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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2019	Jul. 26, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	WESTWOOD HOLDINGS GROUP INC
Entity Central Index Key	0001165002
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Current Reporting Status	Yes
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		8,944,733
Entity Emerging Growth Company	false
Entity Small Business	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Operating Lease, Liability, Current	$ 1,521	$ 1,432
Current Assets:
Cash and cash equivalents	56,310	52,449
Accounts receivable	13,680	18,429
Investments, at fair value	47,602	65,781
Income Taxes Receivable, Current	822	349
Other current assets	2,680	2,731
Total current assets	121,094	139,739
Long-term Investments	5,675	5,425
Goodwill	19,804	19,804
Deferred income taxes	4,356	5,102
Operating Lease, Right-of-Use Asset	8,149	8,698
Intangible assets, net	15,771	15,961
Property and equipment, net of accumulated depreciation of $6,916 and $6,462	4,637	4,454
Total assets	179,486	199,183
Current liabilities:
Accounts payable and accrued liabilities	2,122	2,518
Dividends payable	7,230	7,710
Compensation and benefits payable	4,612	15,102
Income taxes payable	531	365
Total current liabilities	16,016	27,127
Accrued dividends	920	1,576
Operating Lease, Liability, Noncurrent	8,564	9,331
Total liabilities	25,500	38,034
Commitments and contingencies
Stockholders' Equity:
Common stock, $0.01 par value, authorized 25,000,000 shares, issued 10,336,363 and outstanding 8,944,733 shares at June 30, 2019; issued 10,182,583 and outstanding 8,904,902 shares at December 31, 2018	104	102
Additional paid-in capital	200,028	194,116
Treasury stock, at cost - 1,391,630 shares at June 30, 2019; 1,277,681 shares at December 31, 2018	(62,883)	(58,711)
Foreign currency translation adjustment	(3,317)	(4,883)
Retained earnings	20,054	30,525
Total stockholders' equity	153,986	161,149
Total liabilities and stockholders' equity	$ 179,486	$ 199,183

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Property and equipment, accumulated depreciation	$ 6,916,000	$ 6,462,000
Common stock, par value (dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	10,336,363	10,182,583
Common stock, shares outstanding	8,944,733	8,904,902
Treasury stock, shares	1,391,630	1,277,681
Long-term Investments Carried at Fair Value	$ 250	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
REVENUES:
Other Revenue, Net	$ 450,000	$ 173,000	$ 1,187,000	$ 313,000
Total revenues	21,709,000	32,760,000	45,571,000	66,327,000
EXPENSES:
Employee compensation and benefits	11,378,000	14,654,000	25,988,000	32,413,000
Sales and marketing	514,000	409,000	1,044,000	852,000
Westwood mutual funds	661,000	1,002,000	1,507,000	1,987,000
Information technology	2,282,000	2,383,000	4,259,000	4,421,000
Professional services	1,169,000	1,277,000	2,318,000	2,305,000
General and administrative	2,402,000	2,454,000	4,836,000	4,869,000
Foreign Currency Transaction Gain (Loss), before Tax	724,000	(355,000)	1,544,000	(1,419,000)
Total expenses	19,130,000	21,824,000	41,496,000	45,428,000
Operating Income (Loss)	2,579,000	10,936,000	4,075,000	20,899,000
Gain on sale of operations	0	0	0	524,000
Other Income	77,000	0	77,000	0
Income before income taxes	2,656,000	10,936,000	4,152,000	21,423,000
Provision for income taxes	795,000	2,944,000	1,899,000	5,453,000
Net income	1,861,000	7,992,000	2,253,000	15,970,000
Other comprehensive income (loss):
Foreign currency translation adjustments	735,000	(479,000)	1,566,000	(1,678,000)
Total comprehensive income	$ 2,596,000	$ 7,513,000	$ 3,819,000	$ 14,292,000
Earnings per share:
Basic (dollars per share)	$ 0.22	$ 0.95	$ 0.27	$ 1.92
Diluted (dollars per share)	$ 0.22	$ 0.94	$ 0.27	$ 1.87
Weighted average shares outstanding:
Basic (shares)	8,446,610	8,399,148	8,406,367	8,336,923
Diluted (shares)	8,476,777	8,543,353	8,467,589	8,543,401
Asset Management [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 14,695,000	$ 23,473,000	$ 31,101,000	$ 47,956,000
Investment Performance [Member]
Revenue from Contract with Customer, Including Assessed Tax	120,000	1,649,000	300,000	2,984,000
Fiduciary and Trust [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 6,444,000	$ 7,465,000	$ 12,983,000	$ 15,074,000

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock, Par	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Gain (Loss)	Retained Earnings
Common Stock, Dividends, Per Share, Declared	$ 0.68
BALANCE at Dec. 31, 2017	$ 156,396	$ 100	$ 179,241	$ (49,788)	$ (1,764)	$ 28,607
BALANCE, shares at Dec. 31, 2017		8,899,587
BALANCE at Mar. 31, 2018	$ 156,020	$ 102	183,591	(55,201)	(2,963)	30,491
BALANCE, shares at Mar. 31, 2018		9,017,274
Common Stock, Dividends, Per Share, Declared	$ 1.36
BALANCE at Dec. 31, 2017	$ 156,396	$ 100	179,241	(49,788)	(1,764)	28,607
BALANCE, shares at Dec. 31, 2017		8,899,587
Net income	15,970
Foreign currency translation adjustments	(1,678)
Other comprehensive gain	(1,678)				(1,678)
Issuance of restricted stock, net of forfeitures	0	$ 2	(2)
Issuance of restricted stock, net of forfeitures, shares		224,060
Dividends declared ($1.44 per share)	(12,262)					(12,262)
Stock based compensation expense	7,963		7,963
Reclassification of compensation liability to be paid in shares	165		165
Purchases of treasury stock	(726)			(726)
Purchases of treasury stock, shares		(13,031)
Restricted stock returned for payment of taxes	(4,687)			(4,687)
Restricted stock returned for payment of taxes, shares		(83,810)
BALANCE at Jun. 30, 2018	161,141	$ 102	187,367	(55,201)	(3,442)	32,315
BALANCE, shares at Jun. 30, 2018		9,026,806.000
BALANCE at Mar. 31, 2018	156,020	$ 102	183,591	(55,201)	(2,963)	30,491
BALANCE, shares at Mar. 31, 2018		9,017,274
Net income	7,992
Foreign currency translation adjustments	(479)
Other comprehensive gain	(479)
Issuance of restricted stock, net of forfeitures	0	$ 0	0
Issuance of restricted stock, net of forfeitures, shares		9,671
Dividends declared ($1.44 per share)	(6,168)					(6,168)
Stock based compensation expense	3,776		3,776
Restricted stock returned for payment of taxes	0			0
Restricted stock returned for payment of taxes, shares		139
BALANCE at Jun. 30, 2018	$ 161,141	$ 102	187,367	(55,201)	(3,442)	32,315
BALANCE, shares at Jun. 30, 2018		9,026,806.000
Common Stock, Dividends, Per Share, Declared	$ 0.72
BALANCE at Dec. 31, 2018	$ 161,149	$ 102	194,116	(58,711)	(4,883)	30,525
BALANCE, shares at Dec. 31, 2018	8,904,902	8,904,902
BALANCE at Mar. 31, 2019	$ 156,110	$ 104	197,598	(62,077)	(4,052)	24,537
BALANCE, shares at Mar. 31, 2019		8,975,865
Common Stock, Dividends, Per Share, Declared	$ 1.44
BALANCE at Dec. 31, 2018	$ 161,149	$ 102	194,116	(58,711)	(4,883)	30,525
BALANCE, shares at Dec. 31, 2018	8,904,902	8,904,902
Net income	$ 2,253
Foreign currency translation adjustments	1,566
Other comprehensive gain	1,566				1,566
Issuance of restricted stock, net of forfeitures	0	$ 2	(2)
Issuance of restricted stock, net of forfeitures, shares		153,780
Dividends declared ($1.44 per share)	(12,724)					(12,724)
Stock based compensation expense	5,683		5,683
Reclassification of compensation liability to be paid in shares	231		231
Purchases of treasury stock	(1,787)			(1,787)
Purchases of treasury stock, shares		(51,913)
Restricted stock returned for payment of taxes	(2,385)			(2,385)
Restricted stock returned for payment of taxes, shares		(62,036)
BALANCE at Jun. 30, 2019	$ 153,986	$ 104	200,028	(62,883)	(3,317)	20,054
BALANCE, shares at Jun. 30, 2019	8,944,733	8,944,733
BALANCE at Mar. 31, 2019	$ 156,110	$ 104	197,598	(62,077)	(4,052)	24,537
BALANCE, shares at Mar. 31, 2019		8,975,865
Net income	1,861
Foreign currency translation adjustments	735
Other comprehensive gain	735
Issuance of restricted stock, net of forfeitures	0	$ 0	0
Issuance of restricted stock, net of forfeitures, shares		(4,266)
Dividends declared ($1.44 per share)	(6,344)					(6,344)
Stock based compensation expense	2,430		2,430
Purchases of treasury stock	(806)			(806)
Purchases of treasury stock, shares		(26,866)
BALANCE at Jun. 30, 2019	$ 153,986	$ 104	$ 200,028	$ (62,883)	$ (3,317)	$ 20,054
BALANCE, shares at Jun. 30, 2019	8,944,733	8,944,733

