Delaware (State or Other Jurisdiction of Incorporation or Organization) | 14-1904657 (I.R.S. Employer Identification No.) |
280 Park Avenue, New York, New York (Address of Principal Executive Offices) | 10017 (Zip Code) |
Title of each class | Name of each exchange on which registered |
Common Stock, $.01 par value | New York Stock Exchange |
Large Accelerated Filer | x | Accelerated Filer | ¨ | |
Non Accelerated Filer | ¨ | (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
Page | ||
Part I | ||
Item 1 | ||
Item 1A | ||
Item 1B | ||
Item 2 | ||
Item 3 | ||
Item 4 | ||
Part II | ||
Item 5 | ||
Item 6 | ||
Item 7 | ||
Item 7A | ||
Item 8 | ||
Item 9 | ||
Item 9A | ||
Item 9B | ||
Part III | ||
Item 10 | ||
Item 11 | ||
Item 12 | ||
Item 13 | ||
Item 14 | ||
Part IV | ||
Item 15 |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
United States | $ | 266,583 | $ | 256,137 | $ | 238,591 | |||||
Non - U.S. | |||||||||||
Japan | 41,899 | 40,179 | 42,603 | ||||||||
Other | 20,173 | 17,618 | 16,519 | ||||||||
Total | $ | 328,655 | $ | 313,934 | $ | 297,713 |
• | elect all of the members of our board of directors, thereby controlling the management and affairs of the Company; |
• | determine the outcome of matters submitted to a vote of our stockholders; and |
• | prevent any unsolicited acquisition of us and, consequently, adversely affect the market price of our common stock or prevent our stockholders from realizing a premium on their shares. |
• | the Investment Company Reporting Modernization Release, which would increase the frequency of, and expand the information provided in, our funds' SEC filings; |
• | the Open-End Fund Liquidity Risk Management Programs, Swing Pricing, which would require a fund to classify each of its holdings based on how quickly the holding (or a portion thereof) could be converted to cash and to hold a minimum amount of highly liquid assets; and |
• | the Use of Derivatives by Regulated Investment Companies and Business Development Companies, which would limit the amount of derivatives in which a fund could transact. |
Three Months Ended 2015 | March 31 | June 30 | September 30 | December 31 | |||||||||
High price | $ | 47.16 | $ | 41.82 | $ | 35.15 | $ | 32.00 | |||||
Low price | $ | 40.27 | $ | 33.94 | $ | 26.63 | $ | 25.84 | |||||
Closing price | $ | 40.95 | $ | 34.08 | $ | 27.45 | $ | 30.48 | |||||
Cash dividends declared per share | $ | 0.25 | $ | 0.25 | $ | 0.25 | $ | 0.75 | * | ||||
Three Months Ended 2014 | March 31 | June 30 | September 30 | December 31 | |||||||||
High price | $ | 40.49 | $ | 43.84 | $ | 45.02 | $ | 44.92 | |||||
Low price | $ | 34.46 | $ | 38.17 | $ | 38.28 | $ | 36.93 | |||||
Closing price | $ | 39.85 | $ | 43.38 | $ | 38.44 | $ | 42.08 | |||||
Cash dividends declared per share | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 1.22 | * |
(in thousands, except per share data) | As of and For the Years Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||||||
Total revenue | $ | 328,655 | $ | 313,934 | $ | 297,713 | $ | 273,553 | $ | 237,246 | ||||||||||
Total expenses | 201,106 | 191,993 | 191,371 | (1) | 177,121 | (2) | 150,242 | |||||||||||||
Operating income | 127,549 | 121,941 | 106,342 | 96,432 | 87,004 | |||||||||||||||
Total non-operating (loss) income | (14,805 | ) | 73 | (1,978 | ) | 7,871 | (143 | ) | ||||||||||||
Income before provision for income taxes | 112,744 | 122,014 | 104,364 | 104,303 | 86,861 | |||||||||||||||
Provision for income taxes | 48,407 | 46,280 | 41,109 | 36,407 | 32,584 | |||||||||||||||
Net income | $ | 64,337 | $ | 75,734 | $ | 63,255 | $ | 67,896 | $ | 54,277 | ||||||||||
Less: Net loss (income) attributable to redeemable noncontrolling interest | 214 | (224 | ) | 4,864 | (1,779 | ) | 30 | |||||||||||||
Net income attributable to common stockholders | $ | 64,551 | $ | 75,510 | $ | 68,119 | $ | 66,117 | $ | 54,307 | ||||||||||
Earnings per share attributable to common stockholders | ||||||||||||||||||||
Basic | $ | 1.42 | $ | 1.69 | $ | 1.54 | $ | 1.51 | $ | 1.26 | ||||||||||
Diluted | $ | 1.41 | $ | 1.65 | $ | 1.51 | $ | 1.49 | $ | 1.23 | ||||||||||
Cash dividends declared per share | ||||||||||||||||||||
Quarterly | $ | 1.00 | $ | 0.88 | $ | 0.80 | $ | 0.72 | $ | 0.60 | ||||||||||
Special | $ | 0.50 | $ | 1.00 | $ | 1.00 | $ | 1.50 | $ | 1.00 | ||||||||||
Consolidated Statements of Financial Condition | ||||||||||||||||||||
Cash and cash equivalents | $ | 142,728 | $ | 124,938 | $ | 128,277 | $ | 95,412 | $ | 127,824 | ||||||||||
Trading investments | 37,169 | 9,509 | 15,668 | 97,155 | 25,304 | |||||||||||||||
Equity method investments | 16,974 | 28,550 | 24,724 | 8,106 | 7,868 | |||||||||||||||
Available-for-sale investments | 17,191 | 21,269 | 10,449 | 25,322 | 27,133 | |||||||||||||||
Total assets | 305,322 | 280,721 | 274,926 | 337,315 | 286,233 | |||||||||||||||
Total liabilities | 62,212 | 52,133 | 51,162 | 67,547 | 50,925 | |||||||||||||||
Total stockholders' equity | 231,776 | 227,981 | 223,557 | 216,580 | 230,512 | |||||||||||||||
Other Financial Data (in millions) | ||||||||||||||||||||
Assets under management (AUM) by investment vehicle: | ||||||||||||||||||||
Institutional accounts | $ | 26,105 | $ | 26,201 | $ | 22,926 | $ | 24,850 | $ | 25,380 | ||||||||||
Open-end funds | 17,460 | 17,131 | 14,016 | 12,962 | 9,619 | |||||||||||||||
Closed-end funds | 9,029 | 9,805 | 8,965 | 7,985 | 6,285 | |||||||||||||||
Total AUM | $ | 52,594 | $ | 53,137 | $ | 45,907 | $ | 45,797 | $ | 41,284 |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Institutional Accounts | |||||||||||
Assets under management, beginning of period | $ | 26,201 | $ | 22,926 | $ | 24,850 | |||||
Inflows | 2,317 | 2,777 | 1,163 | ||||||||
Outflows | (3,275 | ) | (4,855 | ) | (4,583 | ) | |||||
Net outflows | (958 | ) | (2,078 | ) | (3,420 | ) | |||||
Market appreciation | 862 | 5,240 | 1,496 | ||||||||
Transfers * | — | 113 | — | ||||||||
Total (decrease) increase | (96 | ) | 3,275 | (1,924 | ) | ||||||
Assets under management, end of period | $ | 26,105 | $ | 26,201 | $ | 22,926 | |||||
Average assets under management for period | $ | 25,884 | $ | 24,856 | $ | 24,706 | |||||
Open-end Funds | |||||||||||
Assets under management, beginning of period | $ | 17,131 | $ | 14,016 | $ | 12,962 | |||||
Inflows | 5,932 | 5,897 | 5,521 | ||||||||
Outflows | (5,902 | ) | (5,701 | ) | (4,819 | ) | |||||
Net inflows | 30 | 196 | 702 | ||||||||
Market appreciation | 299 | 3,032 | 352 | ||||||||
Transfers * | — | (113 | ) | — | |||||||
Total increase | 329 | 3,115 | 1,054 | ||||||||
Assets under management, end of period | $ | 17,460 | $ | 17,131 | $ | 14,016 | |||||
Average assets under management for period | $ | 17,252 | $ | 16,097 | $ | 14,382 | |||||
Closed-end Funds | |||||||||||
Assets under management, beginning of period | $ | 9,805 | $ | 8,965 | $ | 7,985 | |||||
Inflows | — | — | 789 | ||||||||
Outflows | (53 | ) | — | (24 | ) | ||||||
Net (outflows) inflows | (53 | ) | — | 765 | |||||||
Market (depreciation) appreciation | (723 | ) | 840 | 215 | |||||||
Total (decrease) increase | (776 | ) | 840 | 980 | |||||||
Assets under management, end of period | $ | 9,029 | $ | 9,805 | $ | 8,965 | |||||
Average assets under management for period | $ | 9,586 | $ | 9,680 | $ | 8,790 | |||||
Total | |||||||||||
Assets under management, beginning of period | $ | 53,137 | $ | 45,907 | $ | 45,797 | |||||
Inflows | 8,249 | 8,674 | 7,473 | ||||||||
Outflows | (9,230 | ) | (10,556 | ) | (9,426 | ) | |||||
Net outflows | (981 | ) | (1,882 | ) | (1,953 | ) | |||||
Market appreciation | 438 | 9,112 | 2,063 | ||||||||
Total (decrease) increase | (543 | ) | 7,230 | 110 | |||||||
Assets under management, end of period | $ | 52,594 | $ | 53,137 | $ | 45,907 | |||||
Average assets under management for period | $ | 52,722 | $ | 50,633 | $ | 47,878 |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Subadvisory | |||||||||||
Assets under management, beginning of period | $ | 18,857 | $ | 16,693 | $ | 17,582 | |||||
Inflows | 1,564 | 2,027 | 728 | ||||||||
Outflows | (2,516 | ) | (3,867 | ) | (2,646 | ) | |||||
Net outflows | (952 | ) | (1,840 | ) | (1,918 | ) | |||||
Market appreciation | 635 | 4,004 | 1,029 | ||||||||
Total (decrease) increase | (317 | ) | 2,164 | (889 | ) | ||||||
Assets under management, end of period | $ | 18,540 | $ | 18,857 | $ | 16,693 | |||||
Average assets under management for period | $ | 18,510 | $ | 17,962 | $ | 17,580 | |||||
Advisory | |||||||||||
Assets under management, beginning of period | $ | 7,344 | $ | 6,233 | $ | 7,268 | |||||
Inflows | 753 | 750 | 435 | ||||||||
Outflows | (759 | ) | (988 | ) | (1,937 | ) | |||||
Net outflows | (6 | ) | (238 | ) | (1,502 | ) | |||||
Market appreciation | 227 | 1,236 | 467 | ||||||||
Transfers * | — | 113 | — | ||||||||
Total increase (decrease) | 221 | 1,111 | (1,035 | ) | |||||||
Assets under management, end of period | $ | 7,565 | $ | 7,344 | $ | 6,233 | |||||
Average assets under management for period | $ | 7,374 | $ | 6,894 | $ | 7,126 | |||||
Total Institutional Accounts | |||||||||||
Assets under management, beginning of period | $ | 26,201 | $ | 22,926 | $ | 24,850 | |||||
Inflows | 2,317 | 2,777 | 1,163 | ||||||||
Outflows | (3,275 | ) | (4,855 | ) | (4,583 | ) | |||||
Net outflows | (958 | ) | (2,078 | ) | (3,420 | ) | |||||
Market appreciation | 862 | 5,240 | 1,496 | ||||||||
Transfers * | — | 113 | — | ||||||||
Total (decrease) increase | (96 | ) | 3,275 | (1,924 | ) | ||||||
Assets under management, end of period | $ | 26,105 | $ | 26,201 | $ | 22,926 | |||||
Average assets under management for period | $ | 25,884 | $ | 24,856 | $ | 24,706 |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
U.S. Real Estate | |||||||||||
Assets under management, beginning of period | $ | 28,357 | $ | 23,116 | $ | 22,613 | |||||
Inflows | 2,860 | 2,920 | 3,005 | ||||||||
Outflows | (4,448 | ) | (4,649 | ) | (2,881 | ) | |||||
Net (outflows) inflows | (1,588 | ) | (1,729 | ) | 124 | ||||||
Market appreciation | 1,045 | 6,748 | 379 | ||||||||
Transfers * | — | 222 | — | ||||||||
Total (decrease) increase | (543 | ) | 5,241 | 503 | |||||||
Assets under management, end of period | $ | 27,814 | $ | 28,357 | $ | 23,116 | |||||
Average assets under management for period | $ | 27,663 | $ | 26,585 | $ | 23,977 | |||||
Global/International Real Estate | |||||||||||
Assets under management, beginning of period | $ | 10,184 | $ | 9,498 | $ | 11,155 | |||||
Inflows | 975 | 1,746 | 1,456 | ||||||||
Outflows | (2,063 | ) | (2,415 | ) | (3,622 | ) | |||||
Net outflows | (1,088 | ) | (669 | ) | (2,166 | ) | |||||
Market appreciation | 380 | 1,355 | 509 | ||||||||
Total (decrease) increase | (708 | ) | 686 | (1,657 | ) | ||||||
Assets under management, end of period | $ | 9,476 | $ | 10,184 | $ | 9,498 | |||||
Average assets under management for period | $ | 9,938 | $ | 9,954 | $ | 10,429 | |||||
Preferred Securities | |||||||||||
Assets under management, beginning of period | $ | 6,342 | $ | 4,722 | $ | 4,364 | |||||
Inflows | 2,930 | 2,258 | 1,684 | ||||||||
Outflows | (1,715 | ) | (1,044 | ) | (1,251 | ) | |||||
Net inflows | 1,215 | 1,214 | 433 | ||||||||
Market appreciation (depreciation) | 148 | 406 | (75 | ) | |||||||
Total increase | 1,363 | 1,620 | 358 | ||||||||
Assets under management, end of period | $ | 7,705 | $ | 6,342 | $ | 4,722 | |||||
Average assets under management for period | $ | 6,915 | $ | 5,550 | $ | 4,890 | |||||
Global Listed Infrastructure | |||||||||||
Assets under management, beginning of period | $ | 5,697 | $ | 4,714 | $ | 3,509 | |||||
Inflows | 905 | 1,048 | 957 | ||||||||
Outflows | (609 | ) | (500 | ) | (136 | ) | |||||
Net inflows | 296 | 548 | 821 | ||||||||
Market (depreciation) appreciation | (846 | ) | 435 | 384 | |||||||
Total (decrease) increase | (550 | ) | 983 | 1,205 | |||||||
Assets under management, end of period | $ | 5,147 | $ | 5,697 | $ | 4,714 | |||||
Average assets under management for period | $ | 5,559 | $ | 5,440 | $ | 4,257 |
Assets Under Management By Investment Strategy - continued | Years Ended December 31, | ||||||||||
2015 | 2014 | 2013 | |||||||||
Other | |||||||||||
Assets under management, beginning of period | $ | 2,557 | $ | 3,857 | $ | 4,156 | |||||
Inflows | 579 | 702 | 371 | ||||||||
Outflows | (395 | ) | (1,948 | ) | (1,536 | ) | |||||
Net inflows (outflows) | 184 | (1,246 | ) | (1,165 | ) | ||||||
Market (depreciation) appreciation | (289 | ) | 168 | 866 | |||||||
Transfers * | — | (222 | ) | — | |||||||
Total decrease | (105 | ) | (1,300 | ) | (299 | ) | |||||
Assets under management, end of period | $ | 2,452 | $ | 2,557 | $ | 3,857 | |||||
Average assets under management for period | $ | 2,647 | $ | 3,104 | $ | 4,325 | |||||
Total | |||||||||||
Assets under management, beginning of period | $ | 53,137 | $ | 45,907 | $ | 45,797 | |||||
Inflows | 8,249 | 8,674 | 7,473 | ||||||||
Outflows | (9,230 | ) | (10,556 | ) | (9,426 | ) | |||||
Net outflows | (981 | ) | (1,882 | ) | (1,953 | ) | |||||
Market appreciation | 438 | 9,112 | 2,063 | ||||||||
Total (decrease) increase | (543 | ) | 7,230 | 110 | |||||||
Assets under management, end of period | $ | 52,594 | $ | 53,137 | $ | 45,907 | |||||
Average assets under management for period | $ | 52,722 | $ | 50,633 | $ | 47,878 |
(in thousands) | Years Ended December 31, | ||||||||||
2015 | 2014 | 2013 | |||||||||
Results of operations | |||||||||||
Total revenue | $ | 328,655 | $ | 313,934 | $ | 297,713 | |||||
Total expenses | 201,106 | 191,993 | 191,371 | ||||||||
Total non-operating (loss) income (1) | (14,805 | ) | 73 | (1,978 | ) | ||||||
Income before provision for income taxes (1) | $ | 112,744 | $ | 122,014 | $ | 104,364 | |||||
(1) Includes net loss of $214, net income of $224 and net loss of $4,864 attributable to redeemable noncontrolling interest for the years ended December 31, 2015, 2014 and 2013, respectively. |
• | Total investment advisory and administration revenue from institutional accounts increased 4% to $85.5 million from $81.9 million for the year ended December 31, 2014. |
• | Total investment advisory and administration revenue from open-end funds increased 7% to $136.9 million from $127.4 million for the year ended December 31, 2014. |
• | Total investment advisory and administration revenue from closed-end funds decreased 1% to $81.4 million from $82.5 million for the year ended December 31, 2014. |
• | Distribution and service fee revenue increased 9% to $16.0 million for the year ended December 31, 2015 from $14.7 million for the year ended December 31, 2014. |
• | Portfolio consulting and other revenue increased 19% to $8.9 million for the year ended December 31, 2015 from $7.5 million for the year ended December 31, 2014. |
• | Total investment advisory and administration revenue from institutional accounts increased 0.1% to $81.9 million from $81.8 million for the year ended December 31, 2013. |
• | Total investment advisory and administration revenue from open-end funds increased 11% to $127.4 million from $114.7 million for the year ended December 31, 2013. |
• | Total investment advisory and administration revenue from closed-end funds increased 10% to $82.5 million from $74.6 million for the year ended December 31, 2013. |
• | Distribution and service fee revenue increased 2% to $14.7 million for the year ended December 31, 2014 from $14.4 million for the year ended December 31, 2013. |
• | Portfolio consulting and other revenue decreased 39% to $7.5 million for the year ended December 31, 2014 from $12.2 million for the year ended December 31, 2013. |
2016 | 2017 | 2018 | 2019 | 2020 | 2021 and after | Total | |||||||||||||||||||||
Operating leases | $ | 12,570 | $ | 11,410 | $ | 10,287 | $ | 10,733 | $ | 10,592 | $ | 32,385 | $ | 87,977 |
Carrying Value | Carrying Value Assuming a 10% Increase | Carrying Value Assuming a 10% Decrease | |||||||||
Trading investments | $ | 37,169 | $ | 40,886 | $ | 33,452 | |||||
Equity method investments | 16,974 | 18,671 | 15,277 | ||||||||
Available-for-sale investments | 17,191 | 18,910 | 15,472 |
(a) | 1 | Financial Statements Included herein at pages F-1 through F-34. |
2 | Financial Data Schedules All schedules have been omitted because they are not applicable, not required, or the information required is included in the financial statements or notes thereto. | |
3 | Exhibits |
Exhibit Number | Description | |
3.1 | — | Form of Amended and Restated Certificate of Incorporation of the Company (1) |
3.2 | — | Form of Amended and Restated Bylaws of the Company (2) |
4.1 | — | Specimen Common Stock Certificate (7) |
4.2 | — | Form of Registration Rights Agreement among the Company, Martin Cohen, Robert H. Steers, The Martin Cohen 1998 Family Trust and Robert H. Steers Family Trust (1) |
10.1 | — | Form of Tax Indemnification Agreement among Cohen & Steers Capital Management, Inc., Martin Cohen, Robert H. Steers, The Martin Cohen 1998 Family Trust and Robert H. Steers Family Trust (1) |
10.2 | — | Form of Employment Agreement between Cohen & Steers Capital Management, Inc. and Martin Cohen* (1) |
10.3 | — | Form of Employment Agreement between Cohen & Steers Capital Management, Inc. and Robert H. Steers* (1) |
10.4 | — | Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan* (3) |
10.5 | — | Amended and Restated Cohen & Steers, Inc. Annual Incentive Plan* (3) |
10.6 | — | Amended and Restated Cohen & Steers, Inc. Employee Stock Purchase Plan* (3) |
10.7 | — | Form of Restricted Stock Unit Agreement for the issuance of awards pursuant to the Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan* (4) |
10.8 | — | Form of Voluntary Deferral Program Restricted Stock Unit Agreement for the issuance of awards pursuant to the Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan* (5) |
10.9 | — | Form of Mandatory Deferral Program Restricted Stock Unit Agreement for the issuance of awards pursuant to the Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan* (4) |
10.10 | — | Amendment to Employment Agreement between Cohen & Steers Capital Management, Inc. and Martin Cohen* (6) |
10.11 | — | Amendment to Employment Agreement between Cohen & Steers Capital Management, Inc. and Robert H. Steers* (6) |
21.1 | — | Subsidiaries of the Company (filed herewith) |
23.1 | — | Consent of Deloitte & Touche LLP (filed herewith) |
24.1 | — | Powers of Attorney (included on signature page hereto) |
31.1 | — | Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith) |
31.2 | — | Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith) |
32.1 | — | Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith) |
32.2 | — | Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith) |
101 | — | The following financial statements from the Company's Annual Report on Form 10-K for the year ended December 31, 2015 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Financial Condition as of December 31, 2015 and December 31, 2014, (ii) the Consolidated Statements of Operations for the years ended December 31, 2015, 2014 and 2013, (iii) the Consolidated Statements of Comprehensive Income for the years ended December 31, 2015, 2014 and 2013, (iv) the Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest for the years ended December 31, 2015, 2014 and 2013, (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2015, 2014 and 2013, and (vi) the Notes to the Consolidated Financial Statements. |
(1) | Incorporated by reference to the Company's Registration Statement on Form S-1 (Registration No. 333-114027), as amended, originally filed with the Securities and Exchange Commission on March 30, 2004. |
(2) | Incorporated by reference to the Company's Quarterly Report on Form 10-Q (Commission File No. 001-32236), for the quarter ended June 30, 2008. |
(3) | Incorporated by reference to the Company’s Current Report on Form 8-K (Commission File No. 001-32236), filed on May 13, 2013. |
(4) | Incorporated by reference to the Company’s Annual Report on Form 10-K (Commission File No. 001-32236), for the year ended December 31, 2012. |
(5) | Incorporated by reference to the Company’s Quarterly Report on Form 10-Q (Commission File No. 001-32236), for the quarter ended September 30, 2004. |
(6) | Incorporated by reference to the Company’s Annual Report on Form 10-K (Commission File No. 001-32236), for the year ended December 31, 2007. |
(7) | Incorporated by reference to the Company’s Quarterly Report on Form 10-Q (Commission File No. 001-32236) for the quarter ended June 30, 2015. |
COHEN & STEERS, INC. | ||||
By: | /S/ ROBERT H. STEERS | |||
Robert H. Steers Chief Executive Officer and Director |
Signature | Title | Date | |
/S/ MARTIN COHEN | |||
Martin Cohen | Chairman and Director | February 26, 2016 | |
/S/ ROBERT H. STEERS | |||
Robert H. Steers | Chief Executive Officer and Director | February 26, 2016 | |
/S/ PETER L. RHEIN | |||
Peter L. Rhein | Director | February 26, 2016 | |
/S/ RICHARD P. SIMON | |||
Richard P. Simon | Director | February 26, 2016 | |
/S/ EDMOND D. VILLANI | |||
Edmond D. Villani | Director | February 26, 2016 | |
/s/ FRANK CONNOR | |||
Frank Connor | Director | February 26, 2016 | |
/S/ MATTHEW S. STADLER | |||
Matthew S. Stadler | Chief Financial Officer (Principal Financial Officer) | February 26, 2016 | |
/S/ ELENA DULIK | |||
Elena Dulik | Chief Accounting Officer (Principal Accounting Officer) | February 26, 2016 | |
December 31, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 142,728 | $ | 124,938 | |||
Trading investments ($566 and $650) (1) ($4,719) (2) | 37,169 | 9,509 | |||||
Equity method investments | 16,974 | 28,550 | |||||
Available-for-sale investments | 17,191 | 21,269 | |||||
Accounts receivable | 44,559 | 43,392 | |||||
Due from broker ($176) (2) | 6,104 | 1,805 | |||||
Property and equipment—net | 9,783 | 11,189 | |||||
Goodwill and intangible assets—net | 19,498 | 20,732 | |||||
Deferred income tax asset—net | 5,551 | 15,108 | |||||
Other assets ($53) (2) | 5,765 | 4,229 | |||||
Total assets | $ | 305,322 | $ | 280,721 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Liabilities: | |||||||
Accrued compensation | $ | 30,503 | $ | 28,300 | |||
Distribution and service fees payable | 6,192 | 6,995 | |||||
Income tax payable | 6,780 | 4,141 | |||||
Due to broker ($12) (2) | 4,369 | 5 | |||||
Deferred rent | 6,368 | 5,728 | |||||
Other liabilities and accrued expenses ($50) (2) | 8,000 | 6,964 | |||||
Total liabilities | 62,212 | 52,133 | |||||
Commitments and contingencies (see Note 13) | |||||||
Redeemable noncontrolling interest | 11,334 | 607 | |||||
Stockholders’ equity: | |||||||
Common stock, $0.01 par value; 500,000,000 shares authorized; 49,690,562 and 48,593,812 shares issued at December 31, 2015 and December 31, 2014, respectively | 497 | 486 | |||||
Additional paid-in capital | 519,855 | 489,266 | |||||
Accumulated deficit | (148,096 | ) | (142,786 | ) | |||
Accumulated other comprehensive income, net of tax | (3,843 | ) | (1,582 | ) | |||
Less: Treasury stock, at cost, 4,250,476 and 3,800,920 shares at December 31, 2015 and December 31, 2014, respectively | (136,637 | ) | (117,403 | ) | |||
Total stockholders’ equity | 231,776 | 227,981 | |||||
Total liabilities and stockholders’ equity | $ | 305,322 | $ | 280,721 |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Revenue: | |||||||||||
Investment advisory and administration fees | $ | 303,729 | $ | 291,744 | $ | 271,109 | |||||
Distribution and service fees | 16,001 | 14,667 | 14,359 | ||||||||
Portfolio consulting and other | 8,925 | 7,523 | 12,245 | ||||||||
Total revenue | 328,655 | 313,934 | 297,713 | ||||||||
Expenses: | |||||||||||
Employee compensation and benefits | 107,710 | 102,732 | 94,707 | ||||||||
Distribution and service fees | 36,330 | 35,470 | 41,247 | ||||||||
General and administrative | 50,853 | 47,337 | 46,802 | ||||||||
Depreciation and amortization | 6,213 | 6,454 | 8,615 | ||||||||
Total expenses | 201,106 | 191,993 | 191,371 | ||||||||
Operating income | 127,549 | 121,941 | 106,342 | ||||||||
Non-operating income: | |||||||||||
Interest and dividend income—net | 1,600 | 2,058 | 2,280 | ||||||||
Loss from trading investments—net | (2,376 | ) | (1,567 | ) | (6,612 | ) | |||||
Equity in (losses) earnings of affiliates | (10,378 | ) | (1,955 | ) | 840 | ||||||
(Loss) gain from available-for-sale investments—net | (2,648 | ) | 2,041 | 2,259 | |||||||
Other losses | (1,003 | ) | (504 | ) | (745 | ) | |||||
Total non-operating (loss) income | (14,805 | ) | 73 | (1,978 | ) | ||||||
Income before provision for income taxes | 112,744 | 122,014 | 104,364 | ||||||||
Provision for income taxes | 48,407 | 46,280 | 41,109 | ||||||||
Net income | 64,337 | 75,734 | 63,255 | ||||||||
Less: Net loss (income) attributable to redeemable noncontrolling interest | 214 | (224 | ) | 4,864 | |||||||
Net income attributable to common stockholders | $ | 64,551 | $ | 75,510 | $ | 68,119 | |||||
Earnings per share attributable to common stockholders: | |||||||||||
Basic | $ | 1.42 | $ | 1.69 | $ | 1.54 | |||||
Diluted | $ | 1.41 | $ | 1.65 | $ | 1.51 | |||||
Weighted average shares outstanding: | |||||||||||
