10-Q

SECURITIES & EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2014

or

o      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___

Commission File No. 001-14761

GAMCO INVESTORS, INC.

(Exact name of Registrant as specified in its charter)

Delaware	13-4007862
(State of other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
One Corporate Center, Rye, NY	10580-1422
(Address of principle executive offices)	(Zip Code)

(914) 921-3700

Registrant's telephone number, including area code

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes   No 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of "large accelerated filer", "accelerated filer", and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer 	Accelerated filer 
Non-accelerated filer 	Smaller reporting company 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes   No 

Indicate the number of shares outstanding of each of the Registrant's classes of Common Stock, as of the latest practical date.

Class	Outstanding at April 30, 2014
Class A Common Stock, .001 par value	6,610,015
Class B Common Stock, .001 par value	19,345,820

INDEX
GAMCO INVESTORS, INC. AND SUBSIDIARIES
PART I.	FINANCIAL INFORMATION
Item 1.	Unaudited Condensed Consolidated Financial Statements
	Condensed Consolidated Statements of Income:
	-    Three months ended March 31, 2014 and 2013
	Condensed Consolidated Statements of Comprehensive Income:
	-    Three months ended March 31, 2014 and 2013
	Condensed Consolidated Statements of Financial Condition:
	-    March 31, 2014
	-    December 31, 2013
	-    March 31, 2013
	Condensed Consolidated Statements of Equity:
	-    Three months ended March 31, 2014 and 2013
	Condensed Consolidated Statements of Cash Flows:
	-    Three months ended March 31, 2014 and 2013
	Notes to Unaudited Condensed Consolidated Financial Statements
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.	Quantitative and Qualitative Disclosures About Market Risk (Included in Item 2)
Item 4.	Controls and Procedures
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.	Exhibits

SIGNATURES

2

GAMCO INVESTORS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

UNAUDITED

(Dollars in thousands, except per share data)

	Three Months Ended
	March 31,
	2014			2013
Revenues
Investment advisory and incentive fees	$	87,797		$	72,607
Distribution fees and other income		14,873			11,353
Institutional research services		1,807			2,221
Total revenues		104,477			86,181
Expenses
Compensation		43,897			35,652
Management fee		4,728			3,980
Distribution costs		13,963			11,010
Other operating expenses		5,390			4,812
Total expenses		67,978			55,454
Operating income		36,499			30,727
Other income (expense)
Net gain from investments		6,944			12,291
Interest and dividend income		1,141			1,345
Interest expense		(1,992	)		(3,488	)
Shareholder-designated contribution		-			(5,000	)
Total other income, net		6,093			5,148
Income before income taxes		42,592			35,875
Income tax provision		14,616			13,195
Net income		27,976			22,680
Net income attributable to noncontrolling interests		22			135
Net income attributable to GAMCO Investors, Inc.'s shareholders	$	27,954		$	22,545
Net income attributable to GAMCO Investors, Inc.'s shareholders per share:
Basic	$	1.10		$	0.88
Diluted	$	1.09		$	0.88
Weighted average shares outstanding:
Basic		25,481			25,742
Diluted		25,684			25,758
Dividends declared:	$	0.06		$	0.05

See accompanying notes.

3

GAMCO INVESTORS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

UNAUDITED

(Dollars in thousands, except per share data)

	Three Months Ended
	March 31,
	2014			2013
Net income	$	27,976		$	22,680
Other comprehensive income, net of tax:
Foreign currency translation		8			(49	)
Net unrealized gains/(losses) on securities available for sale (a)		(2,697	)		6,040
Other comprehensive income / (loss)		(2,689	)		5,991
Comprehensive income		25,287			28,671
Less: Comprehensive income/(loss) attributable to noncontrolling interests		(22	)		(135	)
Comprehensive income attributable to GAMCO Investors, Inc.	$	25,265		$	28,536

(a) Net of income tax expense or (benefit) of ($1,584) and $3,547 for 2014 and 2013, respectively.

See accompanying notes.

4

GAMCO INVESTORS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

UNAUDITED

(Dollars in thousands, except per share data)

	March 31,			December 31,			March 31,
	2014			2013			2013
ASSETS
Cash and cash equivalents	$	243,142		$	210,451		$	273,353
Investments in securities		234,414			231,228			229,286
Investments in sponsored registered investment companies		42,433			44,042			64,294
Investments in partnerships		105,849			95,992			94,260
Receivable from brokers		54,084			49,461			44,583
Investment advisory fees receivable		33,035			51,506			29,624
Income tax receivable		445			445			917
Other assets		26,418			26,360			24,312
Total assets	$	739,820		$	709,485		$	760,629
LIABILITIES AND EQUITY
Payable to brokers	$	11,370		$	10,765		$	15,059
Income taxes payable and deferred tax liabilities		41,427			39,846			34,292
Capital lease obligation		5,307			5,323			4,914
Compensation payable		41,447			34,663			34,676
Securities sold, not yet purchased		10,788			6,178			6,377
Mandatorily redeemable noncontrolling interests		1,337			1,355			1,343
Accrued expenses and other liabilities		30,658			32,511			34,537
Sub-total		142,334			130,641			131,198
5.5% Senior notes (repaid May 15, 2013)		-			0			99,000
5.875% Senior notes (due June 1, 2021)		100,000			100,000			100,000
Zero coupon subordinated debentures, Face value: $13.8 million at March 31, 2014 and
December 31, 2013 and $21.7 million at March 31, 2013 (due December 31, 2015)		12,098			11,911			17,688
Total liabilities		254,432			242,552			347,886
Redeemable noncontrolling interests		8,464			6,751			16,414
Commitments and contingencies (Note J)
Equity
GAMCO Investors, Inc. stockholders' equity
Preferred stock, $.001 par value; 10,000,000 shares authorized;
none issued and outstanding
Class A Common Stock, $0.001 par value; 100,000,000 shares authorized;
15,071,087, 15,012,719 and 14,265,769 issued, respectively; 6,639,106,
6,701,930 and 6,147,532 outstanding, respectively		14			14			13
Class B Common Stock, $0.001 par value; 100,000,000 shares authorized;
24,000,000 shares issued; 19,345,706, 19,384,174 and 19,564,174 shares
outstanding, respectively		19			19			20
Additional paid-in capital		285,215			282,496			280,196
Retained earnings		532,839			506,441			429,553
Accumulated other comprehensive income		27,550			30,239			32,291
Treasury stock, at cost (8,431,981, 8,310,789 and 8,118,237 shares, respectively)		(371,525	)		(361,878	)		(349,074	)
Total GAMCO Investors, Inc. stockholders' equity		474,112			457,331			392,999
Noncontrolling interests		2,812			2,851			3,330
Total equity		476,924			460,182			396,329
Total liabilities and equity	$	739,820		$	709,485		$	760,629

See accompanying notes.

5

GAMCO INVESTORS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

UNAUDITED

(In thousands)

For the three months ended March 31, 2014

				GAMCO Investors, Inc. stockholders
											Accumulated
						Additional					Other									Redeemable
	Noncontrolling			Common		Paid-in		Retained			Comprehensive			Treasury						Noncontrolling
	Interests			Stock		Capital		Earnings			Income			Stock			Total			Interests
Balance at December 31, 2013	$	2,851		$	33	$	282,496	$	506,441		$	30,239		$	(361,878	)	$	460,182		$	6,751
Redemptions of
noncontrolling interests		-			-		-		-			-			-			-			-
Contributions from
noncontrolling
interests		-			-		-		-			-			-			-			1,652
Net income (loss)		(39	)		-		-		27,954			-			-			27,915			61
Net unrealized gains on
securities available for sale,
net of income tax ($175)		-			-		-		-			297			-			297			-
Amounts reclassified from
accumulated other
comprehensive income,
net of income tax benefit ($1,759)		-			-		-		-			(2,994	)		-			(2,994	)		-
Foreign currency translation		-			-		-		-			8			-			8			-
Dividends declared ($0.06 per
share)		-			-		-		(1,556	)		-			-			(1,556	)		-
Stock based compensation
expense		-			-		1,700		-			-			-			1,700			-
Exercise of stock options
including tax benefit ($173)		-			-		1,019		-			-			-			1,019			-
Purchase of treasury stock		-			-		-		-			-			(9,647	)		(9,647	)		-
Balance at March 31, 2014	$	2,812		$	33	$	285,215	$	532,839		$	27,550		$	(371,525	)	$	476,924		$	8,464

See accompanying notes.

6

GAMCO INVESTORS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

UNAUDITED

(In thousands)

For the three months ended March 31, 2013

			GAMCO Investors, Inc. stockholders
										Accumulated
					Additional					Other									Redeemable
	Noncontrolling		Common		Paid-in		Retained			Comprehensive			Treasury						Noncontrolling
	Interests		Stock		Capital		Earnings			Income			Stock			Total			Interests
Balance at December 31, 2012	$	3,326	$	33	$	280,089	$	408,295		$	26,300		$	(347,109	)	$	370,934		$	17,362
Redemptions of noncontrolling
interests		-		-		-		-			-			-			-			(2,298	)
Contributions from
noncontrolling
interests		-		-		-		-			-			-			-			1,219
Net income (loss)		4		-		-		22,545			-			-			22,549			131
Net unrealized gains on
securities available for sale,
net of income tax ($3,823)		-		-		-		-			6,511			-			6,511			-
Amount reclassed from
accumulated other
comprehensive income,
net of income tax benefit ($276)		-		-		-		-			(471	)		-			(471	)		-
Foreign currency translation		-		-		-		-			(49	)		-			(49	)		-
Dividends declared ($0.05 per
share)		-		-		-		(1,287	)		-			-			(1,287	)		-
Stock based compensation
expense		-		-		15		-			-			-			15			-
Exercise of stock options
including tax benefit		-		-		92		-			-			-			92			-
Purchase of treasury stock		-		-		-		-			-			(1,965	)		(1,965	)		-
Balance at March 31, 2013	$	3,330	$	33	$	280,196	$	429,553		$	32,291		$	(349,074	)	$	396,329		$	16,414

See accompanying notes.

7

GAMCO INVESTORS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED

(In thousands)

	Three Months Ended
	March 31,
	2014			2013
Operating activities
Net income	$	27,976		$	22,680
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net gains from partnerships		(426	)		795
Depreciation and amortization		169			202
Stock based compensation expense		1,700			15
Deferred income taxes		(1,318	)		1,471
Tax benefit from exercise of stock options		173			16
Foreign currency translation gain/(loss)		8			(49	)
Cost basis of donated securities		1,267			148
Gains on sales of available for sale securities		(1,612	)		(597	)
Accretion of zero coupon debentures		223			323
Loss on extinguishment of debt		5			-
(Increase) decrease in assets:
Investments in trading securities		(324	)		(5,538	)
Investments in partnerships:
Contributions to partnerships		(9,448	)		(3,492	)
Distributions from partnerships		17			5,987
Receivable from brokers		(4,623	)		6,071
Investment advisory fees receivable		18,471			12,804
Income tax receivable and deferred tax assets		-			97
Other assets		(222	)		3,227
Increase (decrease) in liabilities:
Payable to brokers		606			713
Income taxes payable and deferred tax liabilities		4,482			3,881
Compensation payable		6,783			24,141
Mandatorily redeemable noncontrolling interests		(18	)		1
Accrued expenses and other liabilities		(1,898	)		8,136
Total adjustments		14,015			58,352
Net cash provided by operating activities	$	41,991		$	81,032

8

GAMCO INVESTORS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED (continued)

(In thousands)

	Three Months Ended
	March 31,
	2014			2013
Investing activities
Purchases of available for sale securities	$	(4,782	)	$	(4	)
Proceeds from sales of available for sale securities		3,880			5,343
Return of capital on available for sale securities		323			611
Net cash (used in) provided by investing activities		(579	)		5,950
Financing activities
Contributions from redeemable noncontrolling interests		1,652			1,219
Redemptions of redeemable noncontrolling interests		-			(2,298	)
Proceeds from exercise of stock options		846			76
Repurchase of zero coupon subordinated debentures		(41	)		-
Dividends paid		(1,528	)		(1,287	)
Purchase of treasury stock		(9,647	)		(1,965	)
Net cash used in financing activities		(8,718	)		(4,255	)
Effect of exchange rates on cash and cash equivalents		(3	)		18
Net increase in cash and cash equivalents		32,691			82,745
Cash and cash equivalents at beginning of period		210,451			190,608
Cash and cash equivalents at end of period	$	243,142		$	273,353
Supplemental disclosures of cash flow information:
Cash paid for interest	$	294		$	285
Cash paid for taxes	$	10,662		$	7,272
Non-cash activity:
- For the three months ended March 31, 2014 and March 31, 2013, the Company accrued dividends on restricted stock awards of $28 and $0, respectively.

See accompanying notes.

9

GAMCO INVESTORS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2014

(Unaudited)

A.  Significant Accounting Policies

Basis of Presentation

Unless we have indicated otherwise, or the context otherwise requires, references in this report to "GAMCO Investors, Inc.," "GAMCO," "the Company," "GBL," "we," "us" and "our" or similar terms are to GAMCO Investors, Inc., its predecessors and its subsidiaries.

The unaudited interim condensed consolidated financial statements of GAMCO included herein have been prepared in conformity with generally accepted accounting principles ("GAAP") in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP in the United States for complete financial statements.  In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of financial position, results of operations and cash flows of GAMCO for the interim periods presented and are not necessarily indicative of a full year's results.

The condensed consolidated financial statements include the accounts of GAMCO and its subsidiaries.  Intercompany accounts and transactions are eliminated.

These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013 from which the accompanying condensed consolidated financial statements were derived.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported on the condensed consolidated financial statements and accompanying notes.  Actual results could differ from those estimates.

Recent Accounting Developments

We have considered all newly issued accounting guidance that is applicable to our operations and the preparation of our condensed consolidated statements, including that which we have not yet adopted. We do not believe that any such guidance has or will have a material effect on our financial position or results of operations.

10

B.  Investment in Securities

Investments in securities at March 31, 2014, December 31, 2013 and March 31, 2013 consisted of the following:

	March 31, 2014				December 31, 2013				March 31, 2013
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
	(In thousands)
Trading securities:
Government obligations	$	25,989	$	25,999	$	37,986	$	37,994	$	49,970	$	49,990
Common stocks		113,508		141,276		96,225		124,634		119,918		139,503
Mutual funds		21,131		23,404		21,074		23,285		1,073		1,655
Other investments		544		749		287		582		315		1,179
Total trading securities		161,172		191,428		155,572		186,495		171,276		192,327
Available for sale securities:
Common stocks		15,003		41,538		13,389		43,046		14,312		35,225
Mutual funds		700		1,448		843		1,687		1,014		1,734
Total available for sale securities		15,703		42,986		14,232		44,733		15,326		36,959
Total investments in securities	$	176,875	$	234,414	$	169,804	$	231,228	$	186,602	$	229,286

Securities sold, not yet purchased at March 31, 2014, December 31, 2013 and March 31, 2013 consisted of the following:

	March 31, 2014				December 31, 2013				March 31, 2013
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
Trading securities:	(In thousands)
Common stocks	$	8,837	$	10,469	$	5,319	$	6,023	$	5,163	$	5,650
Other investments		85		319		-		155		86		727
Total securities sold, not yet purchased	$	8,922	$	10,788	$	5,319	$	6,178	$	5,249	$	6,377

11

Investments in sponsored registered investment companies at March 31, 2014, December 31, 2013 and March 31, 2013 consisted of the following:

	March 31, 2014				December 31, 2013				March 31, 2013
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
	(In thousands)
Trading securities:
Mutual funds	$	19	$	12	$	19	$	10	$	19	$	17
Total trading securities		19		12		19		10		19		17
Available for sale securities:
Closed-end funds		22,565		38,980		23,100		40,624		31,014		60,895
Mutual funds		1,939		3,441		1,951		3,408		2,047		3,382
Total available for sale securities		24,504		42,421		25,051		44,032		33,061		64,277
Total investments in sponsored
registered investment companies	$	24,523	$	42,433	$	25,070	$	44,042	$	33,080	$	64,294

Management determines the appropriate classification of debt and equity securities at the time of purchase and reevaluates such designation as of the date of each statement of financial condition.  Investments in United States Treasury Bills and Notes with maturities of greater than three months at the time of purchase are classified as investments in securities, and those with maturities of three months or less at the time of purchase are classified as cash equivalents.  A substantial portion of investments in securities is held for resale in anticipation of short-term market movements and therefore is classified as trading securities.  Trading securities are stated at fair value, with any unrealized gains or losses reported in current period earnings.  Available for sale ("AFS") investments are stated at fair value, with any unrealized gains or losses, net of taxes, reported as a component of equity except for losses deemed to be other than temporary which are recorded as realized losses in the condensed consolidated statements of income.

The following table identifies all reclassifications out of accumulated other comprehensive income for the three months ended March 31, 2014 and 2013  (in thousands):

Amount								Affected Line Item	Reason for
Reclassified								in the Statements	Reclassification
from AOCI								Of Income	from AOCI
Three months ended March 31,
2014				2013
	$	1,612			$	597		Net gain from investments	Realized gain / (loss) on sale of AFS securities
		3,141				150		Other operating expenses	Realized gain / (loss) on donation of AFS securities
		4,753				747		Income before income taxes
		(1,759	)			(276	)	Income tax provision
	$	2,994			$	471		Net income

The Company recognizes all derivatives as either assets or liabilities measured at fair value and includes them in either investments in securities or securities sold, not yet purchased on the condensed consolidated statements of financial condition.  From time to time, the Company and/or the partnerships and offshore funds that the Company consolidates will enter into hedging transactions to manage their exposure to foreign currencies and equity prices related to their proprietary investments.  For the three months ended March 31, 2014 and 2013, the Company had transactions in equity derivatives which resulted in net losses of $190,000 and net gains of $281,000, respectively.  At March 31, 2014, December 31, 2013 and March 31, 2013, we held derivative contracts on 1.9 million equity shares, 1.3 million equity shares and 222,000 equity shares, respectively, and the fair value was ($107,000), $120,000 and $61,000, respectively; these are included in investments in securities in the condensed consolidated statements of financial condition.  These transactions are not designated as hedges for accounting purposes, and therefore changes in fair values of these derivatives are included in net gain/(loss) from investments in the condensed consolidated statements of income. 

12

The Company is a party to enforceable master netting arrangements for swaps entered into as part of the investment strategy of the Company's proprietary portfolio. They are typically not used as hedging instruments. These swaps, while settled on a net basis with the counterparties, major U.S. financial institutions, are shown gross in assets and liabilities on the condensed consolidated statements of financial condition. The swaps have a firm contract end date and are closed out and settled when each contract expires.

							Gross Amounts Not Offset in the
							Statements of Financial Condition
	Gross		Gross Amounts		Net Amounts of
	Amounts of		Offset in the		Assets Presented
	Recognized		Statements of		in the Statements of		Financial			Cash Collateral
	Assets		Financial Condition		Financial Condition		Instruments			Received		Net Amount
Swaps:	(in thousands)
March 31, 2014	$	198	$	-	$	198	$	(198	)	$	-	$	-
December 31, 2013		275		-		275		(155	)		-		120
March 31, 2013	$	788	$	-	$	788	$	(703	)	$	-	$	85
							Gross Amounts Not Offset in the
							Statements of Financial Condition
	Gross		Gross Amounts		Net Amounts of
	Amounts of		Offset in the		Liabilities Presented
	Recognized		Statements of		in the Statements of		Financial			Cash Collateral
	Liabilities		Financial Condition		Financial Condition		Instruments			Pledged		Net Amount
Swaps:	(in thousands)
March 31, 2014	$	277	$	-	$	277	$	(198	)	$	-	$	79
December 31, 2013		155		-		155		(155	)		-		-
March 31, 2013	$	703	$	-	$	703	$	(703	)	$	-	$	-

13

The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available for sale investments as of March 31, 2014, December 31, 2013 and March 31, 2013:

	March 31, 2014
			Gross		Gross
			Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(In thousands)
Common stocks	$	15,003	$	26,535	$	-		$	41,538
Closed-end Funds		22,565		16,477		(62	)		38,980
Mutual funds		2,639		2,250		-			4,889
Total available for sale securities	$	40,207	$	45,262	$	(62	)	$	85,407

	December 31, 2013
			Gross		Gross
			Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(In thousands)
Common stocks	$	13,389	$	29,657	$	-		$	43,046
Closed-end Funds		23,100		17,654		(130	)		40,624
Mutual funds		2,794		2,325		(24	)		5,095
Total available for sale securities	$	39,283	$	49,636	$	(154	)	$	88,765

	March 31, 2013
			Gross		Gross
			Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(In thousands)
Common stocks	$	14,312	$	20,913	$	-		$	35,225
Closed-end Funds		31,014		29,884		(3	)		60,895
Mutual funds		3,061		2,055		-			5,116
Total available for sale securities	$	48,387	$	52,852	$	(3	)	$	101,236

Unrealized changes in fair value, net of taxes, for the three months ended March 31, 2014 and March 31, 2013 of ($2.7) million in losses and $6.0 million in gains, respectively, have been included in other comprehensive income, a component of equity, at March 31, 2014 and March 31, 2013.  Return of capital on available for sale securities was $0.3 million and $0.6 million for the three months ended March 31, 2014 and March 31, 2013, respectively.  Proceeds from sales of investments available for sale were approximately $3.9 million and $5.3 million for the three months ended March 31, 2014 and March 31, 2013, respectively.  For the three months ended March 31, 2014 and March 31, 2013, gross gains on the sale of investments available for sale amounted to $1.6 million and $0.6 million, respectively, and were reclassified from other comprehensive income into net gain from investments in the condensed consolidated statements of income.  There were no losses on the sale of investments available for sale for the three months ended March 31, 2014 or March 31, 2013.  The basis on which the cost of a security sold is determined is specific identification.

Investments classified as available for sale that are in an unrealized loss position for which other-than-temporary impairment has not been recognized consisted of the following:

	March 31, 2014							December 31, 2013							March 31, 2013
			Unrealized							Unrealized							Unrealized
	Cost		Losses			Fair Value		Cost		Losses			Fair Value		Cost		Losses			Fair Value
(in thousands)
Cosed-end funds	$	828	$	(62	)	$	766	$	912	$	(130	)	$	782	$	-	$	-		$	-
Mutual Funds		-		-			-		303		(24	)		279		216		(3	)		213
Total	$	828	$	(62	)	$	766	$	1,215	$	(154	)	$	1,061	$	216	$	(3	)	$	213

At March 31, 2014, there were two holdings in loss positions which were not deemed to be other than temporarily impaired due to the length of time that they had been in a loss position and because they passed scrutiny in our evaluation of issuer-specific and industry-specific considerations.  In these specific instances, the investments at March 31, 2014 were closed-end funds with diversified holdings across multiple companies and across multiple industries.  One holding was impaired for seven months and one holding was impaired for ten months at March 31, 2014.  The value of these holdings at March 31, 2014 was $0.8 million.

14

At December 31, 2013 there was four holding in a loss position which was not deemed to be other-than-temporarily impaired due to the length of time that it had been in a loss position and because it passed scrutiny in our evaluation of issuer-specific and industry-specific considerations.  In this specific instance, the investments at December 31, 2013 were open-end funds and closed-end funds with diversified holdings across multiple companies and across multiple industries.  One holding was impaired for one month, one for two months, one for four months and one for seven month at December 31, 2013 . The value of these holdings at December 31, 2013 was $1.1 million.

At March 31, 2013, there were two holdings in loss positions which were not deemed to be other-than-temporarily impaired due to the length of time that they had been in a loss position and because they passed scrutiny in our evaluation of issuer-specific and industry-specific considerations.  In this specific instance, the investments at March 31, 2013 were closed-end funds with diversified holdings across multiple companies and across multiple industries.  Both holdings were impaired for two consecutive months at March 31, 2013.  The value of these holdings at March 31, 2013 was $0.2 million.

For the three months ended March 31, 2014 and 2013, there were no losses on available for sale securities deemed to be other than temporary.