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 2,253	$ 15,970
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	425	434
Amortization of intangible assets	836	836
Unrealized (gains) losses on trading investments	(600)	256
Stock based compensation expense	5,683	7,963
Deferred income taxes	763	(1,631)
Non-cash lease expense	561	525
Gain on sale of operations	0	(524)
Change in operating assets and liabilities:
Net sales (purchases) of investments - trading securities	18,779	(10,445)
Accounts receivable	4,891	(1,616)
Other current assets	(589)	4,637
Accounts payable and accrued liabilities	(604)	(442)
Compensation and benefits payable	(10,357)	(9,844)
Income taxes payable	(288)	2,881
Other liabilities	(692)	(599)
Net cash provided by operating activities	21,061	8,401
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(402)	(426)
Proceeds from sale of operations	0	10,013
Payments to Acquire Investments	(250)	(5,000)
Net cash provided by (used in) investing activities	(652)	4,587
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchases of treasury stock	(806)	0
Payment for Repurchases of Stock for Benefit Plan	(981)	(726)
Restricted stock returned for payment of taxes	(2,385)	(4,687)
Cash dividends paid	(13,860)	(13,075)
Net cash used in financing activities	(18,032)	(18,488)
Effect of currency rate changes on cash	1,484	(1,448)
Net Change in Cash and Cash Equivalents	3,861	(6,948)
Cash and cash equivalents, beginning of period	52,449	54,249
Cash and cash equivalents, end of period	56,310	47,301
Supplemental cash flow information:
Cash paid during the period for income taxes	1,417	4,169
DividendsAccrued	8,150	8,260
Capital Expenditures Incurred but Not yet Paid	$ 203	$ 0

DESCRIPTION OF THE BUSINESS

6 Months Ended

Jun. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 provides investment management services to institutional investors, high net worth individuals and financial intermediaries through its subsidiaries, Westwood Management Corp. and Westwood Advisors, L.L.C. (together “Westwood Management”), Westwood Trust, and Westwood International Advisors Inc. (“Westwood International”). 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 revenues and results of operations.

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 Condensed Consolidated Statements of Comprehensive Income. The sale reduced goodwill and intangible assets but did not have a material impact on our Condensed Consolidated Balance Sheet. 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.

Date of incorporation

Dec. 12, 2001

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying Condensed Consolidated Financial Statements are unaudited and are presented in accordance with the requirements for quarterly reports on Form 10-Q and consequently do not include all of the information and footnote disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The Company’s Condensed Consolidated Financial Statements reflect all adjustments (consisting only of normal recurring adjustments) necessary in the opinion of management to present fairly our interim financial position and results of operations and cash flows for the periods presented. The accompanying Condensed Consolidated Financial Statements are presented in accordance with GAAP and the rules and regulations of the Securities and Exchange Commission (“SEC”).

The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with our Consolidated Financial Statements, and notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC. Operating results for the periods in these Condensed Consolidated Financial Statements are not necessarily indicative of results for any future period. The accompanying Condensed 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 Condensed Consolidated Statements of Comprehensive Income for “(Gain) loss on foreign currency transactions,” which was previously included in “General and Administrative” expense, and a new cash flow item on the Condensed Consolidated Statements of Cash Flows for “Non-cash lease expense,” which was previously included in the changes in operating assets and liabilities within “Other liabilities.” 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.

Recent Accounting Pronouncements

Recently Adopted

In February 2016, the FASB issued Accounting Standards Update (“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 adopted the standard as of January 1, 2019 under the modified retrospective approach, which provides a method for recording existing leases at adoption and in comparative periods that approximates the results of a full retrospective approach. We elected 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. See further discussion in Note 13 “Leases.”

The following table summarizes the impacts of the adoption of ASU 2016-02 to our previously reported results (in thousands):



Balance Sheet as of December 31, 2018:	As Previously Reported		New Lease Standard Adjustment			As Restated
Operating lease right-of-use assets	$	—	$	8,698		$	8,698
Operating lease liabilities	—		1,432			1,432
Noncurrent operating lease liabilities	—		9,331			9,331
Deferred rent	2,065		(2,065		)	—

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. We adopted the standard as of January 1, 2019 and it did not have a material impact on our Consolidated Financial Statements.

Not Yet Adopted

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 includes 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.

In May 2019, the FASB issued ASU 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief. The purpose of this amendment is to amend ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option on financial instruments that were previously recorded at amortized cost and are within the scope of ASC 326-20, Financial Instruments-Credit Losses:Amortization Cost, if the instruments are eligible for the fair value option under Accounting Standards Codification 825 - Financial Instruments. The fair value option election does not apply to held-to-maturity debt securities. 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.

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding for the applicable period. Diluted earnings per share is computed based on the weighted average number of shares outstanding plus the effect of any dilutive shares of restricted stock granted to employees and non-employee directors. There were approximately 131,000 anti-dilutive restricted shares outstanding for the three months ended June 30, 2019, and there were no anti-dilutive restricted shares outstanding for the three months ended June 30, 2018. There were approximately 91,000 and 5,000 anti-dilutive restricted shares outstanding for the six months ended June 30, 2019 and 2018, respectively.

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share and share amounts):



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Net income	$	1,861	$	7,992	$	2,253	$	15,970

Weighted average shares outstanding - basic	8,446,610		8,399,148		8,406,367		8,336,923
Dilutive potential shares from unvested restricted shares	30,167		144,205		61,222		206,478
Weighted average shares outstanding - diluted	8,476,777		8,543,353		8,467,589		8,543,401

Earnings per share:
Basic	$	0.22	$	0.95	$	0.27	$	1.92
Diluted	$	0.22	$	0.94	$	0.27	$	1.87

INVESTMENTS

6 Months Ended

Jun. 30, 2019

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

During 2018, we made a $5.4 million strategic investment in a private company, which is included in “Investments” on our Condensed Consolidated Balance Sheets. This investment represents an equity interest in 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 June 30, 2019 and December 31, 2018, there were no observable price changes or indicators of impairment for this investment.

In February 2019, we made a $250,000 investment in Westwood Hospitality Fund I, LLC, a private investment fund. Our investment is included in “Investments” on our Condensed Consolidated Balance Sheets and will be measured at fair value on a recurring basis using net asset value (“NAV”) as a practical expedient.

All other investments are accounted for as trading securities, are carried at fair value on a recurring basis and are included in “Investments, at fair value” on our Condensed Consolidated Balance Sheets.

Investments carried at fair value are presented in the table below (in thousands):



	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Market Value
June 30, 2019:
U.S. Government and Government agency obligations	$	30,701	$	253	$	—		$	30,954
Money market funds	10,067		—		—			10,067
Equity funds	6,328		257		(4		)	6,581
Total trading securities	47,096		510		(4		)	47,602
Private investment fund	250		—		—			250
Total investments carried at fair value	$	47,346	$	510	$	(4	)	$	47,852

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

As of June 30, 2019 and December 31, 2018, approximately $6.5 million and $6.1 million, respectively, in corporate funds were invested in Westwood Funds®. See Note 8 “Variable Interest Entities.”

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

We determine estimated fair values for our financial instruments using available information. The fair value amounts discussed in our Condensed Consolidated Financial Statements are not necessarily indicative of either amounts realizable upon disposition of these instruments or 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, Westwood Investment Funds Plc (the “UCITS Fund”) and Westwood Trust common trust fund shares, equals their fair value based on prices quoted in active markets and, with respect to common trust funds, the net asset value of the shares held as reported by each fund. Market values of our money market holdings generally do not fluctuate. Our strategic investment in a private company discussed in Note 4 “Investments” is excluded from the recurring fair value table shown below, as we have elected to apply the measurement alternative for this investment.

ASC 820, Fair Value Measurements, defines fair value, establishes a framework for measuring fair value and requires 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


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


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

The following table summarizes the values of our investments measured at fair value on a recurring basis within the fair value hierarchy as of the dates indicated (in thousands):



	Level 1		Level 2		Level 3		Investments Measured at NAV ⁽¹⁾		Total
As of June 30, 2019:
Investments in trading securities	$	47,602	$	—	$	—	$	—	$	47,602
Private investment fund	—		—		—		250		250
Total investments carried at fair value	$	47,602	$	—	$	—	$	250	$	47,852

As of December 31, 2018:
Investments in trading securities	$	65,781	$	—	$	—	$	—	$	65,781
Total investments carried at fair value	$	65,781	$	—	$	—	$	—	$	65,781

(1) Comprised of certain investments measured at fair value using NAV as a practical expedient. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on our Condensed 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	6 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS	Jun. 30, 2019
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. 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 on goodwill were recorded during the three or six months ended June 30, 2019 or 2018. 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. We periodically review intangible assets for events or circumstances that would indicate impairment. No impairments on intangible assets were recorded during the three or six months ended June 30, 2019 or 2018.

STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BALANCE SHEET COMPONENTS

STOCKHOLDERS' EQUITY

Accumulated Other Comprehensive Loss

The components of “Accumulated other comprehensive loss” were as follows (in thousands):



	As of June 30, 2019			As of December 31, 2018
Foreign currency translation adjustment	$	(3,317	)	$	(4,883	)
Accumulated other comprehensive loss	$	(3,317	)	$	(4,883	)

VARIABLE INTEREST ENTITIES

6 Months Ended

Jun. 30, 2019

Variable Interest Entities [Abstract]

VARIABLE INTEREST ENTITIES

We have evaluated (i) our advisory relationships with the UCITS Fund and the Westwood Funds®, (ii) our relationship as sponsor of the Common Trust Funds (“CTFs”) and managing member of the private investment funds Westwood Hospitality Fund I, LLC and Westwood Technology Opportunities Fund I, LP (collectively, the “Private Funds”) and (iii) the private company discussed in Note 4 “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 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. 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 June 30, 2019 and December 31, 2018, we have not consolidated the CTFs, Private 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.

As of June 30, 2019 and December 31, 2018, our seed investments in the Westwood Funds aggregated approximately $6.5 million and $6.1 million, respectively. The seed investments were provided for the sole purpose of showing the economic substance needed to establish the funds and are included in “Investments, at fair value” on our Condensed Consolidated Balance Sheets.

We have not otherwise provided any financial support 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 Westwood Funds®, the UCITS Fund and the CTFs are accounted for as investments consistent with our other investments described in Note 4 “Investments.” We recognized fee revenue from the Westwood VIEs and Westwood VOEs of approximately $8.4 million and $12.0 million for the three months ended June 30, 2019 and 2018, respectively. We recognized fee revenue from the Westwood VIEs and Westwood VOEs of approximately $17.1 million and $24.6 million for the six months ended June 30, 2019 and 2018, respectively.

The following table displays the assets under management, the amounts of our seed investments included in “Investments” on our consolidated balance sheets, and the risk of loss in each vehicle (in millions):



	As of June 30, 2019
	Assets Under Management		Corporate Investment		Amount at Risk
VIEs/VOEs:
Westwood Funds®	$	2,612	$	6.5	$	6.5
Common Trust Funds	1,582		—		—
UCITS Fund	324		—		—
Private Funds	10		0.3		0.3
Private Equity	—		5.4		5.4
All other assets:
Wealth Management	2,807
Institutional	8,053
Total Assets Under Management	$	15,388

REVENUE (Notes)

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer, Excluding Assessed Tax

REVENUE

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 current calendar quarter. Once clients receive our investment advisory services we have an enforceable right to payment.

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 condensed 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 susceptible 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. Since billing periods for most of Westwood Trust’s clients coincide with the calendar quarter, revenue is fully recognized within the quarter and our Condensed 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):



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Advisory Fees:
Institutional	$	9,372	$	15,684	$	19,811	$	32,389
Mutual Funds	5,212		7,753		11,077		15,503
Wealth Management	111		36		213		64
Performance-based	120		1,649		300		2,984
Trust Fees	6,444		7,465		12,983		15,074
Other	450		173		1,187		313
Total revenues	$	21,709	$	32,760	$	45,571	$	66,327

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



Three Months Ended June 30, 2019	Advisory		Trust		Performance-based		Other		Total
Asia	$	407	$	—	$	—	$	—	$	407
Canada	702		—		—		44		746
Europe	872		—		120		—		992
United States	12,714		6,444		—		406		19,564
Total	$	14,695	$	6,444	$	120	$	450	$	21,709

Six Months Ended June 30, 2019
Asia	$	813	$	—	$	—	$	—	$	813
Australia	591		—		—		—		591
Canada	1,526		—		—		84		1,610
Europe	1,849		—		300		—		2,149
United States	26,322		12,983		—		1,103		40,408
Total	$	31,101	$	12,983	$	300	$	1,187	$	45,571



Three Months Ended June 30, 2018	Advisory		Trust		Performance-based		Other		Total
Asia	$	1,236	$	—	$	—	$	—	$	1,236
Australia	974		—		—		—		974
Canada	1,640		—		—		37		1,677
Europe	1,347		—		—		—		1,347
United States	18,276		7,465		1,649		136		27,526
Total	$	23,473	$	7,465	$	1,649	$	173	$	32,760

Six Months Ended June 30, 2018
Asia	$	2,667	$	—	$	—	$	—	$	2,667
Australia	1,996		—		—		—		1,996
Canada	3,470		—		—		86		3,556
Europe	2,590		—		—		—		2,590
United States	37,233		15,074		2,984		227		55,518
Total	$	47,956	$	15,074	$	2,984	$	313	$	66,327

LONG-TERM INCENTIVE COMPENSATION

6 Months Ended

Jun. 30, 2019

Employee Benefits and Share-based Compensation, Noncash [Abstract]

LONG-TERM INCENTIVE COMPENSATION

Restricted Stock Awards

We have issued restricted shares to our employees and non-employee directors. The Sixth Amended and Restated Westwood Holdings Group, Inc. Stock Incentive Plan (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. The total number of shares issuable under the Plan (including predecessor plans to the Plan) may not exceed 5,048,100 shares. At June 30, 2019, approximately 488,000 shares remain available for issuance under the Plan.

The following table presents the total stock-based compensation expense recorded for stock-based compensation arrangements for the periods indicated (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Service condition stock-based compensation expense	$	1,760	$	2,535	$	3,948	$	5,325
Performance condition stock-based compensation expense	490		1,088		1,418		2,364
Stock-based compensation expense under the Plan	2,250		3,623		5,366		7,689
Canadian Plan stock-based compensation expense	180		153		317		274
Total stock-based compensation expense	$	2,430	$	3,776	$	5,683	$	7,963

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.

As of June 30, 2019, there was approximately $19.1 million of unrecognized compensation cost for restricted stock grants under the Plan, which we expect to recognize over a weighted-average period of 2.6 years. Our two types of restricted stock grants under the Plan are discussed below.

Restricted Stock Subject Only to a Service Condition

We calculate compensation cost for restricted stock grants by 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, with adjustments for forfeitures recorded as they occur.

The following table details the status and changes in our restricted stock grants subject only to a service condition for the six months ended June 30, 2019:



	Shares		Weighted Average Grant Date Fair Value
Non-vested, January 1, 2019	440,073		$	56.40
Granted	198,295		$	38.64
Vested	(162,287	)	$	57.14
Forfeited	(50,182	)	$	51.67
Non-vested, June 30, 2019	425,899		$	48.40

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 annual goals 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 vesting period ends 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. If a portion of the performance-based restricted shares does not vest, no compensation expense is recognized for that portion and any previously recognized compensation expense related to shares that do not vest is reversed.

In March 2019, the Compensation Committee established fiscal 2019 goals based on various departmental and company-wide performance goals. During the first six months of 2019, 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 six months ended June 30, 2019:



	Shares		Weighted Average Grant Date Fair Value
Non-vested, January 1, 2019	156,293		$	55.66
Granted	21,186		$	37.97
Vested	(80,493	)	$	56.09
Forfeited	(19,495	)	$	55.18
Non-vested, June 30, 2019	77,491		$	50.29

Canadian Plan

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. Under the Canadian Plan, no more than $10 million CDN ($7.6 million in U.S. Dollars using the exchange rate on June 30, 2019) may be funded to the plan trustee for purchases of common stock with respect to awards granted under the Canadian Plan. At June 30, 2019, approximately $2.3 million CDN ($1.7 million in U.S. Dollars using the exchange rate on June 30, 2019) remains available for issuance under the Canadian Plan, or approximately 49,000 shares based on the closing share price of our stock of $35.20 as of June 30, 2019. During the first six months of 2019, the trust formed pursuant to the Canadian Plan purchased 25,047 Westwood common shares in the open market for approximately $980,000. As of June 30, 2019, the trust holds 61,078 shares of Westwood common stock. As of June 30, 2019, unrecognized compensation cost related to restricted stock grants under the Canadian Plan totaled $1.1 million, which we expect to recognize over a weighted-average period of 2.0 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. We maintain the award in a corporate investment account until vesting. The investment 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. Unvested mutual fund awards are included under “Investments, at fair value” on our Condensed Consolidated Balance Sheets.

Awards vest over 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 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 three months ended June 30, 2019 and 2018, we recorded expense of approximately $14,000 and $11,000, respectively, related to mutual fund share incentive awards. For the six months ended June 30, 2019, we recorded a net $112,000 credit to mutual fund expense, primarily related to the forfeiture of a mutual fund award during the first quarter. For the six months ended June 30, 2018, we recorded expense of approximately $185,000 related to mutual fund share incentive awards. As of June 30, 2019 and December 31, 2018, we had an accrued liability of approximately $56,000 and $635,000, respectively, related to mutual fund share incentive awards.

INCOME TAXES (Notes)	6 Months Ended
INCOME TAXES (Notes)	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	INCOME TAXES Our effective income tax rate was 29.9% for the second quarter of 2019, compared with 26.9% for the second quarter of 2018. Our effective income tax rate was 45.7% for the first six months of 2019, compared with 25.5% for the first six months of 2018. The current year-to-date rate was negatively impacted by a $638,000 discrete tax expense related to a permanent difference between book and tax restricted stock expense based on a decrease in our stock price between the grant and vesting dates. Tax Audit The Company is subject to taxation in the United States and various state and foreign jurisdictions. The audit of our 2015, 2016 and 2017 tax returns in a state jurisdiction in which we operate has been closed with no findings and had no impact on our Consolidated Financial Statements.