Basic | 45,433 | 44,788 | 44,272 | ||||||||
Diluted | 45,897 | 45,643 | 45,083 |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net income | $ | 64,337 | $ | 75,734 | $ | 63,255 | |||||
Less: Net loss (income) attributable to redeemable noncontrolling interest | 214 | (224 | ) | 4,864 | |||||||
Net income attributable to common stockholders | 64,551 | 75,510 | 68,119 | ||||||||
Foreign currency translation (loss) gain (net of tax of $0) | (2,462 | ) | (3,710 | ) | 1,279 | ||||||
Net unrealized (loss) gain from available-for-sale investments (net of tax of $0) | (2,447 | ) | 1,180 | 1,628 | |||||||
Reclassification to statements of operations of loss (gain) from available-for-sale investments (net of tax of $0) | 2,648 | (2,041 | ) | (2,259 | ) | ||||||
Other comprehensive (loss) income | (2,261 | ) | (4,571 | ) | 648 | ||||||
Total comprehensive income attributable to common stockholders | $ | 62,290 | $ | 70,939 | $ | 68,767 |
Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock | Total Stockholders’ Equity | Redeemable Noncontrolling Interest | Shares of Common Stock, Net | ||||||||||||||||||||||||
Beginning balance, January 1, 2013 | $ | 470 | $ | 429,377 | $ | (117,889 | ) | $ | 2,341 | $ | (97,719 | ) | $ | 216,580 | $ | 53,188 | 43,763 | ||||||||||||||
Dividends ($1.80 per share) | — | — | (81,596 | ) | — | — | (81,596 | ) | — | — | |||||||||||||||||||||
Issuance of common stock | 7 | 473 | — | — | — | 480 | — | 734 | |||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | (7,962 | ) | (7,962 | ) | — | (243 | ) | ||||||||||||||||||||
Tax benefits associated with restricted stock units—net | — | 3,146 | — | — | — | 3,146 | — | — | |||||||||||||||||||||||
Issuance of restricted stock units | — | 2,689 | — | — | — | 2,689 | — | — | |||||||||||||||||||||||
Amortization of restricted stock units—net | — | 21,463 | — | — | — | 21,463 | — | — | |||||||||||||||||||||||
Forfeitures of vested restricted stock units | — | (10 | ) | — | — | — | (10 | ) | — | — | |||||||||||||||||||||
Net income (loss) | — | — | 68,119 | — | — | 68,119 | (4,864 | ) | — | ||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | 648 | — | 648 | — | — | |||||||||||||||||||||||
Distributions to redeemable noncontrolling interest | — | — | — | — | — | — | (14,242 | ) | — | ||||||||||||||||||||||
Contributions from redeemable noncontrolling interest | — | — | — | — | — | — | 37,711 | — | |||||||||||||||||||||||
Transfer of redeemable noncontrolling interest in consolidated entity | — | — | — | — | — | — | (71,586 | ) | — | ||||||||||||||||||||||
Ending balance, December 31, 2013 | $ | 477 | $ | 457,138 | $ | (131,366 | ) | $ | 2,989 | $ | (105,681 | ) | $ | 223,557 | $ | 207 | 44,254 | ||||||||||||||
Dividends ($1.88 per share) | — | — | (86,930 | ) | — | — | (86,930 | ) | — | — | |||||||||||||||||||||
Issuance of common stock | 9 | 569 | — | — | — | 578 | — | 858 | |||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | (11,722 | ) | (11,722 | ) | — | (319 | ) | ||||||||||||||||||||
Tax benefits associated with restricted stock units—net | — | 3,676 | — | — | — | 3,676 | — | — | |||||||||||||||||||||||
Issuance of restricted stock units | — | 3,045 | — | — | — | 3,045 | — | — | |||||||||||||||||||||||
Amortization of restricted stock units—net | — | 24,838 | — | — | — | 24,838 | — | — | |||||||||||||||||||||||
Net income | — | — | 75,510 | — | — | 75,510 | 224 | — | |||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | (4,571 | ) | — | (4,571 | ) | — | — | |||||||||||||||||||||
Distributions to redeemable noncontrolling interest | — | — | — | — | — | — | (8,987 | ) | — | ||||||||||||||||||||||
Contributions from redeemable noncontrolling interest | — | — | — | — | — | — | 36,278 | — | |||||||||||||||||||||||
Transfer of redeemable noncontrolling interest in consolidated entity | — | — | — | — | — | — | (27,115 | ) | — | ||||||||||||||||||||||
Ending balance, December 31, 2014 | $ | 486 | $ | 489,266 | $ | (142,786 | ) | $ | (1,582 | ) | $ | (117,403 | ) | $ | 227,981 | $ | 607 | 44,793 | |||||||||||||
Dividends ($1.50 per share) | — | — | (69,861 | ) | — | — | (69,861 | ) | — | — | |||||||||||||||||||||
Issuance of common stock | 11 | 623 | — | — | — | 634 | — | 1,097 | |||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | (19,234 | ) | (19,234 | ) | — | (450 | ) | ||||||||||||||||||||
Tax benefits associated with restricted stock units—net | — | 5,262 | — | — | — | 5,262 | — | — | |||||||||||||||||||||||
Issuance of restricted stock units | — | 2,109 | — | — | — | 2,109 | — | — | |||||||||||||||||||||||
Amortization of restricted stock units—net | — | 22,566 | — | — | — | 22,566 | — | — | |||||||||||||||||||||||
Forfeitures of vested restricted stock units | — | 29 | — | — | — | 29 | — | — | |||||||||||||||||||||||
Net income (loss) | — | — | 64,551 | — | — | 64,551 | (214 | ) | — | ||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | (2,261 | ) | — | (2,261 | ) | — | — | |||||||||||||||||||||
Distribution to redeemable noncontrolling interest | — | — | — | — | — | — | (10 | ) | — | ||||||||||||||||||||||
Contributions from redeemable noncontrolling interest | — | — | — | — | — | — | 10,951 | — | |||||||||||||||||||||||
Ending balance, December 31, 2015 | $ | 497 | $ | 519,855 | $ | (148,096 | ) | $ | (3,843 | ) | $ | (136,637 | ) | $ | 231,776 | $ | 11,334 | 45,440 |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 64,337 | $ | 75,734 | $ | 63,255 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Stock compensation expense | 22,686 | 24,931 | 21,539 | ||||||||
Depreciation and amortization | 6,213 | 6,454 | 8,615 | ||||||||
Deferred rent | 640 | 1,384 | 1,954 | ||||||||
Loss from trading investments—net | 2,376 | 1,567 | 6,612 | ||||||||
Equity in losses (earnings) of affiliates | 10,378 | 1,955 | (840 | ) | |||||||
Loss (gain) from available-for-sale investments—net | 2,648 | (2,041 | ) | (2,259 | ) | ||||||
Deferred income taxes | 7,392 | (279 | ) | (3,087 | ) | ||||||
Foreign currency (gain) loss | (443 | ) | (588 | ) | 622 | ||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (724 | ) | (1,916 | ) | 2,887 | ||||||
Due from broker | (4,299 | ) | (1,137 | ) | (8,826 | ) | |||||
Deferred commissions | (2,572 | ) | (1,956 | ) | (2,399 | ) | |||||
Trading investments | (30,036 | ) | (51,770 | ) | (11,573 | ) | |||||
Other assets | (1,266 | ) | 809 | 1,542 | |||||||
Accrued compensation | 2,228 | 3,115 | (152 | ) | |||||||
Distribution and service fees payable | (803 | ) | 497 | 217 | |||||||
Due to broker | 4,364 | — | (798 | ) | |||||||
Securities sold but not yet purchased | — | — | (14,685 | ) | |||||||
Income tax payable | 5,231 | (3,020 | ) | (1,026 | ) | ||||||
Other liabilities and accrued expenses | 1,446 | 843 | 14,274 | ||||||||
Net cash provided by operating activities | 89,796 | 54,582 | 75,872 | ||||||||
Cash flows from investing activities: | |||||||||||
Proceeds from redemptions of equity method investments | 1,184 | 10,881 | 7,741 | ||||||||
Purchases of available-for-sale investments | (5,663 | ) | (7,829 | ) | (10,195 | ) | |||||
Proceeds from sales of available-for-sale investments | 7,303 | 12,699 | 26,700 | ||||||||
Purchases of property and equipment | (2,427 | ) | (5,916 | ) | (6,230 | ) | |||||
Net cash provided by investing activities | 397 | 9,835 | 18,016 | ||||||||
Cash flows from financing activities: | |||||||||||
Excess tax benefits associated with restricted stock units | 4,822 | 2,562 | 2,025 | ||||||||
Issuance of common stock | 539 | 491 | 408 | ||||||||
Repurchase of common stock | (19,234 | ) | (11,722 | ) | (7,962 | ) | |||||
Dividends to stockholders | (68,177 | ) | (84,237 | ) | (79,695 | ) | |||||
Distributions to redeemable noncontrolling interest | (10 | ) | (8,987 | ) | (14,242 | ) | |||||
Contributions from redeemable noncontrolling interest | 10,951 | 36,278 | 37,711 | ||||||||
Net cash used in financing activities | (71,109 | ) | (65,615 | ) | (61,755 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 19,084 | (1,198 | ) | 32,133 | |||||||
Effect of foreign exchange rate changes on cash and cash equivalents | (1,294 | ) | (2,141 | ) | 732 | ||||||
Cash and cash equivalents, beginning of the year | 124,938 | 128,277 | 95,412 | ||||||||
Cash and cash equivalents, end of the year | $ | 142,728 | $ | 124,938 | $ | 128,277 |
Goodwill | Finite Lived Intangible Assets | Indefinite Lived Intangible Assets | |||||||||
Balance at January 1, 2014 | $ | 20,672 | $ | 451 | $ | 1,250 | |||||
Currency revaluation | (1,552 | ) | — | — | |||||||
Amortization during 2014 | — | (89 | ) | — | |||||||
Balance at December 31, 2014 | $ | 19,120 | $ | 362 | $ | 1,250 | |||||
Currency revaluation | (1,145 | ) | — | — | |||||||
Amortization during 2015 | — | (89 | ) | — | |||||||
Balance at December 31, 2015 | $ | 17,975 | $ | 273 | $ | 1,250 |
Remaining Amortization Period (in months) | Gross Carrying Amount | Accumulated Amortization | Intangible Assets, Net | ||||||||||
2015 | |||||||||||||
Amortized intangible assets: | |||||||||||||
Client relationships | 36 | $ | 1,543 | $ | (1,270 | ) | $ | 273 | |||||
Non-amortized intangible assets: | |||||||||||||
Fund management contracts | — | 1,250 | — | 1,250 | |||||||||
Total | $ | 2,793 | $ | (1,270 | ) | $ | 1,523 | ||||||
2014 | |||||||||||||
Amortized intangible assets: | |||||||||||||
Client relationships | 48 | $ | 1,543 | $ | (1,181 | ) | $ | 362 | |||||
Non-amortized intangible assets: | |||||||||||||
Fund management contracts | — | 1,250 | — | 1,250 | |||||||||
Total | $ | 2,793 | $ | (1,181 | ) | $ | 1,612 |
Periods Ending December 31, | Estimated Amortization Expense | ||
2016 | $ | 89 | |
2017 | 89 | ||
2018 | 95 | ||
Total | $ | 273 |
December 31, | |||||||
2015 | 2014 | ||||||
Trading investments | $ | 37,169 | $ | 9,509 | |||
Equity method investments | 16,974 | 28,550 | |||||
Available-for-sale investments | 17,191 | 21,269 |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Loss from trading investments—net (1) | $ | (2,376 | ) | $ | (1,567 | ) | $ | (6,612 | ) | ||
Equity in (losses) earnings of affiliates | (10,378 | ) | (1,955 | ) | 840 | ||||||
(Loss) gain from available-for-sale investments—net | (2,648 | ) | 2,041 | 2,259 | |||||||
Number of new funds seeded | 2 | 1 | 2 |
December 31, 2015 | |||
Assets: | |||
Trading investments | $ | 4,719 | |
Due from broker | 176 | ||
Other assets | 53 | ||
Total assets | $ | 4,948 | |
Liabilities: | |||
Due to broker | $ | 12 | |
Other liabilities and accrued expenses | 50 | ||
Total liabilities | $ | 62 |
December 31, | |||||||
2015 | 2014 | ||||||
Total assets | $ | 147,590 | $ | 166,111 | |||
Total liabilities | 2,038 | 5,434 | |||||
Net assets | 145,552 | 160,677 |
Years Ended December 31, (1) | |||||||||||
2015 | 2014 | 2013 | |||||||||
Total revenue | $ | 2,753 | $ | 2,896 | $ | 1,142 | |||||
Total expenses | 1,194 | 2,019 | 1,985 | ||||||||
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments | (44,936 | ) | (14,827 | ) | 12,833 | ||||||
Net (loss) income | $ | (43,377 | ) | $ | (13,950 | ) | $ | 11,990 |
December 31, 2015 | December 31, 2014 | ||||||||||||||
Trading Investments | Equity Method Investments | Trading Investments | Equity Method Investments | ||||||||||||
ACOM | $ | — | $ | 5,624 | $ | — | $ | 7,612 | |||||||
CDF | 5,606 | — | 7,000 | — | |||||||||||
GLI SICAV | 4,719 | — | — | — | |||||||||||
GRP-CIP | 2,131 | — | 2,509 | — | |||||||||||
GRP-TE | — | 92 | — | 111 | |||||||||||
LPX | 24,713 | — | — | — | |||||||||||
MLO | — | 11,258 | — | 20,827 | |||||||||||
Total | $ | 37,169 | $ | 16,974 | $ | 9,509 | $ | 28,550 |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
ACOM | $ | — | $ | (505 | ) | $ | (484 | ) | |||
CDF | (2,167 | ) | (2,804 | ) | — | ||||||
GLI SICAV | (135 | ) | — | — | |||||||
GRP-CIP | (80 | ) | 151 | 356 | |||||||
LPX | 6 | — | — | ||||||||
MLO | — | 1,567 | 155 | ||||||||
Onshore Fund | — | 24 | 495 | ||||||||
RAP | — | — | (7,134 | ) | |||||||
Total loss from trading investments—net | $ | (2,376 | ) | $ | (1,567 | ) | $ | (6,612 | ) |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
ACOM | $ | (1,988 | ) | $ | (1,228 | ) | $ | — | |||
GRP-TE | 7 | 11 | 13 | ||||||||
MLO | (8,397 | ) | (1,511 | ) | — | ||||||
Offshore Fund | — | 20 | 149 | ||||||||
RAP | — | 753 | 678 | ||||||||
Total equity in (losses) earnings of affiliates | $ | (10,378 | ) | $ | (1,955 | ) | $ | 840 |
December 31, 2015 | |||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses (1) | Fair Value | ||||||||||||
Preferred securities | $ | 1,115 | $ | 66 | $ | (3 | ) | $ | 1,178 | ||||||
Common stocks | 3,828 | 288 | (282 | ) | 3,834 | ||||||||||
Company-sponsored funds | 12,184 | 1 | (6 | ) | 12,179 | ||||||||||
Total available-for-sale investments | $ | 17,127 | $ | 355 | $ | (291 | ) | $ | 17,191 |
December 31, 2014 | |||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses (1) | Fair Value | ||||||||||||
Preferred securities | $ | 1,043 | $ | 54 | $ | (2 | ) | $ | 1,095 | ||||||
Common stocks | 5,366 | 627 | (155 | ) | 5,838 | ||||||||||
Company-sponsored funds | 15,010 | 4 | (678 | ) | 14,336 | ||||||||||
Total available-for-sale investments | $ | 21,419 | $ | 685 | $ | (835 | ) | $ | 21,269 |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Proceeds from sales | $ | 7,298 | $ | 12,704 | $ | 26,541 | |||||
Gross realized gains | 759 | 2,251 | 2,743 | ||||||||
Gross realized losses, including other-than-temporary impairment | (3,407 | ) | (1) | (210 | ) | (484 | ) |
• | 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-derived valuations in which all significant inputs and significant value drivers are observable, investments in funds for which fair value was estimated using reported net asset value (NAV) as a practical expedient and the Company has no redemption restrictions. |
• | Level 3—Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable, investments in funds for which fair value was estimated using reported NAV as a practical expedient and the Company has redemption restrictions. |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Cash equivalents (1) | $ | 60,412 | $ | — | $ | — | $ | 60,412 | |||||||
Trading investments | |||||||||||||||
Preferred securities | $ | 3,863 | $ | — | $ | — | $ | 3,863 | |||||||
Common stocks | 4,719 | — | — | 4,719 | |||||||||||
Fixed income securities | — | 26,456 | — | 26,456 | |||||||||||
Limited partnership interests | — | — | 2,131 | 2,131 | |||||||||||
Total trading investments | $ | 8,582 | $ | 26,456 | $ | 2,131 | $ | 37,169 | |||||||
Equity method investments | $ | 11,258 | $ | 5,624 | $ | 92 | $ | 16,974 | |||||||
Available-for-sale investments | |||||||||||||||
Preferred securities | $ | 1,178 | $ | — | $ | — | $ | 1,178 | |||||||
Common stocks | 3,834 | — | — | 3,834 | |||||||||||
Company-sponsored funds | 12,179 | — | — | 12,179 | |||||||||||
Total available-for-sale investments | $ | 17,191 | $ | — | $ | — | $ | 17,191 | |||||||
Derivatives - assets | |||||||||||||||
Foreign exchange contracts | $ | — | $ | 10 | $ | — | $ | 10 | |||||||
Commodity contracts | 290 | — | — | 290 | |||||||||||
Total derivatives - assets | $ | 290 | $ | 10 | $ | — | $ | 300 | |||||||
Derivatives - liabilities | |||||||||||||||
Foreign exchange contracts | $ | — | $ | 219 | $ | — | $ | 219 | |||||||
Commodity contracts | 425 | — | — | 425 | |||||||||||
Total derivatives - liabilities | $ | 425 | $ | 219 | $ | — | $ | 644 |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Cash equivalents (1) | $ | 59,281 | $ | — | $ | — | $ | 59,281 | |||||||
Trading investments | |||||||||||||||
Fixed income securities | $ | — | $ | 7,000 | $ | — | $ | 7,000 | |||||||
Limited partnership interests | — | — | 2,509 | 2,509 | |||||||||||
Total trading investments | $ | — | $ | 7,000 | $ | 2,509 | $ | 9,509 | |||||||
Equity method investments | $ | 20,827 | $ | 7,612 | $ | 111 | $ | 28,550 | |||||||
Available-for-sale investments | |||||||||||||||
Preferred securities | $ | 1,095 | $ | — | $ | — | $ | 1,095 | |||||||
Common stocks | 5,838 | — | — | 5,838 | |||||||||||
Company-sponsored funds | 14,336 | — | — | 14,336 | |||||||||||
Total available-for-sale investments | $ | 21,269 | $ | — | $ | — | $ | 21,269 | |||||||
Derivatives - assets | |||||||||||||||
Foreign exchange contracts | $ | — | $ | 505 | $ | — | $ | 505 | |||||||
Commodity contracts | 234 | — | — | 234 | |||||||||||
Total derivatives - assets | $ | 234 | $ | 505 | $ | — | $ | 739 | |||||||
Derivatives - liabilities | |||||||||||||||
Foreign exchange contracts | $ | — | $ | 12 | $ | — | $ | 12 | |||||||
Commodity contracts | 754 | — | — | 754 | |||||||||||
Total derivatives - liabilities | $ | 754 | $ | 12 | $ | — | $ | 766 |
Trading Investments | Equity Method Investments | Available-for-sale investments | |||||||||||||
Common Stocks | Limited Partnership Interests | GRP-TE/Offshore Fund | Preferred Securities | ||||||||||||
Balance at January 1, 2014 | $ | 503 | $ | 2,740 | $ | 528 | $ | 3,325 | |||||||
Purchases / contributions | — | 625 | 18 | — | |||||||||||
Sales / distributions | (527 | ) | (721 | ) | (457 | ) | (4,000 | ) | |||||||
Realized gains | 24 | 64 | — | 675 | |||||||||||
Unrealized (losses) gains (1) | — | (199 | ) | 22 | — | ||||||||||
Transfers into (out of) level 3 | — | — | — | — | |||||||||||
Balance at December 31, 2014 | $ | — | $ | 2,509 | $ | 111 | $ | — | |||||||
Purchases / contributions | — | 99 | 3 | — | |||||||||||
Sales / distributions | — | (421 | ) | (15 | ) | — | |||||||||
Realized gains | — | 224 | 7 | — | |||||||||||
Unrealized (losses) gains (1) | — | (280 | ) | (14 | ) | — | |||||||||
Transfers into (out of) level 3 | — | — | — | — | |||||||||||
Balance at December 31, 2015 | $ | — | $ | 2,131 | $ | 92 | $ | — |
(1) | Pertains to unrealized gains (losses) from securities held at December 31, 2015 and 2014, respectively. |
Fair Value | Fair Value | Significant | Input / | ||||||
(in thousands) | Methodology | Unobservable Inputs | Range | ||||||
Limited partnership interests - direct investments in real estate | $ | 1,312 | Discounted cash flows | Discount rates Exit capitalization rates Market rental rates | 10% - 12.5% 8% - 8.5% $15.00 - 17.00 psf |
Fair Value | Fair Value | Significant | Input / | ||||||
(in thousands) | Methodology | Unobservable Inputs | Range | ||||||
Limited partnership interests - direct investments in real estate | $ | 1,465 | Discounted cash flows | Discount rates Exit capitalization rates Market rental rates | 9% - 15% 8% - 8.5% $15.00 - 17.00 psf |
December 31, 2015 | |||||||||||||||
Assets | Liabilities | ||||||||||||||
Notional | Fair Value | Notional | Fair Value | ||||||||||||
Total foreign exchange contracts | $ | 2,361 | $ | 10 | $ | 14,955 | $ | 219 | |||||||
Total commodity contracts | 3,962 | 290 | 7,337 | 425 | |||||||||||
Total derivatives | $ | 6,323 | $ | 300 | $ | 22,292 | $ | 644 |
December 31, 2014 | |||||||||||||||
Assets | Liabilities | ||||||||||||||
Notional | Fair Value | Notional | Fair Value | ||||||||||||
Total foreign exchange contracts | $ | 11,349 | $ | 505 | $ | 222 | $ | 12 | |||||||
Total commodity contracts | 6,095 | 234 | 8,977 | 754 | |||||||||||
Total derivatives | $ | 17,444 | $ | 739 | $ | 9,199 | $ | 766 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Equity contracts | $ | — | $ | — | $ | (584 | ) | ||||
Foreign exchange contracts | (702 | ) | 95 | (218 | ) | ||||||
Commodity contracts | (2,167 | ) | (3,280 | ) | (3,689 | ) | |||||
Credit contracts | — | — | (21 | ) | |||||||
Total derivatives | $ | (2,869 | ) | $ | (3,185 | ) | $ | (4,512 | ) |
December 31, | |||||||
2015 | 2014 | ||||||
Equipment | $ | 6,651 | $ | 6,536 | |||
Furniture and fixtures | 2,156 | 2,024 | |||||
Software | 16,827 | 15,479 | |||||
Leasehold improvements | 10,141 | 9,358 | |||||
Subtotal | 35,775 | 33,397 | |||||
Less: Accumulated depreciation and amortization | (25,992 | ) | (22,208 | ) | |||
Property and equipment, net | $ | 9,783 | $ | 11,189 |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net income | $ | 64,337 | $ | 75,734 | $ | 63,255 | |||||
Less: Net loss (income) attributable to redeemable noncontrolling interest | 214 | (224 | ) | 4,864 | |||||||
Net income attributable to common stockholders | $ | 64,551 | $ | 75,510 | $ | 68,119 | |||||
Basic weighted average shares outstanding | 45,433 | 44,788 | 44,272 | ||||||||
Dilutive potential shares from restricted stock units | 464 | 855 | 811 | ||||||||
Diluted weighted average shares outstanding | 45,897 | 45,643 | 45,083 | ||||||||
Basic earnings per share attributable to common stockholders | $ | 1.42 | $ | 1.69 | $ | 1.54 | |||||
Diluted earnings per share attributable to common stockholders | $ | 1.41 | $ | 1.65 | $ | 1.51 |
Number of Shares | Weighted Average Grant Date Fair Value | |||||
Balance at January 1, 2013 | 34 | $ | 27.46 | |||
Granted | 9 | 33.83 | ||||
Delivered | (14 | ) | 22.79 | |||
Balance at December 31, 2013 | 29 | 31.47 | ||||
Granted | 9 | 39.67 | ||||
Delivered | (10 | ) | 29.12 | |||
Balance at December 31, 2014 | 28 | 34.93 | ||||
Granted | 12 | 35.31 | ||||
Delivered | (10 | ) | 31.86 | |||
Balance at December 31, 2015 | 30 | 36.17 |
Number of Shares | Weighted Average Grant Date Fair Value | |||||
Balance at January 1, 2013 | 979 | $ | 22.85 | |||
Granted | 305 | 34.20 | ||||
Delivered | (307 | ) | 21.95 | |||
Forfeited | (27 | ) | 25.28 | |||
Balance at December 31, 2013 | 950 | 26.72 | ||||
Granted | 110 | 37.33 | ||||
Delivered | (361 | ) | 24.45 | |||
Forfeited | (9 | ) | 25.69 | |||
Balance at December 31, 2014 | 690 | 29.62 | ||||
Granted | 73 | 41.10 | ||||
Delivered | (461 | ) | 26.95 | |||
Forfeited | (6 | ) | 40.52 | |||
Balance at December 31, 2015 | 296 | 36.36 |
Number of Shares | Weighted Average Grant Date Fair Value | |||||
Balance at January 1, 2013 | 1,314 | $ | 30.07 | |||
Granted | 587 | 33.55 | ||||
Delivered | (400 | ) | 27.79 | |||
Forfeited | (70 | ) | 32.13 | |||
Balance at December 31, 2013 | 1,431 | 32.03 | ||||
Granted | 522 | 36.67 | ||||
Delivered | (472 | ) | 30.84 | |||
Forfeited | (27 | ) | 34.29 | |||
Balance at December 31, 2014 | 1,454 | 34.04 | ||||
Granted | 496 | 41.45 | ||||
Delivered | (607 | ) | 32.69 | |||
Forfeited | (61 | ) | 38.51 | |||
Balance at December 31, 2015 | 1,282 | 37.33 |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Investment advisory and administration fees | $ | 218,942 | $ | 210,316 | $ | 190,058 | |||||
Distribution and service fees | 16,001 | 14,667 | 14,359 | ||||||||
$ | 234,943 | $ | 224,983 | $ | 204,417 |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Proceeds from sales | $ | — | $ | 192 | $ | 10,715 | |||||
Gross realized gains | — | — | 615 | ||||||||
Gross realized losses, including other-than-temporary impairment | (2,846 | ) | (3 | ) | — | ||||||
Dividend income | 250 | 390 | 9 |
Years Ended December 31, | Operating Leases | ||
2016 | $ | 12,570 | |
2017 | 11,410 | ||
2018 | 10,287 | ||
2019 | 10,733 | ||
2020 | 10,592 | ||
Thereafter | 32,385 | ||
$ | 87,977 |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Income before provision for income taxes - U.S. | $ | 101,007 | $ | 108,452 | $ | 89,963 | |||||
Income before provision for income taxes - Non-U.S. | 11,737 | 13,562 | 14,401 | ||||||||
Total income before provision for income taxes | $ | 112,744 | $ | 122,014 | $ | 104,364 | |||||
Current taxes: | |||||||||||
U.S. federal | $ | 32,065 | $ | 38,711 | $ | 36,490 | |||||
State and local | 6,442 | 4,966 | 5,025 | ||||||||
Non-U.S. | 2,508 | 2,882 | 2,681 | ||||||||
41,015 | 46,559 | 44,196 | |||||||||
Deferred taxes: | |||||||||||
U.S. federal | 6,334 | (96 | ) | (2,754 | ) | ||||||
State and local | 1,273 | (12 | ) | (379 | ) | ||||||
Non-U.S. | (215 | ) | (171 | ) | 46 | ||||||
7,392 | (279 | ) | (3,087 | ) | |||||||
Provision for income taxes | $ | 48,407 | $ | 46,280 | $ | 41,109 |
At December 31, | |||||||
2015 | 2014 | ||||||
Deferred income tax assets (liabilities): | |||||||
Stock-based compensation | $ | 7,634 | $ | 8,923 | |||
Non-deductible realized loss on investments | 4,708 | 5,565 | |||||
Dividend equivalents on unvested restricted stock units | 3,052 | 5,204 | |||||
Unrealized loss on investments | 4,642 | 840 | |||||
Deferred compensation | (6,792 | ) | — | ||||
Deferred rent | 2,414 | 2,184 | |||||
Other | (757 | ) | (1,203 | ) | |||
Subtotal | 14,901 | 21,513 | |||||
Less: valuation allowance | (9,350 | ) | (6,405 | ) | |||
Deferred income tax asset - net | $ | 5,551 | $ | 15,108 |
Liability for Unrecognized Tax Benefits | |||
Gross unrecognized tax benefits balance at January 1, 2013 | $ | 4,899 | |
Addition for tax positions of current year | 1,421 | ||
Addition for tax positions of prior years | 1,597 | ||
Reduction of tax positions from prior years | (1,990 | ) | |
Gross unrecognized tax benefits balance at December 31, 2013 | $ | 5,927 | |
Addition for tax positions of current year | 1,230 | ||
Addition for tax positions of prior years | 90 | ||
Reduction of tax positions from prior years | (901 | ) | |
Gross unrecognized tax benefits balance at December 31, 2014 | $ | 6,346 | |
