10-Q/A

SECURITIES & EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q/A

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2012

or

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___

Commission File No. 001-14761

GAMCO INVESTORS, INC.
(Exact name of Registrant as specified in its charter)
New York	13-4007862
(State of other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
One Corporate Center, Rye, NY	10580-1422
(Address of principle executive offices)	(Zip Code)
(914) 921-3700
Registrant’s telephone number, including area code

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 x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yesx    Noo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer", "accelerated filer", and "smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ¨	Accelerated filer x
Non-accelerated filer o	Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No x

Indicate the number of shares outstanding of each of the Registrant’s classes of Common Stock, as of the latest practical date.

Class	Outstanding at April 30, 2012
Class A Common Stock, .001 par value	6,592,716
Class B Common Stock, .001 par value	20,040,746

Explanatory Note

This Amendment No. 1 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 is being filed solely for the purpose of furnishing Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T.  Certain information contained in Exhibit 101 was corrupted or deleted due to a software error.  Exhibit 101 provides financial information for the quarter formatted in XBRL.  This Amendment does not reflect any subsequent events occurring after the original filing date of the Form 10-Q or modify or update in any way disclosures made in the original filing.

Item 6. Exhibits

Exhibit #                                           Description

101.INS                       XBRL Instance Document

101.SCH                      XBRL Taxonomy Extension Schema Document

101.CAL                      XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF                      XBRL Taxonomy Extension Definition Linkbase Document

101.LAB                      XBRL Taxonomy Extension Labels Linkbase Document

101.PRE                       XBRL Taxonomy Extension Presentation Linkbase Document

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 thereunto duly authorized.

GAMCO INVESTORS, INC.

(Registrant)

By:/s/ Kieran Caterina	By:/s/ Diane M. LaPointe
Name: Kieran Caterina	Name:  Diane M. LaPointe
Title: Co-Chief Accounting Officer	Title: Co-Chief Accounting Officer
Date: May 3, 2012	Date: May 3, 2012

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Operating activities
Net income	$ 23,966	$ 18,281
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in net gains from partnerships	(3,351)	(2,977)
Depreciation and amortization	180	274
Stock based compensation expense	871	578
Deferred income taxes	1,515	1,649
Foreign currency translation gain/(loss)	(17)	24
Donated securities	83	0
(Gains) on sales of available for sale securities	(279)	(101)
Accretion of zero coupon debentures	1,180	1,117
Loss on extinguishment of debt	1	0
(Increase) decrease in assets:
Investments in trading securities	(13,604)	(44,589)
Investments in partnerships, offshore funds and variable interest entities
Contributions to partnerships	(23,293)	(6,583)
Distributions from partnerships	25,852	3,026
Receivable from brokers	(8,385)	(2,373)
Investment advisory fees receivable	4,963	19,798
Income tax receivable and deferred tax assets	0	23
Other assets	5,023	(1,129)
Increase (decrease) in liabilities:
Payable to brokers	11,596	6,444
Income taxes payable and deferred tax liabilities	5,940	(1,035)
Compensation payable	11,139	(891)
Mandatorily redeemable noncontrolling interests	4	23
Accrued expenses and other liabilities	4,227	6,531
Total adjustments	23,645	(20,191)
Net cash provided by (used in) operating activities	47,611	(1,910)
Investing activities
Purchases of available for sale securities	(4)	(4)
Proceeds from sales of available for sale securities	525	101
Return of capital on available for sale securities	571	631
Net cash provided by investing activities	1,092	728
Financing activities
Contributions from redeemable noncontrolling interests	10,640	6,263
Redemptions of redeemable noncontrolling interests	(3)	(839)
Dividends paid	(1,070)	(814)
Purchase of treasury stock	(9,971)	(7,097)
Net cash used in financing activities	(404)	(2,487)
Effect of exchange rates on cash and cash equivalents	(9)	(10)
Net increase (decrease) in cash and cash equivalents	48,290	(3,679)
Cash and cash equivalents, excluding restricted cash, beginning of period	276,340	169,601
Decrease in cash from deconsolidation of partnership	0	(1,251)
Cash and cash equivalents, excluding restricted cash, end of period	324,630	164,671
Supplemental disclosures of cash flow information:
Cash paid for interest	322	271
Cash paid for taxes	$ 6,038	$ 9,167

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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY AND COMPREHENSIVE INCOME UNAUDITED (Parenthetical) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Condensed Consolidated Statements of Equity and Comprehensive Income Unaudited [Abstract]
Net unrealized gains on securities available for sale, income tax	$ 2,031	$ 1,460
Dividends declared (in dollars per share)	$ 0.04	$ 0.03

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME UNAUDITED (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Revenues
Investment advisory and incentive fees	$ 67,783	$ 62,911
Institutional research services	2,343	3,649
Distribution fees and other income	11,623	10,345
Total revenues	81,749	76,905
Expenses
Compensation	34,554	33,417
Management fee	4,184	3,113
Distribution costs	10,177	13,429
Other operating expenses	5,822	6,186
Total expenses	54,737	56,145
Operating income	27,012	20,760
Other income (expense)
Net gain from investments	13,878	8,740
Interest and dividend income	1,236	1,936
Interest expense	(4,404)	(2,867)
Total other income (expense), net	10,710	7,809
Income before income taxes	37,722	28,569
Income tax provision	13,756	10,288
Net income	23,966	18,281
Net income attributable to noncontrolling interests	130	638
Net income attributable to GAMCO Investors, Inc.'s shareholders	$ 23,836	$ 17,643
Net income attributable to GAMCO Investors, Inc.'s shareholders per share:
Basic (in dollars per share)	$ 0.90	$ 0.66
Diluted (in dollars per share)	$ 0.90	$ 0.65
Weighted average shares outstanding:
Basic (in shares)	26,415	26,901
Diluted (in shares)	26,533	27,008
Dividends declared: (in dollars per share)	$ 0.04	$ 0.03

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CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION UNAUDITED (Parenthetical) (USD $) In Millions, except Share data, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011	Mar. 31, 2011
LIABILITIES AND EQUITY
Zero coupon subordinated debentures, face value	$ 86.3	$ 86.3	$ 86.4
GAMCO Investors, Inc. stockholders equity
Treasury stock, shares (in shares)	7,167,981	6,943,248	6,653,870
Common Class A [Member]
GAMCO Investors, Inc. stockholders equity
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Common Stock, shares authorized (in shares)	100,000,000	100,000,000	100,000,000
Common Stock, issued (in shares)	13,760,697	13,627,397	13,256,203
Common Stock, outstanding (in shares)	6,592,716	6,684,149	6,872,333
Common Class B [Member]
GAMCO Investors, Inc. stockholders equity
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Common Stock, shares authorized (in shares)	100,000,000	100,000,000	100,000,000
Common Stock, issued (in shares)	24,000,000	24,000,000	24,000,000
Common Stock, outstanding (in shares)	20,040,746	20,070,746	20,190,140