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2019
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. For the three months ended June 30, 2019 and 2018, we recorded trust fees from these accounts of $84,000 and $92,000, respectively. For the six months ended June 30, 2019 and 2018, we recorded trust fees from these accounts of $162,000 and $187,000, respectively. There was approximately $84,000 due from these accounts as of June 30, 2019 and December 31, 2018. The Company engages in transactions with its affiliates in the ordinary course of business. Westwood International and Westwood Management provide investment advisory services to the Westwood Funds®, and Westwood International provides investment advisory services to the UCITS Fund. 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 quarterly fees paid by clients of the fund or by the funds directly. The fees are based on negotiated fee schedules applied to assets under management. These fees are commensurate with market rates. For the three months ended June 30, 2019 and 2018, the Company earned approximately $805,000 and $1.1 million, respectively, in fees from the affiliated funds. For the six months ended June 30, 2019 and 2018, the Company earned approximately $1.6 million and $2.3 million, respectively, in fees from the affiliated funds. These fees do not include fees paid directly to Westwood International by certain clients invested in the UCITS Fund that have an investment management agreement with Westwood International. As of June 30, 2019 and December 31, 2018, $313,000 and $295,000, respectively, of these fees were outstanding and included in “Accounts receivable” on our Condensed Consolidated Balance Sheets. As discussed in Note 4 “Investments,” the Company made a strategic investment in a private company during 2018. We previously entered into a separate agreement with this private company to implement portfolio management and digital solutions products. For the three months ended June 30, 2019 and 2018, we incurred approximately $448,000 and $530,000, respectively, in expenses payable to this company. For the six months ended June 30, 2019 and 2018, we incurred approximately $580,000 and $605,000, respectively, in expenses payable to this company. These expenses are included in “Information technology expenses” on our Condensed Consolidated Statements of Comprehensive Income.

LEASES (Notes)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Lessee, Operating Leases [Text Block]

LEASES

We have operating leases for corporate offices and for certain office equipment. The lease terms for our corporate offices vary and have remaining lease terms ranging from 1 to 7 years. The corporate office lease payments are fixed and are based upon contractual monthly rates. The majority of our corporate office leases do not include options to extend or terminate the leases, and each lease is re-negotiated before its leasing period ends. We lease office equipment for a period of 2 years. In June 2019, we entered into a sublease agreement for a portion of newly built-out space in our corporate office. The sublease agreement has a term of 7 years, and the sublease income is included in “Other income” on our Condensed Consolidated Statements of Comprehensive Income.

The following table presents the components of lease costs, as well as supplemental cash flow information, related to our leases (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Operating lease cost	$	426	$	417	$	897	$	853
Sublease income	$	77	$	—	$	77	$	—
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	523	$	466	$	1,044	$	940
Right-of-use assets obtained in exchange for lease obligations	$	—	$	186	$	—	$	441

Operating lease cost is included in “General and administrative” expense on our Condensed Consolidated Statements of Comprehensive Income.

The following table presents information regarding our operating leases (in thousands, except years and rates):



	June 30, 2019			December 31, 2018
Operating lease right-of-use assets	$	8,149		$	8,698

Operating lease liabilities	$	1,521		$	1,432
Non-current lease liabilities	8,564			9,331
Total lease liabilities	$	10,085		$	10,763

Weighted-average remaining lease term - (in years)	6.2			6.6
Weighted-average discount rate	5.0		%	5.0		%

The maturities of lease liabilities are as follows (in thousands):



Year Ending December 31,	Operating Leases
2019 (excluding the six months ended June 30, 2019)	$	1,046
2020	2,117
2021	2,081
2022	1,717
2023	1,719
2024	1,550
Thereafter	1,852
Total undiscounted lease payments	$	12,082
Less discount	(1,997		)
Total lease liabilities	$	10,085

SEGMENT REPORTING

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

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 reviews 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 and Westwood International, which provide investment advisory services to similar clients, are included in our Advisory segment.

Trust

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
Three Months Ended June 30, 2019
Net fee revenues from external sources	$	14,815		$	6,444		$	—		$	—		$	21,259
Net intersegment revenues	866			71			—			(937		)	—
Net interest and dividend revenue	192			91			—			—			283
Other, net	174			(7		)	—			—			167
Total revenues	$	16,047		$	6,599		$	—		$	(937	)	$	21,709
Economic Earnings	$	5,211		$	1,564		$	(2,002	)	$	—		$	4,773
Less: Restricted stock expense													2,430
Intangible amortization													423
Deferred taxes on goodwill													59
Net income													$	1,861

Segment assets	$	232,380		$	64,771		$	19,338		$	(137,003	)	$	179,486
Segment goodwill	$	3,403		$	16,401		$	—		$	—		$	19,804

Three Months Ended June 30, 2018
Net fee revenues from external sources	$	25,122		$	7,465		$	—		$	—		$	32,587
Net intersegment revenues	1,846			57			—			(1,903		)	—
Net interest and dividend revenue	135			55			—			—			190
Other, net	(16		)	(1		)	—			—			(17		)
Total revenues	$	27,087		$	7,576		$	—		$	(1,903	)	$	32,760
Economic Earnings	$	13,111		$	1,457		$	(2,323	)	$	—		$	12,245
Less: Restricted stock expense													3,776
Intangible amortization													418
Deferred taxes on goodwill													59
Net income													$	7,992

Segment assets	$	214,051		$	59,605		$	16,056		$	(105,445	)	$	184,267
Segment goodwill	$	3,403		$	16,401		$	—		$	—		$	19,804




(in thousands)	Advisory			Trust			Westwood Holdings			Eliminations			Consolidated
Six Months Ended June 30, 2019
Net fee revenues from external sources	$	31,401		$	12,983		$	—		$	—		$	44,384
Net intersegment revenues	1,883			142			—			(2,025		)	—
Net interest and dividend revenue	417			178			—			—			595
Other	606			(14		)	—			—			592
Total revenues	$	34,307		$	13,289		$	—		$	(2,025	)	$	45,571
Economic Earnings	$	10,091		$	2,817		$	(4,018	)	$	—		$	8,890
Less: Restricted stock expense													5,683
Intangible amortization													836
Deferred taxes on goodwill													118
Net income													$	2,253

Six Months Ended June 30, 2018
Net fee revenues from external sources	$	50,940		$	15,074		$	—		$	—		$	66,014
Net intersegment revenues	3,883			112			—			(3,995		)	—
Net interest and dividend revenue	276			100			—			—			376
Other	(58		)	(5		)	—			—			(63		)
Total revenues	$	55,041		$	15,281		$	—		$	(3,995	)	$	66,327
Economic Earnings	$	26,910		$	2,677		$	(4,700	)	$	—		$	24,887
Less: Restricted stock expense													7,963
Intangible amortization													836
Deferred taxes on goodwill													118
Net income													$	15,970

We are providing a performance measure that we refer to as Economic Earnings. Our management and the Board of Directors review Economic Earnings to evaluate our ongoing performance, allocate resources and determine our dividend policy. We also 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 tables provide a reconciliation of Net income to Economic Earnings (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Net income	$	1,861	$	7,992	$	2,253	$	15,970
Add: Stock-based compensation expense	2,430		3,776		5,683		7,963
Add: Intangible amortization	423		418		836		836
Add: Tax benefit from goodwill amortization	59		59		118		118
Economic Earnings	$	4,773	$	12,245	$	8,890	$	24,887

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2019
Subsequent Event [Line Items]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Dividend Declared In July 2019, Westwood’s Board of Directors declared a quarterly cash dividend of $0.72 per common share, payable on October 1, 2019, to stockholders of record on September 6, 2019.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Restricted Stock Subject Only To A Service Condition Policy [Text Block]

Restricted Stock Subject Only to a Service Condition

Restricted Stock Subject To Service And Performance Conditions Policy [Text Block]

Restricted Stock Subject to Service and Performance Conditions

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

Advisory Fee Revenues

Arrangements with Performance Based Obligations

Trust Fee Revenues

Basis of Presentation

Recent Accounting Pronouncements

Recently Adopted

The following table summarizes the impacts of the adoption of ASU 2016-02 to our previously reported results (in thousands):



Balance Sheet as of December 31, 2018:	As Previously Reported		New Lease Standard Adjustment			As Restated
Operating lease right-of-use assets	$	—	$	8,698		$	8,698
Operating lease liabilities	—		1,432			1,432
Noncurrent operating lease liabilities	—		9,331			9,331
Deferred rent	2,065		(2,065		)	—

Not Yet Adopted

EARNINGS PER SHARE Policies (Policies)	6 Months Ended
EARNINGS PER SHARE Policies (Policies)	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share, Policy [Policy Text Block]	Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding for the applicable period. Diluted earnings per share is computed based on the weighted average number of shares outstanding plus the effect of any dilutive shares of restricted stock granted to employees and non-employee directors.

VARIABLE INTEREST ENTITIES Policies (Policies)	6 Months Ended
VARIABLE INTEREST ENTITIES Policies (Policies)	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	We have evaluated (i) our advisory relationships with the UCITS Fund and the Westwood Funds®, (ii) our relationship as sponsor of the Common Trust Funds (“CTFs”) and managing member of the private investment funds Westwood Hospitality Fund I, LLC and Westwood Technology Opportunities Fund I, LP (collectively, the “Private Funds”) and (iii) the private company discussed in Note 4 “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 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. 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 June 30, 2019 and December 31, 2018, we have not consolidated the CTFs, Private 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.