Addition for tax positions of current year | 1,147 | ||
Addition for tax positions of prior years | 250 | ||
Reduction of tax positions from prior years | (484 | ) | |
Gross unrecognized tax benefits balance at December 31, 2015 | $ | 7,259 |
Years Ended December 31, | ||||||||
2015 | 2014 | 2013 | ||||||
U.S. statutory tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
State and local income taxes, net of federal income taxes | 4.3 | % | 4.5 | % | 4.8 | % | ||
Non-deductible loss on investments | 5.2 | % | 0.6 | % | — | % | ||
Reserve adjustments | — | % | — | % | 0.6 | % | ||
Non-taxable gain on investments | — | % | — | % | (0.3 | )% | ||
Foreign operations tax differential | (2.1 | )% | (2.2 | )% | (2.5 | )% | ||
Other | 0.5 | % | 0.1 | % | — | % | ||
Effective income tax rate | 42.9 | % | 38.0 | % | 37.6 | % |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Cohen & Steers Realty Shares, Inc. (CSR): | |||||||||||
Investment advisory and administration fees | $ | 47,870 | $ | 45,904 | $ | 42,618 | |||||
Percent of total revenue | 15 | % | 15 | % | 14 | % | |||||
Daiwa Asset Management: | |||||||||||
Investment advisory and administration fees | $ | 37,653 | $ | 37,505 | $ | 36,704 | |||||
Portfolio consulting and other | 2,793 | 1,970 | 5,510 | ||||||||
Total | $ | 40,446 | $ | 39,475 | $ | 42,214 | |||||
Percent of total revenue | 12 | % | 13 | % | 14 | % |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
United States | $ | 266,583 | $ | 256,137 | $ | 238,591 | |||||
Non - U.S. | |||||||||||
Japan | 41,899 | 40,179 | 42,603 | ||||||||
Other | 20,173 | 17,618 | 16,519 | ||||||||
Total | $ | 328,655 | $ | 313,934 | $ | 297,713 |
Quarter | |||||||||||||||
1st | 2nd | 3rd | 4th | Total | |||||||||||
2015 | |||||||||||||||
Revenue | $ | 83,815 | $ | 83,502 | $ | 79,667 | $ | 81,671 | $ | 328,655 | |||||
Operating income | 34,549 | 31,171 | 31,477 | 30,352 | 127,549 | ||||||||||
Net income attributable to common stockholders | 20,816 | 20,763 | 17,093 | 5,879 | 64,551 | ||||||||||
Earnings per share attributable to common stockholders: | |||||||||||||||
Basic | 0.46 | 0.46 | 0.38 | 0.13 | 1.42 | ||||||||||
Diluted | 0.45 | 0.45 | 0.37 | 0.13 | 1.41 | ||||||||||
Weighted-average shares outstanding: | |||||||||||||||
Basic | 45,241 | 45,462 | 45,500 | 45,524 | 45,433 | ||||||||||
Diluted | 45,980 | 45,805 | 45,830 | 45,969 | 45,897 | ||||||||||
2014 | |||||||||||||||
Revenue | $ | 72,835 | $ | 78,412 | $ | 80,845 | $ | 81,842 | $ | 313,934 | |||||
Operating income | 27,596 | 29,668 | 32,327 | 32,350 | 121,941 | ||||||||||
Net income attributable to common stockholders | 19,445 | 22,183 | 18,184 | 15,698 | 75,510 | ||||||||||
Earnings per share attributable to common stockholders: | |||||||||||||||
Basic | 0.44 | 0.49 | 0.41 | 0.35 | 1.69 | ||||||||||
Diluted | 0.43 | 0.49 | 0.40 | 0.34 | 1.65 | ||||||||||
Weighted-average shares outstanding: | |||||||||||||||
Basic | 44,633 | 44,825 | 44,839 | 44,852 | 44,788 | ||||||||||
Diluted | 45,483 | 45,530 | 45,689 | 45,866 | 45,643 |
Exhibit Number | Description | |
3.1 | — | Form of Amended and Restated Certificate of Incorporation of the Company (1) |
3.2 | — | Form of Amended and Restated Bylaws of the Company (2) |
4.1 | — | Specimen Common Stock Certificate (7) |
4.2 | — | Form of Registration Rights Agreement among the Company, Martin Cohen, Robert H. Steers, The Martin Cohen 1998 Family Trust and Robert H. Steers Family Trust (1) |
10.1 | — | Form of Tax Indemnification Agreement among Cohen & Steers Capital Management, Inc., Martin Cohen, Robert H. Steers, The Martin Cohen 1998 Family Trust and Robert H. Steers Family Trust (1) |
10.2 | — | Form of Employment Agreement between Cohen & Steers Capital Management, Inc. and Martin Cohen* (1) |
10.3 | — | Form of Employment Agreement between Cohen & Steers Capital Management, Inc. and Robert H. Steers* (1) |
10.4 | — | Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan* (3) |
10.5 | — | Amended and Restated Cohen & Steers, Inc. Annual Incentive Plan* (3) |
10.6 | — | Amended and Restated Cohen & Steers, Inc. Employee Stock Purchase Plan* (3) |
10.7 | — | Form of Restricted Stock Unit Agreement for the issuance of awards pursuant to the Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan* (4) |
10.8 | — | Form of Voluntary Deferral Program Restricted Stock Unit Agreement for the issuance of awards pursuant to the Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan* (5) |
10.9 | — | Form of Mandatory Deferral Program Restricted Stock Unit Agreement for the issuance of awards pursuant to the Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan* (4) |
10.10 | — | Amendment to Employment Agreement between Cohen & Steers Capital Management, Inc. and Martin Cohen* (6) |
10.11 | — | Amendment to Employment Agreement between Cohen & Steers Capital Management, Inc. and Robert H. Steers* (6) |
21.1 | — | Subsidiaries of the Company (filed herewith) |
23.1 | — | Consent of Deloitte & Touche LLP (filed herewith) |
24.1 | — | Powers of Attorney (included on signature page hereto) |
31.1 | — | Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith) |
31.2 | — | Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith) |
32.1 | — | Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith) |
32.2 | — | Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith) |
101 | — | The following financial statements from the Company's Annual Report on Form 10-K for the year ended December 31, 2015 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Financial Condition as of December 31, 2015 and December 31, 2014, (ii) the Consolidated Statements of Operations for the years ended December 31, 2015, 2014 and 2013, (iii) the Consolidated Statements of Comprehensive Income for the years ended December 31, 2015, 2014 and 2013, (iv) the Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest for the years ended December 31, 2015, 2014 and 2013, (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2015, 2014 and 2013, and (vi) the Notes to the Consolidated Financial Statements. |
(1) | Incorporated by reference to the Company's Registration Statement on Form S-1 (Registration No. 333-114027), as amended, originally filed with the Securities and Exchange Commission on March 30, 2004. |
(2) | Incorporated by reference to the Company's Quarterly Report on Form 10-Q (Commission File No. 001-32236), for the quarter ended June 30, 2008. |
(3) | Incorporated by reference to the Company’s Current Report on Form 8-K (Commission File No. 001-32236), filed on May 13, 2013. |
(4) | Incorporated by reference to the Company’s Annual Report on Form 10-K (Commission File No. 001-32236), for the year ended December 31, 2012. |
(5) | Incorporated by reference to the Company’s Quarterly Report on Form 10-Q (Commission File No. 001-32236), for the quarter ended September 30, 2004. |
(6) | Incorporated by reference to the Company’s Annual Report on Form 10-K (Commission File No. 001-32236), for the year ended December 31, 2007. |
(7) | Incorporated by reference to the Company’s Quarterly Report on Form 10-Q (Commission File No. 001-32236) for the quarter ended June 30, 2015. |
Name of Subsidiary | State/Territory of Organization |
Cohen & Steers Capital Management, Inc. | New York |
Cohen & Steers Securities, LLC | Delaware |
Cohen & Steers Asia Limited | Hong Kong |
Cohen & Steers UK Limited | United Kingdom |
Cohen & Steers Japan, LLC | Delaware |
Form | Registration Statement No. | Description |
S-8 | 333-118972 | Cohen & Steers, Inc. 2004 Stock Incentive Plan Cohen & Steers, Inc. 2004 Employee Stock Purchase Plan |
S-8 | 333-161228 | Amended and Restated Cohen & Steers, Inc. 2004 Stock Incentive Plan |
S-8 | 333-195282 | Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan Cohen & Steers, Inc. Amended and Restated Employee Stock Purchase Plan |
S-3 ASR | 333-206281 | Cohen & Steers, Inc. Registration Statement under the Securities Act of 1933 |
1. | I have reviewed this Annual Report on Form 10-K for the period ended December 31, 2015 of Cohen & Steers, Inc. (the Registrant); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and |
5. | The Registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. |
Dated: | February 26, 2016 | /s/ Robert H. Steers | |
Robert H. Steers | |||
Chief Executive Officer |
1. | I have reviewed this Annual Report on Form 10-K for the period ended December 31, 2015 of Cohen & Steers, Inc. (the Registrant); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and |
5. | The Registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. |
Dated: | February 26, 2016 | /s/ Matthew S. Stadler | |
Matthew S. Stadler | |||
Executive Vice President & Chief Financial Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act); and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Dated: | February 26, 2016 | /s/ Robert H. Steers | |
Robert H. Steers | |||
Chief Executive Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act); and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Dated: | February 26, 2016 | /s/ Matthew S. Stadler | |
Matthew S. Stadler | |||
Executive Vice President & Chief Financial Officer |
Document and Entity Information Document - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Feb. 22, 2016 |
Jun. 30, 2015 |
|
Entity Information | |||
Entity Registrant Name | COHEN & STEERS INC | ||
Entity Central Index Key | 0001284812 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 45,823,832 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 692 |
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||
---|---|---|---|---|---|---|---|
Common stock, par value | $ 0.01 | $ 0.01 | |||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | |||||
Common stock, shares issued | 49,690,562 | 48,593,812 | |||||
Common stock, shares outstanding | 45,440,086 | 44,792,892 | |||||
Treasury stock, shares | 4,250,476 | 3,800,920 | |||||
Trading investments | [1],[2] | $ 37,169 | $ 9,509 | ||||
Due from broker | [1] | 6,104 | 1,805 | ||||
Other assets | [1] | 5,765 | 4,229 | ||||
Due to broker | [1] | 4,369 | 5 | ||||
Other liabilities and accrued expenses | [1] | 8,000 | $ 6,964 | ||||
GLI SICAV | |||||||
Trading investments | 4,719 | ||||||
Due from broker | 176 | ||||||
Other assets | 53 | ||||||
Due to broker | 12 | ||||||
Other liabilities and accrued expenses | $ 50 | ||||||
|
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Revenue: | |||
Investment advisory and administration fees | $ 303,729 | $ 291,744 | $ 271,109 |
Distribution and service fees | 16,001 | 14,667 | 14,359 |
Portfolio consulting and other | 8,925 | 7,523 | 12,245 |
Total revenue | 328,655 | 313,934 | 297,713 |
Expenses: | |||
Employee compensation and benefits | 107,710 | 102,732 | 94,707 |
Distribution and service fees | 36,330 | 35,470 | 41,247 |
General and administrative | 50,853 | 47,337 | 46,802 |
Depreciation and amortization | 6,213 | 6,454 | 8,615 |
Total expenses | 201,106 | 191,993 | 191,371 |
Operating income | 127,549 | 121,941 | 106,342 |
Non-operating income: | |||
Interest and dividend income—net | 1,600 | 2,058 | 2,280 |
Loss from trading investments—net | (2,376) | (1,567) | (6,612) |
Equity in (losses) earnings of affiliates | (10,378) | (1,955) | 840 |
(Loss) gain from available-for-sale investments—net | (2,648) | 2,041 | 2,259 |
Other losses | (1,003) | (504) | (745) |
Total non-operating (loss) income | (14,805) | 73 | (1,978) |
Income before provision for income taxes | 112,744 | 122,014 | 104,364 |
Provision for income taxes | 48,407 | 46,280 | 41,109 |
Net income | 64,337 | 75,734 | 63,255 |
Less: Net loss (income) attributable to redeemable noncontrolling interest | 214 | (224) | 4,864 |
Net income attributable to common stockholders | $ 64,551 | $ 75,510 | $ 68,119 |
Earnings per share attributable to common stockholders: | |||
Basic (in dollars per share) | $ 1.42 | $ 1.69 | $ 1.54 |
Diluted (in dollars per share) | $ 1.41 | $ 1.65 | $ 1.51 |
Weighted average shares outstanding: | |||
Basic (shares) | 45,433 | 44,788 | 44,272 |
Diluted (shares) | 45,897 | 45,643 | 45,083 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Net income | $ 64,337 | $ 75,734 | $ 63,255 |
Less: Net loss (income) attributable to redeemable noncontrolling interest | 214 | (224) | 4,864 |
Net income attributable to common stockholders | 64,551 | 75,510 | 68,119 |
Foreign currency translation (loss) gain (net of tax of $0) | (2,462) | (3,710) | 1,279 |
Net unrealized (loss) gain from available-for-sale investments (net of tax of $0) | (2,447) | 1,180 | 1,628 |
Reclassification to statements of operations of loss (gain) from available-for-sale investments (net of tax of $0) | 2,648 | (2,041) | (2,259) |
Other comprehensive (loss) income | (2,261) | (4,571) | 648 |
Total comprehensive income attributable to common stockholders | $ 62,290 | $ 70,939 | $ 68,767 |
Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest - USD ($) $ in Thousands |
Total |
Common stock |
Additional Paid-In Capital |
Accumulated Deficit |
Accumulated Other Comprehensive Income (Loss), Net of Tax |
Treasury Stock |
Total Stockholders' Equity |
Redeemable Noncontrolling Interest |
---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2012 | $ 470 | $ 429,377 | $ (117,889) | $ 2,341 | $ (97,719) | $ 216,580 | ||
Beginning balance (redeemable noncontrolling interest) at Dec. 31, 2012 | $ 53,188 | |||||||
Beginning balance (shares of common stock, net) at Dec. 31, 2012 | 43,763,000 | |||||||
Dividends | $ 0 | 0 | (81,596) | 0 | 0 | (81,596) | ||
Issuance of common stock | $ 7 | 473 | 0 | 0 | 0 | 480 | 0 | |
Issuance of common stock, shares | 734,000 | |||||||
Repurchase of common stock | $ 0 | 0 | 0 | 0 | (7,962) | (7,962) | 0 | |
Repurchase of common stock, shares | (243,000) | |||||||
Tax benefits associated with restricted stock units—net | $ 0 | 3,146 | 0 | 0 | 0 | 3,146 | 0 | |
Issuance of restricted stock units | 0 | 2,689 | 0 | 0 | 0 | 2,689 | 0 | |
Amortization of restricted stock units—net | 0 | 21,463 | 0 | 0 | 0 | 21,463 | 0 | |
Forfeitures of vested restricted stock units | 0 | (10) | 0 | 0 | 0 | (10) | 0 | |
Net income (loss) | $ 63,255 | 0 | 0 | 68,119 | 0 | 0 | 68,119 | (4,864) |
Other comprehensive income (loss), net of tax | 648 | 0 | 0 | 0 | 648 | 0 | 648 | 0 |
Distributions to redeemable noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (14,242) | |
Contributions from redeemable noncontrolling interest | 37,711 | 0 | 0 | 0 | 0 | 0 | 0 | 37,711 |
Transfer of redeemable noncontrolling interest in consolidated entity | 0 | 0 | 0 | 0 | 0 | 0 | (71,586) | |
Ending balance at Dec. 31, 2013 | $ 477 | 457,138 | (131,366) | 2,989 | (105,681) | 223,557 | ||
Ending balance (shares of common stock, net) at Dec. 31, 2013 | 44,254,000 | |||||||
Ending balance (redeemable noncontrolling interest) at Dec. 31, 2013 | 207 | |||||||
Dividends | $ 0 | 0 | (86,930) | 0 | 0 | (86,930) | ||
Issuance of common stock | $ 9 | 569 | 0 | 0 | 0 | 578 | 0 | |
Issuance of common stock, shares | 858,000 | |||||||
Repurchase of common stock | $ 0 | 0 | 0 | 0 | (11,722) | (11,722) | 0 | |
Repurchase of common stock, shares | (319,000) | |||||||
Tax benefits associated with restricted stock units—net | $ 0 | 3,676 | 0 | 0 | 0 | 3,676 | 0 | |
Issuance of restricted stock units | 0 | 3,045 | 0 | 0 | 0 | 3,045 | 0 | |
Amortization of restricted stock units—net | 0 | 24,838 | 0 | 0 | 0 | 24,838 | 0 | |
Net income (loss) | 75,734 | 0 | 0 | 75,510 | 0 | 0 | 75,510 | 224 |
Other comprehensive income (loss), net of tax | (4,571) | 0 | 0 | 0 | (4,571) | 0 | (4,571) | 0 |
Distributions to redeemable noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (8,987) | |
Contributions from redeemable noncontrolling interest | 36,278 | 0 | 0 | 0 | 0 | 0 | 0 | 36,278 |
Transfer of redeemable noncontrolling interest in consolidated entity | 0 | 0 | 0 | 0 | 0 | 0 | (27,115) | |
Ending balance at Dec. 31, 2014 | $ 227,981 | $ 486 | 489,266 | (142,786) | (1,582) | (117,403) | 227,981 | |
Ending balance (shares of common stock, net) at Dec. 31, 2014 | 44,792,892 | 44,793,000 | ||||||
Ending balance (redeemable noncontrolling interest) at Dec. 31, 2014 | 607 | |||||||
Dividends | $ 0 | 0 | (69,861) | 0 | 0 | (69,861) | ||
Issuance of common stock | $ 11 | 623 | 0 | 0 | 0 | 634 | 0 | |
Issuance of common stock, shares | 1,097,000 | |||||||
Repurchase of common stock | $ 0 | 0 | 0 | 0 | (19,234) | (19,234) | 0 | |
Repurchase of common stock, shares | (450,000) | |||||||
Tax benefits associated with restricted stock units—net | $ 0 | 5,262 | 0 | 0 | 0 | 5,262 | 0 | |
Issuance of restricted stock units | 0 | 2,109 | 0 | 0 | 0 | 2,109 | 0 | |
Amortization of restricted stock units—net | 0 | 22,566 | 0 | 0 | 0 | 22,566 | 0 | |
Forfeitures of vested restricted stock units | 0 | 29 | 0 | 0 | 0 | 29 | 0 | |
Net income (loss) | $ 64,337 | 0 | 0 | 64,551 | 0 | 0 | 64,551 | (214) |
Other comprehensive income (loss), net of tax | (2,261) | 0 | 0 | 0 | (2,261) | 0 | (2,261) | 0 |
Distributions to redeemable noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (10) | |
Contributions from redeemable noncontrolling interest | 10,951 | 0 | 0 | 0 | 0 | 0 | 0 | 10,951 |
Ending balance at Dec. 31, 2015 | $ 231,776 | $ 497 | $ 519,855 | $ (148,096) | $ (3,843) | $ (136,637) | $ 231,776 | |
Ending balance (shares of common stock, net) at Dec. 31, 2015 | 45,440,086 | 45,440,000 | ||||||
Ending balance (redeemable noncontrolling interest) at Dec. 31, 2015 | $ 11,334 |
Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest (parenthetical) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Dividends declared per share | $ 1.50 | $ 1.88 | $ 1.80 |
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Cash flows from operating activities: | |||
Net income | $ 64,337 | $ 75,734 | $ 63,255 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock compensation expense | 22,686 | 24,931 | 21,539 |
Depreciation and amortization | 6,213 | 6,454 | 8,615 |
Deferred rent | 640 | 1,384 | 1,954 |
Loss from trading investments—net | 2,376 | 1,567 | 6,612 |
Equity in losses (earnings) of affiliates | 10,378 | 1,955 | (840) |
(Loss) gain from available-for-sale investments—net | 2,648 | (2,041) | (2,259) |
Deferred income taxes | 7,392 | (279) | (3,087) |
Foreign currency (gain) loss | (443) | (588) | 622 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (724) | (1,916) | 2,887 |
Due from broker | (4,299) | (1,137) | (8,826) |
Deferred commissions | (2,572) | (1,956) | (2,399) |
Trading investments | (30,036) | (51,770) | (11,573) |
Other assets | (1,266) | 809 | 1,542 |
Accrued compensation | 2,228 | 3,115 | (152) |
Distribution and service fees payable | (803) | 497 | 217 |
Due to broker | 4,364 | 0 | (798) |
Securities sold but not yet purchased | 0 | 0 | (14,685) |
Income tax payable | 5,231 | (3,020) | (1,026) |
Other liabilities and accrued expenses | 1,446 | 843 | 14,274 |
Net cash provided by operating activities | 89,796 | 54,582 | 75,872 |
Cash flows from investing activities: | |||
Proceeds from redemption of equity method investments | 1,184 | 10,881 | 7,741 |
Purchases of available-for-sale investments | (5,663) | (7,829) | (10,195) |
Proceeds from sales of available-for-sale investments | 7,303 | 12,699 | 26,700 |
Purchases of property and equipment | (2,427) | (5,916) | (6,230) |
Net cash provided by investing activities | 397 | 9,835 | 18,016 |
Cash flows from financing activities: | |||
Excess tax benefits associated with restricted stock units | 4,822 | 2,562 | 2,025 |
Issuance of common stock | 539 | 491 | 408 |
Repurchase of common stock | (19,234) | (11,722) | (7,962) |
Dividends to stockholders | (68,177) | (84,237) | (79,695) |
Distributions to redeemable noncontrolling interest | (10) | (8,987) | (14,242) |
Contributions from redeemable noncontrolling interest | 10,951 | 36,278 | 37,711 |
Net cash used in financing activities | (71,109) | (65,615) | (61,755) |
Net increase (decrease) in cash and cash equivalents | 19,084 | (1,198) | 32,133 |
Effect of foreign exchange rate changes on cash and cash equivalents | (1,294) | (2,141) | 732 |
Cash and cash equivalents, beginning of the year | 124,938 | 128,277 | 95,412 |
Cash and cash equivalents, end of the year | $ 142,728 | $ 124,938 | $ 128,277 |
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income taxes paid, net | $ (30,885) | $ (46,840) | $ (43,483) |
Fully vested restricted stock units issued | 425 | 352 | 789 |
Restricted stock unit dividend equivalents, net of forfeitures | 1,684 | 2,693 | $ 1,901 |
MLO | |||
Transfer of redeemable noncontrolling interest in consolidated entity | 26,906 | ||
Non-cash increase in equity method investments | 22,338 | ||
ACOM | |||
Non-cash increase in equity method investments | 8,840 | ||
RAP | |||
Transfer of redeemable noncontrolling interest in consolidated entity | 71,586 | ||
Non-cash increase in equity method investments | $ 23,519 | ||
Stock redeemed during period | $ 14,909 |
Basis of Presentation |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Organization and Description of Business [Abstract] | |
Organization and Description of Business | Basis of Presentation Cohen & Steers, Inc. (CNS) was organized as a Delaware corporation on March 17, 2004. CNS is the holding company for its direct and indirect subsidiaries, including Cohen & Steers Capital Management, Inc. (CSCM), Cohen & Steers Securities, LLC (CSS), Cohen & Steers Asia Limited (CSAL), Cohen & Steers UK Limited (CSUK) and Cohen & Steers Japan, LLC (collectively, the Company). The Company is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions. Founded in 1986, the Company is headquartered in New York City, with offices in London, Hong Kong, Tokyo and Seattle. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The consolidated financial statements set forth herein include the accounts of CNS and its direct and indirect subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. |