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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY AND COMPREHENSIVE INCOME UNAUDITED (USD $) In Thousands	Total	Noncontrolling Interests [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Treasury Stock [Member]	Redeemable Noncontrolling Interests [Member]
Balance at Dec. 31, 2010	$ 389,608	$ 3,579	$ 33	$ 262,108	$ 370,272	$ 25,389	$ (271,773)	$ 26,984
Redemptions of redeemable noncontrolling interests	0	0	0	0	0	0	0	(839)
Contributions from redeemable noncontrolling interests	0	0	0	0	0	0	0	6,263
Deconsolidation of partnership	0	0	0	0	0	0	0	(4,103)
Net income	18,281	59	0	0	17,643	0	0	579
Net unrealized gains on securities available for sale, net of income tax	2,487	0	0	0	0	2,487	0	0
Foreign currency translation	24	0	0	0	0	24	0	0
Dividends declared	(814)	0	0	0	(814)	0	0	0
Stock based compensation expense	578	0	0	578	0	0	0	0
Purchase of treasury stock	(7,097)	0	0	0	0	0	(7,097)	0
Balance at Mar. 31, 2011	402,488	3,638	33	262,686	387,101	27,900	(278,870)	28,884
Balance at Dec. 31, 2011	407,411	3,439	33	264,409	409,191	22,520	(292,181)	6,071
Redemptions of redeemable noncontrolling interests	0	0	0	0	0	0	0	(3)
Contributions from redeemable noncontrolling interests	0	0	0	0	0	0	0	10,640
Net income	23,966	10	0	0	23,836	0	0	120
Net unrealized gains on securities available for sale, net of income tax	3,457	0	0	0	0	3,457	0	0
Foreign currency translation	(17)	0	0	0	0	(17)	0	0
Dividends declared	(1,064)	0	0	0	(1,064)	0	0	0
Stock based compensation expense	871	0	0	871	0	0	0	0
Purchase of treasury stock	(9,971)	0	0	0	0	0	(9,971)	0
Balance at Mar. 31, 2012	$ 424,533	$ 3,449	$ 33	$ 265,280	$ 431,963	$ 25,960	$ (302,152)	$ 16,828

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME UNAUDITED (Parenthetical) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Condensed Consolidated Statements of Income Unaudited [Abstract]
Launch of a new closed-end fund	$ 0	$ 5.6

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Debt

3 Months Ended

Mar. 31, 2012

Debt [Abstract]

Debt

E. Debt

Debt consists of the following:

	March 31, 2012				December 31, 2011				March 31, 2011
	Carrying		Fair Value		Carrying		Fair Value		Carrying		Fair Value
	Value		Level 2		Value		Level 2		Value		Level 2
(In thousands)
5.5% Senior notes	$	99,000	$	100,733	$	99,000	$	93,070	$	99,000	$	102,614
5.875% Senior notes		100,000		104,375		100,000		100,733		-		-
0% Subordinated debentures		65,300		66,774		64,119		58,899		60,697		57,006
Total	$	264,300	$	271,882	$	263,119	$	252,702	$	159,697	$	159,620

On May 31, 2011, the Company issued $100 million of senior unsecured notes at par.  The net proceeds of $99.1 million were used for working capital and general corporate purposes.  The issuance costs of $0.9 million have been capitalized and will be amortized over the term of the debt.  The notes mature on June 1, 2021 and bear interest at 5.875% per annum, payable semi-annually on June 1 and December 1 of each year and commenced on December 1, 2011.  Upon the occurrence of a change of control triggering event, as defined in the indenture, the Company would be required to offer to repurchase the notes at 101% of their principal amount.

On December 31, 2010, the Company issued $86.4 million in par value of five year zero coupon subordinated debentures due December 31, 2015 ("Debentures") to its shareholders of record on December 15, 2010 through the declaration of a special dividend of $3.20 per share.  The Debentures have a par value of $100 and are callable at the option of the Company, in whole or in part, at any time or from time to time, at a redemption price equal to 100% of the principal amount of the Debentures to be redeemed.  During the three months ended March 31, 2012, the Company repurchased 229 Debentures, having a face value of $22,900.  The redemption was accounted for as an extinguishment of debt and resulted in a loss of $1,000 which was included in net gain from investments on the condensed consolidated statements of income.  There were no repurchases for the three month period ended March 31, 2011.  The debt is being accreted to its face value using the effective rate on the date of issuance of 7.45%.  At March 31, 2012, December 31, 2011 and March 31, 2011, the debt was recorded at its accreted value of $65.3 million, $64.1 million and $59.6 million, respectively.

The fair value of the Company's debt, which is a Level 2 valuation, is estimated based on either quoted market prices for the same or similar issues or on the current rates offered to the Company for debt of the same remaining maturities or using market standard models.  Inputs in these standard models include credit rating, maturity and interest rate.

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Document And Entity Information (USD $)	3 Months Ended
	Mar. 31, 2012	Apr. 30, 2012	Jun. 30, 2011
Entity Registrant Name	GAMCO INVESTORS, INC. ET AL
Entity Central Index Key	0001060349
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 307,699,443
Entity Common Stock, Shares Outstanding		6,592,716
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2012

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Equity

3 Months Ended

Mar. 31, 2012

Equity [Abstract]

Equity

H. Stockholders' Equity

Shares outstanding were 26.6 million on March 31, 2012, 26.8 million on December 31, 2011, and 27.1 million on March 31, 2011.

Dividends

	Payment	Record
	Date	Date	Amount
Three months ended March 31, 2012	March 27, 2012	March 13, 2012	$    0.04
Three months ended March 31, 2011	March 29, 2011	March 15, 2011	$    0.03

Voting Rights

The holders of Class A Common stock ("Class A Shares") and Class B Common stock ("Class B Stock") have identical rights except that (i) holders of Class A Stock are entitled to one vote per share, while holders of Class B Stock are entitled to ten votes per share on all matters to be voted on by shareholders in general, and (ii) holders of Class A Stock are not eligible to vote on matters relating exclusively to Class B Stock and vice versa.

Stock Award and Incentive Plan

The Company maintains two Plans approved by the shareholders, which are designed to provide incentives which will attract and retain individuals key to the success of GAMCO through direct or indirect ownership of our common stock.  Benefits under the Plans may be granted in any one or a combination of stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, dividend equivalents and other stock or cash based awards.  A maximum of 1.5 million shares of Class A Stock have been reserved for issuance under each of the Plans by a committee of the Board of Directors responsible for administering the Plans ("Compensation Committee").  Under the Plans, the committee may grant RSAs and either incentive or nonqualified stock options with a term not to exceed ten years from the grant date and at an exercise price that the committee may determine.  Options granted under the Plans vest 75% after three years and 100% after four years from the date of grant and expire after ten years.  Restricted stock award ("RSA") shares granted under the Plans vest 30% after three years and 100% after five years.