REVENUE Policies (Policies)	6 Months Ended
REVENUE Policies (Policies)	Jun. 30, 2019
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 current calendar quarter. Once clients receive our investment advisory services we have an enforceable right to payment. 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 condensed 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 susceptible 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. Since billing periods for most of Westwood Trust’s clients coincide with the calendar quarter, revenue is fully recognized within the quarter and our Condensed Consolidated Financial Statements do not contain a significant amount of deferred trust fee revenues.

LEASES (Policies)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Lessee, Operating Leases [Text Block]

LEASES

The following table presents the components of lease costs, as well as supplemental cash flow information, related to our leases (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Operating lease cost	$	426	$	417	$	897	$	853
Sublease income	$	77	$	—	$	77	$	—
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	523	$	466	$	1,044	$	940
Right-of-use assets obtained in exchange for lease obligations	$	—	$	186	$	—	$	441

Operating lease cost is included in “General and administrative” expense on our Condensed Consolidated Statements of Comprehensive Income.

The following table presents information regarding our operating leases (in thousands, except years and rates):



	June 30, 2019			December 31, 2018
Operating lease right-of-use assets	$	8,149		$	8,698

Operating lease liabilities	$	1,521		$	1,432
Non-current lease liabilities	8,564			9,331
Total lease liabilities	$	10,085		$	10,763

Weighted-average remaining lease term - (in years)	6.2			6.6
Weighted-average discount rate	5.0		%	5.0		%

The maturities of lease liabilities are as follows (in thousands):



Year Ending December 31,	Operating Leases
2019 (excluding the six months ended June 30, 2019)	$	1,046
2020	2,117
2021	2,081
2022	1,717
2023	1,719
2024	1,550
Thereafter	1,852
Total undiscounted lease payments	$	12,082
Less discount	(1,997		)
Total lease liabilities	$	10,085

DESCRIPTION OF THE BUSINESS Table (Tables)

6 Months Ended

Jun. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Disposal Groups, Including Discontinued Operations [Table Text Block]

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

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Pronouncements (Tables)

6 Months Ended

Jun. 30, 2019

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

The following table summarizes the impacts of the adoption of ASU 2016-02 to our previously reported results (in thousands):



Balance Sheet as of December 31, 2018:	As Previously Reported		New Lease Standard Adjustment			As Restated
Operating lease right-of-use assets	$	—	$	8,698		$	8,698
Operating lease liabilities	—		1,432			1,432
Noncurrent operating lease liabilities	—		9,331			9,331
Deferred rent	2,065		(2,065		)	—

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share and share amounts):



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Net income	$	1,861	$	7,992	$	2,253	$	15,970

Weighted average shares outstanding - basic	8,446,610		8,399,148		8,406,367		8,336,923
Dilutive potential shares from unvested restricted shares	30,167		144,205		61,222		206,478
Weighted average shares outstanding - diluted	8,476,777		8,543,353		8,467,589		8,543,401

Earnings per share:
Basic	$	0.22	$	0.95	$	0.27	$	1.92
Diluted	$	0.22	$	0.94	$	0.27	$	1.87

INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Investment Balances

Investments carried at fair value are presented in the table below (in thousands):



	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Market Value
June 30, 2019:
U.S. Government and Government agency obligations	$	30,701	$	253	$	—		$	30,954
Money market funds	10,067		—		—			10,067
Equity funds	6,328		257		(4		)	6,581
Total trading securities	47,096		510		(4		)	47,602
Private investment fund	250		—		—			250
Total investments carried at fair value	$	47,346	$	510	$	(4	)	$	47,852

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

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]

The following table summarizes the values of our investments measured at fair value on a recurring basis within the fair value hierarchy as of the dates indicated (in thousands):



	Level 1		Level 2		Level 3		Investments Measured at NAV ⁽¹⁾		Total
As of June 30, 2019:
Investments in trading securities	$	47,602	$	—	$	—	$	—	$	47,602
Private investment fund	—		—		—		250		250
Total investments carried at fair value	$	47,602	$	—	$	—	$	250	$	47,852

As of December 31, 2018:
Investments in trading securities	$	65,781	$	—	$	—	$	—	$	65,781
Total investments carried at fair value	$	65,781	$	—	$	—	$	—	$	65,781

(1) Comprised of certain investments measured at fair value using NAV as a practical expedient. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on our Condensed Consolidated Balance Sheets.

STOCKHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Components of Accumulated Other Comprehensive Loss

The components of “Accumulated other comprehensive loss” were as follows (in thousands):



	As of June 30, 2019			As of December 31, 2018
Foreign currency translation adjustment	$	(3,317	)	$	(4,883	)
Accumulated other comprehensive loss	$	(3,317	)	$	(4,883	)

VARIABLE INTEREST ENTITIES (Tables)

6 Months Ended

Jun. 30, 2019

Variable Interest Entities [Abstract]

Variable Interest Entities



	As of June 30, 2019
	Assets Under Management		Corporate Investment		Amount at Risk
VIEs/VOEs:
Westwood Funds®	$	2,612	$	6.5	$	6.5
Common Trust Funds	1,582		—		—
UCITS Fund	324		—		—
Private Funds	10		0.3		0.3
Private Equity	—		5.4		5.4
All other assets:
Wealth Management	2,807
Institutional	8,053
Total Assets Under Management	$	15,388

- 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

REVENUE Table (Tables)

6 Months Ended

Jun. 30, 2019

Disaggregation of Revenue [Abstract]

Disaggregation of Revenue [Table Text Block]

The following table presents our revenue disaggregated by account type (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Advisory Fees:
Institutional	$	9,372	$	15,684	$	19,811	$	32,389
Mutual Funds	5,212		7,753		11,077		15,503
Wealth Management	111		36		213		64
Performance-based	120		1,649		300		2,984
Trust Fees	6,444		7,465		12,983		15,074
Other	450		173		1,187		313
Total revenues	$	21,709	$	32,760	$	45,571	$	66,327

Revenue Disaggregation by Geographic Location [Table Text Block]

The following table presents our revenue disaggregated by our clients' geographical locations (in thousands):



Three Months Ended June 30, 2019	Advisory		Trust		Performance-based		Other		Total
Asia	$	407	$	—	$	—	$	—	$	407
Canada	702		—		—		44		746
Europe	872		—		120		—		992
United States	12,714		6,444		—		406		19,564
Total	$	14,695	$	6,444	$	120	$	450	$	21,709

Six Months Ended June 30, 2019
Asia	$	813	$	—	$	—	$	—	$	813
Australia	591		—		—		—		591
Canada	1,526		—		—		84		1,610
Europe	1,849		—		300		—		2,149
United States	26,322		12,983		—		1,103		40,408
Total	$	31,101	$	12,983	$	300	$	1,187	$	45,571



Three Months Ended June 30, 2018	Advisory		Trust		Performance-based		Other		Total
Asia	$	1,236	$	—	$	—	$	—	$	1,236
Australia	974		—		—		—		974
Canada	1,640		—		—		37		1,677
Europe	1,347		—		—		—		1,347
United States	18,276		7,465		1,649		136		27,526
Total	$	23,473	$	7,465	$	1,649	$	173	$	32,760

Six Months Ended June 30, 2018
Asia	$	2,667	$	—	$	—	$	—	$	2,667
Australia	1,996		—		—		—		1,996
Canada	3,470		—		—		86		3,556
Europe	2,590		—		—		—		2,590
United States	37,233		15,074		2,984		227		55,518
Total	$	47,956	$	15,074	$	2,984	$	313	$	66,327

LONG-TERM INCENTIVE COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2019

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

Restricted Stock Subject Only To A Service Condition Policy [Text Block]

Restricted Stock Subject Only to a Service Condition

Total Expense Recorded for Stock Based Compensation

The following table presents the total stock-based compensation expense recorded for stock-based compensation arrangements for the periods indicated (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Service condition stock-based compensation expense	$	1,760	$	2,535	$	3,948	$	5,325
Performance condition stock-based compensation expense	490		1,088		1,418		2,364
Stock-based compensation expense under the Plan	2,250		3,623		5,366		7,689
Canadian Plan stock-based compensation expense	180		153		317		274
Total stock-based compensation expense	$	2,430	$	3,776	$	5,683	$	7,963

Restricted Stock Subject To Service And Performance Conditions Policy [Text Block]

Restricted Stock Subject to Service and Performance Conditions

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 subject only to a service condition for the six months ended June 30, 2019:



	Shares		Weighted Average Grant Date Fair Value
Non-vested, January 1, 2019	440,073		$	56.40
Granted	198,295		$	38.64
Vested	(162,287	)	$	57.14
Forfeited	(50,182	)	$	51.67
Non-vested, June 30, 2019	425,899		$	48.40

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 six months ended June 30, 2019:



	Shares		Weighted Average Grant Date Fair Value
Non-vested, January 1, 2019	156,293		$	55.66
Granted	21,186		$	37.97
Vested	(80,493	)	$	56.09
Forfeited	(19,495	)	$	55.18
Non-vested, June 30, 2019	77,491		$	50.29

LEASES (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Lease Maturity Analysis [Table Text Block]

The maturities of lease liabilities are as follows (in thousands):



