whg-20210331

000116500212/3110-Q3/31/20212021Q1FALSEfalse7,1446,4620.010.0125,000,00025,000,00010,314,30510,182,5838,906,1528,904,9021,408,1521,277,6810.10.43350,0005,398,100642,000The following table presents the total stock-based compensation expense recorded for stock-based compensation arrangements for the periods indicated (in thousands):


	Three Months Ended March 31,
	2021		2020
Service condition stock-based compensation expense	$	1,491	$	2,067
Performance condition stock-based compensation expense	231		419
Stock-based compensation expense under the Plan	1,722		2,486
Canadian Plan stock-based compensation expense	—		130
Total stock-based compensation expense	$	1,722	$	2,616

1,4912,0672314191,7222,486—1301,7222,61613.22.5

Restricted Stock Subject Only to a Service Condition

We calculate compensation cost for restricted stock grants by using the fair market value of our common stock at the date of grant, the number of shares issued and an adjustment for restrictions on dividends. This compensation cost is amortized on a straight-line basis over the applicable vesting period, with adjustments for forfeitures recorded as they occur.

The following table details the status and changes in our restricted stock grants subject only to a service condition for the three months ended March 31, 2021:


	Shares	Weighted Average Grant Date Fair Value
Non-vested, January 1, 2020	396,598	$	48.31
Granted	262,373	$	27.39
Vested	(140,974)	$	53.06
Forfeited	(26,372)	$	39.72
Non-vested, March 31, 2021	491,625	$	36.25

396,59848.31262,37327.39140,97453.0626,37239.72491,62536.25

Restricted Stock Subject to Service and Performance Conditions

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

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


	Shares	Weighted Average Grant Date Fair Value
Non-vested, January 1, 2020	80,975	$	49.73