On January 3, 2012, the Company approved the granting of 105,300 RSA shares at a grant date fair value of $43.49 per share.  On January 15, 2011, and February 9, 2011, the Company approved the granting of 193,900 RSA shares and 3,300 RSA shares, respectively, at a grant date fair value of $48.85 per share and $45.77 per share, respectively.  As of March 31, 2012, December 31, 2011 and March 31, 2011, there were 375,000 RSA shares, 275,600 RSA shares and 293,800 RSA shares, respectively, outstanding that were previously issued at an average weighted grant price of $45.14, $45.56 and $45.54, respectively.  All grants of the RSA shares were recommended by the Company's Chairman, who did not receive a RSA, and approved by the Compensation Committee.  This expense, net of forfeitures, is recognized over the vesting period for these awards which is 30% over three years from the date of grant and 70% over five years from the date of grant.  During the vesting period, dividends to RSA holders are held for them until the RSA vesting dates and are forfeited if the grantee is no longer employed by the Company on the vesting dates.  Dividends declared on these RSAs, less estimated forfeitures, are charged to retained earnings on the declaration date.

For the three months ended March 31, 2012 and March 31, 2011, we recognized stock-based compensation expense of $0.9 million and $0.6 million, respectively.  Actual and projected stock-based compensation expense for RSA shares and options for the years ended December 31, 2011 through December 31, 2016 (based on awards currently issued or granted) is as follows ($ in thousands):

		2011		2012		2013		2014		2015		2016
	Q1	$	577	$	871	$	870	$	625	$	494	$	175
	Q2		686		870		848		588		462		128
	Q3		655		870		805		588		399		128
	Q4		670		870		805		588		399		128
Full Year		$	2,588	$	3,481	$	3,328	$	2,389	$	1,754	$	559

The total compensation costs related to non-vested RSAs and options not yet recognized is approximately $10.6 million as of March 31, 2012.  There were no options exercised in either the three month period ended March 31, 2012 or March 31, 2011.

Stock Repurchase Program

In March 1999, GAMCO's Board of Directors established the Stock Repurchase Program to grant management the authority to repurchase shares of our Class A Common Stock.  On May 6, 2011, our Board of Directors authorized an incremental 500,000 shares to be added to the current buyback authorization.  For the three months ended March 31, 2012 and March 31, 2011, the Company repurchased 224,733 shares and 161,588 shares, respectively, at an average price per share of $44.35 and $43.91, respectively.  From the inception of the program through March 31, 2012, 7,568,785 shares have been repurchased at an average price of $40.74 per share.  At March 31, 2012, the total shares available under the program to be repurchased in the future were 348,634.

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Condensed Consolidated Statement of Comprehensive Income Unaudited [Abstract]
Net income	$ 23,966	$ 18,281
Other comprehensive income, net of tax:
Foreign currency translation	(17)	24
Net unrealized gains on securities available for sale	3,457	2,487
Other comprehensive income	3,440	2,511
Comprehensive income	27,406	20,792
Less: Comprehensive income attributable to noncontrolling interests	(130)	(638)
Comprehensive income attributable to GAMCO Investors, Inc.	$ 27,276	$ 20,154

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Investment in Securities

3 Months Ended

Mar. 31, 2012

Investment in Securities [Abstract]

Investment in Securities

B.  Investment in Securities

Investments in securities at March 31, 2012, December 31, 2011 and March 31, 2011 consisted of the following:

	March 31, 2012				December 31, 2011				March 31, 2011
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
	(In thousands)
Trading securities:
Government obligations	$	48,624	$	48,630	$	42,124	$	42,126	$	12,069	$	12,076
Common stocks		156,206		170,224		153,294		159,314		210,956		225,589
Mutual funds		1,086		1,495		1,084		1,307		1,190		1,629
Convertible bonds		-		-		-		-		163		175
Preferred stocks		-		-		-		-		-		-
Other investments		601		571		466		399		465		476
Total trading securities		206,517		220,920		196,968		203,146		224,843		239,945
Available for sale securities:
Common stocks		16,158		34,578		16,487		33,282		16,835		37,408
Mutual funds		1,362		2,109		1,362		1,905		1,503		2,360
Total available for sale securities		17,520		36,687		17,849		35,187		18,338		39,768
Total investments in securities	$	224,037	$	257,607	$	214,817	$	238,333	$	243,181	$	279,713

Securities sold, not yet purchased at March 31, 2012, December 31, 2011 and March 31, 2011 consisted of the following:

	March 31, 2012				December 31, 2011				March 31, 2011
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
Trading securities:	(In thousands)
Common stocks	$	9,016	$	9,553	$	5,271	$	5,415	$	14,044	$	15,550
Other		21		104		49		73		-		-
Total securities sold, not yet purchased	$	9,037	$	9,657	$	5,320	$	5,488	$	14,044	$	15,550

Investments in sponsored registered investment companies at March 31, 2012, December 31, 2011 and March 31, 2011 consisted of the following:

	March 31, 2012				December 31, 2011				March 31, 2011
	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
	(In thousands)
Trading securities:
Mutual funds	$	15	$	17	$	15	$	18	$	15	$	25
Total trading securities		15		17		15		18		15		25
Available for sale securities:
Closed-end funds		36,546		58,721		37,104		55,855		39,232		61,734
Mutual funds		2,204		3,567		2,213		3,341		2,345		4,144
Total available for sale securities		38,750		62,288		39,317		59,196		41,577		65,878
Total investments in sponsored
registered investment companies	$	38,765	$	62,305	$	39,332	$	59,214	$	41,592	$	65,903

Management determines the appropriate classification of debt and equity securities at the time of purchase and reevaluates such designation as of each balance sheet date.  Investments in United States Treasury Bills and Notes with maturities of greater than three months at the time of purchase are classified as investments in securities, and those with maturities of three months or less at time of purchase are classified as cash equivalents.  A substantial portion of investments in securities are held for resale in anticipation of short-term market movements and therefore are classified as trading securities.  Trading securities are stated at fair value, with any unrealized gains or losses, reported in current period earnings.  Available for sale ("AFS") investments are stated at fair value, with any unrealized gains or losses, net of taxes, reported as a component of equity except for losses deemed to be other than temporary which are recorded as unrealized losses in the condensed consolidated statements of income.

