SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
__________________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  February 4, 2015

WESTWOOD HOLDINGS GROUP, INC.
(Exact name of registrant as specified in charter)

Delaware	001-31234	75-2969997	
(State or other jurisdiction
of incorporation)	(Commission
File Number)	(IRS Employer
Identification No.)	

200 Crescent Court, Suite 1200
Dallas, Texas 75201	
(Address of principal executive offices)	
(214) 756-6900
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see  General Instruction A.2. below):

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02:          RESULTS OF OPERATIONS AND FINANCIAL CONDITION

In accordance with Securities and Exchange Commission Release No. 34-47583, the following information, which is being furnished pursuant to the requirements of Item 2.02, “Results of Operations and Financial Condition,” is being reported under Item 7.01, “Regulation FD Disclosure.”

On February 4, 2015, Westwood Holdings Group, Inc. issued a press release entitled “Westwood Holdings Group, Inc. Reports Fourth Quarter and 2014 Results; Total Assets Under Management Increase to Record $20.3 Billion”, a copy of which is furnished with this Current Report on Form 8-K as Exhibit 99.1.

The information in this Current Report on Form 8-K shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in such filing.

ITEM 7.01:          REGULATION FD DISCLOSURE

Westwood announced today that its Board of Directors has approved the payment of a quarterly cash dividend of $0.50 per common share payable on April 1, 2015 to stockholders of record on March 13, 2015.

ITEM 9.01:          FINANCIAL STATEMENTS AND EXHIBITS

(d)       Exhibits:  The following exhibit is furnished with this report:
Exhibit Number	Description	
 	 	
99.1	Press Release dated February 4, 2015, entitled “Westwood Holdings Group, Inc. Reports Fourth Quarter and 2014 Results; Total Assets Under Management Increase to Record $20.3 Billion”.	

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:      February 4, 2015
 	 	 	
 	WESTWOOD HOLDINGS GROUP, INC.	 	

 	By:	/s/  Tiffany B. Kice	 	
 	 	Tiffany B. Kice	 	
 	 	Chief Financial Officer and Treasurer	 	

EXHIBIT INDEX
Exhibit Number	Description	
 	 	
99.1	Press Release dated February 4, 2015, entitled “Westwood Holdings Group, Inc. Reports Fourth Quarter and 2014 Results; Total Assets Under Management Increase to Record $20.3 Billion”.	

Exhibit 99.1

Westwood Holdings Group, Inc. Reports Fourth Quarter and 2014 Results

Total Assets Under Management Increase to Record $20.3 Billion

DALLAS--(BUSINESS WIRE)--February 4, 2015--Westwood Holdings Group, Inc. (NYSE: WHG) today reported fourth quarter 2014 revenues of $28.3 million, 12% higher than revenues of $25.3 million in the fourth quarter of 2013. Non-GAAP Economic Earnings per share (“Economic EPS”) were $1.24 compared to $1.19 in the fourth quarter of 2013 and $1.41 in the third quarter of 2014. Diluted earnings per share were $0.77 compared to $0.75 in the same quarter of 2013 and $0.92 in the third quarter of 2014.

Revenues for the year ended December 31, 2014 were $113.2 million, 23% higher than revenues of $91.8 million in 2013. Economic EPS were $5.24 compared to $3.90 in 2013. Diluted earnings per share were $3.45 compared to $2.32 in the prior year.

Highlights related to our fourth quarter 2014 results include:
Revenues increased 12% to $28.3 million compared to the same period last year.
Assets under management (“AUM”) reached a record $20.3 billion.
Our Income Opportunity strategy attracted quarterly net inflows exceeding $250 million, ending the year with $4.1 billion in assets under management.
Westwood International Advisors’s AUM reached $3.3 billion, 34% higher than year-end 2013, and its Emerging Markets strategy was in the top decile of its peer group for 2014.
Global Convertible Securities was added as a third distinct team to our investment platform with Assets Under Advisement of approximately $500 million.
We launched two mutual funds and a second UCITS sub-Fund.

In January, Westwood reached an agreement to acquire Woodway Financial Advisors, a Houston-based private wealth and trust company that manages over $1.6 billion in assets. The transaction is anticipated to close during the first quarter of 2015 and is expected to be accretive to Westwood Holdings Group’s earnings. The transaction is subject to approval by the Texas Department of Banking and other customary closing conditions.

