is effective for our interim and annual reporting periods beginning January 1, 2017, and is to be applied using a retrospective transition method. Though permitted, we did not early adopt the guidance. The primary impact from this guidance on our consolidated financial statements will be to our tax provision line item as any excess tax benefits or deficiencies from the vesting of stock awards will now be recognized through our income tax provision as opposed to common stock. As of December 31, 2016 , we had approximately 223,800 shares of restricted stock outstanding with a weighted-average grant date price of approximately $132.96 . If the share price of DHIL continues to be greater than the grant date fair value of these awards throughout 2017, we could recognize additional tax benefit in our tax provision for 2017. Based on the closing price of DHIL as of December 31, 2016 , this additional benefit we would record in 2017 would be approximately $2.0 million . We are continuing to evaluate additional impacts the update will have on our consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, "Leases", which, among other things, requires lessees to recognize most leases on-balance sheet. This will increase lessees' reported assets and liabilities - in some cases significantly. Lessor accounting remains substantially similar to current GAAP. ASU 2016-02 supersedes Topic 840, Leases . ASU 2016-02 is effective for annual and interim periods in fiscal years beginning after December 15, 2018. ASU 2016-02 mandates a modified retrospective transition method for all entities. The Company is currently assessing the impact of this standard on its consolidated financial statements and related disclosures.

Investment Portfolio (Notes)

Investment Portfolio (Notes)	12 Months Ended
	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Investment Portfolio	Investment Portfolio As of December 31, 2016 , the Company held investments (excluding money market funds, which are included with cash and cash equivalents) worth $108.0 million . The following table summarizes the fair value of these investments as of December 31, 2016 and 2015 : As of December 31, 2016 2015 Trading investments: Securities held in Consolidated Funds (a) $ 57,355,471 $ — Company sponsored investments (b) 20,245 33,245,299 Company sponsored equity method investments 36,457,449 11,284,109 Deferred compensation plan investments 14,182,470 7,961,412 Total Investment portfolio $ 108,015,635 $ 52,490,820 (a) Of the securities held in the Consolidated Funds as of December 31, 2016 , $42.6 million were held directly by the Company and $14.7 million were held by noncontrolling shareh olde rs. (b) Upon the adoption of ASU 2015-02 on January 1, 2016, $21.1 million of investments classified as trading investments in 2015 were reclassified to equity method investments. The deferred compensation investments above consist of Diamond Hill Funds and relate to deferred compensation liabilities from both deferred compensation plans (refer to Note 6 ). As of December 31, 2016 , trading investments and equity method investments held in deferred compensation investments were $9.3 million and $4.9 million , respectively. As of December 31, 2015 , all deferred compensation investments were trading investments. As of December 31, 2016 , our equity method investees consisted of the Diamond Hill Mid Cap Fund, the Diamond Hill Research Opportunities Fund, the Diamond Hill High Yield Fund and DHGF and our ownership percentages in these funds were 33% , 27% , 20% , and 95% respectively. The Company's equity method investments consist of cash, marketable equity securities and fixed income securities. The Company met the significant subsidiaries test for total equity method investments as of December 31, 2016 and is required to provide the summarized financial information for all equity method investments for all periods presented. The following table includes the condensed summary financial information from the Company's equity method investments as of and for the years ended December 31, 2016 , 2015 and 2014 : As of December 31, 2016 2015 2014 Total assets $ 189,819,824 $ 11,653,249 $ 15,131,651 Total liabilities 45,931,979 25,996 3,015 Net assets 143,887,845 11,627,253 15,128,636 DHCM's portion of net assets 41,338,046 11,284,109 14,652,589 For the Year Ended December 31, 2016 2015 2014 Investment income $ 3,272,972 $ 792,691 $ 128,826 Expenses 1,409,896 5,506 5,362 Net realized gains (losses) 1,981,185 1,219,565 262,754 Net change in unrealized appreciation/depreciation 10,458,073 (1,879,047 ) 137,935 Net income 14,302,334 127,703 524,153 DHCM's portion of net income 4,392,636 124,825 491,951

Line of Credit (Notes)

Line of Credit (Notes)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Line of Credit	Line of Credit The Company has an uncommitted Line of Credit Agreement (the "Credit Agreement") with a commercial bank that matures in November of 2017 and permits the Company to borrow up to $25.0 million . Borrowings under the Credit Agreement bear interest at a rate equal to LIBOR plus 1.50% . The Company has not borrowed under the Credit Agreement as of and for the years ended December 31, 2016 and 2015 . No interest is payable on the unused portion of the Credit Agreement. The proceeds of the Credit Agreement may be used by the Company and its subsidiaries for ongoing working capital needs, to seed new investment strategies and other general corporate purposes. The line of credit agreement contains representations, warranties and covenants that are customary for agreements of this type.

Capital Stock (Notes)

Capital Stock (Notes)	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Capital Stock	Capital Stock Common Shares The Company has only one class of securities outstanding, common shares, no par value per share. Authorization of Preferred Shares The Company’s Amended and Restated Articles of Incorporation authorize the issuance of 1,000,000 “blank check” preferred shares with such designations, rights and preferences as may be determined from time to time by the Company’s Board of Directors. The Board of Directors is authorized, without shareholder approval, to issue preferred stock with dividend, liquidation, conversion, voting, or other rights, which could adversely affect the voting or other rights of the holders of the common shares. There were no shares of preferred stock issued or outstanding at December 31, 2016 or 2015 .

