10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________

FORM 10-Q

________________

þ	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934
	FOR THE QUARTERLY PERIOD ENDED: June 30, 2016
or
¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

Commission File Number: 000-51003

________________

CALAMOS ASSET MANAGEMENT, INC.

(Exact Name of Registrant as Specified in its Charter)

________________

Delaware	32-0122554
(State or Other Jurisdiction of	(I.R.S. Employer
Incorporation or Organization)	Identification No.)
2020 Calamos Court, Naperville, Illinois	60563
(Address of Principal Executive Offices)	(Zip Code)

(630) 245-7200

(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. þ Yes ¨ No

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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). þ Yes ¨ No

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.

Large accelerated filer ¨	Accelerated filer þ	Non-accelerated filer ¨	Smaller reporting company ¨
	(Do not check if a smaller reporting company)

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

At July 29, 2016, there were 20,530,571 shares of Class A common stock and 100 shares of Class B common stock outstanding.

TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements	3
Item 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations	21
Item 3. Quantitative and Qualitative Disclosures About Market Risk	33
Item 4. Controls and Procedures	33
PART II — OTHER INFORMATION
Item 1. Legal Proceedings	34
Item 2. Unregistered Sales of Equity Securities	34
Item 6. Exhibits	35
SIGNATURES	37

2

PART I — FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

CALAMOS ASSET MANAGEMENT, INC.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(in thousands, except share data)

	June 30, 2016			December 31, 2015
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	102,570		$	104,717
Receivables:
Affiliates and affiliated funds	12,109			13,891
Customers	3,180			3,876
Investment securities	55,590			257,057
Derivative assets	3,991			4,311
Consolidated funds and partnership investments	623,288			112,640
Prepaid expenses	4,345			3,709
Deferred tax assets, net	—			8,294
Other current assets	911			631
Total current assets	805,984			509,126
Non-current assets:
Deferred tax assets, net	37,934			30,010
Goodwill and intangible assets, net	7,202			7,301
Property and equipment, net of accumulated depreciation and amortization ($62,404 at June 30, 2016 and $60,713 at December 31, 2015)	13,451			13,308
Other non-current assets	1,617			1,717
Total non-current assets	60,204			52,336
Total assets	$	866,188		$	561,462
LIABILITIES AND EQUITY
LIABILITIES
Current liabilities:
Distribution fees payable	$	6,733		$	7,641
Accrued compensation and benefits	15,915			28,583
Interest payable	1,390			1,390
Derivative liabilities	9,590			5,475
Liabilities of consolidated funds and partnership investments	13,445			75
Accrued expenses and other current liabilities	4,279			5,118
Total current liabilities	51,352			48,282
Non-current liabilities:
Long-term debt	45,955			45,955
Deferred rent	8,559			8,788
Other non-current liabilities	3,833			2,043
Total non-current liabilities	58,347			56,786
Total liabilities	109,699			105,068
Redeemable non-controlling interest in consolidated funds and partnership investments	409,908			77,835
EQUITY
Class A Common Stock, $0.01 par value; authorized 600,000,000 shares; 25,681,567 shares issued and 16,747,077 shares outstanding at June 30, 2016; 25,326,522 shares issued and 16,917,360 shares outstanding at December 31, 2015	257			253
Class B Common Stock, $0.01 par value; authorized 1,000 shares; 100 shares issued and outstanding at June 30, 2016 and December 31, 2015	—			—
Additional paid-in capital	226,872			224,065
Retained earnings	77,477			81,881
Accumulated other comprehensive income	134			1,110
Treasury stock; 8,934,490 shares at June 30, 2016 and 8,409,162 shares at December 31, 2015	(117,748		)	(113,579		)
Calamos Asset Management, Inc. stockholders’ equity	186,992			193,730
Non-controlling interest in Calamos Investments LLC (Calamos Interests)	159,589			184,829
Total equity	346,581			378,559
Total liabilities and equity	$	866,188		$	561,462

See accompanying notes to consolidated financial statements.