Brian Casey, Westwood’s President & CEO, commented, “We have experienced an exciting year, with AUM reaching record levels, tremendous performance and growth in our Emerging Markets and Income Opportunity strategies and the addition of our Global Convertibles team. Two new mutual funds have just been started, the MLP & Strategic Energy Fund and the Opportunistic High Yield Fund. Given the recent sell off in both asset classes, we hope that this creates an attractive entry point for investors. Lastly, we are very pleased about our most recent news regarding the acquisition of Woodway Financial Advisors, which enables us to partner with talented individuals in the growing Houston market while expanding our footprint in the private wealth arena.”

Mutual fund assets, comprising twelve Westwood Funds®, grew 9% to $3.7 billion compared to the prior quarter end and climbed 34% compared to the prior year end.

Westwood’s Board of Directors declared a quarterly cash dividend of $0.50 per common share, payable on April 1, 2015 to stockholders of record on March 13, 2015. At quarter end, Westwood had $98 million in cash and investments, stockholders’ equity of $110 million, and no debt.

Economic Earnings and Economic EPS are non-GAAP performance measures and are explained and reconciled with the most comparable GAAP numbers in the attached tables.

Westwood will host a conference call to discuss fourth quarter 2014 results and other business matters at 4:30 p.m. Eastern time today. To join the conference call, dial 877-303-6235 (domestic) or 631-291-4837 (international). The conference call can also be accessed via our Investor Relations page at westwoodgroup.com and will be available for replay through February 11, 2015 by dialing 855-859-2056 (domestic) or 404-537-3406 (international) and then entering the passcode 75871895.

About Westwood

Westwood Holdings Group, Inc. provides investment management services to institutional investors, private wealth clients and financial intermediaries. The firm manages a range of investment strategies including U.S. equities, Global and Emerging Markets equities, Global Convertible securities and Specialized/Income-oriented portfolios. Access to these strategies is available through separate accounts, commingled funds, the Westwood Funds® family of mutual funds and UCITS funds. Westwood benefits from significant, broad-based employee ownership and trades on the New York Stock Exchange under the symbol "WHG." Based in Dallas, TX, Westwood also has offices in Toronto, Canada, Boston, MA and Omaha, NE.

For more information on Westwood, please visit www.westwoodgroup.com.

For more information on the Westwood Funds®, please visit www.westwoodfunds.com.

Forward-looking Statements

Statements in this press release that are not purely historical facts, including, without limitation, statements about our expected future financial position, results of operations or cash flows, as well as other statements including without limitation, words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “should,” “could,” “goal,” “may,” “target,” “designed,” “on track,” “comfortable with,” “optimistic” and other similar expressions, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results and the timing of some events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including, without limitation: our ability to identify and successfully market services that appeal to our customers; the significant concentration of our revenues in a small number of our customers; our relationships with investment consulting firms; our relationships with current and potential customers; our ability to retain qualified personnel; our ability to successfully develop and market new investment strategies; our ability to maintain our fee structure in light of competitive fee pressures; competition in the marketplace; downturns in the financial markets; new legislation adversely affecting the financial services industries; interest rates; changes in our effective tax rate; our ability to maintain an effective system of internal controls; and the other risks detailed from time to time in Westwood’s SEC filings, including, but not limited to, its annual report on Form 10-K for the year ended December 31, 2013 and its quarterly reports on Form 10-Q for the quarters ended March 31, 2014, June 30, 2014 and September 30, 2014. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, Westwood is not obligated to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

 	 	 	 	 	
WESTWOOD HOLDINGS GROUP, INC. AND SUBSIDIARIES	 	
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	 	
(in thousands, except per share data and share amounts)	 	
(unaudited)	 	
 	 	 	 	 	