Vested	(35,275)	$	55.11
Non-vested, March 31, 2021	45,700	$	45.58

80,97549.7335,27555.1145,70045.5827,4740.756,6251.3three years9,00012,00027,000100,00050,00079,00000011650022021-01-012021-03-31xbrli:shares00011650022021-04-23iso4217:USD00011650022021-03-3100011650022020-12-3100011650022021-12-31iso4217:USDxbrli:shares0001165002us-gaap:AssetManagement1Member2021-01-012021-03-310001165002us-gaap:AssetManagement1Member2020-01-012020-03-310001165002us-gaap:InvestmentPerformanceMember2021-01-012021-03-310001165002us-gaap:InvestmentPerformanceMember2020-01-012020-03-310001165002us-gaap:FiduciaryAndTrustMember2021-01-012021-03-310001165002us-gaap:FiduciaryAndTrustMember2020-01-012020-03-3100011650022020-01-012020-03-3100011650022019-01-012019-03-310001165002us-gaap:CommonStockMember2020-12-310001165002us-gaap:AdditionalPaidInCapitalMember2020-12-310001165002us-gaap:TreasuryStockMember2020-12-310001165002us-gaap:RetainedEarningsMember2020-12-3100011650022019-12-310001165002us-gaap:CommonStockMember2021-01-012021-03-310001165002us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001165002us-gaap:RetainedEarningsMember2021-01-012021-03-310001165002us-gaap:TreasuryStockMember2021-01-012021-03-310001165002us-gaap:CommonStockMember2021-03-310001165002us-gaap:AdditionalPaidInCapitalMember2021-03-310001165002us-gaap:TreasuryStockMember2021-03-310001165002us-gaap:RetainedEarningsMember2021-03-310001165002us-gaap:CommonStockMember2019-12-310001165002us-gaap:AdditionalPaidInCapitalMember2019-12-310001165002us-gaap:TreasuryStockMember2019-12-310001165002us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001165002us-gaap:RetainedEarningsMember2019-12-3100011650022018-12-310001165002us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001165002us-gaap:CommonStockMember2020-01-012020-03-310001165002us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310001165002us-gaap:RetainedEarningsMember2020-01-012020-03-310001165002us-gaap:TreasuryStockMember2020-01-012020-03-310001165002us-gaap:CommonStockMember2020-03-310001165002us-gaap:AdditionalPaidInCapitalMember2020-03-310001165002us-gaap:TreasuryStockMember2020-03-310001165002us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001165002us-gaap:RetainedEarningsMember2020-03-3100011650022020-03-310001165002whg:InvestmentAdvisoryServicesMemberwhg:AdvisoryMember2021-01-012021-03-310001165002whg:InvestmentAdvisoryServicesMemberwhg:AdvisoryMember2020-01-012020-03-310001165002whg:AdvisoryMemberwhg:MutualFundAdvisoryMemberMember2021-01-012021-03-310001165002whg:AdvisoryMemberwhg:MutualFundAdvisoryMemberMember2020-01-012020-03-310001165002whg:PrivateWealthAdvisoryMemberwhg:AdvisoryMember2021-01-012021-03-310001165002whg:PrivateWealthAdvisoryMemberwhg:AdvisoryMember2020-01-012020-03-310001165002whg:TrustMemberwhg:TrustFeeMember2021-01-012021-03-310001165002whg:TrustMemberwhg:TrustFeeMember2020-01-012020-03-310001165002whg:OtherRevenueMiscServicesMemberwhg:AdvisoryMember2021-01-012021-03-310001165002whg:OtherRevenueMiscServicesMemberwhg:AdvisoryMember2020-01-012020-03-310001165002whg:InvestmentAdvisoryServicesMembercountry:CA2021-01-012021-03-310001165002whg:TrustFeeMembercountry:CA2021-01-012021-03-310001165002whg:PerformancefeeMembercountry:CA2021-01-012021-03-310001165002whg:OtherRevenueMiscServicesMembercountry:CA2021-01-012021-03-310001165002country:CA2021-01-012021-03-310001165002srt:EuropeMemberwhg:InvestmentAdvisoryServicesMember2021-01-012021-03-310001165002srt:EuropeMemberwhg:TrustFeeMember2021-01-012021-03-310001165002srt:EuropeMemberwhg:PerformancefeeMember2021-01-012021-03-310001165002srt:EuropeMemberwhg:OtherRevenueMiscServicesMember2021-01-012021-03-310001165002srt:EuropeMember2021-01-012021-03-310001165002whg:InvestmentAdvisoryServicesMembercountry:US2021-01-012021-03-310001165002whg:TrustFeeMembercountry:US2021-01-012021-03-310001165002whg:PerformancefeeMembercountry:US2021-01-012021-03-310001165002whg:OtherRevenueMiscServicesMembercountry:US2021-01-012021-03-310001165002country:US2021-01-012021-03-310001165002whg:InvestmentAdvisoryServicesMember2021-01-012021-03-310001165002whg:TrustFeeMember2021-01-012021-03-310001165002whg:PerformancefeeMember2021-01-012021-03