Stock-Based Compensation (Notes

Stock-Based Compensation (Notes)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Compensation Plans Equity Incentive Plans 2014 Equity and Cash Incentive Plan At the Company’s annual shareholder meeting on April 30, 2014, shareholders approved the 2014 Equity and Cash Incentive Plan (“2014 Plan”). The 2014 Plan is intended to facilitate the Company’s ability to attract and retain staff, provide additional incentive to employees and directors, and promote the success of the Company’s business. The 2014 Plan authorizes the issuance of 600,000 common shares of the Company in various forms of equity awards. The 2014 Plan also authorizes cash incentive awards. As of December 31, 2016 , there were 407,853 common shares available for awards under the 2014 Plan. The 2014 Plan provides that the Board of Directors, or a committee appointed by the Board, may grant awards and otherwise administer the 2014 Plan. Restricted stock units and restricted stock grants issued under the 2014 Plan, which vest over time, are recorded as deferred compensation in the equity section of the balance sheet on the grant date and then recognized as compensation expense based on the grant date price over the vesting period of the respective grant. Stock grants issued under the 2014 Plan are recorded as compensation expense based on the grant date price. 2011 Equity and Cash Incentive Plan and 2005 Employee and Director Equity Incentive Plan There are no longer any common shares available for future awards under either the 2011 Equity and Cash Incentive Plan (the "2011 Plan") or the 2005 Employee and Director Equity Incentive Plan (the "2005 Plan"), although awards under these plans remain issued and outstanding. Restricted stock grants issued under the 2011 Plan and 2005 Plan, which vest over time, were recorded as deferred compensation in the equity section of the balance sheet on the grant date and then recognized as compensation expense based on the grant date price over the vesting period of the respective grant. Stock grants issued under the 2011 Plan and 2005 Plan were recorded as compensation expense based on the grant date price. Share-Based Payment Transactions The Company issues restricted stock units and restricted stock awards (collectively, "Restricted Stock") under the 2014 Plan. Restricted stock units represent shares which may be issued in the future, whereas restricted stock awards represent common shares issued and outstanding upon grant with vesting restrictions. The following table represents a roll-forward of outstanding Restricted Stock and related activity during the years ended December 31, 2016 and 2015 : Shares Weighted-Average Outstanding Restricted Stock as of December 31, 2014 335,768 $ 79.79 Grants issued 82,050 169.50 Grants vested (84,962 ) 73.47 Grants forfeited (3,500 ) 77.81 Outstanding Restricted Stock as of December 31, 2015 329,356 $ 108.46 Grants issued 38,900 183.14 Grants vested (127,386 ) 83.50 Grants forfeited (17,070 ) 143.69 Outstanding Restricted Stock as of December 31, 2016 223,800 $ 132.96 Total deferred compensation related to unvested Restricted Stock grants was $17.7 million as of December 31, 2016 . Compensation expense related to the Restricted Stock grants is calculated based upon the fair market value of the common shares on the grant date, adjusted for estimated forfeitures. The recognition of compensation expense related to deferred compensation over the remaining vesting periods, adjusted for estimated forfeitures, is as follows: 2017 2018 2019 2020 2021 Thereafter Total $ 6,152,255 $ 4,353,599 $ 3,617,145 $ 2,087,404 $ 662,735 $ 854,968 $ 17,728,106 Stock Grant Transactions The following table represents stock issued as part of our incentive compensation program during the years ended December 31, 2016 , 2015 , and 2014 : Shares Issued Grant Date Value December 31, 2016 21,940 $ 3,879,431 December 31, 2015 27,192 3,826,458 December 31, 2014 33,745 3,984,816 401(k) Plan The Company sponsors a 401(k) plan in which all employees are eligible to participate. Employees may contribute a portion of their compensation subject to certain limits based on federal tax laws. The Company makes matching contributions of common shares of the Company with a value equal to 200 percent of the first six percent of an employee’s compensation contributed to the plan. Employees become fully vested in the matching contributions after six plan years of employment. The following table summarizes the Company’s expenses attributable to the 401(k) plan during the years ended December 31, 2016 , 2015 and 2014 : For the year ended December 31, 2016 2015 2014 $ 1,738,287 $ 1,645,434 $ 1,356,035 Deferred Compensation Plans The Company offers two deferred compensation plans, the Diamond Hill Fixed Term Deferred Compensation Plan and the Diamond Hill Variable Term Deferred Compensation Plan (collectively the “Plans”) to its named executive officers and certain other employees. Under the Plans, participants may elect to voluntarily defer, for a minimum of five years, certain incentive compensation, that the Company then contributes into the Plans. Each participant is responsible for designating investment options for assets they contribute, and the distribution paid to each participant reflects any gains or losses on the assets realized while in the Plans. Assets held in the Plans are included in the Company’s investment portfolio, and the associated obligation to participants is included in deferred compensation liability. Assets held in the Plans are recorded at fair value. Deferred compensation liability was $14.2 million and $10.2 million at December 31, 2016 and 2015 , respectively.

Operating Leases (Notes)

Operating Leases (Notes)	12 Months Ended
	Dec. 31, 2016
Leases [Abstract]
Operating Leases	Operating Leases The Company currently leases office space of approximately 37,829 square feet at one location. The following table summarizes the total lease and operating expenses for the years ended December 31, 2016 , 2015 and 2014 : For the year ended December 31, 2016 2015 2014 $ 882,231 $ 928,440 $ 905,061 The approximate future minimum lease payments under the operating leases are as follows: Future Minimum Lease Payments by Year Total 2017 2018 2019 2020 2021 Thereafter $ 4,732,865 $ 586,350 $ 586,350 $ 595,807 $ 624,179 $ 624,179 $ 1,716,000 In addition to the above lease payments, the Company is also responsible for normal operating expenses of the properties. Such annual operating expenses were approximately $0.4 million in each of 2016 , 2015 and 2014 .

Income Taxes (Notes)

Income Taxes (Notes)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company files a consolidated federal income tax return. It is the policy of the Company to allocate the consolidated tax provision to subsidiaries as if each subsidiary’s tax liability or benefit were determined on a separate company basis. As part of the consolidated group, subsidiaries transfer to the Company their current federal tax liabilities or assets. The following table represents the Company's provision for income taxes: As of December 31, 2016 2015 2014 Current city income tax provision $ 1,321,675 $ 1,245,285 $ 935,612 Current state income tax provision 642,598 335,897 429,147 Current federal income tax provision 24,234,050 22,874,571 15,015,813 Deferred federal income tax expense (benefit) 469,312 (3,547,088 ) 2,404,433 Provision for income taxes $ 26,667,635 $ 20,908,665 $ 18,785,005 A reconciliation of income tax expense at the statutory federal rate to the Company’s income tax expense is as follows: 2016 2015 2014 Income tax computed at statutory rate $ 25,641,618 $ 20,294,107 $ 17,628,078 City and state income taxes, net of federal benefit 1,276,777 1,027,768 887,093 Other (250,760 ) (413,210 ) 269,834 Income tax expense $ 26,667,635 $ 20,908,665 $ 18,785,005 Net deferred tax assets consisted of the following at December 31, 2016 and 2015 : 2016 2015 Stock-based compensation $ 4,450,129 $ 6,077,629 Accrued compensation 7,355,744 4,724,670 Unrealized gains (1,802,708 ) (722,466 ) Property and equipment (779,391 ) (815,825 ) Other assets and liabilities (487,007 ) (57,929 ) Net deferred tax assets $ 8,736,767 $ 9,206,079 The net temporary differences incurred to date will reverse in future periods as the Company generates taxable earnings. The Company believes it is more likely than not that the results of future operations will generate sufficient taxable income to realize the net deferred tax assets recorded. The Company records a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of December 31, 2016 , no valuation allowance was deemed necessary. The Company's income taxes payable has been reduced by the tax benefits from equity incentive plan awards. These tax benefits are considered windfall tax benefits under ASC 718 and are recognized as an increase to common stock. For Restricted Stock, the Company receives an excess income tax benefit calculated as the tax effect of the difference between the fair market value of the stock at the time of grant and vesting. The Company also records a tax benefit on dividends paid on Restricted Stock during the vesting period. The Company had net tax benefits from equity awards of $6.3 million , $2.9 million , and $1.0 million , for the years ended December 31, 2016 , 2015 and 2014 , respectively. FASB ASC 740, Income Taxes , prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company did not record an accrual for tax related uncertainties or unrecognized tax positions as of December 31, 2016 . The Company does not expect a change to the reserve for uncertain tax positions within the next twelve months that would have a material impact on the consolidated financial statements. The Company files income tax returns in the federal and in all applicable state and local jurisdictions. The Company is subject to federal, state and local examinations by tax authorities for the tax years ended December 31, 2013 through 2016 .