 	 	 	Three Months Ended	 	
 	 	 	December 31,
2014	 	 	September 30,
2014	 	 	December 31,
2013 (1)	 	
REVENUES:	 	 	 	 	 	 	 	 	 	 	 	
Advisory fees:	 	 	 	 	 	 	 	 	 	 	 	
Asset based	 	 	$	23,132	 	 	 	$	22,857	 	 	 	$	20,038	 	 	 	
Performance based	 	 	 	-	 	 	 	 	-	 	 	 	 	-	 	 	 	
Trust fees	 	 	 	5,064	 	 	 	 	5,282	 	 	 	 	4,904	 	 	 	
Other, net	 	 	 	69	 	 	 	 	(17	)	 	 	 	310	 	 	 	
Total revenues	 	 	 	28,265	 	 	 	 	28,122	 	 	 	 	25,252	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
EXPENSES:	 	 	 	 	 	 	 	 	 	 	 	
Employee compensation and benefits	 	 	 	13,821	 	 	 	 	13,309	 	 	 	 	11,701	 	 	 	
Sales and marketing	 	 	 	581	 	 	 	 	430	 	 	 	 	305	 	 	 	
Westwood mutual funds	 	 	 	578	 	 	 	 	591	 	 	 	 	688	 	 	 	
Information technology	 	 	 	933	 	 	 	 	807	 	 	 	 	858	 	 	 	
Professional services	 	 	 	1,351	 	 	 	 	983	 	 	 	 	1,257	 	 	 	
General and administrative	 	 	 	1,526	 	 	 	 	1,410	 	 	 	 	1,543	 	 	 	
Total expenses	 	 	 	18,790	 	 	 	 	17,530	 	 	 	 	16,352	 	 	 	
Income before income taxes	 	 	 	9,475	 	 	 	 	10,592	 	 	 	 	8,900	 	 	 	
Provision for income taxes	 	 	 	3,497	 	 	 	 	3,474	 	 	 	 	3,137	 	 	 	
Net income	 	 	$	5,978	 	 	 	$	7,118	 	 	 	$	5,763	 	 	 	
Other comprehensive income (loss):	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency translation adjustments	 	 	 	(374	)	 	 	 	(578	)	 	 	 	(156	)	 	 	
Total comprehensive income	 	 	$	5,604	 	 	 	$	6,540	 	 	 	$	5,607	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Earnings per share:	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	 	$	0.79	 	 	 	$	0.95	 	 	 	$	0.78	 	 	 	
Diluted	 	 	$	0.77	 	 	 	$	0.92	 	 	 	$	0.75	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding:	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	 	 	7,525,438	 	 	 	 	7,525,489	 	 	 	 	7,345,357	 	 	 	
Diluted	 	 	 	7,811,770	 	 	 	 	7,734,309	 	 	 	 	7,634,190	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Economic Earnings	 	 	$	9,687	 	 	 	$	10,881	 	 	 	$	9,058	 	 	 	
Economic EPS	 	 	$	1.24	 	 	 	$	1.41	 	 	 	$	1.19	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Dividends declared per share	 	 	$	0.50	 	 	 	$	0.44	 	 	 	$	0.44	 	 	 	

___________________	
(1)	 	Results for the quarter ended December 31, 2013 have been revised for an immaterial error related to stock based compensation expense for restricted stock grants subject to service and performance conditions. See further discussion of this correction of an immaterial error in “Item 1. Financial Statements” of our Form 10-Q filed with the SEC on October 23, 2014.	

 	 	 	 	
WESTWOOD HOLDINGS GROUP, INC. AND SUBSIDIARIES	
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	
(in thousands, except per share data and share amounts)	
 	 	 	 	
 	 	 	Year ended December 31,	
REVENUES:	 	 	2014
(unaudited)	 	 	2013(1)	
Advisory fees:	 	 	 	 	 	 	
Asset based	 	 	$	88,473	 	 	 	$	70,027	 	
Performance based	 	 	 	3,806	 	 	 	 	2,561	 	
Trust fees	 	 	 	20,525	 	 	 	 	18,367	 	
Other, net	 	 	 	437	 	 	 	 	870	 	
Total revenues	 	 	 	113,241	 	 	 	 	91,825	 	
 	 	 	 	 	 	 	
EXPENSES:	 	 	 	 	 	 	
Employee compensation and benefits	 	 	 	52,847	 	 	 	 	47,864	 	
Sales and marketing	 	 	 	1,673	 	 	 	 	1,252	 	
Westwood mutual funds	 	 	 	2,543	 	 	 	 	2,153	 	
Information technology	 	 	 	3,469	 	 	 	 	2,882	 	
Professional services	 	 	 	4,905	 	 	 	 	4,223	 	
General and administrative	 	 	 	5,768	 	 	 	 	5,266	 	
Total expenses	 	 	 	71,205	 	 	 	 	63,640	 	
Income before income taxes	 	 	 	42,036	 	 	 	 	28,185	 	
Provision for income taxes	 	 	 	14,787	 	 	 	 	10,348	 	
Net income	 	 	$	27,249	 	 	 	$	17,837	 	
Other comprehensive loss:	 	 	 	 	 	 	
Foreign currency translation adjustments	 	 	 	(974	)	 	 	 	(287	)	
Total comprehensive income	 	 	$	26,275	 	 	 	$	17,550	 	
 	 	 	 	 	 	 	
