0001165002-22-000039 | 10-K | XBRL Viewer | Westwood Holdings Group INC

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 9,763	$ (8,947)	$ 5,911
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	750	921	898
Amortization of intangible assets	1,624	1,721	1,726
Net change in unrealized (appreciation) depreciation on investments	1,845	1,056	(3,650)
Realized gains on private investments	(8,371)
Realized Investment Gains (Losses)	8,371
Stock-based compensation expense	5,835	6,701	10,305
Deferred income taxes	620	754	2,906
Gain (Loss) on Sale of Assets and Asset Impairment Charges	0	48	0
Gain on sale of operations	(148)	0	0
Gain on asset disposition	1,235	1,500	1,151
Changes in operating assets and liabilities:
Net (purchases) sales of investments – trading securities	4,513	(19,562)	15,811
Accounts receivable	(1,702)	3,683	5,404
Other current assets	189	(170)	(608)
Accounts payable and accrued liabilities	1,009	(526)	(382)
Compensation and benefits payable	2,042	(2,270)	(5,018)
Income taxes payable	1,750	(690)	(849)
Other liabilities	(1,569)	(1,561)	(1,433)
Cash flows from investing activities:
Purchases of investments	(15)	0	(3,671)
Payments to Acquire Investments	(178)	93	593
Proceeds from Sale of Property, Plant, and Equipment	501	89	0
Cash flows from financing activities:
Purchases of treasury stock	(2,990)	(12,952)	(2,414)
Payment for Repurchases of Stock for Benefit Plan	0	(697)	(980)
Restricted stock returned for payment of taxes	(884)	(1,120)	(2,387)
Cash dividends	(22,932)	(11,043)	(26,089)
Effect of currency rate changes on cash	45	(1,164)	1,863
Net increase (decrease) in cash and cash equivalents	2,190	(36,750)	(2,683)
Cash and cash equivalents, beginning of year	13,016	49,766	52,449
Cash and cash equivalents, end of year	15,206	13,016	49,766
Supplemental cash flow information:
Cash paid during the year for income taxes	1,858	1,271	1,431
Accrued dividends	2,933	1,336	8,666
Payments to Acquire Intangible Assets	0	0	(584)
Net Cash Provided by (Used in) Operating Activities	19,385	(9,770)	32,172
Proceeds from Sale of Other Investments	9,258
Net Cash Provided by (Used in) Investing Activities	9,566	(4)	(4,848)
Net Cash Provided by (Used in) Financing Activities	(26,806)	(25,812)	(31,870)
Goodwill impairment loss	3,403	3,403	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax	$ 0	$ 4,169	$ 0

Employee Benefits (Profit Sharing and 401k) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Profit sharing and 401(k) contributions for the periods
Profit-sharing contributions, net	$ 13	$ (233)	$ 31
Retirement plan matching contributions	$ 1,256	$ 1,410	$ 1,597

Concentration (Details) - USD ($) $ in Thousands	12 Months Ended
Concentration (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 73,054	$ 65,111	$ 84,079
Customer Concentration Risk
Concentration Risk [Line Items]
Revenue accounted by major clients	22.00%	24.00%
Westwood Management \| Sales Revenue, Net \| Customer Concentration Risk
Concentration Risk [Line Items]
Revenue accounted by major clients	3.70%	5.50%	3.20%
Asset Management [Member] \| Sales Revenue, Net \| Customer Concentration Risk
Concentration Risk [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 2,682	$ 1,940	$ 1,863
Investment Performance [Member] \| Sales Revenue, Net \| Customer Concentration Risk
Concentration Risk [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 0	$ 1,607	$ 764

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared, per share	$ 2.88	$ 2.76	$ 2.54

Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 19,391	$ 17,860	$ 17,484	$ 18,319	$ 17,113	$ 15,454	$ 15,875	$ 16,669	$ 73,054	$ 65,111	$ 84,079
Income (loss) before income taxes	3,213	2,360	1,416	7,014	2,548	(8,318)	(1,817)	(1)	14,003	(7,588)	9,402
Net income	$ 2,813	$ 1,879	$ 970	$ 4,101	$ 2,815	$ (10,289)	$ (2,575)	$ 1,102	$ 9,763	$ (8,947)	$ 5,911
Basic earnings per common share (in dollars per share)	$ 0.36	$ 0.24	$ 0.12	$ 0.52	$ 0.36	$ (1.31)	$ (0.33)	$ 0.13	$ 1.24	$ (1.12)	$ 0.70
Diluted earnings per common share (in dollars per share)	$ 0.36	$ 0.24	$ 0.12	$ 0.52	$ 0.36	$ (1.31)	$ (0.33)	$ 0.13	$ 1.23	$ (1.12)	$ 0.70

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Property and Equipment

The following table reflects information about our property and equipment as of December 31, 2021 and 2020 (in thousands):


	As of December 31,
	2021		2020
Leasehold improvements	$	4,956	$	5,385
Furniture and fixtures	2,590		2,728
Computer hardware and office equipment	3,205		3,129

Accumulated depreciation	(8,637)		(8,056)
Property and equipment, net	$	2,114	$	3,186

Balance Sheet Components (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property and equipment
Accumulated depreciation	$ (8,637)	$ (8,056)
Net property and equipment	2,114	3,186
Contract with Customer, Asset, Net, Current	140	429
Leasehold improvements
Property and equipment
Property and equipment cost	4,956	5,385
Furniture and fixtures
Property and equipment
Property and equipment cost	2,590	2,728
Computer hardware and office equipment
Property and equipment
Property and equipment cost	$ 3,205	$ 3,129

Earnings Per Share (Computaton of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Computation of Basic and Diluted Shares
Net income (loss)	$ 2,813	$ 1,879	$ 970	$ 4,101	$ 2,815	$ (10,289)	$ (2,575)	$ 1,102	$ 9,763	$ (8,947)	$ 5,911
Weighted average shares outstanding – basic (in shares)									7,875,395	7,987,554	8,408,017
Dilutive potential shares from unvested restricted shares (in shares)									52,577	0	55,222
Weighted average shares outstanding – diluted (in shares)									7,927,972	7,987,554	8,463,239
Earnings per share:
Basic (in dollars per share)	$ 0.36	$ 0.24	$ 0.12	$ 0.52	$ 0.36	$ (1.31)	$ (0.33)	$ 0.13	$ 1.24	$ (1.12)	$ 0.70
Diluted (in dollars per share)	$ 0.36	$ 0.24	$ 0.12	$ 0.52	$ 0.36	$ (1.31)	$ (0.33)	$ 0.13	$ 1.23	$ (1.12)	$ 0.70

- Definition

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

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

+ References

+ Details

Leases, Codification Topic 842 (Details) - USD ($)	12 Months Ended
Leases, Codification Topic 842 (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Other Long-term Investments	$ 4,513,000	$ 3,527,000
Lessee, Operating Lease, Liability, Payments, Due	1,730,000
Lessee, Operating Lease, Liability, Payments, Due Year Two	1,733,000
Lessee, Operating Lease, Liability, Payments, Due Year Three	1,563,000
Lessee, Operating Lease, Liability, Payments, Due Year Four	1,528,000
Lessee, Operating Lease, Liability, Payments, Due Year Five	331,000
Operating Lease, Payments	1,990,000	2,091,000	$ 2,095,000
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(752,000)
Operating Lease, Liability	6,133,000	7,839,000
Operating Lease, Cost	1,655,000	2,033,000	1,796,000
Sublease Income	602,000	135,000	144,000
Operating Lease, Right-of-Use Asset	4,868,000	6,103,000
Operating Lease, Liability, Current	1,409,000	1,718,000
Operating Lease, Liability, Noncurrent	$ 4,724,000	$ 6,121,000
Operating Lease, Weighted Average Remaining Lease Term	4 years 1 month 6 days	4 years 10 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent	5.00%	5.00%
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 0	$ 59,000	$ 0
Operating Lease, Lease Income, Lease Payments	6,885,000
Lessee, Operating Lease, Discount Rate			5.00%
Rental Income, Nonoperating	$ 40,000

Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2021

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

Total Expense Recorded for Stock Based Compensation

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


	For the years ended December 31,
	2021		2020		2019
Service condition restricted stock expense	$	5,253	$	6,348	$	7,240
Performance-based restricted stock expense	581		1,280		2,388
Restricted stock expense under the Plan	5,834		7,628		9,628
Canadian Plan restricted stock expense	—		(927)		677
Total stock-based compensation expense	$	5,834	$	6,701	$	10,305
Total income tax benefit recognized related to stock-based compensation	$	804	$	953	$	1,932

Profit Sharing and 401(k) Contributions for the Periods

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


	Years ended December 31,
	2021		2020		2019
Profit-sharing contributions, net	$	13	$	(233)	$	31
Retirement plan matching contributions	1,256		1,410		1,597

Restricted Stock Subject Only to a Service Condition

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

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

The following table details the status and changes in our restricted stock grants that are subject only to a service condition for the year ended December 31, 2021:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested, January 1, 2021	449,603	$	36.15
Granted	181,403	17.10
Vested	(192,204)	39.70
Forfeited	(23,308)	34.48
Non-vested, December 31, 2021	415,494	$	26.29

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

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


	Years ended December 31,
	2021		2020		2019
Weighted-average grant date fair value	$	17.10	$	27.39	$	38.64
Fair value of shares vested (in thousands)	$	7,630	$	7,480	$	9,273

Restricted Shares Subject to Service and Performance Conditions

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

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

The following table details the status and changes in our restricted stock grants subject to service and performance conditions for the year ended December 31, 2021:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested, January 1, 2021	45,700	$	45.58

Vested	(28,962)	31.54

Non-vested, December 31, 2021	16,738	$	41.97

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

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


	Years ended December 31,
	2021		2020		2019
Weighted-average grant date fair value	$	—	$	—	$	37.90
Fair value of shares vested (in thousands)	$	913	$	1,944	$	4,515

Summary of Significant Accounting Policies New Accounting Pronouncements or Change in Accounting Principle (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provision for income taxes	$ 4,240,000	$ 1,359,000	$ 3,491,000
Effective Income Tax Rate Reconciliation, Percent	30.30%	(17.90%)	37.10%
Operating Lease, Right-of-Use Asset	$ 4,868,000	$ 6,103,000
Operating Lease, Payments	1,990,000	2,091,000	$ 2,095,000
Operating Lease, Liability, Noncurrent	4,724,000	6,121,000
Operating Lease, Liability, Current	$ 1,409,000	$ 1,718,000

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Employee Benefits (Performance Grants and Vests) (Details) - Restricted Shares Subject to Service and Performance Conditions - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	16,738	45,700
Vested (in dollars per share)	$ 31.54
Weighted-average grant date fair value for shares granted and the total fair value of shares vested
Weighted-average grant date fair value (in dollars per share)	$ 0	$ 0	$ 37.90
Fair value of shares vested (in thousands)	$ 913	$ 1,944	$ 4,515
Vested, shares	28,962
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 41.97	$ 45.58

Segment Reporting - Property and Equipment, Net by Geographic Area (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net property and equipment	$ 2,114	$ 3,186

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Values of Assets Within Fair Value Hierarchy

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


	Level 1		Level 2		Level 3		Measured at NAV (1)		Total
As of December 31, 2021
Investments in trading securities	$	65,024	$	—	$	—	$	—	$	65,024
Private investment fund	—		—		—		144		144
Private equity	—		—		4,369		—		4,369
Total assets measured at fair value	$	65,024	$	—	$	4,369	$	144	$	69,537

As of December 31, 2020
Investments in trading securities	$	69,542	$	—	$	—	$	—	$	69,542
Private investment fund	—		—		—		96		96
Private equity	—		—		3,431		—		3,431
Total assets measured at fair value	$	69,542	$	—	$	3,431	$	96	$	73,069
(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 Consolidated Balance Sheets.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the changes in Level 3 investments measured at fair value on a recurring basis for the periods presented (in thousands):


	Years ended December 31,
	2021		2020
Beginning balance	$	3,431	$	3,975

Net change in unrealized appreciation (depreciation) on private investments	938		(544)
Ending balance	$	4,369	$	3,431

- Definition

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

+ References + Details

Description of the Business (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property and equipment, net of accumulated depreciation of $8,637 and $8,056		$ 2,114	$ 3,186
Accounts Payable and Accrued Liabilities, Current		(2,637)	(1,627)
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	$ 3,296
Goodwill	$ 19,804	16,401	16,401
Intangible assets, net		11,911	13,535
Other current assets		$ 2,246	$ 2,606

Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Results of Operations

The following is a summary of unaudited quarterly results of operations for the years ended December 31, 2021 and 2020 (in thousands, except per share amounts):


	Quarter
	First		Second		Third		Fourth
2021
Revenues	$	18,319	$	17,484	$	17,860	$	19,391
Income before income taxes	7,014		1,416		2,360		3,213
Net income	4,101		970		1,879		2,813
Basic earnings per common share	0.52		0.12		0.24		0.36
Diluted earnings per common share	0.52		0.12		0.24		0.36