Year Ending December 31,	Operating Leases
2019 (excluding the six months ended June 30, 2019)	$	1,046
2020	2,117
2021	2,081
2022	1,717
2023	1,719
2024	1,550
Thereafter	1,852
Total undiscounted lease payments	$	12,082
Less discount	(1,997		)
Total lease liabilities	$	10,085

Lease, Cost [Table Text Block]

The following table presents the components of lease costs, as well as supplemental cash flow information, related to our leases (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Operating lease cost	$	426	$	417	$	897	$	853
Sublease income	$	77	$	—	$	77	$	—
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	523	$	466	$	1,044	$	940
Right-of-use assets obtained in exchange for lease obligations	$	—	$	186	$	—	$	441

Lessee, Operating Lease, Disclosure [Table Text Block]

The following table presents information regarding our operating leases (in thousands, except years and rates):



	June 30, 2019			December 31, 2018
Operating lease right-of-use assets	$	8,149		$	8,698

Operating lease liabilities	$	1,521		$	1,432
Non-current lease liabilities	8,564			9,331
Total lease liabilities	$	10,085		$	10,763

Weighted-average remaining lease term - (in years)	6.2			6.6
Weighted-average discount rate	5.0		%	5.0		%

SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting Information [Line Items]

Schedule of Segment Reporting Information, by Segment [Table Text Block]



(in thousands)	Advisory			Trust			Westwood Holdings			Eliminations			Consolidated
Three Months Ended June 30, 2019
Net fee revenues from external sources	$	14,815		$	6,444		$	—		$	—		$	21,259
Net intersegment revenues	866			71			—			(937		)	—
Net interest and dividend revenue	192			91			—			—			283
Other, net	174			(7		)	—			—			167
Total revenues	$	16,047		$	6,599		$	—		$	(937	)	$	21,709
Economic Earnings	$	5,211		$	1,564		$	(2,002	)	$	—		$	4,773
Less: Restricted stock expense													2,430
Intangible amortization													423
Deferred taxes on goodwill													59
Net income													$	1,861

Segment assets	$	232,380		$	64,771		$	19,338		$	(137,003	)	$	179,486
Segment goodwill	$	3,403		$	16,401		$	—		$	—		$	19,804

Three Months Ended June 30, 2018
Net fee revenues from external sources	$	25,122		$	7,465		$	—		$	—		$	32,587
Net intersegment revenues	1,846			57			—			(1,903		)	—
Net interest and dividend revenue	135			55			—			—			190
Other, net	(16		)	(1		)	—			—			(17		)
Total revenues	$	27,087		$	7,576		$	—		$	(1,903	)	$	32,760
Economic Earnings	$	13,111		$	1,457		$	(2,323	)	$	—		$	12,245
Less: Restricted stock expense													3,776
Intangible amortization													418
Deferred taxes on goodwill													59
Net income													$	7,992

Segment assets	$	214,051		$	59,605		$	16,056		$	(105,445	)	$	184,267
Segment goodwill	$	3,403		$	16,401		$	—		$	—		$	19,804




(in thousands)	Advisory			Trust			Westwood Holdings			Eliminations			Consolidated
Six Months Ended June 30, 2019
Net fee revenues from external sources	$	31,401		$	12,983		$	—		$	—		$	44,384
Net intersegment revenues	1,883			142			—			(2,025		)	—
Net interest and dividend revenue	417			178			—			—			595
Other	606			(14		)	—			—			592
Total revenues	$	34,307		$	13,289		$	—		$	(2,025	)	$	45,571
Economic Earnings	$	10,091		$	2,817		$	(4,018	)	$	—		$	8,890
Less: Restricted stock expense													5,683
Intangible amortization													836
Deferred taxes on goodwill													118
Net income													$	2,253

Six Months Ended June 30, 2018
Net fee revenues from external sources	$	50,940		$	15,074		$	—		$	—		$	66,014
Net intersegment revenues	3,883			112			—			(3,995		)	—
Net interest and dividend revenue	276			100			—			—			376
Other	(58		)	(5		)	—			—			(63		)
Total revenues	$	55,041		$	15,281		$	—		$	(3,995	)	$	66,327
Economic Earnings	$	26,910		$	2,677		$	(4,700	)	$	—		$	24,887
Less: Restricted stock expense													7,963
Intangible amortization													836
Deferred taxes on goodwill													118
Net income													$	15,970

ReconciliationFromNetIncomeToNonGaapMeasure [Table Text Block]

The following tables provide a reconciliation of Net income to Economic Earnings (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Net income	$	1,861	$	7,992	$	2,253	$	15,970
Add: Stock-based compensation expense	2,430		3,776		5,683		7,963
Add: Intangible amortization	423		418		836		836
Add: Tax benefit from goodwill amortization	59		59		118		118
Economic Earnings	$	4,773	$	12,245	$	8,890	$	24,887

DESCRIPTION OF THE BUSINESS Omaha Operations Divestiture (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Cash Proceeds From Divestiture [Line Items]
Proceeds from sale of operations			$ 10,000,000	$ 0	$ 10,013,000
Accounts receivable	$ 13,680,000			13,680,000		$ 18,429,000
Other current assets	2,680,000			2,680,000		2,731,000
Goodwill	19,804,000	$ 19,804,000		19,804,000	19,804,000	19,804,000
Intangible assets, net	15,771,000			15,771,000		15,961,000
Property and equipment, net of accumulated depreciation of $6,916 and $6,462	4,637,000			4,637,000		4,454,000
Accounts payable and accrued liabilities	(2,122,000)			(2,122,000)		$ (2,518,000)
Gain on sale of operations	$ 0	$ 0	524,000	$ 0	$ 524,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Cash Proceeds From Divestiture [Line Items]
Proceeds from sale of operations			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 $6,916 and $6,462			18,000
Accounts payable and accrued liabilities			(241,000)
Other liabilities			(9,000)
Gain on sale of operations			$ 524,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Changes and Error Corrections (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Right-of-Use Asset	$ 8,149	$ 8,698
Operating Lease, Liability, Current	1,521	1,432
Operating Lease, Liability, Noncurrent	$ 8,564	9,331
Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Right-of-Use Asset		0
Operating Lease, Liability, Current		0
Operating Lease, Liability, Noncurrent		0
Deferred rent		2,065
Restatement Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Right-of-Use Asset		8,698
Operating Lease, Liability, Current		1,432
Operating Lease, Liability, Noncurrent		9,331
Deferred rent		(2,065)
Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Right-of-Use Asset		8,698
Operating Lease, Liability, Current		1,432
Operating Lease, Liability, Noncurrent		9,331
Deferred rent		$ 0

EARNINGS PER SHARE (Details Textual) - shares	3 Months Ended		6 Months Ended
EARNINGS PER SHARE (Details Textual) - shares	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive restricted shares	131,000	0	91,000	5,000

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Computation of Basic and Diluted Shares
Net income	$ 1,861	$ 7,992	$ 2,253	$ 15,970
Weighted average shares outstanding - basic (shares)	8,446,610	8,399,148	8,406,367	8,336,923
Dilutive potential shares from unvested restricted shares (shares)	30,167	144,205	61,222	206,478
Weighted average shares outstanding - diluted (shares)	8,476,777	8,543,353	8,467,589	8,543,401
Earnings per share:
Basic (dollars per share)	$ 0.22	$ 0.95	$ 0.27	$ 1.92
Diluted (dollars per share)	$ 0.22	$ 0.94	$ 0.27	$ 1.87

- Definition

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

+ References

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- 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.

+ References

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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

INVESTMENTS (Details) - USD ($)	6 Months Ended	12 Months Ended
INVESTMENTS (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Investment in private fund	$ 250,000
Schedule Of Available For Sale Securities [Line Items]
Cost	47,096,000	$ 65,875,000
Gross Unrealized Gains	510,000	232,000
Gross Unrealized Losses	(4,000)	(326,000)
Estimated Market Value	47,852,000	65,781,000
Money market funds
Schedule Of Available For Sale Securities [Line Items]
Cost	10,067,000	10,354,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Market Value	10,067,000	10,354,000
Equity funds
Schedule Of Available For Sale Securities [Line Items]
Cost	6,328,000	7,344,000
Gross Unrealized Gains	257,000	0
Gross Unrealized Losses	(4,000)	(326,000)
Estimated Market Value	$ 6,581,000	$ 7,018,000

INVESTMENTS (Details Textual) - USD ($)	6 Months Ended	12 Months Ended
INVESTMENTS (Details Textual) - USD ($)	Jun. 30, 2019	Dec. 31, 2018	May 31, 2018
Schedule of Investments [Line Items]
Long-term Investments	$ 5,675,000	$ 5,425,000	$ 5,400,000
Cost	47,096,000	65,875,000
Trading Securities, Unrealized Holding Gain	510,000	232,000
Trading Securities, Unrealized Holding Loss	(4,000)	(326,000)
Investments, at fair value	47,602,000	65,781,000
Estimated Market Value	47,852,000	65,781,000
Debt Securities, Trading, and Equity Securities, FV-NI, Cost	47,346,000
Investments carried at fair value, unrealized gain	510,000
Investments carried at fair value, unrealized loss	(4,000)
Investment in private fund	250,000
VIE
Schedule of Investments [Line Items]
Estimated Market Value	6,500,000	6,100,000
U.S. Government and Government agency obligations
Schedule of Investments [Line Items]
Cost	30,701,000	48,177,000
Trading Securities, Unrealized Holding Gain	253,000	232,000
Trading Securities, Unrealized Holding Loss	0	0
Estimated Market Value	30,954,000	48,409,000
Equity funds
Schedule of Investments [Line Items]
Cost	6,328,000	7,344,000
Trading Securities, Unrealized Holding Gain	257,000	0
Trading Securities, Unrealized Holding Loss	(4,000)	(326,000)
Estimated Market Value	6,581,000	7,018,000
Money market funds
Schedule of Investments [Line Items]
Cost	10,067,000	10,354,000
Trading Securities, Unrealized Holding Gain	0	0
Trading Securities, Unrealized Holding Loss	0	0
Estimated Market Value	10,067,000	$ 10,354,000
Private Equity Funds [Member]
Schedule of Investments [Line Items]
Estimated Market Value	250,000
Equity Securities, FV-NI, Cost	250,000
Unrealized Gain on Securities	0
Equity Securities, FV-NI, Unrealized Loss	$ 0