15

C. Fair Value

The following tables present information about the Company's assets and liabilities by major categories measured at fair value on a recurring basis as of March 31, 2014, December 31, 2013 and March 31, 2013 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2014 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		March 31,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2014
Cash equivalents	$	242,917	$	-	$	-	$	242,917
Investments in partnerships		-		24,080		-		24,080
Investments in securities:
AFS - Common stocks		41,538		-		-		41,538
AFS - Mutual funds		1,448		-		-		1,448
Trading - Gov't obligations		25,999		-		-		25,999
Trading - Common stocks		140,575		1		700		141,276
Trading - Mutual funds		23,404		-		-		23,404
Trading - Other		253		212		284		749
Total investments in securities		233,217		213		984		234,414
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		38,980		-		-		38,980
AFS - Mutual Funds		3,441		-		-		3,441
Trading - Mutual funds		12		-		-		12
Total investments in sponsored
registered investment companies		42,433		-		-		42,433
Total investments		275,650		24,293		984		300,927
Total assets at fair value	$	518,567	$	24,293	$	984	$	543,844
Liabilities
Trading - Common stocks	$	10,469	$	-	$	-	$	10,469
Trading - Other		-		319		-		319
Securities sold, not yet purchased	$	10,469	$	319	$	-	$	10,788

16

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2013 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		December 31,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2013
Cash equivalents	$	209,913	$	-	$	-	$	209,913
Investments in partnerships		-		25,253		-		25,253
Investments in securities:
AFS - Common stocks		43,046		-		-		43,046
AFS - Mutual funds		1,687		-		-		1,687
Trading - Gov't obligations		37,994		-		-		37,994
Trading - Common stocks		123,927		7		700		124,634
Trading - Mutual funds		23,285		-		-		23,285
Trading - Other		23		275		284		582
Total investments in securities		229,962		282		984		231,228
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		40,624		-		-		40,624
AFS - Mutual Funds		3,408		-		-		3,408
Trading - Mutual funds		10		-		-		10
Total investments in sponsored
registered investment companies		44,042		-		-		44,042
Total investments		274,004		25,535		984		300,523
Total assets at fair value	$	483,917	$	25,535	$	984	$	510,436
Liabilities
Trading - Common stocks	$	6,023	$	-	$	-	$	6,023
Trading - Other		-		155		-		155
Securities sold, not yet purchased	$	6,023	$	155	$	-	$	6,178

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2013 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		March 31,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2013
Cash equivalents	$	272,653	$	-	$	-	$	272,653
Investments in partnerships		-		23,772		-		23,772
Investments in securities:
AFS - Common stocks		35,225		-		-		35,225
AFS - Mutual funds		1,734		-		-		1,734
Trading - Gov't obligations		49,990		-		-		49,990
Trading - Common stocks		138,829		7		667		139,503
Trading - Mutual funds		1,655		-		-		1,655
Trading - Other		92		788		299		1,179
Total investments in securities		227,525		795		966		229,286
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		60,895		-		-		60,895
AFS - Mutual Funds		3,382		-		-		3,382
Trading - Mutual funds		17		-		-		17
Total investments in sponsored
registered investment companies		64,294		-		-		64,294
Total investments		291,819		24,567		966		317,352
Total assets at fair value	$	564,472	$	24,567	$	966	$	590,005
Liabilities
Trading - Common stocks	$	5,650	$	-	$	-	$	5,650
Trading - Other		-		727		-		727
Securities sold, not yet purchased	$	5,650	$	727	$	-	$	6,377

17

The following tables present additional information about assets by major categories measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value:

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2014 (in thousands)

							Total
							Unrealized
							Gains or		Total
			Total Realized and				(Losses)		Realized
	December		Unrealized Gains or				Included in		and						Transfers
	31, 2013		(Losses) in Income				Other		Unrealized						In and/or
	Beginning				AFS		Comprehensive		Gains or						(Out) of		Ending
Asset	Balance		Trading		Investments		Income		(Losses)		Purchases		Sales		Level 3		Balance
Financial
instruments owned:
Trading - Common stocks	$	700	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	700
Trading - Other		284		-		-		-		-		-		-		-		284
Total	$	984	$	-	$	-	$	-	$	-		-	$	-	$	-	$	984

There were no transfers between any Levels during the three months ended March 31, 2014.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2013 (in thousands)

								Total
								Unrealized
								Gains or		Total
			Total Realized and					(Losses)		Realized
	December		Unrealized Gains or					Included in		and								Transfers
	31, 2012		(Losses) in Income					Other		Unrealized								In and/or
	Beginning					AFS		Comprehensive		Gains or								(Out) of		Ending
Asset	Balance		Trading			Investments		Income		(Losses)			Purchases		Sales			Level 3		Balance
Financial
instruments owned:
Trading - Common stocks	$	675	$	(8	)	$	-	$	-	$	(8	)	$	-	$	-		$	-	$	667
Trading - Other		362		1			-		-		1			-		(64	)		-		299
Total	$	1,037	$	(7	)	$	-	$	-	$	(7	)	$	-	$	(64	)	$	-	$	966

There were no transfers between any Levels during the three months ended March 31, 2013.

D. Investments in Partnerships, Offshore Funds and Variable Interest Entities ("VIEs")

The Company is general partner or co-general partner of various affiliated entities in which the Company has investments totaling $91.1 million, $82.0 million and $80.8 million at March 31, 2014, December 31, 2013 and March 31, 2013, respectively, and whose underlying assets consist primarily of marketable securities (the "affiliated entities"). We also have investments in unaffiliated entities of $14.7 million, $14.0 million and $13.5 million at March 31, 2014, December 31, 2013 and March 31, 2013, respectively (the "unaffiliated entities").  We evaluate each entity for the appropriate accounting treatment and disclosure.  Certain of the affiliated entities, and none of the unaffiliated entities, are consolidated.

For those entities where consolidation is not deemed to be appropriate, we report them in our condensed consolidated statement of financial condition under the caption "Investments in partnerships".  This caption includes those investments, in both affiliated and unaffiliated entities, which the Company accounts for under the equity method of accounting, as well as certain investments that the feeder funds hold that are carried at fair value, as described in Note C.  The Company reflects the equity in earnings of these equity method investees and the change in fair value of the consolidated feeder funds ("CFFs") under the caption "Net gain from investments" on the condensed consolidated statements of income.

18

The following table highlights the number of entities, including voting interest entities ("VOEs"), that we consolidate as well as under which accounting guidance they are consolidated, including CFFs, which retain their specialized investment company accounting in consolidation, partnerships and offshore funds.

Entities consolidated
	CFFs		Partnerships		Offshore Funds		Total
	VIEs	VOEs	VIEs	VOEs	VIEs	VOEs	VIEs	VOEs
Entities consolidated at December 31, 2012	1	2	-	1	-	1	1	4
Additional consolidated entities	-	-	-	-	-	-	-	-
Deconsolidated entities	-	-	-	-	-	-	-	-
Entities consolidated at March 31, 2013	1	2	-	1	-	1	1	4
Additional consolidated entities	-	-	-	-	-	-	-	-
Deconsolidated entities	-	-	-	-	-	-	-	-
Entities consolidated at December 31, 2013	1	2	-	1	-	1	1	4
Additional consolidated entities	-	-	-	-	-	-	-	-
Deconsolidated entities	-	-	-	-	-	-	-	-
Entities consolidated at March 31, 2014	1	2	-	1	-	1	1	4

At and for the three months ended March 31, 2014 and 2013 and at December 31, 2013, the one CFF VIE is consolidated, as the Company has been determined to be the primary beneficiary because it has an equity interest and absorbs the majority of the expected losses and/or expected gains. At and for the three months ended March 31, 2014 and 2013 and at December 31, 2013, the two CFF VOEs, the one Partnership VOE and the one Offshore Fund VOE are consolidated because the unaffiliated partners or shareholders lack substantive rights, and the Company, as either the general partner or investment manager, is deemed to have control.

The following table breaks down the investments in partnerships line by accounting method, either fair value or equity method, and investment type (in thousands):

	March 31, 2014
	Investment Type
	Affiliated						Unaffiliated
	Consolidated
Accounting method	Feeder Funds		Partnerships		Offshore Funds		Partnerships		Offshore Funds		Total
Fair Value	$	24,080	$	-	$	-	$	-	$	-	$	24,080
Equity Method		-		30,266		36,779		6,677		8,047		81,769
Total	$	24,080	$	30,266	$	36,779	$	6,677	$	8,047	$	105,849

	December 31, 2013
	Investment Type
	Affiliated						Unaffiliated
	Consolidated
Accounting method	Feeder Funds		Partnerships		Offshore Funds		Partnerships		Offshore Funds		Total
Fair Value	$	25,253	$	-	$	-	$	-	$	-	$	25,253
Equity Method		-		21,669		35,030		6,509		7,531		70,739
Total	$	25,253	$	21,669	$	35,030	$	6,509	$	7,531	$	95,992

	March 31, 2013
	Investment Type
	Affiliated						Unaffiliated
	Consolidated
Accounting method	Feeder Funds		Partnerships		Offshore Funds		Partnerships		Offshore Funds		Total
Fair Value	$	23,772	$	-	$	-	$	-	$	-	$	23,772
Equity Method		-		27,477		29,551		6,427		7,033		70,488
Total	$	23,772	$	27,477	$	29,551	$	6,427	$	7,033	$	94,260

19

The following table includes the net impact by line item on the condensed consolidated statements of financial condition for each category of entity consolidated (in thousands):

	March 31, 2014
	Prior to							Offshore
	Consolidation		CFFs		Partnerships			Funds			As Reported
Assets
Cash and cash equivalents	$	242,826	$	1	$	315		$	-		$	243,142
Investments in securities		234,628		-		7,708			(7,922	)		234,414
Investments in sponsored investment companies		42,422		-		11			-			42,433
Investments in partnerships		110,330		4,636		(9,117	)		-			105,849
Receivable from brokers		39,163		-		1,411			13,510			54,084
Investment advisory fees receivable		33,112		2		-			(79	)		33,035
Other assets		26,749		8		-			106			26,863
Total assets	$	729,230	$	4,647	$	328		$	5,615		$	739,820
Liabilities and equity
Securities sold, not yet purchased	$	10,531	$	-	$	-		$	257		$	10,788
Accrued expenses and other liabilities		129,677		88		37			1,744			131,546
Total debt		112,098		-		-			-			112,098
Redeemable noncontrolling interests		-		4,559		291			3,614			8,464
Total equity		476,924		-		-			-			476,924
Total liabilities and equity	$	729,230	$	4,647	$	328		$	5,615		$	739,820

	December 31, 2013
	Prior to								Offshore
	Consolidation		CFFs			Partnerships			Funds			As Reported
Assets
Cash and cash equivalents	$	209,667	$	450		$	334		$	-		$	210,451
Investments in securities		232,211		-			7,464			(8,447	)		231,228
Investments in sponsored investment companies		44,033		-			9			-			44,042
Investments in partnerships		98,494		6,517			(9,019	)		-			95,992
Receivable from brokers		35,151		-			-			14,310			49,461
Investment advisory fees receivable		52,509		(24	)		(14	)		(965	)		51,506
Other assets		27,433		(2,339	)		1,592			119			26,805
Total assets	$	699,498	$	4,604		$	366		$	5,017		$	709,485
Liabilities and equity
Securities sold, not yet purchased	$	6,049	$	-		$	-		$	129		$	6,178
Accrued expenses and other liabilities		121,356		165			29			2,913			124,463
Total debt		111,911		-			-			-			111,911
Redeemable noncontrolling interests		-		4,439			337			1,975			6,751
Total equity		460,182		-			-			-			460,182
Total liabilities and equity	$	699,498	$	4,604		$	366		$	5,017		$	709,485

	March 31, 2013
	Prior to									Offshore
	Consolidation			CFFs			Partnerships			Funds			As Reported
Assets
Cash and cash equivalents	$	272,454		$	534		$	365		$	-		$	273,353
Investments in securities		214,627			-			7,733			6,926			229,286
Investments in sponsored investment companies		64,278			-			16			-			64,294
Investments in partnerships		99,500			3,423			(8,663	)		-			94,260
Receivable from brokers		30,569			-			866			13,148			44,583
Investment advisory fees receivable		29,717			(6	)		(2	)		(85	)		29,624
Other assets		26,136			(1,000	)		-			93			25,229
Total assets	$	737,281		$	2,951		$	315		$	20,082		$	760,629
Liabilities and equity
Securities sold, not yet purchased	$	5,864		$	-		$	-		$	513		$	6,377
Accrued expenses and other liabilities		118,401			614			34			5,772			124,821
Total debt		216,688			-			-			-			216,688
Redeemable noncontrolling interests		(1	)		2,337			281			13,797			16,414
Total equity		396,329			-			-			-			396,329
Total liabilities and equity	$	737,281		$	2,951		$	315		$	20,082		$	760,629

20

The following table includes the net impact by line item on the condensed consolidated statements of income for each category of entity consolidated (in thousands):

	Three Months Ended March 31, 2014
	Prior to									Offshore
	Consolidation			CFFs			Partnerships			Funds			As Reported
Total revenues	$	104,701		$	(7	)	$	(1	)	$	(216	)	$	104,477
Total expenses		67,712			34			12			220			67,978
Operating income		36,989			(41	)		(13	)		(436	)		36,499
Total other income, net		5,541			76			4			472			6,093
Income before income taxes		42,530			35			(9	)		36			42,592
Income tax provision		14,616			-			-			-			14,616
Net income		27,914			35			(9	)		36			27,976
Net income attributable to noncontrolling interests		(40	)		35			(9	)		36			22
Net income attributable to GAMCO	$	27,954		$	-		$	-		$	-		$	27,954

	Three Months Ended March 31, 2013
	Prior to								Offshore
	Consolidation		CFFs			Partnerships			Funds			As Reported
Total revenues	$	86,456	$	(6	)	$	(1	)	$	(268	)	$	86,181
Total expenses		55,215		53			10			176			55,454
Operating income		31,241		(59	)		(11	)		(444	)		30,727
Total other income, net		4,502		110			15			521			5,148
Income before income taxes		35,743		51			4			77			35,875
Income tax provision		13,195		-			-			-			13,195
Net income		22,548		51			4			77			22,680
Net income attributable to noncontrolling interests		3		51			4			77			135
Net income attributable to GAMCO	$	22,545	$	-		$	-		$	-		$	22,545

Variable Interest Entities

We sponsor a number of investment vehicles where we are the general partner or investment manager.  Certain of these vehicles are VIEs, but we are not the primary beneficiary, in all but one case, because we do not absorb a majority of the entities' expected losses or expected returns, and they are, therefore, not consolidated.  We consolidate the one VIE where we are the primary beneficiary.  The Company has not provided any financial or other support to those VIEs where we are not the primary beneficiary.  The total net assets of these non-consolidated VIEs at March 31, 2014, December 31, 2013 and March 31, 2013 were $74.1 million, $72.7 million and $77.8 million, respectively.  Our maximum exposure to loss as a result of our involvement with the non-consolidated VIEs is limited to the investment in two VIEs and the deferred carried interest that we have in another.  On March 31, 2014, we had an investment in two of the non-consolidated VIE offshore funds of approximately $10.9 million.  On December 31, 2013 and March 31, 2013, we had an investment in one of the non-consolidated VIE offshore funds of approximately $10.0 million and $8.3 million, respectively, which was included in investments in partnerships on the condensed consolidated statements of financial condition.  For each of the three month periods ended March 31, 2014, December 31, 2013 and March 31, 2013, we had a deferred carried interest in one of the non-consolidated VIE offshore funds of approximately $45,000 which was included in investments in partnerships on the condensed consolidated statements of financial condition.  Additionally, as the general partner or investment manager to these VIEs the Company earns fees in relation to these roles, which given a decline in AUMs of the VIEs would result in lower fee revenues earned by the Company which would be reflected on the condensed consolidated statement of income, condensed consolidated statement of financial condition and condensed consolidated statement of cash flows.

The assets of these VIEs may only be used to satisfy obligations of the VIEs.  The following table presents the balances related to the VIE that is consolidated and is included on the condensed consolidated statements of financial condition as well as GAMCO's net interest in this VIE.  Only one VIE was consolidated at March 31, 2014, December 31, 2013 and March 31, 2013:

	March 31, 2014			December 31, 2013			March 31, 2013
(In thousands)
Cash and cash equivalents	$	-		$	-		$	21
Investments in partnerships		13,798			15,540			15,484
Accrued expenses and other liabilities		(16	)		(2,022	)		(1,041	)
Redeemable noncontrolling interests		(1,103	)		(1,120	)		-
GAMCO's net interests in consolidated VIE	$	12,679		$	12,398		$	14,464

21

E. Income Taxes

The effective tax rate for the three months ended March 31, 2014 was 34.3% compared to 36.8% for the prior year three month period.  During the quarter ended March 31, 2014 we benefitted from the donation of appreciated securities used to fund our shareholder designated charitable contribution program.  We expect the effective tax rate for the remainder of 2014 to approximate the prior year.

F. Earnings Per Share

Thecomputations of basic and diluted net income per share are as follows:

	Three Months Ended March 31,
(in thousands, except per share amounts)	2014		2013
Basic:
Net income attributable to GAMCO Investors, Inc.'s shareholders	$	27,954	$	22,545
Weighted average shares outstanding		25,481		25,742
Basic net income attributable to GAMCO Investors, Inc.'s
shareholders per share	$	1.10	$	0.88
Diluted:
Net income attributable to GAMCO Investors, Inc.'s shareholders	$	27,954	$	22,545
Weighted average share outstanding		25,481		25,742
Dilutive stock options and restricted stock awards		203		16
Total		25,684		25,758
Diluted net income attributable to GAMCO Investors, Inc.'s
shareholders per share	$	1.09	$	0.88

G. Debt

Debt consists of the following:

	March 31, 2014				December 31, 2013				March 31, 2013
	Carrying		Fair Value		Carrying		Fair Value		Carrying		Fair Value
	Value		Level 2		Value		Level 2		Value		Level 2
(In thousands)
5.5% Senior notes	$	-	$	-	$	-	$	-	$	99,000	$	99,581
5.875% Senior notes		100,000		106,540		100,000		108,500		100,000		109,969
0% Subordinated debentures		12,098		13,777		11,911		13,819		17,688		19,635
Total	$	112,098	$	120,317	$	111,911	$	122,319	$	216,688	$	229,185

5.5% Senior notes

On May 15, 2003, the Company issued 10-year, $100 million senior notes, of which $99 million was outstanding at March 31, 2013.  The senior notes, which matured and were fully repaid on May 15, 2013, paid interest semi-annually at 5.5%.

5.875% Senior notes

On May 31, 2011, the Company issued 10-year, $100 million senior notes.  The notes mature on June 1, 2021 and bear interest at 5.875% per annum, payable semi-annually on June 1 and December 1 of each year and commenced on December 1, 2011.  Upon the occurrence of a change of control triggering event, as defined in the indenture, the Company would be required to offer to repurchase the notes at 101% of their principal amount.

22

Zero coupon Subordinated debentures due December 31, 2015

On December 31, 2010, the Company issued $86.4 million in par value of five year zero coupon subordinated debentures due December 31, 2015 ("Debentures") to its shareholders of record on December 15, 2010 through the declaration of a special dividend of $3.20 per share.  The Debentures have a par value of $100 and are callable at the option of the Company, in whole or in part, at any time or from time to time, at a redemption price equal to 100% of the principal amount of the Debentures to be redeemed.  During the three month periods ended March 31, 2014 and March 31, 2013 the Company repurchased 416 Debentures and 32 Debentures, respectively, having a face value of $41,600 and $3,200.  The redemptions were accounted for as extinguishments of debt and resulted in losses of $5,000 and less than $1,000, respectively, which were included in net gain from investments on the condensed consolidated statements of income.  The debt is being accreted to its face value using the effective rate on the date of issuance of 7.45%.  At March 31, 2014, December 31, 2013 and March 31, 2013, the debt was recorded at its accreted value of $12.1 million, $11.9 million and $17.7 million, respectively.

The fair value of the Company's debt, which is a Level 2 valuation, is estimated based on either quoted market prices for the same or similar issues or on the current rates offered to the Company for debt of the same remaining maturities or using market standard models.  Inputs in these standard models include credit rating, maturity and interest rate.

On May 30, 2012, the Securities and Exchange Commission ("SEC") declared effective the "shelf" registration statement filed by the Company.  The "shelf" provides the Company with the flexibility of issuing any combination of senior and subordinated debt securities, convertible securities and common and preferred securities up to a total amount of $500 million and replaced the existing shelf registration which expired in July 2012.  As of March 31, 2014, $400 million is available on the shelf.

H. Stockholders' Equity

Shares outstanding were 26.0 million, 26.1 million and 25.7 million on March 31, 2014, December 31, 2013 and March 31, 2013, respectively.

Dividends

	Payment Date	Record Date	Amount
Three months ended March 31, 2014	March 25, 2014	March 11, 2014	$	0.06
Three months ended March 31, 2013	March 26, 2013	March 12, 2013	$	0.05

Voting Rights

The holders of Class A Common stock ("Class A Stock") and Class B Common stock ("Class B Stock") have identical rights except that (i) holders of Class A Stock are entitled to one vote per share, while holders of Class B Stock are entitled to ten votes per share on all matters to be voted on by shareholders in general, and (ii) holders of Class A Stock are not eligible to vote on matters relating exclusively to Class B Stock and vice versa.

Stock Award and Incentive Plan

The Company maintains two plans approved by the shareholders, the 1999 Plan and the 2002 Plan, which are designed to provide incentives which will attract and retain individuals key to the success of GAMCO through direct or indirect ownership of our common stock.  Benefits under both the 1999 and 2002 Plans may be granted in any one or a combination of stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, dividend equivalents and other stock or cash based awards.  A maximum of 1.5 million shares of Class A Stock were originally reserved for issuance under each of the 1999 and 2002 Plans by a committee of the Board of Directors responsible for administering the Plans ("Compensation Committee").  In November 2013, the shareholders approved an amendment to the Company's 2002 Stock Award and Incentive Plan to increase the number of shares of Class A Stock authorized and reserved for issuance by 2 million.  Under the Plans, the committee may grant restricted stock awards ("RSA") and either incentive or nonqualified stock options with a term not to exceed ten years from the grant date and at an exercise price that the committee may determine.  Options granted under the plans typically vest 75% after three years and 100% after four years from the date of grant and expire after ten years.  RSA shares granted under the Plans typically vest 30% after three years and 100% after five years.

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On January 9, 2014, the Company approved the granting of 2,100 RSA shares at a grant date fair value of $81.99 per share.  As of March 31, 2014 and December 31, 2013, there were 566,850 RSA shares and 566,950 RSA shares outstanding, respectively, that were previously issued at an average weighted grant price of $63.97 and $63.93, respectively.  All grants of the RSA shares were recommended by the Company's Chairman, who did not receive a RSA, and approved by the Compensation Committee.  This expense, net of estimated forfeitures, is recognized over the vesting period for these awards which is 30% over three years from the date of grant and 70% over five years from the date of grant, except for the August 2013 grant which is 30% over three years from the date of grant and 10% each year over years four through ten from the date of grant.  During the vesting period, dividends to RSA holders are held for them until the RSA vesting dates and are forfeited if the grantee is no longer employed by the Company on the vesting dates.  Dividends declared on these RSAs, less estimated forfeitures, are charged to retained earnings on the declaration date.  There were no RSAs outstanding at March 31, 2013.

For the three months ended March 31, 2014 and March 31, 2013, we recognized stock-based compensation expense of $1.7 million and $15,000, respectively.  Actual and projected stock-based compensation expense for RSA shares and options for the years ended December 31, 2014 through December 31, 2023 (based on awards currently issued or granted) is as follows ($ in thousands):

		2013		2014		2015		2016		2017		2018
	Q1	$	15	$	1,700	$	1,695	$	1,694	$	903	$	771
	Q2		15		1,697		1,694		1,694		903		771
	Q3		741		1,697		1,694		1,339		816		702
	Q4		1,301		1,697		1,694		1,078		773		554
Full Year		$	2,072	$	6,791	$	6,777	$	5,805	$	3,395	$	2,798
			2019		2020		2021		2022		2023
	Q1	$	325	$	240	$	168	$	105	$	50
	Q2		325		240		168		105		50
	Q3		268		192		126		68		17
	Q4		240		168		105		50		-
Full Year		$	1,158	$	840	$	567	$	328	$	117

The total compensation cost related to non-vested options not yet recognized is approximately $26.9 million as of March 31, 2014.  For the three months ended March 31, 2014 and 2013, proceeds from the exercise of 20,000 stock options and 2,623 stock options, respectively, were $846,000 and $76,000, respectively, resulting in a tax benefit to GAMCO of $173,000 and $16,000, respectively.