2020
Revenues	$	16,669	$	15,875	$	15,454	$	17,113
Income (loss) before income taxes	(1)		(1,817)		(8,318)		2,548
Net income (loss)	1,102		(2,575)		(10,289)		2,815
Basic earnings (loss) per common share	0.13		(0.33)		(1.31)		0.36
Diluted earnings (loss) per common share	0.13		(0.33)		(1.31)		0.36

Subsequent Event (Details) - USD ($) $ in Thousands		12 Months Ended
Subsequent Event (Details) - USD ($) $ in Thousands	Feb. 20, 2020	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Unrealized Gain on Securities		$ 1,313	$ 110
Restricted Stock \| Subsequent Event
Subsequent Event [Line Items]
Stock Issued During Period, Value, Restricted Stock Award, Gross	$ 6,300
Restricted stock issued	380,000

Regulatory Capital Requirements	12 Months Ended
Regulatory Capital Requirements	Dec. 31, 2021
Banking and Thrift [Abstract] (Deprecated 2020-01-31)
REGULATORY CAPITAL REQUIREMENTS	REGULATORY CAPITAL REQUIREMENTS: Westwood Trust must maintain cash and investments in an amount equal to the required minimum restricted capital of $4.0 million as required by the Texas Finance Code. Restricted capital is included in Investments in the accompanying Consolidated Balance Sheets. At December 31, 2021, Westwood Trust had approximately $14.2 million in excess of its minimum capital requirement. Westwood Trust is limited under applicable Texas law in the payment of dividends of undivided profits, which is that part of equity capital equal to the balance of net profits, income, gains and losses since formation minus subsequent distributions to stockholders and transfers to surplus or capital under share dividends or appropriate Board resolutions. At the discretion of its Board of Directors, Westwood Trust may make quarterly and special dividend payments, or other distributions, to Westwood out of its undivided profits. No dividend payments were made in 2021, 2020 or 2019.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

Goodwill and Other Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Changes in goodwill
Beginning balance	$ 16,401,000	$ 19,804,000
Goodwill, Written off Related to Sale of Business Unit	0	3,403,000
Ending balance	16,401,000	16,401,000	$ 19,804,000
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	22,870,000	22,870,000
Goodwill, Written off Related to Sale of Business Unit	0	(3,403,000)
Goodwill, Impaired, Accumulated Impairment Loss		3,400,000
Amortization of intangible assets	1,624,000	1,721,000	$ 1,726,000
General and Administrative Expense [Member]
Finite Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 1,600,000	$ 1,700,000
Internally developed software
Finite Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (years)	5 years 9 months 18 days	5 years 9 months 18 days
Gross Carrying Amount	$ 1,439,000	$ 1,439,000

CONSOLIDATED STATEMENTs OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Westwood Holdings Group, Inc. Common Stock, Par	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)
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
Net income	5,911					5,911
Other comprehensive income	1,940				1,940
Foreign currency translation adjustments	1,940
Issuance of restricted stock, net of forfeitures		$ 1	(1)
Issuance of restricted stock, net of forfeitures, shares		123,986
Stock-based compensation expense	10,305		10,305
Reclassification of compensation liability to be paid in shares	232		232
Dividends declared ($2.07 in 2015, $1.82 per share in 2014, $1.64 per share in 2013)	(25,469)					(25,469)
Purchases of treasury stock	(3,394)			(3,394)
Purchases of treasury stock, shares		(110,606)
Issuance of treasury stock under employee stock plans, shares		24,840
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures			(1,211)	1,211
Restricted stock returned for payment of taxes	(2,387)			(2,387)
Restricted stock returned for payment of taxes, shares		(62,036)
BALANCE at Dec. 31, 2019	148,287	$ 103	203,441	(63,281)	(2,943)	10,967
BALANCE, shares at Dec. 31, 2019		8,881,086
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax	0
Net income	(8,947)					(8,947)
Other comprehensive income	(1,226)				(1,226)
Foreign currency translation adjustments	(1,226)
Issuance of restricted stock, net of forfeitures		$ 2	(2)
Issuance of restricted stock, net of forfeitures, shares		193,968
Stock-based compensation expense	6,701		6,701
Reclassification of compensation liability to be paid in shares	212		212
Dividends declared ($2.07 in 2015, $1.82 per share in 2014, $1.64 per share in 2013)	(3,715)					(3,715)
Purchases of treasury stock	(12,952)			(12,952)
Purchases of treasury stock, shares		(679,756)
Issuance of treasury stock under employee stock plans, shares		2,169
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures			(84)	83
Restricted stock returned for payment of taxes	(1,120)			(1,120)
Restricted stock returned for payment of taxes, shares		(43,045)
BALANCE at Dec. 31, 2020	$ 130,711	$ 105	210,268	(77,967)	0	(1,695)
BALANCE, shares at Dec. 31, 2020	8,904,902	8,326,948
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax	$ 4,169
Treasury Stock, Shares, Acquired, Employee Stock Plan		(27,474)
Treasury Stock, Acquired, Employee Stock Plan	(697)			(697)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax	4,169				4,169
Accumulated Other Comprehensive Income (Loss), Tax	(46)
Net income	9,763
Foreign currency translation adjustments	0
Issuance of restricted stock, net of forfeitures		$ 2	(2)
Issuance of restricted stock, net of forfeitures, shares		158,098
Stock-based compensation expense	5,835		5,835
Distributed Earnings	(20,823)		(20,823)
Dividends declared ($2.07 in 2015, $1.82 per share in 2014, $1.64 per share in 2013)	(3,706)					(3,706)
Purchases of treasury stock	(2,990)			(2,990)
Purchases of treasury stock, shares		(182,549)
Issuance of treasury stock under employee stock plans, shares		2,353
Issuance of treasury stock under employee stock plans	0		(91)	91
Restricted stock returned for payment of taxes	(884)			(884)
Restricted stock returned for payment of taxes, shares		(51,359)
BALANCE at Dec. 31, 2021	$ 117,906	$ 107	$ 195,187	$ (81,750)	$ 0	$ 4,362
BALANCE, shares at Dec. 31, 2021		8,253,491
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax	$ 0
Accumulated Other Comprehensive Income (Loss), Tax	$ 43

Concentration (Tables)

12 Months Ended

Dec. 31, 2021

Risks and Uncertainties [Abstract]

Concentration


	Years ended December 31,
	2021			2020			2019
Advisory fees from our largest client:
Asset-based fees	$	2,682		$	1,940		$	1,863
Performance-based fees	—			1,607			764
Percent of fee revenue	3.7		%	5.5		%	3.2		%

Income Taxes (Provision Components) (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current taxes:
U.S. Federal	$ 3,482	$ 1,350	$ 424
State and local	356	(534)	350
Foreign	(218)	(211)	(189)
Total current taxes	3,620	605	585
Deferred taxes:
U.S. Federal	446	500	2,619
State and local	30	44	222
Foreign	144	210	65
Total deferred taxes	620	754	2,906
Income tax expense (benefit)	$ 4,240	$ 1,359	$ 3,491

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income (Loss) Before Income Taxes by Jurisdiction

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


	Years ended December 31,
	2021		2020		2019
U.S.	$	13,989	$	(5,861)	$	10,237
Canada	14		(1,727)		(835)
Total	$	14,003	$	(7,588)	$	9,402

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

The difference between the Federal corporate tax rate and the effective tax rate is comprised of the following (in thousands). In 2021, we recast certain prior year income tax expense components.


	Years ended December 31,
	2021					2020					2019
Income tax provision computed at US federal statutory rate	$	2,935		21.0	%	$	(1,593)		21.0	%	$	1,974		21.0	%

State and local income taxes, net of federal income taxes	372			2.7		91			(1.2)		512			5.4
Amended state returns	—			—		(555)			7.3		—			—


Stock-based compensation	859			6.1		683			(9.0)		594			6.3

Tax on repatriation	—			—		1,378			(18.1)		—			—
Nondeductible currency losses	—			—		910			(12.0)		—			—
Impairment expense	—			—		398			(5.2)		—			—
Compensation subject to Section 162(m)	180			1.3		42			(0.6)		140			1.5
Other, net	(106)			(0.8)		5			(0.1)		271			2.9
Total income tax expense	$	4,240		30.3	%	$	1,359		(17.9)	%	$	3,491		37.1	%
Effective income tax rate	30.3		%			(17.9)		%			37.1		%

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

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


	Years ended December 31,
	2021		2020		2019
Current taxes:
U.S. Federal	$	3,482	$	1,350	$	424
State and local	356		(534)		350
Foreign	(218)		(211)		(189)
Total current taxes	3,620		605		585
Deferred taxes:
U.S. Federal	446		500		2,619
State and local	30		44		222
Foreign	144		210		65
Total deferred taxes	620		754		2,906
Total income tax expense	$	4,240	$	1,359	$	3,491

Deferred Tax Assets and Deferred Tax Liabilities

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


	As of December 31,
	2021		2020
Deferred tax assets:
Stock-based compensation expense	$	893	$	1,685
Deferred rent	1,344		1,734
Compensation and benefits payable	1,946		1,617
Federal unrecognized tax benefit	5		38
Deferred compensation	171		—
Other	11		—
Total deferred tax assets	4,370		5,074
Deferred tax liabilities:
Property and equipment	(223)		(429)
Intangibles	(1,256)		(907)
Unrealized gains on investments	(790)		(585)
Leases	(1,232)		(1,548)
Other	(21)		(137)
Total deferred tax liabilities	(3,522)		(3,606)
Net deferred tax assets	$	848	$	1,468

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the change in recorded uncertain tax positions during the years ended December 31, 2021 and 2020 is as follows (in thousands):






Balance at December 31, 2019	$	184
Additions for tax positions related to the current year	1
Reductions for tax positions related to prior years	(1)
Settlements	(5)
Balance at December 31, 2020	179
Additions for tax positions related to the current year	10
Reductions for tax positions related to prior years	(164)

Balance at December 31, 2021	$	25

Investments (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Investment Balances

All other investments are carried at fair value on a recurring basis and are accounted for as trading securities.

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


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
December 31, 2021:
U.S. Government and Government agency obligations	$	39,926	$	—	$	(491)	$	39,435
Money market funds	19,661		—		—		19,661
Equity funds	4,135		158		(7)		4,286
Equities	1,296		206		—		1,502
Exchange-traded bond funds	140		—		—		140
Total trading securities	$	65,158	$	364	$	(498)	$	65,024
Private investment fund	265		—		(121)		144
Private equity	3,420		949		—		4,369
Total investments carried at fair value	$	68,843	$	1,313	$	(619)	$	69,537

December 31, 2020:
U.S. Government and Government agency obligations	$	65,132	$	2	$	(180)	$	64,954
Money market funds	4,003		—		—		4,003
Equity funds	90		—		(5)		85
Equities	288		94		—		382
Exchange-traded bond funds	115		3		—		118
Total trading securities	$	69,628	$	99	$	(185)	$	69,542
Private investment fund	250		—		(154)		96
Private equity	3,420		11		—		3,431
Total investments carried at fair value	$	73,298	$	110	$	(339)	$	73,069

Other Revenue

The following amounts, except for income tax amounts, are included in our Consolidated Statements of Comprehensive Income (Loss) under the headings “Other revenues, net," "Net change in unrealized appreciation (depreciation) on private investments," or "Investment Income" (in thousands):


	2021		2020		2019
Realized gains	$	41	$	110	$	707
Realized losses	(212)		(116)		(122)
Net realized gains (losses)	$	(171)	$	(6)	$	585
Income tax expense from gains (losses)	$	(36)	$	(1)	$	123
Interest income – trading	$	716	$	786	$	894
Dividend income	$	35	$	101	$	283
Unrealized gains/(losses)	$	923	$	(1,056)	$	3,650

Investments Private Equity Investment (Details 2) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investments, All Other Investments [Abstract]
Long-term Investments	$ 4,455	$ 8,154

Description of the Business (Details Textual) $ in Millions	12 Months Ended
Description of the Business (Details Textual) $ in Millions	Dec. 31, 2021 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restricted Stock Award, Forfeitures	$ (1.3)

Quarterly Financial Data

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY FINANCIAL DATA (Unaudited)

QUARTERLY FINANCIAL DATA (Unaudited):The following is a summary of unaudited quarterly results of operations for the years ended December 31, 2021 and 2020 (in thousands, except per share amounts):


	Quarter
	First		Second		Third		Fourth
2021
Revenues	$	18,319	$	17,484	$	17,860	$	19,391
Income before income taxes	7,014		1,416		2,360		3,213
Net income	4,101		970		1,879		2,813
Basic earnings per common share	0.52		0.12		0.24		0.36
Diluted earnings per common share	0.52		0.12		0.24		0.36

2020
Revenues	$	16,669	$	15,875	$	15,454	$	17,113
Income (loss) before income taxes	(1)		(1,817)		(8,318)		2,548
Net income (loss)	1,102		(2,575)		(10,289)		2,815
Basic earnings (loss) per common share	0.13		(0.33)		(1.31)		0.36
Diluted earnings (loss) per common share	0.13		(0.33)		(1.31)		0.36