-310001165002whg:OtherRevenueMiscServicesMember2021-01-012021-03-310001165002whg:InvestmentAdvisoryServicesMembersrt:AsiaMember2020-01-012020-03-310001165002whg:TrustFeeMembersrt:AsiaMember2020-01-012020-03-310001165002srt:AsiaMemberwhg:PerformancefeeMember2020-01-012020-03-310001165002whg:OtherRevenueMiscServicesMembersrt:AsiaMember2020-01-012020-03-310001165002srt:AsiaMember2020-01-012020-03-310001165002whg:InvestmentAdvisoryServicesMembercountry:CA2020-01-012020-03-310001165002whg:TrustFeeMembercountry:CA2020-01-012020-03-310001165002whg:PerformancefeeMembercountry:CA2020-01-012020-03-310001165002whg:OtherRevenueMiscServicesMembercountry:CA2020-01-012020-03-310001165002country:CA2020-01-012020-03-310001165002srt:EuropeMemberwhg:InvestmentAdvisoryServicesMember2020-01-012020-03-310001165002srt:EuropeMemberwhg:TrustFeeMember2020-01-012020-03-310001165002srt:EuropeMemberwhg:PerformancefeeMember2020-01-012020-03-310001165002srt:EuropeMemberwhg:OtherRevenueMiscServicesMember2020-01-012020-03-310001165002srt:EuropeMember2020-01-012020-03-310001165002whg:InvestmentAdvisoryServicesMembercountry:US2020-01-012020-03-310001165002whg:TrustFeeMembercountry:US2020-01-012020-03-310001165002whg:PerformancefeeMembercountry:US2020-01-012020-03-310001165002whg:OtherRevenueMiscServicesMembercountry:US2020-01-012020-03-310001165002country:US2020-01-012020-03-310001165002whg:InvestmentAdvisoryServicesMember2020-01-012020-03-310001165002whg:TrustFeeMember2020-01-012020-03-310001165002whg:PerformancefeeMember2020-01-012020-03-310001165002whg:OtherRevenueMiscServicesMember2020-01-012020-03-31whg:Segment0001165002whg:AdvisoryMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001165002whg:TrustMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001165002us-gaap:CorporateNonSegmentMember2021-01-012021-03-310001165002us-gaap:IntersegmentEliminationMember2021-01-012021-03-310001165002whg:AdvisoryMemberus-gaap:OperatingSegmentsMember2021-03-310001165002whg:TrustMemberus-gaap:OperatingSegmentsMember2021-03-310001165002us-gaap:CorporateNonSegmentMember2021-03-310001165002us-gaap:IntersegmentEliminationMember2021-03-310001165002whg:AdvisoryMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310001165002whg:TrustMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310001165002us-gaap:CorporateNonSegmentMember2020-01-012020-03-310001165002us-gaap:IntersegmentEliminationMember2020-01-012020-03-310001165002whg:AdvisoryMemberus-gaap:OperatingSegmentsMember2020-03-310001165002whg:TrustMemberus-gaap:OperatingSegmentsMember2020-03-310001165002us-gaap:CorporateNonSegmentMember2020-03-310001165002us-gaap:IntersegmentEliminationMember2020-03-3100011650022018-05-3100011650022020-01-012020-12-3100011650022019-02-280001165002us-gaap:USTreasuryAndGovernmentMember2021-03-310001165002us-gaap:USTreasuryAndGovernmentMember2021-01-012021-03-310001165002us-gaap:MoneyMarketFundsMember2021-03-310001165002us-gaap:MoneyMarketFundsMember2021-01-012021-03-310001165002us-gaap:EquityFundsMember2021-03-310001165002us-gaap:EquityFundsMember2021-01-012021-03-310001165002us-gaap:EquitySecuritiesMember2021-03-310001165002us-gaap:EquitySecuritiesMember2021-01-012021-03-310001165002whg:UsGaap_EquitySecuritiesMemberMember2021-03-310001165002whg:UsGaap_EquitySecuritiesMemberMember2021-01-012021-03-310001165002us-gaap:PrivateEquityFundsMember2021-03-310001165002us-gaap:PrivateEquityFundsMember2021-01-012021-03-310001165002whg:PrivateEquityInvestmentsMember2021-03-310001165002whg:PrivateEquityInvestmentsMember2021-01-012021-03-310001165002us-gaap:USTreasuryAndGovernmentMember2020-12-310001165002us-gaap:USTreasuryAndGovernmentMember2020-01-012020-12-310001165002us-gaap:MoneyMarketFundsMember2020-12-310001165002us-gaap:MoneyMarketFundsMember2020-01-012020-12-310001165002us-gaap:EquityFundsMember2020-12-310001165002us-gaap:EquityFundsMember2020-01-012020-12-310001165002us-gaap:EquitySecuritiesMember2020-12-310001165002us-gaap:EquitySecuritiesMember2020-01-012020-12-310001165002whg:UsGaap_EquitySecuritiesMemberMember2020-12-310001165002whg:UsGaap_EquitySecuritiesMemberMember2020-01-012020-12-310001165002us-gaap:PrivateEquityFundsMember2020-12-310001165002us-gaap:PrivateEquityFundsMember2020-01-012020-12-310001165002whg:PrivateEquityInvestmentsMember2020-12-310001165002whg:PrivateEquityInvestmentsMember2020-01-012020-12-310001165002us-gaap:FairValueInputsLevel1Member2021-03-310001165002us-gaap:FairValueInputsLevel2Member2021-03-310001165002us-gaap:FairValueInputsLevel3Member2021-03-310001165002us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2021-03-310001165002us-gaap:FairValueInputsLevel1Memberus-gaap:PrivateEquityFundsMember2021-03-310001165002us-gaap:FairValueInputsLevel2Memberus-gaap:PrivateEquityFundsMember2021-03-310001165002us-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMember2021-03-310001165002us-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2021-03-310001165002us-gaap:FairValueInputsLevel1Memberwhg:PrivateEquityInvestmentsMember2021-03-310001165002us-gaap:FairValueInputsLevel2Memberwhg:PrivateEquityInvestmentsMember2021-03-310001165002us-gaap:FairValueInputsLevel3Memberwhg:PrivateEquityInvestmentsMember2021-03-310001165002whg:PrivateEquityInvestmentsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2021-03-310001165002us-gaap:FairValueInputsLevel1Member2020-12-310001165002us-gaap:FairValueInputsLevel2Member2020-12-310001165002us-gaap:FairValueInputsLevel3Member2020-12-310001165002us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2020-12-310001165002us-gaap:FairValueInputsLevel1Memberus-gaap:PrivateEquityFundsMember2020-12-310001165002us-gaap:FairValueInputsLevel2Memberus-gaap:PrivateEquityFundsMember2020-12-310001165002us-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMember2020-12-310001165002us-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2020-12-310001165002us-gaap:FairValueInputsLevel1Memberwhg:PrivateEquityInvestmentsMember2020-12-310001165002us-gaap:FairValueInputsLevel2Memberwhg:PrivateEquityInvestmentsMember2020-12-310001165002us-gaap:FairValueInputsLevel3Memberwhg:PrivateEquityInvestmentsMember2020-12-310001165002whg:PrivateEquityInvestmentsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2020-12-310001165002us-gaap:RestrictedStockMember2021-01-012021-03-310001165002us-gaap:RestrictedStockMember2021-03-310001165002whg:DomesticEmployeeServiceAwardMember2021-01-012021-03-310001165002whg:DomesticEmployeeServiceAwardMember2020-01-012020-03-310001165002us-gaap:PerformanceSharesMember2021-01-012021-03-310001165002us-gaap:PerformanceSharesMember2020-01-012020-03-310001165002whg:DomesticServiceAndPerformanceAwardMember2021-01-012021-03-310001165002whg:DomesticServiceAndPerformanceAwardMember2020-01-012020-03-310001165002whg:CanadianEmployeeServiceAwardMember2021-01-012021-03-310001165002whg:CanadianEmployeeServiceAwardMember2020-01-012020-03-310001165002us-gaap:RestrictedStockMember2020-01-012020-03-310001165002whg:RestrictedStockSubjectOnlyToServiceConditionMember2021-01-012021-03-310001165002us-gaap:RestrictedStockMember2020-12-310001165002whg:RestrictedSharesSubjectToServiceAndPerformanceConditionsMember2021-01-012021-03-310001165002whg:RestrictedSharesSubjectToServiceAndPerformanceConditionsMember2020-12-310001165002whg:RestrictedSharesSubjectToServiceAndPerformanceConditionsMember2021-03-310001165002whg:CanadianPlanMemberwhg:WestwoodInternationalAdvisorsIncMember2021-01-012021-03-310001165002whg:MutualFundShareIncentiveAwardsMember2021-01-012021-03-310001165002whg:MutualFundShareIncentiveAwardsMember2020-01-012020-03-310001165002us-gaap:MutualFundMember2021-01-012021-03-310001165002us-gaap:MutualFundMember2020-01-012020-03-310001165002us-gaap:RestrictedStockMember2021-01-012021-03-310001165002us-gaap:RestrictedStockMember2020-01-012020-03-3100011650022020-07-012020-09-3000011650022017-12-3100011650022020-04-270001165002whg:WestwoodFundsMember2021-03-310001165002whg:CommonTrustFundsMember2021-03-310001165002whg:WestwoodHospitalityFundILLCMember2021-03-310001165002whg:PrivateEquityInvestmentsMember2021-03-310001165002whg:PrivateWealthMember2021-03-310001165002whg:InstitutionalMember2021-03-310001165002us-gaap:TrustForBenefitOfEmployeesMember2020-01-012020-03-310001165002us-gaap:TrustForBenefitOfEmployeesMember2021-03-310001165002whg:UndertakingForCollectiveInvestmentInTransferableSecuritiesMember2020-01-012020-03-31