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Investments in securities:
Investments in trading securities	$ 47,852	$ 65,781
Investments, at fair value	47,602	65,781
Alternative Investment	(250)
Fair Value, Net Asset (Liability)	47,852	65,781
Inputs, Net Asset Value [Member]
Investments in securities:
Investments in trading securities	0	0
Alternative Investment	250
Fair Value, Net Asset (Liability)	250
Level 1
Investments in securities:
Investments in trading securities	47,602	65,781
Alternative Investment	0
Fair Value, Net Asset (Liability)	47,602	65,781
Level 2
Investments in securities:
Investments in trading securities	0	0
Alternative Investment	0
Fair Value, Net Asset (Liability)	0	0
Level 3
Investments in securities:
Investments in trading securities	0	0
Alternative Investment	0
Fair Value, Net Asset (Liability)	$ 0	$ 0

GOODWILL AND OTHER INTANGIBLE ASSETS (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Impairment Loss	$ 0	$ 0	$ 0	$ 0
Impairment of Intangible Assets (Excluding Goodwill)	$ 0	$ 0	$ 0	$ 0

COMPONENTS OF OCI (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Components of accumulated other comprehensive loss
Foreign currency translation adjustment	$ (3,317)	$ (4,883)
Accumulated other comprehensive loss	$ (3,317)	$ (4,883)

VARIABLE INTEREST ENTITIES (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Variable Interest Entity [Line Items]
Debt Securities, Trading, and Equity Securities, FV-NI	$ 47,852		$ 47,852		$ 65,781
Fee revenues from Westwood VIEs	8,400	$ 12,000	17,100	$ 24,600
VIE
Variable Interest Entity [Line Items]
Debt Securities, Trading, and Equity Securities, FV-NI	6,500		6,500		$ 6,100
Common Trust Funds
Variable Interest Entity [Line Items]
Debt Securities, Trading, and Equity Securities, FV-NI	0		0
UCITS Fund
Variable Interest Entity [Line Items]
Debt Securities, Trading, and Equity Securities, FV-NI	$ 0		$ 0

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Variable Interest Entities
Assets Under Management	$ 15,388,000
Estimated Market Value	47,852	$ 65,781
Westwood Funds®
Variable Interest Entities
Assets Under Management	2,612,000
Estimated Market Value	6,500
Amount at Risk	6,500
Common Trust Funds
Variable Interest Entities
Assets Under Management	1,582,000
Estimated Market Value	0
Amount at Risk	0
UCITS Fund
Variable Interest Entities
Assets Under Management	324,000
Estimated Market Value	0
Amount at Risk	0
Westwood Hospitality Fund I LLC [Member]
Variable Interest Entities
Assets Under Management	10,000
Estimated Market Value	300
Amount at Risk	300
Private Equity Investments [Member]
Variable Interest Entities
Assets Under Management	0
Estimated Market Value	5,400
Amount at Risk	5,400
Wealth Management
Variable Interest Entities
Assets Under Management	2,807,000
Institutional
Variable Interest Entities
Assets Under Management	$ 8,053,000

REVENUE Disaggregation of Revenue (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2019

Jun. 30, 2018

Jun. 30, 2019

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer, Excluding Assessed Tax

REVENUE

Revenue Recognition

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):



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Advisory Fees:
Institutional	$	9,372	$	15,684	$	19,811	$	32,389
Mutual Funds	5,212		7,753		11,077		15,503
Wealth Management	111		36		213		64
Performance-based	120		1,649		300		2,984
Trust Fees	6,444		7,465		12,983		15,074
Other	450		173		1,187		313
Total revenues	$	21,709	$	32,760	$	45,571	$	66,327

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



Three Months Ended June 30, 2019	Advisory		Trust		Performance-based		Other		Total
Asia	$	407	$	—	$	—	$	—	$	407
Canada	702		—		—		44		746
Europe	872		—		120		—		992
United States	12,714		6,444		—		406		19,564
Total	$	14,695	$	6,444	$	120	$	450	$	21,709

Six Months Ended June 30, 2019
Asia	$	813	$	—	$	—	$	—	$	813
Australia	591		—		—		—		591
Canada	1,526		—		—		84		1,610
Europe	1,849		—		300		—		2,149
United States	26,322		12,983		—		1,103		40,408
Total	$	31,101	$	12,983	$	300	$	1,187	$	45,571



Three Months Ended June 30, 2018	Advisory		Trust		Performance-based		Other		Total
Asia	$	1,236	$	—	$	—	$	—	$	1,236
Australia	974		—		—		—		974
Canada	1,640		—		—		37		1,677
Europe	1,347		—		—		—		1,347
United States	18,276		7,465		1,649		136		27,526
Total	$	23,473	$	7,465	$	1,649	$	173	$	32,760

Six Months Ended June 30, 2018
Asia	$	2,667	$	—	$	—	$	—	$	2,667
Australia	1,996		—		—		—		1,996
Canada	3,470		—		—		86		3,556
Europe	2,590		—		—		—		2,590
United States	37,233		15,074		2,984		227		55,518
Total	$	47,956	$	15,074	$	2,984	$	313	$	66,327

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

$ 21,709

$ 32,760

$ 45,571

$ 66,327

Asia [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

407

1,236

813

2,667

Australia

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

974

591

1,996

Canada

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

746

1,677

1,610

3,556

Europe [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

992

1,347

2,149

2,590

United States [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

19,564

27,526

40,408

55,518

Investment Advisory Services [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

14,695

23,473

31,101

47,956

Investment Advisory Services [Member] | Asia [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

407

1,236

813

2,667

Investment Advisory Services [Member] | Australia

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

974

591

1,996

Investment Advisory Services [Member] | Canada

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

702

1,640

1,526

3,470

Investment Advisory Services [Member] | Europe [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

872

1,347

1,849

2,590

Investment Advisory Services [Member] | United States [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

12,714

18,276

26,322

37,233

Investment Advisory Services [Member] | Advisory

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

9,372

15,684

19,811

32,389

Mutual Fund Advisory [Member] | Advisory

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

5,212

7,753

11,077

15,503

Private Wealth Advisory [Member] | Advisory

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

111

213

Performance-based fees [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

120

1,649

300

2,984

Performance-based fees [Member] | Asia [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Performance-based fees [Member] | Australia

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Performance-based fees [Member] | Canada

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Performance-based fees [Member] | Europe [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

120

300

Performance-based fees [Member] | United States [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

1,649

2,984

Performance-based fees [Member] | Advisory

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

120

1,649

300

2,984

Trust Fees [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

6,444

7,465

12,983

15,074

Trust Fees [Member] | Asia [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Trust Fees [Member] | Australia

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Trust Fees [Member] | Canada

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Trust Fees [Member] | Europe [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Trust Fees [Member] | United States [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

6,444

7,465

12,983

15,074

Trust Fees [Member] | Trust

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

6,444

7,465

12,983

15,074

Other Revenue Misc Services [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

450

173

1,187

313

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

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Other Revenue Misc Services [Member] | Australia

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

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] | United States [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

406

136

1,103

227

Other Revenue Misc Services [Member] | Advisory

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

$ 450

$ 173

$ 1,187

$ 313

LONG-TERM INCENTIVE COMPENSATION (Details Textual) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019 USD ($) $ / shares shares	Jun. 30, 2018 USD ($)	Jun. 30, 2019 CAD ($) shares	Jun. 30, 2019 USD ($) $ / shares shares	Jun. 30, 2018 USD ($)	Dec. 31, 2018 USD ($) shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Amount of shares purchased in the open market				$ 806,000	$ 0
Remaining unrecognized compensation cost recognized over a remaining weighted average period			2 years 7 months	2 years 7 months
Accrued liability	$ 56,000			$ 56,000		$ 635,000
Mutual Fund [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Service period of mutual fund share incentive award			3 years	3 years
Expense related to mutual fund share incentive awards	$ 14,000	$ 11,000		$ (112,000)	185,000
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	5,048,100			5,048,100
Shares remain available for issuance \| shares	488,000			488,000
Remaining unrecognized compensation cost	$ 19,100,000			$ 19,100,000
Nonvested restricted shares \| shares	425,899			425,899		440,073
Expense related to mutual fund share incentive awards	$ 2,430,000	$ 3,776,000		$ 5,683,000	$ 7,963,000
Canadian Plan \| Westwood International Advisors Inc
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares remain available for issuance \| shares	49,000			49,000
Share Based Compensation Arrangement By Share Based Payment Award Available For Grant, Original			$ 10.0	$ 7,600,000
Fund purchases of common stock	$ 61,078			61,078
Purchases of common stock with respect to awards granted			$ 2.3	$ 1,700,000
Share price \| $ / shares	$ 35.20			$ 35.20
Amount of shares purchased in the open market				$ 980,000
Purchases of treasury stock, shares \| shares			25,047	25,047
Remaining unrecognized compensation cost	$ 1,100,000			$ 1,100,000
Remaining unrecognized compensation cost recognized over a remaining weighted average period			2 years	2 years