Regulatory Capital Requirements (Details) $ in Millions	Dec. 31, 2021 USD ($)
Banking and Thrift [Abstract] (Deprecated 2020-01-31)
Banking Regulation, Tangible Capital, Minimum	$ 4.0
Banking Regulation, Tangible Capital, Excess, Actual	$ 14.2

Balance Sheet Components

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS:

Property and Equipment

The following table reflects information about our property and equipment as of December 31, 2021 and 2020 (in thousands):


	As of December 31,
	2021		2020
Leasehold improvements	$	4,956	$	5,385
Furniture and fixtures	2,590		2,728
Computer hardware and office equipment	3,205		3,129

Accumulated depreciation	(8,637)		(8,056)
Property and equipment, net	$	2,114	$	3,186

Contract Asset

We record a contract asset when we have a right to payment from a customer that is conditioned on events other than the passage of time. Contract assets are included in Other current assets in the accompanying Consolidated Balance Sheets, and the

following table reflects our contract asset balances as of December 31, 2021 and 2020 (in thousands):

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

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Goodwill

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


	As of December 31,
	2021		2020
Beginning balance	$	16,401	$	19,804
Impairment expense	—		(3,403)
Ending balance	$	16,401	$	16,401

Summary of Intangible Assets

The following is a summary of intangible assets at December 31, 2021 and 2020 (in thousands, except years):


	Weighted Average Amortization Period (years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
2021
Client relationships	14.8	$	21,431	$	(10,216)	$	11,215
Internally developed software	5.8	1,439		(743)		696


		$	22,870	$	(10,959)	$	11,911
2020
Client relationships	14.8	$	21,431	$	(8,850)	$	12,581
Internally developed software	5.8	1,439		(485)		954


		$	22,870	$	(9,335)	$	13,535

Goodwill impairment loss

$ 3,403

$ 0

Amortization expense

$ 1,624

$ 1,721

$ 1,726

Estimated Amortization Expense for Intangible Assets over the Next Five Years

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


For the year ending December 31,	Estimated Amortization Expense
2022	$	1,623
2023	$	1,604
2024	$	1,529
2025	$	1,372
2026	$	1,359

Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Tax Reform [Line Items]
Prepaid Taxes	$ 233	$ 1,700
U.S. Federal corporate tax rate	21.00%	21.00%	21.00%
Uncertain tax position	$ 25	$ 179	$ 184
Additions for tax positions related to the current year	10		1
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount	0	$ 1,378	$ 0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 200

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2021

Variable Interest Entities [Abstract]

Variable Interest Entities

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


	As of December 31, 2021
	Assets Under Management		Corporate Investment		Amount at Risk
VIEs/VOEs:
Westwood Funds®	$	3,046	$	—	$	—
Common Trust Funds	886		$	—	$	—

Private Funds	4		$	0.1	$	0.1
Private Equity	—		$	8.9	$	8.9

All other assets:
Wealth Management	3,530
Institutional	7,037
Total AUM	$	14,503

- Definition

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

+ References + Details

Goodwill and Other Intangible Assets (Estimated Amortization) (Details 2) $ in Thousands	Dec. 31, 2021 USD ($)
Estimated amortization expense for intangible assets for the next five years
2019	$ 1,623
2020	1,604
2021	1,529
2022	1,372
2023	$ 1,359

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2021
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. At both December 31, 2021 and at December 31, 2020, there was approximately $0.1 million in fees due from these accounts. For each of the years ended December 31, 2021, 2020 and 2019, we recorded trust fees from these accounts of $0.4 million. One director serves as a consultant to the Company under a consulting agreement for which we recorded expenses of $0.1 million for each of the years ended December 31, 2021 and 2020, and $0.2 million for the year ended December 31, 2019. The Company engages in transactions with its affiliates as part of its operations. Westwood International Advisors (prior to its closure, effective September 30, 2020) and Westwood Management provide investment advisory services to the UCITS Fund (prior to its liquidation in June 2020) and the Westwood Funds®. Certain members of our management served on the board of directors of the UCITS Fund before its liquidation. Under the terms of the investment advisory agreements, the Company earned quarterly fees paid by clients of the fund or by the funds directly. The fees are based on negotiated fee schedules applied to AUM. For the year ended December 31, 2021, we did not record any fees from the affiliated Funds. For the years ended December 31, 2020 and 2019, we recorded fees from the affiliated Funds of $0.9 million and $2.8 million, respectively, which are included in “Asset-based advisory fees” on our Consolidated Statement of Comprehensive Income (Loss). As of December 31, 2021 and 2020, all of these fees had been collected.

Concentration

12 Months Ended

Dec. 31, 2021

Risks and Uncertainties [Abstract]

CONCENTRATION

CONCENTRATION:For the year ended December 31, 2021, our ten largest clients accounted for approximately 22% of our fee revenue. For each of the years ended December 31, 2020 and 2019, our ten largest clients accounted for approximately 24% of our fee revenue. No single customer accounted for 10% or more of our fee revenues in any of these years. The following table presents advisory fee revenue received from our single largest client in each year (in thousands):


	Years ended December 31,
	2021			2020			2019
Advisory fees from our largest client:
Asset-based fees	$	2,682		$	1,940		$	1,863
Performance-based fees	—			1,607			764
Percent of fee revenue	3.7		%	5.5		%	3.2		%

Revenue (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

Sales taxes are excluded from revenues. The following table presents our revenue disaggregated by account type (in thousands). In 2021, we recast certain prior year revenues related to performance fees.


	Year Ended December 31,
	2021		2020		2019
Advisory Fees:
Institutional	$	31,069	$	28,878	$	38,053
Mutual Funds	17,507		11,488		19,288
Wealth Management	686		470		456

Trust Fees	24,131		23,929		25,483

Other	(339)		346		799
Total revenues	$	73,054	$	65,111	$	84,079

Revenue Disaggregation by Geographic Location [Table Text Block]

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


Year Ended December 31, 2021	Advisory		Trust		Performance-based		Other		Total


Canada	$	1,163	$	—	$	—	$	—	$	1,163
Europe	638		—		262		—		900
U.S.	45,512		24,131		1,687		(339)		70,991
Total	$	47,313	$	24,131	$	1,949	$	(339)	$	73,054

Year Ended December 31, 2020	Advisory		Trust		Performance-based		Other		Total
Asia	$	696	$	—	$	—	$	—	$	696

Canada	1,505		—		—		—		1,505
Europe	2,707		—		1,570		—		4,277
U.S.	33,120		23,563		1,604		346		58,633
Total	$	38,028	$	23,563	$	3,174	$	346	$	65,111


Year Ended December 31, 2019	Advisory		Trust		Performance-based		Other		Total
Asia	$	1,639	$	—	$	—	$	—	$	1,639
Australia	591		—		—		—		591
Canada	2,740		—		—		282		3,022
Europe	3,703		—		764		—		4,467
U.S.	48,360		25,483		—		517		74,360
Total	$	57,033	$	25,483	$	764	$	799	$	84,079

Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS (LOSS) PER SHARE:Basic earnings (loss) per common share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares outstanding. Diluted EPS is computed based on the weighted average shares of common stock outstanding plus the effect of any dilutive shares of restricted stock granted to employees and non-

employee directors. There were approximately 116,000, 381,000 and 76,000 anti-dilutive restricted shares as of December 31, 2021, 2020 and 2019, respectively.

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


	Years ended December 31,
	2021		2020		2019
Net income (loss)	$	9,763	$	(8,947)	$	5,911

Weighted average shares outstanding – basic	7,875,395		7,987,554		8,408,017
Dilutive potential shares from unvested restricted shares	52,577		—		55,222

Weighted average shares outstanding – diluted	7,927,972		7,987,554		8,463,239
Earnings (loss) per share:
Basic	$	1.24	$	(1.12)	$	0.70
Diluted	$	1.23	$	(1.12)	$	0.70

Variable Interest Entities

12 Months Ended

Dec. 31, 2021

Variable Interest Entities [Abstract]

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES:

As discussed in Note 2 “Summary of Significant Accounting Policies,” the CTFs and Private Funds (together the “Westwood VIEs”) are considered VIEs, and the Westwood Funds® and Private Equity are considered VOEs (together the “Westwood VOEs”). We receive fees for managing assets in these entities commensurate with market rates. As of December 31, 2021 and 2020, we evaluated all of the Westwood VIEs and Westwood VOEs to determine whether or not we should consolidate the entities into our Consolidated Financial Statements. For the Westwood VIEs, we evaluated whether or not we qualify as the primary beneficiary based on whether we have the obligation to absorb significant losses, the right to receive residual returns and the right to direct the activities of the entity that most significantly impact the entity’s economic performance. For the Westwood VOEs, we evaluated whether or not we own a controlling financial interest in the entities. Based on our analyses, we have not consolidated the Westwood VIEs or Westwood VOEs into our Consolidated Financial Statements for the years ended December 31, 2021 or 2020.

We have not otherwise provided any financial support that we were not previously contractually obligated to provide and there are no arrangements that would require us to provide additional financial support to any of these entities. Our seed investments in the Westwood Funds® are accounted for as investments in accordance with our other investments described in Note 5 “Investments.”

We recognized fee revenue from the Westwood VIEs and Westwood VOEs of approximately $22.8 million, $19.3 million and $31.0 million for the twelve months ended December 31, 2021, 2020 and 2019, respectively.


	As of December 31, 2021
	Assets Under Management		Corporate Investment		Amount at Risk
VIEs/VOEs:
Westwood Funds®	$	3,046	$	—	$	—
Common Trust Funds	886		$	—	$	—

