Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2018	Feb. 15, 2019	Jun. 30, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	WESTWOOD HOLDINGS GROUP INC
Entity Central Index Key	0001165002
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
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 Public Float			$ 427,426,109
Entity Common Stock, Shares Outstanding		8,899,174
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current Assets:
Cash and cash equivalents	$ 52,449	$ 54,249
Accounts receivable	18,429	21,660
Investments, at fair value	65,781	51,324
Prepaid Taxes	349	4,269
Other current assets	2,731	6,612
Total current assets	139,739	138,114
Long-term Investments	5,425	0
Goodwill	19,804	27,144
Deferred income taxes	5,102	3,407
Intangible assets, net	15,961	19,804
Property and equipment, net of accumulated depreciation of $6,462 and $5,673	4,454	4,190
Assets	190,485	192,659
Current Liabilities:
Accounts payable and accrued liabilities	2,518	3,501
Dividends payable	7,710	7,357
Compensation and benefits payable	15,102	19,075
Income taxes payable	365	1,598
Total current liabilities	25,695	31,531
Accrued dividends	1,576	1,717
Accrued Income Taxes, Noncurrent	0	1,017
Deferred rent	2,065	1,998
Total long-term liabilities	3,641	4,732
Total liabilities	29,336	36,263
Commitments and contingencies
Stockholders’ Equity:
Common stock, $0.01 par value, authorized 25,000,000 shares, issued 10,182,583 and outstanding 8,904,902 shares at December 31, 2018; issued 9,980,827 and outstanding 8,899,587 shares at December 31, 2017	102	100
Additional paid-in capital	194,116	179,241
Treasury stock, at cost – 1,277,681 shares at December 31, 2018; 1,081,240 shares at December 31, 2017	(58,711)	(49,788)
Foreign currency translation adjustment, net of tax of $(43) and $46	(4,883)	(1,764)
Accumulated other comprehensive loss	(4,883)	(1,764)
Retained earnings	30,525	28,607
Total stockholders’ equity	161,149	156,396
Total liabilities and stockholders’ equity	$ 190,485	$ 192,659

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Property and equipment, accumulated depreciation	$ 6,462	$ 5,673
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	10,182,583	9,980,827
Common stock, shares outstanding	8,904,902	8,899,587
Treasury stock, shares	1,277,681	1,081,240

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares
Other Revenue, Net	$ 996,000	$ 1,552,000	$ 581,000
Total revenues	122,300,000	133,785,000	123,021,000
Expenses:
Employee compensation and benefits	59,959,000	64,955,000	61,509,000
Sales and marketing	1,936,000	2,042,000	1,919,000
Westwood mutual funds	3,808,000	3,938,000	3,155,000
Information technology	9,103,000	7,785,000	7,735,000
Professional services	4,783,000	5,916,000	5,622,000
Litigation Settlement, Expense	0	4,009,000	0
General and administrative	9,564,000	9,652,000	9,433,000
Foreign Currency Transaction Gain (Loss), before Tax	(2,791,000)	1,595,000	(362,000)
Total expenses	86,362,000	99,892,000	89,011,000
Operating Income (Loss)	35,938,000	33,893,000	34,010,000
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	524,000	0	0
Income (loss) before income taxes	36,462,000	33,893,000	34,010,000
Provision for income taxes	9,711,000	13,904,000	11,363,000
Net income	26,751,000	19,989,000	22,647,000
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(3,119,000)	2,523,000	401,000
Other comprehensive income (loss)	(3,119,000)	2,523,000	401,000
Total comprehensive income	$ 23,632,000	$ 22,512,000	$ 23,048,000
Earnings per share:
Basic (in dollars per share) \| $ / shares	$ 3.20	$ 2.45	$ 2.84
Diluted (in dollars per share) \| $ / shares	$ 3.13	$ 2.38	$ 2.77
Weighted average shares outstanding:
Basic (in shares) \| shares	8,365,360	8,147,742	7,961,891
Diluted (in shares) \| shares	8,547,370	8,400,022	8,165,475
Asset Management [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 89,367,000	$ 99,201,000	$ 91,492,000
Investment Performance [Member]
Revenue from Contract with Customer, Including Assessed Tax	2,984,000	1,411,000	635,000
Fiduciary and Trust [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 28,953,000	$ 31,621,000	$ 30,313,000

CONSOLIDATED STATEMENTs OF STOCKHOLDERS' EQUITY - USD ($)	Total	Westwood Holdings Group, Inc. Common Stock, Par	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Woodway Financial Advisors Additional Paid-In Capital
BALANCE at Dec. 31, 2015	$ 133,967,000	$ 94,000	$ 143,797,000	$ (34,910,000)	$ (4,688,000)	$ 29,674,000
BALANCE, shares at Dec. 31, 2015		8,630,687
Net income	22,647,000					22,647,000
Other comprehensive income	401,000				401,000
Stock Issued During Period, Value, New Issues		$ 1,000
Issuance of common stock for acquisition, shares		80,253
Issuance of common stock for acquisition	3,734,000
Issuance of restricted stock, net of forfeitures		$ 3,000	(3,000)
Issuance of restricted stock, net of forfeitures, shares		296,376
Stock-based compensation expense	15,954,000		15,954,000
Reclassification of compensation liability to be paid in shares	167,000		167,000				$ 3,733,000
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation	(256,000)		(256,000)
Dividends declared ($2.07 in 2015, $1.82 per share in 2014, $1.64 per share in 2013)	(20,440,000)					(20,440,000)
Purchases of treasury stock	(6,248,000)			(6,248,000)
Purchases of treasury stock, shares		(128,026)
Issuance of treasury stock under employee stock plans, shares		20,375
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures			(662,000)	662,000
Restricted stock returned for payment of taxes	(3,857,000)			(3,857,000)
Restricted stock returned for payment of taxes, shares		(80,963)
BALANCE at Dec. 31, 2016	146,069,000	$ 98,000	162,730,000	(44,353,000)	(4,287,000)	31,881,000
BALANCE, shares at Dec. 31, 2016		8,810,375
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification			711,000			(711,000)
Net income	19,989,000					19,989,000
Other comprehensive income	2,523,000				2,523,000
Issuance of restricted stock, net of forfeitures		$ 2,000	(2,000)
Issuance of restricted stock, net of forfeitures, shares		178,889
Stock-based compensation expense	16,430,000		16,430,000
Reclassification of compensation liability to be paid in shares	591,000		591,000
Dividends declared ($2.07 in 2015, $1.82 per share in 2014, $1.64 per share in 2013)	(22,552,000)					(22,552,000)
Purchases of treasury stock	(1,326,000)			(1,326,000)
Purchases of treasury stock, shares		(23,822)
Issuance of treasury stock under employee stock plans, shares		22,091
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures			(1,219,000)	1,219,000
Restricted stock returned for payment of taxes	(5,328,000)			(5,328,000)
Restricted stock returned for payment of taxes, shares		(87,946)
BALANCE at Dec. 31, 2017	$ 156,396,000	$ 100,000	179,241,000	(49,788,000)	(1,764,000)	28,607,000
BALANCE, shares at Dec. 31, 2017	8,899,587	8,899,587
Net income	$ 26,751,000
Other comprehensive income	(3,119,000)
Issuance of restricted stock, net of forfeitures		$ 2,000	(2,000)
Issuance of restricted stock, net of forfeitures, shares		201,756
Stock-based compensation expense	15,283,000		15,283,000
Reclassification of compensation liability to be paid in shares	165,000		165,000
Dividends declared ($2.07 in 2015, $1.82 per share in 2014, $1.64 per share in 2013)	(24,833,000)					(24,833,000)
Purchases of treasury stock	(4,726,000)			(4,726,000)
Purchases of treasury stock, shares		(121,320)
Issuance of treasury stock under employee stock plans, shares		10,327
Issuance of treasury stock under employee stock plans			(571,000)	571,000
Restricted stock returned for payment of taxes	(4,768,000)			(4,768,000)
Restricted stock returned for payment of taxes, shares		(85,448)
BALANCE at Dec. 31, 2018	$ 161,149,000	$ 102,000	$ 194,116,000	$ (58,711,000)	$ (4,883,000)	$ 30,525,000
BALANCE, shares at Dec. 31, 2018	8,904,902	8,904,902

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Cash flows from operating activities:
Net income	$ 26,751	$ 19,989	$ 22,647
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	867	1,044	969
Amortization of intangible assets	1,672	1,872	1,960
Unrealized (gains) losses on trading investments	737	(617)	(510)
Stock-based compensation expense	15,283	16,430	15,954
Deferred income taxes	(1,749)	7,542	149
Excess tax benefits from stock-based compensation	0	0	(165)
Gain on sale of operations	(524)	0	0
Gain on sale of operations	0	0	269
Changes in operating assets and liabilities:
Net (purchases) sales of investments – trading securities	(15,194)	5,778	16,345
Accounts receivable	2,678	2,161	(3,493)
Other current assets	3,755	(4,234)	567
Accounts payable and accrued liabilities	(644)	763	(926)
Compensation and benefits payable	(3,636)	2,262	(2,848)
Income taxes payable	1,643	(4,816)	(3,655)
Other liabilities	(155)	(165)	129
Net cash provided by operating activities	31,484	48,009	47,392
Cash flows from investing activities:
Purchases of property, equipment and other	(991)	(1,167)	(1,819)
Proceeds from Divestiture of Businesses	10,013	0	0
Payments to Acquire Investments	(5,425)	0	0
Proceeds from Sale of Property, Plant, and Equipment	0	0	9
Net cash provided by (used in) investing activities	3,597	(1,167)	(1,810)
Cash flows from financing activities:
Purchases of treasury stock	(4,000)	0	(5,634)
Payment for Repurchases of Stock for Benefit Plan	(726)	(1,326)	(614)
Restricted stock returned for payment of taxes	(4,768)	(5,328)	(3,857)
Excess tax benefits from stock-based compensation	0	0	165
Other Payments to Acquire Businesses	0	0	(5,562)
Cash dividends paid	(24,621)	(21,923)	(19,442)
Net cash used in financing activities	(34,115)	(28,577)	(34,944)
Effect of currency rate changes on cash	(2,766)	2,305	301
Net increase (decrease) in cash and cash equivalents	(1,800)	20,570	10,939
Cash and cash equivalents, beginning of year	54,249	33,679	22,740
Cash and cash equivalents, end of year	52,449	54,249	33,679
Supplemental cash flow information:
Cash paid during the year for income taxes	9,766	10,770	14,860
Common stock issued for acquisition	0	0	3,734
Accrued dividends	9,286	9,074	8,446
Noncash Tenant Improvements	237	0	1,236
Non Cash Accrued PP&E	$ 0	$ 69	$ 0

Description of the Business

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

DESCRIPTION OF THE BUSINESS

DESCRIPTION OF THE BUSINESS:

Westwood Holdings Group, Inc. (“Westwood”, “the Company”, “we”, “us” or “our”) was incorporated under the laws of the State of Delaware on December 12, 2001. Westwood manages investment assets and provides services for its clients through its wholly-owned subsidiaries, Westwood Management Corp. and Westwood Advisors, L.L.C. (each of which is an SEC registered investment adviser and referred to hereinafter together as “Westwood Management”), Westwood Trust and Westwood International Advisors Inc. (“Westwood International Advisors”). Westwood Management and Westwood International Advisors provide investment advisory services to institutional clients, a family of mutual funds called the Westwood Funds®, other mutual funds, an Irish investment company authorized pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulation 2011 (as amended) (“the UCITS Fund”), individuals and clients of Westwood Trust. Westwood Trust provides trust and custodial services and participation in self-sponsored common trust funds (“CTFs”) to institutions and high net worth individuals. Revenue is largely dependent on the total value and composition of assets under management (“AUM”). Accordingly, fluctuations in financial markets and in the composition of AUM impact our revenues and results of operations.

Westwood Management is a registered investment adviser under the Investment Advisers Act of 1940. Westwood Trust is chartered and regulated by the Texas Department of Banking. Westwood International Advisors is registered as a portfolio manager and exempt market dealer with the Ontario Securities Commission and the Autorité des marchés financiers in Québec.

Divestiture of our Omaha Operations

On September 6, 2017, we entered into an agreement to sell the Omaha-based component of our Wealth Management business. The sale closed on January 12, 2018. We received proceeds of $10.0 million, net of working capital requirements, and recorded a $524,000 gain on the sale, which is included as “Gain on sale of operations” on our Consolidated Statement of Comprehensive Income. The sale reduced our goodwill and intangible assets, but did not have a material impact on our Consolidated Balance Sheets. The following table presents cash proceeds received and net assets sold (in thousands):



Cash Proceeds	$	10,013
Net assets sold:
Accounts receivable	99
Other current assets	112
Goodwill	7,340
Intangible assets, net	2,170
Property and equipment, net	18
Accounts payable and accrued liabilities	(241		)
Other liabilities	(9		)
Gain on sale of operations	$	524