Stock Repurchase Program

In March 1999, GAMCO's Board of Directors established the Stock Repurchase Program to grant management the authority to repurchase shares of our Class A Common Stock.  On February 5, 2013, our Board of Directors authorized an incremental 500,000 shares to be added to the current buyback authorization.  For the three months ended March 31, 2014 and March 31, 2013, the Company repurchased 121,192 shares and 36,676 shares, respectively, at an average price per share of $79.59 and $53.57, respectively.  From the inception of the program through March 31, 2014, 8,832,785 shares have been repurchased at an average price of $42.76 per share.  At March 31, 2014, the total shares available under the program to be repurchased in the future were 802,023.

I. Goodwill and Identifiable Intangible Assets

At March 31, 2014, $3.5 million of goodwill is reflected within other assets on the condensed consolidated statements of financial condition with $3.3 million related to a 94%-owned subsidiary, Gabelli Securities, Inc. and $0.2 million related to G.distributors, LLC.  The Company assesses the recoverability of goodwill at least annually, or more often should events warrant, using a qualitative assessment of whether it is more likely than not that an impairment has occurred to determine if a quantitative analysis is required.  There were no indicators of impairment for the three months ended March 31, 2014 or March 31, 2013, and as such there was no impairment analysis performed or charge recorded.

As a result of becoming the advisor to the Gabelli Enterprise Mergers and Acquisitions Fund and the associated consideration paid, the Company maintains an identifiable intangible asset of $1.9 million within other assets on the condensed consolidated statements of financial condition at March 31, 2014, December 31, 2013 and March 31, 2013.  The investment advisory agreement is subject to annual renewal by the fund's Board of Directors, which the Company expects to be renewed, and the Company does not expect to incur additional expense as a result, which is consistent with other investment advisory agreements entered into by the Company.  The advisory contract is next up for renewal in February 2015.  The Company assesses the recoverability of this intangible asset at least annually, or more often should events warrant.  There were no indicators of impairment for the three months ended March 31, 2014 or March 31, 2013, and as such there was no impairment analysis performed or charge recorded.

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J. Commitments and Contingencies

From time to time, the Company may be named in legal actions and proceedings.  These actions may seek substantial or indeterminate compensatory as well as punitive damages or injunctive relief.  The Company is also subject to governmental or regulatory examinations or investigations.  The examinations or investigations could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief.  For any such matters, the condensed consolidated financial statements include the necessary provisions for losses that the Company believes are probable and estimable.  Furthermore, the Company evaluates whether there exist losses which may be reasonably possible and, if material, makes the necessary disclosures.  Such amounts, both those that are probable and those that are reasonably possible, are not considered material to the Company's financial condition, operations or cash flows.

The Company indemnifies the clearing brokers of G.research, Inc., our broker-dealer subsidiary, for losses they may sustain from the customer accounts that trade on margin introduced by it.  At March 31, 2014, the total amount of customer balances subject to indemnification (i.e. unsecured margin debits) was immaterial.  The Company also has entered into arrangements with various other third parties many of which provide for indemnification of the third parties against losses, costs, claims and liabilities arising from the performance of obligations under the agreements.  The Company has had no claims or payments pursuant to these or prior agreements and believes the likelihood of a claim being made is remote.  The Company's estimate of the value of such agreements is de minimis, and therefore an accrual has not been made on the condensed consolidated financial statements.

K. Shareholder-Designated Contribution Plan

During 2013, the Company established a Shareholder Designated Charitable Contribution program.  Under the program, each shareholder is eligible to designate a charity to which the Company would make a donation based upon the actual number of shares registered in the shareholder's name.  Shares held in nominee or street name were not eligible to participate.  The Board of Directors approved two contributions during 2013 of $0.25 per registered share each.  During the first quarter of 2013, the Company recorded a charge of $5.0 million, or $0.11 per diluted share, net of management fee and tax benefit, related to the contributions which was included in shareholder-designated contribution in the condensed consolidated statements of income.

During the fourth quarter of 2013, the Company recorded a charge of $5.3 million, or $0.12 per diluted share, net of management fee and tax benefit, as an estimate of the expected contribution to be made relating to the $0.25 per share contribution approved by the Board in November 2013.  If all registered shareholders at March 31, 2014, the record date for the November 2013 contribution, participate and respond on a timely basis, the Company would record an additional charge to earnings of $149,000.  The Company will not know the final amount until after May 31, 2014, the date to return completed forms.

L. Subsequent Events

From April 1, 2014 to May 6, 2014, the Company repurchased 38,895 shares at $76.06 per share.

On May 6, 2014, the Board of Directors declared a regular quarterly dividend of $0.06 per share to all of its shareholders, payable on June 24, 2014 to shareholders of record on June 10, 2014.

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ITEM 2:  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (INCLUDING QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK)

Overview

GAMCO through the Gabelli brand, well known for its Private Market Value (PMV) with a Catalyst^TM investment approach, is a widely-recognized provider of investment advisory services to open and closed-end funds, institutional and high net worth investors, and investment partnerships, principally in the United States.  Through G.research, Inc. (formerly Gabelli & Company, Inc.) ("G.research"), we provide institutional research and brokerage services to institutional clients and investment partnerships.  Through G.distributors, LLC ("G.distributors"), we provide mutual fund distribution.  We generally manage assets on a fully discretionary basis and invest in a variety of U.S. and international securities through various investment styles.  Our revenues are based primarily on the Company's levels of assets under management and fees associated with our various investment products.

Our revenues are highly correlated to the level of assets under management and fees associated with our various investment products, rather than our own corporate assets.  Assets under management, which are directly influenced by the level and changes of the overall equity markets, can also fluctuate through acquisitions, the creation of new products, the addition of new accounts or the loss of existing accounts.  Since various equity products have different fees, changes in our business mix may also affect revenues.  At times, the performance of our equity products may differ markedly from popular market indices, and this can also impact our revenues.  General stock market trends will have the greatest impact on our level of assets under management and hence, on revenues.

We conduct our investment advisory business principally through the following subsidiaries: GAMCO Asset Management Inc. (Institutional and High Net Worth), Gabelli Funds, LLC (Funds) and Gabelli Securities, Inc. (Investment Partnerships).  We also act as an underwriter and provide institutional research through G.research, one of our broker-dealer subsidiaries.  The distribution of our open-end funds is conducted through G.distributors, our other broker-dealer subsidiary.

Assets under management ("AUM") were a record $47.6 billion as of March 31, 2014, an increase of 1.2% from AUM of $47.0 billion at December 31, 2013 and up 18.6% from the March 31, 2013 AUM of $40.1 billion.  The first quarter 2014 AUM rose $545 million and consisted of market appreciation of $625 million, net cash inflows of $63 million and recurring distributions, net of reinvestments, from open-end and closed-end funds of $143 million.  Average total AUM was $47.0 billion in the 2014 quarter versus $38.4 billion in the prior year period, an increase of 22.4%.  Average AUM in our open-end equity funds, a key driver to our investment advisory fees, was $17.1 billion in the first quarter of 2014, rising 29.5% from the 2013 quarter average AUM of $13.2 billion.

In addition to management fees, we earn incentive fees for certain institutional client assets, certain assets attributable to preferred issues of our closed-end funds, to our GDL Fund (NYSE: GDL) and investment partnership assets.  As of March 31, 2014, assets with incentive based fees were $4.5 billion, an increase of $0.2 billion, or 4.7%, from the $4.3 billion at December 31, 2013 and 18.4% higher than the $3.8 billion on March 31, 2013. 

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The Company reported Assets Under Management as follows (in millions):
Table I: Fund Flows - 1st Quarter 2014
								Fund
			Market					distributions,
	December 31,		appreciation/		Net cash			net of			March 31,
	2013		(depreciation)		flows			reinvestments			2014
Equities:
Open-end Funds	$	17,078	$	229	$	254		$	(30	)	$	17,531
Closed-end Funds		6,945		140		(5	)		(113	)		6,967
Institutional & PWM - direct		16,486		196		(279	)		-			16,403
Institutional & PWM - sub-advisory		3,797		52		(27	)		-			3,822
Investment Partnerships		811		7		47			-			865
SICAV (a)		96		1		(6	)		-			91
Total Equities		45,213		625		(16	)		(143	)		45,679
Fixed Income:
Money-Market Fund		1,735		-		77			-			1,812
Institutional & PWM		62		-		2			-			64
Total Fixed Income		1,797		-		79			-			1,876
Total Assets Under Management	$	47,010	$	625	$	63		$	(143	)	$	47,555

Table II: Assets Under Management
	March 31,		March 31,		%
	2013		2014		Inc.(Dec.)
Equities:
Open-end Funds	$	13,813	$	17,531		26.9	%
Closed-end Funds		6,557		6,967		6.3
Institutional & PWM - direct		13,690		16,403		19.8
Institutional & PWM - sub-advisory		3,299		3,822		15.9
Investment Partnerships		796		865		8.7
SICAV (a)		113		91		(19.5	)
Total Equities		38,268		45,679		19.4
Fixed Income:
Money-Market Fund		1,758		1,812		3.1
Institutional & PWM		64		64		-
Total Fixed Income		1,822		1,876		3.0
Total Assets Under Management	$	40,090	$	47,555		18.6	%

Table III: Assets Under Management by Quarter
											% Increase/
											(decrease) from
		3/13		6/13		9/13		12/13		3/14		3/13		12/13
Equities:
Open-end Funds	$	13,813	$	14,188	$	15,581	$	17,078	$	17,531		26.9	%	2.7	%
Closed-end Funds		6,557		6,409		6,721		6,945		6,967		6.3		0.3
Institutional & PWM - direct		13,690		14,069		15,026		16,486		16,403		19.8		(0.5	)
Institutional & PWM - sub-advisory		3,299		3,185		3,503		3,797		3,822		15.9		0.7
Investment Partnerships		796		778		805		811		865		8.7		6.7
SICAV (a)		113		93		94		96		91		(19.5	)	(5.2	)
Total Equities		38,268		38,722		41,730		45,213		45,679		19.4		1.0
Fixed Income:
Money-Market Fund		1,758		1,689		1,714		1,735		1,812		3.1		4.4
Institutional & PWM		64		67		63		62		64		-		3.2
Total Fixed Income		1,822		1,756		1,777		1,797		1,876		3.0		4.4
Total Assets Under Management	$	40,090	$	40,478	$	43,507	$	47,010	$	47,555		18.6	%	1.2	%
(a) Includes $99 million, $90 million, $92 million, $94 million and $88 million of proprietary seed capital at March 31, 2013,
June 30, 2013, September 30, 2013, December 31, 2013 and March 31, 2014, respectively.

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The following discussion should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and the notes thereto included in Item 1 to this report.

RESULTS OF OPERATIONS

Three Months Ended March 31, 2014 Compared To Three Months Ended March 31, 2013

(Unaudited; in thousands, except per share data)
	2014			2013
Revenues
Investment advisory and incentive fees	$	87,797		$	72,607
Distribution fees and other income		14,873			11,353
Institutional research services		1,807			2,221
Total revenues		104,477			86,181
Expenses
Compensation		43,897			35,652
Management fee		4,728			3,980
Distribution costs		13,963			11,010
Other operating expenses		5,390			4,812
Total expenses		67,978			55,454
Operating income		36,499			30,727
Other income (expense)
Net gain from investments		6,944			12,291
Interest and dividend income		1,141			1,345
Interest expense		(1,992	)		(3,488	)
Shareholder-designated contribution		-			(5,000	)
Total other income, net		6,093			5,148
Income before income taxes		42,592			35,875
Income tax provision		14,616			13,195
Net income		27,976			22,680
Net income attributable to noncontrolling interests		22			135
Net income attributable to GAMCO Investors, Inc.'s shareholders	$	27,954		$	22,545
Net income attributable to GAMCO Investors, Inc.'s shareholders per share:
Basic	$	1.10		$	0.88
Diluted	$	1.09		$	0.88

Overview

Net income attributable to shareholders of GAMCO for the quarter was $28.0 million, or $1.09 per fully diluted share, versus $22.5 million, or $0.88 per fully diluted share, in the prior year's quarter.   Included in the 2013 results is a $5.0 million charge, or $0.11 per diluted share, net of management fee and tax benefit, for the shareholder designated charitable contribution program.  Excluding this charge, earnings for the quarter rose 10.2% from $25.4 million or $0.99 per diluted share in the 2013 quarter.  The quarter to quarter comparison was positively impacted by higher revenues and lower interest expense offset by increased stock compensation costs and lower income from our proprietary investments.

Revenues

Investment advisory and incentive fees for the first quarter 2014 were $87.8 million, 20.9% above the 2013 comparative figure of $72.6 million.  Open-end fund revenues increased by 27.5% to $40.8 million from $32.0 million in first quarter 2013 driven by a 29.3% increase in average open-end equity AUM.  Our closed-end fund revenues rose 7.4% to $14.6 million in the first quarter 2014 from $13.6 million in 2013 due to a 7.8% increase in non-performance fee based average AUM.  Institutional and private wealth management account revenues, excluding incentive fees, which are generally based on beginning of quarter AUM, increased $7.4 million, or 32.2%, to $30.4 million from $23.0 million in first quarter 2013.  Incentive fees declined $1.9 million quarter to quarter at $0.4 million in the 2014 quarter versus $2.3 million in the prior year period.  Investment partnership revenues were $1.6 million, an increase of 6.7% from $1.5 million in first quarter 2013 due to an increase in average AUM resulting from net inflows.

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Open-end fund distribution fees and other income were $14.9 million for the first quarter 2014, an increase of $3.5 million or 30.7% from $11.4 million in the prior year period, primarily due to higher quarterly average AUM in open-end equity funds that generate distribution fees and increased level of sales of load shares of mutual funds.

Our institutional research revenues were $1.8 million in the first quarter 2014 versus $2.2 million in the prior year period.  Although commission revenues were higher in most areas of that business, dealer manager fee revenues from underwriting closed-end fund offerings declined $0.1 million from the prior year period.

Expenses

Compensation costs, which are largely variable, were $43.9 million or 23.0% higher than prior year compensation costs of $35.7 million.  The quarter over quarter increase was comprised of variable compensation of $4.7 million related to the increased levels of AUM, $1.8 million in fixed compensation and a $1.7 million increase in stock compensation expense for RSAs issued in the second half of 2013.

Management fee expense, which is wholly variable and based on pretax income, increased to $4.7 million in the first quarter of 2014 from $4.0 million in the 2013 period.

Distribution costs were $14.0 million, an increase of $3.0 million or 27.3% from $11.0 million in the prior year's period.  The increase in distribution costs was driven by increased AUM, largely from the direct to intermediary channel, which resulted in an increase in payments to third-party distributors of $2.2 million.

Other operating expenses were $5.4 million in the first quarter of 2014, an increase of $0.6 million, or 12.5%, from $4.8 million in the first quarter of 2013.  The quarter to quarter comparison was impacted by decreases in insurance reimbursements for legal and regulatory costs previously incurred and expensed.

Operating income for the first quarter of 2014 was $36.5 million, an increase of $5.8 million, or 18.9%, from the first quarter 2013's $30.7 million.  Operating income, as a percentage of revenues, was 34.9% in the 2014 quarter as compared to 35.7% in the 2013 quarter.

Other

Total other income, net of interest expense, was $6.1 million for the first quarter 2014 versus $5.1 million in the prior year's quarter.  Realized and unrealized gains in our trading portfolio were $6.9 million in the 2014 quarter, $5.4 million lower than the $12.3 million reported in the 2013 quarter.  Interest and dividend income was lower by $0.2 million.  Interest expense decreased by $1.5 million to $2.0 million in the first quarter of 2014 from $3.5 million in first quarter of 2013 due to a decrease in total average debt outstanding.    The 2013 quarter includes a $5.0 million charge related to the Shareholder-designated charitable contribution program in which registered shareholders have the opportunity to participate in determining which charities will receive company contributions.

The effective tax rates ("ETR") for the three months ended March 31, 2014 and March 31, 2013 were 34.3% and 36.8%, respectively.  During the 2014 quarter we benefitted from the donation of appreciated securities used to fund our shareholder designated charitable contribution program.  We expect the effective tax rate for the remainder of 2014 to approximate the prior year.

LIQUIDITY AND CAPITAL RESOURCES

Our principal assets are highly liquid in nature and consist of cash and cash equivalents, short-term investments, securities held for investment purposes, investments in funds, and investment partnerships.  Cash and cash equivalents are comprised primarily of 100% U.S. Treasury money market funds managed by GAMCO.  Although investments in partnerships and offshore funds are subject to restrictions as to the timing of distributions, the underlying investments of such partnerships or funds are, for the most part, liquid, and the valuations of these products reflect that underlying liquidity.

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Summary cash flow data is as follows:

	Three months ended
	March 31,
	2014			2013
Cash flows provided by (used in):	(in thousands)
Operating activities	$	41,991		$	81,032
Investing activities		(579	)		5,950
Financing activities		(8,718	)		(4,255	)
Effect of exchange rates on cash and cash equivalents		(3	)		18
Net increase		32,691			82,745
Cash and cash equivalents at beginning of period		210,451			190,608
Cash and cash equivalents at end of period	$	243,142		$	273,353

Cash and liquidity requirements have historically been met through cash generated by operating income and our borrowing capacity.  We filed a registration statement with the SEC in 2012 which, among other things, provides us opportunistic flexibility to sell any combination of senior and subordinate debt securities, convertible debt securities, equity securities (including common and preferred stock), and other securities up to a total amount of $400 million.  The shelf is available through May 30, 2015, at which time it may be renewed.

At March 31, 2014, we had total cash and cash equivalents of $243.1 million, an increase of $32.7 million from December 31, 2013.  Cash and cash equivalents of $0.3 million and investments in securities of $7.7 million held by consolidated investment partnerships and offshore funds may not be readily available for the Company to access.  Total debt outstanding at March 31, 2014 was $112.1 million, consisting of $12.1 million in Debentures, with a face value of $13.8 million and $100 million of 5.875% senior notes due 2021.

For the three months ended March 31, 2014, cash provided by operating activities was $42.0 million, a decrease of $39.0 million from cash provided in the prior year period of $81.0 million.  Cash was provided through an increase in net income of $5.3 million, an increase in investment advisory fees receivables collected of $5.7 million, a $5.2 million decrease in trading securities, a $1.7 million increase in stock compensation and an increase of $1.1 million in donated securities.  Reducing cash was a decrease in compensation payable of $17.4 million, an $11.9 million increase in net contributions to partnerships, a decrease in receivable from brokers of $10.7 million, a $10.0 million reduction to accrued expenses and other liabilities, increase of $3.4 million in other assets and $4.6 million from other sources.  Cash used in investing activities, related to purchases and proceeds from sales of available for sale securities, was $0.6 million in the first three months of 2014.  Cash used in financing activities in the first three months of 2014 was $8.7 million, including $1.5 million paid in dividends, and $9.6 million paid for the purchase of treasury stock less $1.6 million in contributions from redeemable noncontrolling interests and $0.8 million in proceeds from exercise of stock options.

For the three months ended March 31, 2013, cash provided by operating activities was $81.0 million.  Cash provided by investing activities, related to purchases and proceeds from sales of available for sale securities, was $6.0 million in the first three months of 2012.  Cash used in financing activities in the first three months of 2012 was $4.3 million.

Based upon our current level of operations and anticipated growth, we expect that our current cash balances plus cash flows from operating activities and our borrowing capacity will be sufficient to finance our working capital needs for the foreseeable future.  We have no material commitments for capital expenditures.

We have two broker-dealers, G.research and G.distributors, which are subject to certain net capital requirements.  Both broker-dealers compute their net capital under the alternative method permitted, which requires minimum net capital of the greater of $250,000 or 2% of the aggregate debit items in the reserve formula for those broker-dealers subject to Rule 15c3-3 promulgated under the Securities Exchange Act of 1934.  The requirement was $250,000 for each broker-dealer at March 31, 2014.  At March 31, 2014, G.research had net capital, as defined, of approximately $3.6 million, exceeding the regulatory requirement by approximately $3.4 million, and G.distributors had net capital, as defined, of approximately $3.8 million, exceeding the regulatory requirement by approximately $3.5 million.  Net capital requirements for our affiliated broker-dealers may increase in accordance with rules and regulations to the extent they engage in other business activities.

30

Market Risk

Our primary market risk exposure is to changes in equity prices and interest rates.  Since over 90% of our AUM are equities, our financial results are subject to equity-market risk as revenues from our investment management services are sensitive to stock market dynamics.  In addition, returns from our proprietary investment portfolio are exposed to interest rate and equity market risk.

The Company's Chief Investment Officer oversees the proprietary investment portfolios and allocations of proprietary capital among the various strategies.  The Chief Investment Officer and the Board of Directors review the proprietary investment portfolios throughout the year.  Additionally, the Company monitors its proprietary investment portfolios to ensure that they are in compliance with the Company's guidelines.

Equity Price Risk

The Company earns substantially all of its revenue as advisory and distribution fees from our affiliated open-end and closed-end funds, Institutional and Private Wealth Management assets, and Investment Partnership assets.  Such fees represent a percentage of AUM, and the majority of these assets are in equity investments.  Accordingly, since revenues are proportionate to the value of those investments, a substantial increase or decrease in equity markets overall will have a corresponding effect on the Company's revenues.

With respect to our proprietary investment activities, included in investments in securities of $234.4 million and investments in sponsored registered investment companies of $42.4 million at March 31, 2014 were investments in United States Treasury Bills and Notes of $26.0 million, open-end funds and closed-end funds, largely invested in equity products, of $67.3 million, a selection of common and preferred stocks totaling $182.8 million, and other investments of approximately $0.7 million.  In addition, we may alter our investment holdings from time to time in response to changes in market risks and other factors considered appropriate by management.  Of the approximately $182.8 million invested in common and preferred stocks at March 31, 2014, $41.5 million represented our investment in Westwood Holdings Group Inc., and $49.0 million was invested by the Company in risk arbitrage opportunities in connection with mergers, consolidations, acquisitions, tender offers or other similar transactions.  Risk arbitrage generally involves announced deals with agreed upon terms and conditions, including pricing, which typically involve less market risk than common stocks held in a trading portfolio.  The principal risk associated with risk arbitrage transactions is the inability of the companies involved to complete the transaction.  Securities sold, not yet purchased are stated at fair value and are subject to market risks resulting from changes in price and volatility.  At March 31, 2014, the fair value of securities sold, not yet purchased was $10.8 million.  Investments in partnerships totaled $105.8 million at March 31, 2014, $54.9 million of which consisted of investment partnerships and offshore funds which invest in risk arbitrage opportunities.

The following table provides a sensitivity analysis for our investments in equity securities and partnerships and affiliates which invest primarily in equity securities, excluding arbitrage products for which the principal exposure is to deal closure and not overall market conditions, as of March 31, 2014 and December 31, 2013.  The sensitivity analysis assumes a 10% increase or decrease in the value of these investments (in thousands):

			Fair Value		Fair Value
			assuming		assuming
			10% decrease in		10% increase in
(unaudited)	Fair Value		equity prices		equity prices
At March 31, 2014:
Equity price sensitive investments, at fair value	$	280,807	$	252,726	$	308,888
At December 31, 2013:
Equity price sensitive investments, at fair value	$	291,346	$	262,211	$	320,481

Interest Rate Risk

Our exposure to interest rate risk results, principally, from our investment of excess cash in a sponsored money market fund that holds U.S. Government securities.  These investments are primarily short term in nature, and the carrying value of these investments generally approximates fair value.  Based on March 31, 2014 cash and cash equivalent balance of $243.1 million, a 1% increase in interest rates would increase our interest income by $2.4 million annually.  Given that our current return on these cash equivalent investments is approximately 0.0% annually, an analysis of a 1% decrease is not meaningful.