Private Funds	4		$	0.1	$	0.1
Private Equity	—		$	8.9	$	8.9

All other assets:
Wealth Management	3,530
Institutional	7,037
Total AUM	$	14,503

Segment Reporting (Details) - USD ($)	3 Months Ended								12 Months Ended
Segment Reporting (Details) - USD ($)	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenue From External Sources									$ 73,393,000	$ 64,765,000	$ 83,280,000
Net intersegment revenues									0	0	0
Interest and Dividend Income, Operating										35,000	103,000
Net interest and dividend revenue									868,000	604,000	1,318,000
Other revenue									(339,000)	311,000	696,000
Total revenues	$ 19,391,000	$ 17,860,000	$ 17,484,000	$ 18,319,000	$ 17,113,000	$ 15,454,000	$ 15,875,000	$ 16,669,000	73,054,000	65,111,000	84,079,000
Expenses:
Depreciation and amortization									2,396,000	2,642,000	2,624,000
Goodwill impairment loss									3,403,000	3,403,000	0
Other operating expenses									64,699,000	62,513,000	76,811,000
Total expenses									67,095,000	68,558,000	79,435,000
Realized Investment Gains (Losses)									8,371,000
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal											3,296,000
Income (loss) before income taxes	3,213,000	2,360,000	1,416,000	7,014,000	2,548,000	(8,318,000)	(1,817,000)	(1,000)	14,003,000	(7,588,000)	9,402,000
Income tax expense (benefit)									4,240,000	1,359,000	3,491,000
Net income	2,813,000	$ 1,879,000	$ 970,000	$ 4,101,000	2,815,000	$ (10,289,000)	$ (2,575,000)	$ 1,102,000	9,763,000	(8,947,000)	5,911,000
Restricted stock expense									5,835,000	6,701,000	10,305,000
Amortization of intangible assets									1,624,000	1,721,000	1,726,000
Assets	139,605,000				149,152,000				139,605,000	149,152,000	178,707,000
Segment goodwill	16,401,000				16,401,000				16,401,000	16,401,000	19,804,000
Expenditures for long-lived assets									178,000	93,000	593,000
Unrealized Gain (Loss) on Investments									(1,797,000)	(711,000)	3,296,000
Investment Income, Investment Expense									868,000	604,000	1,318,000
Other Income									602,000	135,000	144,000
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax										(4,169,000)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax										4,169,000
General and Administrative Expense [Member]
Expenses:
Amortization of intangible assets									1,600,000	1,700,000
Operating Segments \| Advisory [Member]
Segment Reporting Information [Line Items]
Revenue From External Sources									49,262,000	40,836,000	57,797,000
Net intersegment revenues									2,415,000	2,338,000	3,457,000
Interest and Dividend Income, Operating										35,000	103,000
Other revenue									(339,000)	311,000	696,000
Total revenues									51,338,000	43,520,000	62,053,000
Expenses:
Depreciation and amortization									167,000	322,000	311,000
Goodwill impairment loss										3,403,000
Other operating expenses									33,249,000	34,675,000	46,235,000
Total expenses									33,416,000	38,400,000	46,546,000
Realized Investment Gains (Losses)									3,524,000
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal											1,438,000
Income (loss) before income taxes									21,564,000	5,361,000	17,962,000
Income tax expense (benefit)									4,784,000	3,456,000	4,308,000
Net income									16,780,000	1,905,000	13,654,000
Assets	222,335,000				204,827,000				222,335,000	204,827,000	242,854,000
Segment goodwill	0				0				0	0	3,403,000
Expenditures for long-lived assets									66,000	20,000	288,000
Unrealized Gain (Loss) on Investments									(757,000)	(311,000)
Investment Income, Investment Expense									875,000	552,000	1,017,000
Other Income									0	0	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax										0
Operating Segments \| Trust [Member]
Segment Reporting Information [Line Items]
Revenue From External Sources									24,131,000	23,929,000	25,483,000
Net intersegment revenues									356,000	263,000	236,000
Net interest and dividend revenue										0	0
Other revenue									0	0	0
Total revenues									24,487,000	24,192,000	25,719,000
Expenses:
Depreciation and amortization									1,614,000	1,656,000	1,765,000
Goodwill impairment loss										0
Other operating expenses									18,092,000	17,398,000	19,672,000
Total expenses									19,706,000	19,054,000	21,437,000
Realized Investment Gains (Losses)									2,731,000
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal											1,026,000
Income (loss) before income taxes									6,918,000	4,968,000	5,606,000
Income tax expense (benefit)									1,262,000	1,977,000	1,459,000
Net income									5,656,000	2,991,000	4,147,000
Assets	56,965,000				54,749,000				56,965,000	54,749,000	51,274,000
Segment goodwill	16,401,000				16,401,000				16,401,000	16,401,000	16,401,000
Expenditures for long-lived assets									61,000	24,000	223,000
Unrealized Gain (Loss) on Investments									(587,000)	(222,000)
Investment Income, Investment Expense									(7,000)	52,000	298,000
Other Income									0	0	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax										0
Westwood Holdings
Segment Reporting Information [Line Items]
Revenue From External Sources									0	0	0
Net intersegment revenues									0	0	0
Net interest and dividend revenue										0	0
Other revenue									0	0	0
Total revenues									0	0	0
Expenses:
Depreciation and amortization									615,000	664,000	548,000
Goodwill impairment loss										0
Other operating expenses									16,129,000	13,041,000	14,597,000
Total expenses									16,744,000	13,705,000	15,145,000
Realized Investment Gains (Losses)									2,116,000
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal											832,000
Income (loss) before income taxes									(14,479,000)	(17,917,000)	(14,166,000)
Income tax expense (benefit)									(1,806,000)	(4,074,000)	(2,276,000)
Net income									(12,673,000)	(13,843,000)	(11,890,000)
Assets	12,784,000				17,247,000				12,784,000	17,247,000	24,732,000
Segment goodwill	0				0				0	0	0
Expenditures for long-lived assets									51,000	49,000	82,000
Unrealized Gain (Loss) on Investments									(453,000)	(178,000)
Investment Income, Investment Expense									0	0	3,000
Other Income									602,000	135,000	144,000
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax										(4,169,000)
Eliminations
Segment Reporting Information [Line Items]
Revenue From External Sources									0	0	0
Net intersegment revenues									(2,771,000)	(2,601,000)	(3,693,000)
Net interest and dividend revenue										0	0
Other revenue										0	0
Total revenues									(2,771,000)	(2,601,000)	(3,693,000)
Expenses:
Depreciation and amortization									0	0	0
Goodwill impairment loss										0
Other operating expenses									(2,771,000)	(2,601,000)	(3,693,000)
Total expenses									(2,771,000)	(2,601,000)	(3,693,000)
Realized Investment Gains (Losses)									0
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal											0
Income (loss) before income taxes									0	0	0
Income tax expense (benefit)									0	0	0
Net income									0	0	0
Assets	(152,479,000)				(127,671,000)				(152,479,000)	(127,671,000)	(140,153,000)
Segment goodwill	$ 0				$ 0				0	0	0
Expenditures for long-lived assets									0	0	0
Unrealized Gain (Loss) on Investments									0	0
Investment Income, Investment Expense									0	0	0
Other Income									$ 0	0	$ 0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax										$ 0

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 15,206,000	$ 13,016,000
Accounts Receivable, after Allowance for Credit Loss	11,152,000	9,450,000
Investments, at fair value	65,024,000	69,542,000
Prepaid Taxes	233,000	1,700,000
Other current assets	2,246,000	2,606,000
Total current assets	93,861,000	96,314,000
Long-term Investments	4,455,000	8,154,000
Goodwill	16,401,000	16,401,000
Deferred income taxes	848,000	1,468,000
Intangible assets, net	11,911,000	13,535,000
Property and equipment, net of accumulated depreciation of $8,637 and $8,056	2,114,000	3,186,000
Assets	139,605,000	149,152,000
Current Liabilities:
Accounts payable and accrued liabilities	2,637,000	1,627,000
Dividends payable	1,800,000	810,000
Compensation and benefits payable	9,530,000	7,448,000
Income taxes payable	466,000	191,000
Total current liabilities	15,842,000	11,794,000
Accrued dividends	1,133,000	526,000
Total long-term liabilities	5,857,000	6,647,000
Total liabilities	21,699,000	18,441,000
Commitments and contingencies
Stockholders’ Equity:
Common stock, $0.01 par value, authorized 25,000,000 shares, issued 10,658,644 and outstanding 8,253,491 shares at December 31, 2021; issued 10,500,549 and outstanding 8,326,948 shares at December 31, 2020	107,000	105,000
Additional paid-in capital	195,187,000	210,268,000
Treasury stock, at cost – 2,405,154 shares at December 31, 2021; 2,173,559 shares at December 31, 2020	(81,750,000)	(77,967,000)
Retained earnings (accumulated deficit)	4,362,000	(1,695,000)
Total stockholders’ equity	117,906,000	130,711,000
Total liabilities and stockholders’ equity	139,605,000	149,152,000
Operating Lease, Right-of-Use Asset	4,868,000	6,103,000
Other Assets, Noncurrent	634,000	464,000
Assets, Noncurrent [Abstract]	45,744,000	52,838,000
Operating Lease, Liability	6,133,000	7,839,000
Operating Lease, Liability, Current	1,409,000	1,718,000
Operating Lease, Liability, Noncurrent	4,724,000	6,121,000
Other Long-term Investments	$ 4,513,000	$ 3,527,000

Segment Reporting - Reconciliation of Net Income to Economic Earnings (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting [Abstract]
Net income	$ 2,813	$ 1,879	$ 970	$ 4,101	$ 2,815	$ (10,289)	$ (2,575)	$ 1,102	$ 9,763	$ (8,947)	$ 5,911
Restricted stock expense									5,835	6,701	10,305
Amortization of intangible assets									$ 1,624	$ 1,721	$ 1,726

- Definition

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

+ References

+ Details

Income Taxes (by jurisdiction) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income (loss) before income taxes by jurisdiction
U.S.									$ 13,989	$ (5,861)	$ 10,237
Canada									14	(1,727)	(835)
Income (loss) before income taxes	$ 3,213	$ 2,360	$ 1,416	$ 7,014	$ 2,548	$ (8,318)	$ (1,817)	$ (1)	$ 14,003	$ (7,588)	$ 9,402

- Definition

+ References

+ Details

Income Taxes (Effective tax rate reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Difference between the Federal corporate tax rate and the effective tax rate
Income tax provision computed at US federal statutory rate	$ 2,935	$ (1,593)	$ 1,974
Other, net	(106)	5	271
Income tax expense (benefit)	$ 4,240	$ 1,359	$ 3,491
Income tax provision computed at US federal statutory rate, effective tax rate	21.00%	21.00%	21.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount	$ 372	$ 91	$ 512
State and local income taxes, net of federal income taxes, effective tax rate	2.70%	(1.20%)	5.40%
Effective Income Tax Rate Reconciliation, Tax Settlement, State and Local, Amount	$ 0	$ (555)	$ 0
Effective Income Tax Rate Reconciliation, Tax Settlement, Percent	0.00%	7.30%	0.00%
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount	$ 0	$ 1,378	$ 0
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent	0.00%	(18.10%)	0.00%
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent	0.00%	(12.00%)	0.00%
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount	$ 0	$ 910	$ 0
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent	0.00%	(5.20%)	0.00%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount	$ 0	$ 398	$ 0
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent	1.30%	(0.60%)	1.50%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount	$ 180	$ 42	$ 140
Other, net, effective tax rate	(0.80%)	(0.10%)	2.90%
Effective income tax rate	30.30%	(17.90%)	37.10%
State and local income taxes, net of federal income taxes, effective tax rate	2.70%	(1.20%)	5.40%
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 4,369	$ 3,431	$ 3,975
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount	$ 859	$ 683	$ 594
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Percent	6.10%	(9.00%)	6.30%
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount [Abstract]
Income tax provision computed at US federal statutory rate, effective tax rate	21.00%	21.00%	21.00%
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount	$ 0	$ 1,378	$ 0
Other, net, effective tax rate	(0.80%)	(0.10%)	2.90%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount	$ 372	$ 91	$ 512

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

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Advisory Fee Revenues

Our advisory fees are generated by Westwood Management and Westwood International Advisors (prior to its closure, effective September 30, 2020), for managing client accounts under investment advisory and sub-advisory agreements. Advisory fees are typically calculated based on a percentage of AUM and are paid in accordance with the terms of the agreements. Advisory fees are paid quarterly in advance based on AUM on the last day of the preceding quarter, quarterly in arrears based on AUM on the last day of the quarter just ended or are based on a daily or monthly analysis of AUM for the stated period. We recognize advisory fee revenues as services are rendered. Since our advance paying clients' billing periods coincide with the calendar quarter to which such payments relate, revenue is recognized within the quarter and our Consolidated Financial Statements contain no deferred advisory fee revenues. Advisory clients typically consist of institutional and mutual fund accounts.

Institutional investors include separate accounts of (i) corporate pension and profit sharing plans, public employee retirement funds, Taft-Hartley plans, endowments, foundations and individuals; (ii) sub-advisory 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. The UCITS Fund was liquidated in June 2020.

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, and a limited number of our mutual fund offerings have fees that generate additional revenues if we outperform specified indices over specific periods of time.

The revenue is based on future market performance and is subject to factors outside our control. We cannot conclude that a significant reversal in the cumulative amount of revenue recognized will not occur during the measurement period, and therefore the revenue is recorded at the end of the measurement period when the performance obligation has been satisfied.

Trust Fee Revenues

Our trust fees are generated by Westwood Trust pursuant to trust or custodial agreements. Trust fees are separately negotiated with each client and are generally based on a percentage of AUM. 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 AUM for the quarter, or monthly, based on the month-end value of AUM. Since billing periods for most of Westwood Trust’s clients coincide with the calendar quarter, revenue is fully recognized within the quarter and our Consolidated Financial Statements contain no deferred advisory fee revenues.

Other Revenues

Following the execution of a $2.6 million contract with a service provider, we recognized contract revenue of $0.4 million for the year ended December 31, 2020, which was recognized over time for financial reporting purposes. We estimate contract revenue based upon the expected value method, which requires significant judgment regarding probabilities of

consideration amounts, variable considerations and constraints. We did not recognize any contract revenue for the years ended December 31, 2021 or 2019. In 2021 we collected $0.3 million of the previously recognized contract revenues.