The component is reported within both our Advisory and Trust segments. The sale did not represent a major strategic shift in our business and did not qualify for discontinued operations reporting.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2018
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation and Principles of Consolidation The accompanying Consolidated Financial Statements include the accounts of Westwood and its subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. In the current year, we created a new expense item on the Consolidated Statements of Comprehensive Income for (Gain) loss on foreign currency transactions, which was previously included in "General and Administrative" expense. Prior year financial statements were reclassified to conform to this presentation. These reclassifications had no impact on net income, stockholders’ equity or cash flows as previously reported. We assess each legal entity that we manage to determine whether consolidation is appropriate at the onset of the relationship. We first determine whether the entity is a variable interest entity (“VIE”), or a voting interest entity (“VOE”), under U.S. generally accepted accounting principles (“GAAP”) and whether we have a controlling financial interest in the entity. Assessing whether or not an entity is a VOE or VIE and if it requires consolidation involves judgment and analysis. Factors considered in this assessment include, but are not limited to, the legal organization of the entity, our equity ownership and contractual involvement with the entity and any related party or de facto agent implications of our involvement with the entity. We reconsider whether entities are a VIE or VOE whenever contractual arrangements change, the entity receives additional equity or returns equity to its investors or changes in facts and circumstances occur that change the investors’ abilities to direct the activities of the entity. A VIE is an entity in which (i) the total equity investment at risk is not sufficient to enable the entity to finance its activities without subordinated financial support, (ii) the at-risk equity holders, as a group, lack the characteristics of a controlling financial interest or (iii) the entity is structured with disproportionate voting rights, and substantially all of the activities are conducted on behalf of an investor with disproportionately few voting rights. That is, the at-risk equity holders do not have the obligation to absorb significant losses, the right to receive residual returns and the right to direct the activities of the entity that most significantly impact the entity’s economic performance. An enterprise must consolidate all VIEs of which it is the primary beneficiary. We determine if a sponsored investment meets the definition of a VIE by considering whether the fund’s equity investment at risk is sufficient to finance its activities without additional subordinated financial support and whether the fund’s at-risk equity holders absorb any losses, have the right to receive residual returns and have the right to direct the activities of the entity most responsible for the entity’s economic performance. The primary beneficiary of a VIE is defined as the party that, considering the involvement of related parties and de facto agents, has (i) the power to direct the activities of the VIE that most significantly affect its economic performance and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. This evaluation is updated continuously. A VOE is an entity that is outside the scope of the guidance for VIEs. Consolidation of a VOE is required when a reporting entity owns a controlling financial interest in a VOE. Ownership of a majority of the voting interests is the usual condition for a controlling financial interest. We have evaluated (i) our advisory relationships with Westwood Investment Funds PLC (the “UCITS Fund”) and the Westwood Funds®, (ii) our relationship as sponsor of the Common Trust Funds (“CTFs”) and managing member of the private equity funds Westwood Hospitality Fund I, LLC and Westwood Technology Fund LP (collectively the “Private Equity Funds”) and (iii) the private company discussed in Note 3 “Investments” (“Private Equity”) to determine whether each of these entities is a variable interest entity (“VIE”) or voting ownership entity (“VOE”). Based on our analysis, we determined that the CTFs and Private Equity Funds were VIEs, as the at-risk equity holders do not have the ability to direct the activities that most significantly impact the entity’s economic performance, and the Company and its representatives have a majority control of the entities' respective boards of directors and can influence the respective entities' management and affairs. Prior to the sale of our Omaha-based operations, we also considered our advisory relationship with ten limited liability companies (“LLCs”) as VIEs, but as of December 31, 2018, we no longer serve as the managing member of the funds and do not control the activities that most significantly impact the entities' economic performance. Therefore these LLCs are no longer considered VIEs. Although we have related parties on the UCITS Fund board of directors, the shareholders have rights to remove the current directors by a simple majority vote and so we determined that the UCITS Fund is not a VIE. As the Company and its representatives do not have representation on the Westwood Funds® or the Private Equity independent boards of directors, which direct the activities that most significantly impact the entities' economic performance, we determined that the Westwood Funds® and the Private Equity were not VIEs. Therefore, the UCITS Fund, Westwood Funds® and Private Equity should be analyzed under the VOE consolidation method. Based on our analysis of our investments in these entities for the periods ending December 31, 2018 and 2017, we have not consolidated the CTFs, Private Equity Funds or LLCs under the VIE method or the UCITS Fund, Westwood Funds® or Private Equity under the VOE method, and therefore the financial results of these entities are not included in the Company’s consolidated financial results. We have included the disclosures related to VIEs and VOEs in Note 12 “Variable Interest Entities.” Use of Estimates The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents consist of money market accounts and other short-term, highly liquid investments with maturities of three months or less, other than pooled investment vehicles that are considered investments. We maintain some cash and cash equivalents balances with financial institutions that are in excess of Federal Deposit Insurance Corporation insurance limits. The Company has not experienced losses on uninsured cash accounts. Accounts Receivable Accounts receivable represents balances arising from services provided to customers and are recorded on an accrual basis, net of any allowance for doubtful accounts. Accounts receivable are written off when they are determined to be uncollectible. Any allowance for doubtful accounts is estimated based on the Company’s historical amounts written off, existing conditions in the industry, and the financial stability of the customer. The majority of our accounts receivable balances consist of advisory and trust fees receivable from customers that we believe and have experienced to be fully collectible. Accordingly, our Consolidated Financial Statements do not include an allowance for bad debt nor any bad debt expense. Investments Investments measured at fair market value are classified as trading securities and are carried at quoted market values on the accompanying Consolidated Balance Sheets. Net unrealized holding gains or losses on investments classified as trading securities are reflected as a component of other revenues. We measure realized gains and losses on investments using the specific identification method. For an investment without a readily determinable fair value, the Company has elected to apply the measurement alternative of cost minus impairment, if any, plus or minus changes resulting from observable price changes. The Company will reassess whether such an investment qualifies for the measurement alternative at each reporting period. In evaluating an investment for impairment or observable price changes, we will use inputs including recent financing events, as well as other available information regarding the investee's historical and forecasted performance. Fair Value of Financial Instruments We determined the estimated fair values of our financial instruments using available information. The fair value amounts discussed in Notes 3 “Investments” and 4 “Fair Value of Financial Instruments” are not necessarily indicative of either the amounts realizable upon disposition of these instruments or of our intent or ability to dispose of these assets. The estimated fair value of cash and cash equivalents, accounts receivable, prepaid income taxes, other current assets, accounts payable and accrued liabilities, dividends payable, compensation and benefits payable and income taxes payable approximates their carrying value due to their short-term maturities. The carrying amount of investments designated as “trading” securities, primarily U.S. Government and Government agency obligations, money market funds, Westwood Funds® mutual funds, the UCITS Fund and Westwood Trust common trust fund shares, equals fair value based on prices quoted in active markets and, with respect to funds, the reported net asset value (“NAV”) of the shares held. Market values of our money market holdings generally do not fluctuate. Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of acquired assets over the fair value of the underlying identifiable assets at the date of acquisition. Goodwill is not amortized but is tested at least annually for impairment. We test more frequently if indicators are present or changes in circumstances suggest that impairment may exist. These indicators include declines in revenues, earnings or cash flows, or the development of a material adverse change in the business climate. We assess goodwill for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment, referred to as a component. We have identified two reporting units, which are consistent with our reporting segments: Advisory and Trust. The Company is not required to calculate the fair value of a reporting unit unless we determine that it is more likely than not that its fair value is less than the carrying amount. We assess goodwill for impairment using either a qualitative or quantitative assessment. The qualitative assessment includes consideration of the current trends in the industry in which we operate, macroeconomic conditions, recent financial performance of our reporting units and a market multiple approach valuation. In performing the annual impairment test during the third quarter, or more frequently when impairment indicators exist, and after assessing the qualitative factors, we may be required to utilize the two-step approach prescribed by ASC 350, Goodwill and Other Intangible Assets. We may also elect to skip the qualitative assessment and proceed directly to the quantitative analysis. The quantitative analysis requires a comparison of each reporting unit’s carrying value to the fair value of the respective unit. If the carrying value exceeds the fair value, an impairment loss is measured by reducing the goodwill to the fair market value. The fair value of each reporting unit is estimated, entirely or predominantly, using a market multiple approach. During the third quarter of 2018 we completed our annual goodwill impairment assessment and determined that no impairment loss was required. No impairments were recorded during any of the periods presented. Our intangible assets represent the acquisition date fair value of the acquired client relationships, trade names and non-compete agreements, as well as the cost of internally-developed software, each of which is reflected net of amortization. In valuing these assets, we made significant estimates regarding their useful lives, growth rates and potential attrition. We periodically review our intangible assets for events or circumstances that would indicate impairment. See Note 5 “Goodwill and Other Intangible Assets.” Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation of furniture and equipment is provided over the estimated useful lives of the assets (from 3 to 7 years), and depreciation on leasehold improvements is provided over the lesser of the estimated useful life or lease term using the straight-line method. We capitalize leasehold improvements, furniture and fixtures, computer hardware and most office equipment purchases. Revenue Recognition Revenues are recognized when the performance obligation (the investment management and advisory or trust services provided to the client) defined by the investment advisory or sub-advisory agreement is satisfied. For each performance obligation, we determine at contract inception whether the revenue satisfies over time or at a point in time. We derive our revenues from investment advisory fees, trust fees and other sources of revenues. Advisory and Trust fees are calculated based on a percentage of assets under management and the performance obligation is realized over the then-current calendar quarter. Once clients receive our investment advisory services we have an enforceable right to payment. Incremental costs to obtain a contract under the new guidance is eligible to be capitalized if the cost is expected to be recovered over the service period. We incur certain incremental costs in obtaining new Trust business and continually evaluate whether costs should be capitalized and amortized over the expected period of benefit of the asset. Certain costs used to fulfill a contract such as the distribution services utilized to sell our Westwood Funds® are expensed as incurred. We have elected the practical expedient that allows an entity to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less. Stock-Based Compensation We have issued restricted stock to our U.S. employees and Board of Directors in accordance with our Fifth Amended and Restated Westwood Holdings Group, Inc. Stock Incentive Plan (the “Plan”). We account for stock-based compensation in accordance with ASC 718, Compensation-Stock Compensation and adopted Accounting Standards Update (“ASU”) 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting effective January 1, 2017. Under ASC 718, stock-based compensation expense reflects the fair value of stock-based awards measured at grant date and is recognized over the relevant service period. We expense the fair value of stock-based compensation awards granted to our employees and directors in our Consolidated Financial Statements on a straight-line basis over the period that services are required to be provided in exchange for the award (“requisite service period”), which is typically the period over which the award vests. Stock-based compensation is recognized only for awards that vest. We measure the fair value of compensation cost related to restricted stock awards based on the closing market price of our common stock on the grant date. For performance-based share awards, we assess actual performance versus the predetermined performance goals and record compensation expense once we conclude it is probable that we will meet the performance goals required to vest the applicable performance-based awards. The following summarizes the effects of the adoption of ASU 2016-09 on our Consolidated Financial Statements: Income Taxes - Upon adoption of this standard, all excess tax benefits and tax deficiencies, including tax benefits of dividends on share-based payment awards, are recognized as income tax expense or benefit in the Consolidated Statement of Comprehensive Income. The tax effects of exercised or vested awards are treated as discrete items in the reporting period in which they occur. As a result, the Company recognized discrete adjustments to income tax expense of $1.0 million in 2017 related to excess tax benefits, decreasing our effective tax rate for 2017 by 2.9%. Without the adjustment, our effective tax rate would have been 43.9%. The Company did not have any unrecognized excess tax benefits as of December 31, 2016 and therefore there was no cumulative-effect adjustment to retained earnings related to income taxes. The Company adopted the amendments related to the recognition of excess tax benefits and tax shortfalls prospectively, with no adjustments made to prior periods. Forfeitures - Prior to adoption, stock-based compensation expense was recognized on a straight-line basis, net of estimated forfeitures, such that expense was recognized for stock-based awards that were expected to vest. A forfeiture rate was estimated annually and revised, if necessary, in subsequent periods if actual forfeitures differed from initial estimates. Upon adoption of this standard, the Company no longer applies an estimated forfeiture rate and instead accounts for forfeitures as they occur. The Company applied the modified retrospective adoption approach, resulting in a $711,000 cumulative-effect reduction to “Retained earnings” with the offset to “Additional paid-in-capital” on January 1, 2017. Statements of Cash Flows - The Company historically accounted for excess tax benefits on the Consolidated Statements of Cash Flows as a financing activity. Upon adoption of this standard, excess tax benefits are classified along with other income tax cash flows as an operating activity. The change in cash flow classification associated with excess tax benefits was adopted prospectively, resulting in the classification of the $1.0 million excess tax benefit as an operating activity during the twelve months ended December 31, 2017. No change in classification was necessary for the presentation of restricted stock returned for payment of taxes, as the Company has historically presented such payments as a financing activity. The Company adopted this portion of the standard on a prospective basis, with no adjustments made to prior periods. Earnings Per Share - The Company uses the treasury stock method to compute diluted earnings per share, unless the effect would be anti-dilutive. Under the new standard, the Company is no longer required to estimate the tax effect of anticipated windfall benefits or shortfalls when projecting proceeds available for share repurchases in calculating dilutive shares. The Company utilized the modified retrospective adoption approach, with no adjustments made to prior periods. The Share Award Plan of Westwood Holdings Group, Inc. for Service Provided in Canada to its Subsidiaries (the “Canadian Plan”) provides compensation in the form of common stock for services performed by employees of Westwood International Advisors. We record compensation costs for these awards on a straight-line basis over the vesting period once we determine it is probable that the award will be earned. Awards expected to be settled in shares are funded into a trust pursuant to an established Canadian employee benefit plan. Generally, the Canadian trust subsequently acquires Westwood common shares in market transactions and holds such shares until the shares are vested and distributed, or forfeited. Shares held in the trust are shown on our Consolidated Balance Sheet as treasury shares. Until shares are acquired by the trust, we record compensation costs and measure the liability as a cash-based award, which is included in “Compensation and benefits payable” on our Consolidated Balance Sheets. For the years ended December 31, 2018, 2017 and 2016, the compensation expense recorded for these awards was $147,000, $232,000 and $524,000, respectively. When the number of shares related to an award is determinable, the award becomes an equity award accounted for in a manner similar to restricted stock, which is described in Note 10 “Employee Benefits.” Currency Translation and Re-measurement Assets and liabilities of Westwood International Advisors, our non-U.S. dollar functional currency subsidiary, are translated at exchange rates as of applicable reporting dates. The gains and losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are recorded through other comprehensive income. Revenue and expense transactions are recorded at the rates of exchange prevailing on the dates of the transactions. Gains and losses resulting from transactions in foreign currencies are included in “(Gain) loss on foreign currency transactions” in our Consolidated Statements of Comprehensive Income. For the years ended December 31, 2018 and 2016, we recorded a gain of $2.8 million and $362,000, respectively. For the year ended December 31, 2017, we recorded a loss of $1.6 million. Income Taxes We file a United States federal income tax return as a consolidated group for Westwood and its subsidiaries based in the United States. We file a Canadian income tax return for Westwood International Advisors. Deferred income tax assets and liabilities are determined based on temporary differences between the financial statements and income tax bases of assets and liabilities as measured at enacted income tax rates. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Reform Act”) was signed into law. Further information on the tax impacts of the Tax Reform Act is included in Note 7 “Income Taxes.” Deferred income tax expense is generally the result of changes in deferred tax assets and liabilities. Deferred taxes relate primarily to incentive compensation and stock-based compensation expense. We record net deferred tax assets to the extent we believe such assets will more likely than not be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event we were to determine that we would not be able to realize our deferred income tax assets in the future, we would record a valuation allowance. No such valuation allowance has been recorded in our Consolidated Financial Statements. We account for uncertain tax positions by recognizing the impact of a tax position in our Consolidated Financial Statements when we believe it is more likely than not that the tax position would not be sustained upon examination by the appropriate tax authority based on the merits of the position. We include penalties and interest on income-based taxes, if any, in the “General and administrative” line on our Consolidated Statements of Comprehensive Income. See Note 7 “Income Taxes.” Business Combinations In allocating the purchase price of a business combination, the Company records all assets acquired and liabilities assumed at fair value, with the excess of the purchase price over the aggregate fair values recorded as goodwill. ASC 820, Fair Value Measurements, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The purchase price of an acquisition is allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values as of the date of acquisition. To the extent the purchase price exceeds the fair value of the net identifiable tangible and intangible assets acquired and liabilities assumed, such excess is allocated to goodwill. The Company determines the estimated fair values after review and consideration of relevant information, including discounted cash flows, quoted market prices and estimates made by management. The fair value assigned to identifiable intangible assets acquired is based on estimates and assumptions made by management at the time of the acquisition. The Company adjusts the preliminary purchase price allocation, as necessary, during the measurement period of up to one year after the acquisition closing date as it obtains more information as to facts and circumstances existing as of the acquisition date. Acquisition-related costs are recognized separately from the acquisition and are expensed as incurred. The acquired customer accounts, trade names and non-compete agreements are subject to fair value measurements based primarily on significant inputs not observable in the market and thus represent level 3 measurements. The valuation of an acquired customer list utilizes an income approach, which provides an estimate of the fair value of an asset based on discounted cash flows and management estimates, including the estimated growth associated with existing clients, market growth and client attrition. The valuation of acquired trade names uses a relief-from-royalty method in which the fair value of the intangible asset is estimated to be the present value of royalties saved because the Company owns the intangible asset. Revenue projections and estimated useful lives are used in estimating the fair value of the trade names. The non-compete agreements are calculated using the with-or-without method, which utilizes the probability of these employees competing with the Company and revenue projections to calculate the valuation of non-compete agreements. When an acquisition includes future contingent consideration on achieving certain annualized revenue from the post-closing acquired business over a specified time period, the Company estimates the fair value of the earn-out using overall revenue growth projections combined with lost revenue projections from existing customer base, both discounted and probability-weighted. A liability is recorded for the estimated fair value of the contingent consideration on the acquisition date, and the fair value of the contingent consideration is remeasured at each subsequent reporting period, with any change in fair value recognized as income or expense within the Consolidated Statement of Comprehensive Income. Recent Accounting Pronouncements Recently Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), which resulted from a joint project by the FASB and the International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards (“IFRS”). The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Retrospective application is required, with the entity either applying the change to each prior reporting period presented or applying the cumulative effect of each prior reporting period presented at the date of initial application. On January 1, 2018, we adopted Topic 606 using the modified retrospective method applied to those contracts that were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606 while prior period amounts continue to be reported in accordance with our historic accounting under Topic 605. We analyzed the revenue from prior periods and determined no material adjustments to opening retained earnings were necessary as the updated guidance is consistent with our historical revenue recognition methodology. See further discussion in Note 9 “Revenue.” In March 2018, the FASB issued ASU 2018-05, Income Taxes: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118, to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Cuts and Jobs Act (“Tax Reform Act”). See further discussion in Note 7 “Income Taxes.” Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases. ASU 2016-02 requires lessees to recognize a lease liability and a right-of-use asset for all leases at the commencement date, excluding short-term leases. Leases will be classified as either financing or operating, with classification impacting the pattern of expense recognition in the income statement. The amendment is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We will adopt the standard as of January 1, 2019 under the modified retrospective approach, which allows for recording the cumulative effect of the adoption of the standard as an adjustment to beginning retained earnings. We will elect the package of practical expedients permitted under the transition guidance, which among other things, allows us to carry forward the historical lease classification and elect hindsight to determine certain lease terms for existing leases. We have evaluated our population of contracts subject to balance sheet recognition and estimate adoption will result in recognition of additional lease assets and net lease liabilities of approximately $9 million as of January 1, 2019 primarily related to the future minimum payments required under operating leases as disclosed in Note 14 “Commitments and Contingencies”. The insignificant difference in the additional lease assets and net lease liabilities will be recorded as an adjustment to beginning retained earnings. We do not believe the standard will materially impact our Consolidated Statements of Comprehensive Income or Consolidated Statements of Cash Flows. Beginning with our Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, we will add disclosures surrounding our leases, including lease cost disaggregation, weighted average remaining lease terms and weighted average discount rate used to determine our lease assets and liabilities. We have also analyzed our current business process and internal controls and anticipate implementing new procedures to successfully adopt the standard, particularly for identification of leases and evaluation of the discount rate. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. The purpose of this amendment is to simplify the accounting for share-based payments granted to nonemployees for goods and services by aligning it with the accounting used for arrangements with employees. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. We do not expect the amendment to have a material impact on our Consolidated Financial Statements, and we plan to adopt the standard within the required time frame. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework- Changes to the Disclosure Requirements for Fair Value Measurement. The purpose of this amendment is to modify, remove and add certain disclosure requirements for fair value measurements. Under ASU 2018-13, entities are required to disclose the amount of total gains or losses recognized in other comprehensive income attributable to assets and liabilities categorized within Level 3 of the fair value hierarchy. The ASU also adds an incremental requirement about significant unobservable inputs for Level 3 fair value measurements. The requirement to disclose reasons for transfers between Level 1 and Level 2 was removed. Various requirements for Level 3 disclosure were also modified. The amendments in this ASU are effective for all entities for fiscal years and interim periods beginning after December 15, 2019. We do not expect the amendment to have a material impact on our Consolidated Financial Statements, and we plan to adopt this amendment within the required time frame. In August 2018, the FASB issued ASU 2018-15, Intangibles- Goodwill and Other - Internal-Use Software (Topic 350): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The purpose of this amendment is to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The amendments in this update are effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. We do not expect the amendment to have a material impact on our Consolidated Financial Statements, and we plan to adopt the standard within the required time frame.

Investments

12 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS:

In May 2018, we entered into a strategic agreement to invest $5.0 million in an equity position of a private company and committed to purchase an additional $5.0 million of equity securities. We offered this investment opportunity to our current and prospective clients, members of our Board of Directors and employees and agreed to cover any shortfall if these parties did not invest the full $5.0 million, which led to our investing an additional $425,000 in August 2018. Our $5.4 million investment is included in “Investments” on our Consolidated Balance Sheets.

This investment represents a private company without a readily determinable fair value. The Company has elected to apply the measurement alternative of cost minus impairment, if any, plus or minus changes resulting from observable price changes. As of December 31, 2018, there were no observable price changes or indicators of impairment for this investment.

All other investments are carried at fair value on a recurring basis and are accounted for as trading securities. Trading securities are presented in the table below (in thousands):



	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2018:
U.S. Government and Government agency obligations	$	48,177	$	232	$	—		$	48,409
Money market funds	10,354		—		—			10,354
Equity funds	7,344		—		(326		)	7,018
Total trading securities	$	65,875	$	232	$	(326	)	$	65,781

December 31, 2017:
U.S. Government and Government agency obligations	$	29,367	$	21	$	(15	)	$	29,373
Money market funds	9,736		—		—			9,736
Equity funds	11,578		657		(20		)	12,215
Total trading securities	$	50,681	$	678	$	(35	)	$	51,324

The following amounts, except for income tax amounts, are included in our Consolidated Statements of Comprehensive Income under the heading “Other revenues” for the years indicated (in thousands):



	2018			2017			2016
Realized gains	$	920		$	395		$	113
Realized losses	(121		)	(96		)	(220		)
Net realized gains (losses)	$	799		$	299		$	(107	)
Income tax expense (benefit) from gains (losses)	$	168		$	105		$	(37	)
Interest income – trading	$	620		$	334		$	282
Dividend income	$	290		$	302		$	265
Unrealized gains/(losses)	$	(737	)	$	617		$	510

As of December 31, 2018 and 2017, $6.1 million and $10.7 million in corporate funds, respectively, were invested in the Westwood Funds®, Westwood Common Trust Funds and the UCITS fund, which are included in “Investments, at fair value” on our Consolidated Balance Sheets. See Note 12 “Variable Interest Entities.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS:

ASC 820, Fair Value Measurements, defines fair value, establishes a framework for measuring fair value and requires additional disclosures regarding certain fair value measurements. ASC 820 establishes a three-tier hierarchy for measuring fair value, as follows:


•	Level 1 – quoted market prices in active markets for identical assets and liabilities


•	Level 2 – inputs other than quoted prices that are directly or indirectly observable


•	Level 3 – unobservable inputs where there is little or no market activity

Our strategic investment in a private company discussed in Note 3 “Investments” is excluded from the recurring fair value table shown below, as we have elected to apply the measurement alternative for this investment.

The following table summarizes the values of our assets and liabilities as of the dates indicated within the fair value hierarchy (in thousands):



	Level 1		Level 2		Level 3		Investments Measured at NAV ⁽¹⁾		Total
As of December 31, 2018
Investments in trading securities	$	65,781	$	—	$	—	$	—	$	65,781
Total assets measured at fair value	$	65,781	$	—	$	—	$	—	$	65,781

As of December 31, 2017
Investments in trading securities	$	48,998	$	—	$	—	$	2,326	$	51,324
Total assets measured at fair value	$	48,998	$	—	$	—	$	2,326	$	51,324

(1) Comprised of certain investments measured at fair value using NAV as a practical expedient. These investments were recategorized and are no longer included within Level 2 of the valuation hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in our Consolidated Balance Sheets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS:

Goodwill

Goodwill represents the excess of the cost of acquired assets over the fair value of the underlying identifiable assets at the date of acquisition. Changes in goodwill are as follows (in thousands):



	As of December 31,
	2018			2017
Beginning balance	$	27,144		$	27,144
Omaha divestiture	(7,340		)	—
Ending balance	$	19,804		$	27,144

Goodwill is not amortized but is tested for impairment at least annually. We completed our annual goodwill impairment assessment during the third quarter of 2018 and determined that no impairment loss was required. No impairments were recorded during the years ended December 31, 2018, 2017 or 2016.

