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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

9 Months Ended

Sep. 30, 2019

Investments, Debt and Equity Securities [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 81,000 anti-dilutive restricted shares outstanding for the three months ended September 30, 2019, and there were no anti-dilutive restricted shares outstanding for the three months ended September 30, 2018. There were approximately 87,000 and 3,251 anti-dilutive restricted shares outstanding for the nine months ended September 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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Net income	$	1,117	$	5,368	$	3,370	$	21,338

Weighted average shares outstanding - basic	8,432,598		8,402,697		8,414,317		8,359,088
Dilutive potential shares from unvested restricted shares	38,075		195,533		53,506		202,830
Weighted average shares outstanding - diluted	8,470,673		8,598,230		8,467,823		8,561,918

Earnings per share:
Basic	$	0.13	$	0.64	$	0.40	$	2.55
Diluted	$	0.13	$	0.62	$	0.40	$	2.49

INVESTMENTS

9 Months Ended

Sep. 30, 2019

INVESTMENTS

During 2018, we made a $5.4 million strategic investment in a private company (“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 September 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 “Noncurrent investments at fair value” 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.

In September 2019, we made a $2.8 million investment in Charis Holdings, Inc. (“Charis”), the parent company of Westwood Private Bank. Our investment is included in “Noncurrent investments at fair value” on our Condensed Consolidated Balance Sheets and will be measured at fair value on a recurring basis.

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
September 30, 2019:
U.S. Government and Government agency obligations	$	24,036	$	145	$	—		$	24,181
Money market funds	12,072		—		—			12,072
Equity funds	6,329		280		(18		)	6,591
Total trading securities	42,437		425		(18		)	42,844
Private investment fund	250		—		—			250
Private equity	2,770		—		—			2,770
Total investments carried at fair value	$	45,457	$	425	$	(18	)	$	45,864

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 September 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

9 Months Ended

Sep. 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 investment in Westwood Hospitality Fund I, LLC is measured at fair value using NAV.

Our investment in Charis is measured at fair value on a recurring basis using a market approach based on a price to tangible book value multiple range that is determined to be reasonable in the current environment. Management believes this valuation methodology is consistent with the banking industry and will reevaluate our methodology and inputs on a quarterly basis.

Our strategic investment in the Private Company discussed in Note 4 “Investments” is excluded from the recurring fair value table shown below, because 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 September 30, 2019:
Investments in trading securities	$	42,844	$	—	$	—	$	—	$	42,844
Private investment fund	—		—		—		250		250
Private equity	—		—		2,770		—		2,770
Total investments carried at fair value	$	42,844	$	—	$	2,770	$	250	$	45,864

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.

The following table summarizes the changes in Level 3 investments measured at fair value on a recurring basis for the

periods presented (in thousands):



	Fair Value using Significant Unobservable Inputs (Level 3)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	Private Equity Investment				Private Equity Investment
Beginning balance	$	—	$	—	$	—	$	—
Purchases	2,770		—		2,770		—
Transfers into (out of) level 3	—		—		—		—
Realized gains (losses)	—		—		—		—
Unrealized gains (losses)	—		—		—		—
Ending balance	$	2,770	$	—	$	2,770	$	—

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.

Organization, Consolidation and Presentation of Financial Statements [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS	9 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS	Sep. 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 2019 and determined that no impairment loss was required. No impairments on goodwill were recorded during the three or nine months ended September 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 nine months ended September 30, 2019 or 2018.

STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2019

Treasury Stock [Text Block]

Share Repurchase Program

On July 20, 2012, our Board of Directors authorized the repurchase of up to $10.0 million of our outstanding common stock on the open market or in privately negotiated transactions. The share repurchase program has no expiration date and may be discontinued at any time by the Board of Directors. In July 2016, Westwood's Board of Directors authorized an additional $5.0 million of repurchases under the share repurchase program. As of September 30, 2019, approximately $4.1 million remained available under the share repurchase program.

Between January 1, 2019 and September 30, 2019, under our share repurchase plan, the Company repurchased 43,388 shares of our common stock at an average price of $28.99, including commissions, at an aggregate purchase price of $1.3 million.

BALANCE SHEET COMPONENTS

STOCKHOLDERS' EQUITY

Accumulated Other Comprehensive Loss

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



	As of September 30, 2019			As of December 31, 2018
Foreign currency translation adjustment	$	(3,799	)	$	(4,883	)
Accumulated other comprehensive loss	$	(3,799	)	$	(4,883	)

Share Repurchase Program

VARIABLE INTEREST ENTITIES

9 Months Ended

Sep. 30, 2019

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) our investments in the Private Company and Charis discussed in Note 4 “Investments” (collectively, “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. Based on our analysis, we determined the UCITS Fund, Westwood Funds® and Private Equity (i) have sufficient equity at risk to finance the entity's activities independently, (ii) have the obligation to absorb losses, the right to receive residual returns and the right to direct the activities of the entity that most significantly impact the entity’s economic performance and (iii) are not structured with disproportionate voting rights, and therefore the UCITS Funds, Westwood Funds® and Private Equity are not VIEs and should be analyzed under the VOE consolidation method. Based on our analysis of our investments in these entities for the periods ending

September 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 September 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 $7.2 million and $11.7 million for the three months ended September 30, 2019 and 2018, respectively. We recognized fee revenue from the Westwood VIEs and Westwood VOEs of approximately $24.3 million and $36.3 million for the nine months ended September 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 September 30, 2019
	Assets Under Management		Corporate Investment		Amount at Risk
VIEs/VOEs:
Westwood Funds®	$	2,338	$	6.5	$	6.5
Common Trust Funds	1,409		—		—
UCITS Fund	309		—		—
Private Funds	11		0.3		0.3
Private Equity	—		8.2		8.2
All other assets:
Wealth Management	2,881
Institutional	8,038
Total Assets Under Management	$	14,986

REVENUE (Notes)

9 Months Ended

Sep. 30, 2019

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 contain no deferred trust fee revenue.

Revenue Disaggregated

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Advisory Fees:
Institutional	$	8,664	$	14,426	$	28,475	$	46,815
Mutual Funds	4,375		7,527		15,452		23,030
Wealth Management	125		70		338		134
Performance-based	154		—		454		2,984
Trust Fees	6,281		7,191		19,264		22,265
Other	293		640		1,480		953
Total revenues	$	19,892	$	29,854	$	65,463	$	96,181

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



Three Months Ended September 30, 2019	Advisory		Trust		Performance-based		Other		Total
Asia	$	410	$	—	$	—	$	—	$	410
Canada	608		—		—		44		652
Europe	836		—		154		—		990
United States	11,310		6,281		—		249		17,840
Total	$	13,164	$	6,281	$	154	$	293	$	19,892

Nine Months Ended September 30, 2019
Asia	$	1,223	$	—	$	—	$	—	$	1,223
Australia	591		—		—		—		591
Canada	2,134		—		—		128		2,262
Europe	2,685		—		454		—		3,139
United States	37,632		19,264		—		1,352		58,248
Total	$	44,265	$	19,264	$	454	$	1,480	$	65,463



Three Months Ended September 30, 2018	Advisory		Trust		Performance-based		Other		Total
Asia	$	853	$	—	$	—	$	—	$	853
Australia	927		—		—		—		927
Canada	1,707		—		—		38		1,745
Europe	1,249		—		—		—		1,249
United States	17,287		7,191		—		602		25,080
Total	$	22,023	$	7,191	$	—	$	640	$	29,854

Nine Months Ended September 30, 2018
Asia	$	3,520	$	—	$	—	$	—	$	3,520
Australia	2,923		—		—		—		2,923
Canada	5,177		—		—		124		5,301
Europe	3,839		—		—		—		3,839
United States	54,520		22,265		2,984		829		80,598
Total	$	69,979	$	22,265	$	2,984	$	953	$	96,181

LONG-TERM INCENTIVE COMPENSATION

9 Months Ended

Sep. 30, 2019

Employee Benefit and Share-based Payment Arrangement, Noncash Expense [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 September 30, 2019, approximately 511,000 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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Service condition stock-based compensation expense	$	1,578	$	2,434	$	5,526	$	7,759
Performance condition stock-based compensation expense	491		1,107		1,909		3,471
Stock-based compensation expense under the Plan	2,069		3,541		7,435		11,230
Canadian Plan stock-based compensation expense	180		154		497		428
Total stock-based compensation expense	$	2,249	$	3,695	$	7,932	$	11,658

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 September 30, 2019, there was approximately $15.9 million of unrecognized compensation cost for restricted stock grants under the Plan, which we expect to recognize over a weighted-average period of 2.4 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 nine months ended September 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	(73,036	)	$	51.11
Non-vested, September 30, 2019	403,045		$	48.32

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 nine 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 nine months ended September 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, September 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 September 30, 2019) may be funded to the plan trustee for purchases of common stock with respect to awards granted under the Canadian Plan. At September 30, 2019, approximately $2.3 million CDN ($1.7 million in U.S. Dollars using the exchange rate on September 30, 2019) remains available for issuance under the Canadian Plan, or approximately 62,000 shares based on the closing share price of our stock of $27.67 as of September 30, 2019. During the first nine 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 September 30, 2019, the trust holds 61,078 shares of Westwood common stock. As of September 30, 2019, unrecognized compensation cost related to restricted stock grants under the Canadian Plan totaled $907,000, which we expect to recognize over a weighted-average period of 1.8 years years.

Mutual Fund Share Incentive Awards

We may grant mutual fund incentive awards, which are bonus awards based on our mutual funds achieving specific performance goals, annually to certain employees. 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 3 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 September 30, 2019 and 2018, we recorded expense of approximately $12,000 and $89,000, respectively, related to mutual fund share incentive awards. For the nine months ended September 30, 2019, we recorded a net $100,000 credit to mutual fund expense, primarily related to the forfeiture of a mutual fund award during the first quarter. For the nine months ended September 30, 2018, we recorded expense of approximately $274,000 related to mutual fund share incentive awards. As of September 30, 2019 and December 31, 2018, we had an accrued liability of approximately $67,000 and $635,000, respectively, related to mutual fund share incentive awards.

INCOME TAXES (Notes)	9 Months Ended
INCOME TAXES (Notes)	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	INCOME TAXES Our effective income tax rate was 28.4% for the third quarter of 2019, compared with 24.9% for the third quarter of 2018. Our effective income tax rate was 41.0% for the first nine months of 2019, compared with 25.3% for the first nine 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	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 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 September 30, 2019 and 2018, we recorded trust fees from these accounts of $90,000 and $89,000, respectively. For the nine months ended September 30, 2019 and 2018, we recorded trust fees from these accounts of $252,000 and $276,000, respectively. There was approximately $90,000 and $84,000 due from these accounts as of September 30, 2019 and December 31, 2018, respectively. 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. For the three months ended September 30, 2019 and 2018, the Company earned approximately $708,000 and $1.0 million, respectively, in fees from the affiliated funds. For the nine months ended September 30, 2019 and 2018, the Company earned approximately $2.3 million and $3.3 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 September 30, 2019 and December 31, 2018, $240,000 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 the Private Company during 2018. We previously entered into a separate agreement with this company to implement portfolio management and digital solutions products. For the three months ended September 30, 2019 and 2018, we incurred approximately $216,000 and $162,000, respectively, in expenses payable to this company. For the nine months ended September 30, 2019 and 2018, we incurred approximately $796,000 and $767,000, respectively, in expenses payable to this company. These expenses are included in “Information technology expenses” on our Condensed Consolidated Statements of Comprehensive Income. Additionally discussed in Note 4 “Investments,” the Company made an investment in Charis in September 2019. We previously entered into an agreement to sublease a portion of our corporate headquarters to a subsidiary of Charis. For the three and nine months ended September 30, 2019, we recorded other income of approximately $33,000 and $110,000, respectively, related to the sublease agreement. This income is included in “Other Income” on our Condensed Consolidated Statements of Comprehensive Income. We did not record any income from Charis for the three or nine months ended September 30, 2018.