Earnings per share:	 	 	 	 	 	 	
Basic	 	 	$	3.63	 	 	 	$	2.43	 	
Diluted	 	 	$	3.45	 	 	 	$	2.32	 	
 	 	 	 	 	 	 	
Weighted average shares outstanding:	 	 	 	 	 	 	
Basic	 	 	 	7,512,348	 	 	 	 	7,331,874	 	
Diluted	 	 	 	7,906,545	 	 	 	 	7,692,756	 	
 	 	 	 	 	 	 	
Economic Earnings	 	 	$	41,445	 	 	 	$	30,027	 	
Economic EPS	 	 	$	5.24	 	 	 	$	3.90	 	
 	 	 	 	 	 	 	
Dividends declared per share	 	 	$	1.82	 	 	 	$	1.64	 	

___________________	
(1)	 	Results for the year ended December 31, 2013 have been revised for an immaterial error related to stock based compensation expense for restricted stock grants subject to service and performance conditions. See further discussion of this correction of an immaterial error in “Item 1. Financial Statements” of our Form 10-Q filed with the SEC on October 23, 2014.	

 	 	 	 	 	 	 	
WESTWOOD HOLDINGS GROUP, INC. AND SUBSIDIARIES	
CONSOLIDATED BALANCE SHEETS	
As of December 31, 2014 and 2013	
(in thousands, except par value and share amounts)	
 	 	 	 	 	 	 	
 	 	 	December 31,
2014
(unaudited)	 	 	December 31,
2013 (1)	
ASSETS	 	 	 	 	 	 	
Current Assets:	 	 	 	 	 	 	
Cash and cash equivalents	 	 	$	18,131	 	 	 	$	10,864	 	
Accounts receivable	 	 	 	14,540	 	 	 	 	14,468	 	
Investments, at fair value	 	 	 	79,620	 	 	 	 	64,554	 	
Deferred income taxes	 	 	 	4,060	 	 	 	 	3,812	 	
Other current assets	 	 	 	2,413	 	 	 	 	2,521	 	
Total current assets	 	 	 	118,764	 	 	 	 	96,219	 	
Goodwill	 	 	 	11,255	 	 	 	 	11,255	 	
Deferred income taxes	 	 	 	3,792	 	 	 	 	2,041	 	
Intangible assets, net	 	 	 	3,430	 	 	 	 	3,789	 	
Property and equipment, net of accumulated depreciation of $2,720 and $2,155	 	 	 	2,633	 	 	 	 	2,746	 	
Total assets	 	 	$	139,874	 	 	 	$	116,050	 	
 	 	 	 	 	 	 	
LIABILITIES AND STOCKHOLDERS’ EQUITY	 	 	 	 	 	 	
Current Liabilities:	 	 	 	 	 	 	
Accounts payable and accrued liabilities	 	 	$	2,334	 	 	 	$	2,082	 	
Dividends payable	 	 	 	4,868	 	 	 	 	3,935	 	
Compensation and benefits payable	 	 	 	18,504	 	 	 	 	17,805	 	
Income taxes payable	 	 	 	1,498	 	 	 	 	1,031	 	
Total current liabilities	 	 	 	27,204	 	 	 	 	24,853	 	
Accrued dividends	 	 	 	1,450	 	 	 	 	1,266	 	
Deferred rent	 	 	 	1,213	 	 	 	 	1,268	 	
Total long-term liabilities	 	 	 	2,663	 	 	 	 	2,534	 	
Total liabilities	 	 	 	29,867	 	 	 	 	27,387	 	
 	 	 	 	 	 	 	