3

CALAMOS ASSET MANAGEMENT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share data)

(unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
REVENUES
Investment management fees	$	39,452		$	48,962		$	79,000		$	94,910
Distribution and underwriting fees	8,288			10,747			16,709			21,594
Other	534			642			1,066			1,264
Total revenues	48,274			60,351			96,775			117,768
EXPENSES
Employee compensation and benefits	25,000			21,848			49,417			46,722
Distribution expenses	8,295			10,489			16,752			21,006
Marketing and sales promotion	3,216			4,330			5,911			17,735
General and administrative	9,245			9,592			17,889			19,718
Total operating expenses	45,756			46,259			89,969			105,181
Operating income	2,518			14,092			6,806			12,587
NON-OPERATING INCOME (LOSS)
Net interest expense	(695		)	(721		)	(1,392		)	(1,451		)
Investment and other income (loss)	2,323			692			(11,300		)	6,429
Total non-operating income (loss)	1,628			(29		)	(12,692		)	4,978
Income (loss) before income taxes	4,146			14,063			(5,886		)	17,565
Income tax provision	161			1,275			919			1,740
Net income (loss)	3,985			12,788			(6,805		)	15,825
Net (income) loss attributable to non-controlling interest in Calamos Investments LLC (Calamos Interests)	(903		)	(11,249		)	1,487			(11,137		)
Net (income) loss attributable to redeemable non-controlling interest in consolidated funds and partnership investments	(2,858		)	494			4,220			(2,554		)
Net income (loss) attributable to Calamos Asset Management, Inc.	$	224		$	2,033		$	(1,098	)	$	2,134
Earnings (loss) per share:
Basic	$	0.01		$	0.11		$	(0.07	)	$	0.12
Diluted	$	0.01		$	0.11		$	(0.07	)	$	0.11
Weighted average shares outstanding:
Basic	16,741,990			17,789,931			16,741,045			17,830,916
Diluted	17,091,623			18,635,798			16,741,045			18,618,888
Cash dividends declared per share	$	0.15		$	0.15		$	0.30		$	0.30

See accompanying notes to consolidated financial statements.

4

CALAMOS ASSET MANAGEMENT, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

(unaudited)

	Three Months Ended   June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Net income (loss)	$	3,985		$	12,788		$	(6,805	)	$	15,825
Other comprehensive income (loss), before income tax provision (benefit)
Unrealized gains (losses) on available-for-sale securities:
Unrealized gains (losses)	1,414			3,039			(7,594		)	12,055
Reclassification adjustment for realized (gains) losses included in net income (loss)	—			(1,657		)	617			(2,510		)
Other comprehensive income (loss), before income tax provision (benefit)	1,414			1,382			(6,977		)	9,545
Income tax provision (benefit) related to other comprehensive income (loss)	116			184			(573		)	632
Other comprehensive income (loss), after income tax provision (benefit)	1,298			1,198			(6,404		)	8,913
Comprehensive income (loss)	5,283			13,986			(13,209		)	24,738
Comprehensive (income) loss attributable to non-controlling interest in Calamos Investments LLC (Calamos Interests)	(2,003		)	(12,134		)	6,915			(18,973		)
Comprehensive (income) loss attributable to redeemable non-controlling interest in consolidated funds and partnership investments	(2,858		)	494			4,220			(2,554		)
Comprehensive income (loss) attributable to Calamos Asset Management, Inc.	$	422		$	2,346		$	(2,074	)	$	3,211

See accompanying notes to consolidated financial statements.