31

Critical Accounting Policies and Estimates

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods.  Actual results could differ significantly from those estimates.  See Note A and the Company's Critical Accounting Policies in Management's Discussion and Analysis of Financial Condition and Results of Operations in GAMCO's 2013 Annual Report on Form 10-K filed with the SEC on March 6, 2014 for details on Critical Accounting Policies.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

In the normal course of its business, GAMCO is exposed to risk of loss due to fluctuations in the securities market and general economy. Management is responsible for identifying, assessing and managing market and other risks. 

Our exposure to pricing risk in equity securities is directly related to our role as financial intermediary and advisor for AUM in our affiliated open-end and closed-end funds, institutional and private wealth management accounts, and investment partnerships as well as our proprietary investment and trading activities.  At March 31, 2014, we had equity investments, including open-end funds largely invested in equity products, of $276.8 million.  Investments in open-end funds and closed-end funds, $67.3 million, usually generate lower market risk through the diversification of financial instruments within their portfolios.  In addition, we may alter our investment holdings from time to time in response to changes in market risks and other factors considered appropriate by management.  We also hold investments in partnerships which invest primarily in equity securities and which are subject to changes in equity prices.  Investments in partnerships totaled $105.8 million, of which $54.9 million were invested in partnerships which invest in risk arbitrage.  Risk arbitrage is primarily dependent upon deal closure rather than the overall market environment.  The equity investment portfolio is at fair value and will move in line with the equity markets.  The trading portfolio changes are recorded as net gain from investments in the condensed consolidated statements of income while the available for sale portfolio changes are recorded in other comprehensive income in the condensed consolidated statements of financial condition.

Item 4.  Controls and Procedures

We evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2014.  Disclosure controls and procedures as defined under the Exchange Act Rule 13a-15(e), are designed to ensure that the information we are required to disclose in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time period specified in SEC rules and regulations.  Disclosure controls and procedures include, without limitation, controls and procedures accumulated and communicated to our management, including our Chief Executive Officer ("CEO"), Chief Financial Officer ("CFO"), and Co-Chief Accounting Officers ("CAOs"), to allow timely decisions regarding required disclosure.  Our CEO, CFO, and CAOs participated in this evaluation and concluded that, as of the date of March 31, 2014, our disclosure controls and procedures were effective.

There have been no changes in our internal control over financial reporting as defined by Rule 13a-15(f) that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Forward-Looking Information

Our disclosure and analysis in this report contain some forward-looking statements.  Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results.  Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, there can be no assurance that our actual results will not differ materially from what we expect or believe. Some of the factors that could cause our actual results to differ from our expectations or beliefs include, without limitation: the adverse effect from a decline in the securities markets; a decline in the performance of our products; a general downturn in the economy; changes in government policy or regulation; changes in our ability to attract or retain key employees; and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. We also direct your attention to any more specific discussions of risk contained in our Form 10-Q and other public filings.  We are providing these statements as permitted by the Private Litigation Reform Act of 1995. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations or if we receive any additional information relating to the subject matters of our forward-looking statements.

32

Part II:  Other Information

Item 1. Legal Proceedings

From time to time, the Company may be named in legal actions and proceedings.  These actions may seek substantial or indeterminate compensatory as well as punitive damages or injunctive relief.  The Company is also subject to governmental or regulatory examinations or investigations.  The examinations or investigations could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief.  For any such matters, the condensed consolidated financial statements include the necessary provisions for losses that the Company believes are probable and estimable.  Furthermore, the Company evaluates whether there exist losses which may be reasonably possible and, if material, makes the necessary disclosures.  Such amounts, both those that are probable and those that are reasonably possible, are not considered material to the Company's financial condition, operations or cash flows.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information with respect to the repurchase of Class A Common Stock of GAMCO during the three months ended March 31, 2014:

					(c) Total Number of		(d) Maximum
	(a) Total		(b) Average		Shares Repurchased as		Number of Shares
	Number of		Price Paid Per		Part of Publicly		That May Yet Be
	Shares		Share, net of		Announced Plans		Purchased Under
Period	Repurchased		Commissions		or Programs		the Plans or Programs
1/01/14 - 1/31/14		17,900	$	85.33		17,900		905,315
2/01/14 - 2/28/14		51,088		75.80		51,088		854,227
3/01/14 - 3/31/14		52,204		81.33		52,204		802,023
Totals		121,192	$	79.59		121,192

Item 6. (a) Exhibits

31.1 Certification of CEO pursuant to Rule 13a-14(a).

31.2 Certification of CFO pursuant to Rule 13a-14(a).

32.1 Certification of CEO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2 Certification of CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.

	101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Label Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

33

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

GAMCO INVESTORS, INC.

(Registrant)

By: /s/ Kieran Caterina	By: /s/ Diane M. LaPointe
Name: Kieran Caterina	Name: Diane M. LaPointe
Title:   Co-Chief Accounting Officer	Title:   Co-Chief Accounting Officer
Date: May 6, 2014	Date: May 6, 2014

34

EX-31.1

Exhibit 31.1

Certifications

I, Mario J. Gabelli, certify that:

1. I have reviewed this report on Form 10-Q of GAMCO Investors, Inc.;

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 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 data; 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.

By:	/s/ Mario J. Gabelli
	Mario J. Gabelli
	Chief Executive Officer
Date:	May 6, 2014

EX-31.2

Exhibit 31.2

Certifications

I, Robert S. Zuccaro, certify that:

1. I have reviewed this report on Form 10-Q of GAMCO Investors, Inc.;

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 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 data; 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.

By:	/s/ Robert S. Zuccaro
	Robert S. Zuccaro
	Chief Financial Officer
Date:	May 6, 2014

EX-32.1

Exhibit 32.1

Certification of CEO Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of GAMCO Investors, Inc. (the “Company”) for the quarterly period ended March 31, 2014 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Mario J. Gabelli, as Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

(1)           The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)           The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/       Mario J. Gabelli

Name: Mario J. Gabelli

Title:   Chief Executive Officer

Date:   May 6, 2014

This certification accompanies the Report pursuant to § 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of §18 of the Securities Exchange Act of 1934, as amended.

EX-32.2

Exhibit 32.2

Certification of CFO Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of GAMCO Investors, Inc. (the “Company”) for the quarterly period ended March 31, 2014 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Robert S. Zuccaro, as Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

(1)           The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)           The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/       Robert S. Zuccaro

Name: Robert S. Zuccaro

Title:   Chief Financial Officer

Date:   May 6, 2014

This certification accompanies the Report pursuant to § 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of §18 of the Securities Exchange Act of 1934, as amended.

XML

Goodwill and Identifiable Intangible Assets (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
Goodwill [Line Items]
Goodwill	$ 3.5
Percentage interest owned in subsidiary (in hundredths)	94.00%
Identifiable Intangible Asset	1.9	1.9	1.9
Subsidiary [Member]
Goodwill [Line Items]
Goodwill	3.3
G.distributors, LLC [Member]
Goodwill [Line Items]
Goodwill	$ 0.2

XML

Investments in Partnerships, Offshore Funds and Variable Interest Entities, Part I (Details) (USD $)	3 Months Ended		9 Months Ended
	Mar. 31, 2014 Entity	Mar. 31, 2013 Entity	Dec. 31, 2012 Entity	Dec. 31, 2013
Variable Interest Entity [Line Items]
Investments in affiliated entities	$ 91,100,000	$ 80,800,000		$ 82,000,000
Investments in unaffiliated entities	14,700,000	13,500,000		14,000,000
Investments in Partnerships by Accounting Method [Abstract]
Fair value	24,080,000	23,772,000		25,253,000
Equity Method Investments	81,769,000	70,488,000		70,739,000
Total	105,849,000	94,260,000		95,992,000
Maximum exposure to loss related to VIEs	10,900,000	8,300,000		10,000,000
Deferred carried interest in VIE	45,000	45,000		45,000
Total VIE assets	74,100,000	77,800,000		72,700,000
VIE [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period	1	1
Additional consolidated entities	0	0	0
Deconsolidated entities	0	0	0
Entities consolidated at end of period	1	1	1
Investments in Partnerships by Accounting Method [Abstract]
Total	13,798,000	15,484,000		15,540,000
VOE [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period	4	4
Additional consolidated entities	0	0	0
Deconsolidated entities	0	0	0
Entities consolidated at end of period	4	4	4
Prior to Consolidations [Member]
Investments in Partnerships by Accounting Method [Abstract]
Total	110,330,000	99,500,000		98,494,000
CFFs [Member]
Investments in Partnerships by Accounting Method [Abstract]
Total	4,636,000	3,423,000		6,517,000
CFFs [Member] | Affiliated [Member]
Investments in Partnerships by Accounting Method [Abstract]
Fair value	24,080,000	23,772,000		25,253,000
Equity Method Investments	0	0		0
Total	24,080,000	23,772,000		25,253,000
CFFs [Member] | VIE [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period	1	1
Additional consolidated entities	0	0	0
Deconsolidated entities	0	0	0
Entities consolidated at end of period	1	1	1
CFFs [Member] | VOE [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period	2	2
Additional consolidated entities	0	0	0
Deconsolidated entities	0	0	0
Entities consolidated at end of period	2	2	2
Partnerships [Member]
Investments in Partnerships by Accounting Method [Abstract]
Total	(9,117,000)	(8,663,000)		(9,019,000)
Partnerships [Member] | Affiliated [Member]
Investments in Partnerships by Accounting Method [Abstract]
Fair value	0	0		0
Equity Method Investments	30,266,000	27,477,000		21,669,000
Total	30,266,000	27,477,000		21,669,000
Partnerships [Member] | Unaffiliated [Member]
Investments in Partnerships by Accounting Method [Abstract]
Fair value	0	0		0
Equity Method Investments	6,677,000	6,427,000		6,509,000
Total	6,677,000	6,427,000		6,509,000
Partnerships [Member] | VIE [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period	0	0
Additional consolidated entities	0	0	0
Deconsolidated entities	0	0	0
Entities consolidated at end of period	0	0	0
Partnerships [Member] | VOE [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period	1	1
Additional consolidated entities	0	0	0
Deconsolidated entities	0	0	0
Entities consolidated at end of period	1	1	1
Offshore Funds [Member]
Investments in Partnerships by Accounting Method [Abstract]
Total	0	0		0
Offshore Funds [Member] | Affiliated [Member]
Investments in Partnerships by Accounting Method [Abstract]
Fair value	0	0		0
Equity Method Investments	36,779,000	29,551,000		35,030,000
Total	36,779,000	29,551,000		35,030,000
Offshore Funds [Member] | Unaffiliated [Member]
Investments in Partnerships by Accounting Method [Abstract]
Fair value	0	0		0
Equity Method Investments	8,047,000	7,033,000		7,531,000
Total	$ 8,047,000	$ 7,033,000		$ 7,531,000
Offshore Funds [Member] | VIE [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period	0	0
Additional consolidated entities	0	0	0
Deconsolidated entities	0	0	0
Entities consolidated at end of period	0	0	0
Offshore Funds [Member] | VOE [Member]
Entities Consolidated [Roll Forward]
Entities consolidated at beginning of period	1	1
Additional consolidated entities	0	0	0
Deconsolidated entities	0	0	0
Entities consolidated at end of period	1	1	1

XML

Fair Value (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2014 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		March 31,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2014
Cash equivalents	$	242,917	$	-	$	-	$	242,917
Investments in partnerships		-		24,080		-		24,080
Investments in securities:
AFS - Common stocks		41,538		-		-		41,538
AFS - Mutual funds		1,448		-		-		1,448
Trading - Gov't obligations		25,999		-		-		25,999
Trading - Common stocks		140,575		1		700		141,276
Trading - Mutual funds		23,404		-		-		23,404
Trading - Other		253		212		284		749
Total investments in securities		233,217		213		984		234,414
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		38,980		-		-		38,980
AFS - Mutual Funds		3,441		-		-		3,441
Trading - Mutual funds		12		-		-		12
Total investments in sponsored
registered investment companies		42,433		-		-		42,433
Total investments		275,650		24,293		984		300,927
Total assets at fair value	$	518,567	$	24,293	$	984	$	543,844
Liabilities
Trading - Common stocks	$	10,469	$	-	$	-	$	10,469
Trading - Other		-		319		-		319
Securities sold, not yet purchased	$	10,469	$	319	$	-	$	10,788

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2013 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		December 31,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2013
Cash equivalents	$	209,913	$	-	$	-	$	209,913
Investments in partnerships		-		25,253		-		25,253
Investments in securities:
AFS - Common stocks		43,046		-		-		43,046
AFS - Mutual funds		1,687		-		-		1,687
Trading - Gov't obligations		37,994		-		-		37,994
Trading - Common stocks		123,927		7		700		124,634
Trading - Mutual funds		23,285		-		-		23,285
Trading - Other		23		275		284		582
Total investments in securities		229,962		282		984		231,228
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		40,624		-		-		40,624
AFS - Mutual Funds		3,408		-		-		3,408
Trading - Mutual funds		10		-		-		10
Total investments in sponsored
registered investment companies		44,042		-		-		44,042
Total investments		274,004		25,535		984		300,523
Total assets at fair value	$	483,917	$	25,535	$	984	$	510,436
Liabilities
Trading - Common stocks	$	6,023	$	-	$	-	$	6,023
Trading - Other		-		155		-		155
Securities sold, not yet purchased	$	6,023	$	155	$	-	$	6,178

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2013 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		March 31,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2013
Cash equivalents	$	272,653	$	-	$	-	$	272,653
Investments in partnerships		-		23,772		-		23,772
Investments in securities:
AFS - Common stocks		35,225		-		-		35,225
AFS - Mutual funds		1,734		-		-		1,734
Trading - Gov't obligations		49,990		-		-		49,990
Trading - Common stocks		138,829		7		667		139,503
Trading - Mutual funds		1,655		-		-		1,655
Trading - Other		92		788		299		1,179
Total investments in securities		227,525		795		966		229,286
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		60,895		-		-		60,895
AFS - Mutual Funds		3,382		-		-		3,382
Trading - Mutual funds		17		-		-		17
Total investments in sponsored
registered investment companies		64,294		-		-		64,294
Total investments		291,819		24,567		966		317,352
Total assets at fair value	$	564,472	$	24,567	$	966	$	590,005
Liabilities
Trading - Common stocks	$	5,650	$	-	$	-	$	5,650
Trading - Other		-		727		-		727
Securities sold, not yet purchased	$	5,650	$	727	$	-	$	6,377

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2014 (in thousands)

							Total
							Unrealized
							Gains or		Total
			Total Realized and				(Losses)		Realized
	December		Unrealized Gains or				Included in		and						Transfers
	31, 2013		(Losses) in Income				Other		Unrealized						In and/or
	Beginning				AFS		Comprehensive		Gains or						(Out) of		Ending
Asset	Balance		Trading		Investments		Income		(Losses)		Purchases		Sales		Level 3		Balance
Financial
instruments owned:
Trading - Common stocks	$	700	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	700
Trading - Other		284		-		-		-		-		-		-		-		284
Total	$	984	$	-	$	-	$	-	$	-		-	$	-	$	-	$	984

There were no transfers between any Levels during the three months ended March 31, 2014.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2013 (in thousands)

								Total
								Unrealized
								Gains or		Total
			Total Realized and					(Losses)		Realized
	December		Unrealized Gains or					Included in		and								Transfers
	31, 2012		(Losses) in Income					Other		Unrealized								In and/or
	Beginning					AFS		Comprehensive		Gains or								(Out) of		Ending
Asset	Balance		Trading			Investments		Income		(Losses)			Purchases		Sales			Level 3		Balance
Financial
instruments owned:
Trading - Common stocks	$	675	$	(8	)	$	-	$	-	$	(8	)	$	-	$	-		$	-	$	667
Trading - Other		362		1			-		-		1			-		(64	)		-		299
Total	$	1,037	$	(7	)	$	-	$	-	$	(7	)	$	-	$	(64	)	$	-	$	966

There were no transfers between any Levels during the three months ended March 31, 2013.

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Debt (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Long-term debt [Abstract]
Carrying Value	$ 112,098,000	$ 216,688,000	$ 111,911,000
Fair Value Level 2	120,317,000	229,185,000	122,319,000
Loss on extinguishment of debt	(5,000)	0
5.5% Senior notes [Member]
Long-term debt [Abstract]
Carrying Value	0	99,000,000	0
Debt maturity date	May 15, 2013
Stated interest rate (in hundredths)	5.50%	5.50%	5.50%
Debt maturity period	10 years
Face value of debt	100,000,000
5.5% Senior notes [Member] | Level 2 [Member]
Long-term debt [Abstract]
Fair Value Level 2	0	99,581,000	0
5.875% Senior notes [Member]
Long-term debt [Abstract]
Carrying Value	100,000,000	100,000,000	100,000,000
Debt maturity date	Jun. 01, 2021
Stated interest rate (in hundredths)	5.875%	5.875%	5.875%
Debt maturity period	10 years
Face value of debt	100,000,000
Percentage principal amount to offered to repurchase notes (in hundredths)	101.00%
5.875% Senior notes [Member] | Level 2 [Member]
Long-term debt [Abstract]
Fair Value Level 2	106,540,000	109,969,000	108,500,000
0% Subordinated debentures [Member]
Long-term debt [Abstract]
Carrying Value	12,098,000	17,688,000	11,911,000
Debt maturity date	Dec. 31, 2015
Stated interest rate (in hundredths)	0.00%	0.00%	0.00%
Effective interest rate (in hundredths)	7.45%	7.45%	7.45%
Debentures repurchased (face value)	41,600	3,200
Debentures repurchased (loss in dollars)	5,000	1,000
Debt maturity period	5 years
Face value of debt	86,400,000
Dividends declared related to issuance of debt (in dollars per share)	$ 3.20
Par value of debentures	100,000,000
Debt redemption price as percentage of principal amount (in hundredths)	100.00%
Number of debentures repurchased	416	32
Maximum amount of debt and equity to be issued under Shelf Registration	500,000,000
Amount available for debt and equity issuance under Shelf Registration	400,000,000
0% Subordinated debentures [Member] | Level 2 [Member]
Long-term debt [Abstract]
Fair Value Level 2	$ 13,777,000	$ 19,635,000	$ 13,819,000

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Operating activities
Net income	$ 27,976,000	$ 22,680,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in net gains from partnerships	(426,000)	795,000
Depreciation and amortization	169,000	202,000
Stock based compensation expense	1,700,000	15,000
Deferred income taxes	(1,318,000)	1,471,000
Tax benefit from exercise of stock options	173,000	16,000
Foreign currency translation gain/(loss)	8,000	(49,000)
Fair value of donated securities	1,267,000	148,000
Gains on sales of available for sale securities	(1,612,000)	(597,000)
Accretion of zero coupon debentures	223,000	323,000
Loss on extinguishment of debt	5,000	0
(Increase) decrease in assets:
Investments in trading securities	(324,000)	(5,538,000)
Investments in partnerships:
Contributions to partnerships	(9,448,000)	(3,492,000)
Distributions from partnerships	17,000	5,987,000
Receivable from brokers	(4,623,000)	6,071,000
Investment advisory fees receivable	18,471,000	12,804,000
Income tax receivable and deferred tax assets	0	97,000
Other assets	(222,000)	3,227,000
Increase (decrease) in liabilities:
Payable to brokers	606,000	713,000
Income taxes payable and deferred tax liabilities	4,482,000	3,881,000
Compensation payable	6,783,000	24,141,000
Mandatorily redeemable noncontrolling interests	(18,000)	1,000
Accrued expenses and other liabilities	(1,898,000)	8,136,000
Total adjustments	14,015,000	58,352,000
Net cash provided by operating activities	41,991,000	81,032,000
Investing activities
Purchases of available for sale securities	(4,782,000)	(4,000)
Proceeds from sales of available for sale securities	3,880,000	5,343,000
Return of capital on available for sale securities	323,000	611,000
Net cash provided by investing activities	(579,000)	5,950,000
Financing activities
Contributions from redeemable noncontrolling interests	1,652,000	1,219,000
Redemptions of redeemable noncontrolling interests	0	(2,298,000)
Proceeds from exercise of stock options	846,000	76,000
Repurchase of zero coupon subordinated debentures	(41,000)	0
Dividends paid	(1,528,000)	(1,287,000)
Purchase of treasury stock	(9,647,000)	(1,965,000)
Net cash provided used in financing activities	(8,718,000)	(4,255,000)
Effect of exchange rates on cash and cash equivalents	(3,000)	18,000
Net increase in cash and cash equivalents	32,691,000	82,745,000
Cash and cash equivalents at beginning of period	210,451,000	190,608,000
Cash and cash equivalents at end of period	243,142,000	273,353,000
Supplemental disclosures of cash flow information:
Cash paid for interest	294,000	285,000
Cash paid for taxes	$ 10,662,000	$ 7,272,000

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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2014

Stockholders' Equity [Abstract]

Dividends

Dividends

	Payment Date	Record Date	Amount		Type
Three months ended March 31, 2014	March 25, 2014	March 11, 2014	$	0.06	Regular
Three months ended March 31, 2013	March 26, 2013	March 12, 2013	$	0.05	Regular

Actual and projected stock-based compensation expense for RSA shares and options

For the three months ended March 31, 2014 and March 31, 2013, we recognized stock-based compensation expense of $1.7 million and $15,000, respectively.  Actual and projected stock-based compensation expense for RSA shares and options for the years ended December 31, 2014 through December 31, 2023 (based on awards currently issued or granted) is as follows ($ in thousands):

		2013		2014		2015		2016		2017		2018
	Q1	$	15	$	1,700	$	1,695	$	1,694	$	903	$	771
	Q2		15		1,697		1,694		1,694		903		771
	Q3		741		1,697		1,694		1,339		816		702
	Q4		1,302		1,697		1,694		1,078		773		554
Full Year		$	2,073	$	6,791	$	6,777	$	5,805	$	3,395	$	2,798
			2019		2020		2021		2022		2023
	Q1	$	325	$	240	$	168	$	105	$	50
	Q2		325		240		168		105		50
	Q3		268		192		126		68		17
	Q4		240		168		105		50		-
Full Year		$	1,158	$	840	$	567	$	328	$	117

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Debt (Tables)

3 Months Ended

Mar. 31, 2014

Debt [Abstract]

Schedule of Debt

Debt consists of the following:

	March 31, 2014				December 31, 2013				March 31, 2013
	Carrying		Fair Value		Carrying		Fair Value		Carrying		Fair Value
	Value		Level 2		Value		Level 2		Value		Level 2
(In thousands)
5.5% Senior notes	$	-	$	-	$	-	$	-	$	99,000	$	99,581
5.875% Senior notes		100,000		106,540		100,000		108,500		100,000		109,969
0% Subordinated debentures		12,098		13,777		11,911		13,819		17,688		19,635
Total	$	112,098	$	120,317	$	111,911	$	122,319	$	216,688	$	229,185