Other Intangible Assets

Our intangible assets represent the acquisition date fair value of acquired client relationships, trade names, non-compete agreements and internally-developed software and are reflected net of amortization. In valuing these assets, we made significant estimates regarding their useful lives, growth rates and potential attrition.

The sale of the Omaha-based component of our wealth management business closed in the first quarter of 2018. The following table represents the reduction in our intangible assets related to the sale (in thousands):



	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount Sold
Client relationships	$	3,965	$	(1,795	)	$	2,170
Trade names	234		(234		)	—
Non-compete agreements	24		(24		)	—
	$	4,223	$	(2,053	)	$	2,170

The following is a summary of intangible assets at December 31, 2018 and 2017 (in thousands, except years):



	Weighted Average Amortization Period (years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
2018
Client relationships	14.8	$	21,431	$	(5,960	)	$	15,471
Trade names	4.9	708		(537		)	171
Non-compete agreements	3.0	259		(259		)	—
Internally developed software	7.0	418		(99		)	319
		$	22,816	$	(6,855	)	$	15,961
2017
Client relationships	14.8	$	25,396	$	(6,302	)	$	19,094
Trade names	4.2	942		(633		)	309
Non-compete agreements	2.9	283		(262		)	21
Internally developed software	7.0	418		(38		)	380
		$	27,039	$	(7,235	)	$	19,804

Amortization expense, which is included in “General and administrative” expense on our Consolidated Statements of Comprehensive Income, was $1.7 million, $1.9 million and $2.0 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Estimated amortization expense for intangible assets over the next five years is as follows (in thousands):



	Estimated Amortization Expense
For the year ending December 31,
2019	$	1,651
2020	$	1,530
2021	$	1,419
2022	$	1,419
2023	$	1,400

Income Taxes

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES:

Tax Reform Act

On December 22, 2017, the Tax Reform Act was signed into law. The legislation significantly changes U.S. tax law by, among other things, lowering corporate income tax rates and creating a territorial tax system with a one-time mandatory deemed repatriation tax on previously deferred earnings of foreign subsidiaries. The Tax Reform Act reduces the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018. As a result of the decrease in the corporate income tax rate, we revalued our ending net deferred tax assets at December 31, 2017 and recognized an incremental $1.6 million income tax expense in 2017.

We had an estimated $33 million of undistributed earnings and profits (“E&P”) in our foreign subsidiary, Westwood International Advisors, subject to the one-time mandatory deemed repatriation, for which we recognized an incremental $1.8 million income tax expense in 2017. Of this amount, we originally expected $1.1 million to be payable over eight years, of which $1.0 million was included in “Noncurrent income taxes payable” on our Consolidated Balance Sheets for the year ended December 31, 2017. The remaining $88,000 was netted in our “Prepaid income taxes” on our Consolidated Balance Sheets for the year ended December 31, 2017, as our U.S. federal tax balance was in a receivable position. In the second quarter of 2018, additional guidance on the Tax Reform Act required any 2017 federal tax overpayments be applied to mandatory repatriation liabilities before applying to 2018 estimated tax payments. Accordingly, the Company utilized the overpayment of federal estimated taxes to pay the additional U.S. federal cash taxes of $1.8 million during the year ended December 31, 2018.

We completed the accounting for our 2017 U.S. corporate income tax return in the third quarter of 2018 and made no significant changes to the amounts provisionally recognized.

While the Tax Reform Act provides for a territorial tax system, beginning in 2018, it includes two new U.S. tax base erosion provisions, the global intangible low-taxed income (“GILTI”) provisions and the base-erosion and anti-abuse tax (“BEAT”) provisions. The GILTI provisions require the Company to include in its U.S. income tax return any foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. We had no U.S. tax liability on GILTI for the year ended December 31, 2018. We have elected to account for GILTI tax expense in the period in which it is incurred, and therefore have not provided any deferred tax impacts of GILTI in our Consolidated Financial Statements for the years ended December 31, 2018 and 2017.

The BEAT provisions in the Tax Reform Act eliminate the deduction of certain base-erosion payments made to related foreign corporations and impose a minimum tax if the re-calculated taxable income under BEAT is greater than regular taxable income. We do not expect to be subject to this tax and therefore have not included any tax impacts of BEAT in our Consolidated Financial Statements for the years ended December 31, 2018 and 2017.

Income Tax Provision

Income before income taxes by jurisdiction is as follows (in thousands):



	Years ended December 31,
	2018		2017		2016
United States	$	21,250	$	17,531	$	21,539
Canada	15,212		16,362		12,471
Total	$	36,462	$	33,893	$	34,010

Income tax expense differs from the amount that would otherwise have been calculated by applying the U.S. Federal corporate tax rate of 21% to income before income taxes for the year ended December 31, 2018 and 35% to income before income taxes for the years ended December 31, 2017 and 2016.

The difference between the Federal corporate tax rate and the effective tax rate is comprised of the following (in thousands):



	Years ended December 31,
	2018					2017					2016
Income tax provision computed at US federal statutory rate	$	7,657		21.0	%	$	11,859		35.0	%	$	11,893		35.0	%
Canadian rate differential	895			2.4		(1,398		)	(4.1	)	(1,050		)	(3.1	)
Change in uncertain tax positions, net of federal income taxes	19			0.1		(3		)	—		542			1.6
Global Intangible Low Taxed Income, net deductions	1,573			4.3		—			—		—			—
US Tax Credits	(1,528		)	(4.2	)	—			—		—			—
State and local income taxes, net of federal income taxes	916			2.5		626			1.9		230			0.6
Rate changes	—			—		1,578			4.6		—			—
Tax on repatriation	118			0.3		1,767			5.2		—			—
Other, net	61			0.2		(525		)	(1.6	)	(252		)	(0.7	)
Total income tax expense	$	9,711		26.6	%	$	13,904		41.0	%	$	11,363		33.4	%
Effective income tax rate	26.6		%			41.0		%			33.4		%

We include penalties and interest on income-based taxes in the “General and administrative” line on our Consolidated Statements of Comprehensive Income. We recorded $140,000, $181,000 and $101,000 of penalties and interest in 2018, 2017 and 2016, respectively.

Income tax provision (benefit) as set forth in the Consolidated Statements of Comprehensive Income consisted of the following components (in thousands):



	Years ended December 31,
	2018			2017			2016
Current taxes:
US Federal	$	5,949		$	1,122		$	6,765
State and local	1,477			662			1,136
Foreign	4,034			4,578			3,313
Total current taxes	11,460			6,362			11,214
Deferred taxes:
US Federal	(1,853		)	7,569			314
State and local	(169		)	22			36
Foreign	273			(49		)	(201		)
Total deferred taxes	(1,749		)	7,542			149
Total income tax expense	$	9,711		$	13,904		$	11,363

Deferred Income Taxes

The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are presented below (in thousands):



	As of December 31,
	2018			2017
Deferred tax assets:
Share-based compensation expense	$	3,137		$	3,851
Deferred rent	389			441
Compensation and benefits payable	2,606			719
Federal unrecognized tax benefit	51			46
Other	4			140
Total deferred tax assets	6,187			5,197
Deferred tax liabilities:
Property and equipment	(620		)	(586		)
Intangibles	(448		)	(1,029		)
Unrealized gains on investments	(17		)	(175		)
Total deferred tax liabilities	(1,085		)	(1,790		)
Net deferred tax assets	$	5,102		$	3,407

The Company is subject to taxation in the United States and various state and foreign jurisdictions. As of December 31, 2018, the Company’s 2015, 2016 and 2017 tax years are open for examination by the Internal Revenue Service, and various state and foreign jurisdiction tax years remain open to examination. Our 2015, 2016 and 2017 tax returns are currently under audit in a state jurisdiction in which we operate. It is reasonably possible that the audits may be completed during the next twelve months, and we do not expect the result of the audits to have a material impact on our Consolidated Financial Statements.

We have not provided foreign withholding taxes on the undistributed earnings of our foreign subsidiary, Westwood International Advisors. If these funds were needed for our U.S. operations, we would be required to accrue and pay incremental foreign withholding taxes to repatriate a portion of these funds. Our current intent is to permanently reinvest the funds subject to withholding taxes outside of the U.S., and our current plans do not demonstrate a need to repatriate them to fund our U.S. operations. As of December 31, 2018, the cumulative amount of earnings upon which foreign withholding taxes have not been provided is approximately $33 million, and the unrecognized deferred tax liability related to these earnings is approximately $1.7 million.

As of December 31, 2018 and 2017, the Company's gross liability related to uncertain tax positions was $184,000 and $160,000, respectively. A number of years may elapse before an uncertain tax position is finally resolved. To the extent that the Company has favorable tax settlements, or determines that accrued amounts are no longer needed due to a lapse in the applicable statute of limitations or other changes in circumstances, such liabilities, as well as the related interest and penalties, would be reversed as a reduction of income tax expense, net of federal tax effects, in the period such determination is made. A reconciliation of the change in recorded uncertain tax positions during the years ended December 31, 2018 and 2017 is as follows (in thousands):



Balance at January 1, 2017	$	2,462
Additions for tax positions related to the current year	67
Reductions for tax positions related to prior years	(776		)
Payments for tax positions related to prior years	(1,593		)
Balance at December 31, 2017	$	160
Additions for tax positions related to the current year	28
Reductions for tax positions related to prior years	(4		)
Balance at December 31, 2018	$	184

It is reasonably possible that the liability for uncertain tax positions could decrease by as much as $184,000 within the next twelve months as a result of settlements with certain taxing authorities that, if recognized, would decrease our provision for income taxes by $154,000.

Regulatory Capital Requirements	12 Months Ended
Regulatory Capital Requirements	Dec. 31, 2018
Banking and Thrift [Abstract]
REGULATORY CAPITAL REQUIREMENTS	REGULATORY CAPITAL REQUIREMENTS: Westwood Trust must maintain cash and investments in an amount equal to the required minimum restricted capital of $4.0 million as required by the Texas Finance Code. Restricted capital is included in Investments in the accompanying Consolidated Balance Sheets. At December 31, 2018, Westwood Trust had approximately $18.6 million in excess of its minimum capital requirement. Westwood Trust is limited under applicable Texas law in the payment of dividends of undivided profits, which is that part of equity capital equal to the balance of net profits, income, gains and losses since formation minus subsequent distributions to stockholders and transfers to surplus or capital under share dividends or appropriate Board resolutions. At the discretion of its Board of Directors, Westwood Trust may make quarterly and special dividend payments to us out of its undivided profits. No dividend payments were made to us in 2018, 2017 or 2016. Westwood International Advisors is subject to the working capital requirements of the Ontario Securities Commission, which requires that combined cash and receivables exceed current liabilities by at least $100,000 CDN. At December 31, 2018 Westwood International Advisors had combined cash and receivables that were $51.8 million CDN (or $38.0 million in U.S. dollars using the exchange rate on December 31, 2018) in excess of its current liabilities, which satisfies this requirement.

- Definition

The entire disclosure for banks, savings institutions, and credit unions, for regulatory capital requirements imposed by the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS) or for any state imposed capital requirements, as applicable. The disclosure may include (1) a description of regulatory capital requirements (a) for capital adequacy purposes and (b) established by the prompt corrective action provisions of Section 38 of the Federal Depository Insurance Act; (2) the actual or possible material effects of noncompliance with such requirements; (3) whether the entity is in compliance with the regulatory capital requirements including (a) required and actual ratios and amounts of Tier 1 leverage, Tier 1 risk-based, and total risk-based capital, tangible capital (for savings institutions), and Tier 3 capital for market risk (for certain banks and bank holding companies), (b) factors that may significantly affect capital adequacy; (4) the prompt corrective action category in which the entity was classified as of its most recent notification; (5) whether management believes any conditions or events since notification have changed the entity's category. Also may include additional information that might be disclosed in situations where substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time.

+ References

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-Publisher FASB
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+ Details

Revenue (Notes)

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Advisory Fee Revenues

Our advisory fees are generated by Westwood Management and Westwood International, which manage client accounts under investment advisory and sub-advisory agreements. Advisory fees are typically calculated based on a percentage of assets under management and are paid in accordance with the terms of the agreements. Advisory fees are paid quarterly in advance based on assets under management on the last day of the preceding quarter, quarterly in arrears based on assets under management on the last day of the quarter just ended or are based on a daily or monthly analysis of assets under management for the stated period. We recognize advisory fee revenues as services are rendered. Since our advance paying clients' billing periods coincide with the calendar quarter to which such payments relate, revenue is recognized within the quarter and our consolidated financial statements contain no deferred advisory fee revenues. Advisory clients typically consist of institutional and mutual fund accounts.

Institutional investors include separate accounts of (i) corporate pension and profit sharing plans, public employee retirement funds, Taft Hartley plans, endowments, foundations and individuals; (ii) subadvisory relationships where Westwood provides investment management services for funds offered by other financial institutions; (iii) pooled investment vehicles, including the UCITS Fund and collective investment trusts; and (iv) managed account relationships with brokerage firms and other registered investment advisors that offer Westwood products to their customers.

Mutual funds include the Westwood Funds®, a family of mutual funds for which Westwood Management serves as advisor. These funds are available to individual investors, as well as offered as part of our investment strategies for institutional investors and wealth management accounts.

Arrangements with Performance Based Obligations

A limited number of our advisory clients have a contractual performance-based fee component in their contracts, which generates additional revenues if we outperform a specified index over a specific period of time. The revenue is based on future market performance and is subject to factors outside our control. We cannot conclude that a significant reversal in the cumulative amount of revenue recognized will not occur during the measurement period, and therefore the revenue is recorded at the end of the measurement period when the performance obligation has been satisfied.

Trust Fee Revenues

Our trust fees are generated by Westwood Trust pursuant to trust or custodial agreements. Trust fees are separately negotiated with each client and are generally based on a percentage of assets under management. Westwood Trust also provides trust services to a small number of clients on a fixed fee basis. The fees for most of our trust clients are calculated quarterly in arrears, based on a daily average of assets under management for the quarter, or monthly, based on the month-end value of assets under management. Since billing periods for most of Westwood Trust’s clients coincide with the calendar quarter, revenue is fully recognized within the quarter and our Consolidated Financial Statements do not contain a significant amount of deferred trust fee revenues.

Revenue Disaggregated

Sales taxes are excluded from revenues. The following table presents our revenue disaggregated by account type (in thousands):



	Year Ended December 31,
	2018		2017		2016
Advisory Fees:
Institutional	$	59,345	$	69,029	$	64,665
Mutual Funds	29,792		30,172		26,827
Wealth Management	230		—		—
Performance-based	2,984		1,411		635
Trust Fees	28,953		31,621		30,313
Other	996		1,552		581
Total revenues	$	122,300	$	133,785	$	123,021

We have clients in various locations around the world. The following table presents our revenue disaggregated by our clients' geographical locations (in thousands):



Year Ended December 31, 2018	Advisory		Trust		Performance-based		Other		Total
Asia	$	4,305	$	—	$	—	$	—	$	4,305
Australia	3,783		—		—		—		3,783
Canada	6,605		—		—		163		6,768
Europe	4,860		—		—		—		4,860
United States	69,814		28,953		2,984		833		102,584
Total	$	89,367	$	28,953	$	2,984	$	996	$	122,300

Year Ended December 31, 2017	Advisory		Trust		Performance-based		Other		Total
Asia	$	6,312	$	—	$	—	$	—	$	6,312
Australia	3,334		—		—		—		3,334
Canada	8,737		—		—		432		9,169
Europe	3,873		—		—		—		3,873
United States	76,945		31,621		1,411		1,120		111,097
Total	$	99,201	$	31,621	$	1,411	$	1,552	$	133,785



Year Ended December 31, 2016	Advisory		Trust		Performance-based		Other		Total
Asia	$	4,872	$	—	$	—	$	—	$	4,872
Australia	1,758		—		—		—		1,758
Canada	7,528		—		—		186		7,714
Europe	5,416		—		—		—		5,416
United States	71,918		30,313		635		395		103,261
Total	$	91,492	$	30,313	$	635	$	581	$	123,021

Employee Benefits

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS:

Restricted Stock Awards

We have issued restricted shares to our employees and non-employee directors. The Plan reserves shares of Westwood common stock for issuance to eligible employees, directors and consultants of Westwood or its subsidiaries in the form of restricted stock and stock options. In April 2018, stockholders approved an additional 200,000 shares to be authorized under the Plan, increasing the total number of shares issuable under the Plan (including predecessor plans to the Plan) to 4,848,100 shares. In the event of a change in control of Westwood, the Plan contains provisions providing for the acceleration of the vesting of restricted stock. At December 31, 2018, approximately 452,000 shares remain available for issuance under the Plan.

The following table presents the total stock-based compensation expense recorded and the total income tax benefit recognized for stock-based compensation arrangements for the years indicated (in thousands):



	For the years ended December 31,
	2018		2017		2016
Service condition restricted stock expense	$	9,941	$	10,334	$	10,377
Performance-based restricted stock expense	4,760		5,387		4,927
Restricted stock expense under the Plan	14,701		15,721		15,304
Canadian Plan restricted stock expense	582		709		650
Total stock-based compensation expense	$	15,283	$	16,430	$	15,954
Total income tax benefit recognized related to stock-based compensation	$	3,592	$	6,168	$	4,749

Restricted Stock

Under the Plan, we have granted to employees and non-employee directors restricted stock subject to service conditions and to certain key employees restricted stock subject to both service and performance conditions. We accrue dividends on unvested restricted stock, which are due and payable upon vesting of restricted stock. Accrued dividends coming due within the next twelve months are included in “Dividends payable” on the Consolidated Balance Sheets, with the remaining noncurrent portion of accrued dividends included in “Accrued dividends” on the Consolidated Balance Sheets. At December 31, 2018, we had recorded $7.7 million and $1.6 million in Dividends payable and Accrued dividends, respectively. At December 31, 2017, we had recorded $7.4 million and $1.7 million in Dividends payable and Accrued dividends, respectively.

As of December 31, 2018, there was approximately $19.5 million of unrecognized compensation cost for restricted stock grants under the Plan, which we expect to recognize over a weighted-average period of 1.9 years. In order to satisfy tax liabilities that employees will owe on their shares that vest, we may withhold a sufficient number of vested shares from employees on the date vesting occurs to cover minimum tax withholding requirements. We withheld 85,448 shares in 2018 for this purpose. Our two types of restricted stock grants under the Plan are discussed below.

Restricted Stock Subject Only to a Service Condition

For the years ended December 31, 2018, 2017 and 2016, we granted restricted stock to employees and non-employee directors. Employee shares generally vest over four years and Director shares vest over one year. We calculate compensation cost for restricted stock grants using the fair market value of our common stock at the date of grant, the number of shares issued and an adjustment for restrictions on dividends. This compensation cost is amortized on a straight-line basis over the applicable vesting period.