LEASES (Notes)

9 Months Ended

Sep. 30, 2019

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 one to seven 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 two 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 seven 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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Operating lease cost	$	449	$	426	$	1,346	$	1,279
Sublease income	$	33	$	—	$	110	$	—
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	524	$	475	$	1,568	$	1,415
Right-of-use assets obtained in exchange for lease obligations	$	—	$	569	$	—	$	1,010

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):



	September 30, 2019			December 31, 2018
Operating lease right-of-use assets	$	7,851		$	8,698

Operating lease liabilities	$	1,554		$	1,432
Non-current lease liabilities	8,158			9,331
Total lease liabilities	$	9,712		$	10,763

Weighted-average remaining lease term (in years)	5.9			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 nine months ended September 30, 2019)	$	524
2020	2,117
2021	2,081
2022	1,717
2023	1,719
2024	1,550
Thereafter	1,852
Total undiscounted lease payments	$	11,560
Less discount	(1,848		)
Total lease liabilities	$	9,712

SEGMENT REPORTING

9 Months Ended

Sep. 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 (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 to the Westwood Funds®, funds offered by other financial institutions and funds offered by our Trust segment and (iii) pooled investment vehicles, including the UCITS Fund and collective investment trusts. 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 September 30, 2019
Net fee revenues from external sources	$	13,318	$	6,281	$	—		$	—		$	19,599
Net intersegment revenues	755		38		—			(793		)	—
Net interest and dividend revenue	179		69		3			—			251
Other, net	39		3		—			—			42
Total revenues	$	14,291	$	6,391	$	3		$	(793	)	$	19,892
Economic Earnings	$	3,574	$	2,055	$	(1,758	)	$	—		$	3,871
Less: Restricted stock expense											2,249
Intangible amortization											445
Deferred taxes on goodwill											60
Net income											$	1,117

Segment assets	$	236,710	$	66,352	$	21,541		$	(147,289	)	$	177,313
Segment goodwill	$	3,403	$	16,401	$	—		$	—		$	19,804

Three Months Ended September 30, 2018
Net fee revenues from external sources	$	22,023	$	7,191	$	—		$	—		$	29,214
Net intersegment revenues	1,756		58		—			(1,814		)	—
Net interest and dividend revenue	187		52		—			—			239
Other, net	389		12		—			—			401
Total revenues	$	24,355	$	7,313	$	—		$	(1,814	)	$	29,854
Economic Earnings	$	10,553	$	1,357	$	(2,369	)	$	—		$	9,541
Less: Restricted stock expense											3,695
Intangible amortization											419
Deferred taxes on goodwill											59
Net income											$	5,368

Segment assets	$	220,138	$	60,658	$	16,839		$	(105,008	)	$	192,627
Segment goodwill	$	3,403	$	16,401	$	—		$	—		$	19,804




(in thousands)	Advisory		Trust			Westwood Holdings			Eliminations			Consolidated
Nine Months Ended September 30, 2019
Net fee revenues from external sources	$	44,719	$	19,264		$	—		$	—		$	63,983
Net intersegment revenues	2,638		180			—			(2,818		)	—
Net interest and dividend revenue	596		247			3			—			846
Other	645		(11		)	—			—			634
Total revenues	$	48,598	$	19,680		$	3		$	(2,818	)	$	65,463
Economic Earnings	$	13,665	$	4,872		$	(5,776	)	$	—		$	12,761
Less: Restricted stock expense												7,932
Intangible amortization												1,281
Deferred taxes on goodwill												178
Net income												$	3,370

Nine Months Ended September 30, 2018
Net fee revenues from external sources	$	72,963	$	22,265		$	—		$	—		$	95,228
Net intersegment revenues	5,639		171			—			(5,810		)	—
Net interest and dividend revenue	464		152			—			—			616
Other	331		6			—			—			337
Total revenues	$	79,397	$	22,594		$	—		$	(5,810	)	$	96,181
Economic Earnings	$	37,463	$	4,034		$	(7,069	)	$	—		$	34,428
Less: Restricted stock expense												11,658
Intangible amortization												1,255
Deferred taxes on goodwill												177
Net income												$	21,338

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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Net income	$	1,117	$	5,368	$	3,370	$	21,338
Add: Stock-based compensation expense	2,249		3,695		7,932		11,658
Add: Intangible amortization	445		419		1,281		1,255
Add: Tax benefit from goodwill amortization	60		59		178		177
Economic Earnings	$	3,871	$	9,541	$	12,761	$	34,428

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2019
Subsequent Event [Line Items]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Dividend Declared In October 2019, Westwood’s Board of Directors declared a quarterly cash dividend of $0.72 per common share, payable on January 2, 2020, to stockholders of record on December 6, 2019. Share Repurchase Program In October 2019, we repurchased 42,171shares of our common stock for an aggregate purchase price of approximately $1.2 million.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2019

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 [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)	9 Months Ended
EARNINGS PER SHARE Policies (Policies)	Sep. 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)	9 Months Ended
VARIABLE INTEREST ENTITIES Policies (Policies)	Sep. 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) our investments in the Private Company and Charis discussed in Note 4 “Investments” (collectively, “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. Based on our analysis, we determined the UCITS Fund, Westwood Funds® and Private Equity (i) have sufficient equity at risk to finance the entity's activities independently, (ii) have the obligation to absorb losses, the right to receive residual returns and the right to direct the activities of the entity that most significantly impact the entity’s economic performance and (iii) are not structured with disproportionate voting rights, and therefore the UCITS Funds, Westwood Funds® and Private Equity are not VIEs and should be analyzed under the VOE consolidation method. Based on our analysis of our investments in these entities for the periods ending September 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)	9 Months Ended
REVENUE Policies (Policies)	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue [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 contain no deferred trust fee revenue.

LEASES (Policies)

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Operating lease cost	$	449	$	426	$	1,346	$	1,279
Sublease income	$	33	$	—	$	110	$	—
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	524	$	475	$	1,568	$	1,415
Right-of-use assets obtained in exchange for lease obligations	$	—	$	569	$	—	$	1,010

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):



	September 30, 2019			December 31, 2018
Operating lease right-of-use assets	$	7,851		$	8,698

Operating lease liabilities	$	1,554		$	1,432
Non-current lease liabilities	8,158			9,331
Total lease liabilities	$	9,712		$	10,763

Weighted-average remaining lease term (in years)	5.9			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 nine months ended September 30, 2019)	$	524
2020	2,117
2021	2,081
2022	1,717
2023	1,719
2024	1,550
Thereafter	1,852
Total undiscounted lease payments	$	11,560
Less discount	(1,848		)
Total lease liabilities	$	9,712

DESCRIPTION OF THE BUSINESS Table (Tables)

9 Months Ended

Sep. 30, 2019

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

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.

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-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Pronouncements (Tables)

9 Months Ended

Sep. 30, 2019

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)

9 Months Ended

Sep. 30, 2019

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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Net income	$	1,117	$	5,368	$	3,370	$	21,338

Weighted average shares outstanding - basic	8,432,598		8,402,697		8,414,317		8,359,088
Dilutive potential shares from unvested restricted shares	38,075		195,533		53,506		202,830
Weighted average shares outstanding - diluted	8,470,673		8,598,230		8,467,823		8,561,918

Earnings per share:
Basic	$	0.13	$	0.64	$	0.40	$	2.55
Diluted	$	0.13	$	0.62	$	0.40	$	2.49

INVESTMENTS (Tables)

9 Months Ended

Sep. 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
September 30, 2019:
U.S. Government and Government agency obligations	$	24,036	$	145	$	—		$	24,181
Money market funds	12,072		—		—			12,072
Equity funds	6,329		280		(18		)	6,591
Total trading securities	42,437		425		(18		)	42,844
Private investment fund	250		—		—			250
Private equity	2,770		—		—			2,770
Total investments carried at fair value	$	45,457	$	425	$	(18	)	$	45,864

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)

9 Months Ended

Sep. 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 September 30, 2019:
Investments in trading securities	$	42,844	$	—	$	—	$	—	$	42,844
Private investment fund	—		—		—		250		250
Private equity	—		—		2,770		—		2,770
Total investments carried at fair value	$	42,844	$	—	$	2,770	$	250	$	45,864

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.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table summarizes the changes in Level 3 investments measured at fair value on a recurring basis for the

periods presented (in thousands):



	Fair Value using Significant Unobservable Inputs (Level 3)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	Private Equity Investment				Private Equity Investment
Beginning balance	$	—	$	—	$	—	$	—
Purchases	2,770		—		2,770		—
Transfers into (out of) level 3	—		—		—		—
Realized gains (losses)	—		—		—		—
Unrealized gains (losses)	—		—		—		—
Ending balance	$	2,770	$	—	$	2,770	$	—

STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 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 September 30, 2019			As of December 31, 2018
Foreign currency translation adjustment	$	(3,799	)	$	(4,883	)
Accumulated other comprehensive loss	$	(3,799	)	$	(4,883	)

VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

Sep. 30, 2019

Variable Interest Entities



	As of September 30, 2019
	Assets Under Management		Corporate Investment		Amount at Risk
VIEs/VOEs:
Westwood Funds®	$	2,338	$	6.5	$	6.5
Common Trust Funds	1,409		—		—
UCITS Fund	309		—		—
Private Funds	11		0.3		0.3
Private Equity	—		8.2		8.2
All other assets:
Wealth Management	2,881
Institutional	8,038
Total Assets Under Management	$	14,986

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.

Disaggregation of Revenue [Abstract]

REVENUE Table (Tables)

9 Months Ended

Sep. 30, 2019

Disaggregation of Revenue [Table Text Block]

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Advisory Fees:
Institutional	$	8,664	$	14,426	$	28,475	$	46,815
Mutual Funds	4,375		7,527		15,452		23,030
Wealth Management	125		70		338		134
Performance-based	154		—		454		2,984
Trust Fees	6,281		7,191		19,264		22,265
Other	293		640		1,480		953
Total revenues	$	19,892	$	29,854	$	65,463	$	96,181

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 September 30, 2019	Advisory		Trust		Performance-based		Other		Total
Asia	$	410	$	—	$	—	$	—	$	410
Canada	608		—		—		44		652
Europe	836		—		154		—		990
United States	11,310		6,281		—		249		17,840
Total	$	13,164	$	6,281	$	154	$	293	$	19,892

Nine Months Ended September 30, 2019
Asia	$	1,223	$	—	$	—	$	—	$	1,223
Australia	591		—		—		—		591
Canada	2,134		—		—		128		2,262
Europe	2,685		—		454		—		3,139
United States	37,632		19,264		—		1,352		58,248
Total	$	44,265	$	19,264	$	454	$	1,480	$	65,463



Three Months Ended September 30, 2018	Advisory		Trust		Performance-based		Other		Total
Asia	$	853	$	—	$	—	$	—	$	853
Australia	927		—		—		—		927
Canada	1,707		—		—		38		1,745
Europe	1,249		—		—		—		1,249
United States	17,287		7,191		—		602		25,080
Total	$	22,023	$	7,191	$	—	$	640	$	29,854

Nine Months Ended September 30, 2018
Asia	$	3,520	$	—	$	—	$	—	$	3,520
Australia	2,923		—		—		—		2,923
Canada	5,177		—		—		124		5,301
Europe	3,839		—		—		—		3,839
United States	54,520		22,265		2,984		829		80,598
Total	$	69,979	$	22,265	$	2,984	$	953	$	96,181

LONG-TERM INCENTIVE COMPENSATION (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Service condition stock-based compensation expense	$	1,578	$	2,434	$	5,526	$	7,759
Performance condition stock-based compensation expense	491		1,107		1,909		3,471
Stock-based compensation expense under the Plan	2,069		3,541		7,435		11,230
Canadian Plan stock-based compensation expense	180		154		497		428
Total stock-based compensation expense	$	2,249	$	3,695	$	7,932	$	11,658

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 nine months ended September 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	(73,036	)	$	51.11
Non-vested, September 30, 2019	403,045		$	48.32

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 nine months ended September 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, September 30, 2019	77,491		$	50.29

LEASES (Tables)

9 Months Ended

Sep. 30, 2019

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 nine months ended September 30, 2019)	$	524
2020	2,117
2021	2,081
2022	1,717
2023	1,719
2024	1,550
Thereafter	1,852
Total undiscounted lease payments	$	11,560
Less discount	(1,848		)
Total lease liabilities	$	9,712

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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Operating lease cost	$	449	$	426	$	1,346	$	1,279
Sublease income	$	33	$	—	$	110	$	—
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	524	$	475	$	1,568	$	1,415
Right-of-use assets obtained in exchange for lease obligations	$	—	$	569	$	—	$	1,010

Lessee, Operating Lease, Disclosure [Table Text Block]

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



	September 30, 2019			December 31, 2018
Operating lease right-of-use assets	$	7,851		$	8,698

Operating lease liabilities	$	1,554		$	1,432
Non-current lease liabilities	8,158			9,331
Total lease liabilities	$	9,712		$	10,763

Weighted-average remaining lease term (in years)	5.9			6.6
Weighted-average discount rate	5.0		%	5.0		%

SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2019

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



(in thousands)	Advisory		Trust		Westwood Holdings			Eliminations			Consolidated
Three Months Ended September 30, 2019
Net fee revenues from external sources	$	13,318	$	6,281	$	—		$	—		$	19,599
Net intersegment revenues	755		38		—			(793		)	—
Net interest and dividend revenue	179		69		3			—			251
Other, net	39		3		—			—			42
Total revenues	$	14,291	$	6,391	$	3		$	(793	)	$	19,892
Economic Earnings	$	3,574	$	2,055	$	(1,758	)	$	—		$	3,871
Less: Restricted stock expense											2,249
Intangible amortization											445
Deferred taxes on goodwill											60
Net income											$	1,117

Segment assets	$	236,710	$	66,352	$	21,541		$	(147,289	)	$	177,313
Segment goodwill	$	3,403	$	16,401	$	—		$	—		$	19,804

Three Months Ended September 30, 2018
Net fee revenues from external sources	$	22,023	$	7,191	$	—		$	—		$	29,214
Net intersegment revenues	1,756		58		—			(1,814		)	—
Net interest and dividend revenue	187		52		—			—			239
Other, net	389		12		—			—			401
Total revenues	$	24,355	$	7,313	$	—		$	(1,814	)	$	29,854
Economic Earnings	$	10,553	$	1,357	$	(2,369	)	$	—		$	9,541
Less: Restricted stock expense											3,695
Intangible amortization											419
Deferred taxes on goodwill											59
Net income											$	5,368

Segment assets	$	220,138	$	60,658	$	16,839		$	(105,008	)	$	192,627
Segment goodwill	$	3,403	$	16,401	$	—		$	—		$	19,804