Stockholders’ Equity:	 	 	 	 	 	 	
Common stock, $0.01 par value, authorized 25,000,000 shares, issued 9,010,255 and outstanding 8,308,460 shares at December 31, 2014; issued 8,778,613 and outstanding 8,176,417 shares at December 31, 2013	 	 	 	90	 	 	 	 	88	 	
Additional paid-in capital	 	 	 	119,859	 	 	 	 	103,853	 	
Treasury stock, at cost – 701,795 shares at December 31, 2014; 602,196 shares at December 31, 2013	 	 	 	(29,028	)	 	 	 	(23,169	)	
Accumulated other comprehensive loss	 	 	 	(1,231	)	 	 	 	(257	)	
Retained earnings	 	 	 	20,317	 	 	 	 	8,148	 	
Total stockholders’ equity	 	 	 	110,007	 	 	 	 	88,663	 	
Total liabilities and stockholders’ equity	 	 	$	139,874	 	 	 	$	116,050	 	

___________________	
(1)	 	Results for the year ended December 31, 2013 have been revised for an immaterial error related to stock based compensation expense for restricted stock grants subject to service and performance conditions. See further discussion of this correction of an immaterial error in “Item 1. Financial Statements” of our Form 10-Q filed with the SEC on October 23, 2014.	

 	 	 	 	
WESTWOOD HOLDINGS GROUP, INC. AND SUBSIDIARIES	
CONSOLIDATED STATEMENTS OF CASH FLOWS	
(in thousands)	
 	 	 	 	
 	 	 	Year Ended December 31,	
 	 	 	2014
(unaudited)	 	 	2013(1)	
CASH FLOWS FROM OPERATING ACTIVITIES:	 	 	 	 	 	 	
Net income	 	 	$	27,249	 	 	 	$	17,837	 	
Adjustments to reconcile net income to net cash provided by operating activities:	 	 	 	 	 	 	
Depreciation	 	 	 	579	 	 	 	 	410	 	
Amortization of intangible assets	 	 	 	359	 	 	 	 	359	 	
Unrealized (gains) losses on trading investments	 	 	 	(75	)	 	 	 	325	 	
Stock based compensation expense	 	 	 	13,685	 	 	 	 	11,679	 	
Deferred income taxes	 	 	 	(2,133	)	 	 	 	(937	)	
Excess tax benefits from stock based compensation	 	 	 	(1,850	)	 	 	 	(696	)	
Net purchases of investments – trading securities	 	 	 	(14,991	)	 	 	 	(4,993	)	
Changes in operating assets and liabilities:	 	 	 	 	 	 	
Accounts receivable	 	 	 	(369	)	 	 	 	(5,702	)	
Other current assets	 	 	 	70	 	 	 	 	(887	)	
Accounts payable and accrued liabilities	 	 	 	353	 	 	 	 	450	 	
Compensation and benefits payable	 	 	 	1,307	 	 	 	 	3,598	 	
Income taxes payable and prepaid income taxes	 	 	 	2,406	 	 	 	 	160	 	
Other liabilities	 	 	 	(67	)	 	 	 	102	 	
Net cash provided by operating activities	 	 	 	26,523	 	 	 	 	21,705	 	
 	 	 	 	 	 	 	
CASH FLOWS FROM INVESTING ACTIVITIES:	 	 	 	 	 	 	
Purchases of property and equipment	 	 	 	(478	)	 	 	 	(1,201	)	
Net cash used in investing activities	 	 	 	(478	)	 	 	 	(1,201	)	
 	 	 	 	 	 	 	
CASH FLOWS FROM FINANCING ACTIVITIES:	 	 	 	 	 	 	
Purchases of treasury stock	 	 	 	(669	)	 	 	 	(878	)	
Restricted stock returned for payment of taxes	 	 	 	(5,190	)	 	 	 	(3,789	)	
Excess tax benefits from stock based compensation	 	 	 	1,850	 	 	 	 	696	 	
Cash dividends	 	 	 	(13,962	)	 	 	 	(9,330	)	
Net cash used in financing activities	 	 	 	(17,971	)	 	 	 	(13,301	)	
Effect of currency rate changes on cash	 	 	 	(807	)	 	 	 	(156	)	
NET INCREASE IN CASH AND CASH EQUIVALENTS	 	 	 	7,267	 	 	 	 	7,047	 	
Cash and cash equivalents, beginning of period	 	 	 	10,864	 	 	 	 	3,817	 	
Cash and cash equivalents, end of period	 	 	$	18,131	 	 	 	$	10,864	 	
 	 	 	 	 	 	 	
Supplemental cash flow information:	 	 	 	 	 	 	
Cash paid during the period for income taxes	 	 	$	14,418	 	 	 	$	11,031	 	

___________________	
(1)	 	Results for the year ended December 31, 2013 have been revised for an immaterial error related to stock based compensation expense for restricted stock grants subject to service and performance conditions. See further discussion of this correction of an immaterial error in “Item 1. Financial Statements” of our Form 10-Q filed with the SEC on October 23, 2014.	