The Company recognizes all derivatives as either assets or liabilities measured at fair value and includes them in either investments in securities or securities sold, not yet purchased on the condensed consolidated statements of financial condition.  From time to time, the Company and/or the partnerships and offshore funds that the Company consolidates will enter into hedging transactions to manage their exposure to foreign currencies and equity prices related to their proprietary investments.  For the three months ended March 31, 2012, the Company had derivative transactions in equity derivatives which resulted in net losses of $29,000.  At March 31, 2011, the Company did not hold any derivatives.  At March 31, 3012 and December 31, 2011, we held derivative contracts on 1 million equity shares and 142,000 equity shares, respectively, and the fair value was $105,000 and $24,000, respectively; these are included in investments in securities in the condensed consolidated statements of financial condition.  These transactions are not designated as hedges for accounting purposes, and therefore changes in fair values of these derivatives are included in net gain from investments in the condensed consolidated statements of income. 

The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available for sale investments as of March 31, 2012, December 31, 2011 and March 31, 2011:

	March 31, 2012
			Gross		Gross
			Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(In thousands)
Common stocks	$	16,158	$	18,420	$	-		$	34,578
Closed-end Funds		36,546		22,189		(14	)		58,721
Mutual funds		3,566		2,110		-			5,676
Total available for sale securities	$	56,270	$	42,719	$	(14	)	$	98,975
	December 31, 2011
			Gross		Gross
			Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(In thousands)
Common stocks	$	16,487	$	16,795	$	-		$	33,282
Closed-end Funds		37,104		18,779		(28	)		55,855
Mutual funds		3,575		1,671		-			5,246
Total available for sale securities	$	57,166	$	37,245	$	(28	)	$	94,383
	March 31, 2011
			Gross		Gross
			Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(In thousands)
Common stocks	$	16,835	$	20,573	$	-		$	37,408
Closed-end Funds		39,232		22,502					61,734
Mutual funds		3,848		2,656		-			6,504
Total available for sale securities	$	59,915	$	45,731	$	-		$	105,646

Unrealized changes to fair value, net of taxes, for the three months ended March 31, 2012 and March 31, 2011 of $3.5 million and $2.5 million in gains, respectively, have been included in other comprehensive income, a component of equity, at March 31, 2012 and March 31, 2011.  Return of capital on available for sale securities were $0.6 million for both the three months ended March 31, 2012 and March 31, 2011.  Proceeds from sales of investments available for sale were approximately $0.5 million and $0.1 million for the three month periods ended March 31, 2012 and March 31, 2011, respectively.  For the three months ended March 31, 2012 and March 31, 2011, gross gains on the sale of investments available for sale amounted to $0.3 million and $0.1 million, respectively, and were reclassed from other comprehensive income into the condensed consolidated statements of income.  There were no losses on the sale of investments available for sale for the three months ended March 31, 2012 or March 31, 2011.  The basis on which the cost of a security sold is determined is specific identification.

Investments classified as available for sale that are in an unrealized loss position for which other-than-temporary impairment has not been recognized consisted of the following:

	March 31, 2012							December 31, 2011							March 31, 2011
			Unrealized							Unrealized							Unrealized
	Cost		Losses			Fair Value		Cost		Losses			Fair Value		Cost		Losses		Fair Value
(in thousands)
Mutual Funds	$	97	$	(14	)	$	83	$	101	$	(28	)	$	73	$	-	$	-	$	-

At March 31, 2012 and December 31, 2011, there was one holding in a loss position which was not deemed to be other-than-temporarily impaired due to the length of time that it had been in a loss position and because it passed scrutiny in our evaluation of issuer-specific and industry-specific considerations.  In this specific instance, the investment at March 31, 2012 and December 31, 2011 was a closed-end fund with diversified holdings across multiple companies and across multiple industries.  The one holding was impaired for ten and seven consecutive months, respectively.  The value of this holding at March 31, 2012 and December 31, 2011 was $0.1 million for both periods.

At March 31, 2011, there were no available for sale holdings in loss positions.

For the three months ended March 31, 2012 and 2011, there were no losses on available for sale securities deemed to be other than temporary.

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Significant Accounting Policies

3 Months Ended

Mar. 31, 2012

Significant Accounting Policies [Abstract]

Significant Accounting Policies

A.  Significant Accounting Policies

Basis of Presentation

Unless we have indicated otherwise, or the context otherwise requires, references in this report to "GAMCO Investors, Inc.," "GAMCO," "the Company," "GBL," "we," "us" and "our" or similar terms are to GAMCO Investors, Inc., its predecessors and its subsidiaries.

The unaudited interim condensed consolidated financial statements of GAMCO included herein have been prepared in conformity with generally accepted accounting principles ("GAAP") in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP in the United States for complete financial statements.  In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of financial position, results of operations and cash flows of GAMCO for the interim periods presented and are not necessarily indicative of a full year's results.

The condensed consolidated financial statements include the accounts of GAMCO and its subsidiaries, including our new broker-dealer, G.distributors, LLC, a wholly-owned subsidiary of GAMCO, which became the distributor for the Gabelli/GAMCO family of funds on August 1, 2011.  Intercompany accounts and transactions are eliminated.

These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2011 from which the accompanying condensed consolidated financial statements were derived.

The Company has now separately disclosed the amount of investments in sponsored registered investment companies as a new line item in the condensed consolidated statements of financial condition.  These amounts were previously included within investments in securities in the condensed consolidated statements of financial condition.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported on the condensed consolidated financial statements and accompanying notes.  Actual results could differ from those estimates.

Recent Accounting Developments

In May 2011, the Financial Accounting Standards Board ("FASB") issued guidance on fair value measurement which expands existing disclosure requirements for fair value measurements and makes other amendments.  The guidance requires, for level 3 fair value measurements, (1) a quantitative disclosure of the unobservable inputs and assumptions used in the measurement, (2) a description of the valuation processes in place, and (3) a narrative description of the sensitivity of the fair value to changes in unobservable inputs and interrelationships between those inputs.  Additionally, the guidance requires disclosure of the level in the fair value hierarchy of items that are not measured at fair value in the statement of financial condition but whose fair value must be disclosed and clarifies that the valuation premise and highest and best use concepts are not relevant to financial assets or liabilities.  The guidance is effective for interim and annual periods beginning after December 15, 2011.  The Company adopted this guidance on January 1, 2012 and has reflected the new disclosures in the condensed consolidated financial statements.

In June 2011, the FASB issued guidance which revises the manner in which entities present comprehensive income in their financial statements.  The new guidance requires entities to report comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements.  Under the two-statement approach, the first statement would include components of net income, which is consistent with the income statement format used currently, and the second statement would include components of other comprehensive income ("OCI").  The guidance does not change the items that must be reported in OCI.  In December 2011, the FASB indefinitely deferred a portion of the guidance that would have required entities to present reclassification adjustments out of accumulated other comprehensive income by component in both the statement in which the net income is presented and the statement in which other comprehensive income is presented.  The guidance is effective for fiscal years beginning after December 15, 2011, and for interim periods within those fiscal years.  The Company adopted the guidance on January 1, 2012 and opted for the two separate but consecutive statements approach.  Accordingly, the Company now presents the condensed consolidated statements of comprehensive income immediately following the condensed consolidated statements of income.