(in thousands)	Advisory		Trust			Westwood Holdings			Eliminations			Consolidated
Nine Months Ended September 30, 2019
Net fee revenues from external sources	$	44,719	$	19,264		$	—		$	—		$	63,983
Net intersegment revenues	2,638		180			—			(2,818		)	—
Net interest and dividend revenue	596		247			3			—			846
Other	645		(11		)	—			—			634
Total revenues	$	48,598	$	19,680		$	3		$	(2,818	)	$	65,463
Economic Earnings	$	13,665	$	4,872		$	(5,776	)	$	—		$	12,761
Less: Restricted stock expense												7,932
Intangible amortization												1,281
Deferred taxes on goodwill												178
Net income												$	3,370

Nine Months Ended September 30, 2018
Net fee revenues from external sources	$	72,963	$	22,265		$	—		$	—		$	95,228
Net intersegment revenues	5,639		171			—			(5,810		)	—
Net interest and dividend revenue	464		152			—			—			616
Other	331		6			—			—			337
Total revenues	$	79,397	$	22,594		$	—		$	(5,810	)	$	96,181
Economic Earnings	$	37,463	$	4,034		$	(7,069	)	$	—		$	34,428
Less: Restricted stock expense												11,658
Intangible amortization												1,255
Deferred taxes on goodwill												177
Net income												$	21,338

ReconciliationFromNetIncomeToNonGaapMeasure [Table Text Block]

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Net income	$	1,117	$	5,368	$	3,370	$	21,338
Add: Stock-based compensation expense	2,249		3,695		7,932		11,658
Add: Intangible amortization	445		419		1,281		1,255
Add: Tax benefit from goodwill amortization	60		59		178		177
Economic Earnings	$	3,871	$	9,541	$	12,761	$	34,428

DESCRIPTION OF THE BUSINESS Omaha Operations Divestiture (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Cash Proceeds From Divestiture [Line Items]
Proceeds from sale of operations			$ 10,000,000.0	$ 0	$ 10,013,000
Accounts receivable	$ 12,872,000			12,872,000		$ 18,429,000
Other current assets	2,657,000			2,657,000		2,731,000
Goodwill	19,804,000	$ 19,804,000		19,804,000	19,804,000	19,804,000
Intangible assets, net	15,701,000			15,701,000		15,961,000
Property and equipment, net of accumulated depreciation of $7,144 and $6,462	4,311,000			4,311,000		4,454,000
Accounts payable and accrued liabilities	(2,040,000)			(2,040,000)		$ (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 $7,144 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	Sep. 30, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Right-of-Use Asset	$ 7,851	$ 8,698
Operating Lease, Liability, Current	1,554	1,432
Operating Lease, Liability, Noncurrent	$ 8,158	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		9 Months Ended
EARNINGS PER SHARE (Details Textual) - shares	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive restricted shares	81,000	0	87,000	3,251

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Computation of Basic and Diluted Shares
Net income	$ 1,117	$ 5,368	$ 3,370	$ 21,338
Weighted average shares outstanding - basic (shares)	8,432,598	8,402,697	8,414,317	8,359,088
Dilutive potential shares from unvested restricted shares (shares)	38,075	195,533	53,506	202,830
Weighted average shares outstanding - diluted (shares)	8,470,673	8,598,230	8,467,823	8,561,918
Earnings per share:
Basic (dollars per share)	$ 0.13	$ 0.64	$ 0.40	$ 2.55
Diluted (dollars per share)	$ 0.13	$ 0.62	$ 0.40	$ 2.49

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

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

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

INVESTMENTS (Details) - USD ($)	9 Months Ended	12 Months Ended
INVESTMENTS (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018	Sep. 29, 2019	Feb. 28, 2019
Investments, Debt and Equity Securities [Abstract]
Investment in private fund				$ 250,000
Schedule Of Available For Sale Securities [Line Items]
Document Period End Date	Sep. 30, 2019
Cost	$ 42,437,000	$ 65,875,000
Gross Unrealized Gains	425,000	232,000
Gross Unrealized Losses	(18,000)	(326,000)
Estimated Market Value	45,864,000	65,781,000
Investments, at fair value	42,844,000	65,781,000
Debt Securities, Trading, and Equity Securities, FV-NI, Cost	45,457,000
Investments carried at fair value, unrealized gain	425,000
Investments carried at fair value, unrealized loss	18,000
Investment in Private Equity			$ 2,800,000
U.S. Government and Government agency obligations
Schedule Of Available For Sale Securities [Line Items]
Cost	24,036,000	48,177,000
Gross Unrealized Gains	145,000	232,000
Gross Unrealized Losses	0	0
Estimated Market Value	24,181,000	48,409,000
Money market funds
Schedule Of Available For Sale Securities [Line Items]
Cost	12,072,000	10,354,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Market Value	12,072,000	10,354,000
Equity funds
Schedule Of Available For Sale Securities [Line Items]
Cost	6,329,000	7,344,000
Gross Unrealized Gains	280,000	0
Gross Unrealized Losses	(18,000)	(326,000)
Estimated Market Value	6,591,000	7,018,000
Private Equity Funds [Member]
Schedule Of Available For Sale Securities [Line Items]
Equity Securities, FV-NI, Unrealized Gain	0
Equity Securities, FV-NI, Unrealized Loss	0
Estimated Market Value	250,000
Equity Securities, FV-NI, Cost	250,000
Private Equity Investments [Member]
Schedule Of Available For Sale Securities [Line Items]
Equity Securities, FV-NI, Unrealized Gain	0
Equity Securities, FV-NI, Unrealized Loss	0
Estimated Market Value	2,770,000
Equity Securities, FV-NI, Cost	2,770,000
VIE
Schedule Of Available For Sale Securities [Line Items]
Estimated Market Value	$ 6,500,000	$ 6,100,000

INVESTMENTS (Details Textual) - USD ($)	9 Months Ended	12 Months Ended
INVESTMENTS (Details Textual) - USD ($)	Sep. 30, 2019	Dec. 31, 2018	Feb. 28, 2019	May 31, 2018
Schedule of Investments [Line Items]
Long-term Investments	$ 5,425,000	$ 5,425,000		$ 5,400,000
Document Period End Date	Sep. 30, 2019
Cost	$ 42,437,000	65,875,000
Trading Securities, Unrealized Holding Gain	425,000	232,000
Trading Securities, Unrealized Holding Loss	(18,000)	(326,000)
Investments, at fair value	42,844,000	65,781,000
Estimated Market Value	45,864,000	65,781,000
Debt Securities, Trading, and Equity Securities, FV-NI, Cost	45,457,000
Investments carried at fair value, unrealized gain	425,000
Investments carried at fair value, unrealized loss	(18,000)
Investment in private fund			$ 250,000
VIE
Schedule of Investments [Line Items]
Estimated Market Value	6,500,000	6,100,000
Equity funds
Schedule of Investments [Line Items]
Cost	6,329,000	7,344,000
Trading Securities, Unrealized Holding Gain	280,000	0
Trading Securities, Unrealized Holding Loss	(18,000)	(326,000)
Estimated Market Value	6,591,000	7,018,000
Money market funds
Schedule of Investments [Line Items]
Cost	12,072,000	10,354,000
Trading Securities, Unrealized Holding Gain	0	0
Trading Securities, Unrealized Holding Loss	0	0
Estimated Market Value	12,072,000	$ 10,354,000
Private Equity Funds [Member]
Schedule of Investments [Line Items]
Estimated Market Value	250,000
Equity Securities, FV-NI, Cost	250,000
Equity Securities, FV-NI, Unrealized Gain	0
Equity Securities, FV-NI, Unrealized Loss	0
Private Equity Investments [Member]
Schedule of Investments [Line Items]
Estimated Market Value	2,770,000
Equity Securities, FV-NI, Cost	2,770,000
Equity Securities, FV-NI, Unrealized Gain	0
Equity Securities, FV-NI, Unrealized Loss	$ 0

FAIR VALUE MEASUREMENTS (Details) - USD ($)	3 Months Ended		9 Months Ended
FAIR VALUE MEASUREMENTS (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	$ 2,770,000		$ 2,770,000	$ 0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)	0		0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0		0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	0	$ 0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease)		0
Investments in securities:
Investments in trading securities	45,864,000		45,864,000			$ 65,781,000
Investments, at fair value	42,844,000		42,844,000			65,781,000
Alternative Investment	(250,000)		(250,000)
Fair Value, Net Asset (Liability)	45,864,000		45,864,000			65,781,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	2,770,000	$ 0	2,770,000	$ 0	$ 0	0	$ 0	$ 0
Inputs, Net Asset Value [Member]
Investments in securities:
Investments in trading securities	0		0			0
Alternative Investment	250,000		250,000
Fair Value, Net Asset (Liability)	250,000		250,000
Level 1
Investments in securities:
Investments in trading securities	42,844,000		42,844,000			65,781,000
Alternative Investment	0		0
Fair Value, Net Asset (Liability)	42,844,000		42,844,000			65,781,000
Level 2
Investments in securities:
Investments in trading securities	0		0			0
Alternative Investment	0		0
Fair Value, Net Asset (Liability)	0		0			0
Level 3
Investments in securities:
Investments in trading securities	0		0			0
Alternative Investment	0		0
Fair Value, Net Asset (Liability)	2,770,000		2,770,000			$ 0
Private Equity Investments [Member]
Investments in securities:
Investments in trading securities	2,770,000		2,770,000
Private Equity Investments [Member] \| Level 3
Investments in securities:
Investments in trading securities	$ 2,770,000		$ 2,770,000

GOODWILL AND OTHER INTANGIBLE ASSETS (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 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	Sep. 30, 2019	Dec. 31, 2018
Components of accumulated other comprehensive loss
Foreign currency translation adjustment	$ (3,799)	$ (4,883)
Accumulated other comprehensive loss	$ (3,799)	$ (4,883)

Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses.

STOCKHOLDERS' EQUITY Share Repurchase Program (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Jul. 27, 2016	Dec. 31, 2015
Equity [Abstract]
Stock Repurchase Program, Authorized Amount			$ 10,000,000.0
Additional Share Repurchase		$ 5,000,000.0
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 4,100,000
Stock Repurchased During Period, Shares	43,388
Treasury Stock Acquired, Average Cost Per Share	$ 28.99
Stock Repurchased During Period, Value	$ 1,300,000

VARIABLE INTEREST ENTITIES (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Variable Interest Entity [Line Items]
Debt Securities, Trading, and Equity Securities, FV-NI	$ 45,864		$ 45,864		$ 65,781
Fee revenues from Westwood VIEs	7,200	$ 11,700	24,300	$ 36,300
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	Sep. 30, 2019	Dec. 31, 2018
Variable Interest Entities
Assets Under Management	$ 14,986,000
Estimated Market Value	45,864	$ 65,781
Westwood Funds®
Variable Interest Entities
Assets Under Management	2,338,000
Estimated Market Value	6,500
Amount at Risk	6,500
Common Trust Funds
Variable Interest Entities
Assets Under Management	1,409,000
Estimated Market Value	0
Amount at Risk	0
UCITS Fund
Variable Interest Entities
Assets Under Management	309,000
Estimated Market Value	0
Amount at Risk	0
Westwood Hospitality Fund I LLC [Member]
Variable Interest Entities
Assets Under Management	11,000
Estimated Market Value	300
Amount at Risk	300
Private Equity Investments [Member]
Variable Interest Entities
Assets Under Management	0
Estimated Market Value	8,200
Amount at Risk	8,200
Wealth Management
Variable Interest Entities
Assets Under Management	2,881,000
Institutional
Variable Interest Entities
Assets Under Management	$ 8,038,000

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

3 Months Ended

9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Advisory Fees:
Institutional	$	8,664	$	14,426	$	28,475	$	46,815
Mutual Funds	4,375		7,527		15,452		23,030
Wealth Management	125		70		338		134
Performance-based	154		—		454		2,984
Trust Fees	6,281		7,191		19,264		22,265
Other	293		640		1,480		953
Total revenues	$	19,892	$	29,854	$	65,463	$	96,181

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



Three Months Ended September 30, 2019	Advisory		Trust		Performance-based		Other		Total
Asia	$	410	$	—	$	—	$	—	$	410
Canada	608		—		—		44		652
Europe	836		—		154		—		990
United States	11,310		6,281		—		249		17,840
Total	$	13,164	$	6,281	$	154	$	293	$	19,892

Nine Months Ended September 30, 2019
Asia	$	1,223	$	—	$	—	$	—	$	1,223
Australia	591		—		—		—		591
Canada	2,134		—		—		128		2,262
Europe	2,685		—		454		—		3,139
United States	37,632		19,264		—		1,352		58,248
Total	$	44,265	$	19,264	$	454	$	1,480	$	65,463



Three Months Ended September 30, 2018	Advisory		Trust		Performance-based		Other		Total
Asia	$	853	$	—	$	—	$	—	$	853
Australia	927		—		—		—		927
Canada	1,707		—		—		38		1,745
Europe	1,249		—		—		—		1,249
United States	17,287		7,191		—		602		25,080
Total	$	22,023	$	7,191	$	—	$	640	$	29,854

Nine Months Ended September 30, 2018
Asia	$	3,520	$	—	$	—	$	—	$	3,520
Australia	2,923		—		—		—		2,923
Canada	5,177		—		—		124		5,301
Europe	3,839		—		—		—		3,839
United States	54,520		22,265		2,984		829		80,598
Total	$	69,979	$	22,265	$	2,984	$	953	$	96,181