Earnings Per Share (Notes)

Earnings Per Share (Notes)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company’s common shares outstanding consist of all shares issued and outstanding, including unvested restricted shares. Basic and diluted EPS are calculated under the two-class method. Pursuant to the two-class method, the Company’s unvested Restricted Stock grants with nonforfeitable rights to dividends are considered participating securities. Dividends are paid on all common shares outstanding at the same rate. Accordingly, the Company has evaluated the impact of earnings per share of all participating securities under the two-class method, noting no impact on earnings per share. Restricted stock awards with forfeitable rights to dividends and restricted stock units are considered dilutive. The following table sets forth the computation for basic and diluted EPS and reconciliation between basic and diluted shares outstanding: Year Ended December 31, 2016 2015 2014 Net Income $ 46,594,132 $ 37,074,497 $ 31,580,931 Less: Net income attributable to redeemable noncontrolling interest (542,209 ) — — Net income attributable to common shareholders $ 46,051,923 $ 37,074,497 $ 31,580,931 Weighted average number of outstanding shares 3,407,408 3,277,920 3,196,127 Dilutive impact of restricted stock grants with forfeitable rights to dividends — 74,957 67,453 Dilutive impact of restricted stock units 5,983 6,909 2,588 Weighted average number of outstanding shares - Diluted 3,413,391 3,359,786 3,266,168 Earnings per share attributable to common shareholders Basic $ 13.52 $ 11.31 $ 9.88 Diluted $ 13.49 $ 11.03 $ 9.67

Commitments and Contingencies (

Commitments and Contingencies (Notes)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company indemnifies its directors, officers and certain of its employees for certain liabilities that might arise from their performance of their duties to the Company. From time to time, the Company is involved in legal matters relating to claims arising in the ordinary course of business. There are currently no such matters pending that the Company believes could have a material adverse effect on its consolidated financial statements. Additionally, in the normal course of business, the Company enters into agreements that contain a variety of representations and warranties and which provide general indemnifications. Certain agreements do not contain any limits on the Company’s liability and could involve future claims that may be made against the Company that have not yet occurred. Therefore, it is not possible to estimate the Company’s potential liability under these indemnities. Further, the Company maintains insurance policies that may provide coverage against certain claims under these indemnities.

Sale of Beacon Hill (Notes)

Sale of Beacon Hill (Notes)	12 Months Ended
	Dec. 31, 2016
Sale of Beacon Hill [Abstract]
Sale of Beacon Hill	Sale of Beacon Hill On June 15, 2016, the Company entered into a definitive agreement with Foreside to sell BHIL and certain assets and liabilities of BHFS to Foreside, which closed on July 31, 2016. This transaction resulted in the entirety of Beacon Hill’s business being transferred to Foreside. The Company received $1.2 million in cash consideration, net of cash disposed, as well as contingent consideration with a fair value of $1.5 million in the form of a promissory note. The promissory note is included in accounts receivable on the consolidated balance sheets. The Company recorded a gain on sale of approximately $2.7 million during 2016. After transaction related costs, the overall impact of the sale, net of tax, was approximately $1.3 million to net income.