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Investment in Securities, Part I (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Available for sale securities:
Available-for-sale Securities, Cost	$ 40,207,000	$ 48,387,000	$ 39,283,000
Available for sale securities, Fair Value	85,407,000	101,236,000	88,765,000
Investments in securities	234,414,000	229,286,000	231,228,000
Amount Reclassified from AOCI [Abstract]
Net gain from investments - Realized gain / (loss) on sale of securities	1,612,000	597,000
Other operating expenses	3,141,000	150,000
Income before income taxes	4,753,000	747,000
Income tax provision	(1,759,000)	(276,000)
Net income	2,994,000	471,000
Gross Amounts Not Offset in the Statements of Financial Position, Liabilities [Abstract]
Net gain/(loss) on equity derivative	(190,000)	281,000
Shares under derivative contract (in shares)	1,900,000	222,000	1,300,000
Derivative fair value of derivative net	(107,000)	61,000	120,000
Swaps [Member]
Offsetting Derivative Assets [Abstract]
Gross amounts of recognized assets	198,000	788,000	275,000
Gross amounts offset in the Statements of Financial Position	0	0	0
Net Amounts of Assets Presented in the Statements of Financial Position	198,000	788,000	275,000
Gross Amounts Not Offset in the Statements of Financial Position, Assets [Abstract]
Financial Instruments	(198,000)	(703,000)	(155,000)
Cash collateral received	0	0	0
Net amount	0	85,000	120,000
Offsetting Derivative Liabilities [Abstract]
Gross amounts of recognized liabilities	277,000	703,000	155,000
Gross amounts offset in the Statements of Financial Position	0	0	0
Net Amounts of Assets Presented in the Statements of Financial Position	277,000	703,000	155,000
Gross Amounts Not Offset in the Statements of Financial Position, Liabilities [Abstract]
Financial Instruments	(198,000)	(703,000)	(155,000)
Cash collateral received	0	0	0
Net amount	79,000	0	0
Investment in Securities [Member]
Trading securities:
Trading Securities, Cost	176,875,000	186,602,000	169,804,000
Trading securities, fair value	234,414,000	229,286,000	231,228,000
Investment in Securities [Member] | Trading Securities [Member]
Trading securities:
Trading Securities, Cost	161,172,000	171,276,000	155,572,000
Trading securities, fair value	191,428,000	192,327,000	186,495,000
Trading Securities:
Cost	8,922,000	5,249,000	5,319,000
Fair Value	10,788,000	6,377,000	6,178,000
Investment in Securities [Member] | Trading Securities [Member] | Government obligations [Member]
Trading securities:
Trading Securities, Cost	25,989,000	49,970,000	37,986,000
Trading securities, fair value	25,999,000	49,990,000	37,994,000
Investment in Securities [Member] | Trading Securities [Member] | Common Stock [Member]
Trading securities:
Trading Securities, Cost	113,508,000	119,918,000	96,225,000
Trading securities, fair value	141,276,000	139,503,000	124,634,000
Trading Securities:
Cost	8,837,000	5,163,000	5,319,000
Fair Value	10,469,000	5,650,000	6,023,000
Investment in Securities [Member] | Trading Securities [Member] | Mutual Funds [Member]
Trading securities:
Trading Securities, Cost	21,131,000	1,073,000	21,074,000
Trading securities, fair value	23,404,000	1,655,000	23,285,000
Investment in Securities [Member] | Trading Securities [Member] | Other Investments [Member]
Trading securities:
Trading Securities, Cost	544,000	315,000	287,000
Trading securities, fair value	749,000	1,179,000	582,000
Trading Securities:
Cost	85,000	86,000	0
Fair Value	319,000	727,000	155,000
Investment in Securities [Member] | Available-for-sale Securities [Member]
Trading securities:
Trading Securities, Cost	15,703,000	15,326,000	14,232,000
Trading securities, fair value	42,986,000	36,959,000	44,733,000
Investment in Securities [Member] | Available-for-sale Securities [Member] | Common Stock [Member]
Trading securities:
Trading Securities, Cost	15,003,000	14,312,000	13,389,000
Trading securities, fair value	41,538,000	35,225,000	43,046,000
Investment in Securities [Member] | Available-for-sale Securities [Member] | Mutual Funds [Member]
Trading securities:
Trading Securities, Cost	700,000	1,014,000	843,000
Trading securities, fair value	1,448,000	1,734,000	1,687,000
Investment in Sponsored Registered Investment Companies [Member]
Available for sale securities:
Available-for-sale Securities, Cost	24,523,000	33,080,000	25,070,000
Available for sale securities, Fair Value	42,433,000	64,294,000	44,042,000
Investment in Sponsored Registered Investment Companies [Member] | Trading Securities [Member]
Available for sale securities:
Available-for-sale Securities, Cost	19,000	19,000	19,000
Available for sale securities, Fair Value	12,000	17,000	10,000
Investment in Sponsored Registered Investment Companies [Member] | Trading Securities [Member] | Mutual Funds [Member]
Available for sale securities:
Available-for-sale Securities, Cost	19,000	19,000	19,000
Available for sale securities, Fair Value	12,000	17,000	10,000
Investment in Sponsored Registered Investment Companies [Member] | Available-for-sale Securities [Member]
Available for sale securities:
Available-for-sale Securities, Cost	24,504,000	33,061,000	25,051,000
Available for sale securities, Fair Value	42,421,000	64,277,000	44,032,000
Investment in Sponsored Registered Investment Companies [Member] | Available-for-sale Securities [Member] | Mutual Funds [Member]
Available for sale securities:
Available-for-sale Securities, Cost	1,939,000	2,047,000	1,951,000
Available for sale securities, Fair Value	3,441,000	3,382,000	3,408,000
Investment in Sponsored Registered Investment Companies [Member] | Available-for-sale Securities [Member] | Closed end Funds [Member]
Available for sale securities:
Available-for-sale Securities, Cost	22,565,000	31,014,000	23,100,000
Available for sale securities, Fair Value	$ 38,980,000	$ 60,895,000	$ 40,624,000

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Investment in Securities, Part II (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014 InvestmentHoldinginLossPosition	Mar. 31, 2013 InvestmentHoldinginLossPosition	Dec. 31, 2012	Dec. 31, 2013 InvestmentHoldinginLossPosition
Available for Sale Securities, Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value [Abstract]
Cost	$ 40,207,000	$ 48,387,000		$ 39,283,000
Gross unrealized gains	45,262,000	52,852,000		49,636,000
Gross unrealized losses	(62,000)	(3,000)		(154,000)
Total available for sale securities	85,407,000	101,236,000		88,765,000
Unrealized changes to fair value net of taxes included in other comprehensive income	(2,697,000)	6,040,000
Return of capital on available for sale securities	323,000	611,000
Proceeds from sale of investment available for sale	3,880,000	5,343,000
Gross realized gains on sale of investment available for sale	1,600,000	600,000
Investments classified as available for sale unrealized loss position [Abstract]
Cost	828,000	216,000		1,215,000
Unrealized Losses	(62,000)	(3,000)		(154,000)
Fair Value	766,000	213,000		1,061,000
Number of investment holding in loss positions	2	2		4
Investment holding impairment period (in months)	10 months	2 months	7 months
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities	0	0
Common Stock [Member]
Available for Sale Securities, Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value [Abstract]
Cost	15,003,000	14,312,000		13,389,000
Gross unrealized gains	26,535,000	20,913,000		29,657,000
Gross unrealized losses	0	0		0
Total available for sale securities	41,538,000	35,225,000		43,046,000
Closed-end Funds [Member]
Available for Sale Securities, Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value [Abstract]
Cost	22,565,000	31,014,000		23,100,000
Gross unrealized gains	16,477,000	29,884,000		17,654,000
Gross unrealized losses	(62,000)	(3,000)		(130,000)
Total available for sale securities	38,980,000	60,895,000		40,624,000
Investments classified as available for sale unrealized loss position [Abstract]
Cost	828,000	0		912,000
Unrealized Losses	(62,000)	0		(130,000)
Fair Value	766,000	0		782,000
Mutual Funds [Member]
Available for Sale Securities, Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value [Abstract]
Cost	2,639,000	3,061,000		2,794,000
Gross unrealized gains	2,250,000	2,055,000		2,325,000
Gross unrealized losses	0	0		(24,000)
Total available for sale securities	4,889,000	5,116,000		5,095,000
Investments classified as available for sale unrealized loss position [Abstract]
Cost	0	216,000		303,000
Unrealized Losses	0	(3,000)		(24,000)
Fair Value	$ 0	$ 213,000		$ 279,000

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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED (Parenthetical) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Condensed Consolidated Statements of Equity [Abstract]
Net unrealized gains on securities available for sale, income tax	$ 175	$ 3,823
Amounts reclassed from accumulated other comprehensive income, income tax benefit	$ 1,759	$ 276
Dividends declared (in dollars per share)	$ 0.06	$ 0.05

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Fair Value (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Assets
Investments in partnerships	$ 24,080	$ 23,772	$ 25,253
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning Balance	984	1,037
Total Realized and Unrealized Gains or (Losses) in Income -Trading	0	(7)
Total Realized and Unrealized Gains or (Losses) in Income - AFS Investments	0	0
Total Unrealized Gains or (Losses) Included in Other Comprehensive Income	0	0
Total Realized and Unrealized Gains or (Losses)	0	(7)
Purchases	0	0
Sales	0	(64)
Transfers In and/or (Out) of Level 3	0	0
Ending Balance	984	966
Trading - Common stocks [Member]
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning Balance	700	675
Total Realized and Unrealized Gains or (Losses) in Income -Trading	0	(8)
Total Realized and Unrealized Gains or (Losses) in Income - AFS Investments	0	0
Total Unrealized Gains or (Losses) Included in Other Comprehensive Income	0	0
Total Realized and Unrealized Gains or (Losses)	0	(8)
Purchases	0	0
Sales	0	0
Transfers In and/or (Out) of Level 3	0	0
Ending Balance	700	667
Trading - Other [Member]
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis [Roll Forward]
Beginning Balance	284	362
Total Realized and Unrealized Gains or (Losses) in Income -Trading	0	1
Total Realized and Unrealized Gains or (Losses) in Income - AFS Investments	0	0
Total Unrealized Gains or (Losses) Included in Other Comprehensive Income	0	0
Total Realized and Unrealized Gains or (Losses)	0	1
Purchases	0	0
Sales	0	(64)
Transfers In and/or (Out) of Level 3	0	0
Ending Balance	284	299
Recurring Basis [Member]
Assets
Cash equivalents	242,917	272,653	209,913
Investments in partnerships	24,080	23,772	25,253
Investments in securities:
AFS-Common stocks	41,538	35,225	43,046
AFS-Mutual Funds	1,448	1,734	1,687
Trading-Government obligations	25,999	49,990	37,994
Trading-Common Stocks	141,276	139,503	124,634
Trading-Mutual Funds	23,404	1,655	23,285
Trading-Other	749	1,179	582
Total investments in securities	234,414	229,286	231,228
Investments in sponsored registered investment companies: [Abstract]
AFS - Closed-end Funds	38,980	60,895	40,624
AFS - Mutual Funds	3,441	3,382	3,408
Trading - Mutual Funds	12	17	10
Total investments in sponsored registered investment companies	42,433	64,294	44,042
Total investments	300,927	317,352	300,523
Total assets at fair value	543,844	590,005	510,436
Liabilities
Trading-Common Stocks	10,469	5,650	6,023
Trading-Other	319	727	155
Securities sold, not yet purchased	10,788	6,377	6,178
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring Basis [Member]
Assets
Cash equivalents	242,917	272,653	209,913
Investments in partnerships	0	0	0
Investments in securities:
AFS-Common stocks	41,538	35,225	43,046
AFS-Mutual Funds	1,448	1,734	1,687
Trading-Government obligations	25,999	49,990	37,994
Trading-Common Stocks	140,575	138,829	123,927
Trading-Mutual Funds	23,404	1,655	23,285
Trading-Other	253	92	23
Total investments in securities	233,217	227,525	229,962
Investments in sponsored registered investment companies: [Abstract]
AFS - Closed-end Funds	38,980	60,895	40,624
AFS - Mutual Funds	3,441	3,382	3,408
Trading - Mutual Funds	12	17	10
Total investments in sponsored registered investment companies	42,433	64,294	44,042
Total investments	275,650	291,819	274,004
Total assets at fair value	518,567	564,472	483,917
Liabilities
Trading-Common Stocks	10,469	5,650	6,023
Trading-Other	0	0	0
Securities sold, not yet purchased	10,469	5,650	6,023
Significant Other Observable Inputs (Level 2) [Member] | Recurring Basis [Member]
Assets
Cash equivalents	0	0	0
Investments in partnerships	24,080	23,772	25,253
Investments in securities:
AFS-Common stocks	0	0	0
AFS-Mutual Funds	0	0	0
Trading-Government obligations	0	0	0
Trading-Common Stocks	1	7	7
Trading-Mutual Funds	0	0	0
Trading-Other	212	788	275
Total investments in securities	213	795	282
Investments in sponsored registered investment companies: [Abstract]
AFS - Closed-end Funds	0	0	0
AFS - Mutual Funds	0	0	0
Trading - Mutual Funds	0	0	0
Total investments in sponsored registered investment companies	0	0	0
Total investments	24,293	24,567	25,535
Total assets at fair value	24,293	24,567	25,535
Liabilities
Trading-Common Stocks	0	0	0
Trading-Other	319	727	155
Securities sold, not yet purchased	319	727	155
Significant Unobservable Inputs (Level 3) [Member] | Recurring Basis [Member]
Assets
Cash equivalents	0	0	0
Investments in partnerships	0	0	0
Investments in securities:
AFS-Common stocks	0	0	0
AFS-Mutual Funds	0	0	0
Trading-Government obligations	0	0	0
Trading-Common Stocks	700	667	700
Trading-Mutual Funds	0	0	0
Trading-Other	284	299	284
Total investments in securities	984	966	984
Investments in sponsored registered investment companies: [Abstract]
AFS - Closed-end Funds	0	0	0
AFS - Mutual Funds	0	0	0
Trading - Mutual Funds	0	0	0
Total investments in sponsored registered investment companies	0	0	0
Total investments	984	966	984
Total assets at fair value	984	966	984
Liabilities
Trading-Common Stocks	0	0	0
Trading-Other	0	0	0
Securities sold, not yet purchased	$ 0	$ 0	$ 0

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Shareholder-Designated Contribution Plan (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
Shareholder-Designated Contribution Plan [Abstract]
Shareholder-designated contribution	2
Shareholder-designated contribution, diluted per share (in dollars per share)	$ 0	$ 0.12	$ 0.11
Initial contribution per registered share to Shareholder-designated charitable contribution program (in dollars per share)	$ 0.25
Expected expense related to Shareholder-designated charitable contribution program	$ 0	$ 5,300	$ 5,000

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME UNAUDITED (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Revenues
Investment advisory and incentive fees	$ 87,797	$ 72,607
Distribution fees and other income	14,873	11,353
Institutional research services	1,807	2,221
Total revenues	104,477	86,181
Expenses
Compensation	43,897	35,652
Management fee	4,728	3,980
Distribution costs	13,963	11,010
Other operating expenses	5,390	4,812
Total expenses	67,978	55,454
Operating income	36,499	30,727
Other income (expense)
Net gain from investments	6,944	12,291
Interest and dividend income	1,141	1,345
Interest expense	(1,992)	(3,488)
Shareholder-designated contribution	0	(5,000)
Total other income, net	6,093	5,148
Income before income taxes	42,592	35,875
Income tax provision	14,616	13,195
Net income	27,976	22,680
Net income attributable to noncontrolling interests	22	135
Net income attributable to GAMCO Investors, Inc.'s shareholders	$ 27,954	$ 22,545
Net income attributable to GAMCO Investors, Inc.'s shareholders
Basic (in dollars per share)	$ 1.10	$ 0.88
Diluted (in dollars per share)	$ 1.09	$ 0.88
Weighted average shares outstanding:
Basic (in shares)	25,481	25,742
Diluted (in shares)	25,684	25,758
Dividends declared: (in dollars per share)	$ 0.06	$ 0.05

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CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION UNAUDITED (Parenthetical) (USD $) In Millions, except Share data, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
Liabilities and Equity
Zero coupon subordinated debentures, face value	$ 13.8	$ 13.8	$ 21.7
GAMCO Investors, Inc. stockholders equity
Preferred Stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Preferred Stock, shares authorized (in shares)	10,000,000	10,000,000	10,000,000
Common Stock, outstanding (in shares)	26,000,000	26,100,000	25,700,000
Class A [Member]
GAMCO Investors, Inc. stockholders equity
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Common Stock, shares authorized (in shares)	100,000,000	100,000,000	100,000,000
Common Stock, issued (in shares)	15,071,087	15,012,719	14,265,769
Common Stock, outstanding (in shares)	6,639,106	6,701,930	6,147,532
Treasury stock, shares (in shares)	8,431,981	8,310,789	8,118,237
Class B [Member]
GAMCO Investors, Inc. stockholders equity
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Common Stock, shares authorized (in shares)	100,000,000	100,000,000	100,000,000
Common Stock, issued (in shares)	24,000,000	24,000,000	24,000,000
Common Stock, outstanding (in shares)	19,345,706	19,384,174	19,564,174

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Income Taxes (Details)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Income Taxes [Abstract]
Effective income tax rate (in hundredths)	34.30%	36.80%

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Subsequent Events

3 Months Ended

Mar. 31, 2014

Subsequent Events [Abstract]

Subsequent Events

L. Subsequent Events

From April 1, 2014 to May 6, 2014, the Company repurchased 30,974 shares at $76.06 per share.

On May 6, 2014, the Board of Directors declared a regular quarterly dividend of $0.06 per share both payable on June 24, 2014 to its Class A and Class B shareholders of record on June 10, 2014.

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Earnings Per Share (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Basic:
Net income attributable to GAMCO Investors, Inc.'s shareholders	$ 27,954	$ 22,545
Weighted average shares outstanding (in shares)	25,481	25,742
Basic net income attributable to GAMCO Investors, Inc.'s shareholders per share (in dollars per share)	$ 1.10	$ 0.88
Diluted:
Net income attributable to GAMCO Investors, Inc.'s shareholders	$ 27,954	$ 22,545
Weighted average shares outstanding (in shares)	25,481	25,742
Dilutive stock options and restricted stock awards (in shares)	203	16
Total (in shares)	25,684	25,758
Diluted net income attributable to GAMCO Investors, Inc.'s shareholders per share (in dollars per share)	$ 1.09	$ 0.88

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Investment in Securities (Tables)

3 Months Ended

Mar. 31, 2014

Investment in Securities [Abstract]

Investments in securities

Investments in securities at March 31, 2014, December 31, 2013 and March 31, 2013 consisted of the following:

	March 31, 2014				December 31, 2013				March 31, 2013
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
	(In thousands)
Trading securities:
Government obligations	$	25,989	$	25,999	$	37,986	$	37,994	$	49,970	$	49,990
Common stocks		113,508		141,276		96,225		124,634		119,918		139,503
Mutual funds		21,131		23,404		21,074		23,285		1,073		1,655
Other investments		544		749		287		582		315		1,179
Total trading securities		161,172		191,428		155,572		186,495		171,276		192,327
Available for sale securities:
Common stocks		15,003		41,538		13,389		43,046		14,312		35,225
Mutual funds		700		1,448		843		1,687		1,014		1,734
Total available for sale securities		15,703		42,986		14,232		44,733		15,326		36,959
Total investments in securities	$	176,875	$	234,414	$	169,804	$	231,228	$	186,602	$	229,286

Securities sold, not yet purchased

Securities sold, not yet purchased at March 31, 2014, December 31, 2013 and March 31, 2013 consisted of the following:

	March 31, 2014				December 31, 2013				March 31, 2013
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
Trading securities:	(In thousands)
Common stocks	$	8,837	$	10,469	$	5,319	$	6,023	$	5,163	$	5,650
Other investments		85		319		-		155		86		727
Total securities sold, not yet purchased	$	8,922	$	10,788	$	5,319	$	6,178	$	5,249	$	6,377

Investments in sponsored registered investment companies

Investments in sponsored registered investment companies at March 31, 2014, December 31, 2013 and March 31, 2013 consisted of the following:

	March 31, 2014				December 31, 2013				March 31, 2013
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
	(In thousands)
Trading securities:
Mutual funds	$	19	$	12	$	19	$	10	$	19	$	17
Total trading securities		19		12		19		10		19		17
Available for sale securities:
Closed-end funds		22,565		38,980		23,100		40,624		31,014		60,895
Mutual funds		1,939		3,441		1,951		3,408		2,047		3,382
Total available for sale securities		24,504		42,421		25,051		44,032		33,061		64,277
Total investments in sponsored
registered investment companies	$	24,523	$	42,433	$	25,070	$	44,042	$	33,080	$	64,294

Reclassifications out of accumulated other comprehensive income

The following table identifies all reclassifications out of accumulated other comprehensive income for the three and three months ended March 31, 2014 and 2013  (in thousands):

Amount								Affected Line Item in	Reason for
Reclassified								in the Statements	Reclassification
from AOCI								Of Income	from AOCI
Three months ended
March 31, 2014				March 31, 2013
	$	1,612			$	597		Net gain from investments	Realized gain / (loss) on sale of AFS securities
		3,141				150		Other operating expenses	Realized gain / (loss) on donation of AFS securities
		4,753				747		Income before income taxes
		(1,759	)			(276	)	Income tax provision
	$	2,994			$	471		Net income

Master netting arrangements for swaps

The Company is a party to enforceable master netting arrangements for swaps entered into as part of the Company's investment strategy. They are typically not used as hedging instruments. These swaps, while settled on a net basis with the counterparties, major U.S. financial institutions, are shown gross in assets and liabilities on the condensed consolidated statements of financial condition. The swaps have a firm contract end date and are closed out and settled when each contract expires.

							Gross Amounts Not Offset in the
							Statements of Financial Condition
	Gross		Gross Amounts		Net Amounts of
	Amounts of		Offset in the		Assets Presented
	Recognized		Statements of		in the Statements of		Financial			Cash Collateral
	Assets		Financial Condition		Financial Condition		Instruments			Received		Net Amount
Swaps:	(in thousands)
March 31, 2014	$	198	$	-	$	198	$	(198	)	$	-	$	-
December 31, 2013		275		-		275		(155	)		-		120
March 31, 2013	$	788	$	-	$	788	$	(703	)	$	-	$	85
							Gross Amounts Not Offset in the
							Statements of Financial Condition
	Gross		Gross Amounts		Net Amounts of
	Amounts of		Offset in the		Liabilities Presented
	Recognized		Statements of		in the Statements of		Financial			Cash Collateral
	Liabilities		Financial Condition		Financial Condition		Instruments			Pledged		Net Amount
Swaps:	(in thousands)
March 31, 2014	$	277	$	-	$	277	$	(198	)	$	-	$	79
December 31, 2013		155		-		155		(155	)		-		-
March 31, 2013	$	703	$	-	$	703	$	(703	)	$	-	$	-

Summary of Available-for-sale Securities

The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available for sale investments as of March 31, 2014, December 31, 2013 and March 31, 2013:

	March 31, 2014
			Gross		Gross
			Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(In thousands)
Common stocks	$	15,003	$	26,535	$	-		$	41,538
Closed-end Funds		22,565		16,477		(62	)		38,980
Mutual funds		2,639		2,250		-			4,889
Total available for sale securities	$	40,207	$	45,262	$	(62	)	$	85,407

	December 31, 2013
			Gross		Gross
			Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(In thousands)
Common stocks	$	13,389	$	29,657	$	-		$	43,046
Closed-end Funds		23,100		17,654		(130	)		40,624
Mutual funds		2,794		2,325		(24	)		5,095
Total available for sale securities	$	39,283	$	49,636	$	(154	)	$	88,765

	March 31, 2013
			Gross		Gross
			Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(In thousands)
Common stocks	$	14,312	$	20,913	$	-		$	35,225
Closed-end Funds		31,014		29,884		(3	)		60,895
Mutual funds		3,061		2,055		-			5,116
Total available for sale securities	$	48,387	$	52,852	$	(3	)	$	101,236

Investments classified as available for sale unrealized loss position

Investments classified as available for sale that are in an unrealized loss position for which other-than-temporary impairment has not been recognized consisted of the following:

	March 31, 2014							December 31, 2013							March 31, 2013
			Unrealized							Unrealized							Unrealized
	Cost		Losses			Fair Value		Cost		Losses			Fair Value		Cost		Losses			Fair Value
(in thousands)
Cosed-end funds	$	828	$	(62	)	$	766	$	912	$	(130	)	$	782	$	-	$	-		$	-
Mutual Funds		-		-			-		303		(24	)		279		216		(3	)		213
Total	$	828	$	(62	)	$	766	$	1,215	$	(154	)	$	1,061	$	216	$	(3	)	$	213

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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED (USD $) In Thousands	Noncontrolling Interests [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Comprehensive Income [Member]	Treasury Stock [Member]	Total	Redeemable Noncontrolling Interests [Member]
Balance at Dec. 31, 2012	$ 3,326	$ 33	$ 280,089	$ 408,295	$ 26,300	$ (347,109)	$ 370,934	$ 17,362
Redemptions of redeemable noncontrolling interests	0	0	0	0	0	0	0	(2,298)
Contributions from redeemable noncontrolling interests	0	0	0	0	0	0	0	1,219
Net income	4	0	0	22,545	0	0	22,549	131
Net unrealized gains on securities available for sale, net of tax	0	0	0	0	6,511	0	6,511	0
Amount reclassed out of accumulated other comprehensve income, net of income tax benefit	0	0	0	0	(471)	0	(471)	0
Foreign currency translation	0	0	0	0	(49)	0	(49)	0
Dividends declared	0	0	0	(1,287)	0	0	(1,287)	0
Stock based compensation expense	0	0	15	0	0	0	15	0
Exercise of stock options including tax benefit	0	0	92	0	0	0	92	0
Purchase of treasury stock	0	0	0	0	0	(1,965)	(1,965)	0
Balance at Mar. 31, 2013	3,330	33	280,196	429,553	32,291	(349,074)	396,329	16,414
Balance at Dec. 31, 2013	2,851	33	282,496	506,441	30,239	(361,878)	460,182	6,751
Redemptions of redeemable noncontrolling interests	0	0	0	0	0	0	0	0
Contributions from redeemable noncontrolling interests	0	0	0	0	0	0	0	1,652
Net income	(39)	0	0	27,954	0	0	27,915	61
Net unrealized gains on securities available for sale, net of tax	0	0	0	0	297	0	297	0
Amount reclassed out of accumulated other comprehensve income, net of income tax benefit	0	0	0	0	(2,994)	0	(2,994)	0
Foreign currency translation	0	0	0	0	8	0	8	0
Dividends declared	0	0	0	(1,556)	0	0	(1,556)	0
Stock based compensation expense	0	0	1,700	0	0	0	1,700	0
Exercise of stock options including tax benefit	0	0	1,019	0	0	0	1,019	0
Purchase of treasury stock	0	0	0	0	0	(9,647)	(9,647)	0
Balance at Mar. 31, 2014	$ 2,812	$ 33	$ 285,215	$ 532,839	$ 27,550	$ (371,525)	$ 476,924	$ 8,464

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Comprehensive Income [Abstract]
Net income	$ 27,976	$ 22,680
Other comprehensive income, net of tax
Foreign currency translation	8	(49)
Net unrealized gains on securities available for sale, net of tax	(2,697)	6,040
Other comprehensive income	(2,689)	5,991
Comprehensive income	25,287	28,671
Less: Comprehensive income attributable to noncontrolling interests	(22)	(135)
Comprehensive income attributable to GAMCO Investors, Inc.	$ 25,265	$ 28,536

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Debt

3 Months Ended

Mar. 31, 2014

Debt [Abstract]

Debt

G. Debt

Debt consists of the following:

	March 31, 2014				December 31, 2013				March 31, 2013
	Carrying		Fair Value		Carrying		Fair Value		Carrying		Fair Value
	Value		Level 2		Value		Level 2		Value		Level 2
(In thousands)
5.5% Senior notes	$	-	$	-	$	-	$	-	$	99,000	$	99,581
5.875% Senior notes		100,000		106,540		100,000		108,500		100,000		109,969
0% Subordinated debentures		12,098		13,777		11,911		13,819		17,688		19,635
Total	$	112,098	$	120,317	$	111,911	$	122,319	$	216,688	$	229,185

5.5% Senior notes

On May 15, 2003, the Company issued 10-year, $100 million senior notes, of which $99 million was outstanding at December 31, 2013 and March 31, 2013.  These senior notes, which matured and were fully repaid on May 15, 2013, paid interest semi-annually at 5.5%.