In December 2011, the FASB issued guidance which creates new disclosure requirements about the nature of an entity's right of offset and related arrangements associated with its financial instruments and derivative instruments.  The disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods therein, with retrospective application required.  The new disclosures are designed to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards.  The Company is currently evaluating the impact that the application of this guidance will have on its disclosures.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2012

Commitments and Contingencies [Abstract]

Commitments and Contingencies

J.  Commitments and Contingencies

From time to time, the Company is named in legal actions and proceedings.  These actions may seek substantial or indeterminate compensatory as well as punitive damages or injunctive relief.  The Company is also subject to governmental or regulatory examinations or investigations.  The examinations or investigations could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief.  The Company cannot predict the ultimate outcome of such matters.  The consolidated financial statements include the necessary provisions for losses that the Company believes are probable and estimable.  Furthermore, the Company evaluates whether there exist losses which may be reasonably possible and, if material, makes the necessary disclosures.  Such amounts, both those that are probable and those that are reasonably possible, are not considered material to the Company's financial condition, operations or cash flows.

The Company indemnifies the clearing brokers of Gabelli & Company for losses they may sustain from the customer accounts that trade on margin introduced by our broker-dealer subsidiary.  At March 31, 2012, the total amount of customer balances subject to indemnification (i.e. unsecured margin debits) was immaterial.  The Company also has entered into arrangements with various other third parties many of which provide for indemnification of the third parties against losses, costs, claims and liabilities arising from the performance of obligations under the agreements.  The Company has had no claims or payments pursuant to these or prior agreements, and believes the likelihood of a claim being made is remote.  The Company's estimate of the value of such agreements is de minimis, and therefore an accrual has not been made on the condensed consolidated financial statements.

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Income Taxes

3 Months Ended

Mar. 31, 2012

Income Taxes [Abstract]

Income Taxes

F. Income Taxes

The effective tax rate for the three months ended March 31, 2012 was 36.5% compared to 36.0% for the prior year three month period.  Prior to the consolidation of certain partnerships and offshore entities, in which no tax liability or benefit is recorded at the corporate level but which flow directly to its partners, the effective tax rate was 36.5% and 36.8% for the first quarter of 2012 and 2011, respectively.

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Fair Value

3 Months Ended

Mar. 31, 2012

Fair Value [Abstract]

Fair Value

D. Fair Value

All of the instruments within cash and cash equivalents, investments in securities and securities sold, not yet purchased are measured at fair value.  Certain investments in partnerships are also measured at fair value.

The Company's assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy in accordance with the FASB's guidance on fair value measurement.  The levels of the fair value hierarchy and their applicability to the Company are described below:

-   Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date.  Level 1 assets include cash equivalents, government obligations, open-end mutual funds, closed-end funds and equities.

-   Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.  Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities that are not active and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly-quoted intervals.  Assets that generally are included in this category may include certain limited partnership interests in private funds in which the valuations for substantially all of the investments within the fund are based upon Level 1 or Level 2 inputs and over the counter derivatives that have inputs to the valuations that can generally be corroborated by observable market data.

-   Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.  Assets included in this category generally include equities that trade infrequently and direct private equity investments held within consolidated partnerships.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety.  The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.  Investments are transferred into or out of any level at their beginning period values.

The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new and not yet established in the marketplace, and other characteristics particular to the transaction.  To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.  Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3.

The valuation process and policies reside with the financial reporting and accounting group which reports to the Chief Financial Officer.  The Company uses the "market approach" valuation technique to value its investments in Level 3 investments.  The Company's valuation of the Level 3 investments has been based upon either i) the recent sale prices of the issuers or ii) the net assets, book value or cost basis of the issuer when there is no recent sales prices available.

In the absence of a closing price, an average of the bid and ask price is used.  Bid prices reflect the highest price that the market is willing to pay for an asset.  Ask prices represent the lowest price that the market is willing to accept for an asset.

Cash equivalents - Cash equivalents primarily consist of an affiliated money market mutual fund which is invested solely in U.S. Treasuries.  U.S. Treasury Bills and Notes with maturities of three months or less at the time of purchase are also considered cash equivalents.  Cash equivalents are valued using quoted market prices.

Investments in securities and securities sold, not yet purchased - Investments in securities and securities sold, not yet purchased are generally valued based on quoted prices from an exchange.  To the extent these securities are actively traded, valuation adjustments are not applied, and they are categorized in Level 1 of the fair value hierarchy.  Securities categorized in Level 2 investments are valued using other observable inputs.  Nonpublic and infrequently traded investments are included in Level 3 of the fair value hierarchy because significant inputs to measure fair value are unobservable.

Investments in Partnerships - The Company's investments include limited partner investments in consolidated feeder funds.  The Company considers the net asset value of the master funds held by the consolidated feeder fund to be the best estimate of fair value.  Investments in private funds that are redeemable at the measurement date or within the near term, are categorized in Level 2 of the fair value hierarchy.  These funds primarily invest in long and short investments in debt and equity securities that are traded in public and over-the-counter exchanges in the United States and are generally classified as Level 1 assets or liabilities in the master funds' financial statements.  We may redeem our investments in these funds monthly with 30 days' notice.

The following tables present information about the Company's assets and liabilities by major categories measured at fair value on a recurring basis as of March 31, 2012, December 31, 2011 and March 31, 2011 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2012 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		March 31,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2012
Cash equivalents	$	324,333	$	-	$	-	$	324,333
Investments in partnerships		-		23,166		-		23,166
Investments in securities:
AFS - Common stocks		34,578		-		-		34,578
AFS - Mutual funds		2,109		-		-		2,109
Trading - Gov't obligations		48,630		-		-		48,630
Trading - Common stocks		169,463		114		647		170,224
Trading - Mutual funds		1,495		-		-		1,495
Trading - Other		293		-		278		571
Total investments in securities		256,568		114		925		257,607
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		58,721		-		-		58,721
AFS - Mutual Funds		3,567		-		-		3,567
Trading - Mutual funds		17		-		-		17
Total investments in sponsored
registered investment companies		62,305		-		-		62,305
Total investments		318,873		23,280		925		343,078
Total assets at fair value	$	643,206	$	23,280	$	925	$	667,411
Liabilities
Trading - Common stocks	$	9,553	$	-	$	-	$	9,553
Trading - Other		-		104		-		104
Securities sold, not yet purchased	$	9,553	$	104	$	-	$	9,657