Significant Accounting Polici19

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Consolidated Financial Statements of the Company have been prepared pursuant to the rules and regulations of the U. S. Securities and Exchange Commission ("SEC") and in accordance with the instructions to Form 10-K. The Company believes that the disclosures contained herein are adequate to make the information presented not misleading. These Consolidated Financial Statements reflect, in the opinion of the Company, all material adjustments (which include only normal recurring adjustments) necessary to fairly present the Company’s financial position as of December 31, 2016 and 2015 , and results of operations for the years ended December 31, 2016 , 2015 and 2014 . The preparation of the Consolidated Financial Statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenue and expense during the reporting period. Estimates have been prepared on the basis of the most current and best available information, but actual results could differ materially from those estimates. Book value per share is computed by dividing total shareholders' equity by the number of shares issued and outstanding at the end of the measurement period.
Reclassification	Reclassification Certain prior period amounts and disclosures may have been reclassified to conform to the current period's financial presentation.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the operations of the Company and its controlled subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. The Company holds certain investments in the Funds and the ETF we advise for general corporate investment purposes and to provide seed capital for newly formed strategies. The Funds are organized in a series fund structure in which there are multiple mutual funds within one Trust (the "Trust"). The Trust is an open-end investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The ETF we advise is an individual series of ETF Series Solutions which is also an open-end investment company registered under the 1940 Act. Each of the individual mutual funds and the ETF represent a separate share class of a legal entity organized under the Trust. As of January 1, 2016, the Company adopted ASU 2015-02 - Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02") and we have performed our analysis at the individual mutual fund and ETF level and have concluded the mutual funds and ETF are voting rights entities ("VREs"). The Company has concluded that the mutual funds and the ETF are VREs because the structure of the investment product is such that the shareholders are deemed to have the power through voting rights to direct the activities that most significantly impact the entity's economic performance. To the extent material, these investment products are consolidated if Company ownership, directly or indirectly, represents a majority interest (greater than 50%). The Company records redeemable noncontrolling interests in consolidated investments for which the Company's ownership is less than 100%. We adopted ASU 2015-02 utilizing the modified retrospective transition method and have recorded a cumulative-effect adjustment to equity of $4.0 million as of January 1, 2016. Prior to the adoption of ASU 2015-02, we performed our analysis at the Trust level and concluded we did not need to consolidate the Funds or the ETF as we owned less than 1% of the voting interest in the respective Trusts. In 2016, the Company consolidated the ETF and one of our individual mutual funds (collectively the "Consolidated Funds") as our ownership was greater than 50% in each. DHCM is the managing member of Diamond Hill General Partner, LLC (the “General Partner”), the general partner of Diamond Hill Investment Partners, L.P. (“DHIP”) and Diamond Hill Global Fund, L.P. ("DHGF"), each a limited partnership whose underlying assets consist primarily of marketable securities, or collectively (the "Partnerships" or “LPs”). DHCM is wholly owned by the Company and is consolidated by us. Further, DHCM through its control of the General Partner, has the power to direct each LP’s economic activities and the right to receive investment advisory and performance incentive fees that may be significant to the LPs. The Company concluded we did not have a variable interest in DHIP as the fees paid to the General Partner are considered to contain customary terms and conditions as found in the market for similar products and the Company has no equity ownership in DHIP. The Company concluded DHGF was a variable interest entity ("VIE") as DHCM has disproportionately less voting interest than economic interests because the Company receives over 95% of the variability of DHGF, yet the limited partners have full power to remove the Company as the General Partner due to the existence of substantive kick-out rights. In addition, substantially all of the LPs' activities are conducted on behalf of the General Partner which has disproportionately few voting rights. The Company concluded we are not the primary beneficiary of DHGF as we lack the power to control the entity due to the existence of single-party kick-out rights where the limited partners have the unilateral ability to remove us as the General Partner without cause. DHCM’s investment in DHGF is reported as a component of the Company’s investment portfolio, valued at DHCM’s proportionate interest in the net asset value ("NAV") of DHGF. The LPs are not subject to lock-up periods and can be redeemed on demand. Gains and losses attributable to changes in the value of DHCM’s interests in the LPs are included in the Company’s reported investment income. The Company’s exposure to loss as a result of its involvement with the LPs is limited to the amount of its investments. DHCM is not obligated to provide, and has not provided, financial or other support to the LPs, other than its investments to date and its contractually provided investment advisory responsibilities. The Company has not provided liquidity arrangements, guarantees or other commitments to support the LPs’ operations, and the LPs’ creditors and interest holders have no recourse to the general credit of the Company. Certain board members, officers and employees of the Company invest in DHIP and are not subject to a management fee or an incentive fee. These individuals receive no remuneration as a result of their personal investment in DHIP. The capital of the General Partner is not subject to a management fee or an incentive fee.
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interest Redeemable noncontrolling interest represents third-party interests in the Consolidated Funds. This interest is redeemable at the option of the investors and therefore is not treated as permanent equity. Redeemable noncontrolling interest is remeasured at redemption value which approximates the fair value each reporting period.
Segment Information	Segment Information Management has determined that the Company operates in one business segment, providing investment management and administration services to mutual funds, institutional accounts, and private investment funds. Therefore, no disclosures relating to operating segments are required in the annual financial statements.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include demand deposits and money market mutual funds.
Accounts Receivable	Accounts Receivable Accounts receivable are recorded when they are due and are presented on the balance sheet net of any allowance for doubtful accounts. Accounts receivable are written off when they are determined to be uncollectible. Any allowance for doubtful accounts is estimated based on the Company’s historical losses, existing conditions in the industry, and the financial stability of those individuals or entities that owe the receivable. No allowance for doubtful accounts was deemed necessary at December 31, 2016 or 2015 .
Investments	Investments Management determines the appropriate classification of its investments at the time of purchase and re-evaluates its determination at each reporting period. Investments classified as trading represent Company sponsored investments in the Funds where the Company has neither control nor the ability to exercise significant influence as well as securities held in the Consolidated Funds. These investments are measured at fair value based on quoted market prices. Unrealized gains and losses are recorded as investment income (loss) in the Company's consolidated statements of income. Investments classified as equity method investments represent Company sponsored investments in which the Company owns between 20-50% of the outstanding voting interests in the entity or when it is determined that the Company is able to exercise significant influence but not control over the investments. When using the equity method, the Company recognizes its respective share of the investee's net income or loss for the period which is recorded as investment income (loss) in the Company's consolidated statements of income. Valuation of Investment Portfolio Accounting Standards Codification Topic 820, Fair Value Measurement ("ASC 820") specifies a hierarchy of valuation classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or unobservable. These classifications are summarized in the three broad levels listed below: Level 1 - Unadjusted quoted prices for identical instruments in active markets. Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-driven valuations in which all significant inputs are observable. Level 3 - Valuations derived from techniques in which significant inputs are unobservable. Inputs used to measure fair value might fall in different levels of the fair value hierarchy, in which case the Company defaults to the lowest level input that is significant to the fair value measurement in its entirety. These levels are not necessarily an indication of the risk or liquidity associated with investments. The following table summarizes the values of the Company's investments as of December 31, 2016 : Level 1 Level 2 Level 3 Investments measured at NAV (a) Total Cash equivalents $ 47,717,187 $ — $ — $ — $ 47,717,187 Trading Investments Securities held in Consolidated Funds (b) 19,835,458 37,520,013 — — $ 57,355,471 Company sponsored investments 20,245 — — — $ 20,245 Company sponsored equity method investments 34,886,484 — — 1,570,965 $ 36,457,449 Deferred compensation investments 14,182,470 — — — $ 14,182,470 (a) Comprised of certain investments in limited partnerships measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. (b) Of the equity interests in the Consolidated Funds as of December 31, 2016 , $42.6 million were held directly by the Company and $14.7 million were held by noncontrolling shareholders. Level 1 investments are all registered investment companies (mutual funds) or equity securities held in the Consolidated Funds and include, as of December 31, 2016 , $47.7 million of investments in money market mutual funds that the Company classifies as cash equivalents. Level 2 investments are comprised of investments in debt securities, which are valued by an independent pricing service which uses pricing techniques which take into account factors such as trading activity, readily available market quotations, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit rates and other observable inputs. The Company determines transfers between fair value hierarchy levels at the end of the reporting period. There were no transfers in or out of the levels during the year ended December 31, 2016 , 2015 , and 2014 . Changes in fair values on the investments are recorded in the Company's consolidated statements of income as investment income (loss).
Property and Equipment	Property and Equipment Property and equipment, consisting of leasehold improvements, computer equipment, furniture and fixtures, are carried at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated life of the assets.
Revenue Recognition - General	Revenue Recognition – General The Company earns substantially all of its revenue from investment advisory and fund administration services. Investment advisory and administration fees, generally calculated as a percentage of AUM, are recorded as revenue as services are performed. In addition to fixed fees based on a percentage of AUM, certain client accounts also provide periodic variable fees.
Revenue Recognition - Variable Fee Revenue	Revenue Recognition – Variable Fees The Company manages certain client accounts that provide for variable fees. These fees are calculated based on client investment results over rolling five -year periods. The Company records variable fees at the end of the contract measurement period.
Revenue Recognition - Mutual Fund Administration	Revenue Recognition – Mutual Fund Administration DHCM has an administrative and transfer agency services agreement with the Funds under which DHCM performs certain services for each Fund. These services include mutual fund administration, fund accounting, transfer agency and other related functions. For performing these services each Fund pays DHCM a fee, which is calculated using an annual rate times the average daily net assets of each respective share class.The Funds have selected and contractually engaged certain vendors to fulfill various services to benefit the Funds’ shareholders or to satisfy regulatory requirements of the Funds. These services include, among others, required shareholder mailings, federal and state registrations, and legal and audit services. DHCM, in fulfilling a portion of its role under the administration agreement with the Funds, acts as agent to pay these obligations of the Funds. Each vendor is independently responsible for fulfillment of the services it has been engaged to provide and negotiates fees and terms with the management and board of trustees of the Funds. The fee that each Fund pays to DHCM is reviewed annually by the Funds’ board of trustees and specifically takes into account the contractual expenses that DHCM pays on behalf of the Funds. As a result, DHCM is not involved in the delivery or pricing of these services and bears no risk related to these services. Revenue has been recorded net of these Fund related expenses, in accordance with FASB ASC 605-45, Revenue Recognition – Principal Agent Considerations . In addition, DHCM advances the upfront commissions which are paid to brokers who sell Class C shares of the Funds. These advances are capitalized and amortized over 12 months to correspond with the repayments DHCM receives from the principal underwriter to recoup this commission advancement. Prior to the sale of Beacon Hill, the Company, through Beacon Hill, had underwriting and administrative service agreements with certain clients, including registered mutual funds. The fee arrangements varied from client to client based upon services provided and have been recorded as revenue under mutual fund administration on the Consolidated Statements of Income. Part of Beacon Hill’s role as underwriter was to act as an agent on behalf of its mutual fund clients to receive 12b-1/service fees and commission revenue and facilitate the payment of those fees and commissions to third parties who provide services to the funds and their shareholders. The majority of 12b-1/service fees were paid to independent third parties and the remainder were retained by the Company as a reimbursement of expenses the Company had incurred. The amounts of 12b-1/service fees and commissions were determined by each mutual fund client, and Beacon Hill bore no financial risk related to these services. As a result, 12b-1/service fees and commission revenue was recorded net of the expense payments to third parties, in accordance with the appropriate accounting treatment for this agency relationship. See Note 11 .
Income Taxes	Income Taxes The Company accounts for current and deferred income taxes through an asset and liability approach. Deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company is subject to examination by federal and applicable state and local jurisdictions for various tax periods. The Company’s income tax positions are based on research and interpretations of the income tax laws and rulings in each of the jurisdictions in which it does business. Due to the subjectivity of interpretations of laws and rulings in each jurisdiction, the differences and interplay in tax laws between those jurisdictions, as well as the inherent uncertainty in estimating the final resolution of complex tax audit matters, the Company’s estimates of income tax liabilities may differ from actual payments or assessments. The Company regularly assesses its position with regard to tax exposures and records liabilities for these uncertain tax positions and related interest and penalties, if any, according to the principles of FASB ASC 740, Income Taxes . As of December 31, 2016 , the Company had not recorded any liability for uncertain tax positions. The Company records interest and penalties, if any, within income tax expense on the income statement.
Earnings Per Share	Earnings Per Share Basic earnings per share (“EPS”) excludes dilution and is computed by dividing net income by the weighted average number of Common Shares outstanding for the period, which includes participating securities. Diluted EPS reflects the potential dilution of EPS due to unvested restricted stock grants with forfeitable rights to dividends and restricted stock units. For the periods presented, the Company had unvested stock-based payment awards that contain both forfeitable and nonforfeitable rights to dividends and restricted stock units. See Note 9 .
Recently Issued Accounting Standards	Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers", which supersedes existing accounting standards for revenue recognition and creates a single framework. ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This standard also specifies the accounting for certain costs to obtain or fulfill a contract with a customer. This ASU will supersede much of the existing revenue recognition guidance in GAAP and is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period, and requires either a retrospective or a modified retrospective approach to adoption. The Company is currently assessing the impact of this standard on its consolidated financial statements and related disclosures, as well as the transition methods. Early application is permitted for the first interim period within annual reporting periods beginning after December 15, 2016. In March 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting", which is intended to improve the accounting for share-based payment transactions as part of the FASB's simplification initiative. The standard is intended to simplify several areas of accounting for share-based compensation arrangements, including the accounting for income taxes, classification of excess tax benefits on the statement of cash flows, forfeitures, statutory tax withholding requirements, classification of awards as either equity or liabilities, and classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. ASU 2016-09 is effective for our interim and annual reporting periods beginning January 1, 2017, and is to be applied using a retrospective transition method. Though permitted, we did not early adopt the guidance. The primary impact from this guidance on our consolidated financial statements will be to our tax provision line item as any excess tax benefits or deficiencies from the vesting of stock awards will now be recognized through our income tax provision as opposed to common stock. As of December 31, 2016 , we had approximately 223,800 shares of restricted stock outstanding with a weighted-average grant date price of approximately $132.96 . If the share price of DHIL continues to be greater than the grant date fair value of these awards throughout 2017, we could recognize additional tax benefit in our tax provision for 2017. Based on the closing price of DHIL as of December 31, 2016 , this additional benefit we would record in 2017 would be approximately $2.0 million . We are continuing to evaluate additional impacts the update will have on our consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, "Leases", which, among other things, requires lessees to recognize most leases on-balance sheet. This will increase lessees' reported assets and liabilities - in some cases significantly. Lessor accounting remains substantially similar to current GAAP. ASU 2016-02 supersedes Topic 840, Leases . ASU 2016-02 is effective for annual and interim periods in fiscal years beginning after December 15, 2018. ASU 2016-02 mandates a modified retrospective transition method for all entities. The Company is currently assessing the impact of this standard on its consolidated financial statements and related disclosures.