5

CALAMOS ASSET MANAGEMENT, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(in thousands, except share data)

(unaudited)

	Calamos Asset Management, Inc. Stockholders
(in thousands)	Common Stock		Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Non-controlling Interest in Calamos Investments LLC (Calamos Interests)			Total			Redeemable Non-controlling Interest in Consolidated Funds and Partnership Investments
Balance at December 31, 2014	$	250	$	221,208		$	89,311		$	1,297		$	(107,129	)	$	216,982		$	421,919		$	76,167
Net income	—		—			2,134			—			—			11,137			13,271			2,554
Other comprehensive income	—		—			—			1,077			—			7,836			8,913			—
Repurchase of common stock by Calamos Investments LLC (548,035 Class A common shares)	—		—			—			—			(1,498		)	(5,246		)	(6,744		)	—
Issuance of common stock (240,886 Class A common shares)	2		(2		)	—			—			—			—			—			—
Impact of the redemption of common stock from Calamos Investments LLC by Calamos Asset Management, Inc. (240,886 Class A common shares)	—		2,202			—			—			(2,202		)	—			—			—
Shares withheld for taxes under stock incentive plans and other cumulative impact of changes in ownership of Calamos Investments LLC	—		(108		)	—			—			—			(566		)	(674		)	—
Compensation expense recognized under stock incentive plans	—		792			—			—			—			2,776			3,568			—
Impact on non-controlling interests as a result of dividends paid to Calamos Investments LLC on repurchased common stock	—		(629		)	—			—			—			629						—
Dividend equivalent accrued under stock incentive plans	—		—			(124		)	—			—			(435		)	(559		)	—
Equity and tax distributions paid to non-controlling interests in Calamos Investments LLC (Calamos Interests)	—		—			—			—			—			(32,773		)	(32,773		)	—
Dividends declared	—		—			(5,351		)	—			—			—			(5,351		)	—
Balance at June 30, 2015	$	252	$	223,463		$	85,970		$	2,374		$	(110,829	)	$	200,340		$	401,570		$	78,721
Balance at December 31, 2015	$	253	$	224,065		$	81,881		$	1,110		$	(113,579	)	$	184,829		$	378,559		$	77,835
Consolidation of funds upon adoption of new accounting pronouncement on January 1, 2016	—		—			1,882			—			—			6,594			8,476			318,154
Net loss	—		—			(1,098		)	—			—			(1,487		)	(2,585		)	(4,220		)
Other comprehensive loss	—		—			—			(976		)	—			(5,428		)	(6,404		)	—
Repurchase of common stock by Calamos Investments LLC (525,328 Class A common shares)	—		—			—			—			(1,050		)	(3,650		)	(4,700		)	—
Issuance of common stock (355,045 Class A common shares)	4		(4		)	—			—			—			—			—			—
Impact of the redemption of common stock from Calamos Investments LLC by Calamos Asset Management, Inc. (355,045 Class A common shares)	—		3,119			—			—			(3,119		)	—			—			—
Shares withheld for taxes under stock incentive plans and other cumulative impact of changes in ownership of Calamos Investments LLC	—		(287		)	—						—			(769		)	(1,056		)	—
Compensation expense recognized under stock incentive plans	—		860			—			—			—			3,014			3,874			—
Impact on non-controlling interests as a result of dividends paid to Calamos Investments LLC on repurchased common stock	—		(881		)	—			—			—			881			—			—
Dividend equivalent accrued under stock incentive plans	—		—			(162		)	—			—			(566		)	(728		)	—
Consolidation (deconsolidation) of funds during period	—		—			—			—			—			—			—			48,694
Net purchase (sales) of redeemable non-controlling interest in consolidated funds and partnership investments			—			—									—			—			(30,555		)
Equity and tax distributions paid to non-controlling interests in Calamos Investments LLC (Calamos Interests)	—		—			—			—			—			(23,829		)	(23,829		)	—
Dividends declared	—		—			(5,026		)	—			—			—			(5,026		)	—
Balance at June 30, 2016	$	257	$	226,872		$	77,477		$	134		$	(117,748	)	$	159,589		$	346,581		$	409,908

See accompanying notes to consolidated financial statements.