LONG-TERM INCENTIVE COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
DomesticEmployeeServiceAward [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 1,760	$ 2,535	$ 3,948	$ 5,325
Performance Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Allocated Share-based Compensation Expense	490	1,088	1,418	2,364
DomesticServiceAndPerformanceAward [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Allocated Share-based Compensation Expense	2,250	3,623	5,366	7,689
CanadianEmployeeServiceAward [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Allocated Share-based Compensation Expense	180	153	317	274
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 2,430	$ 3,776	$ 5,683	$ 7,963

LONG-TERM INCENTIVE COMPENSATION (Details 1) - Restricted Shares Subject Only to a Service Condition	6 Months Ended
	Jun. 30, 2019 $ / shares shares
Restricted shares subject only to a service condition:
Non-vested, beginning balance, shares \| shares	440,073
Granted (shares) \| shares	198,295
Vested (shares) \| shares	(162,287)
Forfeited (shares) \| shares	(50,182)
Non-vested, ending balance, shares \| shares	425,899
Non-vested, beginning balance, (dollars per share) \| $ / shares	$ 56.40
Granted (dollars per share) \| $ / shares	38.64
Vested (dollars per share) \| $ / shares	57.14
Forfeited (dollars per share) \| $ / shares	51.67
Non-vested, ending balance, (dollars per share) \| $ / shares	$ 48.40

LONG-TERM INCENTIVE COMPENSATION (Details 2) - Restricted Shares Subject to Service and Performance Conditions	6 Months Ended
	Jun. 30, 2019 $ / shares shares
Restricted shares subject only to a service condition:
Non-vested, beginning balance, shares \| shares	156,293
Granted (shares) \| shares	21,186
Vested (shares) \| shares	(80,493)
Forfeited (shares) \| shares	(19,495)
Non-vested, ending balance, shares \| shares	77,491
Non-vested, beginning balance, (dollars per share) \| $ / shares	$ 55.66
Granted (dollars per share) \| $ / shares	37.97
Vested (dollars per share) \| $ / shares	56.09
Forfeited (dollars per share) \| $ / shares	55.18
Non-vested, ending balance, (dollars per share) \| $ / shares	$ 50.29

INCOME TAXES Effective tax rate (Details) - USD ($)	3 Months Ended		6 Months Ended
INCOME TAXES Effective tax rate (Details) - USD ($)	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Discrete tax expense from stock-based compensation			$ 638,000
Effective Income Tax Rate Reconciliation, Percent	29.90%	26.90%	45.70%	25.50%

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
UCITS Fund
Related Party Transaction [Line Items]
Fees earned from related party	$ 805,000	$ 1,100,000	$ 1,600,000	$ 2,300,000
Fees unpaid from related party	313,000		313,000		$ 295,000
Private Equity Investments [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Purchases from Related Party	448,000	530,000	580,000	605,000
Trust
Related Party Transaction [Line Items]
Due from related party	84,000		84,000		$ 84,000
Fees earned from related party	$ 84,000	$ 92,000	$ 162,000	$ 187,000

LEASES (Details) - USD ($)	3 Months Ended			6 Months Ended
LEASES (Details) - USD ($)	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Sublease Term				7 years
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 1,046,000			$ 1,046,000
Lessee, Operating Lease, Liability, Payments, Due	2,117,000			2,117,000
Lessee, Operating Lease, Liability, Payments, Due Year Two	2,081,000			2,081,000
Lessee, Operating Lease, Liability, Payments, Due Year Three	1,717,000			1,717,000
Lessee, Operating Lease, Liability, Payments, Due Year Four	1,719,000			1,719,000
Lessee, Operating Lease, Liability, Payments, Due Year Five	1,550,000			1,550,000
Operating Lease, Right-of-Use Asset	8,149,000			8,149,000		$ 8,698,000
Operating Lease, Expense	426,000		$ 417,000	897,000	$ 853,000
Sublease Income	77,000		0	77,000	0
Operating Lease, Payments	523,000		466,000	1,044,000	940,000
Operating Lease, Liability, Current	1,521,000			1,521,000		1,432,000
Operating Lease, Liability, Noncurrent	$ 8,564,000			$ 8,564,000		$ 9,331,000
Operating Lease, Weighted Average Discount Rate, Percent	6 years 2 months			6 years 2 months		6 years 7 months
Operating Lease, Weighted Average Discount Rate, Percent	0.00%			0.00%		0.00%
Lessee, Operating Lease, Liability, Payments, Due after Year Five	$ 1,852,000			$ 1,852,000
Total Lease Payment	12,082,000			12,082,000
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(1,997,000)			(1,997,000)
Operating Lease, Liability	10,085,000			10,085,000		$ 10,763,000
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 0		$ 186,000	$ 0	$ 441,000
Office equipment lease term		2 years
Minimum [Member]
Corporate offices remaining lease terms		1 year
Maximum [Member]
Corporate offices remaining lease terms		7 years

SEGMENT REPORTING (Details Textual)	6 Months Ended
SEGMENT REPORTING (Details Textual)	Jun. 30, 2019 Segment
Segment Reporting [Abstract]
Number of operating segments	2

SEGMENT REPORTING (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2019

Jun. 30, 2018

Jun. 30, 2019

Jun. 30, 2018

Dec. 31, 2018

Segment Reporting Information [Line Items]

Revenue From External Sources

$ 21,259

$ 32,587

$ 44,384

$ 66,014

ReconciliationFromNetIncomeToNonGaapMeasure [Table Text Block]

The following tables provide a reconciliation of Net income to Economic Earnings (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Net income	$	1,861	$	7,992	$	2,253	$	15,970
Add: Stock-based compensation expense	2,430		3,776		5,683		7,963
Add: Intangible amortization	423		418		836		836
Add: Tax benefit from goodwill amortization	59		59		118		118
Economic Earnings	$	4,773	$	12,245	$	8,890	$	24,887

Net intersegment revenues

$ 0

Net interest and dividend revenue

283

190

595

376

Other revenue

167

(17)

592

(63)

Total revenues

21,709

32,760

45,571

66,327

Economic Earnings

4,773

12,245

8,890

24,887

Intangible amortization

423

418

836

Deferred taxes on goodwill

118

Net income

1,861

7,992

2,253

15,970

Segment assets

179,486

184,267

179,486

184,267

$ 199,183

Goodwill

19,804

$ 19,804

Operating Segments | Advisory

Segment Reporting Information [Line Items]

Revenue From External Sources

14,815

25,122

31,401

50,940

Net intersegment revenues

866

1,846

1,883

3,883

Net interest and dividend revenue

192

135

417

276

Other revenue

174

(16)

606

(58)

Total revenues

16,047

27,087

34,307

55,041

Economic Earnings

5,211

13,111

10,091

26,910

Segment assets

232,380

214,051

232,380

214,051

Goodwill

3,403

Operating Segments | Trust

Segment Reporting Information [Line Items]

Revenue From External Sources

6,444

7,465

12,983

15,074

Net intersegment revenues

142

112

Net interest and dividend revenue

178

100

Other revenue

(7)

(1)

(14)

(5)

Total revenues

6,599

7,576

13,289

15,281

Economic Earnings

1,564

1,457

2,817

2,677

Segment assets

64,771

59,605

64,771

59,605

Goodwill

16,401

Westwood Holdings

Segment Reporting Information [Line Items]

Revenue From External Sources

Net intersegment revenues

Net interest and dividend revenue

Other revenue

Total revenues

Economic Earnings

(2,002)

(2,323)

(4,018)

(4,700)

Segment assets

19,338

16,056

19,338

16,056

Goodwill

Eliminations

Segment Reporting Information [Line Items]

Revenue From External Sources

Net intersegment revenues

(937)

(1,903)

(2,025)

(3,995)

Net interest and dividend revenue

Other revenue

Total revenues

(937)

(1,903)

(2,025)

(3,995)

Economic Earnings

Segment assets

(137,003)

(105,445)

(137,003)

(105,445)

Goodwill

Restricted Stock

Segment Reporting Information [Line Items]

Allocated Share-based Compensation Expense

$ 2,430

$ 3,776

$ 5,683

$ 7,963

SUBSEQUENT EVENTS (Details Textual) - $ / shares				3 Months Ended		6 Months Ended
SUBSEQUENT EVENTS (Details Textual) - $ / shares	Oct. 01, 2019	Sep. 06, 2019	Jul. 31, 2019	Mar. 31, 2019	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Subsequent Event [Line Items]
Dividends declared per share (dollars per share)				$ 0.72	$ 0.68	$ 1.44	$ 1.36
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends declared per share (dollars per share)			$ 0.72
Dividends payable, date to be paid	Oct. 01, 2019
Dividends payable, date of record		Sep. 06, 2019