Revenue from Contract with Customer, Excluding Assessed Tax

$ 19,892

$ 29,854

$ 65,463

$ 96,181

Asia [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

410

853

1,223

3,520

Australia

Revenue from Contract with Customer, Excluding Assessed Tax

927

591

2,923

Canada

Revenue from Contract with Customer, Excluding Assessed Tax

652

1,745

2,262

5,301

Europe [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

990

1,249

3,139

3,839

United States [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

17,840

25,080

58,248

80,598

Investment Advisory Services [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

13,164

22,023

44,265

69,979

Investment Advisory Services [Member] | Asia [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

410

853

1,223

3,520

Investment Advisory Services [Member] | Australia

Revenue from Contract with Customer, Excluding Assessed Tax

927

591

2,923

Investment Advisory Services [Member] | Canada

Revenue from Contract with Customer, Excluding Assessed Tax

608

1,707

2,134

5,177

Investment Advisory Services [Member] | Europe [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

836

1,249

2,685

3,839

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

Revenue from Contract with Customer, Excluding Assessed Tax

11,310

17,287

37,632

54,520

Investment Advisory Services [Member] | Advisory

Revenue from Contract with Customer, Excluding Assessed Tax

8,664

14,426

28,475

46,815

Mutual Fund Advisory [Member] | Advisory

Revenue from Contract with Customer, Excluding Assessed Tax

4,375

7,527

15,452

23,030

Private Wealth Advisory [Member] | Advisory

Revenue from Contract with Customer, Excluding Assessed Tax

125

338

134

Performance-based fees [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

154

454

2,984

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

Revenue from Contract with Customer, Excluding Assessed Tax

Performance-based fees [Member] | Australia

Revenue from Contract with Customer, Excluding Assessed Tax

Performance-based fees [Member] | Canada

Revenue from Contract with Customer, Excluding Assessed Tax

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

Revenue from Contract with Customer, Excluding Assessed Tax

154

454

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

Revenue from Contract with Customer, Excluding Assessed Tax

2,984

Performance-based fees [Member] | Advisory

Revenue from Contract with Customer, Excluding Assessed Tax

154

454

2,984

Trust Fees [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

6,281

7,191

19,264

22,265

Trust Fees [Member] | Asia [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

Trust Fees [Member] | Australia

Revenue from Contract with Customer, Excluding Assessed Tax

Trust Fees [Member] | Canada

Revenue from Contract with Customer, Excluding Assessed Tax

Trust Fees [Member] | Europe [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

Trust Fees [Member] | United States [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

6,281

7,191

19,264

22,265

Trust Fees [Member] | Trust

Revenue from Contract with Customer, Excluding Assessed Tax

6,281

7,191

19,264

22,265

Other Revenue Misc Services [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

293

640

1,480

953

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

Revenue from Contract with Customer, Excluding Assessed Tax

Other Revenue Misc Services [Member] | Australia

Revenue from Contract with Customer, Excluding Assessed Tax

Other Revenue Misc Services [Member] | Canada

Revenue from Contract with Customer, Excluding Assessed Tax

128

124

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

Revenue from Contract with Customer, Excluding Assessed Tax

Other Revenue Misc Services [Member] | United States [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

249

602

1,352

829

Other Revenue Misc Services [Member] | Advisory

Revenue from Contract with Customer, Excluding Assessed Tax

$ 293

$ 640

$ 1,480

$ 953

LONG-TERM INCENTIVE COMPENSATION (Details Textual) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019 USD ($) $ / shares shares	Sep. 30, 2018 USD ($)	Sep. 30, 2019 CAD ($) shares	Sep. 30, 2019 USD ($) $ / shares shares	Sep. 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				$ 1,258,000	$ 0
Remaining unrecognized compensation cost recognized over a remaining weighted average period			2 years 4 months 24 days	2 years 4 months 24 days
Accrued liability	$ 67,000			$ 67,000		$ 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	$ 12,000	$ 89,000		$ (100,000)	274,000
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	511,000			511,000
Remaining unrecognized compensation cost	$ 15,900,000			$ 15,900,000
Nonvested restricted shares \| shares	403,045			403,045		440,073
Expense related to mutual fund share incentive awards	$ 2,249,000	$ 3,695,000		$ 7,932,000	$ 11,658,000
Canadian Plan \| Westwood International Advisors Inc
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares remain available for issuance \| shares	62,000			62,000
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	$ 27.67			$ 27.67
Amount of shares purchased in the open market				$ 980,000
Purchases of treasury stock, shares \| shares			25,047	25,047
Remaining unrecognized compensation cost	$ 907,000			$ 907,000
Remaining unrecognized compensation cost recognized over a remaining weighted average period			1 year 9 months 18 days	1 year 9 months 18 days

LONG-TERM INCENTIVE COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
DomesticEmployeeServiceAward [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 1,578	$ 2,434	$ 5,526	$ 7,759
Performance Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	491	1,107	1,909	3,471
DomesticServiceAndPerformanceAward [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	2,069	3,541	7,435	11,230
CanadianEmployeeServiceAward [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	180	154	497	428
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 2,249	$ 3,695	$ 7,932	$ 11,658

LONG-TERM INCENTIVE COMPENSATION (Details 1) - Restricted Shares Subject Only to a Service Condition	9 Months Ended
	Sep. 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	(73,036)
Non-vested, ending balance, shares \| shares	403,045
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	51.11
Non-vested, ending balance, (dollars per share) \| $ / shares	$ 48.32

LONG-TERM INCENTIVE COMPENSATION (Details 2) - Restricted Shares Subject to Service and Performance Conditions	9 Months Ended
	Sep. 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 ($)	3 Months Ended		9 Months Ended
INCOME TAXES Effective tax rate (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Discrete tax expense from stock-based compensation			$ 638,000
Effective Income Tax Rate Reconciliation, Percent	28.40%	24.90%	41.00%	25.30%

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Document Period End Date			Sep. 30, 2019
UCITS Fund
Related Party Transaction [Line Items]
Fees earned from related party	$ 708,000	$ 1,000,000.0	$ 2,300,000	$ 3,300,000
Fees unpaid from related party	240,000		240,000		$ 295,000
Private Equity Investments [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Purchases from Related Party	216,000	162,000	796,000	767,000
Private Equity Investment Bank [Member] [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Purchases from Related Party	33,000	0	110,000	0
Trust
Related Party Transaction [Line Items]
Due from related party	90,000		90,000		$ 84,000
Fees earned from related party	$ 90,000	$ 89,000	$ 252,000	$ 276,000

LEASES (Details) - USD ($)	3 Months Ended			9 Months Ended
LEASES (Details) - USD ($)	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Sublease Term				7 years
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 524,000			$ 524,000
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	7,851,000			7,851,000		$ 8,698,000
Operating Lease, Expense	449,000		$ 426,000	1,346,000	$ 1,279,000
Sublease Income	33,000		0	110,000	0
Operating Lease, Payments	524,000		475,000	1,568,000	1,415,000
Operating Lease, Liability, Current	1,554,000			1,554,000		1,432,000
Operating Lease, Liability, Noncurrent	$ 8,158,000			$ 8,158,000		$ 9,331,000
Operating Lease, Weighted Average Discount Rate, Percent	5 years 10 months 24 days			5 years 10 months 24 days		6 years 7 months 6 days
Operating Lease, Weighted Average Discount Rate, Percent	5.00%			5.00%		5.00%
Lessee, Operating Lease, Liability, Payments, Due after Year Five	$ 1,852,000			$ 1,852,000
Total Lease Payment	11,560,000			11,560,000
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(1,848,000)			(1,848,000)
Operating Lease, Liability	9,712,000			9,712,000		$ 10,763,000
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 0		$ 569,000	$ 0	$ 1,010,000
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)	9 Months Ended
SEGMENT REPORTING (Details Textual)	Sep. 30, 2019 Segment
Segment Reporting [Abstract]
Number of operating segments	2

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

3 Months Ended

9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Dec. 31, 2018

ReconciliationFromNetIncomeToNonGaapMeasure [Table Text Block]

$ 19,599

$ 29,214

$ 63,983

$ 95,228

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Net income	$	1,117	$	5,368	$	3,370	$	21,338
Add: Stock-based compensation expense	2,249		3,695		7,932		11,658
Add: Intangible amortization	445		419		1,281		1,255
Add: Tax benefit from goodwill amortization	60		59		178		177
Economic Earnings	$	3,871	$	9,541	$	12,761	$	34,428

$ 0

251

239

846

616

401

634

337

19,892

29,854

65,463

96,181

Deferred taxes on goodwill

3,871

9,541

12,761

34,428

Intangible amortization

445

419

1,281

1,255

178

177

Net income

1,117

5,368

3,370

21,338

177,313

192,627

177,313

192,627

$ 199,183

Operating Segments | Advisory

19,804

$ 19,804

13,318

22,023

44,719

72,963

755

1,756

2,638

5,639

179

187

596

464

389

645

331

14,291

24,355

48,598

79,397

3,574

10,553

13,665

37,463

236,710

220,138

236,710

220,138

Operating Segments | Trust

3,403

6,281

7,191

19,264

22,265

180

171

247

152

(11)

6,391

7,313

19,680

22,594

2,055

1,357

4,872

4,034

66,352

60,658

66,352

60,658

16,401

Westwood Holdings

(1,758)

(2,369)

(5,776)

(7,069)

21,541

16,839

21,541

16,839

Eliminations

(793)

(1,814)

(2,818)

(5,810)

(793)

(1,814)

(2,818)

(5,810)

(147,289)

(105,008)

(147,289)

(105,008)

Restricted Stock

Share-based Payment Arrangement, Expense

$ 2,249

$ 3,695

$ 7,932

$ 11,658

SUBSEQUENT EVENTS (Details Textual) - USD ($)				3 Months Ended			9 Months Ended
SUBSEQUENT EVENTS (Details Textual) - USD ($)	Jan. 02, 2020	Dec. 06, 2019	Oct. 30, 2019	Dec. 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Subsequent Event [Line Items]
Dividends declared per share (dollars per share)					$ 0.72	$ 0.68	$ 2.16	$ 2.04
Stock Repurchased During Period, Shares							43,388
Stock Repurchased During Period, Value							$ 1,300,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends declared per share (dollars per share)			$ 0.72
Dividends payable, date to be paid	Jan. 02, 2020
Dividends payable, date of record		Dec. 06, 2019
Stock Repurchased During Period, Shares				42,171
Stock Repurchased During Period, Value				$ 1,200,000

Document and Entity Information - shares	3 Months Ended	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2019	Sep. 30, 2019	Oct. 25, 2019
Document And Entity Information [Abstract]
Document Transition Report		false
Document Quarterly Report		true
Entity Incorporation, State or Country Code		DE
Entity Tax Identification Number		75-2969997
Entity Address, Address Line One		200 CRESCENT COURT, SUITE 1200
Title of 12(b) Security		Common stock, par value $0.01 per share
Entity Registrant Name		WESTWOOD HOLDINGS GROUP, INC.
City Area Code		214
Local Phone Number		756-6900
Entity Central Index Key		0001165002
Document Type	10-Q	10-Q
Document Period End Date		Sep. 30, 2019
Entity File Number		1-31234
Amendment Flag		false
Document Fiscal Year Focus		2019
Document Fiscal Period Focus		Q3
Entity Current Reporting Status		Yes
Entity Interactive Data Current		Yes
Entity Shell Company		true
Current Fiscal Year End Date		--12-31
Entity Filer Category		Accelerated Filer
Entity Common Stock, Shares Outstanding			8,863,674
Entity Emerging Growth Company		false
Entity Small Business		false
Trading Symbol		WHG
Security Exchange Name		NYSE
Entity Address, City or Town		DALLAS,
Entity Address, State or Province		TX
Entity Address, Postal Zip Code		75201

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Operating Lease, Liability, Current	$ 1,554	$ 1,432
Current Assets:
Cash and cash equivalents	58,372	52,449
Accounts receivable	12,872	18,429
Investments, at fair value	42,844	65,781
Income Taxes Receivable, Current	916	349
Other current assets	2,657	2,731
Total current assets	117,661	139,739
Long-term Investments	5,425	5,425
Long-term Investments Carried at Fair Value	3,020	0
Goodwill	19,804	19,804
Deferred income taxes	3,540	5,102
Operating Lease, Right-of-Use Asset	7,851	8,698
Intangible assets, net	15,701	15,961
Property and equipment, net of accumulated depreciation of $7,144 and $6,462	4,311	4,454
Total assets	177,313	199,183
Current liabilities:
Accounts payable and accrued liabilities	2,040	2,518
Dividends payable	7,290	7,710
Compensation and benefits payable	6,858	15,102
Income taxes payable	254	365
Total current liabilities	17,996	27,127
Accrued dividends	1,100	1,576
Operating Lease, Liability, Noncurrent	8,158	9,331
Total liabilities	27,254	38,034
Commitments and contingencies
Stockholders' Equity:
Common stock, $0.01 par value, authorized 25,000,000 shares, issued 10,314,305 and outstanding 8,906,152 shares at September 30, 2019; issued 10,182,583 and outstanding 8,904,902 shares at December 31, 2018	103	102
Additional paid-in capital	202,278	194,116
Treasury stock, at cost - 1,408,152 shares at September 30, 2019; 1,277,681 shares at December 31, 2018	(63,335)	(58,711)
Foreign currency translation adjustment	(3,799)	(4,883)
Retained earnings	14,812	30,525
Total stockholders' equity	150,059	161,149
Total liabilities and stockholders' equity	$ 177,313	$ 199,183