Significant Accounting Polici20

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	The following table summarizes the values of the Company's investments as of December 31, 2016 : Level 1 Level 2 Level 3 Investments measured at NAV (a) Total Cash equivalents $ 47,717,187 $ — $ — $ — $ 47,717,187 Trading Investments Securities held in Consolidated Funds (b) 19,835,458 37,520,013 — — $ 57,355,471 Company sponsored investments 20,245 — — — $ 20,245 Company sponsored equity method investments 34,886,484 — — 1,570,965 $ 36,457,449 Deferred compensation investments 14,182,470 — — — $ 14,182,470 (a) Comprised of certain investments in limited partnerships measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. (b) Of the equity interests in the Consolidated Funds as of December 31, 2016 , $42.6 million were held directly by the Company and $14.7 million were held by noncontrolling shareholders.
Variable Performance Fees Earned [Table Text Block]	The following table summarizes the variable fees earned by the Company during the years ended December 31, 2016 , 2015 and 2014 : For the year ended December 31, 2016 2015 2014 $ 6,444,599 $ — $ —
Assets under management (AUM) subject to variable fees and the variable fees	The table below shows AUM subject to variable fees and the amount of variable fees that would be recognized based upon current investment results as of December 31, 2016 : As Of December 31, 2016 AUM subject to variable fees Variable fees Contractual Period Ends: Quarter Ended December 31, 2018 $ 94,212,727 $ — Quarter Ended September 30, 2019 31,923,922 239,442 Quarter Ended March 31, 2020 10,426,125 — Quarter Ended September 30, 2021 231,220,034 — Total $ 367,782,808 $ 239,442
Mutual fund administration gross and net revenue	Mutual fund administration gross and net revenue are summarized below: Year Ended December 31, 2016 2015 2014 Mutual fund administration: Administration revenue, gross $ 26,664,635 $ 27,042,861 $ 22,968,369 12b-1/service fees and commission revenue received from fund clients 6,360,400 11,087,978 10,514,242 12b-1/service fees and commission expense payments to third parties (5,660,430 ) (9,617,568 ) (9,102,565 ) Fund related expense (12,937,067 ) (12,031,353 ) (9,753,359 ) Revenue, net of related expenses 14,427,538 16,481,918 14,626,687 DHCM C-Share financing: Broker commission advance repayments 691,228 991,430 878,105 Broker commission amortization (660,840 ) (962,919 ) (846,861 ) Financing activity, net 30,388 28,511 31,244 Mutual fund administration revenue, net $ 14,457,926 $ 16,510,429 $ 14,657,931

Investment Portfolio (Tables)

Investment Portfolio (Tables)	12 Months Ended
	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Summary of market value of investments	The following table summarizes the fair value of these investments as of December 31, 2016 and 2015 : As of December 31, 2016 2015 Trading investments: Securities held in Consolidated Funds (a) $ 57,355,471 $ — Company sponsored investments (b) 20,245 33,245,299 Company sponsored equity method investments 36,457,449 11,284,109 Deferred compensation plan investments 14,182,470 7,961,412 Total Investment portfolio $ 108,015,635 $ 52,490,820 (a) Of the securities held in the Consolidated Funds as of December 31, 2016 , $42.6 million were held directly by the Company and $14.7 million were held by noncontrolling shareh olde rs. (b) Upon the adoption of ASU 2015-02 on January 1, 2016, $21.1 million of investments classified as trading investments in 2015 were reclassified to equity method investments.
Equity Method Investments	The following table includes the condensed summary financial information from the Company's equity method investments as of and for the years ended December 31, 2016 , 2015 and 2014 : As of December 31, 2016 2015 2014 Total assets $ 189,819,824 $ 11,653,249 $ 15,131,651 Total liabilities 45,931,979 25,996 3,015 Net assets 143,887,845 11,627,253 15,128,636 DHCM's portion of net assets 41,338,046 11,284,109 14,652,589 For the Year Ended December 31, 2016 2015 2014 Investment income $ 3,272,972 $ 792,691 $ 128,826 Expenses 1,409,896 5,506 5,362 Net realized gains (losses) 1,981,185 1,219,565 262,754 Net change in unrealized appreciation/depreciation 10,458,073 (1,879,047 ) 137,935 Net income 14,302,334 127,703 524,153 DHCM's portion of net income 4,392,636 124,825 491,951

