Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Intersegment Balances

(in thousands)	Advisory		Trust		Westwood Holdings		Eliminations		Consolidated
Year Ended December 31, 2019
Revenues:
Net fee revenues from external sources	$	57,797	$	25,483	$	—	$	—	$	83,280
Net intersegment revenues	3,457		236		—		(3,693)		—
Net interest and dividend revenue	103		—		—		—		103
Other revenue	696		—		—		—		696
Total revenues	62,053		25,719		—		(3,693)		84,079
Expenses:
Depreciation and amortization	311		1,765		548		—		2,624
Other operating expenses	46,235		19,672		14,597		(3,693)		76,811
Total expenses	46,546		21,437		15,145		(3,693)		79,435
Unrealized gains on private investments	1,438		1,026		832		—		3,296
Investment income	1,017		298		3		—		1,318
Other income	—		—		144		—		144
Income (loss) before income taxes	17,962		5,606		(14,166)		—		9,402
Income tax expense (benefit)	4,308		1,459		(2,276)		—		3,491
Net income (loss)	$	13,654	$	4,147	$	(11,890)	$	—	$	5,911
Add: Stock-based compensation expense	$	5,362	$	1,587	$	3,356	$	—	$	10,305
Intangible amortization	170		1,516		40		—		1,726
Deferred taxes on goodwill	—		237		—		—		237
Economic Earnings (Loss)	$	19,186	$	7,487	$	(8,494)	$	—	$	18,179
Segment assets	$	242,854	$	51,274	$	24,732	$	(140,153)	$	178,707
Segment goodwill	$	3,403	$	16,401	$	—	$	—	$	19,804
Expenditures for long-lived assets	$	288	$	223	$	82	$	—	$	593
Year Ended December 31, 2018
Revenues:
Net fee revenues from external sources	$	92,351	$	28,953	$	—	$	—	$	121,304
Net intersegment revenues	6,973		238		—		(7,211)		—
Net interest and dividend revenue	708		202		—		—		910
Other revenue	53		33		—		—		86
Total revenues	100,085		29,426		—		(7,211)		122,300
Expenses:
Depreciation and amortization	276		1,764		499		—		2,539
Other operating expenses	48,970		25,467		16,597		(7,211)		83,823
Total expenses	49,246		27,231		17,096		(7,211)		86,362
Gain (loss) on sale of operations	(1)		(16)		541		—		524

(in thousands)	Advisory		Trust		Westwood Holdings		Eliminations		Consolidated
Income (loss) before income taxes	50,838		2,179		(16,555)		—		36,462
Income tax expense (benefit)	12,032		572		(2,893)		—		9,711
Net income	$	38,806	$	1,607	$	(13,662)	$	—	$	26,751
Add: Stock-based compensation expense	$	8,673	$	2,356	$	4,254	$	—	$	15,283
Intangible amortization	95		1,537		40		—		1,672
Deferred taxes on goodwill	—		237		—		—		237
Economic Earnings (Loss)	$	47,574	$	5,737	$	(9,368)	$	—	$	43,943
Segment assets	$	230,565	$	64,196	$	19,240	$	(114,818)	$	199,183
Segment goodwill	3,403		16,401		—		—		19,804
Expenditures for long-lived assets	$	314	$	295	$	382	$	—	$	991
Year Ended December 31, 2017
Revenues:
Net fee revenues from external sources	$	100,612	$	31,621	$	—	$	—	$	132,233
Net intersegment revenues	8,120		218		—		(8,338)		—
Net interest and dividend revenue	546		90		—		—		636
Other revenue	911		5		—		—		916
Total revenues	110,189		31,934		—		(8,338)		133,785
Expenses:
Depreciation and amortization	548		1,900		468		—		2,916
Other operating expenses	58,950		28,580		17,784		(8,338)		96,976
Total expenses	59,498		30,480		18,252		(8,338)		99,892
Income (loss) before income taxes	50,691		1,454		(18,252)		—		33,893
Income tax expense (benefit)	17,120		(47)		(3,169)		—		13,904
Net income (loss)	$	33,571	$	1,501	$	(15,083)	$	—	$	19,989
Add: Stock-based compensation expense	$	9,140	$	2,641	$	4,649	$	—	$	16,430
Intangible amortization	138		1,734		—		—		1,872
Deferred taxes on goodwill	38		588		—		—		626
Economic Earnings (Loss)	$	42,887	$	6,464	$	(10,434)	$	—	$	38,917
Segment assets	$	207,792	$	69,174	$	18,437	$	(102,744)	$	192,659
Segment goodwill	$	5,219	$	21,925	$	—	$	—	$	27,144
Expenditures for long-lived assets	$	151	$	530	$	203	$	—	$	884

Schedule of Economic Earnings

The following table provides a reconciliation of Net income to Economic Earnings (in thousands):

	For the years ended December 31,
	2019		2018		2017
Net Income	$	5,911	$	26,751	$	19,989
Add: Stock-based compensation expense	10,305		15,283		16,430
Add: Intangible amortization	1,726		1,672		1,872
Add: Tax benefit from goodwill amortization	237		237		626
Economic Earnings	$	18,179	$	43,943	$	38,917

Property and Equipment, Net by Geographic Area

	As of December 31,
(in thousands)	2019		2018
Property and equipment, net, by geographic area:
U.S.	$	4,095	$	4,381
Canada	57		73
Total Property and equipment, net	$	4,152	$	4,454