Revenue Disaggregated


	Year Ended December 31,
	2021		2020		2019
Advisory Fees:
Institutional	$	31,069	$	28,878	$	38,053
Mutual Funds	17,507		11,488		19,288
Wealth Management	686		470		456

Trust Fees	24,131		23,929		25,483

Other	(339)		346		799
Total revenues	$	73,054	$	65,111	$	84,079

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


Year Ended December 31, 2021	Advisory		Trust		Performance-based		Other		Total


Canada	$	1,163	$	—	$	—	$	—	$	1,163
Europe	638		—		262		—		900
U.S.	45,512		24,131		1,687		(339)		70,991
Total	$	47,313	$	24,131	$	1,949	$	(339)	$	73,054

Year Ended December 31, 2020	Advisory		Trust		Performance-based		Other		Total
Asia	$	696	$	—	$	—	$	—	$	696

Canada	1,505		—		—		—		1,505
Europe	2,707		—		1,570		—		4,277
U.S.	33,120		23,563		1,604		346		58,633
Total	$	38,028	$	23,563	$	3,174	$	346	$	65,111


Year Ended December 31, 2019	Advisory		Trust		Performance-based		Other		Total
Asia	$	1,639	$	—	$	—	$	—	$	1,639
Australia	591		—		—		—		591
Canada	2,740		—		—		282		3,022
Europe	3,703		—		764		—		4,467
U.S.	48,360		25,483		—		517		74,360
Total	$	57,033	$	25,483	$	764	$	799	$	84,079

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

$ (73,054)

$ (65,111)

$ (84,079)

Proceeds from Sale and Collection of Receivables

(300)

Increase (Decrease) in Contract with Customer, Asset

2,600

Revenue from Contract with Customer, Including Assessed Tax

400

UNITED STATES

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(70,991)

(58,633)

(74,360)

Europe [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(900)

(4,277)

(4,467)

CANADA

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(1,163)

(1,505)

(3,022)

AUSTRALIA

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(591)

Asia [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(696)

(1,639)

Other Revenue Misc Services [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

339

(346)

(799)

Other Revenue Misc Services [Member] | UNITED STATES

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

339

(346)

(517)

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

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Other Revenue Misc Services [Member] | CANADA

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(282)

Other Revenue Misc Services [Member] | AUSTRALIA

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

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

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

performance fee [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(1,949)

(3,174)

(764)

performance fee [Member] | UNITED STATES

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(1,687)

(1,604)

performance fee [Member] | Europe [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(262)

(1,570)

(764)

performance fee [Member] | CANADA

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

performance fee [Member] | AUSTRALIA

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

performance fee [Member] | Asia [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Trust Fee [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(24,131)

(23,563)

(25,483)

Trust Fee [Member] | UNITED STATES

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(24,131)

(23,563)

(25,483)

Trust Fee [Member] | Europe [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Trust Fee [Member] | CANADA

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Trust Fee [Member] | AUSTRALIA

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Trust Fee [Member] | Asia [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Investment Advisory Services [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(47,313)

(38,028)

(57,033)

Investment Advisory Services [Member] | UNITED STATES

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(45,512)

(33,120)

(48,360)

Investment Advisory Services [Member] | Europe [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(638)

(2,707)

(3,703)

Investment Advisory Services [Member] | CANADA

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(1,163)

(1,505)

(2,740)

Investment Advisory Services [Member] | AUSTRALIA

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(591)

Investment Advisory Services [Member] | Asia [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(696)

(1,639)

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

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

339

(346)

(799)

Advisory [Member] | Investment Advisory Services [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(31,069)

(28,878)

(38,053)

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

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(17,507)

(11,488)

(19,288)

Advisory [Member] | Private Wealth Advisory [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

(686)

(470)

(456)

Trust [Member] | Trust Fee [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

$ (24,131)

$ (23,929)

$ (25,483)

Employee Benefits (Service Grants and Vests) (Details) - Service condition restricted stock expense - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Weighted-average grant date fair value for shares granted and the total fair value of shares vested
Weighted-average grant date fair value (in dollars per share)	$ 17.10	$ 27.39	$ 38.64
Fair value of shares vested (in thousands)	$ 7,630	$ 7,480	$ 9,273

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Property and equipment, accumulated depreciation	$ 8,637	$ 8,056
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued		10,182,583
Common stock, shares outstanding		8,904,902
Treasury stock, shares		1,277,681

Related Party Transactions (Details Textual) - USD ($)	12 Months Ended
Related Party Transactions (Details Textual) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Sublease Income	$ 602,000	$ 135,000	$ 144,000
Related Party Transaction, Expenses from Transactions with Related Party	100,000		200,000
Sublease Income	602,000	135,000	144,000
Accounts Receivable, Related Parties	100,000
UCITS Fund
Related Party Transaction [Line Items]
Fees earned from related party		$ 900,000	$ 2,800,000
Trust
Related Party Transaction [Line Items]
Fees earned from related party	$ 400,000

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07.1(c))
-URI http://asc.fasb.org/extlink&oid=120401555&loc=SL114874292-224272

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer, Including Assessed Tax	$ 400,000
Other Revenue, Net	(339,000)	$ 346,000	$ 799,000
Total revenues	73,054,000	65,111,000	84,079,000
Employee compensation and benefits	42,532,000	42,141,000	50,152,000
Amortization of intangible assets	1,624,000	1,721,000	1,726,000
Unrealized Gain (Loss) on Investments	(1,797,000)	(711,000)	3,296,000
Net interest and dividend revenue	868,000	604,000	1,318,000
Other Income	602,000	135,000	144,000
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax		(4,169,000)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	14,003,000	(7,588,000)	9,402,000
Provision for income taxes	4,240,000	1,359,000	3,491,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	9,763,000	(8,947,000)	5,911,000
Goodwill impairment loss	$ 3,403,000	$ 3,403,000	$ 0
Basic (in dollars per share)	$ 1.24	$ (1.12)	$ 0.70
Diluted (in dollars per share)	$ 1.23	$ (1.12)	$ 0.70
Sales and marketing	$ 1,280,000	$ 1,194,000	$ 2,068,000
Westwood mutual funds	2,657,000	1,681,000	3,097,000
Information technology	8,161,000	8,111,000	8,426,000
Professional services	4,391,000	4,271,000	4,322,000
General and administrative	8,074,000	8,941,000	9,516,000
Operating Expenses	67,095,000	68,558,000	79,435,000
Operating Income (Loss)	5,959,000	(3,447,000)	4,644,000
Realized Investment Gains (Losses)	8,371,000
Expenses:
Employee compensation and benefits	42,532,000	42,141,000	50,152,000
Sales and marketing	1,280,000	1,194,000	2,068,000
Westwood mutual funds	2,657,000	1,681,000	3,097,000
Information technology	8,161,000	8,111,000	8,426,000
Professional services	4,391,000	4,271,000	4,322,000
General and administrative	8,074,000	8,941,000	9,516,000
Foreign Currency Transaction Gain (Loss), before Tax	0	(1,184,000)	(1,854,000)
Operating Income (Loss)	5,959,000	(3,447,000)	4,644,000
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal			3,296,000
Income (loss) before income taxes	14,003,000	(7,588,000)	9,402,000
Provision for income taxes	4,240,000	1,359,000	3,491,000
Net income (loss)	9,763,000	(8,947,000)	5,911,000
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	0	(1,226,000)	1,940,000
Other comprehensive income (loss)		(1,226,000)	1,940,000
Total comprehensive income (loss)	$ 9,763,000	$ (6,004,000)	$ 7,851,000
Earnings (loss) per share:
Basic (in dollars per share)	$ 1.24	$ (1.12)	$ 0.70
Diluted (in dollars per share)	$ 1.23	$ (1.12)	$ 0.70
Weighted average shares outstanding:
Basic (in shares)	7,875,395	7,987,554	8,408,017
Diluted (in shares)	7,927,972	7,987,554	8,463,239
Unrealized Gain (Loss) on Investments	$ (1,797,000)	$ (711,000)	$ 3,296,000
Investment Income, Investment Expense	868,000	604,000	1,318,000
Other Income	602,000	135,000	144,000
Goodwill impairment loss	3,403,000	3,403,000	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax		(4,169,000)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax	0	4,169,000	0
General and Administrative Expense [Member]
Amortization of intangible assets	1,600,000	1,700,000
Asset Management [Member]
Revenue from Contract with Customer, Including Assessed Tax	45,927,000	38,028,000	57,033,000
Investment Performance [Member]
Revenue from Contract with Customer, Including Assessed Tax	3,335,000	2,808,000	764,000
Fiduciary and Trust [Member]
Revenue from Contract with Customer, Including Assessed Tax	24,030,000	23,563,000	25,483,000
Trust performance-based fees [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 101,000	$ 366,000	$ 0

Subsequent Events	2 Months Ended
Subsequent Events	Mar. 04, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS:Dividends Declared On February 9, 2022, the Board of Directors declared a quarterly cash dividend of $0.15 per share of common stock payable on April 1, 2022 to stockholders of record on March 4, 2022. Restricted Stock Grants On March 2, 2022 we issued approximately $6.3 million of restricted stock to employees, or approximately 380,000 shares based on the closing price of our stock on February 23, 2022. The shares are subject to vesting conditions described in Note 7 “Employee Benefits” of our Consolidated Financial Statements in this Report.

Investments (Other Revenue) (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Realized gains	$ 41	$ 110	$ 707
Realized losses	(212)	(116)	(122)
Net realized gains (losses)	(171)	(6)	585
Income tax expense from gains (losses)	(36)	(1)	123
Interest income – trading	716	786	894
Dividend income	35	101	283
Gain (Loss) on Investments	923
Unrealized gains/(losses)	$ (1,845)	$ (1,056)	$ 3,650

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Earnings Per Share, Policy [Policy Text Block]

Basic earnings (loss) per common share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares outstanding. Diluted EPS is computed based on the weighted average shares of common stock outstanding plus the effect of any dilutive shares of restricted stock granted to employees and non-

employee directors. There were approximately 116,000, 381,000 and 76,000 anti-dilutive restricted shares as of December 31, 2021, 2020 and 2019, respectively.

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


	Years ended December 31,
	2021		2020		2019
Net income (loss)	$	9,763	$	(8,947)	$	5,911

Weighted average shares outstanding – basic	7,875,395		7,987,554		8,408,017
Dilutive potential shares from unvested restricted shares	52,577		—		55,222

Weighted average shares outstanding – diluted	7,927,972		7,987,554		8,463,239
Earnings (loss) per share:
Basic	$	1.24	$	(1.12)	$	0.70
Diluted	$	1.23	$	(1.12)	$	0.70

Principles of consolidation

Principles of Consolidation

The accompanying Consolidated Financial Statements include the accounts of Westwood and its subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation.

We assess each legal entity that we manage to determine whether consolidation is appropriate at the onset of the relationship. We first determine whether the entity is a variable interest entity (“VIE”), or a voting interest entity (“VOE”), under GAAP and whether we have a controlling financial interest in the entity. Assessing whether or not an entity is a VOE or VIE and if it requires consolidation involves judgment and analysis. Factors considered in this assessment include, but are not limited to, the legal organization of the entity, our equity ownership and contractual involvement with the entity and any related party or de facto agent implications of our involvement with the entity. We reconsider whether entities are a VIE or VOE whenever contractual arrangements change, the entity receives additional equity or returns equity to its investors or changes in facts and circumstances occur that change the investors’ abilities to direct the activities of the entity.

A VIE is an entity in which (i) the total equity investment at risk is not sufficient to enable the entity to finance its activities without subordinated financial support, (ii) the at-risk equity holders, as a group, lack the characteristics of a controlling financial interest or (iii) the entity is structured with disproportionate voting rights, and substantially all of the activities are conducted on behalf of an investor with disproportionately few voting rights. That is, the at-risk equity holders do not have the obligation to absorb significant losses, the right to receive residual returns and the right to direct the activities of the entity that most significantly impact the entity’s economic performance. An enterprise must consolidate all VIEs of which it is the primary beneficiary. We determine if a sponsored investment meets the definition of a VIE by considering whether the fund’s equity investment at risk is sufficient to finance its activities without additional subordinated financial support and whether the fund’s at-risk equity holders absorb any losses, have the right to receive residual returns and have the right to direct the activities of the entity most responsible for the entity’s economic performance. The primary beneficiary of a VIE is defined as the party that, considering the involvement of related parties and de facto agents, has (i) the power to direct the activities of the VIE that most significantly affect its economic performance and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. This evaluation is updated on a continuing basis.

A VOE is an entity that is outside the scope of the guidance for VIEs. Consolidation of a VOE is required when a reporting entity owns a controlling financial interest in a VOE. Ownership of a majority of the voting interests is the usual condition for a controlling financial interest.

We evaluated (i) our relationship as sponsor of the Common Trust Funds (“CTFs”) and managing member of the private equity funds Westwood Hospitality and Westwood Technology Opportunities Fund I, LP (collectively the “Private Funds”), (ii) our advisory relationships with the Westwood Funds®, and (iii) our investments in InvestCloud and Charis discussed in Note 5

“Investments” (“Private Equity”) to determine whether each of these entities is a variable interest entity (“VIE”) or voting ownership entity (“VOE”).

Based on our analyses, 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 entities' 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 analyses, we determined the Westwood Funds® and Private Equity (i) have sufficient equity at risk to finance the entities' activities independently, (ii) have the obligation to absorb losses, the right to receive residual returns and the right to direct the activities of the entities that most significantly impact the entities' economic performance and (iii) are not structured with disproportionate voting rights and are VOEs.

Based on our analyses of our investments in these entities for the periods ending December 31, 2021 and 2020, we have not consolidated the CTFs or Private Funds under the VIE method or the Westwood Funds® or Private Equity under the VOE method.

Use of Estimates

The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents consist of money market accounts and other short-term, highly liquid investments with maturities of three months or less, other than pooled investment vehicles that are considered investments. We maintain some cash and cash equivalents balances with financial institutions that are in excess of Federal Deposit Insurance Corporation insurance limits. The Company has not experienced losses on uninsured cash accounts.

Accounts Receivable

Accounts receivable represents balances arising from services provided to customers and are recorded on an accrual basis, net of any allowance for doubtful accounts. Accounts receivable are written off when they are determined to be uncollectible. Any allowance for doubtful accounts is estimated based on the Company’s historical amounts written off, existing conditions in the industry, and the financial stability of the customer. The majority of our accounts receivable balances consist of advisory and trust fees receivable from customers that we believe are, and have experienced to be, fully collectible. Accordingly, our Consolidated Financial Statements include neither an allowance for bad debt, nor bad debt expense.