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Roll-forward of outstanding restricted stock grants issued	The following table represents a roll-forward of outstanding Restricted Stock and related activity during the years ended December 31, 2016 and 2015 : Shares Weighted-Average Outstanding Restricted Stock as of December 31, 2014 335,768 $ 79.79 Grants issued 82,050 169.50 Grants vested (84,962 ) 73.47 Grants forfeited (3,500 ) 77.81 Outstanding Restricted Stock as of December 31, 2015 329,356 $ 108.46 Grants issued 38,900 183.14 Grants vested (127,386 ) 83.50 Grants forfeited (17,070 ) 143.69 Outstanding Restricted Stock as of December 31, 2016 223,800 $ 132.96
Expense recognition of deferred compensation	The recognition of compensation expense related to deferred compensation over the remaining vesting periods, adjusted for estimated forfeitures, is as follows: 2017 2018 2019 2020 2021 Thereafter Total $ 6,152,255 $ 4,353,599 $ 3,617,145 $ 2,087,404 $ 662,735 $ 854,968 $ 17,728,106
Schedule of Grants Issued and Grant Date Fair Value	The following table represents stock issued as part of our incentive compensation program during the years ended December 31, 2016 , 2015 , and 2014 : Shares Issued Grant Date Value December 31, 2016 21,940 $ 3,879,431 December 31, 2015 27,192 3,826,458 December 31, 2014 33,745 3,984,816
Summary of company expenses attributable to the 401(k) Plan	The following table summarizes the Company’s expenses attributable to the 401(k) plan during the years ended December 31, 2016 , 2015 and 2014 : For the year ended December 31, 2016 2015 2014 $ 1,738,287 $ 1,645,434 $ 1,356,035

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2016
Leases [Abstract]
Summary of total lease and operating expense	The following table summarizes the total lease and operating expenses for the years ended December 31, 2016 , 2015 and 2014 : For the year ended December 31, 2016 2015 2014 $ 882,231 $ 928,440 $ 905,061
Future minimum lease payments under the operating leases	The approximate future minimum lease payments under the operating leases are as follows: Future Minimum Lease Payments by Year Total 2017 2018 2019 2020 2021 Thereafter $ 4,732,865 $ 586,350 $ 586,350 $ 595,807 $ 624,179 $ 624,179 $ 1,716,000

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Summary of consolidated Federal income tax return	The following table represents the Company's provision for income taxes: As of December 31, 2016 2015 2014 Current city income tax provision $ 1,321,675 $ 1,245,285 $ 935,612 Current state income tax provision 642,598 335,897 429,147 Current federal income tax provision 24,234,050 22,874,571 15,015,813 Deferred federal income tax expense (benefit) 469,312 (3,547,088 ) 2,404,433 Provision for income taxes $ 26,667,635 $ 20,908,665 $ 18,785,005
Summary of reconciliation of income tax expense	A reconciliation of income tax expense at the statutory federal rate to the Company’s income tax expense is as follows: 2016 2015 2014 Income tax computed at statutory rate $ 25,641,618 $ 20,294,107 $ 17,628,078 City and state income taxes, net of federal benefit 1,276,777 1,027,768 887,093 Other (250,760 ) (413,210 ) 269,834 Income tax expense $ 26,667,635 $ 20,908,665 $ 18,785,005
Summary of Deferred tax assets and liabilities	Net deferred tax assets consisted of the following at December 31, 2016 and 2015 : 2016 2015 Stock-based compensation $ 4,450,129 $ 6,077,629 Accrued compensation 7,355,744 4,724,670 Unrealized gains (1,802,708 ) (722,466 ) Property and equipment (779,391 ) (815,825 ) Other assets and liabilities (487,007 ) (57,929 ) Net deferred tax assets $ 8,736,767 $ 9,206,079

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Computation for earnings per share	The following table sets forth the computation for basic and diluted EPS and reconciliation between basic and diluted shares outstanding: Year Ended December 31, 2016 2015 2014 Net Income $ 46,594,132 $ 37,074,497 $ 31,580,931 Less: Net income attributable to redeemable noncontrolling interest (542,209 ) — — Net income attributable to common shareholders $ 46,051,923 $ 37,074,497 $ 31,580,931 Weighted average number of outstanding shares 3,407,408 3,277,920 3,196,127 Dilutive impact of restricted stock grants with forfeitable rights to dividends — 74,957 67,453 Dilutive impact of restricted stock units 5,983 6,909 2,588 Weighted average number of outstanding shares - Diluted 3,413,391 3,359,786 3,266,168 Earnings per share attributable to common shareholders Basic $ 13.52 $ 11.31 $ 9.88 Diluted $ 13.49 $ 11.03 $ 9.67

Significant Accounting Polici26

Significant Accounting Policies - Summary of Fair Value Based Upon Level 1 and Level 2 Inputs (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	$ 47,717,187
Company sponsored equity method investments	36,457,449
Deferred Compensation Investments	14,182,470
Fair Value, Measurements, Recurring | Level 1 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	47,717,187
Company sponsored equity method investments	34,886,484
Deferred Compensation Investments	14,182,470
Fair Value, Measurements, Recurring | Level 2 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	0
Company sponsored equity method investments	0
Deferred Compensation Investments	0
Fair Value, Measurements, Recurring | Level 3 inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	0
Company sponsored equity method investments	0
Deferred Compensation Investments	0
Securities held in Consolidated Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Investments	57,355,471	$ 0
Securities held in Consolidated Funds | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Investments	57,355,471
Securities held in Consolidated Funds | Fair Value, Measurements, Recurring | Level 1 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Investments	19,835,458
Securities held in Consolidated Funds | Fair Value, Measurements, Recurring | Level 2 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Investments	37,520,013
Securities held in Consolidated Funds | Fair Value, Measurements, Recurring | Level 3 inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Investments	0
Company Sponsored Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Investments	20,245	$ 33,245,299
Company Sponsored Investments | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Investments	20,245
Company Sponsored Investments | Fair Value, Measurements, Recurring | Level 1 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Investments	20,245
Company Sponsored Investments | Fair Value, Measurements, Recurring | Level 2 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Investments	0
Company Sponsored Investments | Fair Value, Measurements, Recurring | Level 3 inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading Investments	0
Equity Method Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments measured at NAV	$ 1,570,965