5.875% Senior notes

On May 31, 2011, the Company issued 10-year, $100 million senior notes.  The notes mature on June 1, 2021 and bear interest at 5.875% per annum, payable semi-annually on June 1 and December 1 of each year and commenced on December 1, 2011.  Upon the occurrence of a change of control triggering event, as defined in the indenture, the Company would be required to offer to repurchase the notes at 101% of their principal amount.

Zero coupon Subordinated debentures due December 31, 2015

On December 31, 2010, the Company issued $86.4 million in par value of five year zero coupon subordinated debentures due December 31, 2015 ("Debentures") to its shareholders of record on December 15, 2010 through the declaration of a special dividend of $3.20 per share.  The Debentures have a par value of $100 and are callable at the option of the Company, in whole or in part, at any time or from time to time, at a redemption price equal to 100% of the principal amount of the Debentures to be redeemed.  During the three months ended March 31, 2014 and March 31, 2013, the Company repurchased 416 Debentures and 32 Debentures, respectively, having a face value of $41,600 and $3,200.  The redemptions were accounted for as an extinguishment of debt and resulted in losses of $5,000 and less than $1,000, which was included in net gain from investments on the condensed consolidated statements of income.  The debt is being accreted to its face value using the effective rate on the date of issuance of 7.45%.  At March 31, 2014, December 31, 2013 and March 31, 2013, the debt was recorded at its accreted value of $12.1 million, $11.9 million and $17.7 million, respectively.

The fair value of the Company's debt, which is a Level 2 valuation, is estimated based on either quoted market prices for the same or similar issues or on the current rates offered to the Company for debt of the same remaining maturities or using market standard models.  Inputs in these standard models include credit rating, maturity and interest rate.

On May 30, 2012, the Securities and Exchange Commission ("SEC") declared effective the "shelf" registration statement filed by the Company.  The "shelf" provides the Company with the flexibility of issuing any combination of senior and subordinated debt securities, convertible securities and common and preferred securities up to a total amount of $500 million and replaced the existing shelf registration which expired in July 2012.  As of March 31, 2014, $400 million is available on the shelf, which will expire in May 2015.

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Document and Entity Information	3 Months Ended
	Mar. 31, 2014	Mar. 01, 2014 Class A [Member]	Mar. 01, 2014 Class B [Member]
Entity Information [Line Items]
Entity Registrant Name	GAMCO INVESTORS, INC. ET AL
Entity Central Index Key	0001060349
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		6,610,015	19,345,820
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2014

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Stockholders' Equity

3 Months Ended

Mar. 31, 2014

Stockholders' Equity [Abstract]

Stockholders' Equity

H. Stockholders' Equity

Shares outstanding were 26.0 million, 26.1 million and 25.7 million on March 31, 2014, December 31, 2013 and March 31, 2013, respectively.

Dividends

	Payment Date	Record Date	Amount		Type
Three months ended March 31, 2014	March 25, 2014	March 11, 2014	$	0.06	Regular
Three months ended March 31, 2013	March 26, 2013	March 12, 2013	$	0.05	Regular

Voting Rights

The holders of Class A Common stock ("Class A Stock") and Class B Common stock ("Class B Stock") have identical rights except that (i) holders of Class A Stock are entitled to one vote per share, while holders of Class B Stock are entitled to ten votes per share on all matters to be voted on by shareholders in general, and (ii) holders of Class A Stock are not eligible to vote on matters relating exclusively to Class B Stock and vice versa.

Stock Award and Incentive Plan

The Company maintains two approved by the shareholders, the 1999 Plan and the 2002 Plan, which are designed to provide incentives which will attract and retain individuals key to the success of GAMCO through direct or indirect ownership of our common stock.  Benefits under both the 1999 and 2002 Plans may be granted in any one or a combination of stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, dividend equivalents and other stock or cash based awards.  A maximum of 1.5 million shares of Class A Stock were originally reserved for issuance under each of the 1999 and 2002 Plans by a committee of the Board of Directors responsible for administering the Plans ("Compensation Committee").  In November 2013, the shareholders approved an amendment to the Company's 2002 Stock Award and Incentive Plan to increase the number of shares of Class A Stock authorized and reserved for issuance by 2 million.  Under the Plans, the committee may grant restricted stock awards ("RSA") and either incentive or nonqualified stock options with a term not to exceed ten years from the grant date and at an exercise price that the committee may determine.  Options granted under the plans typically vest 75% after three years and 100% after four years from the date of grant and expire after ten years.  RSA shares granted under the Plans prior to 2013 vested 30% after three years and 100% after five years.

On January 9, 2014, the Company approved the granting of 2,100 RSA shares at a grant date fair value of 81.99 per share.  As of March 31, 2014 and December 31, 2013, there were 566,850 RSA shares and 566,950 RSA shares outstanding, respectively, that were previously issued at an average weighted grant price of $63.97 and $63.93, respectively.  All grants of the RSA shares were recommended by the Company's Chairman, who did not receive a RSA award, and approved by the Compensation Committee.  This expense, net of estimated forfeitures, is recognized over the vesting period for these awards which is 30% over three years from the date of grant and 70% over five years from the date of grant, except for the August 2013 grant which is 30% over three years from the date of grant and 10% each year over years four through ten from the date of grant.  During the vesting period, dividends to RSA holders were being held for them until the RSA vesting dates and are forfeited if the grantee is no longer employed by the Company on the vesting dates.  Dividends declared on these RSAs, less estimated forfeitures, are charged to retained earnings on the declaration date.  There were no RSAs outstanding at March 31, 2013.

For the three months ended March 31, 2014 and March 31, 2013, we recognized stock-based compensation expense of $1.7 million and $15,000, respectively.  Actual and projected stock-based compensation expense for RSA shares and options for the years ended December 31, 2014 through December 31, 2023 (based on awards currently issued or granted) is as follows ($ in thousands):

		2013		2014		2015		2016		2017		2018
	Q1	$	15	$	1,700	$	1,695	$	1,694	$	903	$	771
	Q2		15		1,697		1,694		1,694		903		771
	Q3		741		1,697		1,694		1,339		816		702
	Q4		1,302		1,697		1,694		1,078		773		554
Full Year		$	2,073	$	6,791	$	6,777	$	5,805	$	3,395	$	2,798
			2019		2020		2021		2022		2023
	Q1	$	325	$	240	$	168	$	105	$	50
	Q2		325		240		168		105		50
	Q3		268		192		126		68		17
	Q4		240		168		105		50		-
Full Year		$	1,158	$	840	$	567	$	328	$	117

The total compensation cost related to non-vested options not yet recognized is approximately $26.9 million as of March 31, 2014.  For the three months ended March 31, 2014 and 2013, proceeds from the exercise of 20,000 stock options and 2,623 stock options, respectively, were $846,000 and $76,000, respectively, resulting in a tax benefit to GAMCO of $173,000 and $16,000, respectively.

Stock Repurchase Program

In March 1999, GAMCO's Board of Directors established the Stock Repurchase Program to grant management the authority to repurchase shares of our Class A Common Stock.  On February 5, 2013, our Board of Directors authorized an incremental 500,000 shares to be added to the current buyback authorization.  For the three months ended March 31, 2014 and March 31, 2013, the Company repurchased 121,192 shares and 36,676 shares, respectively, at an average price per share of $79.59 and $53.57, respectively.  From the inception of the program through March 31, 2014, 8,832,785 shares have been repurchased at an average price of $42.76 per share.  At March 31, 2014, the total shares available under the program to be repurchased in the future were 802,023.

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Comprehensive Income [Abstract]
Net unrealized gains on securities available for sale, income tax	$ (1,584)	$ 3,547

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Investment in Securities

3 Months Ended

Mar. 31, 2014

Investment in Securities [Abstract]

Investment in Securities

B.  Investment in Securities

Investments in securities at March 31, 2014, December 31, 2013 and March 31, 2013 consisted of the following:

	March 31, 2014				December 31, 2013				March 31, 2013
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
	(In thousands)
Trading securities:
Government obligations	$	25,989	$	25,999	$	37,986	$	37,994	$	49,970	$	49,990
Common stocks		113,508		141,276		96,225		124,634		119,918		139,503
Mutual funds		21,131		23,404		21,074		23,285		1,073		1,655
Other investments		544		749		287		582		315		1,179
Total trading securities		161,172		191,428		155,572		186,495		171,276		192,327
Available for sale securities:
Common stocks		15,003		41,538		13,389		43,046		14,312		35,225
Mutual funds		700		1,448		843		1,687		1,014		1,734
Total available for sale securities		15,703		42,986		14,232		44,733		15,326		36,959
Total investments in securities	$	176,875	$	234,414	$	169,804	$	231,228	$	186,602	$	229,286

Securities sold, not yet purchased at March 31, 2014, December 31, 2013 and March 31, 2013 consisted of the following:

	March 31, 2014				December 31, 2013				March 31, 2013
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
Trading securities:	(In thousands)
Common stocks	$	8,837	$	10,469	$	5,319	$	6,023	$	5,163	$	5,650
Other investments		85		319		-		155		86		727
Total securities sold, not yet purchased	$	8,922	$	10,788	$	5,319	$	6,178	$	5,249	$	6,377

Investments in sponsored registered investment companies at March 31, 2014, December 31, 2013 and March 31, 2013 consisted of the following:

	March 31, 2014				December 31, 2013				March 31, 2013
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
	(In thousands)
Trading securities:
Mutual funds	$	19	$	12	$	19	$	10	$	19	$	17
Total trading securities		19		12		19		10		19		17
Available for sale securities:
Closed-end funds		22,565		38,980		23,100		40,624		31,014		60,895
Mutual funds		1,939		3,441		1,951		3,408		2,047		3,382
Total available for sale securities		24,504		42,421		25,051		44,032		33,061		64,277
Total investments in sponsored
registered investment companies	$	24,523	$	42,433	$	25,070	$	44,042	$	33,080	$	64,294

Management determines the appropriate classification of debt and equity securities at the time of purchase and reevaluates such designation as of each balance sheet date.  Investments in United States Treasury Bills and Notes with maturities of greater than three months at the time of purchase are classified as investments in securities, and those with maturities of three months or less at the time of purchase are classified as cash equivalents.  A substantial portion of investments in securities is held for resale in anticipation of short-term market movements and therefore is classified as trading securities.  Trading securities are stated at fair value, with any unrealized gains or losses reported in current period earnings.  Available for sale ("AFS") investments are stated at fair value, with any unrealized gains or losses, net of taxes, reported as a component of equity except for losses deemed to be other than temporary which are recorded as unrealized losses in the condensed consolidated statements of income.

The following table identifies all reclassifications out of accumulated other comprehensive income for the three and three months ended March 31, 2014 and 2013  (in thousands):

Amount								Affected Line Item in	Reason for
Reclassified								in the Statements	Reclassification
from AOCI								Of Income	from AOCI
Three months ended
March 31, 2014				March 31, 2013
	$	1,612			$	597		Net gain from investments	Realized gain / (loss) on sale of AFS securities
		3,141				150		Other operating expenses	Realized gain / (loss) on donation of AFS securities
		4,753				747		Income before income taxes
		(1,759	)			(276	)	Income tax provision
	$	2,994			$	471		Net income

The Company recognizes all derivatives as either assets or liabilities measured at fair value and includes them in either investments in securities or securities sold, not yet purchased on the condensed consolidated statements of financial condition.  From time to time, the Company and/or the partnerships and offshore funds that the Company consolidates will enter into hedging transactions to manage their exposure to foreign currencies and equity prices related to their proprietary investments.  For the three months ended March 31, 2014 and 2013, the Company had transactions in equity derivatives which resulted in net losses of ($190,000) and net gains of $281,000, respectively.  At March 31, 2014, December 31, 2013 and March 31, 2013, we held derivative contracts on 1.9 million equity shares, 1.3 million equity shares and 222,000 equity shares, respectively, and the fair value of ($107,000), $120,000 and $61,000, respectively; these are included in investments in securities in the condensed consolidated statements of financial condition.  These transactions are not designated as hedges for accounting purposes, and therefore changes in fair values of these derivatives are included in net gain/(loss) from investments in the condensed consolidated statements of income. 

The Company is a party to enforceable master netting arrangements for swaps entered into as part of the Company's investment strategy. They are typically not used as hedging instruments. These swaps, while settled on a net basis with the counterparties, major U.S. financial institutions, are shown gross in assets and liabilities on the condensed consolidated statements of financial condition. The swaps have a firm contract end date and are closed out and settled when each contract expires.

							Gross Amounts Not Offset in the
							Statements of Financial Condition
	Gross		Gross Amounts		Net Amounts of
	Amounts of		Offset in the		Assets Presented
	Recognized		Statements of		in the Statements of		Financial			Cash Collateral
	Assets		Financial Condition		Financial Condition		Instruments			Received		Net Amount
Swaps:	(in thousands)
March 31, 2014	$	198	$	-	$	198	$	(198	)	$	-	$	-
December 31, 2013		275		-		275		(155	)		-		120
March 31, 2013	$	788	$	-	$	788	$	(703	)	$	-	$	85
							Gross Amounts Not Offset in the
							Statements of Financial Condition
	Gross		Gross Amounts		Net Amounts of
	Amounts of		Offset in the		Liabilities Presented
	Recognized		Statements of		in the Statements of		Financial			Cash Collateral
	Liabilities		Financial Condition		Financial Condition		Instruments			Pledged		Net Amount
Swaps:	(in thousands)
March 31, 2014	$	277	$	-	$	277	$	(198	)	$	-	$	79
December 31, 2013		155		-		155		(155	)		-		-
March 31, 2013	$	703	$	-	$	703	$	(703	)	$	-	$	-

The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available for sale investments as of March 31, 2014, December 31, 2013 and March 31, 2013:

	March 31, 2014
			Gross		Gross
			Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(In thousands)
Common stocks	$	15,003	$	26,535	$	-		$	41,538
Closed-end Funds		22,565		16,477		(62	)		38,980
Mutual funds		2,639		2,250		-			4,889
Total available for sale securities	$	40,207	$	45,262	$	(62	)	$	85,407

	December 31, 2013
			Gross		Gross
			Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(In thousands)
Common stocks	$	13,389	$	29,657	$	-		$	43,046
Closed-end Funds		23,100		17,654		(130	)		40,624
Mutual funds		2,794		2,325		(24	)		5,095
Total available for sale securities	$	39,283	$	49,636	$	(154	)	$	88,765

	March 31, 2013
			Gross		Gross
			Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(In thousands)
Common stocks	$	14,312	$	20,913	$	-		$	35,225
Closed-end Funds		31,014		29,884		(3	)		60,895
Mutual funds		3,061		2,055		-			5,116
Total available for sale securities	$	48,387	$	52,852	$	(3	)	$	101,236

Unrealized changes in fair value, net of taxes, for the three months ended March 31, 2014 and March 31, 2013 of ($2.7) million in losses and $6.0 million in gains, respectively, have been included in other comprehensive income, a component of equity, at March 31, 2014 and March 31, 2013.  Return of capital on available for sale securities was $0.3 million and $0.6 million for the three months ended March 31, 2014 and March 31, 2013, respectively.  Proceeds from sales of investments available for sale were approximately $3.9 million and $5.3 million for the three months ended March 31, 2014 and March 31, 2013, respectively.  For the three months ended March 31, 2014 and March 31, 2013, gross gains on the sale of investments available for sale amounted to $1.6 million and $0.6 million, respectively, and were reclassified from other comprehensive income into net gain from investments in the condensed consolidated statements of income.  There were no losses on the sale of investments available for sale for the three months ended March 31, 2014 or March 31, 2013.  The basis on which the cost of a security sold is determined is specific identification.

Investments classified as available for sale that are in an unrealized loss position for which other-than-temporary impairment has not been recognized consisted of the following:

	March 31, 2014							December 31, 2013							March 31, 2013
			Unrealized							Unrealized							Unrealized
	Cost		Losses			Fair Value		Cost		Losses			Fair Value		Cost		Losses			Fair Value
(in thousands)
Cosed-end funds	$	828	$	(62	)	$	766	$	912	$	(130	)	$	782	$	-	$	-		$	-
Mutual Funds		-		-			-		303		(24	)		279		216		(3	)		213
Total	$	828	$	(62	)	$	766	$	1,215	$	(154	)	$	1,061	$	216	$	(3	)	$	213

At March 31, 2014, there were two holdings in loss positions which were not deemed to be other than temporarily impaired due to the length of time that they had been in a loss position and because they passed scrutiny in our evaluation of issuer-specific and industry-specific considerations.  In these specific instances, the investments at March 31, 2014 were open and closed-end funds with diversified holdings across multiple companies and across multiple industries.  One holding was impaired for seven months and one holding was impaired for ten months at March 31, 2014.  The value of these holdings at March 31, 2014 was $0.8 million.

At December 31, 2013 there was four holding in a loss position which was not deemed to be other-than-temporarily impaired due to the length of time that it had been in a loss position and because it passed scrutiny in our evaluation of issuer-specific and industry-specific considerations.  In this specific instance, the investments at December 31, 2013 were mutual funds and closed-end funds with diversified holdings across multiple companies and across multiple industries.  One holding as impaired for one month, one for two months, one for four months and onr for seven month at December 31, 2013 . The value of this holding at December 31, 2013 was $1.1 million.

At March 31, 2013, there were 2 holdings in loss positions which were not deemed to be other-than-temporarily impaired due to the length of time that they had been in a loss position and because they passed scrutiny in our evaluation of issuer-specific and industry-specific considerations.  In this specific instance, the investments at March 31, 2013 were closed-end funds with diversified holdings across multiple companies and across multiple industries.  Both holdings were impaired for two consecutive months at March 31, 2013.  The value of these holdings at March 31, 2013 was $0.2 million.

For the three months ended March 31, 2014 and 2013, there were no losses on available for sale securities deemed to be other than temporary.

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Significant Accounting Policies

3 Months Ended

Mar. 31, 2014

Significant Accounting Policies [Abstract]

Significant Accounting Policies

A.  Significant Accounting Policies

Basis of Presentation

UUnless we have indicated otherwise, or the context otherwise requires, references in this report to "GAMCO Investors, Inc.," "GAMCO," "the Company," "GBL," "we," "us" and "our" or similar terms are to GAMCO Investors, Inc., its predecessors and its subsidiaries.

The unaudited interim condensed consolidated financial statements of GAMCO included herein have been prepared in conformity with generally accepted accounting principles ("GAAP") in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP in the United States for complete financial statements.  In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of financial position, results of operations and cash flows of GAMCO for the interim periods presented and are not necessarily indicative of a full year's results.

The condensed consolidated financial statements include the accounts of GAMCO and its subsidiaries.  Intercompany accounts and transactions are eliminated.

These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013 from which the accompanying condensed consolidated financial statements were derived.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported on the condensed consolidated financial statements and accompanying notes.  Actual results could differ from those estimates.

Recent Accounting Developments

We have considered all newly issued accounting guidance that is applicable to our operations and the preparation of our condensed consolidated statements, including that which we have not yet adopted. We do not believe that any such guidance has or will have a material effect on our financial position or results of operations.

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Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2014

Significant Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

UUnless we have indicated otherwise, or the context otherwise requires, references in this report to "GAMCO Investors, Inc.," "GAMCO," "the Company," "GBL," "we," "us" and "our" or similar terms are to GAMCO Investors, Inc., its predecessors and its subsidiaries.

The unaudited interim condensed consolidated financial statements of GAMCO included herein have been prepared in conformity with generally accepted accounting principles ("GAAP") in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP in the United States for complete financial statements.  In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of financial position, results of operations and cash flows of GAMCO for the interim periods presented and are not necessarily indicative of a full year's results.

The condensed consolidated financial statements include the accounts of GAMCO and its subsidiaries.  Intercompany accounts and transactions are eliminated.

These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013 from which the accompanying condensed consolidated financial statements were derived.

Use of Estimates

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported on the condensed consolidated financial statements and accompanying notes.  Actual results could differ from those estimates.

Recent Accounting Developments

Recent Accounting Developments

We have considered all newly issued accounting guidance that is applicable to our operations and the preparation of our condensed consolidated statements, including that which we have not yet adopted. We do not believe that any such guidance has or will have a material effect on our financial position or results of operations.

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Goodwill and Identifiable Intangible Assets

3 Months Ended

Mar. 31, 2014

Goodwill and Identifiable Intangible Assets [Abstract]

Goodwill and Identifiable Intangible Assets

I. Goodwill and Identifiable Intangible Assets

At March 31, 2014, $3.5 million of goodwill is reflected within other assets on the condensed consolidated statements of financial condition with $3.3 million related to a 94%-owned subsidiary, Gabelli Securities, Inc. and $0.2 million related to G.distributors, LLC.  The Company assesses the recoverability of goodwill at least annually, or more often should events warrant, using a qualitative assessment of whether it is more likely than not that an impairment has occurred to determine if a quantitative analysis is required.  There were no indicators of impairment for the three months ended March 31, 2014 or March 31, 2013, and as such there was no impairment analysis performed or charge recorded.