6

CALAMOS ASSET MANAGEMENT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

	Six Months Ended June 30,
	2016			2015
Cash and cash equivalents at beginning of period	$	104,717		$	35,285
Cash flows provided by operating activities:
Net income (loss)	(6,805		)	15,825
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of deferred sales commissions	582			950
Other depreciation and amortization	1,803			2,204
Loss on disposal of property and equipment	—			71
Deferred rent	(229		)	32
Change in unrealized (gains) losses on trading securities, derivative assets, derivative liabilities, consolidated funds and partnership investments, net	11,543			(8,331		)
Net realized losses on sale of investment securities, derivative assets, derivative liabilities, consolidated funds and partnership investments, net	2,818			2,566
Change in deferred tax asset valuation allowance	628			—
Deferred taxes, net	(232		)	2,989
Stock-based compensation	3,874			3,568
Employee taxes paid on vesting under stock incentive plans	(987		)	(730		)
(Increase) decrease in assets:
Receivables:
Affiliates and affiliated funds, net	1,782			703
Customers	696			(1,221		)
Other assets	(932		)	(2,595		)
Decrease in liabilities:
Distribution fees payable	(908		)	(2,402		)
Accrued compensation and benefits	(12,668		)	(9,691		)
Accrued expenses and other liabilities	291			467
Net cash provided by operating activities	1,256			4,405
Cash flows provided by investing activities:
Net additions to property and equipment	(1,835		)	(1,600		)
Purchases of investment securities	(16,822		)	(7,068		)
Proceeds from sale of investment securities	33,486			80,669
Net purchases of derivatives	(244		)	—
Contributions to consolidated funds and partnership investments	(7,865		)	—
Distributions from consolidated funds and partnership investments	23,500			23,139
Net cash provided by investing activities	30,220			95,140
Cash flows used in financing activities:
Deferred tax benefit (expense) on vesting under stock incentive plans	(68		)	56
Repurchase of common stock by Calamos Investments LLC (525,328 at June 30, 2016, and 548,035 at June 30, 2015 Class A common shares)	(4,700		)	(6,744		)
Equity distributions paid to non-controlling interests (Calamos Interests)	(15,559		)	(23,338		)
Tax distributions paid to non-controlling interests (Calamos Interests)	(8,270		)	(9,435		)
Cash dividends paid to common stockholders	(5,026		)	(5,351		)
Net cash used in financing activities	(33,623		)	(44,812		)
Net (decrease) increase in cash and cash equivalents	(2,147		)	54,733
Cash and cash equivalents at end of period	$	102,570		$	90,018
Supplemental disclosure of cash flow information:
Cash paid (refunded) for:
Income taxes, net	$	(20	)	$	62
Interest	$	1,516		$	1,516

See accompanying notes to consolidated financial statements.

7

CALAMOS ASSET MANAGEMENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(1)    Organization and Description of Business

Calamos Asset Management, Inc. (“CAM”), representing the public shares outstanding, as of June 30, 2016, owned 22.2% of the operating company, Calamos Investments LLC (“Calamos Investments”), with the remaining 77.8% privately owned by Calamos Family Partners, Inc. (“CFP”), a Delaware corporation, and John P. Calamos, Sr., the Founder, Chairman and Global Chief Investment Officer of CAM. CAM, together with Calamos Investments and Calamos Investments’ subsidiaries (the “Company”), operates the investment advisory and distribution services businesses reported within these consolidated financial statements. CAM operates and is the sole manager, and thus controls all of the business and affairs of Calamos Investments and, as a result of this control, consolidates the financial results of Calamos Investments with its own financial results. CFP 's and John P. Calamos, Sr.'s (collectively "Calamos Interests") ownership interest, in accordance with applicable accounting guidance, is reflected and referred to within these consolidated financial statements as "non-controlling interest in Calamos Investments LLC". As shown in the diagram below, CFP also owns all of CAM’s outstanding Class B common stock, which represents 97.4% of the combined voting power of all classes of CAM’s voting stock. The graphic below illustrates our organizational and ownership structure as of June 30, 2016:

(1) Represents combined economic interest of Calamos Family Partners, Inc. and John P. Calamos, Sr. who is also a member of Calamos Investments LLC.