Significant Accounting Polici27

Significant Accounting Policies Summary of Variable Fees Earned (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Management Fees Revenue [Abstract]
Performance Fees	$ 6,444,599	$ 0	$ 0

Significant Accounting Polici28

Significant Accounting Policies - Summary of Assets Under Management Subject to Fees (Details)	12 Months Ended
	Dec. 31, 2016USD ($)
Assets under management (AUM) subject to variable fees and the variable fees
Total AUM Subject to Variable Fees	$ 367,782,808
Quarter Ended December 31, 2018
Assets under management (AUM) subject to variable fees and the variable fees
Total AUM Subject to Variable Fees	94,212,727
Potential Variable Fees Based Upon Current Investment Results	0
Quarter Ended September 30, 2019
Assets under management (AUM) subject to variable fees and the variable fees
Total AUM Subject to Variable Fees	31,923,922
Potential Variable Fees Based Upon Current Investment Results	239,442
Quarter Ended March 31, 2020
Assets under management (AUM) subject to variable fees and the variable fees
Total AUM Subject to Variable Fees	10,426,125
Potential Variable Fees Based Upon Current Investment Results	0
Quarter Ended September 30, 2021
Assets under management (AUM) subject to variable fees and the variable fees
Total AUM Subject to Variable Fees	231,220,034
Potential Variable Fees Based Upon Current Investment Results	0
Total
Assets under management (AUM) subject to variable fees and the variable fees
Potential Variable Fees Based Upon Current Investment Results	$ 239,442

Significant Accounting Polici29

Significant Accounting Policies - Mutual Fund Adminstration Revenue (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Mutual fund administration:
Administration revenue, gross	$ 26,664,635	$ 27,042,861	$ 22,968,369
12b-1/service fees and commission revenue received from fund clients	6,360,400	11,087,978	10,514,242
12b-1/service fees and commission expense payments to third parties	(5,660,430)	(9,617,568)	(9,102,565)
Fund related expense	(12,937,067)	(12,031,353)	(9,753,359)
Revenue, net of fund related expenses	14,427,538	16,481,918	14,626,687
DHCM C-Share financing:
Broker commission advance repayments	691,228	991,430	878,105
Broker commission amortization	(660,840)	(962,919)	(846,861)
Financing activity, net	30,388	28,511	31,244
Mutual fund administration revenue, net	$ 14,457,926	$ 16,510,429	$ 14,657,931

Significant Accounting Polici30

Significant Accounting Policies (Details Textual)	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)Segment$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares
Schedule of Investments [Line Items]
Cumulative-effect adjustment from the adoption of ASU 2015-02		$ 4,031,756	$ 0	$ 0
Number of business segment | Segment		1
Allowance for doubtful accounts		$ 0	0
Accounts Receivable, Related Parties		10,400,000	9,200,000
Transfers between fair value levels		$ 0	0	0
Rolling Client Investment Performance Period		5 years
Performance Fees		$ 6,444,599	0	0
Advance Commissions Amortization Period		12 months
Liability for Uncertain Tax Positions, Current		$ 0	$ 0
Common stock, unvested shares | shares		201,800	310,356
Securities held in Consolidated Funds
Schedule of Investments [Line Items]
Trading Investments		$ 57,355,471	$ 0
Securities held in Consolidated Funds | Parent
Schedule of Investments [Line Items]
Trading Investments		42,600,000
Securities held in Consolidated Funds | Redeemable Noncontrolling Interest
Schedule of Investments [Line Items]
Trading Investments		14,700,000
Level 1 Inputs | Money Market Funds
Schedule of Investments [Line Items]
Cash Equivalents		47,700,000
Investment Advisory Services
Schedule of Investments [Line Items]
Revenue from Related Parties		88,900,000	80,700,000	65,100,000
Mutual fund administrative services
Schedule of Investments [Line Items]
Revenue from Related Parties		$ 13,400,000	$ 14,300,000	$ 13,100,000
Restricted Stock Units (RSUs)
Schedule of Investments [Line Items]
Common stock, unvested shares | shares		223,800	329,356	335,768
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares		$ 132.96	$ 108.46	$ 79.79
Scenario, Forecast [Member]
Schedule of Investments [Line Items]
Estimated Future Excess Tax Benefit	$ 2,000,000

Investment Portfolio - Summary

Investment Portfolio - Summary of Market Value of Investments (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Investment Holdings [Line Items]
Seed capital equity method investments	$ 36,457,449	$ 11,284,109
Deferred compensation plan assets	14,182,470	7,961,412
Total Investment Portfolio	108,015,635	52,490,820
Securities held in Consolidated Funds
Investment Holdings [Line Items]
Trading Investments	57,355,471	0
Securities held in Consolidated Funds | Total
Investment Holdings [Line Items]
Trading Investments	42,600,000
Securities held in Consolidated Funds | Redeemable Noncontrolling Interest
Investment Holdings [Line Items]
Trading Investments	14,700,000
Company Sponsored Investments
Investment Holdings [Line Items]
Trading Investments	$ 20,245	$ 33,245,299

Investment Portfolio Equity Met

Investment Portfolio Equity Method Investments (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Total assets	$ 189,819,824	$ 11,653,249	$ 15,131,651
Total liabilities	45,931,979	25,996	3,015
Net assets	143,887,845	11,627,253	15,128,636
DHCM's portion of net assets	41,338,046	11,284,109	14,652,589
Investment income	3,272,972	792,691	128,826
Expenses	1,409,896	5,506	5,362
Net realized gains (losses)	1,981,185	1,219,565	262,754
Net change in unrealized appreciation/depreciation	10,458,073	(1,879,047)	137,935
Net income	14,302,334	127,703	524,153
DHCM's portion of net income	$ 4,392,636	$ 124,825	$ 491,951

Investment Portfolio (Details T

Investment Portfolio (Details Textual) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Fair value of investments	$ 108,000,000
Schedule of Trading Securities and Other Trading Assets [Line Items]
Deferred compensation plan assets	14,182,470	$ 7,961,412
Trading Securities
Schedule of Trading Securities and Other Trading Assets [Line Items]
Deferred compensation plan assets	9,300,000
Equity Method Investments
Schedule of Trading Securities and Other Trading Assets [Line Items]
Deferred compensation plan assets	4,900,000
Accounting Standards Update 2015-02 [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member] | Trading Securities
Schedule of Trading Securities and Other Trading Assets [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption		(21,100,000)
Accounting Standards Update 2015-02 [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member] | Equity Method Investments
Schedule of Trading Securities and Other Trading Assets [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption		21,100,000
Securities held in Consolidated Funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading Securities	57,355,471	$ 0
Parent | Securities held in Consolidated Funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading Securities	42,600,000
Redeemable Noncontrolling Interest | Securities held in Consolidated Funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading Securities	$ 14,700,000

Investment Portfolio Schedule o

Investment Portfolio Schedule of Equity Investment Ownership (Details)	Dec. 31, 2016
Mid Cap Fund
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	33.00%
Research Opportunities Fund
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	27.00%
High Yield Fund
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	20.00%
Global Fund LP
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	95.00%

Line of Credit (Details)

Line of Credit (Details) - The Credit Agreement - Line of Credit $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)
Line of Credit Facility [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity	$ 25
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.00%
London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate Description	1.50%