Summary of Significant Accounting Policies |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Accounting Estimates—The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates. Reclassifications—Certain prior year amounts have been reclassified to conform to the current year presentation. On the consolidated statements of operations and the consolidated statements of cash flows, the captions “depreciation and amortization” and “amortization of deferred commission” have been combined into a single caption “depreciation and amortization.” On the consolidated statements of financial condition, the captions "goodwill" and "intangible assets—net” have been combined. On the consolidated statements of financial condition and the consolidated statements of cash flows, the captions "distribution and service fees payable" and "due to broker" have been broken out from "other liabilities and accrued expenses." Consolidation of Company-sponsored Funds—The Company consolidates entities, including sponsored funds, that are deemed to be voting interest entities (VOE) when it has financial control over the entity which is generally when the Company owns a majority of the outstanding voting interest. Investments in Company-sponsored funds are evaluated at inception and subsequently if there is a reconsideration event to determine if the fund is variable interest entity (VIE) or VOE and which consolidation model to apply. VIEs for which the Company is deemed to be the primary beneficiary are consolidated. Investments in Company-sponsored funds that are determined to be VOEs are consolidated when the Company’s ownership interest is greater than 50% of the outstanding voting interests of the fund or when the Company is the general partner of the fund and the limited partners do not have substantive kick-out or participating rights in the fund. The Company records noncontrolling interests in consolidated subsidiaries for which the Company’s ownership is less than 100 percent. A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has the obligation to absorb a majority of the expected losses or the right to receive the majority of the residual returns. Investments and redemptions or amendments to the governing documents of the respective entities could affect an entity's status as a VIE or the determination of the primary beneficiary. The Company assesses whether it is the primary beneficiary of any VIEs identified by evaluating its economic interests in the entity held either directly by the Company and its affiliates or indirectly through employees. See Note 4 for further discussion about the Company’s investments. Cash and Cash Equivalents—Cash equivalents consist of short-term, highly liquid investments, which are readily convertible into cash and have original maturities of three months or less. Due from/to Broker—The Company conducts business, primarily with respect to its consolidated seed investments, with brokers for certain of its investment activities. The clearing and custody operations for these investment activities are performed pursuant to contractual agreements. The due from/to broker balance represents cash and cash equivalents balances at brokers/custodians and/or net receivables and payables for unsettled security transactions. Investments—Management of the Company determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination at each statement of financial condition date. Investments classified as trading represent securities held within the affiliated funds that the Company consolidates and are measured at fair value based on quoted market prices, market prices obtained from independent pricing services engaged by management or as determined by the Company’s valuation committee. Unrealized gains and losses are recorded as gain (loss) from trading investments—net in the Company’s consolidated statements of operations. Investments classified as equity method investments represent seed investments in which the Company owns between 20-50% of the outstanding voting interests in the fund 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 equity in earnings (losses) of affiliates in the Company’s consolidated statements of operations. As of December 31, 2015, the Company's equity method investments consisted of interests in affiliated funds which measure their underlying investments at fair value and report a net asset value on a recurring basis. The carrying amounts of these investments approximate their fair value. Investments classified as available-for-sale are comprised of equity securities, investment-grade preferred instruments and investments in Company-sponsored open-end funds where the Company has neither control nor the ability to exercise significant influence. These investments are carried at fair value based on quoted market prices or market prices obtained from independent pricing services engaged by management, with unrealized gains and losses, net of tax, reported in accumulated other comprehensive income. The Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other than temporary. If the Company believes an impairment of a security position is other than temporary, based on available quantitative and qualitative information as of the report date, the loss will be recognized as gain (loss) from available-for-sale investments—net in the Company’s consolidated statements of operations. From time to time, the affiliated funds consolidated by the Company enter into derivative contracts to gain exposure to the underlying commodities markets or to hedge market and credit risks of the underlying portfolios utilizing options, total return swaps, credit default swaps and futures contracts. These instruments are measured at fair value with gains and losses recorded as gain (loss) from trading investments—net in the Company's consolidated statements of operations. The fair values of these instruments are recorded in other assets or other liabilities and accrued expenses in the Company's consolidated statements of financial condition. As of December 31, 2015, none of the outstanding derivative contracts were subject to a master netting agreement or other similar arrangement. Additionally, from time to time, the Company enters into foreign exchange contracts to hedge its currency exposure related to certain client receivables. These instruments are measured at fair value with gains and losses recorded in other non-operating income in the Company's consolidated statements of operations. The fair values of these contracts are recorded in other assets or other liabilities and accrued expenses in the Company's consolidated statements of financial condition. Goodwill and Intangible Assets—Goodwill represents the excess of the cost of the Company’s investment in the net assets of an acquired company over the fair value of the underlying identifiable net assets at the date of acquisition. Goodwill and indefinite lived intangible assets are not amortized but are tested at least annually for impairment by comparing the fair value to their carrying amounts. Finite lived intangible assets are amortized over their useful lives and are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. See Note 3 for further discussion about the Company’s goodwill and intangible assets. Redeemable Noncontrolling Interest—Redeemable noncontrolling interest represents third-party interests in the Company's consolidated entities. 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 at each reporting period. Investment Advisory and Administration Fees—The Company earns revenue by providing asset management services to institutional accounts and to Company-sponsored open-end and closed-end funds. Investment advisory fees are earned pursuant to the terms of investment management agreements, and are based on a contractual fee rate applied to the assets in the portfolio. The Company also earns administration fees from certain Company-sponsored open-end and closed-end funds pursuant to the terms of underlying administration contracts. Administration fees are based on the average assets under management of such funds. Investment advisory and administration fee revenue is recognized as such fees are earned. Distribution and Service Fee Revenue—CSS acts as the principal distributor of the Company’s sponsored open-end funds which may offer the following classes: Class A (initial sales load), Class C (back end sales load), Class R (load retirement) and Class Z (no load retirement). Effective May 2007, the Company suspended sales of Class B shares and all remaining Class B shares converted to Class A shares in 2015. Distribution and service fee revenue is based on the average daily net assets of the funds as detailed below. Distribution and service fee revenue is earned daily and is recorded gross of any third-party distribution and service fee expense for applicable share classes. Pursuant to distribution plans with the Company's sponsored open-end funds, CSS receives distribution fees of up to 25bps for Class A shares and 75bps for Class C shares. CSS also receives shareholder servicing fees of up to 10bps on Class A shares, 25bps on Class C shares and 15bps on Class Z shares, pursuant to shareholder servicing plans with the funds. Effective October 1, 2014, the Company no longer receives shareholder servicing fees on Class Z shares. CSS receives combined distribution and shareholder servicing fees of up to 50bps for Class R shares. Distribution and Service Fee Expense—Distribution and service fee expense includes distribution fees, service fees and intermediary assistance payments. Distribution and service fee expense is recorded as incurred. Distribution fee expense represents payments made to qualified dealers/institutions for (i) assistance in connection with the distribution of the Company's sponsored open-end funds' shares and (ii) for other expenses such as advertising costs and printing and distribution of prospectuses to investors. Such amounts may also be used to pay financial intermediaries for services as specified in the terms of written agreements complying with Rule 12b-1 of the Investment Company Act of 1940 (Rule 12b-1). CSS pays distribution fee expense based on the average daily net assets under management of up to 25bps on Class A shares and 75bps on Class C shares. Shareholder servicing fee expense represents payments made to qualified dealers/institutions for shareholder account service and maintenance. These services are provided pursuant to written agreements with such qualified institutions. CSS pays service fee expenses based on the average daily net assets under management of up to 10bps on Class A shares, 25bps on Class C shares and 15bps on Class Z shares. Effective October 1, 2014, the Company no longer pays shareholder service fees on Class Z shares. CSS pays combined distribution and service fee expenses based on the average daily net assets under management of up to 50bps on Class R shares. Intermediary assistance payments represent payments to qualified dealers/institutions for activities related to distribution, shareholder servicing and marketing and support of Company-sponsored open-end funds and are incremental to those described above. Intermediary assistance payments are generally based on the average assets under management or the number of accounts being serviced. During the first quarter of 2013, the Company made payments of approximately $7.2 million associated with additional compensation agreements entered into in connection with the offering of one closed-end fund. This payment is included in distribution and service fee expense on the accompanying consolidated statements of operations for the year ended December 31, 2013. Portfolio Consulting and Other—The Company earns portfolio consulting and other fees by: (i) providing portfolio consulting services in connection with model-based strategy accounts; (ii) earning a licensing fee for the use of the Company's proprietary indexes; and (iii) providing portfolio monitoring services related to a number of unit investment trusts. This revenue is earned pursuant to the terms of the underlying contract, and the fee schedules for these relationships vary based on the type of services the Company provides for each relationship. This revenue is recognized as such fees are earned. Stock-based Compensation—The Company recognizes compensation expense for the grant-date fair value of awards of equity instruments to employees. This expense is recognized over the period during which employees are required to provide service. The Company also estimates forfeitures. Income Taxes—The Company records the current and deferred tax consequences of all transactions that have been recognized in the consolidated financial statements in accordance with the provisions of the enacted tax laws. Deferred tax assets are recognized for temporary differences that will result in deductible amounts in future years at tax rates that are expected to apply in those years. Deferred tax liabilities are recognized for temporary differences that will result in taxable income in future years at tax rates that are expected to apply in those years. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. Currency Translation and Transactions—Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the applicable consolidated statement of financial condition date. Revenue and expenses of such subsidiaries are translated at average exchange rates during the period. The gains or losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are included in the Company's consolidated statements of comprehensive income. The cumulative translation adjustment was $(3,908,000), $(1,446,000) and $2,264,000 as of December 31, 2015, December 31, 2014 and December 31, 2013, respectively. Gains or losses resulting from non-U.S. dollar currency transactions are included in other non-operating income in the consolidated statements of operations. Comprehensive Income—The Company reports all changes in comprehensive income in the consolidated statements of comprehensive income. Comprehensive income includes net income or loss attributable to common stockholders, foreign currency translation gain and loss (net of tax), unrealized gain and loss from available-for-sale investments (net of tax) and reclassification to statements of operations of gain and loss from available-for-sale investments (net of tax). Recently Issued Accounting Pronouncements—In February 2016, the Financial Accounting Standards Board (FASB) issued new guidance introducing a new lease model that brings substantially all leases on the balance sheet. The guidance requires disclosures by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. This new guidance will be effective for the Company’s first quarter of 2019. The Company is currently evaluating the potential impact on its consolidated financial statements and related disclosures. In January 2016, the FASB issued new guidance amending the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. This new guidance will be effective for the Company’s first quarter of 2018. The Company does not anticipate that the adoption of this new guidance will have a material impact on its consolidated financial statements. In May 2015, the FASB issued new guidance amending the current disclosure requirement for investments in certain entities that calculate net asset value per share. The guidance requires investments for which fair value is measured using the net asset value per share practical expedient be removed from the fair value hierarchy. Instead, those investment amounts shall be provided as a separate item to permit reconciliation of the fair value of investments included in the fair value hierarchy to the line items presented in the statement of financial position. This new guidance will be effective for the Company’s first quarter of 2016. The Company does not anticipate that the adoption of this new guidance will have a material impact on its consolidated financial statements. In February 2015, the FASB issued new guidance amending the current accounting for consolidation of certain legal entities. These amendments modify the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership, affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, and provide a scope exception from consolidation guidance for reporting entities with interests in certain investment funds. This new guidance will be effective for the Company’s first quarter of 2016. The Company does not anticipate that the adoption of this new guidance will have a material impact on its consolidated financial statements. In August 2014, the FASB issued new guidance regarding disclosure of going concern uncertainties in the financial statements. The guidance requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued at each annual and interim reporting period. This new guidance will be effective for the Company’s first quarter of 2017. The Company does not anticipate that the adoption of this new guidance will have a material impact on its consolidated financial statements. In May 2014, the FASB issued new guidance which outlined a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This new guidance will be effective for the Company's first quarter of 2018 and requires either a retrospective or a modified retrospective approach to adoption. The Company is currently evaluating the potential impact on its consolidated financial statements and related disclosures, as well as the available transition methods. |
Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets The following summarizes the changes in the Company's goodwill and intangible assets during the years ended December 31, 2015 and 2014 (in thousands):
The following is a summary of the intangible assets at December 31, 2015 and December 31, 2014 (in thousands):
Amortization expenses related to the intangible assets was approximately $89,000 for each of the years ended December 31, 2015, 2014 and 2013, respectively. Estimated future amortization expense is as follows (in thousands):
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Investments |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Holdings | Investments The following is a summary of the Company's investments as of December 31, 2015 and December 31, 2014 (in thousands):
Gain (loss) from investments for the years ended December 31, 2015, 2014 and 2013 are summarized below (in thousands):
_________________________ (1) Includes net income/(loss) attributable to redeemable noncontrolling interest for the periods presented. The Cohen & Steers Low Duration Preferred and Income Fund, Inc. (LPX), launched by the Company in December 2015, is an open-end fund for which the Company is the investment adviser. LPX is a VOE and the Company owned the majority of the outstanding voting interests in the fund as of December 31, 2015. Accordingly, the underlying assets and liabilities and results of operations of LPX have been included in the Company's consolidated financial statements with the third-party interests classified as redeemable noncontrolling interest. The Cohen & Steers SICAV Global Listed Infrastructure Fund (GLI SICAV), a Luxembourg-domiciled undertaking for collective investments in transferable securities (UCITS), was launched by the Company in September 2015, and meets the definition of an investment company. The Company is the investment adviser of GLI SICAV for which it receives a management fee. GLI SICAV is a VIE and the Company is the primary beneficiary. As of December 31, 2015, the Company was the only investor in the fund and therefore, the Company would absorb all of the expected losses and residual returns of GLI SICAV. Accordingly, the underlying assets and liabilities and results of operations of GLI SICAV have been included in the Company's consolidated financial statements. The following represents the portion of the consolidated statements of financial condition attributable to the consolidated GLI SICAV as of December 31, 2015. The assets may only be used to settle obligations of GLI SICAV and the liabilities are the sole obligation of GLI SICAV, for which creditors do not have recourse to the general credit of the Company (in thousands):
The Cohen & Steers Active Commodities Strategy Fund, Inc. (CDF), launched by the Company in May 2014, is an open-end fund for which the Company is the investment adviser. CDF is a VOE and the Company owned the majority of the outstanding voting interest in the fund as of December 31, 2015. Accordingly, the underlying assets and liabilities and results of operations of CDF have been included in the Company's consolidated financial statements with the third-party interests classified as redeemable noncontrolling interest. ACOM, launched by the Company in April 2013, is structured as a partnership. The Company is the investment adviser of ACOM for which it is entitled to receive a management fee. The Company owned all of the voting interest in ACOM through September 30, 2014. Accordingly, the underlying assets and liabilities and results of operations of ACOM had been included in the Company's consolidated financial statements. As a result of third-party investments into the fund, effective October 1, 2014, the Company no longer held a controlling financial interest in ACOM. The Company determined that ACOM was not a VIE as the limited partners, unaffiliated with the Company, have the ability to liquidate the fund with a majority vote. As a result, the Company does not have financial control and ACOM is not consolidated into the Company's consolidated financial statements. The Company's equity interest in ACOM represents a seed investment to launch the fund, adjusted for the Company's proportionate share of the fund's earnings. As of December 31, 2015, the Company's ownership in ACOM was approximately 11%; however, as the general partner, the Company has significant influence over the financial decisions of ACOM and therefore records its investment in ACOM using the equity method of accounting. Cohen & Steers Global Realty Partners III-TE, L.P. (GRP-TE), which had its closing in October 2011, is structured as a partnership. The Company is the general partner and investment adviser of GRP-TE, for which it receives a management fee and is entitled to receive an incentive distribution, if earned. GRP-TE is a VIE and the Company is not the primary beneficiary. As the general partner, the Company has significant influence over the financial decisions of GRP-TE and therefore records its investment using the equity method of accounting. The Company's equity interest in GRP-TE represents a seed investment to launch the fund, adjusted for the Company’s proportionate share of the fund’s earnings. As of December 31, 2015, the Company's ownership in GRP-TE was approximately 0.2%. The Company's risk with respect to its investment in GRP-TE is limited to its equity ownership and any uncollected management fees. In conjunction with the launch of GRP-TE, the Company established Cohen & Steers Co-Investment Partnership, L.P. (GRP-CIP), which is used by the Company to fulfill its contractual commitment to co-invest with GRP-TE. See Note 13 for further discussion regarding the Company's co-investment commitment. As of December 31, 2015, the Company owned all of the voting interest in GRP-CIP. Accordingly, the underlying assets and liabilities and results of operations of GRP-CIP have been included in the Company's consolidated financial statements. MLO, launched by the Company in December 2013, is an open-end fund for which the Company is the investment adviser. MLO is a VOE and the Company owned the majority of the outstanding voting interest in MLO through October 31, 2014. Accordingly, the underlying assets and liabilities and results of operations of MLO had been included in the Company's consolidated financial statements with the third-party interests classified as redeemable noncontrolling interest. Effective November 1, 2014, as a result of additional third-party subscriptions into the fund, the Company no longer owned the majority of the outstanding voting interest in MLO, however it was determined that the Company has significant influence over the financial decisions of MLO and therefore records its investment in MLO using the equity method of accounting. As of December 31, 2015, the Company's ownership in MLO was approximately 23%. RAP, launched by the Company in January 2012, is an open-end fund for which the Company is the investment adviser. RAP is a VOE. During the period August 1, 2013 through September 30, 2014, the Company did not hold a controlling financial interest in RAP, however it was determined that the Company had significant influence over RAP. Accordingly, the Company recorded its investment in RAP using the equity method of accounting. Effective September 30, 2014, the Company's ownership interest in RAP fell below 20% and the Company no longer has significant influence over RAP. Accordingly, the Company began recording its investment in RAP as an available-for-sale investment. The Company owned the majority of the voting interests in Cohen & Steers Global Real Estate Long-Short Fund, L.P. (the Onshore Fund) prior to its liquidation in April 2014. Accordingly, the underlying assets and liabilities and results of operations of the Onshore Fund had been included in the Company's consolidated financial statements. The Onshore Fund was structured as a partnership and the Company was the general partner and investment adviser of the fund. The Cohen & Steers Global Real Estate Long-Short Offshore Fund, L.P. (the Offshore Fund), which was liquidated in April 2014, was structured as a partnership. The Company was the general partner and investment adviser of the Offshore Fund for which it received a management fee and was entitled to receive a performance fee, if earned. The Company determined that the Offshore Fund was not a VIE as the limited partners, unaffiliated with the Company, had the ability to dissolve the fund with a majority vote. As a result, the Company did not have financial control and the Offshore Fund was not consolidated into the Company's consolidated financial statements. As the general partner, the Company had significant influence over the financial decisions of the Offshore Fund and therefore recorded its investment in this fund using the equity method of accounting. The Company met the significant subsidiaries test for total equity method investments as of December 31, 2014 and is required to provide the summarized financial information for all equity method investments for all periods presented. The following is the aggregate condensed statement of financial condition information for the Company's equity method investments as of December 31, 2015 and December 31, 2014 (in thousands):
The following is the condensed statement of operations for the aggregate of the Company's equity method investments for the years ended December 31, 2015, 2014 and 2013 (in thousands):
_________________________ (1) Amounts are included only for the time in which the investees were accounted for under the equity method. The following is a summary of the fair value of trading investments and equity method investments as of December 31, 2015 and December 31, 2014 (in thousands):
Gain (loss) from trading investments—net for the years ended December 31, 2015, 2014 and 2013, which represent realized and unrealized gains and losses recorded by the funds the Company consolidates, are summarized below (in thousands):
Equity in earnings (losses) of affiliates for the years ended December 31, 2015, 2014 and 2013 are summarized below (in thousands):
The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments as of December 31, 2015 and December 31, 2014 (in thousands):