The following table details the status and changes in our restricted stock grants that are subject only to a service condition for the year ended December 31, 2018:



	Number of Shares		Weighted Average Grant Date Fair Value
Non-vested, January 1, 2018	519,375		$	55.44
Granted	172,366		55.92
Vested	(208,715	)	53.61
Forfeited	(42,953	)	56.46
Non-vested, December 31, 2018	440,073		$	56.40

The following table shows the weighted-average grant date fair value for shares granted and the total fair value of shares vested during the years indicated:



	Years ended December 31,
	2018		2017		2016
Weighted-average grant date fair value	$	55.92	$	61.20	$	47.97
Fair value of shares vested (in thousands)	$	11,189	$	10,764	$	9,497

Restricted Stock Subject to Service and Performance Conditions

Under the Plan, certain key employees were provided agreements for grants of restricted shares that vest over multiple year periods subject to achieving annual performance goals established by the Compensation Committee of Westwood’s Board of Directors. Each year the Compensation Committee establishes specific goals for that year’s vesting of the restricted shares. The date that the Compensation Committee establishes the annual goal is considered to be the grant date and the fair value measurement date to determine expense on the shares that are likely to vest. The final shares earned are determined when the Compensation Committee formally approves the performance-based restricted stock vesting based on the specific performance goals from the Company’s audited consolidated financial statements, and the service vesting period ranges from one to three years. If a portion of the performance-based restricted shares is not earned or does not vest, no compensation expense is recognized for that portion and any previously recognized compensation expense related to shares that are not earned or do not vest is reversed.

In March 2018, the Compensation Committee established the 2018 goal for our Chief Executive Officer and Chief Investment Officer as Income before income taxes of $20.0 million for 50% of their respective awards and an Income before income taxes target of $36.0 million (ranging from 25% of target for threshold performance of $32.0 million to 185% of target for maximum performance of $44.5 million) for the remaining 50% of their respective awards. For certain other key employees, the Compensation Committee established the fiscal 2018 goals based on various departmental and company-wide performance goals, including Income before income taxes of at least $20.0 million. These performance grants allow the Compensation Committee to exclude certain items, including legal settlements, from the Income before income taxes target. Throughout 2018, we recorded expense related to the applicable percentage of the performance-based restricted shares expected to meet or exceed the performance goals needed to earn the shares.

The following table details the status and changes in our restricted stock grants subject to service and performance conditions for the year ended December 31, 2018:



	Number of Shares		Weighted Average Grant Date Fair Value
Non-vested, January 1, 2018	165,918		$	55.85
Granted	88,656		51.85
Vested	(98,281	)	55.81
Forfeited	—		—
Non-vested, December 31, 2018	156,293		$	55.66

The following table shows the weighted-average grant date fair value for shares granted and the total fair value of shares vested during the years indicated:



	Years ended December 31,
	2018		2017		2016
Weighted-average grant date fair value	$	51.85	$	54.86	$	55.90
Fair value of shares vested (in thousands)	$	5,485	$	5,792	$	6,209

Canadian Plan

As discussed in Note 2, the Canadian Plan provides compensation in the form of common stock for services performed by employees of Westwood International Advisors. Under the Canadian Plan, no more than $10 million CDN (or $7.3 million in U.S. Dollars using the exchange rate on December 31, 2018) may be funded to the Plan Trustee to fund purchases of common stock with respect to awards granted under the Canadian Plan. At December 31, 2018, approximately $2.6 million remains available for issuance under the Canadian Plan, or approximately 75,000 shares based on the closing share price of our stock of $34.00 as of the last business day of 2018. During 2018, the trust formed pursuant to the Canadian Plan purchased in the open market 13,031 Westwood common shares for approximately $726,000. On December 3, 2018, 10,327 shares vested at a total fair value of approximately $409,000. As of December 31, 2018, the trust holds 36,031 shares of Westwood common stock. As of December 31, 2018, unrecognized compensation cost related to restricted stock grants under the Canadian Plan totaled $655,000, which we expect to recognize over a weighted-average period of 1.6 years.

Mutual Fund Share Incentive Awards

We grant annually to certain employees mutual fund incentive awards, which are bonus awards based on our mutual funds achieving specific performance goals. Awards granted are notionally credited to a participant account maintained by us that contains a number of mutual fund shares equal to the award amount divided by the net closing value of a fund share on the date the amount is credited to the account.

For awards earned prior to 2017, the award vested after approximately one year of service following the year in which the participant earned the award. Beginning in 2017, the award vests after approximately two years of service following the year in which the participant earned the award. We begin accruing a liability for mutual fund incentive awards when we believe it is probable that the award will be earned and record expense for these awards over the service period of the award, which is either two or three years. During the year in which the amount of the award is determined, we record expense based on the expected value of the award. After the award is earned, we record expense based on the value of the shares awarded and the percentage of the vesting period that has elapsed. Our liability under these awards may increase or decrease based on changes in the value of the mutual fund shares awarded, including reinvested income from the mutual funds during the vesting period. Upon vesting, participants receive the value of the mutual fund share awards adjusted for earnings or losses attributable to the underlying mutual funds. For the years ended December 31, 2018, 2017, and 2016, we recorded expense of $302,000, $1.2 million and $1.3 million, respectively, related to mutual fund share incentive awards. As of December 31, 2018 and 2017, we had an accrued liability of $635,000 and $1.8 million, respectively, related to mutual fund incentive awards.

Deferred Share Units

We have a deferred share unit (“DSU”) plan for employees of Westwood International Advisors. A DSU is an award linked to the value of Westwood’s common stock and is represented by a notional credit to a participant account. The value of a DSU is initially equal to the value of a share of our common stock. For awards granted prior to 2018, DSUs vest 20%, 40%, 60%, and 80% after two, three, four and five years of service, respectively, and become fully vested after six years of service. Beginning in 2018, DSUs vest 50%, 25% and 25% after two, three and four years of service, respectively, and become fully vested after four years of service. The liability for these units is settled in cash upon termination of the participant’s service. We record expense for DSUs based on the number of units vested on a straight line basis, which may increase or decrease based on changes in the price of our common shares, and will increase for additional units received from dividends declared on our shares. As of December 31, 2018, we had an accrued liability of $439,000 for 13,544 deferred share units related to the 2012 to 2017 awards issued from 2013 to 2018, which is based on the $34.00 per share closing price of our common stock on the last trading day of the year ended December 31, 2018. As of December 31, 2017, we had an accrued liability of $632,000 for 10,796 deferred share units related to the 2012 to 2016 awards issued from 2013 to 2017, which was based on the $66.21 per share closing price of our common stock on the last trading day of the year ended December 31, 2017.

Benefit Plans

Westwood has a defined contribution and profit-sharing plan that was adopted in July 2002 and covers substantially all of our employees. Beginning with the 2017 contribution, discretionary employer profit-sharing contributions become fully vested after four years of service by the participant. Contributions prior to 2017 vest after six years of service by the participant. For U.S. employees, Westwood provides a 401(k) match of up to 6% of eligible compensation. For Westwood International Advisors employees, Westwood provides a Registered Retirement Savings Plan match of up to 6% of eligible compensation. These retirement plan matching contributions vest immediately.

The following table displays our profit-sharing and retirement plan contributions for the periods presented (in thousands):



	Years ended December 31,
	2018		2017		2016
Profit-sharing contributions	$	926	$	1,613	$	1,001
Retirement plan matching contributions	1,604		1,602		1,518

Variable Interest Entities

12 Months Ended

Dec. 31, 2018

Variable Interest Entities [Abstract]

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES:

As discussed in Note 2 “Summary of Significant Accounting Policies,” the CTFs and Private Equity Funds (together the “Westwood VIEs”) are considered VIEs, and the Westwood Funds®, UCITS Fund and Private Equity are considered VOEs (together the “Westwood VOEs”). We receive fees for managing assets in these entities commensurate with market rates. As of December 31, 2018 and 2017, we evaluated all of the Westwood VIEs and Westwood VOEs to determine whether or not we should consolidate the entities into our Consolidated Financial Statements. For the Westwood VIEs, we evaluated whether or not we qualify as the primary beneficiary based on whether we have the obligation to absorb significant losses, the right to receive residual returns and the right to direct the activities of the entity that most significantly impact the entity’s economic performance. For the Westwood VOEs, we evaluated whether or not we own a controlling financial interest in the entities. Based on our analysis, we have not consolidated the Westwood VIEs or Westwood VOEs into our Consolidated Financial Statements for the years ended December 31, 2018 or 2017.

As of December 31, 2018 and 2017, the Company had seed investments totaling $6.1 million and $10.7 million, respectively, in the CTFs, the Westwood Funds® and the UCITS Fund. These seed investments were provided for the sole purpose of showing economic substance needed to establish the funds or sub-funds. The Company's seed investments in these funds are included in “Investments, at fair value” on our Consolidated Balance Sheets.

We have not otherwise provided any financial support that we were not previously contractually obligated to provide and there are no arrangements that would require us to provide additional financial support to any of these entities. Our seed investments in the above-mentioned CTFs, Westwood Funds® and the UCITS Fund are accounted for as investments in accordance with our other investments described in Note 3 “Investments.” We recognized fee revenue from the Westwood VIEs and Westwood VOEs of approximately $46.1 million, $51.9 million and $52.2 million for the twelve months ended December 31, 2018, 2017 and 2016, respectively.

The following table displays the assets under management, the amount of our seed investments that are included in “Investments” and “Investments, at fair value” on the Consolidated Balance Sheets, and the financial risk of loss in each vehicle (in millions):



	As of December 31, 2018
	Assets Under Management		Corporate Investment		Amount at Risk
VIEs/VOEs:
Westwood Funds®	$	3,236	$	6	$	6
Common Trust Funds	1,559		—		—
UCITS Fund	293		—		—
Private Equity Funds	9		—		—
Private Equity	—		5		5

All other assets:
Wealth Management	2,475
Institutional	9,034
Total AUM	$	16,606

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2018
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS: Some of our directors, executive officers and their affiliates invest personal funds directly in trust accounts that we manage. There was approximately $84,000 and $98,000 in fees due from these accounts as of December 31, 2018 and 2017, respectively. For the years ended December 31, 2018, 2017 and 2016, we recorded trust fees from these accounts of $360,000, $375,000, and $409,000, respectively. The Company engages in transactions with its affiliates as part of our operations. Westwood International Advisors and Westwood Management provide investment advisory services to the UCITS Fund and the Westwood Funds®. Certain members of our management serve on the board of directors of the UCITS Fund, and we have capital invested in three of the Westwood Funds®. Under the terms of the investment advisory agreements, the Company earns fees paid by either clients of the fund or directly by the funds. The fees are based on negotiated fee schedules applied to AUM. For the years ended December 31, 2018, 2017 and 2016, we recorded fees from the affiliated Funds of $4.2 million, $4.0 million and $3.1 million, respectively, which are included in “Asset-based advisory fees” on our Consolidated Statement of Comprehensive Income. As of December 31, 2018 and 2017, $295,000 and $423,000 of these fees were unpaid and included in “Accounts receivable” on our Consolidated Balance Sheets, respectively. As discussed in Note 3 “Investments,” the Company made a strategic investment in an equity position of a private company during 2018. We previously entered into a separate agreement with this private company to implement a portfolio management product. For the years ended December 31, 2018 and 2017, we incurred approximately $1.1 million and $140,000, respectively, in expenses to this company, which are included in “Information technology” expenses on our Consolidated Statements of Comprehensive Income. The Company did not incur any similar expenses during the year ended December 31, 2016.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES:

Leases

We lease our offices under non-cancelable operating lease agreements with expiration dates that run through 2026. Rental expense for facilities and equipment leases for years ended December 31, 2018, 2017 and 2016 aggregated approximately $2.3 million, $2.4 million and $2.4 million, respectively, and is included in general and administrative and information technology expenses in the accompanying Consolidated Statements of Comprehensive Income.

At December 31, 2018, the future contractual rental payments for noncancelable operating leases for each of the following five years and thereafter are as follows (in thousands):



Year ending:
2019	$	2,110
2020	2,131
2021	2,094
2022	1,718
2023	1,725
Thereafter	3,403
Total payments due	$	13,181

Litigation

On August 3, 2012, AGF Management Limited and AGF Investments Inc. (together “AGF”) filed a lawsuit in the Ontario Superior Court of Justice against Westwood, certain Westwood employees and the executive recruiting firm of Warren International, LLC (“Warren”). The action related to the hiring of certain members of Westwood’s emerging markets investment team previously employed by AGF. On November 5, 2012, Westwood responded to AGF’s lawsuit with a counterclaim against AGF, and on November 6, 2012, AGF filed a second lawsuit against Westwood, Westwood Management and an employee of a Westwood subsidiary.

On October 13, 2017, we reached a settlement with AGF that provided for the dismissal of all claims, with prejudice and without any admission of liability. We agreed to pay AGF a one-time payment of $10 million CDN, half of which was covered by our insurance. We recorded a net $4.0 million ($5 million CDN) charge related to the settlement and associated insurance coverage, with a $4.0 million ($5 million CDN) receivable from our insurance provider included in “Other current assets” on our Consolidated Balance Sheets at December 31, 2017. We received the insurance proceeds of $4.0 million during 2018 and had no receivable related to the settlement on our Consolidated Balance Sheets as of December 31, 2018.

Our policy is to not accrue legal fees and directly related costs as part of potential loss contingencies. Our Directors & Officers insurance provider covered 50% of the defense costs related to both AGF claims, excluding Westwood’s counterclaim against AGF. We expense legal fees and directly-related costs as incurred. We received insurance proceeds of $233,000, $276,000 and $430,000 during 2018, 2017 and 2016, respectively, and had no receivable at year-end. We had a receivable of $212,000 as of December 31, 2017, which represented our then-current minimum estimate of expenses that we expected to recover under our insurance policies. This receivable is included in “Other current assets” on our Consolidated Balance Sheets.

Segment Reporting

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTING:

We operate two segments: Advisory and Trust. These segments are managed separately based on the types of products and services offered and their related client bases. The Company’s segment information is prepared on the same basis that management uses to review the financial information for operational decision-making purposes. The Company's chief operating decision maker, our Chief Executive Officer, evaluates the performance of our segments based primarily on fee revenues and Economic Earnings. Westwood Holdings Group, Inc., the parent company of Advisory and Trust, does not have revenues and is the entity in which we record typical holding company expenses including employee compensation and benefits for holding company employees, directors’ fees and investor relations costs. All segment accounting policies are the same as those described in the summary of significant accounting policies. Intersegment balances that eliminate in consolidation have been applied to the appropriate segment.

Advisory

Our Advisory segment provides investment advisory services to corporate retirement plans, public retirement plans, endowments, foundations, individuals, the Westwood Funds®, and the UCITS Fund, as well as investment subadvisory services to mutual funds and our Trust segment. Westwood Management Corp. and Westwood International Advisors, which provide investment advisory services to clients of similar type, are included in our Advisory segment, along with Westwood Advisors, L.L.C.

Trust

Westwood Trust provides trust and custodial services and participation in common trust funds that it sponsors to institutions and high net worth individuals. Westwood Trust is included in our Trust segment.



(in thousands)	Advisory			Trust			Westwood Holdings			Eliminations			Consolidated
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
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 (loss)	$	38,806		$	1,607		$	(13,662	)	$	—		$	26,751
Add: Restricted stock 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	$	226,270		$	61,056		$	17,977		$	(114,818	)	$	190,485
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	$	33,571		$	1,501		$	(15,083	)	$	—		$	19,989
Add: Restricted stock 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



(in thousands)	Advisory		Trust			Westwood Holdings			Eliminations			Consolidated

Year Ended December 31, 2016
Revenues:
Net fee revenues from external sources	$	92,127	$	30,313		$	—		$	—		$	122,440
Net intersegment revenues	7,533		130			—			(7,663		)	—
Net interest and dividend revenue	534		13			—			—			547
Other revenue	294		(260		)	—			—			34
Total revenues	100,488		30,196			—			(7,663		)	123,021
Expenses:
Depreciation and amortization	575		1,975			379			—			2,929
Other operating expenses	50,824		27,348			15,573			(7,663		)	86,082
Total expenses	51,399		29,323			15,952			(7,663		)	89,011
Income (loss) before income taxes	49,089		873			(15,952		)	—			34,010
Income tax expense (benefit)	16,331		426			(5,394		)	—			11,363
Net income (loss)	$	32,758	$	447		$	(10,558	)	$	—		$	22,647
Add: Restricted stock expense	$	9,632	$	3,026		$	3,296		$	—		$	15,954
Intangible amortization	160		1,800			—			—			1,960
Deferred taxes on goodwill	38		509			—			—			547
Economic Earnings (Loss)	$	42,588	$	5,782		$	(7,262	)	$	—		$	41,108

Segment assets	$	174,951	$	67,330		$	13,985		$	(76,588	)	$	179,678
Segment goodwill	$	5,219	$	21,925		$	—		$	—		$	27,144
Expenditures for long-lived assets	$	705	$	530		$	584		$	—		$	1,819

We provide a performance measure that we refer to as Economic Earnings. Our management and Board of Directors review Economic Earnings to evaluate our ongoing performance, allocate resources and determine our dividend policy. We believe that this performance measure is useful for management and investors when evaluating our underlying operating and financial performance and our available resources.

In calculating Economic Earnings, we add to Net income the non-cash expense associated with equity-based compensation awards of restricted stock, amortization of intangible assets and the deferred taxes related to the tax-basis amortization of goodwill. Although depreciation on property and equipment is a non-cash expense, we do not add it back when calculating Economic Earnings because depreciation charges represent a decline in the value of the related assets that will ultimately require replacement.

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



	For the years ended December 31,
	2018		2017		2016
Net Income	$	26,751	$	19,989	$	22,647
Add: Restricted stock expense	15,283		16,430		15,954
Add: Intangible amortization	1,672		1,872		1,960
Add: Tax benefit from goodwill amortization	237		626		547
Economic Earnings	$	43,943	$	38,917	$	41,108

Geographical information

Refer to Note 9, “Revenue” for our revenue disaggregated by our clients' geographical location.