 	 	 	 	 	 	
WESTWOOD HOLDINGS GROUP, INC. AND SUBSIDIARIES	 	
Reconciliation of Net Income to Economic Earnings	 	
(in thousands, except per share data and share amounts)	 	
(unaudited)	 	
 	 	 	 	 	 	
 	 	 	Three Months Ended	 	
 	 	 	December 31,
2014	 	 	September 30,
2014	 	 	December 31,
2013 (1)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	 	 	$	5,978	 	 	$	7,118	 	 	$	5,763	 	 	 	
Add: Stock based compensation expense	 	 	 	3,582	 	 	 	3,635	 	 	 	3,167	 	 	 	
Add: Intangible amortization	 	 	 	89	 	 	 	90	 	 	 	90	 	 	 	
Add: Tax benefit from goodwill amortization	 	 	 	38	 	 	 	38	 	 	 	38	 	 	 	
Economic earnings	 	 	$	9,687	 	 	$	10,881	 	 	$	9,058	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted weighted average shares	 	 	 	7,811,770	 	 	 	7,734,309	 	 	 	7,634,190	 	 	 	
Economic EPS	 	 	$	1.24	 	 	$	1.41	 	 	$	1.19	 	 	 	

 	 	 	 	Year Ended	 	 	 	
 	 	 	 	 	 	December 31,
2014	 	 	December 31,
2013 (1)	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	 	 	 	 	 	$	27,249	 	 	$	17,837	 	 	 	 	
Add: Stock based compensation expense	 	 	 	 	 	 	13,685	 	 	 	11,679	 	 	 	 	
Add: Intangible amortization	 	 	 	 	 	 	359	 	 	 	359	 	 	 	 	
Add: Tax benefit from goodwill amortization	 	 	 	 	 	 	152	 	 	 	152	 	 	 	 	
Economic earnings	 	 	 	 	 	$	41,445	 	 	$	30,027	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted weighted average shares	 	 	 	 	 	 	7,906,545	 	 	 	7,692,756	 	 	 	 	
Economic EPS	 	 	 	 	 	$	5.24	 	 	$	3.90	 	 	 	 	

___________________	
(1)	 	Results for the quarter and year ended December 31, 2013 have been revised for an immaterial error related to stock based compensation expense for restricted stock grants subject to service and performance conditions. See further discussion of this correction of an immaterial error in “Item 1. Financial Statements” of our Form 10-Q filed with the SEC on October 23, 2014	
 	 	 	
As supplemental information, we are providing non-GAAP performance measures that we refer to as Economic Earnings and Economic Earnings per share (or “Economic EPS”). We provide these measures in addition to, not as a substitute for, net income and earnings per share, which are reported on a GAAP basis. Management reviews Economic Earnings and Economic EPS to evaluate Westwood’s ongoing performance, allocate resources, and review dividend policy. We believe that these non-GAAP performance measures, while not substitutes for GAAP net income or earnings per share, are useful for both management and investors when evaluating Westwood’s underlying operating and financial performance and its available resources. We do not advocate that investors consider these non-GAAP measures without considering financial information prepared in accordance with GAAP.

We define Economic Earnings as net income plus non-cash stock based compensation expense, amortization of intangible assets and deferred taxes related to goodwill. Although depreciation on fixed assets is a non-cash expense, we do not add it back when calculating Economic Earnings because depreciation charges represent an allocation of the decline in the value of the related assets that will ultimately require replacement. In addition, we do not adjust Economic Earnings for tax deductions related to restricted stock expense or amortization of intangible assets. Economic EPS represents Economic Earnings divided by diluted weighted average shares outstanding.

(WHG-G)

CONTACT:
Westwood Holdings Group, Inc.
Tiffany B. Kice, 214-756-6900
Chief Financial Officer and Treasurer