Investments

With the exception of our investment in Charis, discussed below under "Fair Value of Financial Instruments", investments that are measured at fair market value are classified as trading securities and are carried at quoted market values on the accompanying Consolidated Balance Sheets. Net unrealized holding gains or losses on investments classified as trading securities are reflected as a component of other revenues. We measure realized gains and losses on investments using the specific identification method.

For an investment without a readily determinable fair value, the Company has elected to apply the measurement alternative of cost minus impairment, if any, plus or minus changes resulting from observable price changes. The Company will reassess whether such an investment qualifies for the measurement alternative at each reporting period. In evaluating an investment for impairment or observable price changes, we will use inputs including recent financing events, as well as other available information regarding the investee's historical and forecasted performance.

Fair Value of Financial Instruments

We determined the estimated fair values of our financial instruments using available information. The fair value amounts discussed in Notes 5 “Investments” and 6 “Fair Value of Financial Instruments” are not necessarily indicative of either the amounts realizable upon disposition of these instruments or of our intent or ability to dispose of these assets. The estimated fair value of cash and cash equivalents, accounts receivable, prepaid income taxes, other current assets, accounts payable and accrued liabilities, dividends payable, compensation and benefits payable and income taxes payable approximates their carrying value due to their short-term maturities. The carrying amount of investments designated as “trading” securities, primarily U.S. Government and Government agency obligations, money market funds, equity funds, equities and exchange-traded bond funds, equals fair value based on prices quoted in active markets and, with respect to funds, the reported net asset value (“NAV”) of the shares held. Market values of our money market holdings generally do not fluctuate.

Our investment in Westwood Hospitality is measured at fair value using NAV as a practical expedient.

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 that is determined to be reasonable in the current environment, or market transactions. Management believes this valuation methodology is consistent with the banking industry and will reevaluate our methodology and inputs on a quarterly basis.

Goodwill and Other Intangible Assets

Goodwill represents the excess of the cost of acquired assets over the fair value of the underlying identifiable assets at the date of acquisition. Goodwill is tested at least annually for impairment.

We test more frequently if indicators are present or changes in circumstances suggest that impairment may exist. These indicators include declines in revenues, earnings or cash flows, or the development of a material adverse change in the business climate. We assess goodwill for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment, which is referred to as a component. We have identified two reporting units, which are consistent with our reporting segments: Advisory and Trust. The Company is not required to calculate the fair value of a reporting unit unless we determine that it is more likely than not that its fair value is less than the carrying amount. We assess goodwill for impairment using either a qualitative or quantitative assessment. The qualitative assessment includes consideration of the current trends in the industry in which we operate, macroeconomic conditions and recent financial performance of our reporting units. The quantitative analysis requires a comparison of each reporting unit’s carrying value to the fair value of the respective unit. An impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The fair value of each reporting unit is estimated using a market multiple approach and an income approach.

Following a sustained decline in the Company's market capitalization, we determined in 2020 that the entire goodwill related to our Advisory segment was impaired, and accordingly we recorded charges of $3.4 million to "Impairment expense" on the Consolidated Statements of Comprehensive Income (Loss). As part of our evaluation, we determined the fair value of each of our reporting units using a weighted average approach of the market and income approaches. As part of the 2020 Advisory reporting unit assessment, we determined that an increase in the discount rate (from the prior assessment) applied in the valuation was required to align with market-based assumptions. The higher discount rate, in conjunction with revised long-term projections, resulted in a lower fair value of the Advisory segment. There was no goodwill impairment in the Advisory segment during the years ended December 31, 2021 or 2019.

We completed our most recent annual goodwill impairment assessment during the third quarter of 2021, and determined that no goodwill impairment related to the Trust segment was required. There was no goodwill impairment in the Trust segment during the years ended December 31, 2021, 2020 or 2019.

Our intangible assets represent the acquisition date fair value of the acquired client relationships, trade names and the cost of internally-developed software, each of which is reflected net of amortization. In valuing these assets, we made significant estimates regarding their useful lives, growth rates and potential attrition. We periodically review our intangible assets for events or circumstances that would indicate impairment. See Note 10 “Goodwill and Other Intangible Assets.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation of furniture and equipment is provided over the estimated useful lives of the assets (from 3 to 7 years), and depreciation on leasehold improvements is provided over the lesser of the estimated useful life or lease term using the straight-line method. We capitalize leasehold improvements, furniture and fixtures, computer hardware and most office equipment purchases.

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

Revenues are recognized when the performance obligation (the investment management and advisory or trust services provided to the client) defined by the investment advisory or sub-advisory agreement is satisfied. For each performance obligation, we determine at contract inception whether the revenue satisfies over time or at a point in time. Our revenues from a contract asset related to wealth management software, and its implementation, are recognized over time, and all other revenues are recognized 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 AUM and the performance obligation is realized over the then-current calendar quarter. Once clients receive our investment advisory services we have an enforceable right to payment.

Incremental costs to obtain a contract are eligible to be capitalized if the costs are expected to be recovered over the service period. We incur certain incremental costs in obtaining new business and continually evaluate whether costs should be capitalized and amortized over the expected period of benefit of the asset. Certain costs used to fulfill a contract such as the distribution services utilized to sell our Westwood Funds® are expensed as incurred. We recognize the incremental costs of

obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less.

Stock Based Compensation

Stock-Based Compensation

We have issued restricted stock to certain U.S. employees and Board of Directors in accordance with our Eighth Amended and Restated Westwood Holdings Group, Inc. Stock Incentive Plan (the “Plan”). We account for stock-based compensation in accordance with ASC 718, Compensation-Stock Compensation and adopted Accounting Standards Update (“ASU”) 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting effective January 1, 2017.

Under ASC 718, stock-based compensation expense reflects the fair value of stock-based awards measured at grant date and is recognized over the relevant service period. We expense the fair value of stock-based compensation awards granted to our employees and directors in our Consolidated Financial Statements on a straight-line basis over the period that services are required to be provided in exchange for the award (“requisite service period”), which is typically the period over which the award vests. Stock-based compensation is recognized only for awards that vest. We measure the fair value of compensation cost related to restricted stock awards based on the closing market price of our common stock on the grant date. For performance-based share awards, we assess actual performance versus the predetermined performance goals and record compensation expense once we conclude it is probable that we will meet the performance goals required to vest the applicable performance-based awards.

The Share Award Plan of Westwood Holdings Group, Inc. for Service Provided in Canada to its Subsidiaries (the “Canadian Plan”) provided compensation in the form of common stock for services performed by employees of Westwood International Advisors, prior to its 2020 closure. We recorded compensation costs for these awards on a straight-line basis over the vesting period once we determined it was probable that the award would be earned. Awards expected to be settled in shares were funded into a trust pursuant to an established Canadian employee benefit plan. Generally, the Canadian trust subsequently acquired Westwood common shares in market transactions and held such shares until the shares were vested and distributed, or forfeited. Shares held in the trust were shown on our Consolidated Balance Sheet as treasury shares. Until shares were acquired by the trust, we recorded compensation costs and measured the liability as a cash-based award, which was included in “Compensation and benefits payable” on our Consolidated Balance Sheets. For the year ended December 31, 2021, there was no compensation expense recorded for these awards. For the years ended December 31, 2020 and 2019, the compensation expense recorded for these awards was $0.2 million and $0.1 million, respectively. When the number of shares related to an award was determinable, the award became an equity award accounted for in a manner similar to restricted stock, which is described in Note 7 “Employee Benefits.”

Income Taxes

We file a U. S. federal income tax return as a consolidated group for Westwood and its U.S.-based subsidiaries. We file a Canadian income tax return for Westwood International Advisors. Deferred income tax assets and liabilities are determined based on temporary differences between the financial statements and income tax bases of assets and liabilities as measured at enacted income tax rates.

Deferred income tax expense is generally the result of changes in deferred tax assets and liabilities. Deferred taxes relate primarily to incentive compensation and stock-based compensation expense. We record net deferred tax assets to the extent we believe such assets will more likely than not be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event we were to determine that we would not be able to realize our deferred income tax assets in the future, we would record a valuation allowance. No such valuation allowance has been recorded in our Consolidated Financial Statements.

We account for uncertain tax positions by recognizing the impact of a tax position in our Consolidated Financial Statements when we believe it is more likely than not that the tax position would not be sustained upon examination by the appropriate tax authority based on the merits of the position. We include penalties and interest on income-based taxes, if any, in the “General and administrative” line on our Consolidated Statements of Comprehensive Income (Loss). See Note 8 “Income Taxes.”

Recent Accounting Pronouncements

Recently Adopted

In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects of the income tax accounting guidance, including interim-period accounting for enacted changes in tax law. ASU 2019-12 is effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, and early adoption is permitted. We adopted this ASU as of January 1, 2021, and it did not have a material impact on our Consolidated Financial Statements.

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Intersegment Balances


(in thousands)	Advisory		Trust		Westwood Holdings		Eliminations		Consolidated
Year Ended December 31, 2021
Revenues:
Net fee revenues from external sources	$	49,262	$	24,131	$	—	$	—	$	73,393
Net intersegment revenues	2,415		356		—		(2,771)		—

Other revenue	(339)		—		—				(339)
Total revenues	51,338		24,487		—		(2,771)		73,054
Expenses:
Depreciation and amortization	167		1,614		615		—		2,396

Other operating expenses	33,249		18,092		16,129		(2,771)		64,699
Total expenses	33,416		19,706		16,744		(2,771)		67,095
Realized gains on private investments	3,524		2,731		2,116		—		8,371
Net change in unrealized appreciation on private investments	(757)		(587)		(453)		—		(1,797)
Investment income	875		(7)		—		—		868
Other income	—		—		602		—		602

Income (loss) before income taxes	21,564		6,918		(14,479)		—		14,003
Income tax expense (benefit)	4,784		1,262		(1,806)		—		4,240
Net income (loss)	$	16,780	$	5,656	$	(12,673)	$	—	$	9,763





Segment assets	$	222,335	$	56,965	$	12,784	$	(152,479)	$	139,605
Segment goodwill	$	—	$	16,401	$	—	$	—	$	16,401
Expenditures for long-lived assets	$	66	$	61	$	51	$	—	$	178

Year Ended December 31, 2020
Revenues:
Net fee revenues from external sources	$	40,836	$	23,929	$	—	$	—	$	64,765
Net intersegment revenues	2,338		263		—		(2,601)		—
Net interest and dividend revenue	35		—		—		—		35
Other revenue	311		—		—		—		311
Total revenues	43,520		24,192		—		(2,601)		65,111
Expenses:
Depreciation and amortization	322		1,656		664		—		2,642
Impairment expense	3,403		—		—		—		3,403
Other operating expenses	34,675		17,398		13,041		(2,601)		62,513
Total expenses	38,400		19,054		13,705		(2,601)		68,558
Net change in unrealized appreciation (depreciation) on private investments	(311)		(222)		(178)		—		(711)
Investment income	552		52		—		—		604


(in thousands)	Advisory		Trust		Westwood Holdings		Eliminations		Consolidated
Other income	—		—		135		—		135
Foreign currency translation adjustments to net income (loss) upon liquidation of a foreign subsidiary	—		—		(4,169)		—		(4,169)
Income (loss) before income taxes	5,361		4,968		(17,917)		—		(7,588)
Income tax expense (benefit)	3,456		1,977		(4,074)		—		1,359
Net income (loss)	$	1,905	$	2,991	$	(13,843)	$	—	$	(8,947)





Segment assets	$	204,827	$	54,749	$	17,247	$	(127,671)	$	149,152
Segment goodwill	$	—	$	16,401	$	—	$	—	$	16,401
Expenditures for long-lived assets	$	20	$	24	$	49	$	—	$	93

Year Ended December 31, 2019
Revenues:
Net fee revenues from external sources	$	57,797	$	25,483	$	—	$	—	$	83,280
Net intersegment revenues	3,457		236		—		(3,693)		—
Net interest and dividend revenue	103		—		—		—		103
Other revenue	696		—		—		—		696
Total revenues	62,053		25,719		—		(3,693)		84,079
Expenses:
Depreciation and amortization	311		1,765		548		—		2,624
Other operating expenses	46,235		19,672		14,597		(3,693)		76,811
Total expenses	46,546		21,437		15,145		(3,693)		79,435
Net change in unrealized appreciation (depreciation) on private investments	1,438		1,026		832		—		3,296
Investment income	1,017		298		3		—		1,318
Other income	—		—		144		—		144
Income before income taxes	17,962		5,606		(14,166)		—		9,402
Income tax expense (benefit)	4,308		1,459		(2,276)		—		3,491
Net income (loss)	$	13,654	$	4,147	$	(11,890)	$	—	$	5,911





Segment assets	$	242,854	$	51,274	$	24,732	$	(140,153)	$	178,707
Segment goodwill	$	3,403	$	16,401	$	—	$	—	$	19,804
Expenditures for long-lived assets	$	288	$	223	$	82	$	—	$	593