	As of December 31,
(in thousands)	2018		2017
Property and equipment, net, by geographic area:
U.S.	$	4,381	$	4,107
Canada	73		83
Total Property and equipment, net	$	4,454	$	4,190

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2018
Accounting Policies [Abstract]
Earnings Per Share, Policy [Policy Text Block]	Basic earnings per common share (“EPS”) is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding. Diluted EPS is computed based on the weighted average shares of common stock outstanding plus the effect of any dilutive shares of restricted stock granted to employees and non-employee directors.
Principles of consolidation	Principles of Consolidation The accompanying Consolidated Financial Statements include the accounts of Westwood and its subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. In the current year, we created a new expense item on the Consolidated Statements of Comprehensive Income for (Gain) loss on foreign currency transactions, which was previously included in "General and Administrative" expense. Prior year financial statements were reclassified to conform to this presentation. These reclassifications had no impact on net income, stockholders’ equity or cash flows as previously reported. We assess each legal entity that we manage to determine whether consolidation is appropriate at the onset of the relationship. We first determine whether the entity is a variable interest entity (“VIE”), or a voting interest entity (“VOE”), under U.S. generally accepted accounting principles (“GAAP”) and whether we have a controlling financial interest in the entity. Assessing whether or not an entity is a VOE or VIE and if it requires consolidation involves judgment and analysis. Factors considered in this assessment include, but are not limited to, the legal organization of the entity, our equity ownership and contractual involvement with the entity and any related party or de facto agent implications of our involvement with the entity. We reconsider whether entities are a VIE or VOE whenever contractual arrangements change, the entity receives additional equity or returns equity to its investors or changes in facts and circumstances occur that change the investors’ abilities to direct the activities of the entity. A VIE is an entity in which (i) the total equity investment at risk is not sufficient to enable the entity to finance its activities without subordinated financial support, (ii) the at-risk equity holders, as a group, lack the characteristics of a controlling financial interest or (iii) the entity is structured with disproportionate voting rights, and substantially all of the activities are conducted on behalf of an investor with disproportionately few voting rights. That is, the at-risk equity holders do not have the obligation to absorb significant losses, the right to receive residual returns and the right to direct the activities of the entity that most significantly impact the entity’s economic performance. An enterprise must consolidate all VIEs of which it is the primary beneficiary. We determine if a sponsored investment meets the definition of a VIE by considering whether the fund’s equity investment at risk is sufficient to finance its activities without additional subordinated financial support and whether the fund’s at-risk equity holders absorb any losses, have the right to receive residual returns and have the right to direct the activities of the entity most responsible for the entity’s economic performance. The primary beneficiary of a VIE is defined as the party that, considering the involvement of related parties and de facto agents, has (i) the power to direct the activities of the VIE that most significantly affect its economic performance and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. This evaluation is updated continuously. A VOE is an entity that is outside the scope of the guidance for VIEs. Consolidation of a VOE is required when a reporting entity owns a controlling financial interest in a VOE. Ownership of a majority of the voting interests is the usual condition for a controlling financial interest. We have evaluated (i) our advisory relationships with Westwood Investment Funds PLC (the “UCITS Fund”) and the Westwood Funds®, (ii) our relationship as sponsor of the Common Trust Funds (“CTFs”) and managing member of the private equity funds Westwood Hospitality Fund I, LLC and Westwood Technology Fund LP (collectively the “Private Equity Funds”) and (iii) the private company discussed in Note 3 “Investments” (“Private Equity”) to determine whether each of these entities is a variable interest entity (“VIE”) or voting ownership entity (“VOE”). Based on our analysis, we determined that the CTFs and Private Equity Funds were VIEs, as the at-risk equity holders do not have the ability to direct the activities that most significantly impact the entity’s economic performance, and the Company and its representatives have a majority control of the entities' respective boards of directors and can influence the respective entities' management and affairs. Prior to the sale of our Omaha-based operations, we also considered our advisory relationship with ten limited liability companies (“LLCs”) as VIEs, but as of December 31, 2018, we no longer serve as the managing member of the funds and do not control the activities that most significantly impact the entities' economic performance. Therefore these LLCs are no longer considered VIEs. Although we have related parties on the UCITS Fund board of directors, the shareholders have rights to remove the current directors by a simple majority vote and so we determined that the UCITS Fund is not a VIE. As the Company and its representatives do not have representation on the Westwood Funds® or the Private Equity independent boards of directors, which direct the activities that most significantly impact the entities' economic performance, we determined that the Westwood Funds® and the Private Equity were not VIEs. Therefore, the UCITS Fund, Westwood Funds® and Private Equity should be analyzed under the VOE consolidation method. Based on our analysis of our investments in these entities for the periods ending December 31, 2018 and 2017, we have not consolidated the CTFs, Private Equity Funds or LLCs under the VIE method or the UCITS Fund, Westwood Funds® or Private Equity under the VOE method, and therefore the financial results of these entities are not included in the Company’s consolidated financial results. We have included the disclosures related to VIEs and VOEs in Note 12 “Variable Interest Entities.”
Use of Estimates	Use of Estimates The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of money market accounts and other short-term, highly liquid investments with maturities of three months or less, other than pooled investment vehicles that are considered investments. We maintain some cash and cash equivalents balances with financial institutions that are in excess of Federal Deposit Insurance Corporation insurance limits. The Company has not experienced losses on uninsured cash accounts.
Accounts Receivable	Accounts Receivable Accounts receivable represents balances arising from services provided to customers and are recorded on an accrual basis, net of any allowance for doubtful accounts. Accounts receivable are written off when they are determined to be uncollectible. Any allowance for doubtful accounts is estimated based on the Company’s historical amounts written off, existing conditions in the industry, and the financial stability of the customer. The majority of our accounts receivable balances consist of advisory and trust fees receivable from customers that we believe and have experienced to be fully collectible. Accordingly, our Consolidated Financial Statements do not include an allowance for bad debt nor any bad debt expense.
Investments	Investments Investments measured at fair market value are classified as trading securities and are carried at quoted market values on the accompanying Consolidated Balance Sheets. Net unrealized holding gains or losses on investments classified as trading securities are reflected as a component of other revenues. We measure realized gains and losses on investments using the specific identification method.
Fair Value of Financial Instruments	Fair Value of Financial Instruments We determined the estimated fair values of our financial instruments using available information. The fair value amounts discussed in Notes 3 “Investments” and 4 “Fair Value of Financial Instruments” are not necessarily indicative of either the amounts realizable upon disposition of these instruments or of our intent or ability to dispose of these assets. The estimated fair value of cash and cash equivalents, accounts receivable, prepaid income taxes, other current assets, accounts payable and accrued liabilities, dividends payable, compensation and benefits payable and income taxes payable approximates their carrying value due to their short-term maturities. The carrying amount of investments designated as “trading” securities, primarily U.S. Government and Government agency obligations, money market funds, Westwood Funds® mutual funds, the UCITS Fund and Westwood Trust common trust fund shares, equals fair value based on prices quoted in active markets and, with respect to funds, the reported net asset value (“NAV”) of the shares held. Market values of our money market holdings generally do not fluctuate.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of acquired assets over the fair value of the underlying identifiable assets at the date of acquisition. Goodwill is not amortized but is tested at least annually for impairment. We test more frequently if indicators are present or changes in circumstances suggest that impairment may exist. These indicators include declines in revenues, earnings or cash flows, or the development of a material adverse change in the business climate. We assess goodwill for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment, referred to as a component. We have identified two reporting units, which are consistent with our reporting segments: Advisory and Trust. The Company is not required to calculate the fair value of a reporting unit unless we determine that it is more likely than not that its fair value is less than the carrying amount. We assess goodwill for impairment using either a qualitative or quantitative assessment. The qualitative assessment includes consideration of the current trends in the industry in which we operate, macroeconomic conditions, recent financial performance of our reporting units and a market multiple approach valuation. In performing the annual impairment test during the third quarter, or more frequently when impairment indicators exist, and after assessing the qualitative factors, we may be required to utilize the two-step approach prescribed by ASC 350, Goodwill and Other Intangible Assets. We may also elect to skip the qualitative assessment and proceed directly to the quantitative analysis. The quantitative analysis requires a comparison of each reporting unit’s carrying value to the fair value of the respective unit. If the carrying value exceeds the fair value, an impairment loss is measured by reducing the goodwill to the fair market value. The fair value of each reporting unit is estimated, entirely or predominantly, using a market multiple approach. During the third quarter of 2018 we completed our annual goodwill impairment assessment and determined that no impairment loss was required. No impairments were recorded during any of the periods presented. Our intangible assets represent the acquisition date fair value of the acquired client relationships, trade names and non-compete agreements, as well as the cost of internally-developed software, each of which is reflected net of amortization. In valuing these assets, we made significant estimates regarding their useful lives, growth rates and potential attrition. We periodically review our intangible assets for events or circumstances that would indicate impairment. See Note 5 “Goodwill and Other Intangible Assets.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation of furniture and equipment is provided over the estimated useful lives of the assets (from 3 to 7 years), and depreciation on leasehold improvements is provided over the lesser of the estimated useful life or lease term using the straight-line method. We capitalize leasehold improvements, furniture and fixtures, computer hardware and most office equipment purchases.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Revenues are recognized when the performance obligation (the investment management and advisory or trust services provided to the client) defined by the investment advisory or sub-advisory agreement is satisfied. For each performance obligation, we determine at contract inception whether the revenue satisfies over time or at a point in time. We derive our revenues from investment advisory fees, trust fees and other sources of revenues. Advisory and Trust fees are calculated based on a percentage of assets under management and the performance obligation is realized over the then-current calendar quarter. Once clients receive our investment advisory services we have an enforceable right to payment. Incremental costs to obtain a contract under the new guidance is eligible to be capitalized if the cost is expected to be recovered over the service period. We incur certain incremental costs in obtaining new Trust business and continually evaluate whether costs should be capitalized and amortized over the expected period of benefit of the asset. Certain costs used to fulfill a contract such as the distribution services utilized to sell our Westwood Funds® are expensed as incurred. We have elected the practical expedient that allows an entity to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less.
Stock Based Compensation	Stock-Based Compensation We have issued restricted stock to our U.S. employees and Board of Directors in accordance with our Fifth Amended and Restated Westwood Holdings Group, Inc. Stock Incentive Plan (the “Plan”). We account for stock-based compensation in accordance with ASC 718, Compensation-Stock Compensation and adopted Accounting Standards Update (“ASU”) 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting effective January 1, 2017. Under ASC 718, stock-based compensation expense reflects the fair value of stock-based awards measured at grant date and is recognized over the relevant service period. We expense the fair value of stock-based compensation awards granted to our employees and directors in our Consolidated Financial Statements on a straight-line basis over the period that services are required to be provided in exchange for the award (“requisite service period”), which is typically the period over which the award vests. Stock-based compensation is recognized only for awards that vest. We measure the fair value of compensation cost related to restricted stock awards based on the closing market price of our common stock on the grant date. For performance-based share awards, we assess actual performance versus the predetermined performance goals and record compensation expense once we conclude it is probable that we will meet the performance goals required to vest the applicable performance-based awards. The following summarizes the effects of the adoption of ASU 2016-09 on our Consolidated Financial Statements: Income Taxes - Upon adoption of this standard, all excess tax benefits and tax deficiencies, including tax benefits of dividends on share-based payment awards, are recognized as income tax expense or benefit in the Consolidated Statement of Comprehensive Income. The tax effects of exercised or vested awards are treated as discrete items in the reporting period in which they occur. As a result, the Company recognized discrete adjustments to income tax expense of $1.0 million in 2017 related to excess tax benefits, decreasing our effective tax rate for 2017 by 2.9%. Without the adjustment, our effective tax rate would have been 43.9%. The Company did not have any unrecognized excess tax benefits as of December 31, 2016 and therefore there was no cumulative-effect adjustment to retained earnings related to income taxes. The Company adopted the amendments related to the recognition of excess tax benefits and tax shortfalls prospectively, with no adjustments made to prior periods. Forfeitures - Prior to adoption, stock-based compensation expense was recognized on a straight-line basis, net of estimated forfeitures, such that expense was recognized for stock-based awards that were expected to vest. A forfeiture rate was estimated annually and revised, if necessary, in subsequent periods if actual forfeitures differed from initial estimates. Upon adoption of this standard, the Company no longer applies an estimated forfeiture rate and instead accounts for forfeitures as they occur. The Company applied the modified retrospective adoption approach, resulting in a $711,000 cumulative-effect reduction to “Retained earnings” with the offset to “Additional paid-in-capital” on January 1, 2017. Statements of Cash Flows - The Company historically accounted for excess tax benefits on the Consolidated Statements of Cash Flows as a financing activity. Upon adoption of this standard, excess tax benefits are classified along with other income tax cash flows as an operating activity. The change in cash flow classification associated with excess tax benefits was adopted prospectively, resulting in the classification of the $1.0 million excess tax benefit as an operating activity during the twelve months ended December 31, 2017. No change in classification was necessary for the presentation of restricted stock returned for payment of taxes, as the Company has historically presented such payments as a financing activity. The Company adopted this portion of the standard on a prospective basis, with no adjustments made to prior periods. Earnings Per Share - The Company uses the treasury stock method to compute diluted earnings per share, unless the effect would be anti-dilutive. Under the new standard, the Company is no longer required to estimate the tax effect of anticipated windfall benefits or shortfalls when projecting proceeds available for share repurchases in calculating dilutive shares. The Company utilized the modified retrospective adoption approach, with no adjustments made to prior periods. The Share Award Plan of Westwood Holdings Group, Inc. for Service Provided in Canada to its Subsidiaries (the “Canadian Plan”) provides compensation in the form of common stock for services performed by employees of Westwood International Advisors. We record compensation costs for these awards on a straight-line basis over the vesting period once we determine it is probable that the award will be earned. Awards expected to be settled in shares are funded into a trust pursuant to an established Canadian employee benefit plan. Generally, the Canadian trust subsequently acquires Westwood common shares in market transactions and holds such shares until the shares are vested and distributed, or forfeited. Shares held in the trust are shown on our Consolidated Balance Sheet as treasury shares. Until shares are acquired by the trust, we record compensation costs and measure the liability as a cash-based award, which is included in “Compensation and benefits payable” on our Consolidated Balance Sheets. For the years ended December 31, 2018, 2017 and 2016, the compensation expense recorded for these awards was $147,000, $232,000 and $524,000, respectively. When the number of shares related to an award is determinable, the award becomes an equity award accounted for in a manner similar to restricted stock, which is described in Note 10 “Employee Benefits.”
Currency Translation	Currency Translation and Re-measurement Assets and liabilities of Westwood International Advisors, our non-U.S. dollar functional currency subsidiary, are translated at exchange rates as of applicable reporting dates. The gains and losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are recorded through other comprehensive income. Revenue and expense transactions are recorded at the rates of exchange prevailing on the dates of the transactions. Gains and losses resulting from transactions in foreign currencies are included in “(Gain) loss on foreign currency transactions” in our Consolidated Statements of Comprehensive Income. For the years ended December 31, 2018 and 2016, we recorded a gain of $2.8 million and $362,000, respectively. For the year ended December 31, 2017, we recorded a loss of $1.6 million.
Income Taxes	Income Taxes We file a United States federal income tax return as a consolidated group for Westwood and its subsidiaries based in the United States. We file a Canadian income tax return for Westwood International Advisors. Deferred income tax assets and liabilities are determined based on temporary differences between the financial statements and income tax bases of assets and liabilities as measured at enacted income tax rates. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Reform Act”) was signed into law. Further information on the tax impacts of the Tax Reform Act is included in Note 7 “Income Taxes.” Deferred income tax expense is generally the result of changes in deferred tax assets and liabilities. Deferred taxes relate primarily to incentive compensation and stock-based compensation expense. We record net deferred tax assets to the extent we believe such assets will more likely than not be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event we were to determine that we would not be able to realize our deferred income tax assets in the future, we would record a valuation allowance. No such valuation allowance has been recorded in our Consolidated Financial Statements. We account for uncertain tax positions by recognizing the impact of a tax position in our Consolidated Financial Statements when we believe it is more likely than not that the tax position would not be sustained upon examination by the appropriate tax authority based on the merits of the position. We include penalties and interest on income-based taxes, if any, in the “General and administrative” line on our Consolidated Statements of Comprehensive Income. See Note 7 “Income Taxes.”
Business Combinations	Business Combinations In allocating the purchase price of a business combination, the Company records all assets acquired and liabilities assumed at fair value, with the excess of the purchase price over the aggregate fair values recorded as goodwill. ASC 820, Fair Value Measurements, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The purchase price of an acquisition is allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values as of the date of acquisition. To the extent the purchase price exceeds the fair value of the net identifiable tangible and intangible assets acquired and liabilities assumed, such excess is allocated to goodwill. The Company determines the estimated fair values after review and consideration of relevant information, including discounted cash flows, quoted market prices and estimates made by management. The fair value assigned to identifiable intangible assets acquired is based on estimates and assumptions made by management at the time of the acquisition. The Company adjusts the preliminary purchase price allocation, as necessary, during the measurement period of up to one year after the acquisition closing date as it obtains more information as to facts and circumstances existing as of the acquisition date. Acquisition-related costs are recognized separately from the acquisition and are expensed as incurred. The acquired customer accounts, trade names and non-compete agreements are subject to fair value measurements based primarily on significant inputs not observable in the market and thus represent level 3 measurements. The valuation of an acquired customer list utilizes an income approach, which provides an estimate of the fair value of an asset based on discounted cash flows and management estimates, including the estimated growth associated with existing clients, market growth and client attrition. The valuation of acquired trade names uses a relief-from-royalty method in which the fair value of the intangible asset is estimated to be the present value of royalties saved because the Company owns the intangible asset. Revenue projections and estimated useful lives are used in estimating the fair value of the trade names. The non-compete agreements are calculated using the with-or-without method, which utilizes the probability of these employees competing with the Company and revenue projections to calculate the valuation of non-compete agreements. When an acquisition includes future contingent consideration on achieving certain annualized revenue from the post-closing acquired business over a specified time period, the Company estimates the fair value of the earn-out using overall revenue growth projections combined with lost revenue projections from existing customer base, both discounted and probability-weighted. A liability is recorded for the estimated fair value of the contingent consideration on the acquisition date, and the fair value of the contingent consideration is remeasured at each subsequent reporting period, with any change in fair value recognized as income or expense within the Consolidated Statement of Comprehensive Income.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), which resulted from a joint project by the FASB and the International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards (“IFRS”). The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Retrospective application is required, with the entity either applying the change to each prior reporting period presented or applying the cumulative effect of each prior reporting period presented at the date of initial application. On January 1, 2018, we adopted Topic 606 using the modified retrospective method applied to those contracts that were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606 while prior period amounts continue to be reported in accordance with our historic accounting under Topic 605. We analyzed the revenue from prior periods and determined no material adjustments to opening retained earnings were necessary as the updated guidance is consistent with our historical revenue recognition methodology. See further discussion in Note 9 “Revenue.” In March 2018, the FASB issued ASU 2018-05, Income Taxes: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118, to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Cuts and Jobs Act (“Tax Reform Act”). See further discussion in Note 7 “Income Taxes.” Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases. ASU 2016-02 requires lessees to recognize a lease liability and a right-of-use asset for all leases at the commencement date, excluding short-term leases. Leases will be classified as either financing or operating, with classification impacting the pattern of expense recognition in the income statement. The amendment is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We will adopt the standard as of January 1, 2019 under the modified retrospective approach, which allows for recording the cumulative effect of the adoption of the standard as an adjustment to beginning retained earnings. We will elect the package of practical expedients permitted under the transition guidance, which among other things, allows us to carry forward the historical lease classification and elect hindsight to determine certain lease terms for existing leases. We have evaluated our population of contracts subject to balance sheet recognition and estimate adoption will result in recognition of additional lease assets and net lease liabilities of approximately $9 million as of January 1, 2019 primarily related to the future minimum payments required under operating leases as disclosed in Note 14 “Commitments and Contingencies”. The insignificant difference in the additional lease assets and net lease liabilities will be recorded as an adjustment to beginning retained earnings. We do not believe the standard will materially impact our Consolidated Statements of Comprehensive Income or Consolidated Statements of Cash Flows. Beginning with our Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, we will add disclosures surrounding our leases, including lease cost disaggregation, weighted average remaining lease terms and weighted average discount rate used to determine our lease assets and liabilities. We have also analyzed our current business process and internal controls and anticipate implementing new procedures to successfully adopt the standard, particularly for identification of leases and evaluation of the discount rate. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. The purpose of this amendment is to simplify the accounting for share-based payments granted to nonemployees for goods and services by aligning it with the accounting used for arrangements with employees. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. We do not expect the amendment to have a material impact on our Consolidated Financial Statements, and we plan to adopt the standard within the required time frame. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework- Changes to the Disclosure Requirements for Fair Value Measurement. The purpose of this amendment is to modify, remove and add certain disclosure requirements for fair value measurements. Under ASU 2018-13, entities are required to disclose the amount of total gains or losses recognized in other comprehensive income attributable to assets and liabilities categorized within Level 3 of the fair value hierarchy. The ASU also adds an incremental requirement about significant unobservable inputs for Level 3 fair value measurements. The requirement to disclose reasons for transfers between Level 1 and Level 2 was removed. Various requirements for Level 3 disclosure were also modified. The amendments in this ASU are effective for all entities for fiscal years and interim periods beginning after December 15, 2019. We do not expect the amendment to have a material impact on our Consolidated Financial Statements, and we plan to adopt this amendment within the required time frame. In August 2018, the FASB issued ASU 2018-15, Intangibles- Goodwill and Other - Internal-Use Software (Topic 350): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The purpose of this amendment is to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The amendments in this update are effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. We do not expect the amendment to have a material impact on our Consolidated Financial Statements, and we plan to adopt the standard within the required time frame.