(2) Represents combined economic interest of all public stockholders, including John P. Calamos, Sr. and John P. Calamos, Jr.’s combined 20.69% ownership interest of Class A common stock. The calculation of ownership interest includes options and restricted stock units ("RSUs") that vest within 60 days, as well as CFP’s indirect ownership interest in Class A common stock purchased by Calamos Investments LLC, pursuant to the Company’s share repurchase plan.

8

CALAMOS ASSET MANAGEMENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

The Company primarily provides investment advisory services to individuals and institutional investors through a number of investment products that include open-end funds, an exchange-traded fund and closed-end funds (the “Funds”), separate accounts, and partnerships, as well as provides model portfolio design and oversight for separately managed accounts. The subsidiaries through which the Company provides these services include: Calamos Advisors LLC (“CAL”), a Delaware limited liability company and registered investment advisor; Calamos Financial Services LLC (“CFS”), a Delaware limited liability company and registered broker-dealer; Calamos Wealth Management LLC, a Delaware limited liability company and registered investment advisor; and Calamos Investments LLP, a United Kingdom limited liability partnership, registered investment advisor with the Financial Conduct Authority in the United Kingdom, and a global distributor of the offshore funds and Company products. For reporting purposes, the offshore funds are included within the open-end funds.

(2)Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Management believes the accounting estimates are appropriate and reasonably stated; however, due to the inherent uncertainties in making estimates, actual amounts could differ from these estimates.

The consolidated financial statements as of June 30, 2016 and for the three and six months ended June 30, 2016, and 2015 have not been audited by the Company’s independent registered public accounting firm. In the opinion of management, these statements contain all adjustments, including those of a normal recurring nature, necessary for fair presentation of the financial condition and results of operations. The results for the interim periods presented are not necessarily indicative of the results to be obtained for a full fiscal year. This Form 10-Q filing should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

New Accounting Guidance

The Company implemented Accounting Standards Update No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which amended the consolidation requirements under GAAP, on January 1, 2016, using the modified retrospective method. The modified retrospective method did not require the restatement of prior year periods. In connection with the adoption of this guidance, the Company reevaluated all of its investments for consolidation, including its investments in open-end funds. The adoption of the guidance resulted in open-end funds regulated outside the U.S. previously accounted for as voting interest entities ("VOE") to be evaluated as variable interest entities ("VIE") and led to the consolidation of five open-end funds that were previously accounted for as available-for-sale securities. The adoption also resulted in the consolidation of four U.S. regulated open-end funds that were previously accounted for as available-for-sale securities. The impact to the consolidated statements of financial condition upon adoption was the consolidation of $333.6 million of assets, $15.4 million of liabilities, and $318.2 million of redeemable non-controlling interests. In connection with the adoption, the Company reclassified $1.9 million and $6.6 million, respectively, in accumulated other comprehensive income (loss) to retained earnings and non-controlling interest in Calamos Investments LLC. Additional disclosures related to consolidated voting interest entities and variable interest entities, and the impact the new accounting guidance has had on the quarter are included in Note 5, Consolidated Funds and Partnership Investments.

Principles of Consolidation

The consolidated financial statements include the financial statements of CAM, Calamos Investments, Calamos Investments’ wholly-owned subsidiaries, the Company’s partnerships and open-end funds in which it has a controlling financial interest or operating control. The equity method of accounting is used for investments in which the Company has significant influence, but less than a 50% controlling interest. All significant intercompany balances and transactions have been eliminated.

The Calamos Interests’ combined 77.8% interest in Calamos Investments at June 30, 2016 and December 31, 2015, is represented as a non-controlling interest in Calamos Investments LLC in the Company’s consolidated financial statements. The non-controlling interest in Calamos Investments is derived by multiplying the historical equity of Calamos Investments by the Calamos Interests’ aggregate ownership percentage for the periods presented. Issuances and repurchases of CAM’s common stock may result in changes to CAM’s ownership percentage and to the non-controlling interests’ ownership percentage of Calamos Investments with resulting changes reflected in the consolidated statements of changes in equity. Income is allocated based on the average ownership interest during the period in which the income is earned.