_________________________ (1) At December 31, 2015, there were no securities with unrealized losses continuously for a period of more than 12 months.
_________________________ (1) At December 31, 2014, there were no securities with unrealized losses continuously for a period of more than 12 months. Available-for-sale investments with a fair value of approximately $1,779,000 and $15,875,000 at December 31, 2015 and December 31, 2014, respectively, were in an unrealized loss position. Unrealized losses on available-for-sale investments as of December 31, 2015 were generally caused by market conditions. When evaluating whether an unrealized loss on an available-for-sale investment is other than temporary, the Company reviews such factors as the extent and duration of the loss, as well as qualitative and quantitative information about the financial condition and near term prospects of the funds. As of December 31, 2015, the Company determined, based on an analysis of quantitative and qualitative factors including the estimated recovery period, that the seed investment in RAP was other-than-temporarily impaired. Accordingly, the Company recorded an other-than-temporary impairment of $2,846,000 on its investment in RAP. The Company determined that it had the ability and intent to hold the remaining available-for-sale investments for which no other-than-temporary impairment has occurred until a recovery of fair value. Accordingly, impairment of these investments is considered temporary. Sales proceeds, gross realized gains and losses from available-for-sale investments for the years ended December 31, 2015, 2014 and 2013 are summarized below (in thousands):
_________________________ (1) Includes other-than-temporary impairment charge of $2,846,000 related to the Company's seed investment in RAP. |
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Fair Value [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value 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:
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 the investments. In determining the appropriate levels, the Company performed a detailed analysis of the assets and liabilities that are subject to ASC 820. Transfers among levels, if any, are recorded as of the beginning of the reporting period. There were no transfers between level 1 and level 2 during the year ended December 31, 2015. The following table presents fair value measurements as of December 31, 2015 (in thousands):
_________________________ (1) Comprised of investments in actively traded money market funds measured at NAV. Trading investments classified as level 2 in the above table were comprised of investments in corporate debt securities, which are valued based on prices provided by a third-party pricing service or third-party broker-dealers, and United States Treasury Bills carried at amortized cost, which approximates fair value. Trading investments classified as level 3 in the above table were comprised of limited partnership interests which represent the Company's co-investments through GRP-CIP, which along with the Company's interest in GRP-TE, represent the Company's collective ownership interests in limited partnership vehicles that invest in non-registered real estate funds, which are valued based on the NAVs of the underlying funds, and private equity vehicles that invest directly in real estate which are generally valued using a discounted cash flow model. Equity method investments classified as level 2 in the above table represent the carrying amount of the Company's partnership interest in ACOM, which approximates its fair value based on the fund's NAV. ACOM invests in exchange-traded commodity futures contracts and other commodity related derivatives. The Company has the ability to redeem its investment in the fund monthly at NAV per share with prior written notice of 5 days and there are no significant restrictions to redemption. Equity method investments classified as level 3 in the above table represent the carrying amount of the Company's partnership interest in GRP-TE, which approximates its fair value based on the fund's NAV. GRP-TE invests in non-registered real estate funds and in private equity vehicles that invest directly in real estate. As of December 31, 2015, the Company did not have the ability to redeem its investment in GRP-TE. The following table presents fair value measurements as of December 31, 2014 (in thousands):
_________________________ (1) Comprised of investments in actively traded money market funds measured at NAV. Trading investments classified as level 2 in the above table were primarily comprised of investments in United States Treasury Bills carried at amortized cost, which approximates fair value. Trading investments classified as level 3 in the above table were comprised of limited partnership interests which represent the Company's co-investments through GRP-CIP, which along with the Company's interest in GRP-TE, represent the Company's collective ownership interests in limited partnership vehicles that invest in non-registered real estate funds, which are valued based on the NAVs of the underlying funds, and private equity vehicles that invest directly in real estate which are generally valued using a discounted cash flow model. Equity method investments classified as level 2 in the above table represent the carrying amount of the Company's partnership interest in ACOM, which approximates its fair value based on the fund's NAV. ACOM invests in exchange-traded commodity futures contracts and other commodity related derivatives. The Company has the ability to redeem its investment in the fund monthly at NAV per share with prior written notice of 5 days and there are no significant restrictions to redemption. Equity method investments classified as level 3 in the above table represent the carrying amount of the Company's partnership interests in GRP-TE, which approximate its fair value based on the fund's NAV. GRP-TE invests in non-registered real estate funds and in private equity vehicles that invest directly in real estate. As of December 31, 2014, the Company did not have the ability to redeem its investment in GRP-TE. The following table summarizes the changes in level 3 investments measured at fair value on a recurring basis for the years ended December 31, 2015 and 2014 (in thousands):
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Realized gains (losses) from investments classified as trading investments, equity method investments and available-for-sale investments in the above tables were recorded as gain (loss) from trading investments, equity in earnings (losses) of affiliates and gain (loss) from available-for-sale investments, respectively, in the Company's consolidated statements of operations. Unrealized gains (losses) from investments classified as trading investments and equity method investments in the above tables were recorded as gain (loss) from trading investments and equity in earnings (losses) of affiliates, respectively, in the Company's consolidated statements of operations. Unrealized gains (losses) from available-for-sale investments in the above tables were recorded as unrealized gain (loss) from available-for-sale investments in the Company's consolidated statements of comprehensive income. Valuation Techniques In certain instances, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable brokers/dealers or pricing services. In determining the value of a particular investment, pricing services may use information with respect to transactions in such investments, broker quotes, pricing matrices, market transactions in comparable investments and various relationships between investments. As part of its independent price verification process, the Company selectively performs detailed reviews of valuations provided by broker/dealers or pricing services. Investments in Company-sponsored funds are valued at their closing NAV. Foreign exchange contracts are valued by interpolating a value using the spot foreign exchange rate and forward points (based on the spot rate and currency interest rate differentials), which are all inputs that are observable in active markets (level 2). In the absence of observable market prices, the Company values its investments using valuation methodologies applied on a consistent basis. For some investments, little market activity may exist; management's determination of fair value is then based on the best information available in the circumstances, and may incorporate management's own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors. Such investments are valued on a quarterly basis, taking into consideration any changes in key inputs and changes in economic and other relevant conditions, and valuation models are updated accordingly. The valuation process also includes a review by the Company's valuation committee which is comprised of senior members from various departments within the Company, including investment management. The valuation committee provides independent oversight of the valuation policies and procedures. The valuation techniques and significant unobservable inputs used in the fair value measurement of the following level 3 investments as of December 31, 2015 were:
The valuation techniques and significant unobservable inputs used in the fair value measurement of the following level 3 investments as of December 31, 2014 were:
Changes in the significant unobservable inputs in the tables above may result in a materially higher or lower fair value measurement. The disclosure in the above tables excludes the Company's ownership interests in limited partnership vehicles which are valued based on the NAVs of the underlying funds. |
Derivatives |
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Derivatives [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | Derivatives The following is a summary of the notional and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts as of December 31, 2015 and December 31, 2014 (in thousands):
Cash included in due from broker in the consolidated statement of financial condition of approximately $192,000 and $422,000 as of December 31, 2015 and December 31, 2014, respectively, was held as collateral for futures contracts. Securities included in trading investments in the consolidated statement of financial condition of approximately $566,000 and $650,000 as of December 31, 2015 and December 31, 2014, respectively, were held as collateral for futures contracts. Gains and losses from derivative financial instruments for the years ended December 31, 2015, 2014 and 2013 are summarized below (in thousands):
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Property and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and Equipment The following is a summary of property and equipment as of December 31, 2015 and 2014 (in thousands):
Depreciation and amortization expense related to property and equipment was $3,827,000, $4,535,000 and $5,517,000 for the years ended December 31, 2015, 2014 and 2013, respectively. Depreciation and amortization expense related to property and equipment is recorded using the straight-line method over the estimated useful lives of the related assets which range from 3-7 years. |
Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted average shares outstanding. Diluted earnings per share is calculated by dividing net income attributable to common stockholders by the total weighted average shares of common stock outstanding and common stock equivalents. Common stock equivalents are comprised of dilutive potential shares from restricted stock unit awards. Common stock equivalents are excluded from the computation if their effect is anti-dilutive. Diluted earnings per share is computed using the treasury stock method. Anti-dilutive common stock equivalents of approximately 43,000 shares were excluded from the computation for the year ended December 31, 2015. No anti-dilutive common stock equivalents were excluded from the computation for the years ended December 31, 2014 and 2013. The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the years ended December 31, 2015, 2014 and 2013 (in thousands, except per share data):
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Stock-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation Amended and Restated Stock Incentive Plan The Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan (the SIP) provides for the issuance of Restricted Stock Units (RSUs), stock options and other stock-based awards for a period of up to ten years to eligible employees and directors. A total of 16.0 million shares of common stock may be granted under the SIP. At December 31, 2015, RSUs with respect to approximately 13.3 million shares of common stock were issued. Total compensation cost related to unvested RSUs not yet recognized was approximately $31,116,000 at December 31, 2015 and is expected to be recognized over approximately the next three years. Restricted Stock Units Vested Restricted Stock Unit Grants The Company has granted awards of vested RSUs to the non-management directors of the Company pursuant to the SIP. The directors are entitled to receive delivery of the underlying common stock on the third anniversary of the date of grant. Dividends declared during the delayed delivery period are paid to the directors in cash. From time to time, the Company grants awards of vested RSUs to certain employees pursuant to the SIP. These grants are generally delivered ratably over four years. At December 31, 2015, vested RSUs with respect to approximately 30,000 shares of common stock were outstanding pursuant to these grants. In connection with the grant of these vested RSUs, the Company recorded non-cash stock-based compensation expense of approximately $425,000, $352,000 and $300,000 for the years ended December 31, 2015, 2014 and 2013, respectively. The following table sets forth activity relating to the Company's awards of RSUs under the SIP to the non-management directors and certain employees (share data in thousands):
Unvested Restricted Stock Unit Grants The Company grants awards of unvested RSUs to certain employees pursuant to the SIP. The fair value at the date of grant is expensed on a straight-line basis over the applicable service periods. Prior to 2015, except in circumstances where a dividend was determined to be an extraordinary dividend in the sole discretion of the Company's Compensation Committee (in which case dividend equivalents are accrued on such RSUs in the form of additional unvested RSUs), dividends were not paid to the holders of such unvested RSUs. Commencing with 2015, dividend equivalents are accrued on unvested RSUs for all dividends declared by the Company. All dividend equivalents are forfeitable until they are delivered. At December 31, 2015, RSUs with respect to approximately 296,000 shares of common stock were outstanding pursuant to these grants. Amortization expense related to the unearned stock-based compensation, net of forfeitures, was approximately $5,233,000, $8,590,000 and $8,491,000 for the years ended December 31, 2015, 2014 and 2013, respectively. The following table sets forth activity relating to the Company's awards of RSUs under the SIP to certain employees (share data in thousands):
Incentive Bonus Plans for Employees of the Company The Company has implemented a program for employees which, based upon compensation levels, automatically pays a portion of their year-end bonuses in the form of unvested RSUs (Mandatory Program). Prior to performance year 2013, employees could also elect to defer, on a pre-tax basis, an additional portion of their year-end bonus in the form of vested RSUs (Voluntary Program). These RSUs were issued pursuant to the SIP. Prior to performance year 2013, under both programs, the Company matched a predetermined amount of the employee contribution in the form of unvested RSUs. Dividend equivalents are accrued on the deferred compensation awards and the matches in the form of additional unvested RSUs. The RSUs under the Mandatory Program will vest and be delivered ratably over four years. The dividend equivalents issued under the Mandatory Program will vest and be delivered on the fourth anniversary of the original grant date. The RSUs granted under the Voluntary Program vest immediately at the date of grant and will be delivered on the third anniversary of the grant date. The dividend equivalents under the Voluntary Program vest and will be delivered on the third anniversary of the original grant date. The fair value at the date of grant of the RSUs under the Mandatory Program is expensed on a straight-line basis over the vesting period. As of December 31, 2015, approximately 1,262,000 and 20,000 RSUs under the Mandatory Program and Voluntary Program, respectively, including the Company match and dividend equivalents, were outstanding. Amortization expense, net of forfeitures, related to the unearned stock-based compensation under the Mandatory Program, including the Company match, was approximately $17,315,000, $16,178,000 and $12,863,000 for the years ended December 31, 2015, 2014 and 2013, respectively. In connection with the grant of the vested RSUs issued under the Voluntary Program, the Company recorded a non-cash stock-based compensation expense, including amortization on the Company match, of approximately $43,000, $116,000, and $113,000 for the years ended December 31, 2015, 2014 and 2013, respectively. The following table sets forth activity relating to the Company's incentive bonus plans, including the Company match and dividend equivalents (share data in thousands):
Employee Stock Purchase Plan Pursuant to the Amended and Restated Employee Stock Purchase Plan (ESPP), the Company allows eligible employees, as defined in the ESPP, to purchase common stock at a 15% discount from market value with a maximum of $25,000 in annual aggregate purchases by any one individual. The number of shares of common stock authorized for purchase by eligible employees is 600,000. For the years ended December 31, 2015, 2014 and 2013, approximately 19,000, 14,000 and 13,000 shares, respectively, had been purchased by eligible employees through the ESPP. For the years ended December 31, 2015, 2014 and 2013, the Company recorded a non-cash stock-based compensation expense of approximately $95,000, $87,000 and $72,000, respectively, which represents the discount on the shares issued pursuant to this plan. The ESPP will terminate upon the earliest to occur of the following: (1) termination of the ESPP by the board of directors, or (2) issuance of all of the shares reserved for issuance under the ESPP. |
401(k) and Profit-Sharing Plan |
12 Months Ended |
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Dec. 31, 2015 | |
Compensation Related Costs [Abstract] | |
401 (k) and Profit-Sharing Plan | 401(k) and Profit-Sharing Plan The Company sponsors a profit-sharing plan (the Plan) covering all employees who meet certain age and service requirements. Subject to limitations, the Plan permits participants to defer up to 100% of their compensation pursuant to Section 401(k) of the Internal Revenue Code. Employee contributions are matched by the Company at $0.50 per $1.00 deferred. The Plan also allows the Company to make discretionary contributions, which are integrated with the taxable wage base under the Social Security Act. No discretionary contributions were made for the years ended December 31, 2015, 2014 and 2013. Forfeitures occur when participants terminate employment before becoming entitled to their full benefits under the Plan. Forfeited amounts are used to reduce the Company's contributions to the Plan or to pay Plan expenses. Forfeitures for the years ended December 31, 2015, 2014 and 2013 totaled approximately $118,000, $83,000 and $176,000, respectively. Matching contributions, net of forfeitures, to the Plan totaled approximately $1,511,000, $1,074,000 and $1,462,000 for the years ended December 31, 2015, 2014 and 2013, respectively. |
Related Party Transactions |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | Related Party Transactions The Company is an investment adviser to, and has administrative agreements with, affiliated funds for which certain employees are officers and/or directors. The following table sets forth the amount of revenue the Company earned from these affiliated funds for the years ended December 31, 2015, 2014 and 2013 (in thousands):
Sales proceeds, gross realized gains, gross realized losses and dividend income from available-for-sale investments in Company-sponsored funds for the years ended December 31, 2015, 2014 and 2013 are summarized below (in thousands):
The Company has agreements with certain affiliated open-end and closed-end funds to reimburse certain fund expenses. For the years ended December 31, 2015, 2014 and 2013, expenses of approximately $8,676,000, $9,218,000 and $9,332,000, respectively, were incurred by the Company pursuant to these agreements and are included in general and administrative expenses. Included in accounts receivable at December 31, 2015 and 2014 are receivables due from Company-sponsored funds of approximately $19,209,000 and $19,750,000, respectively. |
Regulatory Requirements |
12 Months Ended |
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Dec. 31, 2015 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Requirements | Regulatory Requirements CSS, a registered broker/dealer in the U.S., is subject to the SEC’s Uniform Net Capital Rule 15c3-1 (the Rule), which requires that broker/dealers maintain a minimum level of net capital, as prescribed under the Rule. As of December 31, 2015, CSS had net capital of approximately $2,217,000, which exceeded its requirements by approximately $2,052,000. The Rule also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital of a broker/dealer is less than the amount required under the Rule and requires prior notice to the SEC for certain withdrawals of capital. CSS does not carry customer accounts and is exempt from SEC Rule 15c3-3 pursuant to provisions (k)(1) and (k)(2)(i) of such rule. CSAL and CSUK are regulated outside the U.S. by the Hong Kong Securities and Futures Commission and the United Kingdom Financial Conduct Authority, respectively. As of December 31, 2015, CSAL and CSUK had aggregate regulatory capital of approximately $66,440,000, which exceeded aggregate regulatory capital requirements by approximately $64,152,000. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure | Commitments and Contingencies The Company leases office space under noncancelable operating leases expiring at various dates through January 2024. The Company also leases certain computer and office equipment under noncancelable operating leases expiring at various dates through December 2019. The aggregate minimum future payments under the leases are as follows (in thousands):
Rent expense charged to operations, including escalation charges for real estate taxes and other expenses, totaled approximately $11,215,000, $10,103,000 and $10,067,000 for the years ended December 31, 2015, 2014 and 2013, respectively. Sublease rental income received for the years ended December 31, 2014 and 2013 was approximately $70,000 and $876,000, respectively.There was no sublease rental income received for the year ended December 31, 2015. 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 results of operations, cash flows or financial position. The Company periodically commits to fund a portion of the equity in certain of its sponsored investment products. The Company has committed to co-invest up to $5.1 million alongside GRP-TE, a portion of which is made through GRP-TE and the remainder of which is made through GRP-CIP for up to 12 years through the life of GRP-TE. As of December 31, 2015, the Company has funded approximately $3.3 million with respect to this commitment. The actual timing for funding the unfunded portion of this commitment is currently unknown, as the drawdown of the Company's unfunded commitment is contingent on the timing of drawdowns by the underlying funds and co-investments in which GRP-TE invests. The unfunded commitment was not recorded on the Company's consolidated statements of financial condition as of December 31, 2015. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The provision for income taxes for the years ended December 31, 2015, 2014 and 2013 includes U.S. federal, state, local and foreign taxes. The effective tax rate for the year ended December 31, 2015 was approximately 42.9%, which included the effect of recording a valuation allowance on the tax benefit associated with the unrealized losses on the Company's seed investments. The effective tax rate for the year ended December 31, 2014 was approximately 38%. The effective tax rate of approximately 37.6% for the year ended December 31, 2013 included discrete items, the most significant of which was attributable to the launch costs for Cohen & Steers MLP Income and Energy Opportunity Fund, Inc., a closed-end fund. Excluding the discrete items, the effective tax rate for the year ended December 31, 2013 was approximately 38%. The Company does not provide for deferred taxes on the unremitted earnings of the Company's foreign subsidiaries that are essentially permanent in duration. That excess totaled approximately $82,758,000 as of December 31, 2015. The determination of the additional deferred taxes that have not been provided is not practicable because of the complexities of the hypothetical calculation. The income before provision for income taxes and provision for income taxes for the years ended December 31, 2015, 2014 and 2013 are as follows (in thousands):