____________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________________________________________________________________

FORM 10-Q

____________________________________________________________________________________________________


☒			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2021


☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to .

Commission file number 1-31234

____________________________________________________________________________________________________

WESTWOOD HOLDINGS GROUP, INC.

(Exact name of registrant as specified in its charter)

____________________________________________________________________________________________________


Delaware		75-2969997
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

200 CRESCENT COURT, SUITE 1200
DALLAS,	Texas	75201
(Address of principal executive office)		(Zip Code)

(214) 756-6900

(Registrant’s telephone number, including area code)

____________________________________________________________________________________________________

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common stock, par value $0.01 per share	WHG	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☒

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Shares of common stock, par value $0.01 per share, outstanding as of April 23, 2021: 8,296,956.

____________________________________________________________________________________________________

WESTWOOD HOLDINGS GROUP, INC.

INDEX


PART I	FINANCIAL INFORMATION	PAGE

Item 1.	Financial Statements

	Condensed Consolidated Balance Sheets as of March 31 , 202 1 and December 31, 2 020	1

	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31 , 202 1 and 2 020	2

	Condensed Consolidated Statement of Stockholders’ Equity for the Three Months Ended March 31 , 202 1 and 2 02 0	3

	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31 , 202 1 and 2 0 20	4

	Notes to Condensed Consolidated Financial Statements	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	22

Item 4.	Controls and Procedures	22

PART II	OTHER INFORMATION	23

Item 1.	Legal Proceedings	23

Item 1A.	Risk Factors	23

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	23

Item 6.	Exhibits	24

Signatures		25

WESTWOOD HOLDINGS GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value and share amounts)

(Unaudited)


	March 31, 2021		December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	12,989	$	13,016
Accounts receivable	11,744		9,450
Investments, at fair value	73,880		69,542
Prepaid income taxes	336		1,700
Other current assets	2,588		2,606
Total current assets	101,537		96,314
Investments	4,455		8,154
Noncurrent investments at fair value	3,981		3,527
Goodwill	16,401		16,401
Deferred income taxes	1,418		1,468
Operating lease right-of-use assets	5,796		6,103
Intangible assets, net	13,129		13,535
Property and equipment, net of accumulated depreciation of $8,099 and $8,056	2,488		3,186
Other long-term assets	459		464
Total assets	$	149,664	$	149,152
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	2,431	$	1,627

Dividends payable	1,109		810
Compensation and benefits payable	2,426		7,448

Operating lease liabilities	1,420		1,718
Accrued stock repurchases	359		—
Income taxes payable	2,450		191
Total current liabilities	10,195		11,794
Accrued dividends	230		526

Noncurrent operating lease liabilities	5,794		6,121
Total long-term liabilities	6,024		6,647
Total liabilities	16,219		18,441
Commitments and contingencies (Note 10)
Stockholders' Equity:
Common stock, $0.01 par value, authorized 25,000,000 shares, issued 10,630,452 and outstanding 8,313,003 shares at March 31, 2021; issued 10,500,549 and outstanding 8,326,948 shares at December 31, 2020	107		105
Additional paid-in capital	211,988		210,268
Treasury stock, at cost - 2,317,449 shares at March 31, 2021; 2,173,559 shares at December 31, 2020	(80,255)		(77,967)

Retained earnings (accumulated deficit)	1,605		(1,695)
Total stockholders' equity	133,445		130,711
Total liabilities and stockholders' equity	$	149,664	$	149,152

See Notes to Condensed Consolidated Financial Statements.

WESTWOOD HOLDINGS GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands, except per share data and share amounts)

(Unaudited)


	Three Months Ended March 31,
	2021		2020
REVENUES:
Advisory fees:
Asset-based	$	10,450	$	11,102
Performance-based	1,959		—
Trust fees	6,065		5,951

Other, net	(155)		(384)
Total revenues	18,319		16,669
EXPENSES:
Employee compensation and benefits	11,548		12,668
Sales and marketing	230		478
Westwood mutual funds	391		515
Information technology	1,992		2,031
Professional services	1,317		1,193
General and administrative	2,072		2,306

(Gain) loss on foreign currency transactions	—		(2,938)
Total expenses	17,550		16,253
Net operating income	769		416
Realized gains on private investments	8,325		—
Net change in unrealized appreciation (depreciation) on private investments	(2,326)		(995)
Investment income	196		544
Other income	50		34

Income (loss) before income taxes	7,014		(1)
Income tax expense (benefit)	2,913		(1,103)
Net income	$	4,101	$	1,102
Other comprehensive income (loss):
Foreign currency translation adjustments	—		(3,242)

Total comprehensive income (loss)	$	4,101	$	(2,140)

Earnings per share:
Basic	$

SEC Form 10-Q filed by Westwood Holdings Group Inc