Summary of Significant Accounting Policies (Details Textual)	12 Months Ended
	Dec. 31, 2021 USD ($) reporting_units	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Schedule Of Significant Accounting Policies [Line Items]
Provision for income taxes	$ 4,240,000	$ 1,359,000	$ 3,491,000
Foreign Currency Transaction Gain (Loss), before Tax	$ 0	(1,184,000)	(1,854,000)
Number of reporting units \| reporting_units	2
Goodwill impairment loss	$ 3,403,000	3,403,000	0
Valuation allowance	0
Uncertain tax position	25,000	179,000	$ 184,000
Unrecognized tax benefits	$ 5,000	$ 38,000
Effective Income Tax Rate Reconciliation, Percent	30.30%	(17.90%)	37.10%
Foreign Currency Translation Adjustment, Description		4.2 million
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax		$ 1,200,000	$ 1,900,000
Goodwill, Impaired, Accumulated Impairment Loss		3,400,000
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax		4,169,000
Furniture and fixtures \| Minimum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	3 years
Furniture and fixtures \| Maximum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	7 years
Leasehold improvements
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	lesser of the estimated useful life or lease term
Canadian Plan
Schedule Of Significant Accounting Policies [Line Items]
Compensation expense recorded		$ 200,000	$ 100,000

Variable Interest Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entities
Assets Under Management	$ 14,503,000
Corporate Investment	65,024	$ 69,542
Fee revenues from Westwood VIEs	22,800	$ 19,300	$ 31,000
Westwood Funds
Variable Interest Entities
Assets Under Management	3,046,000
Corporate Investment	0
Amount at Risk	0
Common Trust Funds
Variable Interest Entities
Assets Under Management	886,000
Corporate Investment	0
Amount at Risk	0
Westwood Hospitality Fund I LLC [Member]
Variable Interest Entities
Assets Under Management	4,000
Corporate Investment	100
Amount at Risk	100
Private Equity Investments [Member]
Variable Interest Entities
Assets Under Management	0
Corporate Investment	8,900
Amount at Risk	8,900
Wealth Management
Variable Interest Entities
Assets Under Management	3,530,000
Institutional
Variable Interest Entities
Assets Under Management	$ 7,037,000

Concentration (Details Textual) - Customers	12 Months Ended
Concentration (Details Textual) - Customers	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Customer Concentration Risk
Concentration Risk [Line Items]
Revenue accounted by major clients	22.00%	24.00%
Customer Relationships [Member]
Concentration Risk [Line Items]
Revenue accounted by major clients	10.00%
Sales Revenue, Net \| Customer Concentration Risk
Concentration Risk [Line Items]
Number of largest clients		10	10

Investments (Details Textual) - USD ($) $ in Thousands	12 Months Ended
Investments (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	May 31, 2018
Schedule Of Investments [Line Items]
Corporate Investment	$ 65,024	$ 69,542
Unrealized Gain on Securities	1,313	110
Unrealized gains (losses) on private investments	900	2,800
Investments, All Other Investments [Abstract]
Realized Investment Gains (Losses)	8,371
Investments	4,400
Unrealized Gain (Loss) on Investments	(1,797)	(711)	$ 3,296
Cost-method Investments, Realized Gains	8,400
Unrealized Gain (Loss) on Investments	(1,797)	(711)	$ 3,296
Long-term Investments	4,455	8,154
Unrealized Gain on Securities	1,313	110
Long Term Investments, Cost, in a private company.				$ 5,400
Long Term Investment, at Cost, in a private investment fund	300
Unrealized gain on private equity investment	500	600
Unrealized gains (losses) on private investments	$ 900	$ 2,800

Segment Reporting (Details Textual)	12 Months Ended
Segment Reporting (Details Textual)	Dec. 31, 2021 Segment
Segment Reporting [Abstract]
Number of operating segments	2

Intangible Assets (Details 1) - USD ($)	12 Months Ended
Intangible Assets (Details 1) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 1,624,000	$ 1,721,000	$ 1,726,000
Summary of intangible assets
Gross Carrying Amount	22,870,000	22,870,000
Accumulated Amortization	(10,959,000)	(9,335,000)
Net Carrying Amount	$ 11,911,000	$ 13,535,000
Customer Relationships [Member]
Summary of intangible assets
Weighted Average Amortization Period (years)	14 years 9 months 18 days	14 years 9 months 18 days
Gross Carrying Amount	$ 21,431,000	$ 21,431,000
Accumulated Amortization	(10,216,000)	(8,850,000)
Net Carrying Amount	$ 11,215,000	$ 12,581,000
Internally developed software
Summary of intangible assets
Weighted Average Amortization Period (years)	5 years 9 months 18 days	5 years 9 months 18 days
Gross Carrying Amount	$ 1,439,000	$ 1,439,000
Accumulated Amortization	(743,000)	(485,000)
Net Carrying Amount	696,000	954,000
General and Administrative Expense [Member]
Finite Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 1,600,000	$ 1,700,000

Revenue (Policies)	12 Months Ended
Revenue (Policies)	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Revenues are recognized when the performance obligation (the investment management and advisory or trust services provided to the client) defined by the investment advisory or sub-advisory agreement is satisfied. For each performance obligation, we determine at contract inception whether the revenue satisfies over time or at a point in time. Our revenues from a contract asset related to wealth management software, and its implementation, are recognized over time, and all other revenues are recognized 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 AUM and the performance obligation is realized over the then-current calendar quarter. Once clients receive our investment advisory services we have an enforceable right to payment. Incremental costs to obtain a contract are eligible to be capitalized if the costs are expected to be recovered over the service period. We incur certain incremental costs in obtaining new business and continually evaluate whether costs should be capitalized and amortized over the expected period of benefit of the asset. Certain costs used to fulfill a contract such as the distribution services utilized to sell our Westwood Funds® are expensed as incurred. We recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less.

Income Taxes (Deferred Taxes) (Details 2) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Stock-based compensation expense	$ 893	$ 1,685
Deferred rent	1,344	1,734
Compensation and benefits payable	1,946	1,617
Federal unrecognized tax benefit	5	38
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits	171	0
Other	11	0
Total deferred tax assets	4,370	5,074
Deferred tax liabilities:
Property and equipment	(223)	(429)
Intangibles	(1,256)	(907)
Unrealized gains on investments	(790)	(585)
Total deferred tax liabilities	(3,522)	(3,606)
Net deferred tax assets	848	1,468
Deferred Tax Liabilities, Leasing Arrangements	(1,232)	(1,548)
Deferred Tax Liabilities, Other	$ (21)	$ (137)

Earnings Per Share (Policies)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share, Policy [Policy Text Block]

employee directors. There were approximately 116,000, 381,000 and 76,000 anti-dilutive restricted shares as of December 31, 2021, 2020 and 2019, respectively.

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


	Years ended December 31,
	2021		2020		2019
Net income (loss)	$	9,763	$	(8,947)	$	5,911

Weighted average shares outstanding – basic	7,875,395		7,987,554		8,408,017
Dilutive potential shares from unvested restricted shares	52,577		—		55,222

Weighted average shares outstanding – diluted	7,927,972		7,987,554		8,463,239
Earnings (loss) per share:
Basic	$	1.24	$	(1.12)	$	0.70
Diluted	$	1.23	$	(1.12)	$	0.70

Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Investment Owned, at Cost	$ 68,843	$ 73,298
Schedule Of Investments [Line Items]
Trading Securities, Cost	$ 65,158	$ 69,628

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES:The following table summarizes our contractual obligations as of December 31, 2021 (in thousands):


	Payments due in:
	Total		Less than 1 year		1-3 years		4-5 years		Thereafter
Purchase obligations	$	9,974	$	4,466	$	4,732	$	776	$	—

Investments (Trading Securities FV) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investment balances
Cost	$ 65,158	$ 69,628
Gross Unrealized Gains	364	99
Gross Unrealized Losses	(498)	(185)
Investments in trading securities	65,024	69,542
Trading Securities, Unrealized Holding Gain	364	99
Trading Securities, Unrealized Holding Loss	498	185
Trading Securities, Cost	65,158	69,628
Investment Owned, at Cost	68,843	73,298
Investments in trading securities	65,024	69,542
Unrealized Gain on Securities	1,313	110
Unrealized Loss on Securities	(619)	(339)
Investment Owned, at Fair Value	69,537	73,069
Unrealized Gain (Loss) on Investments	(1,797)	(711)	$ 3,296
U.S. Government and Government agency obligations
Investment balances
Cost	39,926	65,132
Gross Unrealized Gains	0	2
Gross Unrealized Losses	(491)	(180)
Investments in trading securities	39,435	64,954
Trading Securities, Unrealized Holding Gain	0	2
Trading Securities, Unrealized Holding Loss	491	180
Trading Securities, Cost	39,926	65,132
Investments in trading securities	39,435	64,954
Money market funds
Investment balances
Cost	19,661	4,003
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Investments in trading securities	19,661	4,003
Trading Securities, Unrealized Holding Gain	0	0
Trading Securities, Unrealized Holding Loss	0	0
Trading Securities, Cost	19,661	4,003
Investments in trading securities	19,661	4,003
Equity funds
Investment balances
Cost	4,135	90
Gross Unrealized Gains	158	0
Gross Unrealized Losses	(7)	(5)
Investments in trading securities	4,286	85
Trading Securities, Unrealized Holding Gain	158	0
Trading Securities, Unrealized Holding Loss	7	5
Trading Securities, Cost	4,135	90
Investments in trading securities	4,286	85
Private investment fund
Investment balances
Investment Owned, at Cost	265	250
Unrealized Gain on Securities	0	0
Unrealized Loss on Securities	(121)	(154)
Investment Owned, at Fair Value	144	96
Private equity
Investment balances
Investment Owned, at Cost	3,420	3,420
Unrealized Gain on Securities	949	11
Investment Owned, at Fair Value	4,369	3,431
Equity Securities
Investment balances
Cost		288
Gross Unrealized Gains		94
Gross Unrealized Losses		0
Investments in trading securities		382
Trading Securities, Unrealized Holding Gain		94
Trading Securities, Unrealized Holding Loss		0
Trading Securities, Cost		288
Investments in trading securities		382
Debt Securities, Trading, Amortized Cost	1,296
Debt Securities, Trading, Unrealized Gain	206
Debt Securities, Trading, Unrealized Loss	0
Debt Securities, Trading	1,502
us-gaap_EquitySecuritiesMember
Investment balances
Debt Securities, Trading, Amortized Cost	140	115
Debt Securities, Trading, Unrealized Gain	0	3
Debt Securities, Trading, Unrealized Loss	0	0
Debt Securities, Trading	$ 140	$ 118

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Computation of Basic and Diluted Shares

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


	Years ended December 31,
	2021		2020		2019
Net income (loss)	$	9,763	$	(8,947)	$	5,911

Weighted average shares outstanding – basic	7,875,395		7,987,554		8,408,017
Dilutive potential shares from unvested restricted shares	52,577		—		55,222

Weighted average shares outstanding – diluted	7,927,972		7,987,554		8,463,239
Earnings (loss) per share:
Basic	$	1.24	$	(1.12)	$	0.70
Diluted	$	1.23	$	(1.12)	$	0.70

Employee Benefits (Details Textual) - USD ($)	12 Months Ended
Employee Benefits (Details Textual) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	250,000
Amount of shares purchased in the open market	$ 2,990,000	$ 12,952,000	$ 2,414,000
Dividends payable	1,800,000	810,000
Accrued dividends	1,133,000	526,000
Accrued liability	400,000
Stock-based compensation expense	5,835,000	6,701,000	10,305,000
Amortization of intangible assets	1,624,000	1,721,000	1,726,000
Mutual fund incentive award expense	$ 400,000
Stock Repurchased During Period, Shares	27,474
Treasury Stock, Value, Acquired, Cost Method	$ 700,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period	56,625
Restricted Stock Award, Forfeitures	$ (1,300,000)
General and Administrative Expense [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Amortization of intangible assets	$ 1,600,000	$ 1,700,000
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)	5,648,100
Shares remain available for issuance	776,000
Vested, shares	192,204
Remaining unrecognized compensation cost	$ 6,800,000
Remaining unrecognized compensation cost recognized over a remaining weighted average period	1 year
Number of vested shares from employees on the date vesting	51,359
Nonvested restricted shares (in shares)	415,494	449,603
Restricted Stock \| Employee
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares granted to employees vesting period	3 years
Restricted Stock \| Director
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares granted to employees vesting period	1 year
Canadian Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense recorded		$ 200,000	$ 100,000
Mutual Fund [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Mutual fund vesting period	2 years
Benefit Plans [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years
Percentage of compensation	6.00%

Leases, Codification Topic 842 (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lessee, Operating Lease, Liability, Maturity

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


Year ending December 31,	Operating Leases
2022	$	1,730
2023	1,733
2024	1,563
2025	1,528
2026	331

Total undiscounted lease payments	$	6,885
Less: discount	(752)
Total lease liabilities	$	6,133

Lease, Cost

The following table presents the components of lease costs related to our leases (amounts in thousands):