Deferred income taxes represent the tax effects of the temporary differences between book and tax bases and are measured using enacted tax rates that will be in effect when such items are expected to reverse. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. Significant components of the Company's net deferred income tax asset at December 31, 2015 and 2014 consist of the following (in thousands):
The Company had capital loss carryforwards of approximately $6,413,000 and $11,700,000 for the years ended December 31, 2015 and December 31, 2014 which, if unused, will expire in years 2016 to 2020. The valuation allowance on the net deferred income tax asset increased approximately $2,945,000 during the year ended December 31, 2015. At December 31, 2015, the Company had approximately $7,259,000 of total gross unrecognized tax benefits. Of this total, approximately $4,678,000 (net of the federal benefit on state issues) represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the Company's effective tax rate in future periods. The Company expects to reduce its unrecognized tax benefits by $1,338,000 within the next twelve months due to the lapse of the statute of limitations on certain positions. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):
The Company records potential interest and penalties related to uncertain tax positions in the provision for income taxes. At December 31, 2015 and 2014, the Company had approximately $1,661,000 and $1,267,000, respectively, in potential interest and penalties associated with uncertain tax positions. The tax years 2011 through 2015 remain open to examination by various taxing jurisdictions. A reconciliation of the Company's statutory federal income tax rate and the effective tax rate for the years ended December 31, 2015, 2014 and 2013 is as follows:
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Concentration of Credit Risk |
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Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Concentration of Credit Risk | Concentration of Credit Risk The Company's cash and cash equivalents are principally on deposit with three major financial institutions. The Company is subject to credit risk should these financial institutions be unable to fulfill their obligations. The following affiliated fund and third-party institutional separate account subadvisory relationship, which is comprised of multiple accounts, provided 10 percent or more of the total revenue of the Company (in thousands):
The table below presents revenue by client domicile for the years ended December 31, 2015, 2014 and 2013 (in thousands):
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Selected Quarterly Financial Data (unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Quarterly Financial Data (unadudited) | Selected Quarterly Financial Data (unaudited) The table below presents selected quarterly financial data for 2015 and 2014 (in thousands, except per share data):
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Subsequent Events |
12 Months Ended |
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Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the consolidated financial statements were issued. Other than the items described below, the Company determined that there were no additional subsequent events that require disclosure and/or adjustment. On February 25, 2016, CNS declared a quarterly dividend on its common stock in the amount of $0.26 per share. This dividend will be payable on March 23, 2016 to stockholders of record at the close of business on March 9, 2016. |
Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
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Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Accounting Estimates | Accounting Estimates—The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates. |
Reclassifications | Reclassifications—Certain prior year amounts have been reclassified to conform to the current year presentation. |
Consolidation of Company-sponsored Funds | Consolidation of Company-sponsored Funds—The Company consolidates entities, including sponsored funds, that are deemed to be voting interest entities (VOE) when it has financial control over the entity which is generally when the Company owns a majority of the outstanding voting interest. Investments in Company-sponsored funds are evaluated at inception and subsequently if there is a reconsideration event to determine if the fund is variable interest entity (VIE) or VOE and which consolidation model to apply. VIEs for which the Company is deemed to be the primary beneficiary are consolidated. Investments in Company-sponsored funds that are determined to be VOEs are consolidated when the Company’s ownership interest is greater than 50% of the outstanding voting interests of the fund or when the Company is the general partner of the fund and the limited partners do not have substantive kick-out or participating rights in the fund. The Company records noncontrolling interests in consolidated subsidiaries for which the Company’s ownership is less than 100 percent. |
VIE | A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has the obligation to absorb a majority of the expected losses or the right to receive the majority of the residual returns. Investments and redemptions or amendments to the governing documents of the respective entities could affect an entity's status as a VIE or the determination of the primary beneficiary. The Company assesses whether it is the primary beneficiary of any VIEs identified by evaluating its economic interests in the entity held either directly by the Company and its affiliates or indirectly through employees. |
Cash and Cash Equivalents | Cash and Cash Equivalents—Cash equivalents consist of short-term, highly liquid investments, which are readily convertible into cash and have original maturities of three months or less. |
Due from/to Broker | Due from/to Broker—The Company conducts business, primarily with respect to its consolidated seed investments, with brokers for certain of its investment activities. The clearing and custody operations for these investment activities are performed pursuant to contractual agreements. The due from/to broker balance represents cash and cash equivalents balances at brokers/custodians and/or net receivables and payables for unsettled security transactions. |
Investments | Investments—Management of the Company determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination at each statement of financial condition date. Investments classified as trading represent securities held within the affiliated funds that the Company consolidates and are measured at fair value based on quoted market prices, market prices obtained from independent pricing services engaged by management or as determined by the Company’s valuation committee. Unrealized gains and losses are recorded as gain (loss) from trading investments—net in the Company’s consolidated statements of operations. Investments classified as equity method investments represent seed investments in which the Company owns between 20-50% of the outstanding voting interests in the fund 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 equity in earnings (losses) of affiliates in the Company’s consolidated statements of operations. As of December 31, 2015, the Company's equity method investments consisted of interests in affiliated funds which measure their underlying investments at fair value and report a net asset value on a recurring basis. The carrying amounts of these investments approximate their fair value. Investments classified as available-for-sale are comprised of equity securities, investment-grade preferred instruments and investments in Company-sponsored open-end funds where the Company has neither control nor the ability to exercise significant influence. These investments are carried at fair value based on quoted market prices or market prices obtained from independent pricing services engaged by management, with unrealized gains and losses, net of tax, reported in accumulated other comprehensive income. The Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other than temporary. If the Company believes an impairment of a security position is other than temporary, based on available quantitative and qualitative information as of the report date, the loss will be recognized as gain (loss) from available-for-sale investments—net in the Company’s consolidated statements of operations. From time to time, the affiliated funds consolidated by the Company enter into derivative contracts to gain exposure to the underlying commodities markets or to hedge market and credit risks of the underlying portfolios utilizing options, total return swaps, credit default swaps and futures contracts. These instruments are measured at fair value with gains and losses recorded as gain (loss) from trading investments—net in the Company's consolidated statements of operations. The fair values of these instruments are recorded in other assets or other liabilities and accrued expenses in the Company's consolidated statements of financial condition. As of December 31, 2015, none of the outstanding derivative contracts were subject to a master netting agreement or other similar arrangement. Additionally, from time to time, the Company enters into foreign exchange contracts to hedge its currency exposure related to certain client receivables. These instruments are measured at fair value with gains and losses recorded in other non-operating income in the Company's consolidated statements of operations. The fair values of these contracts are recorded in other assets or other liabilities and accrued expenses in the Company's consolidated statements of financial condition. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets—Goodwill represents the excess of the cost of the Company’s investment in the net assets of an acquired company over the fair value of the underlying identifiable net assets at the date of acquisition. Goodwill and indefinite lived intangible assets are not amortized but are tested at least annually for impairment by comparing the fair value to their carrying amounts. Finite lived intangible assets are amortized over their useful lives and are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. |
Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest—Redeemable noncontrolling interest represents third-party interests in the Company's consolidated entities. 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 at each reporting period. |
Investment Advisory and Administration Fees | Investment Advisory and Administration Fees—The Company earns revenue by providing asset management services to institutional accounts and to Company-sponsored open-end and closed-end funds. Investment advisory fees are earned pursuant to the terms of investment management agreements, and are based on a contractual fee rate applied to the assets in the portfolio. The Company also earns administration fees from certain Company-sponsored open-end and closed-end funds pursuant to the terms of underlying administration contracts. Administration fees are based on the average assets under management of such funds. Investment advisory and administration fee revenue is recognized as such fees are earned. |
Distribution and Service Fee Revenue | Distribution and Service Fee Revenue—CSS acts as the principal distributor of the Company’s sponsored open-end funds which may offer the following classes: Class A (initial sales load), Class C (back end sales load), Class R (load retirement) and Class Z (no load retirement). Effective May 2007, the Company suspended sales of Class B shares and all remaining Class B shares converted to Class A shares in 2015. Distribution and service fee revenue is based on the average daily net assets of the funds as detailed below. Distribution and service fee revenue is earned daily and is recorded gross of any third-party distribution and service fee expense for applicable share classes. Pursuant to distribution plans with the Company's sponsored open-end funds, CSS receives distribution fees of up to 25bps for Class A shares and 75bps for Class C shares. CSS also receives shareholder servicing fees of up to 10bps on Class A shares, 25bps on Class C shares and 15bps on Class Z shares, pursuant to shareholder servicing plans with the funds. Effective October 1, 2014, the Company no longer receives shareholder servicing fees on Class Z shares. |
Distribution and Service Fee Expense | Distribution and Service Fee Expense—Distribution and service fee expense includes distribution fees, service fees and intermediary assistance payments. Distribution and service fee expense is recorded as incurred. Distribution fee expense represents payments made to qualified dealers/institutions for (i) assistance in connection with the distribution of the Company's sponsored open-end funds' shares and (ii) for other expenses such as advertising costs and printing and distribution of prospectuses to investors. Such amounts may also be used to pay financial intermediaries for services as specified in the terms of written agreements complying with Rule 12b-1 of the Investment Company Act of 1940 (Rule 12b-1). CSS pays distribution fee expense based on the average daily net assets under management of up to 25bps on Class A shares and 75bps on Class C shares. Shareholder servicing fee expense represents payments made to qualified dealers/institutions for shareholder account service and maintenance. These services are provided pursuant to written agreements with such qualified institutions. CSS pays service fee expenses based on the average daily net assets under management of up to 10bps on Class A shares, 25bps on Class C shares and 15bps on Class Z shares. Effective October 1, 2014, the Company no longer pays shareholder service fees on Class Z shares. CSS pays combined distribution and service fee expenses based on the average daily net assets under management of up to 50bps on Class R shares. Intermediary assistance payments represent payments to qualified dealers/institutions for activities related to distribution, shareholder servicing and marketing and support of Company-sponsored open-end funds and are incremental to those described above. Intermediary assistance payments are generally based on the average assets under management or the number of accounts being serviced. |
Portfolio Consulting and Other | Portfolio Consulting and Other—The Company earns portfolio consulting and other fees by: (i) providing portfolio consulting services in connection with model-based strategy accounts; (ii) earning a licensing fee for the use of the Company's proprietary indexes; and (iii) providing portfolio monitoring services related to a number of unit investment trusts. This revenue is earned pursuant to the terms of the underlying contract, and the fee schedules for these relationships vary based on the type of services the Company provides for each relationship. This revenue is recognized as such fees are earned. |
Stock-based Compensation | Stock-based Compensation—The Company recognizes compensation expense for the grant-date fair value of awards of equity instruments to employees. This expense is recognized over the period during which employees are required to provide service. The Company also estimates forfeitures. |
Income Taxes | Income Taxes—The Company records the current and deferred tax consequences of all transactions that have been recognized in the consolidated financial statements in accordance with the provisions of the enacted tax laws. Deferred tax assets are recognized for temporary differences that will result in deductible amounts in future years at tax rates that are expected to apply in those years. Deferred tax liabilities are recognized for temporary differences that will result in taxable income in future years at tax rates that are expected to apply in those years. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. |
Currency Translation and Transactions | Currency Translation and Transactions—Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the applicable consolidated statement of financial condition date. Revenue and expenses of such subsidiaries are translated at average exchange rates during the period. The gains or losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are included in the Company's consolidated statements of comprehensive income. |
Comprehensive Income | Comprehensive Income—The Company reports all changes in comprehensive income in the consolidated statements of comprehensive income. Comprehensive income includes net income or loss attributable to common stockholders, foreign currency translation gain and loss (net of tax), unrealized gain and loss from available-for-sale investments (net of tax) and reclassification to statements of operations of gain and loss from available-for-sale investments (net of tax). |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements—In February 2016, the Financial Accounting Standards Board (FASB) issued new guidance introducing a new lease model that brings substantially all leases on the balance sheet. The guidance requires disclosures by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. This new guidance will be effective for the Company’s first quarter of 2019. The Company is currently evaluating the potential impact on its consolidated financial statements and related disclosures. In January 2016, the FASB issued new guidance amending the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. This new guidance will be effective for the Company’s first quarter of 2018. The Company does not anticipate that the adoption of this new guidance will have a material impact on its consolidated financial statements. In May 2015, the FASB issued new guidance amending the current disclosure requirement for investments in certain entities that calculate net asset value per share. The guidance requires investments for which fair value is measured using the net asset value per share practical expedient be removed from the fair value hierarchy. Instead, those investment amounts shall be provided as a separate item to permit reconciliation of the fair value of investments included in the fair value hierarchy to the line items presented in the statement of financial position. This new guidance will be effective for the Company’s first quarter of 2016. The Company does not anticipate that the adoption of this new guidance will have a material impact on its consolidated financial statements. In February 2015, the FASB issued new guidance amending the current accounting for consolidation of certain legal entities. These amendments modify the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership, affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, and provide a scope exception from consolidation guidance for reporting entities with interests in certain investment funds. This new guidance will be effective for the Company’s first quarter of 2016. The Company does not anticipate that the adoption of this new guidance will have a material impact on its consolidated financial statements. In August 2014, the FASB issued new guidance regarding disclosure of going concern uncertainties in the financial statements. The guidance requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued at each annual and interim reporting period. This new guidance will be effective for the Company’s first quarter of 2017. The Company does not anticipate that the adoption of this new guidance will have a material impact on its consolidated financial statements. In May 2014, the FASB issued new guidance which outlined a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This new guidance will be effective for the Company's first quarter of 2018 and requires either a retrospective or a modified retrospective approach to adoption. The Company is currently evaluating the potential impact on its consolidated financial statements and related disclosures, as well as the available transition methods. |
Valuation Techniques | Valuation Techniques In certain instances, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable brokers/dealers or pricing services. In determining the value of a particular investment, pricing services may use information with respect to transactions in such investments, broker quotes, pricing matrices, market transactions in comparable investments and various relationships between investments. As part of its independent price verification process, the Company selectively performs detailed reviews of valuations provided by broker/dealers or pricing services. Investments in Company-sponsored funds are valued at their closing NAV. Foreign exchange contracts are valued by interpolating a value using the spot foreign exchange rate and forward points (based on the spot rate and currency interest rate differentials), which are all inputs that are observable in active markets (level 2). |
Goodwill and Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Goodwill and Intangible Assets | The following summarizes the changes in the Company's goodwill and intangible assets during the years ended December 31, 2015 and 2014 (in thousands):
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Schedule of Intangible Assets | The following is a summary of the intangible assets at December 31, 2015 and December 31, 2014 (in thousands):
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Schedule Future Amortization Expense | Estimated future amortization expense is as follows (in thousands):
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Investments (Tables) |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Investment Holdings | The following is a summary of the Company's investments as of December 31, 2015 and December 31, 2014 (in thousands):
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Gain (Loss) on Investments | Gain (loss) from investments for the years ended December 31, 2015, 2014 and 2013 are summarized below (in thousands):
_________________________ (1) Includes net income/(loss) attributable to redeemable noncontrolling interest for the periods presented. |
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Schedule of Variable Interest Entities | The following represents the portion of the consolidated statements of financial condition attributable to the consolidated GLI SICAV as of December 31, 2015. The assets may only be used to settle obligations of GLI SICAV and the liabilities are the sole obligation of GLI SICAV, for which creditors do not have recourse to the general credit of the Company (in thousands):
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Equity Method Investments | The following is the aggregate condensed statement of financial condition information for the Company's equity method investments as of December 31, 2015 and December 31, 2014 (in thousands):
The following is the condensed statement of operations for the aggregate of the Company's equity method investments for the years ended December 31, 2015, 2014 and 2013 (in thousands):
_________________________ (1) Amounts are included only for the time in which the investees were accounted for under the equity method. |
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Summary of Fair Value of Trading Investments and Equity Method Investments | The following is a summary of the fair value of trading investments and equity method investments as of December 31, 2015 and December 31, 2014 (in thousands):
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Gain (Loss) from Trading Investments | Gain (loss) from trading investments—net for the years ended December 31, 2015, 2014 and 2013, which represent realized and unrealized gains and losses recorded by the funds the Company consolidates, are summarized below (in thousands):
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Schedule of Equity in Earnings (Losses) of Affiliates | Equity in earnings (losses) of affiliates for the years ended December 31, 2015, 2014 and 2013 are summarized below (in thousands):
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Schedule of Available-for-Sale Investments Reconciliation | The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments as of December 31, 2015 and December 31, 2014 (in thousands):
_________________________ (1) At December 31, 2015, there were no securities with unrealized losses continuously for a period of more than 12 months.