The Company consolidates investments in which the Company’s controlling interest exceeds 50% or in which the Company operates and controls the business and affairs of the entity or is deemed to be the primary beneficiary. In order to make this

9

CALAMOS ASSET MANAGEMENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

determination, an analysis is performed to determine if the investment in an affiliate, partnership or open-end fund is a VOE or VIE. The analysis involves judgment and considers several factors, including an entity’s legal organization, capital structure, the rights of the equity investment holders, the Company's ownership interest in the entity, and its contractual involvement with the entity. The Company continually reviews and reconsiders its previously reached VIE or VOE conclusions upon the occurrence of certain events, such as changes to its ownership interest, changes to an entity’s organization and legal structure, or amendments to governing documents.

CAM owns certain assets to which it has exclusive economic rights. As of June 30, 2016, these assets included cash and cash equivalents of $80.2 million, net non-current deferred tax assets of $37.9 million, net current income taxes receivable of $347,000, and a loan receivable from Calamos Investments of $23.0 million. As of December 31, 2015, these assets included cash, cash equivalents and investment securities of $77.3 million, net current and non-current deferred tax assets of $38.3 million, net current income taxes receivable of $355,000, and a loan receivable from Calamos Investments of $25.0 million. These assets are reported together with Calamos Investments’ consolidated assets in the consolidated statements of financial condition. Additionally, loss before income taxes of $5.9 million, and income before income taxes of $17.6 million for the six months ended June 30, 2016 and 2015, respectively, each included $201,000 and $654,000, respectively, of interest income and realized gains and losses on cash and cash equivalents held solely by CAM. These portions of CAM’s income and expense are not affected by non-controlling interests.

The open-end funds that the Company consolidates in its consolidated financial statements are generally those products to which it provided initial seed capital at the time of their formation and has a controlling interest. The Company's U.S. regulated open-end funds are considered VOEs while those regulated outside the U.S. are considered VIEs. VIEs are entities that, by design (i) lack sufficient equity to permit the entity to finance its activities independently, or (ii) have equity holders that do not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, the obligation to absorb the entity’s losses, or the rights to receive the entity’s residual returns. The Company consolidates a VIE when it is the primary beneficiary, which is the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the VIE that could potentially be significant. For the periods the funds and partnerships are consolidated, the assets and liabilities of the funds and partnerships are presented as consolidated funds and partnership investments and liabilities of consolidated funds and partnership investments, respectively, in the consolidated statements of financial condition. The net income for these funds and partnerships is included in investment and other income in the consolidated statements of operations, and the change in funds and partnership investments is included in contributions to or distributions from consolidated funds and partnership investments in the consolidated statements of cash flows. The combined interests of all of the consolidated funds and partnerships not owned by the Company and that are redeemable at the option of the holder, are presented as redeemable non-controlling interest in consolidated funds and partnership investments in the Company’s consolidated financial statements for the periods those funds and partnerships were consolidated. See Note 5, Consolidated Funds and Partnership Investments, for more discussion regarding these funds.

Calamos Investments, through its wholly-owned subsidiaries and affiliates, is indirectly the general partner and controls the operations of Calamos Global Opportunities Fund LP. The results of this partnership are included in the Company's consolidated financial statements.

The Company holds non-controlling interests in certain other partnership investments that are included in partnership investments and consolidated funds in the consolidated statements of financial condition. These other partnership investments are accounted for under the equity method.

Restricted Cash

The Company has a $430,000 security deposit related to a property lease that is restricted from the Company’s general corporate use and is being reported in other non-current assets in the consolidated statements of financial condition.