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Property and equipment, accumulated depreciation	$ 7,144	$ 6,462
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	10,314,305	10,182,583
Common stock, shares outstanding	8,906,152	8,904,902
Treasury stock, shares	1,408,152	1,277,681
Long-term Investments Carried at Fair Value	$ 3,020	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
REVENUES:
Other Revenue, Net	$ 293,000	$ 640,000	$ 1,480,000	$ 953,000
Total revenues	19,892,000	29,854,000	65,463,000	96,181,000
EXPENSES:
Employee compensation and benefits	12,072,000	14,444,000	38,060,000	46,857,000
Sales and marketing	506,000	549,000	1,550,000	1,401,000
Westwood mutual funds	916,000	979,000	2,423,000	2,966,000
Information technology	2,017,000	2,332,000	6,276,000	6,753,000
Professional services	940,000	1,372,000	3,258,000	3,677,000
General and administrative	2,317,000	2,431,000	7,153,000	7,300,000
Foreign Currency Transaction Gain (Loss), before Tax	(402,000)	596,000	1,142,000	(823,000)
Total expenses	18,366,000	22,703,000	59,862,000	68,131,000
Operating Income (Loss)	1,526,000	7,151,000	5,601,000	28,050,000
Gain on sale of operations	0	0	0	524,000
Other Income	33,000	0	110,000	0
Income before income taxes	1,559,000	7,151,000	5,711,000	28,574,000
Provision for income taxes	442,000	1,783,000	2,341,000	7,236,000
Net income	1,117,000	5,368,000	3,370,000	21,338,000
Other comprehensive income (loss):
Foreign currency translation adjustments	(482,000)	616,000	1,084,000	(1,062,000)
Total comprehensive income	$ 635,000	$ 5,984,000	$ 4,454,000	$ 20,276,000
Earnings per share:
Basic (dollars per share)	$ 0.13	$ 0.64	$ 0.40	$ 2.55
Diluted (dollars per share)	$ 0.13	$ 0.62	$ 0.40	$ 2.49
Weighted average shares outstanding:
Basic (shares)	8,432,598	8,402,697	8,414,317	8,359,088
Diluted (shares)	8,470,673	8,598,230	8,467,823	8,561,918
Asset Management [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 13,164,000	$ 22,023,000	$ 44,265,000	$ 69,979,000
Investment Performance [Member]
Revenue from Contract with Customer, Including Assessed Tax	154,000	0	454,000	2,984,000
Fiduciary and Trust [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 6,281,000	$ 7,191,000	$ 19,264,000	$ 22,265,000

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	$ 2.04
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	21,338
Foreign currency translation adjustments	(1,062)
Other comprehensive gain	(1,062)				(1,062)
Issuance of restricted stock, net of forfeitures	0	$ 2	(2)
Issuance of restricted stock, net of forfeitures, shares		215,808
Dividends declared ($2.16 per share)	(18,396)					(18,396)
Stock based compensation expense	11,658		11,658
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	(4,701)			(4,701)
Restricted stock returned for payment of taxes, shares		(83,928)
BALANCE at Sep. 30, 2018	$ 164,672	$ 102	191,062	(55,215)	(2,826)	31,549
BALANCE, shares at Sep. 30, 2018		9,018,436
Common Stock, Dividends, Per Share, Declared	$ 0.68
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
Net income	5,368
Foreign currency translation adjustments	616
Other comprehensive gain	616
Issuance of restricted stock, net of forfeitures	0	$ 0	0
Issuance of restricted stock, net of forfeitures, shares		(8,252)
Dividends declared ($2.16 per share)	(6,134)					(6,134)
Stock based compensation expense	3,695		3,695
Restricted stock returned for payment of taxes	(14)			(14)
Restricted stock returned for payment of taxes, shares		118
BALANCE at Sep. 30, 2018	$ 164,672	$ 102	191,062	(55,215)	(2,826)	31,549
BALANCE, shares at Sep. 30, 2018		9,018,436
Common Stock, Dividends, Per Share, Declared	$ 2.16
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	$ 3,370
Foreign currency translation adjustments	1,084
Other comprehensive gain	1,084				1,084
Issuance of restricted stock, net of forfeitures	0	$ 1	(1)
Issuance of restricted stock, net of forfeitures, shares		131,721
Dividends declared ($2.16 per share)	(19,083)					(19,083)
Stock based compensation expense	7,932		7,932
Reclassification of compensation liability to be paid in shares	231		231
Purchases of treasury stock	(2,239)			(2,239)
Purchases of treasury stock, shares		(68,435)
Restricted stock returned for payment of taxes	(2,385)			(2,385)
Restricted stock returned for payment of taxes, shares		(62,036)
BALANCE at Sep. 30, 2019	$ 150,059	$ 103	202,278	(63,335)	(3,799)	14,812
BALANCE, shares at Sep. 30, 2019	8,906,152	8,906,152
Common Stock, Dividends, Per Share, Declared	$ 0.72
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
Net income	1,117
Foreign currency translation adjustments	(482)
Other comprehensive gain	(482)
Issuance of restricted stock, net of forfeitures	0	$ (1)	1
Issuance of restricted stock, net of forfeitures, shares		(22,059)
Dividends declared ($2.16 per share)	(6,359)					(6,359)
Stock based compensation expense	2,249		2,249
Purchases of treasury stock	(452)			(452)
Purchases of treasury stock, shares		(16,522)
BALANCE at Sep. 30, 2019	$ 150,059	$ 103	$ 202,278	$ (63,335)	$ (3,799)	$ 14,812
BALANCE, shares at Sep. 30, 2019	8,906,152	8,906,152

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 3,370	$ 21,338
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	662	653
Amortization of intangible assets	1,281	1,255
Unrealized (gains) losses on trading investments	(501)	145
Stock based compensation expense	7,932	11,658
Deferred income taxes	1,572	(1,693)
Non-cash lease expense	852	789
Gain on sale of operations	0	(524)
Change in operating assets and liabilities:
Net sales (purchases) of investments - trading securities	23,438	(19,824)
Accounts receivable	5,673	1,537
Other current assets	(361)	4,185
Accounts payable and accrued liabilities	(482)	(650)
Compensation and benefits payable	(8,100)	(6,157)
Income taxes payable	(668)	3,265
Other liabilities	(1,057)	(907)
Net Cash Provided by (Used in) Operating Activities	33,611	15,070
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(516)	(676)
Proceeds from sale of operations	0	10,013
Payments to Acquire Intangible Assets	(584)	0
Payments to Acquire Investments	(3,020)	(5,425)
Net Cash Provided by (Used in) Investing Activities	(4,120)	3,912
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchases of treasury stock	(1,258)	0
Payment for Repurchases of Stock for Benefit Plan	(981)	(726)
Restricted stock returned for payment of taxes	(2,385)	(4,701)
Cash dividends paid	(19,979)	(18,825)
Net Cash Provided by (Used in) Financing Activities	(24,603)	(24,252)
Effect of currency rate changes on cash	1,035	(893)
Net Change in Cash and Cash Equivalents	5,923	(6,163)
Cash and cash equivalents, beginning of period	52,449	54,249
Cash and cash equivalents, end of period	58,372	48,086
Supplemental cash flow information:
Cash paid during the period for income taxes	1,431	5,634
DividendsAccrued	$ 8,390	$ 8,644

DESCRIPTION OF THE BUSINESS

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

DESCRIPTION OF THE BUSINESS

Divestiture of our Omaha Operations



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

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

Date of incorporation

Dec. 12, 2001

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2019

Significant Accounting Policies [Text Block]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

9 Months Ended

Sep. 30, 2019

Investments, Debt and Equity Securities [Abstract]

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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Net income	$	1,117	$	5,368	$	3,370	$	21,338

Weighted average shares outstanding - basic	8,432,598		8,402,697		8,414,317		8,359,088
Dilutive potential shares from unvested restricted shares	38,075		195,533		53,506		202,830
Weighted average shares outstanding - diluted	8,470,673		8,598,230		8,467,823		8,561,918

Earnings per share:
Basic	$	0.13	$	0.64	$	0.40	$	2.55
Diluted	$	0.13	$	0.62	$	0.40	$	2.49

INVESTMENTS

9 Months Ended

Sep. 30, 2019

INVESTMENTS

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



	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Market Value
September 30, 2019:
U.S. Government and Government agency obligations	$	24,036	$	145	$	—		$	24,181
Money market funds	12,072		—		—			12,072
Equity funds	6,329		280		(18		)	6,591
Total trading securities	42,437		425		(18		)	42,844
Private investment fund	250		—		—			250
Private equity	2,770		—		—			2,770
Total investments carried at fair value	$	45,457	$	425	$	(18	)	$	45,864

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

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Our investment in Westwood Hospitality Fund I, LLC is measured at fair value using NAV.


•	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 September 30, 2019:
Investments in trading securities	$	42,844	$	—	$	—	$	—	$	42,844
Private investment fund	—		—		—		250		250
Private equity	—		—		2,770		—		2,770
Total investments carried at fair value	$	42,844	$	—	$	2,770	$	250	$	45,864

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.

The following table summarizes the changes in Level 3 investments measured at fair value on a recurring basis for the

periods presented (in thousands):



	Fair Value using Significant Unobservable Inputs (Level 3)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	Private Equity Investment				Private Equity Investment
Beginning balance	$	—	$	—	$	—	$	—
Purchases	2,770		—		2,770		—
Transfers into (out of) level 3	—		—		—		—
Realized gains (losses)	—		—		—		—
Unrealized gains (losses)	—		—		—		—
Ending balance	$	2,770	$	—	$	2,770	$	—

Organization, Consolidation and Presentation of Financial Statements [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS	9 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS	Sep. 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 2019 and determined that no impairment loss was required. No impairments on goodwill were recorded during the three or nine months ended September 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 nine months ended September 30, 2019 or 2018.

STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2019

Treasury Stock [Text Block]

Share Repurchase Program

BALANCE SHEET COMPONENTS

STOCKHOLDERS' EQUITY

Accumulated Other Comprehensive Loss

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



	As of September 30, 2019			As of December 31, 2018
Foreign currency translation adjustment	$	(3,799	)	$	(4,883	)
Accumulated other comprehensive loss	$	(3,799	)	$	(4,883	)

Share Repurchase Program

VARIABLE INTEREST ENTITIES

9 Months Ended

Sep. 30, 2019

VARIABLE INTEREST ENTITIES



	As of September 30, 2019
	Assets Under Management		Corporate Investment		Amount at Risk
VIEs/VOEs:
Westwood Funds®	$	2,338	$	6.5	$	6.5
Common Trust Funds	1,409		—		—
UCITS Fund	309		—		—
Private Funds	11		0.3		0.3
Private Equity	—		8.2		8.2
All other assets:
Wealth Management	2,881
Institutional	8,038
Total Assets Under Management	$	14,986

REVENUE (Notes)

9 Months Ended

Sep. 30, 2019

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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Advisory Fees:
Institutional	$	8,664	$	14,426	$	28,475	$	46,815
Mutual Funds	4,375		7,527		15,452		23,030
Wealth Management	125		70		338		134
Performance-based	154		—		454		2,984
Trust Fees	6,281		7,191		19,264		22,265
Other	293		640		1,480		953
Total revenues	$	19,892	$	29,854	$	65,463	$	96,181

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



Three Months Ended September 30, 2019	Advisory		Trust		Performance-based		Other		Total
Asia	$	410	$	—	$	—	$	—	$	410
Canada	608		—		—		44		652
Europe	836		—		154		—		990
United States	11,310		6,281		—		249		17,840
Total	$	13,164	$	6,281	$	154	$	293	$	19,892

Nine Months Ended September 30, 2019
Asia	$	1,223	$	—	$	—	$	—	$	1,223
Australia	591		—		—		—		591
Canada	2,134		—		—		128		2,262
Europe	2,685		—		454		—		3,139
United States	37,632		19,264		—		1,352		58,248
Total	$	44,265	$	19,264	$	454	$	1,480	$	65,463



Three Months Ended September 30, 2018	Advisory		Trust		Performance-based		Other		Total
Asia	$	853	$	—	$	—	$	—	$	853
Australia	927		—		—		—		927
Canada	1,707		—		—		38		1,745
Europe	1,249		—		—		—		1,249
United States	17,287		7,191		—		602		25,080
Total	$	22,023	$	7,191	$	—	$	640	$	29,854

Nine Months Ended September 30, 2018
Asia	$	3,520	$	—	$	—	$	—	$	3,520
Australia	2,923		—		—		—		2,923
Canada	5,177		—		—		124		5,301
Europe	3,839		—		—		—		3,839
United States	54,520		22,265		2,984		829		80,598
Total	$	69,979	$	22,265	$	2,984	$	953	$	96,181

LONG-TERM INCENTIVE COMPENSATION

9 Months Ended

Sep. 30, 2019

Employee Benefit and Share-based Payment Arrangement, Noncash Expense [Abstract]

LONG-TERM INCENTIVE COMPENSATION

Restricted Stock Awards

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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Service condition stock-based compensation expense	$	1,578	$	2,434	$	5,526	$	7,759
Performance condition stock-based compensation expense	491		1,107		1,909		3,471
Stock-based compensation expense under the Plan	2,069		3,541		7,435		11,230
Canadian Plan stock-based compensation expense	180		154		497		428
Total stock-based compensation expense	$	2,249	$	3,695	$	7,932	$	11,658