As a result of becoming the advisor to the Gabelli Enterprise Mergers and Acquisitions Fund in 2008 and the associated consideration paid, the Company maintains an identifiable intangible asset of $1.9 million within other assets on the condensed consolidated statements of financial condition at March 31, 2014, December 31, 2013 and March 31, 2013.  The investment advisory agreement is subject to annual renewal by the fund's Board of Directors, which the Company expects to be renewed, and the Company does not expect to incur additional expense as a result, which is consistent with other investment advisory agreements entered into by the Company.  The advisory contract is next up for renewal in February 2014.  The Company assesses the recoverability of this intangible asset at least annually, or more often should events warrant.  There were no indicators of impairment for the three months ended March 31, 2014 or March 31, 2013, and as such there was no impairment analysis performed or charge recorded.

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Income Taxes

3 Months Ended

Mar. 31, 2014

Income Taxes [Abstract]

Income Taxes

E. Income Taxes

The effective tax rate for the three months ended March 31, 2014 was 34.3% compared to 36.8% for the prior year three month period.  During the 2014 quarter we benefitted from the donation of appreciated securities used to fund our shareholder designated charitable contribution program.  We expect the effective tax rate for the remainder of 2014 to approximate the prior year.

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Fair Value

3 Months Ended

Mar. 31, 2014

Fair Value [Abstract]

Fair Value

C. Fair Value

The following tables present information about the Company's assets and liabilities by major categories measured at fair value on a recurring basis as of March 31, 2014, December 31, 2013 and March 31, 2013 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2014 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		March 31,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2014
Cash equivalents	$	242,917	$	-	$	-	$	242,917
Investments in partnerships		-		24,080		-		24,080
Investments in securities:
AFS - Common stocks		41,538		-		-		41,538
AFS - Mutual funds		1,448		-		-		1,448
Trading - Gov't obligations		25,999		-		-		25,999
Trading - Common stocks		140,575		1		700		141,276
Trading - Mutual funds		23,404		-		-		23,404
Trading - Other		253		212		284		749
Total investments in securities		233,217		213		984		234,414
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		38,980		-		-		38,980
AFS - Mutual Funds		3,441		-		-		3,441
Trading - Mutual funds		12		-		-		12
Total investments in sponsored
registered investment companies		42,433		-		-		42,433
Total investments		275,650		24,293		984		300,927
Total assets at fair value	$	518,567	$	24,293	$	984	$	543,844
Liabilities
Trading - Common stocks	$	10,469	$	-	$	-	$	10,469
Trading - Other		-		319		-		319
Securities sold, not yet purchased	$	10,469	$	319	$	-	$	10,788

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2013 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		December 31,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2013
Cash equivalents	$	209,913	$	-	$	-	$	209,913
Investments in partnerships		-		25,253		-		25,253
Investments in securities:
AFS - Common stocks		43,046		-		-		43,046
AFS - Mutual funds		1,687		-		-		1,687
Trading - Gov't obligations		37,994		-		-		37,994
Trading - Common stocks		123,927		7		700		124,634
Trading - Mutual funds		23,285		-		-		23,285
Trading - Other		23		275		284		582
Total investments in securities		229,962		282		984		231,228
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		40,624		-		-		40,624
AFS - Mutual Funds		3,408		-		-		3,408
Trading - Mutual funds		10		-		-		10
Total investments in sponsored
registered investment companies		44,042		-		-		44,042
Total investments		274,004		25,535		984		300,523
Total assets at fair value	$	483,917	$	25,535	$	984	$	510,436
Liabilities
Trading - Common stocks	$	6,023	$	-	$	-	$	6,023
Trading - Other		-		155		-		155
Securities sold, not yet purchased	$	6,023	$	155	$	-	$	6,178

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2013 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		March 31,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2013
Cash equivalents	$	272,653	$	-	$	-	$	272,653
Investments in partnerships		-		23,772		-		23,772
Investments in securities:
AFS - Common stocks		35,225		-		-		35,225
AFS - Mutual funds		1,734		-		-		1,734
Trading - Gov't obligations		49,990		-		-		49,990
Trading - Common stocks		138,829		7		667		139,503
Trading - Mutual funds		1,655		-		-		1,655
Trading - Other		92		788		299		1,179
Total investments in securities		227,525		795		966		229,286
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		60,895		-		-		60,895
AFS - Mutual Funds		3,382		-		-		3,382
Trading - Mutual funds		17		-		-		17
Total investments in sponsored
registered investment companies		64,294		-		-		64,294
Total investments		291,819		24,567		966		317,352
Total assets at fair value	$	564,472	$	24,567	$	966	$	590,005
Liabilities
Trading - Common stocks	$	5,650	$	-	$	-	$	5,650
Trading - Other		-		727		-		727
Securities sold, not yet purchased	$	5,650	$	727	$	-	$	6,377

The following tables present additional information about assets by major categories measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value:

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2014 (in thousands)

							Total
							Unrealized
							Gains or		Total
			Total Realized and				(Losses)		Realized
	December		Unrealized Gains or				Included in		and						Transfers
	31, 2013		(Losses) in Income				Other		Unrealized						In and/or
	Beginning				AFS		Comprehensive		Gains or						(Out) of		Ending
Asset	Balance		Trading		Investments		Income		(Losses)		Purchases		Sales		Level 3		Balance
Financial
instruments owned:
Trading - Common stocks	$	700	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	700
Trading - Other		284		-		-		-		-		-		-		-		284
Total	$	984	$	-	$	-	$	-	$	-		-	$	-	$	-	$	984

There were no transfers between any Levels during the three months ended March 31, 2014.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2013 (in thousands)

								Total
								Unrealized
								Gains or		Total
			Total Realized and					(Losses)		Realized
	December		Unrealized Gains or					Included in		and								Transfers
	31, 2012		(Losses) in Income					Other		Unrealized								In and/or
	Beginning					AFS		Comprehensive		Gains or								(Out) of		Ending
Asset	Balance		Trading			Investments		Income		(Losses)			Purchases		Sales			Level 3		Balance
Financial
instruments owned:
Trading - Common stocks	$	675	$	(8	)	$	-	$	-	$	(8	)	$	-	$	-		$	-	$	667
Trading - Other		362		1			-		-		1			-		(64	)		-		299
Total	$	1,037	$	(7	)	$	-	$	-	$	(7	)	$	-	$	(64	)	$	-	$	966

There were no transfers between any Levels during the three months ended March 31, 2013.

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Investments in Partnerships, Offshore Funds and Variable Interest Entities

3 Months Ended

Mar. 31, 2014

Investments in Partnerships, Offshore Funds and Variable Interests [Abstract]

Investments in Partnerships, Offshore Funds and Variable Interests

D. Investments in Partnerships, Offshore Funds and Variable Interest Entities ("VIEs")

The Company is general partner or co-general partner of various affiliated entities in which the Company has investments totaling $91.1 million, $82.0 million and $80.8 million at March 31, 2014, December 31, 2013 and March 31, 2013, respectively, and whose underlying assets consist primarily of marketable securities (the "affiliated entities"). We also have investments in unaffiliated entities of $14.7 million, $14.0 million and $13.5 million at March 31, 2014, December 31, 2013 and March 31, 2013, respectively (the "unaffiliated entities").  We evaluate each entity for the appropriate accounting treatment and disclosure.  Certain of the affiliated entities, and none of the unaffiliated entities, are consolidated.

For those entities where consolidation is not deemed to be appropriate, we report them in our condensed consolidated statement of financial condition under the caption "Investments in partnerships".  This caption includes those investments, in both affiliated and unaffiliated entities, which the Company accounts for under the equity method of accounting, as well as certain investments that the feeder funds hold that are carried at fair value, as described in Note C.  The Company reflects the equity in earnings of these equity method investees and the change in fair value of the consolidated feeder funds ("CFFs") under the caption "Net gain from investments" on the condensed consolidated statements of income.

The following table highlights the number of entities, including voting interest entities ("VOEs"), that we consolidate as well as under which accounting guidance they are consolidated, including CFFs, which retain their specialized investment company accounting, partnerships and offshore funds.

Entities consolidated
	CFFs		Partnerships		Offshore Funds		Total
	VIEs	VOEs	VIEs	VOEs	VIEs	VOEs	VIEs	VOEs
Entities consolidated at December 31, 2012	1	2	-	1	-	1	1	4
Additional consolidated entities	-	-	-	-	-	-	-	-
Deconsolidated entities	-	-	-	-	-	-	-	-
Entities consolidated at March 31, 2013	1	2	-	1	-	1	1	4
Additional consolidated entities	-	-	-	-	-	-	-	-
Deconsolidated entities	-	-	-	-	-	-	-	-
Entities consolidated at December 31, 2013	1	2	-	1	-	1	1	4
Additional consolidated entities	-	-	-	-	-	-	-	-
Deconsolidated entities	-	-	-	-	-	-	-	-
Entities consolidated at March 31, 2014	1	2	-	1	-	1	1	4

At and for the three months ended March 31, 2014 and 2013 and at December 31, 2013, one CFF VIE is consolidated, as the Company has been determined to be the primary beneficiary because it has an equity interest and absorbs the majority of the expected losses and/or expected gains. At and for the three months ended March 31, 2014 and 2013 and at December 31, 2013, the two CFF VOEs, the one Partnership VOE and the one Offshore Fund VOE are consolidated because the unaffiliated partners or shareholders lack substantive rights, and the Company, as either the general partner or investment manager, is deemed to have control.

The following table breaks down the investments in partnerships line by accounting method, either fair value or equity method, and investment type (in thousands):

	March 31, 2014
	Investment Type
	Affiliated						Unaffiliated
	Consolidated
Accounting method	Feeder Funds		Partnerships		Offshore Funds		Partnerships		Offshore Funds		Total
Fair Value	$	24,080	$	-	$	-	$	-	$	-	$	24,080
Equity Method		-		30,266		36,779		6,677		8,047		81,769
Total	$	24,080	$	30,266	$	36,779	$	6,677	$	8,047	$	105,849

	December 31, 2013
	Investment Type
	Affiliated						Unaffiliated
	Consolidated
Accounting method	Feeder Funds		Partnerships		Offshore Funds		Partnerships		Offshore Funds		Total
Fair Value	$	25,253	$	-	$	-	$	-	$	-	$	25,253
Equity Method		-		21,669		35,030		6,509		7,531		70,739
Total	$	25,253	$	21,669	$	35,030	$	6,509	$	7,531	$	95,992

	March 31, 2013
	Investment Type
	Affiliated						Unaffiliated
	Consolidated
Accounting method	Feeder Funds		Partnerships		Offshore Funds		Partnerships		Offshore Funds		Total
Fair Value	$	23,772	$	-	$	-	$	-	$	-	$	23,772
Equity Method		-		27,477		29,551		6,427		7,033		70,488
Total	$	23,772	$	27,477	$	29,551	$	6,427	$	7,033	$	94,260

The following table includes the net impact by line item on the condensed consolidated statements of financial condition for each category of entity consolidated (in thousands):

	March 31, 2014
	Prior to							Offshore
	Consolidation		CFFs		Partnerships			Funds			As Reported
Assets
Cash and cash equivalents	$	242,826	$	1	$	315		$	-		$	243,142
Investments in securities		234,628		-		7,708			(7,922	)		234,414
Investments in sponsored investment companies		42,422		-		11			-			42,433
Investments in partnerships		110,330		4,636		(9,117	)		-			105,849
Receivable from brokers		39,163		-		1,411			13,510			54,084
Investment advisory fees receivable		33,112		2		-			(79	)		33,035
Other assets		26,749		8		-			106			26,863
Total assets	$	729,230	$	4,647	$	328		$	5,615		$	739,820
Liabilities and equity
Securities sold, not yet purchased	$	10,531	$	-	$	-		$	257		$	10,788
Accrued expenses and other liabilities		129,677		88		37			1,744			131,546
Total debt		112,098		-		-			-			112,098
Redeemable noncontrolling interests		-		4,559		291			3,614			8,464
Total equity		476,924		-		-			-			476,924
Total liabilities and equity	$	729,230	$	4,647	$	328		$	5,615		$	739,820

	December 31, 2013
	Prior to								Offshore
	Consolidation		CFFs			Partnerships			Funds			As Reported
Assets
Cash and cash equivalents	$	209,667	$	450		$	334		$	-		$	210,451
Investments in securities		232,211		-			7,464			(8,447	)		231,228
Investments in sponsored investment companies		44,033		-			9			-			44,042
Investments in partnerships		98,494		6,517			(9,019	)		-			95,992
Receivable from brokers		35,151		-			-			14,310			49,461
Investment advisory fees receivable		52,509		(24	)		(14	)		(965	)		51,506
Other assets		27,433		(2,339	)		1,592			119			26,805
Total assets	$	699,498	$	4,604		$	366		$	5,017		$	709,485
Liabilities and equity
Securities sold, not yet purchased	$	6,049	$	-		$	-		$	129		$	6,178
Accrued expenses and other liabilities		121,356		165			29			2,913			124,463
Total debt		111,911		-			-			-			111,911
Redeemable noncontrolling interests		-		4,439			337			1,975			6,751
Total equity		460,182		-			-			-			460,182
Total liabilities and equity	$	699,498	$	4,604		$	366		$	5,017		$	709,485

	March 31, 2013
	Prior to									Offshore
	Consolidation			CFFs			Partnerships			Funds			As Reported
Assets
Cash and cash equivalents	$	272,454		$	534		$	365		$	-		$	273,353
Investments in securities		214,627			-			7,733			6,926			229,286
Investments in sponsored investment companies		64,278			-			16			-			64,294
Investments in partnerships		99,500			3,423			(8,663	)		-			94,260
Receivable from brokers		30,569			-			866			13,148			44,583
Investment advisory fees receivable		29,717			(6	)		(2	)		(85	)		29,624
Other assets		26,136			(1,000	)		-			93			25,229
Total assets	$	737,281		$	2,951		$	315		$	20,082		$	760,629
Liabilities and equity
Securities sold, not yet purchased	$	5,864		$	-		$	-		$	513		$	6,377
Accrued expenses and other liabilities		118,401			614			34			5,772			124,821
Total debt		216,688			-			-			-			216,688
Redeemable noncontrolling interests		(1	)		2,337			281			13,797			16,414
Total equity		396,329			-			-			-			396,329
Total liabilities and equity	$	737,281		$	2,951		$	315		$	20,082		$	760,629

The following table includes the net impact by line item on the condensed consolidated statements of income for each category of entity consolidated (in thousands):

	Three Months Ended March 31, 2014
	Prior to									Offshore
	Consolidation			CFFs			Partnerships			Funds			As Reported
Total revenues	$	104,701		$	(7	)	$	(1	)	$	(216	)	$	104,477
Total expenses		67,712			34			12			220			67,978
Operating income		36,989			(41	)		(13	)		(436	)		36,499
Total other income, net		5,541			76			4			472			6,093
Income before income taxes		42,530			35			(9	)		36			42,592
Income tax provision		14,616			-			-			-			14,616
Net income		27,914			35			(9	)		36			27,976
Net income attributable to noncontrolling interests		(40	)		35			(9	)		36			22
Net income attributable to GAMCO	$	27,954		$	-		$	-		$	-		$	27,954

	Three Months Ended March 31, 2013
	Prior to								Offshore
	Consolidation		CFFs			Partnerships			Funds			As Reported
Total revenues	$	86,456	$	(6	)	$	(1	)	$	(268	)	$	86,181
Total expenses		55,215		53			10			176			55,454
Operating income		31,241		(59	)		(11	)		(444	)		30,727
Total other income, net		4,502		110			15			521			5,148
Income before income taxes		35,743		51			4			77			35,875
Income tax provision		13,195		-			-			-			13,195
Net income		22,548		51			4			77			22,680
Net income attributable to noncontrolling interests		3		51			4			77			135
Net income attributable to GAMCO	$	22,545	$	-		$	-		$	-		$	22,545

Variable Interest Entities

We sponsor a number of investment vehicles where we are the general partner or investment manager.  Certain of these vehicles are VIEs, but we are not the primary beneficiary, in all but one case, because we do not absorb a majority of the entities' expected losses or expected returns, and they are, therefore, not consolidated.  We consolidate the one VIE where we are the primary beneficiary.  The Company has not provided any financial or other support to those VIEs where we are not the primary beneficiary.  The total net assets of these non-consolidated VIEs at March 31, 2014, December 31, 2013 and March 31, 2013 were $74.1 million, $72.7 million and $77.8 million, respectively.  Our maximum exposure to loss as a result of our involvement with the non-consolidated VIEs is limited to the investment in one VIE and the deferred carried interest that we have in another.  On March 31, 2014, we had an investment in two of the non-consolidated VIE offshore funds of approximately $10.9 million.  On December 31, 2013 and March 31, 2013, we had an investment in one of the non-consolidated VIE offshore funds of approximately $10.0 million and $8.3 million, respectively, which was included in investments in partnerships on the condensed consolidated statements of financial condition.  For each of the three month periods ended March 31, 2014, December 31, 2013 and March 31, 2013, we had a deferred carried interest in one of the non-consolidated VIE offshore funds of approximately $45,000 which was included in investments in partnerships on the condensed consolidated statements of financial condition.  Additionally, as the general partner or investment manager to these VIEs the Company earns fees in relation to these roles, which given a decline in AUMs of the VIEs would result in lower fee revenues earned by the Company which would be reflected on the condensed consolidated statement of income, condensed consolidated statement of financial condition and condensed consolidated statement of cash flows.

The assets of these VIEs may only be used to satisfy obligations of the VIEs.  The following table presents the balances related to the VIE that is consolidated and is included on the condensed consolidated statements of financial condition as well as GAMCO's net interest in this VIE.  Only one VIE was consolidated at March 31, 2014, December 31, 2013 and March 31, 2013:

	March 31, 2014			December 31, 2013			March 31, 2013
(In thousands)
Cash and cash equivalents	$	-		$	-		$	21
Investments in partnerships		13,798			15,540			15,484
Accrued expenses and other liabilities		(16	)		(2,022	)		(1,041	)
Redeemable noncontrolling interests		(1,103	)		(1,120	)		-
GAMCO's net interests in consolidated VIE	$	12,679		$	12,398		$	14,464

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Earnings Per Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

F. Earnings Per Share

Thecomputations of basic and diluted net income per share are as follows:

	Three Months Ended March 31,
(in thousands, except per share amounts)	2014		2013
Basic:
Net income attributable to GAMCO Investors, Inc.'s shareholders	$	27,954	$	22,545
Weighted average shares outstanding		25,481		25,742
Basic net income attributable to GAMCO Investors, Inc.'s
shareholders per share	$	1.10	$	0.88
Diluted:
Net income attributable to GAMCO Investors, Inc.'s shareholders	$	27,954	$	22,545
Weighted average share outstanding		25,481		25,742
Dilutive stock options and restricted stock awards		203		16
Total		25,684		25,758
Diluted net income attributable to GAMCO Investors, Inc.'s
shareholders per share	$	1.09	$	0.88

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Investments in Partnerships, Offshore Funds and Variable Interest Entities, Part II (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2012
Assets [Abstract]
Cash and cash equivalents at end of period	$ 243,142	$ 273,353	$ 210,451	$ 190,608
Investments in securities	234,414	229,286	231,228
Investments in sponsored investment companies	42,433	64,294	44,042
Investments in partnerships	105,849	94,260	95,992
Receivable from brokers	54,084	44,583	49,461
Investment advisory fees receivable	33,035	29,624	51,506
Other asset	26,863	25,229	26,805
Total assets	739,820	760,629	709,485
Liabilities and Equity [Abstract]
Securities sold, not yet purchased	10,788	6,377	6,178
Accrued expense and other liabilities	131,546	124,821	124,463
Total Debt	112,098	216,688	111,911
Redeemable noncontrolling interests	8,464	16,414	6,751
Total equity	476,924	396,329	460,182	370,934
Total liabilities and equity	739,820	760,629	709,485
Condensed Consolidated Statements of Income [Abstract]
Total revenues	104,477	86,181
Total expenses	67,978	55,454
Operating income	36,499	30,727
Total other income, net	6,093	5,148
Income before income taxes	42,592	35,875
Income tax provision	14,616	13,195
Net income	27,976	22,680
Net income/(loss) attributable to noncontrolling interests	22	135
Net income attributable to GAMCO Investors, Inc.'s shareholders	27,954	22,545
VIE [Member]
Assets [Abstract]
Cash and cash equivalents at end of period	0	21	0
Investments in partnerships	13,798	15,484	15,540
Liabilities and Equity [Abstract]
Accrued expense and other liabilities	(16)	(1,041)	(2,022)
Redeemable noncontrolling interests	(1,103)	0	(1,120)
GAMCO's net interests in consolidated VIEs	12,679	14,464	12,398
Prior to Consolidations [Member]
Assets [Abstract]
Cash and cash equivalents at end of period	242,826	272,454	209,667
Investments in securities	234,628	214,627	232,211
Investments in sponsored investment companies	42,422	64,278	44,033
Investments in partnerships	110,330	99,500	98,494
Receivable from brokers	39,163	30,569	35,151
Investment advisory fees receivable	33,112	29,717	52,509
Other asset	26,749	26,136	27,433
Total assets	729,230	737,281	699,498
Liabilities and Equity [Abstract]
Securities sold, not yet purchased	10,531	5,864	6,049
Accrued expense and other liabilities	129,677	118,401	121,356
Total Debt	112,098	216,688	111,911
Redeemable noncontrolling interests	0	(1)	0
Total equity	476,924	396,329	460,182
Total liabilities and equity	729,230	737,281	699,498
Condensed Consolidated Statements of Income [Abstract]
Total revenues	104,701	86,456
Total expenses	67,712	55,215
Operating income	36,989	31,241
Total other income, net	5,541	4,502
Income before income taxes	42,530	35,743
Income tax provision	14,616	13,195
Net income	27,914	22,548
Net income/(loss) attributable to noncontrolling interests	(40)	3
Net income attributable to GAMCO Investors, Inc.'s shareholders	27,954	22,545
CFFs [Member]
Assets [Abstract]
Cash and cash equivalents at end of period	1	534	450
Investments in securities	0	0	0
Investments in sponsored investment companies	0	0	0
Investments in partnerships	4,636	3,423	6,517
Receivable from brokers	0	0	0
Investment advisory fees receivable	2	(6)	(24)
Other asset	8	(1,000)	(2,339)
Total assets	4,647	2,951	4,604
Liabilities and Equity [Abstract]
Securities sold, not yet purchased	0	0	0
Accrued expense and other liabilities	88	614	165
Total Debt	0	0	0
Redeemable noncontrolling interests	4,559	2,337	4,439
Total equity	0	0	0
Total liabilities and equity	4,647	2,951	4,604
Condensed Consolidated Statements of Income [Abstract]
Total revenues	(7)	(6)
Total expenses	34	53
Operating income	(41)	(59)
Total other income, net	76	110
Income before income taxes	35	51
Income tax provision	0	0
Net income	35	51
Net income/(loss) attributable to noncontrolling interests	35	51
Net income attributable to GAMCO Investors, Inc.'s shareholders	0	0
Partnerships [Member]
Assets [Abstract]
Cash and cash equivalents at end of period	315	365	334
Investments in securities	7,708	7,733	7,464
Investments in sponsored investment companies	11	16	9
Investments in partnerships	(9,117)	(8,663)	(9,019)
Receivable from brokers	1,411	866	0
Investment advisory fees receivable	0	(2)	(14)
Other asset	0	0	1,592
Total assets	328	315	366
Liabilities and Equity [Abstract]
Securities sold, not yet purchased	0	0	0
Accrued expense and other liabilities	37	34	29
Total Debt	0	0	0
Redeemable noncontrolling interests	291	281	337
Total equity	0	0	0
Total liabilities and equity	328	315	366
Condensed Consolidated Statements of Income [Abstract]
Total revenues	(1)	(1)
Total expenses	12	10
Operating income	(13)	(11)
Total other income, net	4	15
Income before income taxes	(9)	4
Income tax provision	0	0
Net income	(9)	4
Net income/(loss) attributable to noncontrolling interests	(9)	4
Net income attributable to GAMCO Investors, Inc.'s shareholders	0	0
Offshore Funds [Member]
Assets [Abstract]
Cash and cash equivalents at end of period	0	0	0
Investments in securities	(7,922)	6,926	(8,447)
Investments in sponsored investment companies	0	0	0
Investments in partnerships	0	0	0
Receivable from brokers	13,510	13,148	14,310
Investment advisory fees receivable	(79)	(85)	(965)
Other asset	106	93	119
Total assets	5,615	20,082	5,017
Liabilities and Equity [Abstract]
Securities sold, not yet purchased	257	513	129
Accrued expense and other liabilities	1,744	5,772	2,913
Total Debt	0	0	0
Redeemable noncontrolling interests	3,614	13,797	1,975
Total equity	0	0	0
Total liabilities and equity	5,615	20,082	5,017
Condensed Consolidated Statements of Income [Abstract]
Total revenues	(216)	(268)
Total expenses	220	176
Operating income	(436)	(444)
Total other income, net	472	521
Income before income taxes	36	77
Income tax provision	0	0
Net income	36	77
Net income/(loss) attributable to noncontrolling interests	36	77
Net income attributable to GAMCO Investors, Inc.'s shareholders	$ 0	$ 0

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Shareholder-Designated Contribution Plan

3 Months Ended

Mar. 31, 2014

Shareholder-Designated Contribution Plan [Abstract]

Shareholder-Designated Contribution Plan

K. Shareholder-Designated Contribution Plan

During 2013, the Company established a Shareholder Designated Charitable Contribution program.  Under the program, each shareholder is eligible to designate a charity to which the Company would make a donation based upon the actual number of shares registered in the shareholder's name.  Shares held in nominee or street name were not eligible to participate.  The Board of Directors approved two contributions during 2013 of $0.25 per registered share each.  During the first quarter of 2013, the Company recorded a charge of $5.0 million, or $0.11 per diluted share, net of management fee and tax benefit, related to the contributions which was included in shareholder-designated contribution in the condensed consolidated statements of income.