_________________________ (1) At December 31, 2014, there were no securities with unrealized losses continuously for a period of more than 12 months. |
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Schedule of Realized Gains (Losses) on Available-for-sale investments | Sales proceeds, gross realized gains and losses from available-for-sale investments for the years ended December 31, 2015, 2014 and 2013 are summarized below (in thousands):
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Fair Value (Tables) |
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Fair Value [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring | The following table presents fair value measurements as of December 31, 2014 (in thousands):
_________________________ (1) Comprised of investments in actively traded money market funds measured at NAV. The following table presents fair value measurements as of December 31, 2015 (in thousands):
_________________________ (1) Comprised of investments in actively traded money market funds measured at NAV. |
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Fair Value, Valuation Technique, Unobservable Inputs | The valuation techniques and significant unobservable inputs used in the fair value measurement of the following level 3 investments as of December 31, 2015 were:
The valuation techniques and significant unobservable inputs used in the fair value measurement of the following level 3 investments as of December 31, 2014 were:
The following table summarizes the changes in level 3 investments measured at fair value on a recurring basis for the years ended December 31, 2015 and 2014 (in thousands):
_________________________
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Derivatives (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments |
The notional amount represents the absolute value amount of all outstanding derivative contracts as of December 31, 2015 and December 31, 2014 (in thousands):
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Gains (Losses) on Derivatives | Gains and losses from derivative financial instruments for the years ended December 31, 2015, 2014 and 2013 are summarized below (in thousands):
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Property and Equipment (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | The following is a summary of property and equipment as of December 31, 2015 and 2014 (in thousands):
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Earnings Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the years ended December 31, 2015, 2014 and 2013 (in thousands, except per share data):
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Stock-Based Compensation (Tables) |
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table sets forth activity relating to the Company's incentive bonus plans, including the Company match and dividend equivalents (share data in thousands):
The following table sets forth activity relating to the Company's awards of RSUs under the SIP to the non-management directors and certain employees (share data in thousands):
The following table sets forth activity relating to the Company's awards of RSUs under the SIP to certain employees (share data in thousands):
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Related Party Transactions (Tables) |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | Sales proceeds, gross realized gains, gross realized losses and dividend income from available-for-sale investments in Company-sponsored funds for the years ended December 31, 2015, 2014 and 2013 are summarized below (in thousands):
The following table sets forth the amount of revenue the Company earned from these affiliated funds for the years ended December 31, 2015, 2014 and 2013 (in thousands):
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Commitments and Contingencies (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | The Company also leases certain computer and office equipment under noncancelable operating leases expiring at various dates through December 2019. The aggregate minimum future payments under the leases are as follows (in thousands):
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income before Taxes | The income before provision for income taxes and provision for income taxes for the years ended December 31, 2015, 2014 and 2013 are as follows (in thousands):
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Components of Deferred Tax Assets and Liabilities | Significant components of the Company's net deferred income tax asset at December 31, 2015 and 2014 consist of the following (in thousands):
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Reconciliation of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):
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Reconciliation of Federal Statutory Income Tax Rate to Effective Rate | A reconciliation of the Company's statutory federal income tax rate and the effective tax rate for the years ended December 31, 2015, 2014 and 2013 is as follows:
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Concentration of Credit Risk (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedules of Concentration of Risk, by Risk Factor | The table below presents revenue by client domicile for the years ended December 31, 2015, 2014 and 2013 (in thousands):
The following affiliated fund and third-party institutional separate account subadvisory relationship, which is comprised of multiple accounts, provided 10 percent or more of the total revenue of the Company (in thousands):
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Selected Quarterly Financial Data (unaudited) (Tables) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | in thousands, except per share data):
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Summary of Significant Accounting Policies - Non-GAAP Expenses - Distribution and Service Fees (Details) $ in Millions |
3 Months Ended | 12 Months Ended |
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Mar. 31, 2014
USD ($)
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Dec. 31, 2015
mutual_funds
|
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Schedule of distribution and service fees - Non-GAAP [Line Items] | ||
Number of closed-end mutual funds | mutual_funds | 1 | |
Distribution Rights [Member] | ||
Schedule of distribution and service fees - Non-GAAP [Line Items] | ||
Distribution and service fees | $ | $ 7.2 |
Summary of Significant Accounting Policies - Cumulative Translation Adjustments Balance (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|
Accumulated Translation Adjustment | |||
Cumulative Translation Adjustments balance [Line Items] | |||
Cumulative Foreign Currency Translation Adjustment, Net of Tax | $ (3,908) | $ (1,446) | $ 2,264 |
Goodwill and Intangible Assets - Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
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Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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Goodwill | |||
Beginning balance | $ 19,120 | $ 20,672 | |
Currency revaluation | (1,145) | (1,552) | |
Ending balance | 17,975 | 19,120 | $ 20,672 |
Finite Lived Intangible Assets | |||
Finite lived intangible assets, gross | (451) | ||
Amortization | (89) | (89) | (89) |
Finite Lived Intangible Assets | 273 | 362 | |
Indefinite Lived Intangible Assets | |||
Fund management contracts | $ 1,250 | $ 1,250 | $ 1,250 |
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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Finite-Lived Intangible Assets [Line Items] | |||
Amortization Period Remaining | 36 months | 48 months | |
Client relationships, Gross Carrying Amount | $ 451 | ||
Client relationships, Accumulated Amortization | $ (1,270) | $ (1,181) | |
Client relationships, Net | 273 | 362 | |
Fund management contracts | 1,250 | 1,250 | $ 1,250 |
Gross Carrying Amount | 2,793 | 2,793 | |
Intangible assets—net | 1,523 | 1,612 | |
Client Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Client relationships, Gross Carrying Amount | 1,543 | 1,543 | |
Client relationships, Accumulated Amortization | (1,270) | (1,181) | |
Client relationships, Net | 273 | 362 | |
Fund Management Contracts Member | |||
Finite-Lived Intangible Assets [Line Items] | |||
Fund management contracts | $ 1,250 | $ 1,250 |
Goodwill and Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense related to intangible assets | $ 89 | $ 89 | $ 89 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2016 | 89 | ||
2017 | 89 | ||
2018 | 95 | ||
Total | $ 273 | $ 362 |
Investments Trading, Equity Method Investments and Available-for-Sale Investments (Details) $ in Thousands |
12 Months Ended | |||||||||||||||||
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Dec. 31, 2015
USD ($)
new_funds_seeded
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Dec. 31, 2014
USD ($)
new_funds_seeded
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Dec. 31, 2013
USD ($)
new_funds_seeded
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Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||||
Other-than-temporary impairment, available-for-sale investments | $ 2,846 | |||||||||||||||||
Available-for-sale investments, unrealized loss position, fair value | 1,779 | $ 15,875 | ||||||||||||||||
Trading Investments and Other Trading Assets [Abstract] | ||||||||||||||||||
Trading investments | [1],[2] | 37,169 | 9,509 | |||||||||||||||
Equity method investments | 16,974 | 28,550 | ||||||||||||||||
Available-for-sale investments | 17,191 | 21,269 | ||||||||||||||||
Loss from trading investments—net | (2,376) | (1,567) | $ (6,612) | |||||||||||||||
Equity in (losses) earnings of affiliates | (10,378) | (1,955) | 840 | |||||||||||||||
(Loss) gain from available-for-sale investments—net | $ (2,648) | $ 2,041 | $ 2,259 | |||||||||||||||
Number Of New Funds Seeded | new_funds_seeded | 2 | 1 | 2 | |||||||||||||||
Available-for-sale investments [Abstract] | ||||||||||||||||||
Cost | $ 17,127 | $ 21,419 | ||||||||||||||||
Gross Unrealized Gains | 355 | 685 | ||||||||||||||||
Gross Unrealized Losses | (291) | [3] | (835) | [4] | ||||||||||||||
Available-for-sale investments in an unrealized loss position | 17,191 | 21,269 | ||||||||||||||||
Proceeds from investing activities [Abstract] | ||||||||||||||||||
Proceeds from sales | 7,298 | 12,704 | $ 26,541 | |||||||||||||||
Gross realized gains | 759 | 2,251 | 2,743 | |||||||||||||||
Gross realized losses, including other-than-temporary impairment | (3,407) | [5] | (210) | (484) | ||||||||||||||
GLI SICAV | ||||||||||||||||||
Trading Investments and Other Trading Assets [Abstract] | ||||||||||||||||||
Trading investments | $ 4,719 | |||||||||||||||||
ACOM | ||||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||||
Ownership Percentage range | 11.30% | |||||||||||||||||
Trading Investments and Other Trading Assets [Abstract] | ||||||||||||||||||
Trading investments | $ 0 | 0 | ||||||||||||||||
Equity method investments | 5,624 | 7,612 | ||||||||||||||||
Loss from trading investments—net | 0 | (505) | (484) | |||||||||||||||
Equity in (losses) earnings of affiliates | (1,988) | (1,228) | 0 | |||||||||||||||
CDF | ||||||||||||||||||
Trading Investments and Other Trading Assets [Abstract] | ||||||||||||||||||
Trading investments | 5,606 | 7,000 | ||||||||||||||||
Equity method investments | 0 | 0 | ||||||||||||||||
Loss from trading investments—net | (2,167) | (2,804) | 0 | |||||||||||||||
GLI SICAV | ||||||||||||||||||
Trading Investments and Other Trading Assets [Abstract] | ||||||||||||||||||
Trading investments | 4,719 | 0 | ||||||||||||||||
Equity method investments | 0 | 0 | ||||||||||||||||
Loss from trading investments—net | (135) | 0 | 0 | |||||||||||||||
GRP-CIP | ||||||||||||||||||
Trading Investments and Other Trading Assets [Abstract] | ||||||||||||||||||
Trading investments | 2,131 | 2,509 | ||||||||||||||||
Equity method investments | 0 | 0 | ||||||||||||||||
Loss from trading investments—net | $ (80) | 151 | 356 | |||||||||||||||
GRP-TE | ||||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||||
Ownership Percentage range | 0.20% | |||||||||||||||||
Trading Investments and Other Trading Assets [Abstract] | ||||||||||||||||||
Trading investments | $ 0 | 0 | ||||||||||||||||
Equity method investments | 92 | 111 | ||||||||||||||||
Equity in (losses) earnings of affiliates | 7 | 11 | 13 | |||||||||||||||
Onshore Fund | ||||||||||||||||||
Trading Investments and Other Trading Assets [Abstract] | ||||||||||||||||||
Loss from trading investments—net | 0 | 24 | 495 | |||||||||||||||
Offshore Fund | ||||||||||||||||||
Trading Investments and Other Trading Assets [Abstract] | ||||||||||||||||||
Equity in (losses) earnings of affiliates | 0 | 20 | 149 | |||||||||||||||
LPX | ||||||||||||||||||
Trading Investments and Other Trading Assets [Abstract] | ||||||||||||||||||
Trading investments | 24,713 | 0 | ||||||||||||||||
Equity method investments | 0 | 0 | ||||||||||||||||
Loss from trading investments—net | $ 6 | 0 | 0 | |||||||||||||||
MLO | ||||||||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||||||
Ownership Percentage range | 22.50% | |||||||||||||||||
Trading Investments and Other Trading Assets [Abstract] | ||||||||||||||||||
Trading investments | $ 0 | 0 | ||||||||||||||||
Equity method investments | 11,258 | 20,827 | ||||||||||||||||
Loss from trading investments—net | 0 | 1,567 | 155 | |||||||||||||||
Equity in (losses) earnings of affiliates | (8,397) | (1,511) | 0 | |||||||||||||||
RAP | ||||||||||||||||||
Trading Investments and Other Trading Assets [Abstract] | ||||||||||||||||||
Loss from trading investments—net | 0 | 0 | (7,134) | |||||||||||||||
Equity in (losses) earnings of affiliates | 0 | 753 | 678 | |||||||||||||||
Preferred securities | ||||||||||||||||||
Trading Investments and Other Trading Assets [Abstract] | ||||||||||||||||||
Available-for-sale investments | 1,178 | 1,095 | ||||||||||||||||
Available-for-sale investments [Abstract] | ||||||||||||||||||
Cost | 1,115 | 1,043 | ||||||||||||||||
Gross Unrealized Gains | 66 | 54 | ||||||||||||||||
Gross Unrealized Losses | (3) | [3] | (2) | [4] | ||||||||||||||
Available-for-sale investments in an unrealized loss position | 1,178 | 1,095 | ||||||||||||||||
Common stock | ||||||||||||||||||
Trading Investments and Other Trading Assets [Abstract] | ||||||||||||||||||
Available-for-sale investments | 3,834 | 5,838 | ||||||||||||||||
Available-for-sale investments [Abstract] | ||||||||||||||||||
Cost | 3,828 | 5,366 | ||||||||||||||||
Gross Unrealized Gains | 288 | 627 | ||||||||||||||||
Gross Unrealized Losses | (282) | [3] | (155) | [4] | ||||||||||||||
Available-for-sale investments in an unrealized loss position | 3,834 | 5,838 | ||||||||||||||||
Company-sponsored funds | ||||||||||||||||||
Trading Investments and Other Trading Assets [Abstract] | ||||||||||||||||||
Available-for-sale investments | 12,179 | 14,336 | ||||||||||||||||
Available-for-sale investments [Abstract] | ||||||||||||||||||
Cost | 12,184 | 15,010 | ||||||||||||||||
Gross Unrealized Gains | 1 | 4 | ||||||||||||||||
Gross Unrealized Losses | (6) | [3] | (678) | [4] | ||||||||||||||
Available-for-sale investments in an unrealized loss position | 12,179 | 14,336 | ||||||||||||||||
Equity Method Investments | ||||||||||||||||||
Equity Method Investment, Summarized Financial Information [Abstract] | ||||||||||||||||||
Total assets | 147,590 | 166,111 | ||||||||||||||||
Total liabilities | 2,038 | 5,434 | ||||||||||||||||
Net assets | 145,552 | 160,677 | ||||||||||||||||
Total revenue | [6] | 2,753 | 2,896 | 1,142 | ||||||||||||||
Total expenses | [6] | 1,194 | 2,019 | 1,985 | ||||||||||||||
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments | [6] | (44,936) | (14,827) | 12,833 | ||||||||||||||
Net (loss) income | [6] | $ (43,377) | $ (13,950) | $ 11,990 | ||||||||||||||
|
Investments Variable Interest Entity (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||
---|---|---|---|---|---|---|---|
Variable Interest Entity [Line Items] | |||||||
Trading investments | [1],[2] | $ 37,169 | $ 9,509 | ||||
Due from broker | [1] | 6,104 | 1,805 | ||||
Other assets | [1] | 5,765 | 4,229 | ||||
Total assets | 305,322 | 280,721 | |||||
Due to broker | [1] | 4,369 | 5 | ||||
Other liabilities and accrued expenses | [1] | 8,000 | 6,964 | ||||
Total liabilities | 62,212 | $ 52,133 | |||||
GLI SICAV | |||||||
Variable Interest Entity [Line Items] | |||||||
Trading investments | 4,719 | ||||||
Due from broker | 176 | ||||||
Other assets | 53 | ||||||
Total assets | 4,948 | ||||||
Due to broker | 12 | ||||||
Other liabilities and accrued expenses | 50 | ||||||
Total liabilities | $ 62 | ||||||
|
Fair Value (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Trading investments | [1],[2] | $ 37,169 | $ 9,509 | ||||||||||||
Available-for-sale investments | $ 17,191 | $ 21,269 | |||||||||||||
Level 3 | Minimum | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||
Fair Value Inputs, Discount Rates | 10.00% | 9.00% | |||||||||||||
Fair Value Inputs, Exit Capitalization Rates | 8.00% | 8.00% | |||||||||||||
Fair Value Inputs, Market Rental Rates | 15.00 | 15.00 | |||||||||||||
Level 3 | Maximum | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||
Fair Value Inputs, Discount Rates | 12.50% | 15.00% | |||||||||||||
Fair Value Inputs, Exit Capitalization Rates | 8.50% | 8.50% | |||||||||||||
Fair Value Inputs, Market Rental Rates | 17 | 17.00 | |||||||||||||
Fair Value, Measurements, Recurring | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Cash equivalents | $ 60,412 | [3] | $ 59,281 | [4] | |||||||||||
Trading investments | 37,169 | 9,509 | |||||||||||||
Equity method investments | 16,974 | 28,550 | |||||||||||||
Available-for-sale investments | 17,191 | 21,269 | |||||||||||||
Derivative - assets | 300 | 739 | |||||||||||||
Derivative - liabilities | 644 | 766 | |||||||||||||
Fair Value, Measurements, Recurring | Foreign exchange contracts | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Derivative - assets | 10 | 505 | |||||||||||||
Derivative - liabilities | 219 | 12 | |||||||||||||
Fair Value, Measurements, Recurring | Commodity contracts | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Derivative - assets | 290 | 234 | |||||||||||||
Derivative - liabilities | 425 | 754 | |||||||||||||
Fair Value, Measurements, Recurring | Level 1 | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Cash equivalents | 60,412 | [3] | 59,281 | [4] | |||||||||||
Trading investments | 8,582 | 0 | |||||||||||||
Equity method investments | 11,258 | 20,827 | |||||||||||||
Available-for-sale investments | 17,191 | 21,269 | |||||||||||||
Derivative - assets | 290 | 234 | |||||||||||||
Derivative - liabilities | 425 | 754 | |||||||||||||
Fair Value, Measurements, Recurring | Level 1 | Foreign exchange contracts | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Derivative - assets | 0 | 0 | |||||||||||||
Derivative - liabilities | 0 | 0 | |||||||||||||
Fair Value, Measurements, Recurring | Level 1 | Commodity contracts | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Derivative - assets | 290 | 234 | |||||||||||||
Derivative - liabilities | 425 | 754 | |||||||||||||
Fair Value, Measurements, Recurring | Level 2 | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Cash equivalents | 0 | [3] | 0 | [4] | |||||||||||
Trading investments | 26,456 | 7,000 | |||||||||||||
Equity method investments | 5,624 | 7,612 | |||||||||||||
Available-for-sale investments | 0 | 0 | |||||||||||||
Derivative - assets | 10 | 505 | |||||||||||||
Derivative - liabilities | 219 | 12 | |||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Foreign exchange contracts | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Derivative - assets | 10 | 505 | |||||||||||||
Derivative - liabilities | 219 | 12 | |||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Commodity contracts | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Derivative - assets | 0 | 0 | |||||||||||||
Derivative - liabilities | 0 | 0 | |||||||||||||
Fair Value, Measurements, Recurring | Level 3 | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Cash equivalents | 0 | [3] | 0 | [4] | |||||||||||
Trading investments | 2,131 | 2,509 | |||||||||||||
Equity method investments | 92 | 111 | |||||||||||||
Available-for-sale investments | 0 | 0 | |||||||||||||
Derivative - assets | 0 | 0 | |||||||||||||
Derivative - liabilities | 0 | 0 | |||||||||||||
Fair Value, Measurements, Recurring | Level 3 | Foreign exchange contracts | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Derivative - assets | 0 | 0 | |||||||||||||
Derivative - liabilities | 0 | 0 | |||||||||||||
Fair Value, Measurements, Recurring | Level 3 | Commodity contracts | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Derivative - assets | 0 | 0 | |||||||||||||
Derivative - liabilities | 0 | 0 | |||||||||||||
Preferred securities | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Available-for-sale investments | 1,178 | 1,095 | |||||||||||||
Preferred securities | Fair Value, Measurements, Recurring | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Trading investments | 3,863 | ||||||||||||||
Available-for-sale investments | 1,178 | 1,095 | |||||||||||||
Preferred securities | Fair Value, Measurements, Recurring | Level 1 | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Trading investments | 3,863 | ||||||||||||||
Available-for-sale investments | 1,178 | 1,095 | |||||||||||||
Preferred securities | Fair Value, Measurements, Recurring | Level 2 | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Trading investments | 0 | ||||||||||||||
Available-for-sale investments | 0 | 0 | |||||||||||||
Preferred securities | Fair Value, Measurements, Recurring | Level 3 | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Trading investments | 0 | ||||||||||||||
Available-for-sale investments | 0 | 0 | |||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||
Beginning Balance | 0 | 3,325 | |||||||||||||
Purchases / contributions | 0 | 0 | |||||||||||||
Sales / distributions | 0 | (4,000) | |||||||||||||
Realized gains | 0 | 675 | |||||||||||||
Unrealized (losses) gains | [5] | 0 | 0 | ||||||||||||
Transfers into (out of) level 3 | 0 | 0 | |||||||||||||
Ending Balance | 0 | 0 | |||||||||||||
Common stock | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Available-for-sale investments | 3,834 | 5,838 | |||||||||||||
Common stock | Fair Value, Measurements, Recurring | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Trading investments | 4,719 | ||||||||||||||
Available-for-sale investments | 3,834 | 5,838 | |||||||||||||
Common stock | Fair Value, Measurements, Recurring | Level 1 | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Trading investments | 4,719 | ||||||||||||||
Available-for-sale investments | 3,834 | 5,838 | |||||||||||||