Capital Stock (Details)

Capital Stock (Details) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Equity [Abstract]
Common Stock, No Par Value	$ 0	$ 0
Capital Stock (Textual) [Abstract]
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0

Stock-Based Compensation - Rol

Stock-Based Compensation - Roll Forward of Restricted Stock Grants (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Roll-forward of outstanding restricted stock grants issued
Outstanding shares, Beginning Balance	310,356
Outstanding shares, Ending Balance	201,800	310,356
Restricted Stock Units (RSUs)
Roll-forward of outstanding restricted stock grants issued
Outstanding shares, Beginning Balance	329,356	335,768
Weighted-Average Grant Date Price per Share, Beginning of Period	$ 108.46	$ 79.79
Grants issued	38,900	82,050
Weighted-Average Grant Date Price Per Share, Grants issued	$ 183.14	$ 169.50
Grants vested	(127,386)	(84,962)
Weighted-Average Grant Date Price Per Share, Grants vested	$ 83.50	$ 73.47
Grants forfeited	(17,070)	(3,500)
Weighted-Average Grant Date Price per Share, Grants forfeited	$ 143.69	$ 77.81
Outstanding shares, Ending Balance	223,800	329,356
Weighted-Average Grant Date Price per Share, End of Period	$ 132.96	$ 108.46

Stock-Based Compensation - Sum

Stock-Based Compensation - Summary of Deferred Compensation Expense Recognition (Details) - Restricted Stock Units (RSUs)	Dec. 31, 2016USD ($)
Expense recognition of deferred compensation
2,017	$ 6,152,255
2,018	4,353,599
2,019	3,617,145
2,020	2,087,404
2,021	662,735
Thereafter	854,968
Total	$ 17,728,106

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Grants Issued and Grant Date Fair Value (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Issuance of stock grants	$ 3,879,431	$ 3,826,458	$ 3,984,816
Common Stock
Shares Issued	21,940	27,192	33,745
Issuance of stock grants	$ 3,879,431	$ 3,826,458	$ 3,984,816

Stock-Based Compensation - 401

Stock-Based Compensation - 401(k) Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
401(k) Plan
Summary of Company expenses attributable to the 401(k) Plan
Expenses attributable to the 401(k) Plan	$ 1,738,287	$ 1,645,434	$ 1,356,035

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred Compensation Equity	$ 17,728,106	$ 19,294,784
Stock Based Compensation (Textual) [Abstract]
Deferred Compensation Liability, Current and Noncurrent	$ 14,182,470	$ 10,236,743
2011 Equity and Cash Incentive Plan
Stock Based Compensation (Textual) [Abstract]
Authorizes the issuance of Common Shares in various forms of equity awards	600,000
Common Shares available for awards	407,853
Restricted Stock Units (RSUs)
Stock Based Compensation (Textual) [Abstract]
Deferred compensation related to unvested restricted stock grants	$ 17,728,106
401(k) Plan
Stock Based Compensation (Textual) [Abstract]
Employee's compensation contributed to the plan	6.00%
Number of years of employment required to vest in contribution	6 years
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	200.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred Compensation Arrangement, Fully Vested Employee Elected Deferral Period	5 years

Operating Leases - Summary of

Operating Leases - Summary of Lease and Operating Expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Summary of total lease and operating expense
Lease and operating expenses	$ 882,231	$ 928,440	$ 905,061

Operating Leases - Schedule of

Operating Leases - Schedule of Future Minimum Lease Payments (Details)	Dec. 31, 2016USD ($)
Future minimum lease payments under the operating leases
2,017	$ 586,350
2,018	586,350
2,019	595,807
2,020	624,179
2,021	624,179
Thereafter	1,716,000
Operating Leases, Future Minimum Payments Due	$ 4,732,865

Operating Leases (Details Textu

Operating Leases (Details Textual)	12 Months Ended
	Dec. 31, 2016USD ($)ft²Location	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Leases [Abstract]
Lessee Leasing Agreements, Operating Leases, Area under Lease | ft²	37,829
Operating Lease Expense Excluding Rent	$ 400,000	$ 400,000	$ 400,000
Number of office space locations | Location	1
Operating Leases, Future Minimum Payments Due	$ 4,732,865

Income Taxes - Summary of Cons

Income Taxes - Summary of Consolidated Federal Income Tax Return (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Summary of consolidated Federal income tax return
Current city income tax provision	$ 1,321,675	$ 1,245,285	$ 935,612
Current state income tax provision	642,598	335,897	429,147
Current federal income tax provision	24,234,050	22,874,571	15,015,813
Deferred federal income tax benefit	469,312	(3,547,088)	2,404,433
Provision for income taxes	$ 26,667,635	$ 20,908,665	$ 18,785,005

Income Taxes - Reconciliation

Income Taxes - Reconciliation of Income Tax Expense to Federal Statutory Rate (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Summary of reconciliation of income tax expense
Income tax computed at statutory rate	$ 25,641,618	$ 20,294,107	$ 17,628,078
City and state income taxes, net of federal benefit	1,276,777	1,027,768	887,093
Other	(250,760)	(413,210)	269,834
Provision for income taxes	$ 26,667,635	$ 20,908,665	$ 18,785,005

Income Taxes - Schedule of Def

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Summary of Deferred tax assets and liabilities
Stock-based compensation	$ 4,450,129	$ 6,077,629
Accrued incentive compensation	7,355,744	4,724,670
Deferred Tax Liabilities, Unrealized Gains on Trading Securities	(1,802,708)	(722,466)
Deferred Tax Liabilities, Property and Equipment	(779,391)	(815,825)
Other assets and liabilities	(487,007)	(57,929)
Net deferred tax assets	$ 8,736,767	$ 9,206,079

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Valuation Allowance	$ 0
Income Taxes (Textual) [Abstract]
Income tax benefit to shareholders equity	$ 6,300,000	$ 2,900,000	$ 1,000,000

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Computation for earnings per share
Net Income	$ 46,594,132	$ 37,074,497	$ 31,580,931
Less: Net income attributable to redeemable noncontrolling interest	542,209	0	0
Net income attributable to common shareholders	$ 46,051,923	$ 37,074,497	$ 31,580,931
Weighted average number of outstanding shares
Basic (in shares)	3,407,408	3,277,920	3,196,127
Incremental Common Shares Attributable to Dilutive Effect of Nonvested Shares with Forfeitable Dividends	0	74,957	67,453
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	5,983	6,909	2,588
Diluted (in shares)	3,413,391	3,359,786	3,266,168
Earnings per share
Basic (per share)	$ 13.52	$ 11.31	$ 9.88
Diluted (per share)	$ 13.49	$ 11.03	$ 9.67

Sale of Beacon Hill (Details)

Sale of Beacon Hill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of subsidiary, net of cash disposed	$ 1,163,769	$ 0	$ 0
Promissory Note Receivable	1,500,000
Gain on sale of subsidiary	2,675,766	$ 0	$ 0
Beacon Hill | Discontinued Operations, Disposed of by Sale | Foreside
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of subsidiary	2,700,000
Gain (Loss) on sale of subsidiary, net of tax	$ 1,300,000