Revenue (Policies)	12 Months Ended
Revenue (Policies)	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Revenues are recognized when the performance obligation (the investment management and advisory or trust services provided to the client) defined by the investment advisory or sub-advisory agreement is satisfied. For each performance obligation, we determine at contract inception whether the revenue satisfies over time or at a point in time. We derive our revenues from investment advisory fees, trust fees and other sources of revenues. Advisory and Trust fees are calculated based on a percentage of assets under management and the performance obligation is realized over the then-current calendar quarter. Once clients receive our investment advisory services we have an enforceable right to payment. Incremental costs to obtain a contract under the new guidance is eligible to be capitalized if the cost is expected to be recovered over the service period. We incur certain incremental costs in obtaining new Trust business and continually evaluate whether costs should be capitalized and amortized over the expected period of benefit of the asset. Certain costs used to fulfill a contract such as the distribution services utilized to sell our Westwood Funds® are expensed as incurred. We have elected the practical expedient that allows an entity to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less.

Description of the Business Divestiture of Omaha Operations (Tables)

12 Months Ended

Dec. 31, 2018

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Divestiture of our Omaha Operations



Cash Proceeds	$	10,013
Net assets sold:
Accounts receivable	99
Other current assets	112
Goodwill	7,340
Intangible assets, net	2,170
Property and equipment, net	18
Accounts payable and accrued liabilities	(241		)
Other liabilities	(9		)
Gain on sale of operations	$	524

The component is reported within both our Advisory and Trust segments. The sale did not represent a major strategic shift in our business and did not qualify for discontinued operations reporting.

Investments (Tables)

12 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Investment Balances

All other investments are carried at fair value on a recurring basis and are accounted for as trading securities. Trading securities are presented in the table below (in thousands):



	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2018:
U.S. Government and Government agency obligations	$	48,177	$	232	$	—		$	48,409
Money market funds	10,354		—		—			10,354
Equity funds	7,344		—		(326		)	7,018
Total trading securities	$	65,875	$	232	$	(326	)	$	65,781

December 31, 2017:
U.S. Government and Government agency obligations	$	29,367	$	21	$	(15	)	$	29,373
Money market funds	9,736		—		—			9,736
Equity funds	11,578		657		(20		)	12,215
Total trading securities	$	50,681	$	678	$	(35	)	$	51,324

Other Revenue



	2018			2017			2016
Realized gains	$	920		$	395		$	113
Realized losses	(121		)	(96		)	(220		)
Net realized gains (losses)	$	799		$	299		$	(107	)
Income tax expense (benefit) from gains (losses)	$	168		$	105		$	(37	)
Interest income – trading	$	620		$	334		$	282
Dividend income	$	290		$	302		$	265
Unrealized gains/(losses)	$	(737	)	$	617		$	510

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Values of Assets Within Fair Value Hierarchy

The following table summarizes the values of our assets and liabilities as of the dates indicated within the fair value hierarchy (in thousands):



	Level 1		Level 2		Level 3		Investments Measured at NAV ⁽¹⁾		Total
As of December 31, 2018
Investments in trading securities	$	65,781	$	—	$	—	$	—	$	65,781
Total assets measured at fair value	$	65,781	$	—	$	—	$	—	$	65,781

As of December 31, 2017
Investments in trading securities	$	48,998	$	—	$	—	$	2,326	$	51,324
Total assets measured at fair value	$	48,998	$	—	$	—	$	2,326	$	51,324

(1) Comprised of certain investments measured at fair value using NAV as a practical expedient. These investments were recategorized and are no longer included within Level 2 of the valuation hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in our Consolidated Balance Sheets.

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Goodwill and Other Intangible Assets (Tables) - USD ($)

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Goodwill

Goodwill represents the excess of the cost of acquired assets over the fair value of the underlying identifiable assets at the date of acquisition. Changes in goodwill are as follows (in thousands):



	As of December 31,
	2018			2017
Beginning balance	$	27,144		$	27,144
Omaha divestiture	(7,340		)	—
Ending balance	$	19,804		$	27,144

Summary of Intangible Assets

The following is a summary of intangible assets at December 31, 2018 and 2017 (in thousands, except years):



	Weighted Average Amortization Period (years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
2018
Client relationships	14.8	$	21,431	$	(5,960	)	$	15,471
Trade names	4.9	708		(537		)	171
Non-compete agreements	3.0	259		(259		)	—
Internally developed software	7.0	418		(99		)	319
		$	22,816	$	(6,855	)	$	15,961
2017
Client relationships	14.8	$	25,396	$	(6,302	)	$	19,094
Trade names	4.2	942		(633		)	309
Non-compete agreements	2.9	283		(262		)	21
Internally developed software	7.0	418		(38		)	380
		$	27,039	$	(7,235	)	$	19,804

Goodwill impairment loss

$ 0

Finite-Lived Intangible Assets Disposed [Table Text Block]



	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount Sold
Client relationships	$	3,965	$	(1,795	)	$	2,170
Trade names	234		(234		)	—
Non-compete agreements	24		(24		)	—
	$	4,223	$	(2,053	)	$	2,170

Amortization expense

$ 1,672,000

$ 1,872,000

$ 1,960,000

Estimated Amortization Expense for Intangible Assets over the Next Five Years

Estimated amortization expense for intangible assets over the next five years is as follows (in thousands):



	Estimated Amortization Expense
For the year ending December 31,
2019	$	1,651
2020	$	1,530
2021	$	1,419
2022	$	1,419
2023	$	1,400

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Property and Equipment

The following table reflects information about our property and equipment as of December 31, 2018 and 2017 (in thousands):



	As of December 31,
	2018			2017
Leasehold improvements	$	4,714		$	4,170
Furniture and fixtures	2,716			2,243
Computer hardware and office equipment	2,996			2,745
Construction in progress	490			705
Accumulated depreciation	(6,462		)	(5,673		)
Property and equipment, net	$	4,454		$	4,190

Components of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss were as follows (in thousands):



	As of December 31,
	2018			2017
Foreign currency translation adjustment, net of tax of $(43) and $46	$	(4,883	)	$	(1,764	)
Accumulated other comprehensive loss	$	(4,883	)	$	(1,764	)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income (Loss) Before Income Taxes by Jurisdiction

Income before income taxes by jurisdiction is as follows (in thousands):



	Years ended December 31,
	2018		2017		2016
United States	$	21,250	$	17,531	$	21,539
Canada	15,212		16,362		12,471
Total	$	36,462	$	33,893	$	34,010

Difference between the Federal Corporate Tax Rate and the Effective Tax Rate

The difference between the Federal corporate tax rate and the effective tax rate is comprised of the following (in thousands):



	Years ended December 31,
	2018					2017					2016
Income tax provision computed at US federal statutory rate	$	7,657		21.0	%	$	11,859		35.0	%	$	11,893		35.0	%
Canadian rate differential	895			2.4		(1,398		)	(4.1	)	(1,050		)	(3.1	)
Change in uncertain tax positions, net of federal income taxes	19			0.1		(3		)	—		542			1.6
Global Intangible Low Taxed Income, net deductions	1,573			4.3		—			—		—			—
US Tax Credits	(1,528		)	(4.2	)	—			—		—			—
State and local income taxes, net of federal income taxes	916			2.5		626			1.9		230			0.6
Rate changes	—			—		1,578			4.6		—			—
Tax on repatriation	118			0.3		1,767			5.2		—			—
Other, net	61			0.2		(525		)	(1.6	)	(252		)	(0.7	)
Total income tax expense	$	9,711		26.6	%	$	13,904		41.0	%	$	11,363		33.4	%
Effective income tax rate	26.6		%			41.0		%			33.4		%

Income Tax Provision (Benefit) as Set Forth in the Consolidated Statements of Income

Income tax provision (benefit) as set forth in the Consolidated Statements of Comprehensive Income consisted of the following components (in thousands):



	Years ended December 31,
	2018			2017			2016
Current taxes:
US Federal	$	5,949		$	1,122		$	6,765
State and local	1,477			662			1,136
Foreign	4,034			4,578			3,313
Total current taxes	11,460			6,362			11,214
Deferred taxes:
US Federal	(1,853		)	7,569			314
State and local	(169		)	22			36
Foreign	273			(49		)	(201		)
Total deferred taxes	(1,749		)	7,542			149
Total income tax expense	$	9,711		$	13,904		$	11,363

Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are presented below (in thousands):



	As of December 31,
	2018			2017
Deferred tax assets:
Share-based compensation expense	$	3,137		$	3,851
Deferred rent	389			441
Compensation and benefits payable	2,606			719
Federal unrecognized tax benefit	51			46
Other	4			140
Total deferred tax assets	6,187			5,197
Deferred tax liabilities:
Property and equipment	(620		)	(586		)
Intangibles	(448		)	(1,029		)
Unrealized gains on investments	(17		)	(175		)
Total deferred tax liabilities	(1,085		)	(1,790		)
Net deferred tax assets	$	5,102		$	3,407

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the change in recorded uncertain tax positions during the years ended December 31, 2018 and 2017 is as follows (in thousands):



Balance at January 1, 2017	$	2,462
Additions for tax positions related to the current year	67
Reductions for tax positions related to prior years	(776		)
Payments for tax positions related to prior years	(1,593		)
Balance at December 31, 2017	$	160
Additions for tax positions related to the current year	28
Reductions for tax positions related to prior years	(4		)
Balance at December 31, 2018	$	184

Revenue (Tables)

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

Sales taxes are excluded from revenues. The following table presents our revenue disaggregated by account type (in thousands):



	Year Ended December 31,
	2018		2017		2016
Advisory Fees:
Institutional	$	59,345	$	69,029	$	64,665
Mutual Funds	29,792		30,172		26,827
Wealth Management	230		—		—
Performance-based	2,984		1,411		635
Trust Fees	28,953		31,621		30,313
Other	996		1,552		581
Total revenues	$	122,300	$	133,785	$	123,021

Revenue Disaggregation by Geographic Location [Table Text Block]

We have clients in various locations around the world. The following table presents our revenue disaggregated by our clients' geographical locations (in thousands):



Year Ended December 31, 2018	Advisory		Trust		Performance-based		Other		Total
Asia	$	4,305	$	—	$	—	$	—	$	4,305
Australia	3,783		—		—		—		3,783
Canada	6,605		—		—		163		6,768
Europe	4,860		—		—		—		4,860
United States	69,814		28,953		2,984		833		102,584
Total	$	89,367	$	28,953	$	2,984	$	996	$	122,300

Year Ended December 31, 2017	Advisory		Trust		Performance-based		Other		Total
Asia	$	6,312	$	—	$	—	$	—	$	6,312
Australia	3,334		—		—		—		3,334
Canada	8,737		—		—		432		9,169
Europe	3,873		—		—		—		3,873
United States	76,945		31,621		1,411		1,120		111,097
Total	$	99,201	$	31,621	$	1,411	$	1,552	$	133,785



Year Ended December 31, 2016	Advisory		Trust		Performance-based		Other		Total
Asia	$	4,872	$	—	$	—	$	—	$	4,872
Australia	1,758		—		—		—		1,758
Canada	7,528		—		—		186		7,714
Europe	5,416		—		—		—		5,416
United States	71,918		30,313		635		395		103,261
Total	$	91,492	$	30,313	$	635	$	581	$	123,021

Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2018

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Total Expense Recorded for Stock Based Compensation



	For the years ended December 31,
	2018		2017		2016
Service condition restricted stock expense	$	9,941	$	10,334	$	10,377
Performance-based restricted stock expense	4,760		5,387		4,927
Restricted stock expense under the Plan	14,701		15,721		15,304
Canadian Plan restricted stock expense	582		709		650
Total stock-based compensation expense	$	15,283	$	16,430	$	15,954
Total income tax benefit recognized related to stock-based compensation	$	3,592	$	6,168	$	4,749

Profit Sharing and 401(k) Contributions for the Periods

The following table displays our profit-sharing and retirement plan contributions for the periods presented (in thousands):



	Years ended December 31,
	2018		2017		2016
Profit-sharing contributions	$	926	$	1,613	$	1,001
Retirement plan matching contributions	1,604		1,602		1,518

Restricted Stock Subject Only to a Service Condition

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Status and Changes in Restricted Stock Grants that Subject to Service Condition

The following table details the status and changes in our restricted stock grants that are subject only to a service condition for the year ended December 31, 2018:



	Number of Shares		Weighted Average Grant Date Fair Value
Non-vested, January 1, 2018	519,375		$	55.44
Granted	172,366		55.92
Vested	(208,715	)	53.61
Forfeited	(42,953	)	56.46
Non-vested, December 31, 2018	440,073		$	56.40

Weighted-Average Grant Date Fair Value for Shares Granted and the Total Fair Value of Shares Vested

The following table shows the weighted-average grant date fair value for shares granted and the total fair value of shares vested during the years indicated:



	Years ended December 31,
	2018		2017		2016
Weighted-average grant date fair value	$	55.92	$	61.20	$	47.97
Fair value of shares vested (in thousands)	$	11,189	$	10,764	$	9,497

Restricted Shares Subject to Service and Performance Conditions

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Status and Changes in Restricted Stock Grants that Subject to Service Condition

The following table details the status and changes in our restricted stock grants subject to service and performance conditions for the year ended December 31, 2018:



	Number of Shares		Weighted Average Grant Date Fair Value
Non-vested, January 1, 2018	165,918		$	55.85
Granted	88,656		51.85
Vested	(98,281	)	55.81
Forfeited	—		—
Non-vested, December 31, 2018	156,293		$	55.66

Weighted-Average Grant Date Fair Value for Shares Granted and the Total Fair Value of Shares Vested

The following table shows the weighted-average grant date fair value for shares granted and the total fair value of shares vested during the years indicated:



	Years ended December 31,
	2018		2017		2016
Weighted-average grant date fair value	$	51.85	$	54.86	$	55.90
Fair value of shares vested (in thousands)	$	5,485	$	5,792	$	6,209

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2018

Variable Interest Entities [Abstract]

Variable Interest Entities



	As of December 31, 2018
	Assets Under Management		Corporate Investment		Amount at Risk
VIEs/VOEs:
Westwood Funds®	$	3,236	$	6	$	6
Common Trust Funds	1,559		—		—
UCITS Fund	293		—		—
Private Equity Funds	9		—		—
Private Equity	—		5		5

All other assets:
Wealth Management	2,475
Institutional	9,034
Total AUM	$	16,606

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Intersegment Balances



(in thousands)	Advisory			Trust			Westwood Holdings			Eliminations			Consolidated
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
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 (loss)	$	38,806		$	1,607		$	(13,662	)	$	—		$	26,751
Add: Restricted stock 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	$	226,270		$	61,056		$	17,977		$	(114,818	)	$	190,485
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	$	33,571		$	1,501		$	(15,083	)	$	—		$	19,989
Add: Restricted stock 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



(in thousands)	Advisory		Trust			Westwood Holdings			Eliminations			Consolidated

Year Ended December 31, 2016
Revenues:
Net fee revenues from external sources	$	92,127	$	30,313		$	—		$	—		$	122,440
Net intersegment revenues	7,533		130			—			(7,663		)	—
Net interest and dividend revenue	534		13			—			—			547
Other revenue	294		(260		)	—			—			34
Total revenues	100,488		30,196			—			(7,663		)	123,021
Expenses:
Depreciation and amortization	575		1,975			379			—			2,929
Other operating expenses	50,824		27,348			15,573			(7,663		)	86,082
Total expenses	51,399		29,323			15,952			(7,663		)	89,011
Income (loss) before income taxes	49,089		873			(15,952		)	—			34,010
Income tax expense (benefit)	16,331		426			(5,394		)	—			11,363
Net income (loss)	$	32,758	$	447		$	(10,558	)	$	—		$	22,647
Add: Restricted stock expense	$	9,632	$	3,026		$	3,296		$	—		$	15,954
Intangible amortization	160		1,800			—			—			1,960
Deferred taxes on goodwill	38		509			—			—			547
Economic Earnings (Loss)	$	42,588	$	5,782		$	(7,262	)	$	—		$	41,108

Segment assets	$	174,951	$	67,330		$	13,985		$	(76,588	)	$	179,678
Segment goodwill	$	5,219	$	21,925		$	—		$	—		$	27,144
Expenditures for long-lived assets	$	705	$	530		$	584		$	—		$	1,819

Schedule of Economic Earnings

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



	For the years ended December 31,
	2018		2017		2016
Net Income	$	26,751	$	19,989	$	22,647
Add: Restricted stock expense	15,283		16,430		15,954
Add: Intangible amortization	1,672		1,872		1,960
Add: Tax benefit from goodwill amortization	237		626		547
Economic Earnings	$	43,943	$	38,917	$	41,108

Property and Equipment, Net by Geographic Area



	As of December 31,
(in thousands)	2018		2017
Property and equipment, net, by geographic area:
U.S.	$	4,381	$	4,107
Canada	73		83
Total Property and equipment, net	$	4,454	$	4,190

Concentration (Tables)

12 Months Ended

Dec. 31, 2018

Risks and Uncertainties [Abstract]

Concentration



	Years ended December 31,
	2018			2017			2016
Advisory fees from our largest client:
Asset-based fees	$	1,868		$	6,312		$	4,872
Performance-based fees	2,984			—			—
Percent of fee revenue	4.0		%	4.8		%	4.0		%

Description of the Business (Details Textual) - USD ($)	12 Months Ended
Description of the Business (Details Textual) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Proceeds from Divestiture of Businesses	$ 10,013,000	$ 0	$ 0
Date of incorporation	Dec. 12, 2001
Common stock issued for acquisition	$ 0	0	3,734,000
Accounts receivable	18,429,000	21,660,000
Other current assets	2,731,000	6,612,000
Goodwill	19,804,000	27,144,000	27,144,000
Intangible assets, net	15,961,000	19,804,000
Property and equipment, net of accumulated depreciation of $6,462 and $5,673	4,454,000	4,190,000
Accounts Payable and Accrued Liabilities, Current	(2,518,000)	(3,501,000)
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	524,000	$ 0	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Business Acquisition [Line Items]
Proceeds from Divestiture of Businesses	10,013,000
Accounts receivable	99,000
Other current assets	112,000
Goodwill	7,340,000
Intangible assets, net	2,170,000
Property and equipment, net of accumulated depreciation of $6,462 and $5,673	18,000
Accounts Payable and Accrued Liabilities, Current	(241,000)
Other Liabilities, Noncurrent	(9,000)
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	$ 524,000