Restricted Stock

Restricted Stock Subject Only to a Service Condition

The following table details the status and changes in our restricted stock grants subject only to a service condition for the nine months ended September 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	(73,036	)	$	51.11
Non-vested, September 30, 2019	403,045		$	48.32

Restricted Stock Subject to Service and Performance Conditions

The following table details the status and changes in our restricted stock grants subject to service and performance conditions for the nine months ended September 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, September 30, 2019	77,491		$	50.29

Canadian Plan

Mutual Fund Share Incentive Awards

INCOME TAXES (Notes)	9 Months Ended
INCOME TAXES (Notes)	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	INCOME TAXES Our effective income tax rate was 28.4% for the third quarter of 2019, compared with 24.9% for the third quarter of 2018. Our effective income tax rate was 41.0% for the first nine months of 2019, compared with 25.3% for the first nine 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	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 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 September 30, 2019 and 2018, we recorded trust fees from these accounts of $90,000 and $89,000, respectively. For the nine months ended September 30, 2019 and 2018, we recorded trust fees from these accounts of $252,000 and $276,000, respectively. There was approximately $90,000 and $84,000 due from these accounts as of September 30, 2019 and December 31, 2018, respectively. 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. For the three months ended September 30, 2019 and 2018, the Company earned approximately $708,000 and $1.0 million, respectively, in fees from the affiliated funds. For the nine months ended September 30, 2019 and 2018, the Company earned approximately $2.3 million and $3.3 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 September 30, 2019 and December 31, 2018, $240,000 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 the Private Company during 2018. We previously entered into a separate agreement with this company to implement portfolio management and digital solutions products. For the three months ended September 30, 2019 and 2018, we incurred approximately $216,000 and $162,000, respectively, in expenses payable to this company. For the nine months ended September 30, 2019 and 2018, we incurred approximately $796,000 and $767,000, respectively, in expenses payable to this company. These expenses are included in “Information technology expenses” on our Condensed Consolidated Statements of Comprehensive Income. Additionally discussed in Note 4 “Investments,” the Company made an investment in Charis in September 2019. We previously entered into an agreement to sublease a portion of our corporate headquarters to a subsidiary of Charis. For the three and nine months ended September 30, 2019, we recorded other income of approximately $33,000 and $110,000, respectively, related to the sublease agreement. This income is included in “Other Income” on our Condensed Consolidated Statements of Comprehensive Income. We did not record any income from Charis for the three or nine months ended September 30, 2018.

LEASES (Notes)

9 Months Ended

Sep. 30, 2019

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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Operating lease cost	$	449	$	426	$	1,346	$	1,279
Sublease income	$	33	$	—	$	110	$	—
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	524	$	475	$	1,568	$	1,415
Right-of-use assets obtained in exchange for lease obligations	$	—	$	569	$	—	$	1,010

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):



	September 30, 2019			December 31, 2018
Operating lease right-of-use assets	$	7,851		$	8,698

Operating lease liabilities	$	1,554		$	1,432
Non-current lease liabilities	8,158			9,331
Total lease liabilities	$	9,712		$	10,763

Weighted-average remaining lease term (in years)	5.9			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 nine months ended September 30, 2019)	$	524
2020	2,117
2021	2,081
2022	1,717
2023	1,719
2024	1,550
Thereafter	1,852
Total undiscounted lease payments	$	11,560
Less discount	(1,848		)
Total lease liabilities	$	9,712

SEGMENT REPORTING

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

SEGMENT REPORTING

Advisory

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 September 30, 2019
Net fee revenues from external sources	$	13,318	$	6,281	$	—		$	—		$	19,599
Net intersegment revenues	755		38		—			(793		)	—
Net interest and dividend revenue	179		69		3			—			251
Other, net	39		3		—			—			42
Total revenues	$	14,291	$	6,391	$	3		$	(793	)	$	19,892
Economic Earnings	$	3,574	$	2,055	$	(1,758	)	$	—		$	3,871
Less: Restricted stock expense											2,249
Intangible amortization											445
Deferred taxes on goodwill											60
Net income											$	1,117

Segment assets	$	236,710	$	66,352	$	21,541		$	(147,289	)	$	177,313
Segment goodwill	$	3,403	$	16,401	$	—		$	—		$	19,804

Three Months Ended September 30, 2018
Net fee revenues from external sources	$	22,023	$	7,191	$	—		$	—		$	29,214
Net intersegment revenues	1,756		58		—			(1,814		)	—
Net interest and dividend revenue	187		52		—			—			239
Other, net	389		12		—			—			401
Total revenues	$	24,355	$	7,313	$	—		$	(1,814	)	$	29,854
Economic Earnings	$	10,553	$	1,357	$	(2,369	)	$	—		$	9,541
Less: Restricted stock expense											3,695
Intangible amortization											419
Deferred taxes on goodwill											59
Net income											$	5,368

Segment assets	$	220,138	$	60,658	$	16,839		$	(105,008	)	$	192,627
Segment goodwill	$	3,403	$	16,401	$	—		$	—		$	19,804




(in thousands)	Advisory		Trust			Westwood Holdings			Eliminations			Consolidated
Nine Months Ended September 30, 2019
Net fee revenues from external sources	$	44,719	$	19,264		$	—		$	—		$	63,983
Net intersegment revenues	2,638		180			—			(2,818		)	—
Net interest and dividend revenue	596		247			3			—			846
Other	645		(11		)	—			—			634
Total revenues	$	48,598	$	19,680		$	3		$	(2,818	)	$	65,463
Economic Earnings	$	13,665	$	4,872		$	(5,776	)	$	—		$	12,761
Less: Restricted stock expense												7,932
Intangible amortization												1,281
Deferred taxes on goodwill												178
Net income												$	3,370

Nine Months Ended September 30, 2018
Net fee revenues from external sources	$	72,963	$	22,265		$	—		$	—		$	95,228
Net intersegment revenues	5,639		171			—			(5,810		)	—
Net interest and dividend revenue	464		152			—			—			616
Other	331		6			—			—			337
Total revenues	$	79,397	$	22,594		$	—		$	(5,810	)	$	96,181
Economic Earnings	$	37,463	$	4,034		$	(7,069	)	$	—		$	34,428
Less: Restricted stock expense												11,658
Intangible amortization												1,255
Deferred taxes on goodwill												177
Net income												$	21,338

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Net income	$	1,117	$	5,368	$	3,370	$	21,338
Add: Stock-based compensation expense	2,249		3,695		7,932		11,658
Add: Intangible amortization	445		419		1,281		1,255
Add: Tax benefit from goodwill amortization	60		59		178		177
Economic Earnings	$	3,871	$	9,541	$	12,761	$	34,428

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2019
Subsequent Event [Line Items]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Dividend Declared In October 2019, Westwood’s Board of Directors declared a quarterly cash dividend of $0.72 per common share, payable on January 2, 2020, to stockholders of record on December 6, 2019. Share Repurchase Program In October 2019, we repurchased 42,171shares of our common stock for an aggregate purchase price of approximately $1.2 million.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2019

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 [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)	9 Months Ended
EARNINGS PER SHARE Policies (Policies)	Sep. 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)	9 Months Ended
VARIABLE INTEREST ENTITIES Policies (Policies)	Sep. 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) our investments in the Private Company and Charis discussed in Note 4 “Investments” (collectively, “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. Based on our analysis, we determined the UCITS Fund, Westwood Funds® and Private Equity (i) have sufficient equity at risk to finance the entity's activities independently, (ii) have the obligation to absorb losses, the right to receive residual returns and the right to direct the activities of the entity that most significantly impact the entity’s economic performance and (iii) are not structured with disproportionate voting rights, and therefore the UCITS Funds, Westwood Funds® and Private Equity are not VIEs and should be analyzed under the VOE consolidation method. Based on our analysis of our investments in these entities for the periods ending September 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)	9 Months Ended
REVENUE Policies (Policies)	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue [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 contain no deferred trust fee revenue.

LEASES (Policies)

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Operating lease cost	$	449	$	426	$	1,346	$	1,279
Sublease income	$	33	$	—	$	110	$	—
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	524	$	475	$	1,568	$	1,415
Right-of-use assets obtained in exchange for lease obligations	$	—	$	569	$	—	$	1,010

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):



	September 30, 2019			December 31, 2018
Operating lease right-of-use assets	$	7,851		$	8,698

Operating lease liabilities	$	1,554		$	1,432
Non-current lease liabilities	8,158			9,331
Total lease liabilities	$	9,712		$	10,763

Weighted-average remaining lease term (in years)	5.9			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 nine months ended September 30, 2019)	$	524
2020	2,117
2021	2,081
2022	1,717
2023	1,719
2024	1,550
Thereafter	1,852
Total undiscounted lease payments	$	11,560
Less discount	(1,848		)
Total lease liabilities	$	9,712

DESCRIPTION OF THE BUSINESS Table (Tables)

9 Months Ended

Sep. 30, 2019

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

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Pronouncements (Tables)

9 Months Ended

Sep. 30, 2019

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)

9 Months Ended

Sep. 30, 2019

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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Net income	$	1,117	$	5,368	$	3,370	$	21,338

Weighted average shares outstanding - basic	8,432,598		8,402,697		8,414,317		8,359,088
Dilutive potential shares from unvested restricted shares	38,075		195,533		53,506		202,830
Weighted average shares outstanding - diluted	8,470,673		8,598,230		8,467,823		8,561,918

Earnings per share:
Basic	$	0.13	$	0.64	$	0.40	$	2.55
Diluted	$	0.13	$	0.62	$	0.40	$	2.49

INVESTMENTS (Tables)

9 Months Ended

Sep. 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
September 30, 2019:
U.S. Government and Government agency obligations	$	24,036	$	145	$	—		$	24,181
Money market funds	12,072		—		—			12,072
Equity funds	6,329		280		(18		)	6,591
Total trading securities	42,437		425		(18		)	42,844
Private investment fund	250		—		—			250
Private equity	2,770		—		—			2,770
Total investments carried at fair value	$	45,457	$	425	$	(18	)	$	45,864

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)

9 Months Ended

Sep. 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 September 30, 2019:
Investments in trading securities	$	42,844	$	—	$	—	$	—	$	42,844
Private investment fund	—		—		—		250		250
Private equity	—		—		2,770		—		2,770
Total investments carried at fair value	$	42,844	$	—	$	2,770	$	250	$	45,864

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.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table summarizes the changes in Level 3 investments measured at fair value on a recurring basis for the

periods presented (in thousands):



	Fair Value using Significant Unobservable Inputs (Level 3)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	Private Equity Investment				Private Equity Investment
Beginning balance	$	—	$	—	$	—	$	—
Purchases	2,770		—		2,770		—
Transfers into (out of) level 3	—		—		—		—
Realized gains (losses)	—		—		—		—
Unrealized gains (losses)	—		—		—		—
Ending balance	$	2,770	$	—	$	2,770	$	—

STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 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 September 30, 2019			As of December 31, 2018
Foreign currency translation adjustment	$	(3,799	)	$	(4,883	)
Accumulated other comprehensive loss	$	(3,799	)	$	(4,883	)

VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

Sep. 30, 2019

Variable Interest Entities



	As of September 30, 2019
	Assets Under Management		Corporate Investment		Amount at Risk
VIEs/VOEs:
Westwood Funds®	$	2,338	$	6.5	$	6.5
Common Trust Funds	1,409		—		—
UCITS Fund	309		—		—
Private Funds	11		0.3		0.3
Private Equity	—		8.2		8.2
All other assets:
Wealth Management	2,881
Institutional	8,038
Total Assets Under Management	$	14,986

Disaggregation of Revenue [Abstract]

REVENUE Table (Tables)

9 Months Ended

Sep. 30, 2019

Disaggregation of Revenue [Table Text Block]

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Advisory Fees:
Institutional	$	8,664	$	14,426	$	28,475	$	46,815
Mutual Funds	4,375		7,527		15,452		23,030
Wealth Management	125		70		338		134
Performance-based	154		—		454		2,984
Trust Fees	6,281		7,191		19,264		22,265
Other	293		640		1,480		953
Total revenues	$	19,892	$	29,854	$	65,463	$	96,181

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 September 30, 2019	Advisory		Trust		Performance-based		Other		Total
Asia	$	410	$	—	$	—	$	—	$	410
Canada	608		—		—		44		652
Europe	836		—		154		—		990
United States	11,310		6,281		—		249		17,840
Total	$	13,164	$	6,281	$	154	$	293	$	19,892

Nine Months Ended September 30, 2019
Asia	$	1,223	$	—	$	—	$	—	$	1,223
Australia	591		—		—		—		591
Canada	2,134		—		—		128		2,262
Europe	2,685		—		454		—		3,139
United States	37,632		19,264		—		1,352		58,248
Total	$	44,265	$	19,264	$	454	$	1,480	$	65,463



Three Months Ended September 30, 2018	Advisory		Trust		Performance-based		Other		Total
Asia	$	853	$	—	$	—	$	—	$	853
Australia	927		—		—		—		927
Canada	1,707		—		—		38		1,745
Europe	1,249		—		—		—		1,249
United States	17,287		7,191		—		602		25,080
Total	$	22,023	$	7,191	$	—	$	640	$	29,854