Common stock | Fair Value, Measurements, Recurring | Level 2 | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Trading investments | 0 | ||||||||||||||
Available-for-sale investments | 0 | 0 | |||||||||||||
Common stock | Fair Value, Measurements, Recurring | Level 3 | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Trading investments | 0 | ||||||||||||||
Available-for-sale investments | 0 | 0 | |||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||
Beginning Balance | 0 | 503 | |||||||||||||
Purchases / contributions | 0 | 0 | |||||||||||||
Sales / distributions | 0 | (527) | |||||||||||||
Realized gains | 0 | 24 | |||||||||||||
Unrealized (losses) gains | [5] | 0 | 0 | ||||||||||||
Transfers into (out of) level 3 | 0 | 0 | |||||||||||||
Ending Balance | 0 | 0 | |||||||||||||
Fixed income | Fair Value, Measurements, Recurring | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Trading investments | 26,456 | 7,000 | |||||||||||||
Fixed income | Fair Value, Measurements, Recurring | Level 1 | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Trading investments | 0 | 0 | |||||||||||||
Fixed income | Fair Value, Measurements, Recurring | Level 2 | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Trading investments | 26,456 | 7,000 | |||||||||||||
Fixed income | Fair Value, Measurements, Recurring | Level 3 | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Trading investments | 0 | 0 | |||||||||||||
Limited partnership interests | Level 3 | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||
Level 3 Fair Value | 1,312 | 1,465 | |||||||||||||
Limited partnership interests | Fair Value, Measurements, Recurring | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Trading investments | 2,131 | 2,509 | |||||||||||||
Limited partnership interests | Fair Value, Measurements, Recurring | Level 1 | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Trading investments | 0 | 0 | |||||||||||||
Limited partnership interests | Fair Value, Measurements, Recurring | Level 2 | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Trading investments | 0 | 0 | |||||||||||||
Limited partnership interests | Fair Value, Measurements, Recurring | Level 3 | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Trading investments | 2,131 | 2,509 | |||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||
Beginning Balance | 2,509 | 2,740 | |||||||||||||
Purchases / contributions | 99 | 625 | |||||||||||||
Sales / distributions | (421) | (721) | |||||||||||||
Realized gains | 224 | 64 | |||||||||||||
Unrealized (losses) gains | [5] | (280) | (199) | ||||||||||||
Transfers into (out of) level 3 | 0 | 0 | |||||||||||||
Ending Balance | 2,131 | 2,509 | |||||||||||||
Company-sponsored funds | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Available-for-sale investments | 12,179 | 14,336 | |||||||||||||
Company-sponsored funds | Fair Value, Measurements, Recurring | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Available-for-sale investments | 12,179 | 14,336 | |||||||||||||
Company-sponsored funds | Fair Value, Measurements, Recurring | Level 1 | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Available-for-sale investments | 12,179 | 14,336 | |||||||||||||
Company-sponsored funds | Fair Value, Measurements, Recurring | Level 2 | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Available-for-sale investments | 0 | 0 | |||||||||||||
Company-sponsored funds | Fair Value, Measurements, Recurring | Level 3 | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Available-for-sale investments | 0 | 0 | |||||||||||||
GRP-TE/Offshore Funds | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||||||||||||
Trading investments | 0 | 0 | |||||||||||||
GRP-TE/Offshore Funds | Fair Value, Measurements, Recurring | Level 3 | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||
Beginning Balance | 111 | 528 | |||||||||||||
Purchases / contributions | 3 | 18 | |||||||||||||
Sales / distributions | (15) | (457) | |||||||||||||
Realized gains | 7 | 0 | |||||||||||||
Unrealized (losses) gains | [5] | (14) | 22 | ||||||||||||
Transfers into (out of) level 3 | 0 | 0 | |||||||||||||
Ending Balance | $ 92 | $ 111 | |||||||||||||
|
Derivatives (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ (2,869) | $ (3,185) | $ (4,512) |
Derivative Assets, Notional Amount | 6,323 | 17,444 | |
Derivative Assets, Fair Value | 300 | 739 | |
Derivative Liabilities, Notional Amount | 22,292 | 9,199 | |
Derivative Liabilities, Fair Value | 644 | 766 | |
Due From Broker | |||
Derivative [Line Items] | |||
Cash Collateral for Borrowed Securities | 192 | 422 | |
Securities owned | |||
Derivative [Line Items] | |||
Securities owned and held as collateral | 566 | 650 | |
Equity contracts | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | (584) |
Foreign exchange contracts | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (702) | 95 | (218) |
Derivative Assets, Notional Amount | 2,361 | 11,349 | |
Derivative Assets, Fair Value | 10 | 505 | |
Derivative Liabilities, Notional Amount | 14,955 | 222 | |
Derivative Liabilities, Fair Value | 219 | 12 | |
Commodity contracts | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (2,167) | (3,280) | (3,689) |
Derivative Assets, Notional Amount | 3,962 | 6,095 | |
Derivative Assets, Fair Value | 290 | 234 | |
Derivative Liabilities, Notional Amount | 7,337 | 8,977 | |
Derivative Liabilities, Fair Value | 425 | 754 | |
Credit contracts | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ 0 | $ (21) |
Property and Equipment (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Property and Equipment [Line Items] | |||
Depreciation and amortization | $ 3,827 | $ 4,535 | $ 5,517 |
Property and equipment, gross | 35,775 | 33,397 | |
Accumulated depreciation and amortization | (25,992) | (22,208) | |
Property and equipment, net | $ 9,783 | 11,189 | |
Minimum | |||
Property and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum | |||
Property and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Equipment | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | $ 6,651 | 6,536 | |
Furniture and fixtures | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | 2,156 | 2,024 | |
Software | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | 16,827 | 15,479 | |
Leasehold improvements | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | $ 10,141 | $ 9,358 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Earnings Per Share [Abstract] | |||||||||||
Anti-dilutive common stock equivalents excluded from computation (in shares) | 43,000 | 0 | 0 | ||||||||
Net income | $ 64,337 | $ 75,734 | $ 63,255 | ||||||||
Less: Net loss (income) attributable to redeemable noncontrolling interest | 214 | (224) | 4,864 | ||||||||
Net income attributable to common stockholders | $ 5,879 | $ 17,093 | $ 20,763 | $ 20,816 | $ 15,698 | $ 18,184 | $ 22,183 | $ 19,445 | $ 64,551 | $ 75,510 | $ 68,119 |
Basic weighted average shares outstanding (in shares) | 45,524,000 | 45,500,000 | 45,462,000 | 45,241,000 | 44,852,000 | 44,839,000 | 44,825,000 | 44,633,000 | 45,433,000 | 44,788,000 | 44,272,000 |
Dilutive potential shares from restricted stock units (in shares) | 464,000 | 855,000 | 811,000 | ||||||||
Diluted weighted average shares outstanding (in shares) | 45,969,000 | 45,830,000 | 45,805,000 | 45,980,000 | 45,866,000 | 45,689,000 | 45,530,000 | 45,483,000 | 45,897,000 | 45,643,000 | 45,083,000 |
Basic earnings per share attributable to common stockholders (in dollars per share) | $ 0.13 | $ 0.38 | $ 0.46 | $ 0.46 | $ 0.35 | $ 0.41 | $ 0.49 | $ 0.44 | $ 1.42 | $ 1.69 | $ 1.54 |
Diluted earnings per share attributable to common stockholders (in dollars per share) | $ 0.13 | $ 0.37 | $ 0.45 | $ 0.45 | $ 0.34 | $ 0.40 | $ 0.49 | $ 0.43 | $ 1.41 | $ 1.65 | $ 1.51 |
Stock-Based Compensation - Vested RSUs (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Common stock, shares issued | 49,690,562 | 48,593,812 | |
Restricted Stock Units (RSUs) | Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 31,116 | ||
Stock Incentive Plan | Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Authorized | 16,000,000.0 | ||
Stock Incentive Plan | Restricted Stock Units (RSUs) | Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock, shares issued | 13,300,000 | ||
Allocated Share-based Compensation Expense | $ 5,233 | $ 8,590 | $ 8,491 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Number of Shares [Roll Forward] [Roll Forward] | |||
Balance at Beginning of Period (shares) | 28,000 | 29,000 | 34,000 |
Granted (shares) | 12,000 | 9,000 | 9,000 |
Delivered (shares) | (10,000) | (10,000) | (14,000) |
Balance at End of Period (shares) | 30,000 | 28,000 | 29,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Weighted Average Grant Date Fair Value [Abstract] [Abstract] | |||
Balance at beginning of period, Weighted Average Grant Date Fair Value (usd per share) | $ 34.93 | $ 31.47 | $ 27.46 |
Granted, Weighted Average Grant Date Fair Value (usd per share) | 35.31 | 39.67 | 33.83 |
Delivered, Weighted Average Grant Date Fair Value (usd per share) | 31.86 | 29.12 | 22.79 |
Balance at end of period, Weighted Average Grant Date Fair Value (usd per share) | $ 36.17 | $ 34.93 | $ 31.47 |
Stock Incentive Plan | Vested Restricted Stock Units (RSUs) | Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 425 | $ 352 | $ 300 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Number of Shares [Roll Forward] [Roll Forward] | |||
Balance at End of Period (shares) | 30,000 |
Stock-Based Compensation - Unvested RSUs and Incentive Bonus Plans (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Common stock, shares issued | 49,690,562 | 48,593,812 | |
Share-based Compensation Arrangement by Share-based Payment Award, Incentive Bonus Plans, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Employee stock purchase plans | 19,000 | 14,000 | 13,000 |
Vesting period of unvested employee stock compensation, number of years | 3 years | ||
Common stock | Incentive Bonus Plans for Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award, Incentive Bonus Plans, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Annual Aggregate Purchases Per Employee | $ 25,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | 600,000 | ||
Restricted Stock Units (RSUs) | Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Allocated Share-based Compensation Expense | $ 31,116,000 | ||
Restricted Stock Units (RSUs) | Common stock | Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Balance at beginning of period (shares) | 690,000 | 950,000 | 979,000 |
Granted (shares) | 73,000 | 110,000 | 305,000 |
Delivered (shares) | (461,000) | (361,000) | (307,000) |
Forfeited (shares) | (6,000) | (9,000) | (27,000) |
Balance at end of period (shares) | 296,000 | 690,000 | 950,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Balance at beginning of period, Weighted Average Grant Date Fair Value (usd per share) | $ 29.62 | $ 26.72 | $ 22.85 |
Granted, Weighted Average Grant Date Fair Value (usd per share) | 41.10 | 37.33 | 34.20 |
Delivered, Weighted Average Grant Date Fair Value (usd per share) | 26.95 | 24.45 | 21.95 |
Forfeited, Weighted Average Grant Date Fair Value (usd per share) | 40.52 | 25.69 | 25.28 |
Balance at end of period, Weighted Average Grant Date Fair Value (usd per share) | $ 36.36 | $ 29.62 | $ 26.72 |
Common stock, shares issued | 13,300,000 | ||
Allocated Share-based Compensation Expense | $ 5,233,000 | $ 8,590,000 | $ 8,491,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Incentive Bonus Plans, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Delivered, Weighted Average Grant Date Fair Value (usd per share) | $ 26.95 | $ 24.45 | $ 21.95 |
Restricted Stock Units (RSUs) | Common stock | Incentive Bonus Plans for Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Delivered, Weighted Average Grant Date Fair Value (usd per share) | $ 32.69 | $ 30.84 | $ 27.79 |
Share-based Compensation Arrangement by Share-based Payment Award, Incentive Bonus Plans [Roll Forward] | |||
Balance at beginning of period (shares) | 1,454,000 | 1,431,000 | 1,314,000 |
Granted (shares) | 496,000 | 522,000 | 587,000 |
Delivered (shares) | 607,000 | 472,000 | (400,000) |
Forfeited (shares) | (61,000) | (27,000) | (70,000) |
Balance at end of period (shares) | 1,282,000 | 1,454,000 | 1,431,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Incentive Bonus Plans, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Balance at beginning of period, Weighted Average Grant Date Fair Value (usd per share) | $ 34.04 | $ 32.03 | $ 30.07 |
Granted, Weighted Average Grant Date Fair Value (usd per share) | 41.45 | 36.67 | 33.55 |
Delivered, Weighted Average Grant Date Fair Value (usd per share) | 32.69 | 30.84 | 27.79 |
Forfeited, Weighted Average Grant Date Fair Value (usd per share) | 38.51 | 34.29 | 32.13 |
Balance at end of period, Weighted Average Grant Date Fair Value (usd per share) | $ 37.33 | $ 34.04 | $ 32.03 |
Discount from market price, purchase date | 15.00% | ||
Restricted Stock Units (RSUs) | Common stock | Mandatory Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Common stock, shares issued | 1,262,000 | ||
Allocated Share-based Compensation Expense | $ 17,315,000 | $ 16,178,000 | $ 12,863,000 |
Restricted Stock Units (RSUs) | Common stock | Voluntary Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Common stock, shares issued | 20,000 | ||
Restricted Stock Units (RSUs) | Common stock | Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Allocated Share-based Compensation Expense | $ 95,000 | 87,000 | 72,000 |
Vested Restricted Stock Units (RSUs) | Common stock | Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Allocated Share-based Compensation Expense | 425,000 | 352,000 | 300,000 |
Vested Restricted Stock Units (RSUs) | Common stock | Voluntary Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Allocated Share-based Compensation Expense | $ 43,000 | $ 116,000 | $ 113,000 |
401(k) and Profit-Sharing Plan (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Employer Matching Contribution, Percent of Match | 50.00% | ||
The Plan | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Maximum Employee Subscription Rate | 100.00% | ||
Forfeitures during period | $ 118 | $ 83 | $ 176 |
Employer matching contributions | 1,511 | $ 1,074 | $ 1,462 |
Common stock | Restricted Stock Units (RSUs) | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Allocated Share-based Compensation Expense | $ 31,116 |
Related Party Transactions (Details) - Affiliated Entity - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Related Party Transactions Revenue [Abstract] | |||
Investment advisory and administrative fees | $ 218,942 | $ 210,316 | $ 190,058 |
Distribution and service fees | 16,001 | 14,667 | 14,359 |
Total | 234,943 | 224,983 | 204,417 |
Related Party Transactions Summary [Abstract] | |||
Proceeds from sales | 0 | 192 | 10,715 |
Gross realized gains | 0 | 0 | 615 |
Gross realized losses, including other-than-temporary impairment | (2,846) | (3) | 0 |
Dividend income | 250 | 390 | 9 |
Fund expenses, included in general and administrative expenses | 8,676 | 9,218 | $ 9,332 |
Receivables, company sponsored mutual funds | $ 19,209 | $ 19,750 |
Regulatory Requirements (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Securities Registered Domestically | |
Financial Instruments Owned and Pledged as Collateral | |
Net Capital | $ 2,217 |
Excess Capital | 2,052 |
Foreign Country | |
Financial Instruments Owned and Pledged as Collateral | |
Net Capital | 66,440 |
Excess Capital | $ 64,152 |
Commitments and Contingencies - Narrative (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Commitments | |
Loss Contingencies [Line Items] | |
Long-term Purchase Commitments, Time Period | 12 years |
Commitment to invest | |
Loss Contingencies [Line Items] | |
Other Commitment | $ 5.1 |
Long-term committment, funded amount | $ 3.3 |
Commitments and Contingencies - Other Obligations (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Aggregate Minimum Future Payments [Line Items] | |||
Sublease rental income | $ 70 | $ 876 | |
Rent expense | $ 11,215 | $ 10,103 | $ 10,067 |
Rent Obligations | |||
Aggregate Minimum Future Payments [Line Items] | |||
2016 | 12,570 | ||
2017 | 11,410 | ||
2018 | 10,287 | ||
2019 | 10,733 | ||
2020 | 10,592 | ||
Thereafter | 32,385 | ||
Other Commitment | $ 87,977 |
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 42.90% | 38.00% | 37.60% | |
Effective tax rate, excluding discrete items | 38.00% | |||
Unrecognized deferred tax in investments of foreign subsidiaries | $ 82,758 | |||
Gross unrecognized tax benefits | 7,259 | $ 6,346 | $ 5,927 | $ 4,899 |
Unrecognized tax benefits that impact effective tax rate in future periods | 4,678 | |||
Reduction in unrecognized tax benefits | 1,338 | |||
Uncertain tax positions, accrued interest and penalties | $ 1,661 | $ 1,267 |
Income Taxes - Schedule of Income before Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income before provision for income taxes | |||
U.S. income before provision for income taxes | $ 101,007 | $ 108,452 | $ 89,963 |
Foreign income before provision for income taxes | 11,737 | 13,562 | 14,401 |
Income before provision for income taxes | 112,744 | 122,014 | 104,364 |
Current taxes: | |||
U.S. federal | 32,065 | 38,711 | 36,490 |
State and local | 6,442 | 4,966 | 5,025 |
Non-U.S. | 2,508 | 2,882 | 2,681 |
Total | 41,015 | 46,559 | 44,196 |
Deferred taxes: | |||
U.S. federal | 6,334 | (96) | (2,754) |
State and local | 1,273 | (12) | (379) |
Non-U.S. | (215) | (171) | 46 |
Deferred income taxes | 7,392 | (279) | (3,087) |
Provision for income taxes | $ 48,407 | $ 46,280 | $ 41,109 |
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | ||
Stock-based compensation | $ 7,634 | $ 8,923 |
Non-deductible realized loss on investments | 4,708 | 5,565 |
Dividend equivalents on unvested restricted stock units | 3,052 | 5,204 |
Unrealized loss on investments | 4,642 | 840 |
Deferred compensation | (6,792) | 0 |
Deferred rent | 2,414 | 2,184 |
Other | (757) | (1,203) |
Subtotal | 14,901 | 21,513 |
Less: valuation allowance | (9,350) | (6,405) |
Deferred income tax asset - net | 5,551 | 15,108 |
Capital Loss Carryforward | 6,413 | $ 11,700 |
Changes in Valuation Allowance | $ (2,945) |
Income Taxes - Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Gross unrecognized tax benefits balance | $ 6,346 | $ 5,927 | $ 4,899 |
Addition for tax positions of current year | 1,147 | 1,230 | 1,421 |
Addition for tax positions of prior years | 250 | 90 | 1,597 |
Reduction of tax positions from prior years | (484) | (901) | (1,990) |
Gross unrecognized tax benefits balance | $ 7,259 | $ 6,346 | $ 5,927 |
Income Taxes - Reconciliation of Federal Statutory Income Tax Rate to Effective Rate (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
U.S. statutory tax rate | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal income taxes | 4.30% | 4.50% | 4.80% |
Non-deductible loss on investments | 5.20% | 0.60% | 0.00% |
Reserve adjustments | 0.00% | 0.00% | 0.60% |
Non-taxable gain on investments | 0.00% | 0.00% | (0.30%) |
Foreign operations tax differential | (2.10%) | (2.20%) | (2.50%) |
Other | 0.50% | 0.10% | 0.00% |
Effective income tax rate | 42.90% | 38.00% | 37.60% |
Concentration of Credit Risk (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015
USD ($)
|
Sep. 30, 2015
USD ($)
|
Jun. 30, 2015
USD ($)
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Sep. 30, 2014
USD ($)
|
Jun. 30, 2014
USD ($)
|
Mar. 31, 2014
USD ($)
|
Dec. 31, 2015
USD ($)
financial_institution
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Concentration Risk (Line Items) | |||||||||||
Revenues | $ 81,671 | $ 79,667 | $ 83,502 | $ 83,815 | $ 81,842 | $ 80,845 | $ 78,412 | $ 72,835 | $ 328,655 | $ 313,934 | $ 297,713 |
Number of financial institutions | financial_institution | 3 | ||||||||||
Sales Revenue, Segment | Geographic Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Revenues | $ 328,655 | 313,934 | 297,713 | ||||||||
Sales Revenue, Segment | United States | Geographic Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Revenues | 266,583 | 256,137 | 238,591 | ||||||||
Sales Revenue, Segment | Japan | Geographic Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Revenues | 41,899 | 40,179 | 42,603 | ||||||||
Sales Revenue, Segment | Other | Geographic Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Revenues | $ 20,173 | $ 17,618 | $ 16,519 | ||||||||
Cohen & Steers Realty Shares, Inc. (CSR) | Sales Revenue, Services | Customer Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Percent of total revenue | 15.00% | 15.00% | 14.00% | ||||||||
Cohen & Steers Realty Shares, Inc. (CSR) | Sales Revenue, Services | Investment advisory and administration fees | Customer Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Revenues | $ 47,870 | $ 45,904 | $ 42,618 | ||||||||
Daiwa Asset Management | Sales Revenue, Services | Customer Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Revenues | $ 40,446 | $ 39,475 | $ 42,214 | ||||||||
Percent of total revenue | 12.00% | 13.00% | 14.00% | ||||||||
Daiwa Asset Management | Sales Revenue, Services | Investment advisory and administration fees | Customer Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Revenues | $ 37,653 | $ 37,505 | $ 36,704 | ||||||||
Daiwa Asset Management | Sales Revenue, Services | Portfolio consulting and other revenue | Customer Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Revenues | $ 2,793 | $ 1,970 | $ 5,510 |
Selected Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 81,671 | $ 79,667 | $ 83,502 | $ 83,815 | $ 81,842 | $ 80,845 | $ 78,412 | $ 72,835 | $ 328,655 | $ 313,934 | $ 297,713 |
Operating income | 30,352 | 31,477 | 31,171 | 34,549 | 32,350 | 32,327 | 29,668 | 27,596 | 127,549 | 121,941 | 106,342 |
Net income attributable to common stockholders | $ 5,879 | $ 17,093 | $ 20,763 | $ 20,816 | $ 15,698 | $ 18,184 | $ 22,183 | $ 19,445 | $ 64,551 | $ 75,510 | $ 68,119 |
Earnings per share attributable to common stockholders: | |||||||||||
Basic (in dollars per share) | $ 0.13 | $ 0.38 | $ 0.46 | $ 0.46 | $ 0.35 | $ 0.41 | $ 0.49 | $ 0.44 | $ 1.42 | $ 1.69 | $ 1.54 |
Diluted (in dollars per share) | $ 0.13 | $ 0.37 | $ 0.45 | $ 0.45 | $ 0.34 | $ 0.40 | $ 0.49 | $ 0.43 | $ 1.41 | $ 1.65 | $ 1.51 |
Weighted-average shares outstanding: | |||||||||||
Basic (shares) | 45,524 | 45,500 | 45,462 | 45,241 | 44,852 | 44,839 | 44,825 | 44,633 | 45,433 | 44,788 | 44,272 |
Diluted (shares) | 45,969 | 45,830 | 45,805 | 45,980 | 45,866 | 45,689 | 45,530 | 45,483 | 45,897 | 45,643 | 45,083 |
Subsequent Events (Details) - $ / shares |
12 Months Ended | |||
---|---|---|---|---|
Feb. 25, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Subsequent Event [Line Items] | ||||
Dividends declared per share | $ 1.50 | $ 1.88 | $ 1.80 | |
Dividend Declared | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends declared per share | $ 0.26 |
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