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2011 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		December 31,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2011
Cash equivalents	$	260,969	$	-	$	-	$	260,969
Investments in partnerships		-		27,122		-		27,122
Investments in securities:
AFS - Common stocks		33,282		-		-		33,282
AFS - Mutual funds		1,905		-		-		1,905
Trading - Gov't obligations		42,126		-		-		42,126
Trading - Common stocks		158,623		21		670		159,314
Trading - Mutual funds		1,307		-		-		1,307
Trading - Other		55		60		284		399
Total investments in securities		237,298		81		954		238,333
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		55,855		-		-		55,855
AFS - Mutual Funds		3,341		-		-		3,341
Trading - Mutual funds		18		-		-		18
Total investments in sponsored
registered investment companies		59,214		-		-		59,214
Total investments		296,512		27,203		954		324,669
Total assets at fair value	$	557,481	$	27,203	$	954	$	585,638
Liabilities
Trading - Common stocks	$	5,415	$	-	$	-	$	5,415
Trading - Other		-		73		-		73
Securities sold, not yet purchased	$	5,415	$	73	$	-	$	5,488

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2011 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		March 31,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2011
Cash equivalents	$	161,946	$	-	$	-	$	161,946
Investments in partnerships		-		28,473		-		28,473
Investments in securities:
AFS - Common stocks		37,408		-		-		37,408
AFS - Mutual funds		2,360		-		-		2,360
Trading - Gov't obligations		12,076		-		-		12,076
Trading - Common stocks		225,008		13		568		225,589
Trading - Mutual funds		1,629		-		-		1,629
Trading - Convertible bonds		175		-		-		175
Trading - Other		120		-		356		476
Total investments in securities		278,776		13		924		279,713
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		61,734		-		-		61,734
AFS - Mutual Funds		4,144		-		-		4,144
Trading - Mutual funds		25		-		-		25
Total investments in sponsored
registered investment companies		65,903		-		-		65,903
Total investments		344,679		28,486		924		374,089
Total assets at fair value	$	506,625	$	28,486	$	924	$	536,035
Liabilities
Trading - Common stocks	$	15,550	$	-	$	-	$	15,550
Securities sold, not yet purchased	$	15,550	$	-	$	-	$	15,550

The following tables present additional information about assets by major categories measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2012 (in thousands)

								Total
								Unrealized
								Gains or		Total
			Total Realized and					(Losses)		Realized
	December		Unrealized Gains or					Included in		and								Transfers
	31, 2011		(Losses) in Income					Other		Unrealized								In and/or
	Beginning					AFS		Comprehensive		Gains or								(Out) of		Ending
Asset	Balance		Trading			Investments		Income		(Losses)			Purchases		Sales			Level 3		Balance
Financial
instruments owned:
Trading - Common
stocks	$	670	$	-		$	-	$	-	$	-		$	57	$	(80	)	$	-	$	647
Trading - Other		284		(2	)		-		-		(2	)		4		(8	)		-		278
Total	$	954	$	(2	)	$	-	$	-	$	(2	)	$	61	$	(88	)	$	-	$	925

There were no transfers between any Levels during the three months ended March 31, 2012.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2011 (in thousands)

							Total
							Unrealized
							Gains or		Total
			Total Realized and				(Losses)		Realized
	December		Unrealized Gains or				Included in		and							Transfers
	31, 2010		(Losses) in Income				Other		Unrealized							In and/or
	Beginning				AFS		Comprehensive		Gains or							(Out) of		Ending
Asset	Balance		Trading		Investments		Income		(Losses)		Purchases		Sales			Level 3		Balance
Financial
instruments owned:
Trading - Common
stocks	$	147	$	21	$	-	$	-	$	21	$	400	$	-		$	-	$	568
Trading - Other		278		126		-		-		126		-		(48	)		-		356
Total	$	425	$	147	$	-	$	-	$	147	$	400	$	(48	)	$	-	$	924

There were no transfers between any Levels during the three months ended March 31, 2011.

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Investment in Partnerships, Offshore Funds and Variable Interest Entities

3 Months Ended

Mar. 31, 2012

Investment In Partnerships Offshore Funds And Variable Interest Entities [Abstract]

Investment in Partnerships, Offshore Funds and Variable Interest Entities

C. Investments in Partnerships, Offshore Funds and Variable Interest Entities

The Company is general partner or co-general partner of various sponsored limited partnerships and the investment manager of various sponsored offshore funds, and have investments totaling $86.9 million, $86.9 million and $74.4 million at March 31, 2012, December 31, 2011 and March 31, 2011, respectively, whose underlying assets consist primarily of marketable securities (the "affiliated entities").  We also have investments in unaffiliated partnerships, offshore funds and other entities of $14.8 million, $14.0 million and $20.2 million at March 31, 2012, December 31, 2011 and March 31, 2011, respectively (the "unaffiliated entities").  We evaluate each entity for the appropriate accounting treatment and disclosure.  Certain of the affiliated entities are consolidated.  In addition, our statement of financial condition caption "Investments in partnerships" includes those investments, in both affiliated and unaffiliated entities, which the Company accounts for under the equity method of accounting, as well as certain investments that the feeder funds hold that are carried at fair value, as described in Note D.  The Company reflects the equity in earnings of these equity method investees and the change in fair value of the consolidated feeder funds under the caption "Net gain from investments" on the condensed consolidated statements of income.

The following table highlights the number of entities that we consolidate as well as under which accounting guidance they are consolidated, including consolidated feeder funds ("CFFs"), which retain their specialized investment company accounting, partnerships and offshore funds.

Entities consolidated
	CFFs				Partnerships					Offshore Funds					Total
	VIEs		VOEs		VIEs		VOEs			VIEs			VOEs		VIEs			VOEs
Entities consolidated at December 31, 2010		1		2		-		2			1			-		2			4
Additional consolidated entities		-		-		-		-			-			1		-			1
Deconsolidated entities		-		-		-		(1	)		-			-		-			(1	)
Entities consolidated at March 31, 2011		1		2		-		1			1			1		2			4
Additional consolidated entities		-		-		-		-			-			-		-			-
Deconsolidated entities		-		-		-		-			(1	)		-		(1	)		-
Entities consolidated at December 31, 2011		1		2		-		1			-			1		1			4
Additional consolidated entities		-		-		-		-			-			-		-			-
Deconsolidated entities		-		-		-		-			-			-		-			-
Entities consolidated at March 31, 2012		1		2		-		1			-			1		1			4

On January 1, 2011, upon analysis of several factors, including the additional contribution of capital from unrelated third parties into a partnership that we consolidated for the year ended and as of December 31, 2010, we determined that the Company was no longer deemed to control the partnership, resulting in the deconsolidation of this partnership, effective January 1, 2011.  The deconsolidation did not result in the recognition of any gain or loss.  The Company continues to serve as the general partner and earn fees for this role, and it also maintains an investment in the deconsolidated partnership which is included in investments in partnerships on the condensed consolidated statements of financial condition and is accounted for under the equity method (which approximates fair value).