Summary of Significant Accounting Policies (Details Textual)	12 Months Ended
	Dec. 31, 2018 USD ($) reporting_units	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Schedule Of Significant Accounting Policies [Line Items]
Provision for income taxes	$ 9,711,000	$ 13,904,000	$ 11,363,000
Foreign Currency Transaction Gain (Loss), before Tax	$ (2,791,000)	1,595,000	(362,000)
Number of reporting units \| reporting_units	2
Goodwill impairment loss	$ 0	0	0
Valuation allowance	0
Uncertain tax position	184,000	160,000	$ 2,462,000
Unrecognized tax benefits	$ 51,000	$ 46,000
Effective Income Tax Rate Reconciliation, Percent	26.60%	41.00%	33.40%
Furniture and fixtures \| Minimum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	3 years
Furniture and fixtures \| Maximum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	7 years
Leasehold improvements
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	lesser of the estimated useful life or lease term
Westwood International Advisors Inc \| Canadian Plan
Schedule Of Significant Accounting Policies [Line Items]
Compensation expense recorded	$ 147,000	$ 232,000	$ 524,000
Retained Earnings
Schedule Of Significant Accounting Policies [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification		(711,000)
Adoption of ASU 2016-09 [Member]
Schedule Of Significant Accounting Policies [Line Items]
Provision for income taxes		$ 1,000,000
Effective Income Tax Rate Reconciliation, Percent		2.90%
Tax rate excluding ASU 2016-09 adoption		43.90%

Summary of Significant Accounting Policies New Accounting Pronouncements or Change in Accounting Principle (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated lease asset and net lease liability for ASU 2016-02	$ 9,000
Provision for income taxes	$ 9,711	$ 13,904	$ 11,363
Effective Income Tax Rate Reconciliation, Percent	26.60%	41.00%	33.40%

Investments (Trading Securities FV) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Investment balances
Cost	$ 65,875	$ 50,681
Gross Unrealized Gains	232	678
Gross Unrealized Losses	(326)	(35)
Investments in trading securities	65,781	51,324
U.S. Government and Government agency obligations
Investment balances
Cost	48,177	29,367
Gross Unrealized Gains	232	21
Gross Unrealized Losses	0	(15)
Investments in trading securities	48,409	29,373
Money market funds
Investment balances
Cost	10,354	9,736
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Investments in trading securities	10,354	9,736
Equity funds
Investment balances
Cost	7,344	11,578
Gross Unrealized Gains	0	657
Gross Unrealized Losses	(326)	(20)
Investments in trading securities	$ 7,018	$ 12,215

Investments (Other Revenue) (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Realized gains	$ 920	$ 395	$ 113
Realized losses	(121)	(96)	(220)
Net realized gains (losses)	799	299	(107)
Income tax expense (benefit) from gains (losses)	168	105	(37)
Interest income – trading	620	334	282
Dividend income	290	302	265
Unrealized gains/(losses)	$ (737)	$ 617	$ 510

Fair Value of Financial Instruments (Levels) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investments in securities:
Investments in trading securities	$ 65,781	$ 51,324
Total assets measured at fair value	65,781	51,324
Level 1
Investments in securities:
Investments in trading securities	65,781	48,998
Total assets measured at fair value	65,781	48,998
Level 2
Investments in securities:
Investments in trading securities	0	0
Total assets measured at fair value	0	0
Level 3
Investments in securities:
Investments in trading securities	0	0
Total assets measured at fair value	0	0
Inputs, Net Asset Value [Member]
Investments in securities:
Investments in trading securities	0	2,326
Total assets measured at fair value	$ 0	$ 2,326

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Changes in goodwill
Beginning balance	$ 27,144	$ 27,144
Goodwill, Written off Related to Sale of Business Unit	(7,340)	0
Ending balance	$ 19,804	$ 27,144

Intangible Assets (Details 1) - USD ($) $ in Thousands	12 Months Ended
Intangible Assets (Details 1) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Finite Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 1,672	$ 1,872	$ 1,960
Summary of intangible assets
Gross Carrying Amount	22,816	27,039
Accumulated Amortization	(6,855)	(7,235)
Net Carrying Amount	$ 15,961	$ 19,804
Customer Relationships [Member]
Summary of intangible assets
Weighted Average Amortization Period (years)	14 years 9 months 18 days	14 years 9 months 18 days
Gross Carrying Amount	$ 21,431	$ 25,396
Accumulated Amortization	(5,960)	(6,302)
Net Carrying Amount	$ 15,471	$ 19,094
Trade Names [Member]
Summary of intangible assets
Weighted Average Amortization Period (years)	4 years 10 months 15 days	4 years 2 months 12 days
Gross Carrying Amount	$ 708	$ 942
Accumulated Amortization	(537)	(633)
Net Carrying Amount	$ 171	$ 309
Noncompete Agreements [Member]
Summary of intangible assets
Weighted Average Amortization Period (years)	3 years	2 years 10 months 24 days
Gross Carrying Amount	$ 259	$ 283
Accumulated Amortization	(259)	(262)
Net Carrying Amount	$ 0	$ 21
Internally developed software
Summary of intangible assets
Weighted Average Amortization Period (years)	7 years	7 years
Gross Carrying Amount	$ 418	$ 418
Accumulated Amortization	(99)	(38)
Net Carrying Amount	319	380
General and Administrative Expense [Member]
Finite Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 1,700	$ 1,900	$ 2,000

Goodwill and Other Intangible Assets (Estimated Amortization) (Details 2) $ in Thousands	Dec. 31, 2018 USD ($)
Estimated amortization expense for intangible assets for the next five years
2019	$ 1,651
2020	1,530
2021	1,419
2022	1,419
2023	$ 1,400

Goodwill and Other Intangible Assets Intangible Assets disposed (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Finite-Lived Intangible Assets Disposed [Line Items]
Finite-Lived Intangible Assets, Accumulated Amortization	$ 2,053
Finite-Lived Intangible Assets, Net	2,170
Finite-Lived Intangible Assets Sold, Gross	4,223
Customer Relationships [Member]
Finite-Lived Intangible Assets Disposed [Line Items]
Finite-Lived Intangible Assets, Accumulated Amortization	1,795
Finite-Lived Intangible Assets, Net	2,170
Finite-Lived Intangible Assets Sold, Gross	3,965
Trade Names [Member]
Finite-Lived Intangible Assets Disposed [Line Items]
Finite-Lived Intangible Assets, Accumulated Amortization	234
Finite-Lived Intangible Assets, Net	0
Finite-Lived Intangible Assets Sold, Gross	234
Noncompete Agreements [Member]
Finite-Lived Intangible Assets Disposed [Line Items]
Finite-Lived Intangible Assets, Accumulated Amortization	24
Finite-Lived Intangible Assets, Net	0
Finite-Lived Intangible Assets Sold, Gross	$ 24

Balance Sheet Components (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Property and equipment
Accumulated depreciation	$ (6,462)	$ (5,673)
Net property and equipment	4,454	4,190
Leasehold improvements
Property and equipment
Property and equipment cost	4,714	4,170
Furniture and fixtures
Property and equipment
Property and equipment cost	2,716	2,243
Computer hardware and office equipment
Property and equipment
Property and equipment cost	2,996	2,745
Construction in progress
Property and equipment
Property and equipment cost	$ 490	$ 705

Balance Sheet Components (Details 1) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Components of accumulated other comprehensive loss
Foreign currency translation adjustment, net of tax of $(43) and $46	$ (4,883)	$ (1,764)
Accumulated other comprehensive loss	(4,883)	(1,764)
Foreign currency translation adjustment, tax	$ (43)	$ 46

Income Taxes (by jurisdiction) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income (loss) before income taxes by jurisdiction
United States									$ 21,250	$ 17,531	$ 21,539
Canada									15,212	16,362	12,471
Income (loss) before income taxes	$ 7,888	$ 7,151	$ 10,936	$ 10,487	$ 9,788	$ 5,752	$ 10,583	$ 7,770	$ 36,462	$ 33,893	$ 34,010

Income Taxes (Details Textual) - USD ($)	12 Months Ended
Income Taxes (Details Textual) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Tax Reform [Line Items]
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount		$ 1,600,000
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount	$ 0	1,578,000	$ 0
Prepaid Taxes	$ 349,000	4,269,000
Repatriation Earnings and Profits		$ 33,000,000
U.S. Federal corporate tax rate	21.00%	35.00%	35.00%
Penalties and interest	$ 140,000	$ 181,000	$ 101,000
Foreign Earnings Repatriated	33,000,000
Unrecognized deferred tax liability	1,700,000
Uncertain tax position	184,000	160,000	2,462,000
Reasonably possible maximum decrease in uncertain tax position	184,000
Decrease in income tax provision	154,000
Additions for tax positions related to the current year	28,000	67,000
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount	118,000	1,767,000	$ 0
Taxes Payable		1,100,000
Accrued Income Taxes, Noncurrent	$ 0	1,017,000
Tax Year 2017 [Member]
Tax Reform [Line Items]
Prepaid Taxes		$ 88,000

Income Taxes (Effective tax rate reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Difference between the Federal corporate tax rate and the effective tax rate
Income tax provision computed at US federal statutory rate	$ 7,657	$ 11,859	$ 11,893
Canadian rate differential	895	(1,398)	(1,050)
Change in uncertain tax positions, net of federal income taxes	19	(3)	542
State and local income taxes, net of federal income taxes	916	626	230
Other, net	61	(525)	(252)
Income tax expense (benefit)	$ 9,711	$ 13,904	$ 11,363
Income tax provision computed at US federal statutory rate, effective tax rate	21.00%	35.00%	35.00%
Canadian rate differential, effective tax rate	2.40%	(4.10%)	(3.10%)
Change in uncertain tax positions, net of federal income taxes, effective tax rate	0.10%	0.00%	1.60%
Global Intangible Low Taxed Income, Net Deductions	$ 1,573	$ 0	$ 0
Global Intangible Low Taxed Income, Percent	4.30%	0.00%
State and local income taxes, net of federal income taxes, effective tax rate	2.50%	1.90%	0.60%
Effective Income Tax Rate Reconciliation, Tax Credit, Amount	$ (1,528)	$ 0	$ 0
Effective Income Tax Rate Reconciliation, Tax Credit, Percent	(4.20%)	(0.00%)	(0.00%)
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount	$ 0	$ 1,578	$ 0
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	0.00%	4.60%
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount	$ 118	$ 1,767	$ 0
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent	0.30%	5.20%
Other, net, effective tax rate	0.20%	(1.60%)	(0.70%)
Effective income tax rate	26.60%	41.00%	33.40%

Income Taxes (Provision Components) (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current taxes:
US Federal	$ 5,949	$ 1,122	$ 6,765
State and local	1,477	662	1,136
Foreign	4,034	4,578	3,313
Total current taxes	11,460	6,362	11,214
Deferred taxes:
US Federal	(1,853)	7,569	314
State and local	(169)	22	36
Foreign	273	(49)	(201)
Total deferred taxes	(1,749)	7,542	149
Income tax expense (benefit)	$ 9,711	$ 13,904	$ 11,363

Income Taxes (Deferred Taxes) (Details 2) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets:
Share-based compensation expense	$ 3,137	$ 3,851
Deferred rent	389	441
Compensation and benefits payable	2,606	719
Federal unrecognized tax benefit	51	46
Other	4	140
Total deferred tax assets	6,187	5,197
Deferred tax liabilities:
Property and equipment	(620)	(586)
Intangibles	(448)	(1,029)
Unrealized gains on investments	(17)	(175)
Total deferred tax liabilities	(1,085)	(1,790)
Net deferred tax assets	$ 5,102	$ 3,407

Income Taxes Income Taxes (Uncertain Tax Positions) (Details 4) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1, 2017	$ 160,000	$ 2,462,000
Additions for tax positions related to the current year	28,000	67,000
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities		1,593,000
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions	(4,000)	(776,000)
Balance at December 31, 2017	$ 184,000	$ 160,000

Regulatory Capital Requirements (Details) - Dec. 31, 2018 $ in Millions	USD ($)	CAD ($)
Banking and Thrift [Abstract]
Minimum capital requirement	$ 4.0
Excess from Minimum capital requirement	18.6
Required combined cash and receivables		$ 100,000
Combined cash and receivables	$ 38.0	$ 51,800,000

Revenue Revenue Disaggregated (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Advisory Fee Revenues

Arrangements with Performance Based Obligations

Trust Fee Revenues

Revenue Disaggregated

Sales taxes are excluded from revenues. The following table presents our revenue disaggregated by account type (in thousands):



	Year Ended December 31,
	2018		2017		2016
Advisory Fees:
Institutional	$	59,345	$	69,029	$	64,665
Mutual Funds	29,792		30,172		26,827
Wealth Management	230		—		—
Performance-based	2,984		1,411		635
Trust Fees	28,953		31,621		30,313
Other	996		1,552		581
Total revenues	$	122,300	$	133,785	$	123,021

We have clients in various locations around the world. The following table presents our revenue disaggregated by our clients' geographical locations (in thousands):



Year Ended December 31, 2018	Advisory		Trust		Performance-based		Other		Total
Asia	$	4,305	$	—	$	—	$	—	$	4,305
Australia	3,783		—		—		—		3,783
Canada	6,605		—		—		163		6,768
Europe	4,860		—		—		—		4,860
United States	69,814		28,953		2,984		833		102,584
Total	$	89,367	$	28,953	$	2,984	$	996	$	122,300

Year Ended December 31, 2017	Advisory		Trust		Performance-based		Other		Total
Asia	$	6,312	$	—	$	—	$	—	$	6,312
Australia	3,334		—		—		—		3,334
Canada	8,737		—		—		432		9,169
Europe	3,873		—		—		—		3,873
United States	76,945		31,621		1,411		1,120		111,097
Total	$	99,201	$	31,621	$	1,411	$	1,552	$	133,785



Year Ended December 31, 2016	Advisory		Trust		Performance-based		Other		Total
Asia	$	4,872	$	—	$	—	$	—	$	4,872
Australia	1,758		—		—		—		1,758
Canada	7,528		—		—		186		7,714
Europe	5,416		—		—		—		5,416
United States	71,918		30,313		635		395		103,261
Total	$	91,492	$	30,313	$	635	$	581	$	123,021

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

$ (122,300)

$ (133,785)

$ (123,021)

UNITED STATES

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(102,584)

(111,097)

(103,261)

Europe [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(4,860)

(3,873)

(5,416)

CANADA

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(6,768)

(9,169)

(7,714)

AUSTRALIA

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(3,783)

(3,334)

(1,758)

Asia [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(4,305)

(6,312)

(4,872)

Other Revenue Misc Services [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(996)

(1,552)

(581)

Other Revenue Misc Services [Member] | UNITED STATES

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(833)

(1,120)

(395)

Other Revenue Misc Services [Member] | Europe [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Other Revenue Misc Services [Member] | CANADA

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(163)

(432)

(186)

Other Revenue Misc Services [Member] | AUSTRALIA

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Other Revenue Misc Services [Member] | Asia [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

performance fee [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(2,984)

(1,411)

(635)

performance fee [Member] | UNITED STATES

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(2,984)

(1,411)

(635)

performance fee [Member] | Europe [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

performance fee [Member] | CANADA

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

performance fee [Member] | AUSTRALIA

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

performance fee [Member] | Asia [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Trust Fee [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(28,953)

(31,621)

(30,313)

Trust Fee [Member] | UNITED STATES

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(28,953)

(31,621)

(30,313)

Trust Fee [Member] | Europe [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Trust Fee [Member] | CANADA

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Trust Fee [Member] | AUSTRALIA

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Trust Fee [Member] | Asia [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Investment Advisory Services [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(89,367)

(99,201)

(91,492)

Investment Advisory Services [Member] | UNITED STATES

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(69,814)

(76,945)

(71,918)

Investment Advisory Services [Member] | Europe [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(4,860)

(3,873)

(5,416)

Investment Advisory Services [Member] | CANADA

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(6,605)

(8,737)

(7,528)

Investment Advisory Services [Member] | AUSTRALIA

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(3,783)

(3,334)

(1,758)

Investment Advisory Services [Member] | Asia [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(4,305)

(6,312)

(4,872)

Advisory [Member] | Other Revenue Misc Services [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(996)

(1,552)

(581)

Advisory [Member] | performance fee [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(2,984)

(1,411)

(635)

Advisory [Member] | Investment Advisory Services [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(59,345)

(69,029)

(64,665)

Advisory [Member] | Mutual Fund Advisory [Member] [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(29,792)

(30,172)

(26,827)

Advisory [Member] | Private Wealth Advisory [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(230)

Trust [Member] | Trust Fee [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

$ (28,953)

$ (31,621)

$ (30,313)

Employee Benefits (Details Textual) $ / shares in Units, $ in Millions		12 Months Ended
	Apr. 26, 2018 shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2017 CAD ($) shares	Dec. 31, 2016 USD ($)	Dec. 31, 2018 CAD ($) shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Amount of shares purchased in the open market		$ 4,000,000	$ 0		$ 5,634,000
Dividends payable		7,710,000	7,357,000
Accrued dividends		1,576,000	1,717,000
Accrued liability		635,000	$ 1,800,000
Vesting period			6 years	6 years
Litigation Settlement, Expense		$ 0	$ 4,009,000	$ 5	0
Deferred Compensation Share Based Payments \| Share-based Compensation Award, Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of deferred share units vesting		50.00%	20.00%	20.00%
Deferred Compensation Share Based Payments \| Share-based Compensation Award, Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of deferred share units vesting		25.00%	40.00%	40.00%
Deferred Compensation Share Based Payments \| Share-based Compensation Award, Tranche Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of deferred share units vesting		25.00%	60.00%	60.00%
Deferred Compensation Share Based Payments \| Share Based Compensation Award Tranche Four
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of deferred share units vesting			80.00%	80.00%
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total number of shares that may be issued under the stock based compensation Plan (including predecessor plans to the Plan) \| shares		4,848,100				4,848,100
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized \| shares	200,000
Shares remain available for issuance \| shares		452,000				452,000
Vested, shares \| shares		208,715
Remaining unrecognized compensation cost		$ 19,500,000
Remaining unrecognized compensation cost recognized over a remaining weighted average period		1 year 11 months
Number of vested shares from employees on the date vesting \| shares		85,448
Nonvested restricted shares (in shares) \| shares		440,073	519,375			440,073
Restricted Stock \| Employee
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares granted to employees vesting period		4 years
Restricted Stock \| Director
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares granted to employees vesting period		1 year
Canadian Plan \| Westwood International Advisors Inc
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares remain available for issuance \| shares		75,000				75,000
Fund purchases of common stock		$ 7,300,000				$ 10
Purchases of common stock with respect to awards granted		$ 2,600,000
Share price \| $ / shares		$ 34.00	$ 66.21
Number of shares purchased in the open market \| shares		13,031
Vested, shares \| shares		10,327
Fair value of vested shares		$ 409,000
Treasury Stock, Common, Shares \| shares		36,031				36,031
Purchase of treasury stock, shares \| shares		726,000
Remaining unrecognized compensation cost		$ 655,000
Remaining unrecognized compensation cost recognized over a remaining weighted average period		1 year 7 months
Compensation expense recorded		$ 147,000	$ 232,000		524,000
Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Adjusted pre-tax income		20,000,000.0
Share Pretax Income Goal Sliding Scale Award		$ 36,000,000
Deferred Compensation Share Based Payments
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares granted to employees vesting period		4 years	6 years	6 years
Accrued liability		$ 439,000	$ 632,000
Deferred share units, issued and outstanding \| shares		13,544	10,796	10,796
Minimum [Member] \| Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Adjusted pre-tax income		$ 20,000,000
Share Pretax Income Goal Sliding Scale Award		$ 32,000,000
Percentage of Pretax income Goal Earned		25.00%
Maximum [Member] \| Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Pretax Income Goal Sliding Scale Award		$ 44,500,000
Percentage of Pretax income Goal Earned		0.00%
Mutual Fund [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Mutual fund vesting period		2 years	1 year	1 year
Service period of mutual fund share incentive award		3 years
Compensation expense recorded		$ 302,000	$ 1,200,000		$ 1,300,000
Mutual Fund [Member] \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Service period of mutual fund share incentive award		2 years
Benefit Plans [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		4 years
Percentage of compensation		6.00%