Treasury Stock

On November 13, 2014, the Company announced a repurchase of up to an additional 3 million shares of the Company's outstanding Class A Common Stock primarily to continue to manage the dilution from share issuances under the Company’s incentive compensation plan. During the six months ended June 30, 2016, Calamos Investments repurchased 525,328 shares of Class A common stock, at an average purchase price of $8.95 and a total cost of $4.7 million under this repurchase program. As Calamos Investments is consolidated with CAM, the repurchased shares are reported as treasury shares. As such, CAM’s 22.2% ownership interest in these shares totaling $1.0 million is reported in treasury stock, with Calamos Interests’ 77.8% ownership interest in these shares totaling $3.7 million reported in non-controlling interest in the consolidated statements of financial condition. The total shares repurchased are not included in the calculation of basic and diluted earnings per share in accordance with GAAP.

10

CALAMOS ASSET MANAGEMENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

During the three and six months ended June 30, 2016, CAM redeemed 22,573 and 355,045, respectively, Class A common shares from Calamos Investments for a value of $254,000 and $4.0 million, respectively, which represents the fair value of the shares on the date of redemption. As Calamos Investments is consolidated with CAM, the impact of the distribution reflecting the non-controlling interest is $197,000 and $3.1 million, respectively. 

During the three and six months ended June 30, 2016, dividends on shares held by Calamos Investments totaled $568,000 and $1.1 million, respectively. The payment of these dividends increased Calamos Investments' equity by $442,000 for the second quarter of 2016, and $881,000 for the six months ended June 30, 2016, from additional paid in capital to non-controlling interest in Calamos Investments LLC in the consolidated statement of changes in equity. Those amounts represent Calamos Interests' ownership interest in those dividend payments.

For a comprehensive disclosure of the Company's significant accounting policies, see the Company's Annual Report on Form 10-K for the year ended December 31, 2015.

(3)Investment Securities

The Company carries all investment securities it owns at fair value and records all changes in fair value in current earnings. As such, unrealized gains and losses on trading securities, as well as realized gains and losses on all investment securities, are included in investment and other income in the consolidated statements of operations. Unrealized gains and losses on available-for-sale securities are reported, net of CAM's deferred income tax, as a separate component of accumulated other comprehensive income (loss) in equity until realized.

The following table provides a summary of investment securities as of June 30, 2016 and December 31, 2015:

(in thousands)
June 30, 2016	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Available-for-sale securities:
Funds
U.S. Equity	$	54	$	—	$	(2	)	$	52
Global Equity	9,943		757		(13		)	10,687
Convertible	34		—		(3		)	31
Fixed Income	5,376		269		—			5,645
Alternative	52		—		(2		)	50
Multi-Strategy	20,236		1,463		(16		)	21,683
Total Funds	35,695		2,489		(36		)	38,148
Common stock	141		217		—			358
Total available-for-sale securities	$	35,836	$	2,706	$	(36	)	$	38,506
Trading securities:
Funds
U.S. Equity	$	2,219	$	23	$	—		$	2,242
Global Equity	4,733		54		—			4,787
Convertible	1,796		35		—			1,831
Fixed Income	53		1		—			54
Alternative	8,675		14		(519		)	8,170
Total trading securities	$	17,476	$	127	$	(519	)	$	17,084
Total investment securities								$	55,590

11

CALAMOS ASSET MANAGEMENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(in thousands)
December 31, 2015	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Available-for-sale securities:
Funds
U.S. Equity	$	62,839	$	2,914	$	(44	)	$	65,709
Global Equity	124,929		6,606		(46		)	131,489
Convertible	5,093		—		(14		)	5,079
Fixed Income	16,922		58		(15		)	16,965
Alternative	14,153		125		(191		)	14,087
Multi-Strategy	16,150		208		(133		)	16,225
Total Funds	240,086		9,911		(443		)	249,554
Common stock	141		181		—			322
Total available-for-sale securities	$	240,227	$	10,092	$	(443	)	$	249,876
Trading securities:
Funds
U.S. Equity	$	5,194	$	—	$	(478	)	$	4,716
Global Equity	2,500		—		(35		)	2,465
Total trading securities	$	7,694	$	—	$	(513	)	$	7,181
Total investment securities								$	257,057