Nine Months Ended September 30, 2018
Asia	$	3,520	$	—	$	—	$	—	$	3,520
Australia	2,923		—		—		—		2,923
Canada	5,177		—		—		124		5,301
Europe	3,839		—		—		—		3,839
United States	54,520		22,265		2,984		829		80,598
Total	$	69,979	$	22,265	$	2,984	$	953	$	96,181

LONG-TERM INCENTIVE COMPENSATION (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Service condition stock-based compensation expense	$	1,578	$	2,434	$	5,526	$	7,759
Performance condition stock-based compensation expense	491		1,107		1,909		3,471
Stock-based compensation expense under the Plan	2,069		3,541		7,435		11,230
Canadian Plan stock-based compensation expense	180		154		497		428
Total stock-based compensation expense	$	2,249	$	3,695	$	7,932	$	11,658

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 nine months ended September 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	(73,036	)	$	51.11
Non-vested, September 30, 2019	403,045		$	48.32

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 nine months ended September 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, September 30, 2019	77,491		$	50.29

LEASES (Tables)

9 Months Ended

Sep. 30, 2019

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 nine months ended September 30, 2019)	$	524
2020	2,117
2021	2,081
2022	1,717
2023	1,719
2024	1,550
Thereafter	1,852
Total undiscounted lease payments	$	11,560
Less discount	(1,848		)
Total lease liabilities	$	9,712

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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Operating lease cost	$	449	$	426	$	1,346	$	1,279
Sublease income	$	33	$	—	$	110	$	—
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	524	$	475	$	1,568	$	1,415
Right-of-use assets obtained in exchange for lease obligations	$	—	$	569	$	—	$	1,010

Lessee, Operating Lease, Disclosure [Table Text Block]

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



	September 30, 2019			December 31, 2018
Operating lease right-of-use assets	$	7,851		$	8,698

Operating lease liabilities	$	1,554		$	1,432
Non-current lease liabilities	8,158			9,331
Total lease liabilities	$	9,712		$	10,763

Weighted-average remaining lease term (in years)	5.9			6.6
Weighted-average discount rate	5.0		%	5.0		%

SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2019

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



(in thousands)	Advisory		Trust		Westwood Holdings			Eliminations			Consolidated
Three Months Ended September 30, 2019
Net fee revenues from external sources	$	13,318	$	6,281	$	—		$	—		$	19,599
Net intersegment revenues	755		38		—			(793		)	—
Net interest and dividend revenue	179		69		3			—			251
Other, net	39		3		—			—			42
Total revenues	$	14,291	$	6,391	$	3		$	(793	)	$	19,892
Economic Earnings	$	3,574	$	2,055	$	(1,758	)	$	—		$	3,871
Less: Restricted stock expense											2,249
Intangible amortization											445
Deferred taxes on goodwill											60
Net income											$	1,117

Segment assets	$	236,710	$	66,352	$	21,541		$	(147,289	)	$	177,313
Segment goodwill	$	3,403	$	16,401	$	—		$	—		$	19,804

Three Months Ended September 30, 2018
Net fee revenues from external sources	$	22,023	$	7,191	$	—		$	—		$	29,214
Net intersegment revenues	1,756		58		—			(1,814		)	—
Net interest and dividend revenue	187		52		—			—			239
Other, net	389		12		—			—			401
Total revenues	$	24,355	$	7,313	$	—		$	(1,814	)	$	29,854
Economic Earnings	$	10,553	$	1,357	$	(2,369	)	$	—		$	9,541
Less: Restricted stock expense											3,695
Intangible amortization											419
Deferred taxes on goodwill											59
Net income											$	5,368

Segment assets	$	220,138	$	60,658	$	16,839		$	(105,008	)	$	192,627
Segment goodwill	$	3,403	$	16,401	$	—		$	—		$	19,804




(in thousands)	Advisory		Trust			Westwood Holdings			Eliminations			Consolidated
Nine Months Ended September 30, 2019
Net fee revenues from external sources	$	44,719	$	19,264		$	—		$	—		$	63,983
Net intersegment revenues	2,638		180			—			(2,818		)	—
Net interest and dividend revenue	596		247			3			—			846
Other	645		(11		)	—			—			634
Total revenues	$	48,598	$	19,680		$	3		$	(2,818	)	$	65,463
Economic Earnings	$	13,665	$	4,872		$	(5,776	)	$	—		$	12,761
Less: Restricted stock expense												7,932
Intangible amortization												1,281
Deferred taxes on goodwill												178
Net income												$	3,370

Nine Months Ended September 30, 2018
Net fee revenues from external sources	$	72,963	$	22,265		$	—		$	—		$	95,228
Net intersegment revenues	5,639		171			—			(5,810		)	—
Net interest and dividend revenue	464		152			—			—			616
Other	331		6			—			—			337
Total revenues	$	79,397	$	22,594		$	—		$	(5,810	)	$	96,181
Economic Earnings	$	37,463	$	4,034		$	(7,069	)	$	—		$	34,428
Less: Restricted stock expense												11,658
Intangible amortization												1,255
Deferred taxes on goodwill												177
Net income												$	21,338

ReconciliationFromNetIncomeToNonGaapMeasure [Table Text Block]

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Net income	$	1,117	$	5,368	$	3,370	$	21,338
Add: Stock-based compensation expense	2,249		3,695		7,932		11,658
Add: Intangible amortization	445		419		1,281		1,255
Add: Tax benefit from goodwill amortization	60		59		178		177
Economic Earnings	$	3,871	$	9,541	$	12,761	$	34,428

DESCRIPTION OF THE BUSINESS Omaha Operations Divestiture (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Cash Proceeds From Divestiture [Line Items]
Proceeds from sale of operations			$ 10,000,000.0	$ 0	$ 10,013,000
Accounts receivable	$ 12,872,000			12,872,000		$ 18,429,000
Other current assets	2,657,000			2,657,000		2,731,000
Goodwill	19,804,000	$ 19,804,000		19,804,000	19,804,000	19,804,000
Intangible assets, net	15,701,000			15,701,000		15,961,000
Property and equipment, net of accumulated depreciation of $7,144 and $6,462	4,311,000			4,311,000		4,454,000
Accounts payable and accrued liabilities	(2,040,000)			(2,040,000)		$ (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 $7,144 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	Sep. 30, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Right-of-Use Asset	$ 7,851	$ 8,698
Operating Lease, Liability, Current	1,554	1,432
Operating Lease, Liability, Noncurrent	$ 8,158	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		9 Months Ended
EARNINGS PER SHARE (Details Textual) - shares	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive restricted shares	81,000	0	87,000	3,251

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Computation of Basic and Diluted Shares
Net income	$ 1,117	$ 5,368	$ 3,370	$ 21,338
Weighted average shares outstanding - basic (shares)	8,432,598	8,402,697	8,414,317	8,359,088
Dilutive potential shares from unvested restricted shares (shares)	38,075	195,533	53,506	202,830
Weighted average shares outstanding - diluted (shares)	8,470,673	8,598,230	8,467,823	8,561,918
Earnings per share:
Basic (dollars per share)	$ 0.13	$ 0.64	$ 0.40	$ 2.55
Diluted (dollars per share)	$ 0.13	$ 0.62	$ 0.40	$ 2.49

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

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

INVESTMENTS (Details) - USD ($)	9 Months Ended	12 Months Ended
INVESTMENTS (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018	Sep. 29, 2019	Feb. 28, 2019
Investments, Debt and Equity Securities [Abstract]
Investment in private fund				$ 250,000
Schedule Of Available For Sale Securities [Line Items]
Document Period End Date	Sep. 30, 2019
Cost	$ 42,437,000	$ 65,875,000
Gross Unrealized Gains	425,000	232,000
Gross Unrealized Losses	(18,000)	(326,000)
Estimated Market Value	45,864,000	65,781,000
Investments, at fair value	42,844,000	65,781,000
Debt Securities, Trading, and Equity Securities, FV-NI, Cost	45,457,000
Investments carried at fair value, unrealized gain	425,000
Investments carried at fair value, unrealized loss	18,000
Investment in Private Equity			$ 2,800,000
U.S. Government and Government agency obligations
Schedule Of Available For Sale Securities [Line Items]
Cost	24,036,000	48,177,000
Gross Unrealized Gains	145,000	232,000
Gross Unrealized Losses	0	0
Estimated Market Value	24,181,000	48,409,000
Money market funds
Schedule Of Available For Sale Securities [Line Items]
Cost	12,072,000	10,354,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Market Value	12,072,000	10,354,000
Equity funds
Schedule Of Available For Sale Securities [Line Items]
Cost	6,329,000	7,344,000
Gross Unrealized Gains	280,000	0
Gross Unrealized Losses	(18,000)	(326,000)
Estimated Market Value	6,591,000	7,018,000
Private Equity Funds [Member]
Schedule Of Available For Sale Securities [Line Items]
Equity Securities, FV-NI, Unrealized Gain	0
Equity Securities, FV-NI, Unrealized Loss	0
Estimated Market Value	250,000
Equity Securities, FV-NI, Cost	250,000
Private Equity Investments [Member]
Schedule Of Available For Sale Securities [Line Items]
Equity Securities, FV-NI, Unrealized Gain	0
Equity Securities, FV-NI, Unrealized Loss	0
Estimated Market Value	2,770,000
Equity Securities, FV-NI, Cost	2,770,000
VIE
Schedule Of Available For Sale Securities [Line Items]
Estimated Market Value	$ 6,500,000	$ 6,100,000

INVESTMENTS (Details Textual) - USD ($)	9 Months Ended	12 Months Ended
INVESTMENTS (Details Textual) - USD ($)	Sep. 30, 2019	Dec. 31, 2018	Feb. 28, 2019	May 31, 2018
Schedule of Investments [Line Items]
Long-term Investments	$ 5,425,000	$ 5,425,000		$ 5,400,000
Document Period End Date	Sep. 30, 2019
Cost	$ 42,437,000	65,875,000
Trading Securities, Unrealized Holding Gain	425,000	232,000
Trading Securities, Unrealized Holding Loss	(18,000)	(326,000)
Investments, at fair value	42,844,000	65,781,000
Estimated Market Value	45,864,000	65,781,000
Debt Securities, Trading, and Equity Securities, FV-NI, Cost	45,457,000
Investments carried at fair value, unrealized gain	425,000
Investments carried at fair value, unrealized loss	(18,000)
Investment in private fund			$ 250,000
VIE
Schedule of Investments [Line Items]
Estimated Market Value	6,500,000	6,100,000
Equity funds
Schedule of Investments [Line Items]
Cost	6,329,000	7,344,000
Trading Securities, Unrealized Holding Gain	280,000	0
Trading Securities, Unrealized Holding Loss	(18,000)	(326,000)
Estimated Market Value	6,591,000	7,018,000
Money market funds
Schedule of Investments [Line Items]
Cost	12,072,000	10,354,000
Trading Securities, Unrealized Holding Gain	0	0
Trading Securities, Unrealized Holding Loss	0	0
Estimated Market Value	12,072,000	$ 10,354,000
Private Equity Funds [Member]
Schedule of Investments [Line Items]
Estimated Market Value	250,000
Equity Securities, FV-NI, Cost	250,000
Equity Securities, FV-NI, Unrealized Gain	0
Equity Securities, FV-NI, Unrealized Loss	0
Private Equity Investments [Member]
Schedule of Investments [Line Items]
Estimated Market Value	2,770,000
Equity Securities, FV-NI, Cost	2,770,000
Equity Securities, FV-NI, Unrealized Gain	0
Equity Securities, FV-NI, Unrealized Loss	$ 0

FAIR VALUE MEASUREMENTS (Details) - USD ($)	3 Months Ended		9 Months Ended
FAIR VALUE MEASUREMENTS (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	$ 2,770,000		$ 2,770,000	$ 0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)	0		0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0		0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	0	$ 0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease)		0
Investments in securities:
Investments in trading securities	45,864,000		45,864,000			$ 65,781,000
Investments, at fair value	42,844,000		42,844,000			65,781,000
Alternative Investment	(250,000)		(250,000)
Fair Value, Net Asset (Liability)	45,864,000		45,864,000			65,781,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	2,770,000	$ 0	2,770,000	$ 0	$ 0	0	$ 0	$ 0
Inputs, Net Asset Value [Member]
Investments in securities:
Investments in trading securities	0		0			0
Alternative Investment	250,000		250,000
Fair Value, Net Asset (Liability)	250,000		250,000
Level 1
Investments in securities:
Investments in trading securities	42,844,000		42,844,000			65,781,000
Alternative Investment	0		0
Fair Value, Net Asset (Liability)	42,844,000		42,844,000			65,781,000
Level 2
Investments in securities:
Investments in trading securities	0		0			0
Alternative Investment	0		0
Fair Value, Net Asset (Liability)	0		0			0
Level 3
Investments in securities:
Investments in trading securities	0		0			0
Alternative Investment	0		0
Fair Value, Net Asset (Liability)	2,770,000		2,770,000			$ 0
Private Equity Investments [Member]
Investments in securities:
Investments in trading securities	2,770,000		2,770,000
Private Equity Investments [Member] \| Level 3
Investments in securities:
Investments in trading securities	$ 2,770,000		$ 2,770,000