The following table includes the net impact by line item on the condensed consolidated statements of financial condition for each category of entity consolidated (in thousands):

	March 31, 2012
	Prior to
	Consolidation		CFFs			Partnerships			Offshore Funds			As Reported
Assets
Cash and cash equivalents	$	322,523	$	-		$	2,107		$	-		$	324,630
Investments in securities		236,387		-			6,503			14,717			257,607
Investments in sponsored investment companies		62,289		-			16			-			62,305
Investments in partnerships		109,136		990			(8,441	)		-			101,685
Receivable from brokers		18,400		-			121			10,777			29,298
Investment advisory fees receivable		27,189		5			(1	)		-			27,193
Other assets		23,691		16			-			-			23,707
Total assets	$	799,615	$	1,011		$	305		$	25,494		$	826,425
Liabilities and equity
Securities sold, not yet purchased	$	9,633	$	-		$	-		$	24		$	9,657
Accrued expenses and other liabilities		101,149		59			38			9,861			111,107
Total debt		264,300		-			-			-			264,300
Redeemable noncontrolling interests		-		952			267			15,609			16,828
Total equity		424,533		-			-			-			424,533
Total liabilities and equity	$	799,615	$	1,011		$	305		$	25,494		$	826,425
	December 31, 2011
	Prior to
	Consolidation		CFFs			Partnerships			Offshore Funds			As Reported
Assets
Cash and cash equivalents	$	259,531	$	15,000		$	1,809		$	-		$	276,340
Investments in securities		225,599		-			6,211			6,523			238,333
Investments in sponsored investment companies		59,197		-			17			-			59,214
Investments in partnerships		107,981		933			(8,021	)		-			100,893
Receivable from brokers		17,593		-			270			3,050			20,913
Investment advisory fees receivable		32,157		1			(2	)		-			32,156
Other assets		43,889		(14,989	)		-			-			28,900
Total assets	$	745,947	$	945		$	284		$	9,573		$	756,749
Liabilities and equity
Securities sold, not yet purchased	$	5,488	$	-		$	-		$	-		$	5,488
Accrued expenses and other liabilities		69,929		51			28			4,652			74,660
Total debt		263,119		-			-			-			263,119
Redeemable noncontrolling interests		-		894			256			4,921			6,071
Total equity		407,411		-			-			-			407,411
Total liabilities and equity	$	745,947	$	945		$	284		$	9,573		$	756,749
	March 31, 2011
	Prior to
	Consolidation		CFFs			Partnerships			Offshore Funds			As Reported
Assets
Cash and cash equivalents	$	162,685	$	-		$	32		$	1,954		$	164,671
Investments in securities		196,142		-			6,542			77,029			279,713
Investments in sponsored investment companies		65,879		-			24			-			65,903
Investments in partnerships		155,507		1,124			(8,587	)		(53,460	)		94,584
Receivable from brokers		24,631		-			2,390			16,287			43,308
Investment advisory fees receivable		25,043		9			(2	)		(58	)		24,992
Other assets		24,258		10			-			64			24,332
Total assets	$	654,145	$	1,143		$	399		$	41,816		$	697,503
Liabilities and equity
Securities sold, not yet purchased	$	3,279	$	-		$	-		$	12,271		$	15,550
Accrued expenses and other liabilities		88,681		95			55			2,053			90,884
Total debt		159,697		-			-			-			159,697
Redeemable noncontrolling interests		-		1,048			344			27,492			28,884
Total equity		402,488		-			-			-			402,488
Total liabilities and equity	$	654,145	$	1,143		$	399		$	41,816		$	697,503

The following table includes the net impact by line item on the condensed consolidated statements of income for each category of entity consolidated (in thousands):

	Three Months Ended March 31, 2012
	Prior to
	Consolidation		CFFs			Partnerships			Offshore Funds			As Reported
Total revenues	$	82,579	$	(1	)	$	(1	)	$	(828	)	$	81,749
Total expenses		54,521		23			11			182			54,737
Operating income		28,058		(24	)		(12	)		(1,010	)		27,012
Total other income, net		9,544		85			23			1,058			10,710
Income before income taxes		37,602		61			11			48			37,722
Income tax provision		13,756		-			-			-			13,756
Net income		23,846		61			11			48			23,966
Net income attributable to noncontrolling interests		10		61			11			48			130
Net income attributable to GAMCO	$	23,836	$	-		$	-		$	-		$	23,836
	Three Months Ended March 31, 2011
	Prior to
	Consolidation		CFFs			Partnerships			Offshore Funds			As Reported
Total revenues	$	76,968	$	(4	)	$	(1	)	$	(58	)	$	76,905
Total expenses		55,974		31			15			125			56,145
Operating income		20,994		(35	)		(16	)		(183	)		20,760
Total other income, net		6,996		251			96			466			7,809
Income before income taxes		27,990		216			80			283			28,569
Income tax provision		10,288		-			-			-			10,288
Net income		17,702		216			80			283			18,281
Net income attributable to noncontrolling interests		59		216			80			283			638
Net income attributable to GAMCO	$	17,643	$	-		$	-		$	-		$	17,643

Variable Interest Entities

We also have sponsored a number of investment vehicles where we are the general partner or investment manager.  These vehicles are variable interest entities ("VIEs"), and we are not the primary beneficiary because we do not absorb a majority of the entities' expected losses or expected returns.  The Company has not provided any financial or other support to these entities.  The total assets of these entities at March 31, 2012, December 31, 2011 and March 31, 2011 were $74.5 million, $73.7 million and $9.8 million, respectively.  Our maximum exposure to loss as a result of our involvement with the VIEs is limited to the investment in one VIE and the deferred carried interest that we have in another.  On March 31, 2012 and December 31, 2011, we had an investment in one of the VIE offshore funds of approximately $8.2 million and $5.0 million, respectively, which was included in investments in partnerships on the condensed consolidated statements of financial condition.  On March 31, 2012, December 31, 2011 and March 31, 2011, we had a deferred carried interest in one of the VIE offshore funds of approximately $49,000, $47,000 and $48,000, respectively, which was included in investments in partnerships on the condensed consolidated statements of financial condition.  Additionally, as the general partner or investment manager to these VIEs the Company earns fees in relation to these roles, which given a decline in AUMs of the VIEs would result in lower fee revenues earned by the Company which would be reflected on the condensed consolidated statements of income, condensed consolidated statements of financial condition and condensed consolidated statements of cash flows.