	Years Ended December 31,
	2021		2020		2019
Operating lease costs	$	1,655	$	2,033	$	1,796
Sublease income	602		135		144

The following table presents supplemental cash flow information related to our leases (amounts in thousands):


	Years Ended December 31,
	2021		2020		2019
Operating cash flows from operating leases	$	1,990	$	2,091	$	2,095
Right-of-use assets obtained in exchange for lease obligations	$	—	$	59	$	—

Lessee, Operating Lease, Disclosure

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


	December 31,
	2021			2020
Operating lease right-of-use assets	$	4,868		$	6,103

Operating lease liabilities	$	1,409		$	1,718
Non-current lease liabilities	4,724			6,121
Total lease liabilities	$	6,133		$	7,839

Weighted-average remaining lease term (in years)	4.1			4.9
Weighted-average discount rate	5.0		%	5.0		%

Employee Benefits (Details 1) - Restricted Shares Subject Only to a Service Condition	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Restricted shares subject only to a service condition:
Non-vested, January 1, 2015 (in shares) \| shares	449,603
Granted (in shares) \| shares	181,403
Vested (in shares) \| shares	(192,204)
Forfeited (in shares) \| shares	(23,308)
Non-vested, December 31, 2015 (in shares) \| shares	415,494
Non-vested, January 1, 2015 (in dollars per share) \| $ / shares	$ 36.15
Granted (in dollars per share) \| $ / shares	17.10
Vested (in dollars per share) \| $ / shares	39.70
Forfeited (in dollars per share) \| $ / shares	34.48
Non-vested, December 31, 2015 (in dollars per share) \| $ / shares	$ 26.29

Revenue (Notes)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Advisory Fee Revenues

Arrangements with Performance-Based Obligations

Trust Fee Revenues

Other Revenues

Revenue Disaggregated


	Year Ended December 31,
	2021		2020		2019
Advisory Fees:
Institutional	$	31,069	$	28,878	$	38,053
Mutual Funds	17,507		11,488		19,288
Wealth Management	686		470		456

Trust Fees	24,131		23,929		25,483

Other	(339)		346		799
Total revenues	$	73,054	$	65,111	$	84,079

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


Year Ended December 31, 2021	Advisory		Trust		Performance-based		Other		Total


Canada	$	1,163	$	—	$	—	$	—	$	1,163
Europe	638		—		262		—		900
U.S.	45,512		24,131		1,687		(339)		70,991
Total	$	47,313	$	24,131	$	1,949	$	(339)	$	73,054

Year Ended December 31, 2020	Advisory		Trust		Performance-based		Other		Total
Asia	$	696	$	—	$	—	$	—	$	696

Canada	1,505		—		—		—		1,505
Europe	2,707		—		1,570		—		4,277
U.S.	33,120		23,563		1,604		346		58,633
Total	$	38,028	$	23,563	$	3,174	$	346	$	65,111


Year Ended December 31, 2019	Advisory		Trust		Performance-based		Other		Total
Asia	$	1,639	$	—	$	—	$	—	$	1,639
Australia	591		—		—		—		591
Canada	2,740		—		—		282		3,022
Europe	3,703		—		764		—		4,467
U.S.	48,360		25,483		—		517		74,360
Total	$	57,033	$	25,483	$	764	$	799	$	84,079

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Variable Interest Entities (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Investments in trading securities	$ 65,024	$ 69,542
Fee revenues from Westwood VIEs	22,800	$ 19,300	$ 31,000
Common Trust Funds
Variable Interest Entity [Line Items]
Investments in trading securities	$ 0

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Unrecorded Unconditional Purchase Obligations Disclosure

The following table summarizes our contractual obligations as of December 31, 2021 (in thousands):


	Payments due in:
	Total		Less than 1 year		1-3 years		4-5 years		Thereafter
Purchase obligations	$	9,974	$	4,466	$	4,732	$	776	$	—

Fair Value of Financial Instruments (Levels) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2019 USD ($)
Investments in securities:
Investments in trading securities	$ 69,542	$ 65,024
Total assets measured at fair value	73,069	$ 69,537
Unobservable input - book value multiple - minimum [Abstract] \| $ / shares		1.41
Unobservable input - book value multiple - maximum [Abstract] \| $ / shares		2.57
Unobservable input - book value multiple - weighted average [Abstract] \| $ / shares		(1.60)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	3,431	$ 4,369	$ 3,975
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease)	(544)
Alternative Investment		4,400
Private Equity Investments [Member]
Investments in securities:
Equity Securities, FV-NI	3,431	4,369
Private equity
Investments in securities:
Equity Securities, FV-NI	96	144
Level 1
Investments in securities:
Investments in trading securities	69,542	65,024
Total assets measured at fair value	69,542	65,024
Level 1 \| Private Equity Investments [Member]
Investments in securities:
Equity Securities, FV-NI	0	0
Level 1 \| Private equity
Investments in securities:
Equity Securities, FV-NI	0	0
Level 2
Investments in securities:
Investments in trading securities	0	0
Total assets measured at fair value	0	0
Level 2 \| Private Equity Investments [Member]
Investments in securities:
Equity Securities, FV-NI	0	0
Level 2 \| Private equity
Investments in securities:
Equity Securities, FV-NI	0	0
Level 3
Investments in securities:
Investments in trading securities	0	0
Total assets measured at fair value	3,431	4,369
Level 3 \| Private Equity Investments [Member]
Investments in securities:
Equity Securities, FV-NI	3,431	4,369
Level 3 \| Private equity
Investments in securities:
Equity Securities, FV-NI	0	0
Fair Value Measured at Net Asset Value Per Share \| Private Equity Investments [Member]
Investments in securities:
Equity Securities, FV-NI	0	0
Fair Value Measured at Net Asset Value Per Share \| Private equity
Investments in securities:
Equity Securities, FV-NI	96	144
Inputs, Net Asset Value [Member]
Investments in securities:
Investments in trading securities	0	0
Total assets measured at fair value	$ 96	$ 144

Balance Sheet Components (Details 1)	12 Months Ended
Balance Sheet Components (Details 1)	Dec. 31, 2021 USD ($)
Components of accumulated other comprehensive loss
Treasury Stock, Value, Acquired, Cost Method	$ 700,000

Income Taxes (Details 3) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Net deferred tax assets and liabilities are reflected on our balance sheet
Net deferred tax assets	$ 848	$ 1,468

Employee Benefits (Stock Comp Expense Summary table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 5,835	$ 6,701	$ 10,305
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total income tax benefit recognized related to stock-based compensation	804	953	1,932
Restricted Stock \| Service condition restricted stock expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Add: Restricted stock expense	5,253	6,348	7,240
Restricted Stock \| Performance-based restricted stock expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Add: Restricted stock expense	581	1,280	2,388
Restricted Stock \| Restricted stock expense under the Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Add: Restricted stock expense	5,834	7,628	9,628
Restricted Stock \| Canadian Plan restricted stock expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Add: Restricted stock expense	$ 0	$ (927)	$ 677

Income Taxes Income Taxes (Uncertain Tax Positions) (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1, 2017	$ 179	$ 184
Additions for tax positions related to the current year	10		$ 1
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions	(164)	(1)	(5)
Balance at December 31, 2019	$ 25	$ 179	$ 184

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE MEASUREMENTS:

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

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

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

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

Our strategic investment in InvestCloud discussed in Note 5 "Investments" is excluded from the recurring fair value table shown below, as we have elected to apply the measurement alternative for that investment.

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


	Level 1		Level 2		Level 3		Measured at NAV (1)		Total
As of December 31, 2021
Investments in trading securities	$	65,024	$	—	$	—	$	—	$	65,024
Private investment fund	—		—		—		144		144
Private equity	—		—		4,369		—		4,369
Total assets measured at fair value	$	65,024	$	—	$	4,369	$	144	$	69,537

As of December 31, 2020
Investments in trading securities	$	69,542	$	—	$	—	$	—	$	69,542
Private investment fund	—		—		—		96		96
Private equity	—		—		3,431		—		3,431
Total assets measured at fair value	$	69,542	$	—	$	3,431	$	96	$	73,069
(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 Consolidated Balance Sheets.

- Definition

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

+ References + Details

Earnings Per Share (Anti-dilutive Shares) (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive restricted shares or options	116,000	381,000	76,000

Segment Reporting

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

SEGMENT REPORTING

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

Advisory

Our Advisory segment provides investment advisory services to (i) corporate pension and profit sharing plans, public employee retirement funds, Taft-Hartley plans, endowments, foundations and individuals, (ii) sub-advisory 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 (liquidated in June 2020) and collective investment trusts. Westwood Management and Westwood International Advisors (prior to its closure, effective September 30, 2020), which provide investment advisory services to similar clients, are included in our Advisory segment.

Trust

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


(in thousands)	Advisory		Trust		Westwood Holdings		Eliminations		Consolidated
Year Ended December 31, 2021
Revenues:
Net fee revenues from external sources	$	49,262	$	24,131	$	—	$	—	$	73,393
Net intersegment revenues	2,415		356		—		(2,771)		—

Other revenue	(339)		—		—				(339)
Total revenues	51,338		24,487		—		(2,771)		73,054
Expenses:
Depreciation and amortization	167		1,614		615		—		2,396

Other operating expenses	33,249		18,092		16,129		(2,771)		64,699
Total expenses	33,416		19,706		16,744		(2,771)		67,095
Realized gains on private investments	3,524		2,731		2,116		—		8,371
Net change in unrealized appreciation on private investments	(757)		(587)		(453)		—		(1,797)
Investment income	875		(7)		—		—		868
Other income	—		—		602		—		602

Income (loss) before income taxes	21,564		6,918		(14,479)		—		14,003
Income tax expense (benefit)	4,784		1,262		(1,806)		—		4,240
Net income (loss)	$	16,780	$	5,656	$	(12,673)	$	—	$	9,763





Segment assets	$	222,335	$	56,965	$	12,784	$	(152,479)	$	139,605
Segment goodwill	$	—	$	16,401	$	—	$	—	$	16,401
Expenditures for long-lived assets	$	66	$	61	$	51	$	—	$	178

Year Ended December 31, 2020
Revenues:
Net fee revenues from external sources	$	40,836	$	23,929	$	—	$	—	$	64,765
Net intersegment revenues	2,338		263		—		(2,601)		—
Net interest and dividend revenue	35		—		—		—		35
Other revenue	311		—		—		—		311
Total revenues	43,520		24,192		—		(2,601)		65,111
Expenses:
Depreciation and amortization	322		1,656		664		—		2,642
Impairment expense	3,403		—		—		—		3,403
Other operating expenses	34,675		17,398		13,041		(2,601)		62,513
Total expenses	38,400		19,054		13,705		(2,601)		68,558
Net change in unrealized appreciation (depreciation) on private investments	(311)		(222)		(178)		—		(711)
Investment income	552		52		—		—		604


(in thousands)	Advisory		Trust		Westwood Holdings		Eliminations		Consolidated
Other income	—		—		135		—		135
Foreign currency translation adjustments to net income (loss) upon liquidation of a foreign subsidiary	—		—		(4,169)		—		(4,169)
Income (loss) before income taxes	5,361		4,968		(17,917)		—		(7,588)
Income tax expense (benefit)	3,456		1,977		(4,074)		—		1,359
Net income (loss)	$	1,905	$	2,991	$	(13,843)	$	—	$	(8,947)





Segment assets	$	204,827	$	54,749	$	17,247	$	(127,671)	$	149,152
Segment goodwill	$	—	$	16,401	$	—	$	—	$	16,401
Expenditures for long-lived assets	$	20	$	24	$	49	$	—	$	93

Year Ended December 31, 2019
Revenues:
Net fee revenues from external sources	$	57,797	$	25,483	$	—	$	—	$	83,280
Net intersegment revenues	3,457		236		—		(3,693)		—
Net interest and dividend revenue	103		—		—		—		103
Other revenue	696		—		—		—		696
Total revenues	62,053		25,719		—		(3,693)		84,079
Expenses:
Depreciation and amortization	311		1,765		548		—		2,624
Other operating expenses	46,235		19,672		14,597		(3,693)		76,811
Total expenses	46,546		21,437		15,145		(3,693)		79,435
Net change in unrealized appreciation (depreciation) on private investments	1,438		1,026		832		—		3,296
Investment income	1,017		298		3		—		1,318
Other income	—		—		144		—		144
Income before income taxes	17,962		5,606		(14,166)		—		9,402
Income tax expense (benefit)	4,308		1,459		(2,276)		—		3,491
Net income (loss)	$	13,654	$	4,147	$	(11,890)	$	—	$	5,911





Segment assets	$	242,854	$	51,274	$	24,732	$	(140,153)	$	178,707
Segment goodwill	$	3,403	$	16,401	$	—	$	—	$	19,804
Expenditures for long-lived assets	$	288	$	223	$	82	$	—	$	593

Geographical information

Refer to Note 3, “Revenue” for our revenue disaggregated by our clients' geographical location. As of December 31, 2021 and 2020, all of our property and equipment was in the United States.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details