GOODWILL AND OTHER INTANGIBLE ASSETS (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 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	Sep. 30, 2019	Dec. 31, 2018
Components of accumulated other comprehensive loss
Foreign currency translation adjustment	$ (3,799)	$ (4,883)
Accumulated other comprehensive loss	$ (3,799)	$ (4,883)

STOCKHOLDERS' EQUITY Share Repurchase Program (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Jul. 27, 2016	Dec. 31, 2015
Equity [Abstract]
Stock Repurchase Program, Authorized Amount			$ 10,000,000.0
Additional Share Repurchase		$ 5,000,000.0
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 4,100,000
Stock Repurchased During Period, Shares	43,388
Treasury Stock Acquired, Average Cost Per Share	$ 28.99
Stock Repurchased During Period, Value	$ 1,300,000

VARIABLE INTEREST ENTITIES (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Variable Interest Entity [Line Items]
Debt Securities, Trading, and Equity Securities, FV-NI	$ 45,864		$ 45,864		$ 65,781
Fee revenues from Westwood VIEs	7,200	$ 11,700	24,300	$ 36,300
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	Sep. 30, 2019	Dec. 31, 2018
Variable Interest Entities
Assets Under Management	$ 14,986,000
Estimated Market Value	45,864	$ 65,781
Westwood Funds®
Variable Interest Entities
Assets Under Management	2,338,000
Estimated Market Value	6,500
Amount at Risk	6,500
Common Trust Funds
Variable Interest Entities
Assets Under Management	1,409,000
Estimated Market Value	0
Amount at Risk	0
UCITS Fund
Variable Interest Entities
Assets Under Management	309,000
Estimated Market Value	0
Amount at Risk	0
Westwood Hospitality Fund I LLC [Member]
Variable Interest Entities
Assets Under Management	11,000
Estimated Market Value	300
Amount at Risk	300
Private Equity Investments [Member]
Variable Interest Entities
Assets Under Management	0
Estimated Market Value	8,200
Amount at Risk	8,200
Wealth Management
Variable Interest Entities
Assets Under Management	2,881,000
Institutional
Variable Interest Entities
Assets Under Management	$ 8,038,000

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

3 Months Ended

9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Advisory Fees:
Institutional	$	8,664	$	14,426	$	28,475	$	46,815
Mutual Funds	4,375		7,527		15,452		23,030
Wealth Management	125		70		338		134
Performance-based	154		—		454		2,984
Trust Fees	6,281		7,191		19,264		22,265
Other	293		640		1,480		953
Total revenues	$	19,892	$	29,854	$	65,463	$	96,181

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



Three Months Ended September 30, 2019	Advisory		Trust		Performance-based		Other		Total
Asia	$	410	$	—	$	—	$	—	$	410
Canada	608		—		—		44		652
Europe	836		—		154		—		990
United States	11,310		6,281		—		249		17,840
Total	$	13,164	$	6,281	$	154	$	293	$	19,892

Nine Months Ended September 30, 2019
Asia	$	1,223	$	—	$	—	$	—	$	1,223
Australia	591		—		—		—		591
Canada	2,134		—		—		128		2,262
Europe	2,685		—		454		—		3,139
United States	37,632		19,264		—		1,352		58,248
Total	$	44,265	$	19,264	$	454	$	1,480	$	65,463



Three Months Ended September 30, 2018	Advisory		Trust		Performance-based		Other		Total
Asia	$	853	$	—	$	—	$	—	$	853
Australia	927		—		—		—		927
Canada	1,707		—		—		38		1,745
Europe	1,249		—		—		—		1,249
United States	17,287		7,191		—		602		25,080
Total	$	22,023	$	7,191	$	—	$	640	$	29,854

Nine Months Ended September 30, 2018
Asia	$	3,520	$	—	$	—	$	—	$	3,520
Australia	2,923		—		—		—		2,923
Canada	5,177		—		—		124		5,301
Europe	3,839		—		—		—		3,839
United States	54,520		22,265		2,984		829		80,598
Total	$	69,979	$	22,265	$	2,984	$	953	$	96,181

Revenue from Contract with Customer, Excluding Assessed Tax

$ 19,892

$ 29,854

$ 65,463

$ 96,181

Asia [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

410

853

1,223

3,520

Australia

Revenue from Contract with Customer, Excluding Assessed Tax

927

591

2,923

Canada

Revenue from Contract with Customer, Excluding Assessed Tax

652

1,745

2,262

5,301

Europe [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

990

1,249

3,139

3,839

United States [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

17,840

25,080

58,248

80,598

Investment Advisory Services [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

13,164

22,023

44,265

69,979

Investment Advisory Services [Member] | Asia [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

410

853

1,223

3,520

Investment Advisory Services [Member] | Australia

Revenue from Contract with Customer, Excluding Assessed Tax

927

591

2,923

Investment Advisory Services [Member] | Canada

Revenue from Contract with Customer, Excluding Assessed Tax

608

1,707

2,134

5,177

Investment Advisory Services [Member] | Europe [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

836

1,249

2,685

3,839

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

Revenue from Contract with Customer, Excluding Assessed Tax

11,310

17,287

37,632

54,520

Investment Advisory Services [Member] | Advisory

Revenue from Contract with Customer, Excluding Assessed Tax

8,664

14,426

28,475

46,815

Mutual Fund Advisory [Member] | Advisory

Revenue from Contract with Customer, Excluding Assessed Tax

4,375

7,527

15,452

23,030

Private Wealth Advisory [Member] | Advisory

Revenue from Contract with Customer, Excluding Assessed Tax

125

338

134

Performance-based fees [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

154

454

2,984

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

Revenue from Contract with Customer, Excluding Assessed Tax

Performance-based fees [Member] | Australia

Revenue from Contract with Customer, Excluding Assessed Tax

Performance-based fees [Member] | Canada

Revenue from Contract with Customer, Excluding Assessed Tax

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

Revenue from Contract with Customer, Excluding Assessed Tax

154

454

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

Revenue from Contract with Customer, Excluding Assessed Tax

2,984

Performance-based fees [Member] | Advisory

Revenue from Contract with Customer, Excluding Assessed Tax

154

454

2,984

Trust Fees [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

6,281

7,191

19,264

22,265

Trust Fees [Member] | Asia [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

Trust Fees [Member] | Australia

Revenue from Contract with Customer, Excluding Assessed Tax

Trust Fees [Member] | Canada

Revenue from Contract with Customer, Excluding Assessed Tax

Trust Fees [Member] | Europe [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

Trust Fees [Member] | United States [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

6,281

7,191

19,264

22,265

Trust Fees [Member] | Trust

Revenue from Contract with Customer, Excluding Assessed Tax

6,281

7,191

19,264

22,265

Other Revenue Misc Services [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

293

640

1,480

953

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

Revenue from Contract with Customer, Excluding Assessed Tax

Other Revenue Misc Services [Member] | Australia

Revenue from Contract with Customer, Excluding Assessed Tax

Other Revenue Misc Services [Member] | Canada

Revenue from Contract with Customer, Excluding Assessed Tax

128

124

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

Revenue from Contract with Customer, Excluding Assessed Tax

Other Revenue Misc Services [Member] | United States [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

249

602

1,352

829

Other Revenue Misc Services [Member] | Advisory

Revenue from Contract with Customer, Excluding Assessed Tax

$ 293

$ 640

$ 1,480

$ 953

LONG-TERM INCENTIVE COMPENSATION (Details Textual) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019 USD ($) $ / shares shares	Sep. 30, 2018 USD ($)	Sep. 30, 2019 CAD ($) shares	Sep. 30, 2019 USD ($) $ / shares shares	Sep. 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				$ 1,258,000	$ 0
Remaining unrecognized compensation cost recognized over a remaining weighted average period			2 years 4 months 24 days	2 years 4 months 24 days
Accrued liability	$ 67,000			$ 67,000		$ 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	$ 12,000	$ 89,000		$ (100,000)	274,000
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	511,000			511,000
Remaining unrecognized compensation cost	$ 15,900,000			$ 15,900,000
Nonvested restricted shares \| shares	403,045			403,045		440,073
Expense related to mutual fund share incentive awards	$ 2,249,000	$ 3,695,000		$ 7,932,000	$ 11,658,000
Canadian Plan \| Westwood International Advisors Inc
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares remain available for issuance \| shares	62,000			62,000
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	$ 27.67			$ 27.67
Amount of shares purchased in the open market				$ 980,000
Purchases of treasury stock, shares \| shares			25,047	25,047
Remaining unrecognized compensation cost	$ 907,000			$ 907,000
Remaining unrecognized compensation cost recognized over a remaining weighted average period			1 year 9 months 18 days	1 year 9 months 18 days

LONG-TERM INCENTIVE COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
DomesticEmployeeServiceAward [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 1,578	$ 2,434	$ 5,526	$ 7,759
Performance Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	491	1,107	1,909	3,471
DomesticServiceAndPerformanceAward [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	2,069	3,541	7,435	11,230
CanadianEmployeeServiceAward [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	180	154	497	428
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 2,249	$ 3,695	$ 7,932	$ 11,658

LONG-TERM INCENTIVE COMPENSATION (Details 1) - Restricted Shares Subject Only to a Service Condition	9 Months Ended
	Sep. 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	(73,036)
Non-vested, ending balance, shares \| shares	403,045
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	51.11
Non-vested, ending balance, (dollars per share) \| $ / shares	$ 48.32

LONG-TERM INCENTIVE COMPENSATION (Details 2) - Restricted Shares Subject to Service and Performance Conditions	9 Months Ended
	Sep. 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 ($)	3 Months Ended		9 Months Ended
INCOME TAXES Effective tax rate (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Discrete tax expense from stock-based compensation			$ 638,000
Effective Income Tax Rate Reconciliation, Percent	28.40%	24.90%	41.00%	25.30%

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Document Period End Date			Sep. 30, 2019
UCITS Fund
Related Party Transaction [Line Items]
Fees earned from related party	$ 708,000	$ 1,000,000.0	$ 2,300,000	$ 3,300,000
Fees unpaid from related party	240,000		240,000		$ 295,000
Private Equity Investments [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Purchases from Related Party	216,000	162,000	796,000	767,000
Private Equity Investment Bank [Member] [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Purchases from Related Party	33,000	0	110,000	0
Trust
Related Party Transaction [Line Items]
Due from related party	90,000		90,000		$ 84,000
Fees earned from related party	$ 90,000	$ 89,000	$ 252,000	$ 276,000

LEASES (Details) - USD ($)	3 Months Ended			9 Months Ended
LEASES (Details) - USD ($)	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Sublease Term				7 years
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 524,000			$ 524,000
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	7,851,000			7,851,000		$ 8,698,000
Operating Lease, Expense	449,000		$ 426,000	1,346,000	$ 1,279,000
Sublease Income	33,000		0	110,000	0
Operating Lease, Payments	524,000		475,000	1,568,000	1,415,000
Operating Lease, Liability, Current	1,554,000			1,554,000		1,432,000
Operating Lease, Liability, Noncurrent	$ 8,158,000			$ 8,158,000		$ 9,331,000
Operating Lease, Weighted Average Discount Rate, Percent	5 years 10 months 24 days			5 years 10 months 24 days		6 years 7 months 6 days
Operating Lease, Weighted Average Discount Rate, Percent	5.00%			5.00%		5.00%
Lessee, Operating Lease, Liability, Payments, Due after Year Five	$ 1,852,000			$ 1,852,000
Total Lease Payment	11,560,000			11,560,000
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(1,848,000)			(1,848,000)
Operating Lease, Liability	9,712,000			9,712,000		$ 10,763,000
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 0		$ 569,000	$ 0	$ 1,010,000
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)	9 Months Ended
SEGMENT REPORTING (Details Textual)	Sep. 30, 2019 Segment
Segment Reporting [Abstract]
Number of operating segments	2

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

3 Months Ended

9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Dec. 31, 2018

ReconciliationFromNetIncomeToNonGaapMeasure [Table Text Block]

$ 19,599

$ 29,214

$ 63,983

$ 95,228

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Net income	$	1,117	$	5,368	$	3,370	$	21,338
Add: Stock-based compensation expense	2,249		3,695		7,932		11,658
Add: Intangible amortization	445		419		1,281		1,255
Add: Tax benefit from goodwill amortization	60		59		178		177
Economic Earnings	$	3,871	$	9,541	$	12,761	$	34,428

$ 0

251

239

846

616

401

634

337

19,892

29,854

65,463

96,181

Deferred taxes on goodwill

3,871

9,541

12,761

34,428

Intangible amortization

445

419

1,281

1,255

178

177

Net income

1,117

5,368

3,370

21,338

177,313

192,627

177,313

192,627

$ 199,183

Operating Segments | Advisory

19,804

$ 19,804

13,318

22,023

44,719

72,963

755

1,756

2,638

5,639

179

187

596

464

389

645

331

14,291

24,355

48,598

79,397

3,574

10,553

13,665

37,463

236,710

220,138

236,710

220,138

Operating Segments | Trust

3,403

6,281

7,191

19,264

22,265

180

171

247

152

(11)

6,391

7,313

19,680

22,594

2,055

1,357

4,872

4,034

66,352

60,658

66,352

60,658

16,401

Westwood Holdings

(1,758)

(2,369)

(5,776)

(7,069)

21,541

16,839

21,541

16,839

Eliminations

(793)

(1,814)

(2,818)

(5,810)

(793)

(1,814)

(2,818)

(5,810)

(147,289)

(105,008)

(147,289)

(105,008)

Restricted Stock