During the fourth quarter of 2013, the Company recorded a charge of $5.3 million, or $0.12 per diluted share, net of management fee and tax benefit, as an estimate of the expected contribution to be made relating to the $0.25 per share contribution approved by the Board in November 2013.  If all registered shareholders at March 31, 2014, the record date for the November 2013 contribution, participate and respond on a timely basis, the Company would record an additional charge to earnings of $149,000.  The Company will not know the final amount until after May 31, 2014, the date to return completed forms.

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Investments in Partnerships, Offshore Funds and Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2014

Investments in Partnerships, Offshore Funds and Variable Interests [Abstract]

Schedule of Number of Entities Consolidated

The following table highlights the number of entities, including voting interest entities ("VOEs"), that we consolidate as well as under which accounting guidance they are consolidated, including CFFs, which retain their specialized investment company accounting, partnerships and offshore funds.

Entities consolidated
	CFFs		Partnerships		Offshore Funds		Total
	VIEs	VOEs	VIEs	VOEs	VIEs	VOEs	VIEs	VOEs
Entities consolidated at December 31, 2012	1	2	-	1	-	1	1	4
Additional consolidated entities	-	-	-	-	-	-	-	-
Deconsolidated entities	-	-	-	-	-	-	-	-
Entities consolidated at March 31, 2013	1	2	-	1	-	1	1	4
Additional consolidated entities	-	-	-	-	-	-	-	-
Deconsolidated entities	-	-	-	-	-	-	-	-
Entities consolidated at December 31, 2013	1	2	-	1	-	1	1	4
Additional consolidated entities	-	-	-	-	-	-	-	-
Deconsolidated entities	-	-	-	-	-	-	-	-
Entities consolidated at March 31, 2014	1	2	-	1	-	1	1	4

Investments in Partnerships by Accounting Method

The following table includes the net impact by line item on the condensed consolidated statements of financial condition for each category of entity consolidated (in thousands):

	March 31, 2014
	Prior to							Offshore
	Consolidation		CFFs		Partnerships			Funds			As Reported
Assets
Cash and cash equivalents	$	242,826	$	1	$	315		$	-		$	243,142
Investments in securities		234,628		-		7,708			(7,922	)		234,414
Investments in sponsored investment companies		42,422		-		11			-			42,433
Investments in partnerships		110,330		4,636		(9,117	)		-			105,849
Receivable from brokers		39,163		-		1,411			13,510			54,084
Investment advisory fees receivable		33,112		2		-			(79	)		33,035
Other assets		26,749		8		-			106			26,863
Total assets	$	729,230	$	4,647	$	328		$	5,615		$	739,820
Liabilities and equity
Securities sold, not yet purchased	$	10,531	$	-	$	-		$	257		$	10,788
Accrued expenses and other liabilities		129,677		88		37			1,744			131,546
Total debt		112,098		-		-			-			112,098
Redeemable noncontrolling interests		-		4,559		291			3,614			8,464
Total equity		476,924		-		-			-			476,924
Total liabilities and equity	$	729,230	$	4,647	$	328		$	5,615		$	739,820

	December 31, 2013
	Prior to								Offshore
	Consolidation		CFFs			Partnerships			Funds			As Reported
Assets
Cash and cash equivalents	$	209,667	$	450		$	334		$	-		$	210,451
Investments in securities		232,211		-			7,464			(8,447	)		231,228
Investments in sponsored investment companies		44,033		-			9			-			44,042
Investments in partnerships		98,494		6,517			(9,019	)		-			95,992
Receivable from brokers		35,151		-			-			14,310			49,461
Investment advisory fees receivable		52,509		(24	)		(14	)		(965	)		51,506
Other assets		27,433		(2,339	)		1,592			119			26,805
Total assets	$	699,498	$	4,604		$	366		$	5,017		$	709,485
Liabilities and equity
Securities sold, not yet purchased	$	6,049	$	-		$	-		$	129		$	6,178
Accrued expenses and other liabilities		121,356		165			29			2,913			124,463
Total debt		111,911		-			-			-			111,911
Redeemable noncontrolling interests		-		4,439			337			1,975			6,751
Total equity		460,182		-			-			-			460,182
Total liabilities and equity	$	699,498	$	4,604		$	366		$	5,017		$	709,485

	March 31, 2013
	Prior to									Offshore
	Consolidation			CFFs			Partnerships			Funds			As Reported
Assets
Cash and cash equivalents	$	272,454		$	534		$	365		$	-		$	273,353
Investments in securities		214,627			-			7,733			6,926			229,286
Investments in sponsored investment companies		64,278			-			16			-			64,294
Investments in partnerships		99,500			3,423			(8,663	)		-			94,260
Receivable from brokers		30,569			-			866			13,148			44,583
Investment advisory fees receivable		29,717			(6	)		(2	)		(85	)		29,624
Other assets		26,136			(1,000	)		-			93			25,229
Total assets	$	737,281		$	2,951		$	315		$	20,082		$	760,629
Liabilities and equity
Securities sold, not yet purchased	$	5,864		$	-		$	-		$	513		$	6,377
Accrued expenses and other liabilities		118,401			614			34			5,772			124,821
Total debt		216,688			-			-			-			216,688
Redeemable noncontrolling interests		(1	)		2,337			281			13,797			16,414
Total equity		396,329			-			-			-			396,329
Total liabilities and equity	$	737,281		$	2,951		$	315		$	20,082		$	760,629

Condensed Consolidated Statements Of Financial Condition By Entity Consolidated

The following table includes the net impact by line item on the condensed consolidated statements of financial condition for each category of entity consolidated (in thousands):

	March 31, 2014
	Prior to							Offshore
	Consolidation		CFFs		Partnerships			Funds			As Reported
Assets
Cash and cash equivalents	$	242,826	$	1	$	315		$	-		$	243,142
Investments in securities		234,628		-		7,708			(7,922	)		234,414
Investments in sponsored investment companies		42,422		-		11			-			42,433
Investments in partnerships		110,330		4,636		(9,117	)		-			105,849
Receivable from brokers		39,163		-		1,411			13,510			54,084
Investment advisory fees receivable		33,112		2		-			(79	)		33,035
Other assets		26,749		8		-			106			26,863
Total assets	$	729,230	$	4,647	$	328		$	5,615		$	739,820
Liabilities and equity
Securities sold, not yet purchased	$	10,531	$	-	$	-		$	257		$	10,788
Accrued expenses and other liabilities		129,677		88		37			1,744			131,546
Total debt		112,098		-		-			-			112,098
Redeemable noncontrolling interests		-		4,559		291			3,614			8,464
Total equity		476,924		-		-			-			476,924
Total liabilities and equity	$	729,230	$	4,647	$	328		$	5,615		$	739,820

	December 31, 2013
	Prior to								Offshore
	Consolidation		CFFs			Partnerships			Funds			As Reported
Assets
Cash and cash equivalents	$	209,667	$	450		$	334		$	-		$	210,451
Investments in securities		232,211		-			7,464			(8,447	)		231,228
Investments in sponsored investment companies		44,033		-			9			-			44,042
Investments in partnerships		98,494		6,517			(9,019	)		-			95,992
Receivable from brokers		35,151		-			-			14,310			49,461
Investment advisory fees receivable		52,509		(24	)		(14	)		(965	)		51,506
Other assets		27,433		(2,339	)		1,592			119			26,805
Total assets	$	699,498	$	4,604		$	366		$	5,017		$	709,485
Liabilities and equity
Securities sold, not yet purchased	$	6,049	$	-		$	-		$	129		$	6,178
Accrued expenses and other liabilities		121,356		165			29			2,913			124,463
Total debt		111,911		-			-			-			111,911
Redeemable noncontrolling interests		-		4,439			337			1,975			6,751
Total equity		460,182		-			-			-			460,182
Total liabilities and equity	$	699,498	$	4,604		$	366		$	5,017		$	709,485

	March 31, 2013
	Prior to									Offshore
	Consolidation			CFFs			Partnerships			Funds			As Reported
Assets
Cash and cash equivalents	$	272,454		$	534		$	365		$	-		$	273,353
Investments in securities		214,627			-			7,733			6,926			229,286
Investments in sponsored investment companies		64,278			-			16			-			64,294
Investments in partnerships		99,500			3,423			(8,663	)		-			94,260
Receivable from brokers		30,569			-			866			13,148			44,583
Investment advisory fees receivable		29,717			(6	)		(2	)		(85	)		29,624
Other assets		26,136			(1,000	)		-			93			25,229
Total assets	$	737,281		$	2,951		$	315		$	20,082		$	760,629
Liabilities and equity
Securities sold, not yet purchased	$	5,864		$	-		$	-		$	513		$	6,377
Accrued expenses and other liabilities		118,401			614			34			5,772			124,821
Total debt		216,688			-			-			-			216,688
Redeemable noncontrolling interests		(1	)		2,337			281			13,797			16,414
Total equity		396,329			-			-			-			396,329
Total liabilities and equity	$	737,281		$	2,951		$	315		$	20,082		$	760,629

Condensed Consolidated Statements Of Income By Entity Consolidated

The following table includes the net impact by line item on the condensed consolidated statements of income for each category of entity consolidated (in thousands):

	Three Months Ended March 31, 2014
	Prior to									Offshore
	Consolidation			CFFs			Partnerships			Funds			As Reported
Total revenues	$	104,701		$	(7	)	$	(1	)	$	(216	)	$	104,477
Total expenses		67,712			34			12			220			67,978
Operating income		36,989			(41	)		(13	)		(436	)		36,499
Total other income, net		5,541			76			4			472			6,093
Income before income taxes		42,530			35			(9	)		36			42,592
Income tax provision		14,616			-			-			-			14,616
Net income		27,914			35			(9	)		36			27,976
Net income attributable to noncontrolling interests		(40	)		35			(9	)		36			22
Net income attributable to GAMCO	$	27,954		$	-		$	-		$	-		$	27,954

	Three Months Ended March 31, 2013
	Prior to								Offshore
	Consolidation		CFFs			Partnerships			Funds			As Reported
Total revenues	$	86,456	$	(6	)	$	(1	)	$	(268	)	$	86,181
Total expenses		55,215		53			10			176			55,454
Operating income		31,241		(59	)		(11	)		(444	)		30,727
Total other income, net		4,502		110			15			521			5,148
Income before income taxes		35,743		51			4			77			35,875
Income tax provision		13,195		-			-			-			13,195
Net income		22,548		51			4			77			22,680
Net income attributable to noncontrolling interests		3		51			4			77			135
Net income attributable to GAMCO	$	22,545	$	-		$	-		$	-		$	22,545

GAMCO's Net Interest in Consolidated VIEs

The assets of these VIEs may only be used to satisfy obligations of the VIEs.  The following table presents the balances related to the VIE that is consolidated and is included on the condensed consolidated statements of financial condition as well as GAMCO's net interest in this VIE.  Only one VIE was consolidated at March 31, 2014, December 31, 2013 and March 31, 2013:

	March 31, 2014			December 31, 2013			March 31, 2013
(In thousands)
Cash and cash equivalents	$	-		$	-		$	21
Investments in partnerships		13,798			15,540			15,484
Accrued expenses and other liabilities		(16	)		(2,022	)		(1,041	)
Redeemable noncontrolling interests		(1,103	)		(1,120	)		-
GAMCO's net interests in consolidated VIE	$	12,679		$	12,398		$	14,464

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Subsequent Events (Details) (USD $) In Thousands, except Share data, unless otherwise specified	0 Months Ended	3 Months Ended				180 Months Ended		3 Months Ended	0 Months Ended	3 Months Ended		0 Months Ended
	Aug. 06, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2014	Feb. 05, 2013	Mar. 31, 2014 Restricted Stock [Member]	May 07, 2014 Subsequent Event [Member]	Mar. 31, 2013 Quarterly Dividend [Member]	Mar. 31, 2012 Quarterly Dividend [Member]	Aug. 06, 2013 Quarterly Dividend [Member] Subsequent Event [Member]
Subsequent Event [Line Items]
Stock repurchased (in shares)									38,895
Average price per share of repurchased shares (in dollars per share)		$ 79.59		$ 53.57		$ 42.76			$ 76.06
Shares available to be repurchased (in shares)							500,000
Shares authorized for issuance (in shares)		1,500,000				1,500,000
Dividends declared (in dollars per share)		$ 0.06		$ 0.05						$ 0.06	$ 0.05	$ 0.06
Dividends declared date												May 06, 2014
Dividends payable date				Mar. 25, 2014	Mar. 26, 2013							Jun. 24, 2014
Dividends record date				Mar. 11, 2014	Mar. 12, 2013							Jun. 10, 2014
Expected expense related to Shareholder-designated charitable contribution program		$ 0	$ 5,300	$ 5,000
RSAs granted (in shares)	431,700							2,100
Restricted stock award shares approved grant date fair value (in dollars per share)	$ 57.86							$ 81.99
Percentage stock based compensation expense recognize over three years vesting period (in hundredths)		30.00%						60.00%
Stock based compensation expense recognize over five years vesting period		70.00%						40.00%
Vesting period for recognition of 30 percent of stock based compensation expense		3 years
Vesting period for recognition of 70 percent of stock based compensation expense		5 years

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CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION UNAUDITED (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
ASSETS
Cash and cash equivalents	$ 243,142	$ 210,451	$ 273,353
Investments in securities	234,414	231,228	229,286
Investments in sponsored registered investment companies	42,433	44,042	64,294
Investments in partnerships	105,849	95,992	94,260
Receivable from brokers	54,084	49,461	44,583
Investment advisory fees receivable	33,035	51,506	29,624
Income tax receivable	445	445	917
Other assets	26,418	26,360	24,312
Total assets	739,820	709,485	760,629
Liabilities and Equity
Payable to brokers	11,370	10,765	15,059
Income taxes payable and deferred tax liabilities	41,427	39,846	34,292
Capital lease obligation	5,307	5,323	4,914
Compensation payable	41,447	34,663	34,676
Securities sold, not yet purchased	10,788	6,178	6,377
Mandatorily redeemable noncontrolling interests	1,337	1,355	1,343
Accrued expenses and other liabilities	30,658	32,511	34,537
Sub-total	142,334	130,641	131,198
5.5% Senior notes (due May 15, 2013)	0	0	99,000
5.875% Senior notes (due June 1, 2021)	100,000	100,000	100,000
Zero coupon subordinated debentures, Face value: $21.7 million at June 30, 2013 and December 31, 2012 and $86.3 million at June 30, 2012 (due December 31, 2015)	12,098	11,911	17,688
Total liabilities	254,432	242,552	347,886
Redeemable noncontrolling interests	8,464	6,751	16,414
Commitments and contingencies (Note J)
GAMCO Investors, Inc. stockholders' equity
Preferred Stock
Additional paid-in capital	285,215	282,496	280,196
Retained earnings	532,839	506,441	429,553
Accumulated other comprehensive income	27,550	30,239	32,291
Total GAMCO Investors, Inc. stockholders' equity	474,112	457,331	392,999
Noncontrolling interests	2,812	2,851	3,330
Total equity	476,924	460,182	396,329
Total liabilities and equity	739,820	709,485	760,629
Class A [Member]
GAMCO Investors, Inc. stockholders' equity
Common Stock	14	14	13
Treasury stock, at cost (8,118,237, 8,081,561 and 7,167,981 shares, respectively)	(371,525)	(361,878)	(349,074)
Class B [Member]
GAMCO Investors, Inc. stockholders' equity
Common Stock	$ 19	$ 19	$ 20

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Non-cash activity:
Accrued restricted stock award dividends	$ 28	$ 0

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Computations of basic and diluted net income per share

Thecomputations of basic and diluted net income per share are as follows:

	Three Months Ended March 31,
(in thousands, except per share amounts)	2014		2013
Basic:
Net income attributable to GAMCO Investors, Inc.'s shareholders	$	27,954	$	22,545
Weighted average shares outstanding		25,481		25,742
Basic net income attributable to GAMCO Investors, Inc.'s
shareholders per share	$	1.10	$	0.88
Diluted:
Net income attributable to GAMCO Investors, Inc.'s shareholders	$	27,954	$	22,545
Weighted average share outstanding		25,481		25,742
Dilutive stock options and restricted stock awards		203		16
Total		25,684		25,758
Diluted net income attributable to GAMCO Investors, Inc.'s
shareholders per share	$	1.09	$	0.88

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Stockholders' Equity (Details) (USD $)	0 Months Ended	3 Months Ended			12 Months Ended	180 Months Ended		3 Months Ended														3 Months Ended
	Aug. 06, 2013	Mar. 31, 2014 IncentivePlan	Mar. 31, 2013	Mar. 31, 2012	Dec. 31, 2013	Mar. 31, 2014	Feb. 05, 2013	Mar. 31, 2014 Q1 [Member]	Mar. 31, 2013 Q1 [Member]	Mar. 31, 2014 Q2 [Member]	Jun. 30, 2013 Q2 [Member]	Mar. 31, 2014 Q3 [Member]	Sep. 30, 2013 Q3 [Member]	Mar. 31, 2014 Q4 [Member]	Dec. 31, 2013 Q4 [Member]	Mar. 31, 2014 Restricted Stock [Member]	Mar. 31, 2013 Quarterly Dividend [Member]	Mar. 31, 2012 Quarterly Dividend [Member]	Mar. 31, 2014 Class A [Member] VoteperShare	Dec. 31, 2013 Class A [Member]	Mar. 31, 2013 Class A [Member]	Mar. 31, 2014 Class B [Member] VoteperShare	Dec. 31, 2013 Class B [Member]	Mar. 31, 2013 Class B [Member]
Stockholders' Equity [Abstract]
Shares outstanding (in shares)		26,000,000	25,700,000		26,100,000	26,000,000													6,639,106	6,701,930	6,147,532	19,345,706	19,384,174	19,564,174
Dividends Payable [Line Items]
Dividends declared (in dollars per share)		$ 0.06	$ 0.05														$ 0.06	$ 0.05
Dividend payment date			Mar. 25, 2014	Mar. 26, 2013
Dividend record date			Mar. 11, 2014	Mar. 12, 2013
Voting Rights [Abstract]
Number of votes per share																			1			10
Stock Award and Incentive Plan [Abstract]
Number of incentive plans		2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance under each plan, maximum (in shares)		1,500,000				1,500,000
Term of nonqualified stock options, maximum (in years)		10 years
Percentage options granted under plans vest after three years (in hundredths)		75.00%
Percentage options granted under plan vest after four years (in hundredths)		100.00%
Vesting period for 75 percent of stock options		3 years
Vesting period for 100 percent of stock options		4 years
RSA shares outstanding (in shares)		566,850			566,950	566,850
Average weighted grant price (in dollars per share)		$ 63.97			$ 63.93
Percentage stock based compensation expense recognize over three years vesting period (in hundredths)		30.00%														60.00%
Percentage stock based compensation expense recognize over five years vesting period (in hundredths)		70.00%														40.00%
Vesting period for recognition of 30 percent of stock based compensation expense (in years)		3 years
Vesting period for recognition of 70 percent of stock based compensation expense (in years)		5 years
RSAs granted (in shares)	431,700															2,100
Restricted stock award shares approved grant date fair value (in dollars per share)	$ 57.86															$ 81.99
Vesting Period For Recognition Of 60 Percent Of Stock Based Compensation Expense																3 years
Vesting period for recognition of 40 percent of stock based compensation expense																5 years
Actual and projected stock based compensation expense for RSA shares and options [Abstract]
Actual stock based compensation expense		$ 1,700,000	$ 15,000						$ 15,000
Projected stock based compensation expense 2013		2,072,000									15,000		741,000		1,301,000
Projected stock based compensation expense 2014		6,791,000						1,700,000		1,697,000		1,697,000		1,697,000
Projected stock based compensation expense 2015		6,777,000						1,695,000		1,694,000		1,694,000		1,694,000
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Three		5,805,000						1,694,000		1,694,000		1,339,000		1,078,000
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Ten		117,000						50,000		50,000		17,000		0
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Six		1,158,000						325,000		325,000		268,000		240,000
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Seven		840,000						240,000		240,000		192,000		168,000
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Nine		328,000						105,000		105,000		68,000		50,000
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Four		3,395,000						903,000		903,000		816,000		773,000
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Five		2,798,000						771,000		771,000		702,000		554,000
Employee Service Share Based Compensation Nonvested Awards Projected Compensation Cost Year Eight		567,000						168,000		168,000		126,000		105,000
Compensation cost related to non-vested restricted stock awards and options not yet recognized		26,900,000				26,900,000
Stock options exercised (in shares)		20,000	2,623
Proceeds from exercise of stock options		846,000	76,000
Tax benefit from exercise of stock options		$ 173,000	$ 16,000
Stock Repurchase Program [Abstract]
Incremental Class A shares authorized to buyback (in shares)							500,000
Shares repurchased (in shares)		121,192	36,676			8,832,785
Average price per share of repurchased shares (in dollars per share)		$ 79.59	$ 53.57			$ 42.76
Share available under program to repurchase (in shares)		802,023				802,023

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2014

Commitments and Contingencies [Abstract]

Commitments and Contingencies

J. Commitments and Contingencies

From time to time, the Company may be named in legal actions and proceedings.  These actions may seek substantial or indeterminate compensatory as well as punitive damages or injunctive relief.  The Company is also subject to governmental or regulatory examinations or investigations.  The examinations or investigations could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief.  The Company cannot predict the ultimate outcome of such matters.  For all such matters, the condensed consolidated financial statements include the necessary provisions for losses that the Company believes are probable and estimable.  Furthermore, the Company evaluates whether there exist losses which may be reasonably possible and, if material, makes the necessary disclosures.  Such amounts, both those that are probable and those that are reasonably possible, are not considered material to the Company's financial condition, operations or cash flows.

The Company indemnifies the clearing brokers of G.research, Inc. (formerly known as Gabelli & Company, Inc.), our broker-dealer subsidiary, for losses they may sustain from the customer accounts that trade on margin introduced by it.  At March 31, 2014, the total amount of customer balances subject to indemnification (i.e. unsecured margin debits) was immaterial.  The Company also has entered into arrangements with various other third parties many of which provide for indemnification of the third parties against losses, costs, claims and liabilities arising from the performance of obligations under the agreements.  The Company has had no claims or payments pursuant to these or prior agreements and believes the likelihood of a claim being made is remote.  The Company's estimate of the value of such agreements is de minimis, and therefore an accrual has not been made on the condensed consolidated financial statements.