Prior to January 1, 2011, we were consolidating two VIEs since we had determined that we were the primary beneficiary of each because we had equity interests and absorbed a majority of each entity's expected losses; therefore they were consolidated in the financial statements.  Effective October 1, 2011, we deconsolidated one of the VIEs upon analysis of several factors, including the redemption of $49.2 million of proprietary capital from this VIE, we determined that the Company was no longer deemed to be the primary beneficiary of the VIE.  The deconsolidation did not result in the recognition of any gain or loss.  The Company has not provided any financial support to these VIEs but does continue to serve as the investment manager and earn fees for this role, and it also maintains an investment in the deconsolidated VIE, which is included in investments in partnerships on the condensed consolidated statements of financial condition and is accounted for under the equity method (which approximates fair value).  The assets of these VIEs may only be used to satisfy obligations of the VIEs.  The following table presents the balances related to these VIEs that are consolidated and were included on the condensed consolidated statements of financial condition as well as GAMCO's net interest in these VIEs:

	March 31,			December 31,			March 31,
	2012			2011			2011
(In thousands)
Cash and cash equivalents	$	-		$	15,000		$	-
Investments in securities		-			-			-
Investments in partnerships		17,183			1,433			1,598
Receivable from brokers		-			-			-
Other assets		-			-			-
Securities sold, not yet purchased		-			-			-
Accrued expenses and other liabilities		(7	)		(15,006	)		(41	)
Redeemable noncontrolling interests		(403	)		(381	)		(522	)
GAMCO's net interests in consolidated VIEs	$	16,773		$	1,046		$	1,035

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Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

G. Earnings Per Share

The computations of basic and diluted net income per share are as follows:

	Three Months Ended March 31,
(in thousands, except per share amounts)	2012		2011
Basic:
Net income attributable to GAMCO Investors, Inc.'s shareholders	$	23,836	$	17,643
Weighted average shares outstanding		26,415		26,901
Basic net income attributable to GAMCO Investors, Inc.'s
shareholders per share	$	0.90	$	0.66
Diluted:
Net income attributable to GAMCO Investors, Inc.'s shareholders	$	23,836	$	17,643
Weighted average share outstanding		26,415		26,901
Dilutive stock options and restricted stock awards		118		107
Total		26,533		27,008
Diluted net income attributable to GAMCO Investors, Inc.'s
shareholders per share	$	0.90	$	0.65

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Subsequent Events

3 Months Ended

Mar. 31, 2012

Subsequent Events [Abstract]

Subsequent Events

K. Subsequent Events

On May 1, 2012, our Board of Directors declared a special dividend of $0.25 per share to all of its Class A and Class B shareholders in addition to its quarterly dividend of $0.04 per share payable on June 26, 2012 to its Class A and Class B shareholders of record on June 12, 2012.

On May 1, 2012 our Board of Directors authorized the Company to renew its shelf registration, before the expiration of its current shelf in July 2012, that will allow it to issue up to $500 million in a combination of senior and subordinated debt securities, convertible debt securities and common and preferred securities.

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CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION UNAUDITED (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011	Mar. 31, 2011
ASSETS
Cash and cash equivalents	$ 324,630	$ 276,340	$ 164,671
Investments in securities	257,607	238,333	279,713
Investments in sponsored registered investment companies	62,305	59,214	65,903
Investments in partnerships	101,685	100,893	94,584
Receivable from brokers	29,298	20,913	43,308
Investment advisory fees receivable	27,193	32,156	24,992
Income tax receivable	39	39	302
Other assets	23,668	28,861	24,030
Assets	826,425	756,749	697,503
LIABILITIES AND EQUITY
Payable to brokers	22,366	10,770	7,998
Income taxes payable and deferred tax liabilities	24,782	15,296	25,035
Capital lease obligation	5,043	5,072	5,151
Compensation payable	28,834	17,695	22,883
Securities sold, not yet purchased	9,657	5,488	15,550
Mandatorily redeemable noncontrolling interests	1,390	1,386	1,466
Accrued expenses and other liabilities	28,692	24,441	28,351
Sub-total	120,764	80,148	106,434
5.5% Senior notes (due May 15, 2013)	99,000	99,000	99,000
5.875% Senior notes (due June 1, 2021)	100,000	100,000	0
Zero coupon subordinated debentures, Face value: $86.3 million at March 31, 2012 and December 31, 2011 and $86.4 million at March 31, 2011 (due December 31, 2015)	65,300	64,119	60,697
Total liabilities	385,064	343,267	266,131
Redeemable noncontrolling interests	16,828	6,071	28,884
Commitments and contingencies (Note J)
Equity
Preferred stock
Class A Common Stock	13	13	13
Class B Common Stock	20	20	20
Additional paid-in capital	265,280	264,409	262,686
Retained earnings	431,963	409,191	387,101
Accumulated other comprehensive income	25,960	22,520	27,900
Treasury stock, at cost	(302,152)	(292,181)	(278,870)
Total GAMCO Investors, Inc. stockholders' equity	421,084	403,972	398,850
Noncontrolling interests	3,449	3,439	3,638
Total equity	424,533	407,411	402,488
Total liabilities and equity	$ 826,425	$ 756,749	$ 697,503

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Dec. 31, 2010
Non-cash activity:
Deconsolidation of that partnership, cash and cash equivalents			$ 1,251
Deconsolidation of that partnership, net assets		2,852
Deconsolidation of that partnership, noncontrolling interests		4,103
Accrued RSA dividends	$ 13	$ 7

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Goodwill and Identifiable Intangible Assets

3 Months Ended

Mar. 31, 2012

Goodwill and Identifiable Intangible Assets [Abstract]

Goodwill and Identifiable Intangible Assets

I. Goodwill and Identifiable Intangible Assets

At March 31, 2012, $3.5 million of goodwill is reflected within other assets on the condensed consolidated statements of financial condition with $3.3 million related to a 93%-owned subsidiary, Gabelli Securities, Inc. and $0.2 million related to G.distributors, LLC.  The Company assesses the recoverability of goodwill at least annually, or more often should events warrant, using a qualitative assessment of whether it is more likely than not that an impairment has occurred to determine if a quantitative analysis is required.  There were no indicators of impairment for the three months ended March 31, 2012 or the three months ended March 31, 2011, and as such there was no impairment analysis performed or charge recorded.

As a result of becoming the advisor to the Gabelli Enterprise Mergers and Acquisitions Fund and the associated consideration paid, the Company maintains an identifiable intangible asset of $1.9 million within other assets on the condensed consolidated statements of financial condition at March 31, 2012, December 31, 2011 and March 31, 2011.  The investment advisory agreement is subject to annual renewal by the fund's Board of Directors, which the Company expects to be renewed, and the Company does not expect to incur additional expense as a result, which is consistent with other investment advisory agreements entered into by the Company.  The advisory contract is next up for renewal in February 2013.  The Company assesses the recoverability of this intangible asset at least annually, or more often should events warrant.  There were no indicators of impairment for the three months ended March 31, 2012 or March 31, 2011, and as such there was no impairment analysis performed or charge recorded.