Employee Benefits (Stock Comp Expense Summary table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 15,283	$ 16,430	$ 15,954
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total income tax benefit recognized related to stock-based compensation	3,592	6,168	4,749
Restricted Stock \| Service condition restricted stock expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Add: Restricted stock expense	9,941	10,334	10,377
Restricted Stock \| Performance-based restricted stock expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Add: Restricted stock expense	4,760	5,387	4,927
Restricted Stock \| Restricted stock expense under the Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Add: Restricted stock expense	14,701	15,721	15,304
Restricted Stock \| Canadian Plan restricted stock expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Add: Restricted stock expense	$ 582	$ 709	$ 650

Employee Benefits (Details 1) - Restricted Shares Subject Only to a Service Condition	12 Months Ended
	Dec. 31, 2018 $ / shares shares
Restricted shares subject only to a service condition:
Non-vested, January 1, 2015 (in shares) \| shares	519,375
Granted (in shares) \| shares	172,366
Vested (in shares) \| shares	(208,715)
Forfeited (in shares) \| shares	(42,953)
Non-vested, December 31, 2015 (in shares) \| shares	440,073
Non-vested, January 1, 2015 (in dollars per share) \| $ / shares	$ 55.44
Granted (in dollars per share) \| $ / shares	55.92
Vested (in dollars per share) \| $ / shares	53.61
Forfeited (in dollars per share) \| $ / shares	56.46
Non-vested, December 31, 2015 (in dollars per share) \| $ / shares	$ 56.40

Employee Benefits (Service Grants and Vests) (Details) - Service condition restricted stock expense - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Weighted-average grant date fair value for shares granted and the total fair value of shares vested
Weighted-average grant date fair value (in dollars per share)	$ 55.92	$ 61.20	$ 47.97
Fair value of shares vested (in thousands)	$ 11,189	$ 10,764	$ 9,497

Employee Benefits (Performance Grants and Vests) (Details) - Restricted Shares Subject to Service and Performance Conditions - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	156,293	165,918
Vested (in dollars per share)	$ 55.81
Weighted-average grant date fair value for shares granted and the total fair value of shares vested
Weighted-average grant date fair value (in dollars per share)	$ 51.85	$ 54.86	$ 55.90
Fair value of shares vested (in thousands)	$ 5,485	$ 5,792	$ 6,209
Vested, shares	98,281
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 55.66	$ 55.85
Granted (in shares)	88,656
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	0
Forfeited (in dollars per share)	$ 0.00

Earnings Per Share (Computaton of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Computation of Basic and Diluted Shares
Net income	$ 5,413	$ 5,368	$ 7,992	$ 7,978	$ 2,897	$ 4,132	$ 6,896	$ 6,064	$ 26,751	$ 19,989	$ 22,647
Weighted average shares outstanding – basic (in shares)									8,365,360	8,147,742	7,961,891
Dilutive potential shares from unvested restricted shares (in shares)									182,010	252,280	182,979
Dilutive potential shares from contingent consideration (in shares)									0	0	20,605
Weighted average shares outstanding – diluted (in shares)									8,547,370	8,400,022	8,165,475
Earnings per share:
Basic (in dollars per share)	$ 0.65	$ 0.64	$ 0.95	$ 0.96	$ 0.35	$ 0.51	$ 0.84	$ 0.75	$ 3.20	$ 2.45	$ 2.84
Diluted (in dollars per share)	$ 0.64	$ 0.62	$ 0.94	$ 0.93	$ 0.34	$ 0.49	$ 0.83	$ 0.73	$ 3.13	$ 2.38	$ 2.77

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Variable Interest Entities (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Investments in trading securities	$ 65,781	$ 51,324
Fee revenues from Westwood VIEs	46,100	51,900	$ 52,200
Variable Interest Entity [Member]
Variable Interest Entity [Line Items]
Investments in trading securities	6,100	$ 10,700
Common Trust Funds
Variable Interest Entity [Line Items]
Investments in trading securities	0
UCITS Fund
Variable Interest Entity [Line Items]
Investments in trading securities	$ 0

Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entities
Assets Under Management	$ 16,606,000
Corporate Investment	65,781	$ 51,324
Westwood Funds
Variable Interest Entities
Assets Under Management	3,236,000
Corporate Investment	6,000
Amount at Risk	6,000
Common Trust Funds
Variable Interest Entities
Assets Under Management	1,559,000
Corporate Investment	0
Amount at Risk	0
UCITS Fund
Variable Interest Entities
Assets Under Management	293,000
Corporate Investment	0
Amount at Risk	0
Westwood Hospitality Fund I LLC [Member]
Variable Interest Entities
Assets Under Management	9,000
Corporate Investment	0
Amount at Risk	0
Private Equity Investments [Member]
Variable Interest Entities
Assets Under Management	0
Corporate Investment	5,000
Amount at Risk	5,000
Private Wealth
Variable Interest Entities
Assets Under Management	2,475,000
Institutional
Variable Interest Entities
Assets Under Management	$ 9,034,000

Related Party Transactions (Details Textual) - USD ($)	12 Months Ended
Related Party Transactions (Details Textual) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
UCITS Fund
Related Party Transaction [Line Items]
Fees earned from related party	$ 4,200,000	$ 4,000,000	$ 3,100,000
Fees unpaid from related party	295,000	423,000
Private Equity Investments [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Purchases from Related Party	1,100,000	140,000
Trust
Related Party Transaction [Line Items]
Due from related party	84,000	98,000
Fees earned from related party	$ 360,000	$ 375,000	$ 409,000

Commitments and Contingencies (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 CAD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2017 CAD ($)
Loss Contingencies [Line Items]
Rental expense for facilities and equipment leases	$ 2,300,000	$ 2,400,000		$ 2,400,000
Litigation Settlement, Amount Awarded to Other Party			$ 10
Litigation Settlement, Expense	$ 0	4,009,000	$ 5	0
Percentage of defense costs which will be covered by insurance	50.00%
Insurance proceeds	$ 233,000	276,000		$ 430,000
Loss contingency, receivable		212,000
First Lawsuit By A G F
Loss Contingencies [Line Items]
Lawsuit filing date	On August 3, 2012, AGF Management Limited and AGF Investments Inc. (together “AGF”) filed a lawsuit in the Ontario Superior Court of Justice against Westwood, certain Westwood employees and the executive recruiting firm of Warren International, LLC (“Warren”).
Second Lawsuit by AGF
Loss Contingencies [Line Items]
Lawsuit filing date	November 6, 2012, AGF filed a second lawsuit against Westwood, Westwood Management and an employee of a Westwood subsidiary
Insurance Settlement [Member]
Loss Contingencies [Line Items]
Insurance proceeds	$ 4,000,000
Loss contingency, receivable		$ 4,000,000			$ 5

Commitments and Contingencies (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 CAD ($)	Dec. 31, 2016 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Litigation Settlement, Expense	$ 0	$ 4,009	$ 5	$ 0
Future contractual rental payments for non-cancelable operating leases
2019	2,110
2020	2,131
2021	2,094
2022	1,718
2023	1,725
Thereafter	3,403
Total payments due	$ 13,181

Segment Reporting (Details) - USD ($)	3 Months Ended								12 Months Ended
Segment Reporting (Details) - USD ($)	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Revenue From External Sources									$ 121,304,000	$ 132,233,000	$ 122,440,000
Net intersegment revenues									0	0	0
Net interest and dividend revenue									910,000	636,000	547,000
Other revenue									86,000	916,000	34,000
Total revenues	$ 26,119,000	$ 29,854,000	$ 32,760,000	$ 33,567,000	$ 33,914,000	$ 33,492,000	$ 33,756,000	$ 32,623,000	122,300,000	133,785,000	123,021,000
Expenses:
Depreciation and amortization									2,539,000	2,916,000	2,929,000
Other operating expenses									83,823,000	96,976,000	86,082,000
Total expenses									86,362,000	99,892,000	89,011,000
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal									524,000	0	0
Income (loss) before income taxes	7,888,000	7,151,000	10,936,000	10,487,000	9,788,000	5,752,000	10,583,000	7,770,000	36,462,000	33,893,000	34,010,000
Income tax expense (benefit)									9,711,000	13,904,000	11,363,000
Net income	5,413,000	$ 5,368,000	$ 7,992,000	$ 7,978,000	2,897,000	$ 4,132,000	$ 6,896,000	$ 6,064,000	26,751,000	19,989,000	22,647,000
Restricted stock expense									15,283,000	16,430,000	15,954,000
Amortization of intangible assets									1,672,000	1,872,000	1,960,000
Deferred taxes on goodwill									237,000	626,000	547,000
Economic Earnings (Loss)									43,943,000	38,917,000	41,108,000
Assets	190,485,000				192,659,000				190,485,000	192,659,000	179,678,000
Segment goodwill	19,804,000				27,144,000				19,804,000	27,144,000	27,144,000
Expenditures for long-lived assets									991,000	884,000	1,819,000
Operating Segments \| Advisory [Member]
Segment Reporting Information [Line Items]
Revenue From External Sources									92,351,000	100,612,000	92,127,000
Net intersegment revenues									6,973,000	8,120,000	7,533,000
Net interest and dividend revenue									708,000	546,000	534,000
Other revenue									53,000	911,000	294,000
Total revenues									100,085,000	110,189,000	100,488,000
Expenses:
Depreciation and amortization									276,000	548,000	575,000
Other operating expenses									48,970,000	58,950,000	50,824,000
Total expenses									49,246,000	59,498,000	51,399,000
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal									(1,000)
Income (loss) before income taxes									50,838,000	50,691,000	49,089,000
Income tax expense (benefit)									12,032,000	17,120,000	16,331,000
Net income									38,806,000	33,571,000	32,758,000
Restricted stock expense									8,673,000	9,140,000	9,632,000
Amortization of intangible assets									95,000	138,000	160,000
Deferred taxes on goodwill									0	38,000	38,000
Economic Earnings (Loss)									47,574,000	42,887,000	42,588,000
Assets	226,270,000				207,792,000				226,270,000	207,792,000	174,951,000
Segment goodwill	3,403,000				5,219,000				3,403,000	5,219,000	5,219,000
Expenditures for long-lived assets									314,000	151,000	705,000
Operating Segments \| Trust [Member]
Segment Reporting Information [Line Items]
Revenue From External Sources									28,953,000	31,621,000	30,313,000
Net intersegment revenues									238,000	218,000	130,000
Net interest and dividend revenue									202,000	90,000	13,000
Other revenue									33,000	5,000	(260,000)
Total revenues									29,426,000	31,934,000	30,196,000
Expenses:
Depreciation and amortization									1,764,000	1,900,000	1,975,000
Other operating expenses									25,467,000	28,580,000	27,348,000
Total expenses									27,231,000	30,480,000	29,323,000
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal									(16,000)
Income (loss) before income taxes									2,179,000	1,454,000	873,000
Income tax expense (benefit)									572,000	(47,000)	426,000
Net income									1,607,000	1,501,000	447,000
Restricted stock expense									2,356,000	2,641,000	3,026,000
Amortization of intangible assets									1,537,000	1,734,000	1,800,000
Deferred taxes on goodwill									237,000	588,000	509,000
Economic Earnings (Loss)									5,737,000	6,464,000	5,782,000
Assets	61,056,000				69,174,000				61,056,000	69,174,000	67,330,000
Segment goodwill	16,401,000				21,925,000				16,401,000	21,925,000	21,925,000
Expenditures for long-lived assets									295,000	530,000	530,000
Westwood Holdings
Segment Reporting Information [Line Items]
Revenue From External Sources									0	0	0
Net intersegment revenues									0	0	0
Net interest and dividend revenue									0	0	0
Other revenue									0	0	0
Total revenues									0	0	0
Expenses:
Depreciation and amortization									499,000	468,000	379,000
Other operating expenses									16,597,000	17,784,000	15,573,000
Total expenses									17,096,000	18,252,000	15,952,000
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal									541,000
Income (loss) before income taxes									(16,555,000)	(18,252,000)	(15,952,000)
Income tax expense (benefit)									(2,893,000)	(3,169,000)	(5,394,000)
Net income									(13,662,000)	(15,083,000)	(10,558,000)
Restricted stock expense									4,254,000	4,649,000	3,296,000
Amortization of intangible assets									40,000	0	0
Deferred taxes on goodwill									0	0	0
Economic Earnings (Loss)									(9,368,000)	(10,434,000)	(7,262,000)
Assets	17,977,000				18,437,000				17,977,000	18,437,000	13,985,000
Segment goodwill	0				0				0	0	0
Expenditures for long-lived assets									382,000	203,000	584,000
Eliminations
Segment Reporting Information [Line Items]
Revenue From External Sources									0	0	0
Net intersegment revenues									(7,211,000)	(8,338,000)	(7,663,000)
Net interest and dividend revenue									0	0	0
Other revenue									0	0	0
Total revenues									(7,211,000)	(8,338,000)	(7,663,000)
Expenses:
Depreciation and amortization									0	0	0
Other operating expenses									(7,211,000)	(8,338,000)	(7,663,000)
Total expenses									(7,211,000)	(8,338,000)	(7,663,000)
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal									0
Income (loss) before income taxes									0	0	0
Income tax expense (benefit)									0	0	0
Net income									0	0	0
Restricted stock expense									0	0	0
Amortization of intangible assets									0	0	0
Deferred taxes on goodwill									0	0	0
Economic Earnings (Loss)									0	0	0
Assets	(114,818,000)				(102,744,000)				(114,818,000)	(102,744,000)	(76,588,000)
Segment goodwill	$ 0				$ 0				0	0	0
Expenditures for long-lived assets									$ 0	$ 0	$ 0

Segment Reporting - Reconciliation of Net Income to Economic Earnings (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting [Abstract]
Net income	$ 5,413	$ 5,368	$ 7,992	$ 7,978	$ 2,897	$ 4,132	$ 6,896	$ 6,064	$ 26,751	$ 19,989	$ 22,647
Restricted stock expense									15,283	16,430	15,954
Amortization of intangible assets									1,672	1,872	1,960
Add: Tax benefit from goodwill amortization									237	626	547
Economic Earnings (Loss)									$ 43,943	$ 38,917	$ 41,108

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Segment Reporting - Property and Equipment, Net by Geographic Area (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Net property and equipment	$ 4,454	$ 4,190
U.S.
Segment Reporting Information [Line Items]
Net property and equipment	4,381	4,107
Canada
Segment Reporting Information [Line Items]
Net property and equipment	$ 73	$ 83

Concentration (Details Textual) - Sales Revenue, Net - Customer Concentration Risk - Customers	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Concentration Risk [Line Items]
Number of largest clients	10	10	10
Revenue accounted by major clients	24.00%	20.00%	20.00%

Concentration (Details) - USD ($) $ in Thousands	12 Months Ended
Concentration (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Concentration Risk [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 122,300	$ 133,785	$ 123,021
Sales Revenue, Net \| Customer Concentration Risk
Concentration Risk [Line Items]
Revenue accounted by major clients	24.00%	20.00%	20.00%
Westwood Management \| Sales Revenue, Net \| Customer Concentration Risk
Concentration Risk [Line Items]
Revenue accounted by major clients	4.00%	4.80%	4.00%
Asset Management [Member] \| Sales Revenue, Net \| Customer Concentration Risk
Concentration Risk [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 1,868	$ 6,312	$ 4,872
Investment Performance [Member] \| Sales Revenue, Net \| Customer Concentration Risk
Concentration Risk [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 2,984	$ 0	$ 0

Subsequent Event (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions	Feb. 22, 2019	Feb. 06, 2019
Subsequent Event [Line Items]
Dividends declared per share		$ 0.72
Restricted Stock
Subsequent Event [Line Items]
Stock Issued During Period, Value, Restricted Stock Award, Gross	$ 7.2
Restricted stock issued	185,000

Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 26,119	$ 29,854	$ 32,760	$ 33,567	$ 33,914	$ 33,492	$ 33,756	$ 32,623	$ 122,300	$ 133,785	$ 123,021
Income (loss) before income taxes	7,888	7,151	10,936	10,487	9,788	5,752	10,583	7,770	36,462	33,893	34,010
Net income	$ 5,413	$ 5,368	$ 7,992	$ 7,978	$ 2,897	$ 4,132	$ 6,896	$ 6,064	$ 26,751	$ 19,989	$ 22,647
Basic earnings per common share (in dollars per share)	$ 0.65	$ 0.64	$ 0.95	$ 0.96	$ 0.35	$ 0.51	$ 0.84	$ 0.75	$ 3.20	$ 2.45	$ 2.84
Diluted earnings per common share (in dollars per share)	$ 0.64	$ 0.62	$ 0.94	$ 0.93	$ 0.34	$ 0.49	$ 0.83	$ 0.73	$ 3.13	$ 2.38	$ 2.77

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Stockholders' Equity [Abstract]
Dividends declared, per share	$ 2.76	$ 2.54	$ 2.33

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS: Dividends Declared On February 6, 2019, the Board of Directors declared a quarterly cash dividend of $0.72 per share on common stock payable on April 1, 2019 to stockholders of record on March 8, 2019. Restricted Stock Grants On February 22, 2019, we expect to issue approximately $7.2 million of restricted stock to employees, or approximately 185,000 shares based on the closing price of our stock on February 21, 2019. The shares are subject to vesting conditions described in Note 10 “Employee Benefits” of our Consolidated Financial Statements in this Report.

Investments Private Equity Investment (Details 2) - USD ($)	Dec. 31, 2018	Aug. 31, 2018	May 31, 2018	Dec. 31, 2017
Investments, All Other Investments [Abstract]
Long-term Investments	$ 5,425,000		$ 5,000,000	$ 0
Private Equity Investment Commitment		$ 5,000,000
Private Equity Investment Purchase	$ 425,000

Segment Reporting (Details Textual)	12 Months Ended
Segment Reporting (Details Textual)	Dec. 31, 2018 Segment
Segment Reporting [Abstract]
Number of operating segments	2

Investments (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Schedule Of Investments [Line Items]
Corporate Investment	$ 65,781	$ 51,324
UCITS Fund
Schedule Of Investments [Line Items]
Corporate Investment	$ 0

Income Taxes (Details 3) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details 3) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Tax Credits used to pay Federal cash taxes	$ 1,800
Net deferred tax assets and liabilities are reflected on our balance sheet
Net deferred tax assets	$ 5,102	$ 3,407