The investments in Funds at June 30, 2016 and December 31, 2015 of $55.2 million and $256.7 million, respectively, were invested in affiliated funds that are not consolidated and accounts that are separately managed. In connection with the adoption of the new consolidation accounting guidance on January 1, 2016, the Company reevaluated all of its investments for consolidation, including its investments in open-end funds. The Company determined that its interests in certain available-for-sale securities with a fair value of $197.5 million at December 31, 2015, were deemed controlling interests under the new accounting guidance and resulted in these open-end funds being consolidated on January 1, 2016.

The aggregate fair value of available-for-sale investment securities that were in an unrealized loss position at June 30, 2016 and December 31, 2015 was $986,000 and $12.5 million, respectively. As of June 30, 2016 and December 31, 2015, the Company had no investment securities that had been in a continuous loss position for 12 months or longer.

The Company recorded other-than-temporary impairment charges of $68,000 and $319,000, respectively, for the three and six months ended June 30, 2016 on certain available-for-sale securities with unrealized losses. Other-than-temporary impairment charges recorded for the three and six months ended June 30, 2015 were $811,000. The other-than-temporary impairment charges were reported in non-operating income (loss), in the consolidated statements of operations.

As of June 30, 2016 and December 31, 2015, the Company believes that the remaining $36,000 and $443,000, respectively, in unrealized losses on certain available-for-sale securities are only temporary in nature, as these losses are a result of short-term declines in the net asset value of the funds. Further, the Company has the intent and ability to hold these securities for a period of time sufficient to allow for recovery of the fair value. The Company also considered current market conditions and the nature of the securities held when determining the recoverability of those securities' fair value.

The following table provides a summary of changes in investment securities for the three and six months ended June 30, 2016 and 2015:

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2016			2015			2016			2015
Available-for-sale securities:
Proceeds from sales	$	2,413		$	25,572		$	17,043		$	40,572
Gross realized gains (losses) on sales	$	84		$	2,013		$	(223	)	$	2,558
Trading securities:
Changes in unrealized gains (losses)	$	(65	)	$	(605	)	$	(3,788	)	$	7,215

12

CALAMOS ASSET MANAGEMENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

The table below summarizes the tax provision (benefit) on unrealized gains (losses) and (gains) losses reclassified out of accumulated other comprehensive income (loss) on available-for-sale securities for the three and six months ended June 30, 2016 and 2015:

	Three Months Ended   June 30, 2016									Three Months Ended   June 30, 2015
(in thousands)	Before-Tax Amount			Tax Provision (Benefit)			After-Tax Amount			Before-Tax Amount			Tax Provision (Benefit)			After-Tax Amount
Available-for-sale securities:
Changes in unrealized gains	$	2,076		$	170		$	1,906		$	3,039		$	320		$	2,719
Reclassification adjustment for realized gains included in income	—			—			—			(1,657		)	(136		)	(1,521		)
Unrealized gains on consolidation of funds upon adoption of new accounting pronouncement	(662		)	(54		)	(608		)	—			—			—
Other comprehensive income	$	1,414		$	116		$	1,298		$	1,382		$	184		$	1,198

	Six Months Ended June 30, 2016									Six Months Ended June 30, 2015
(in thousands)	Before-Tax Amount			Tax Provision (Benefit)			After-Tax Amount			Before-Tax Amount			Tax Provision (Benefit)			After-Tax Amount
Available-for-sale securities:
Changes in unrealized gains	$	882		$	72		$	810		$	12,055		$	1,084		$	10,971
Reclassification adjustment for realized (gains) losses included in income	617			51			566			(2,510		)	(452		)	(2,058		)
Unrealized gains on consolidation of funds upon adoption of new accounting pronouncement	(8,476		)	(696		)	(7,780		)	—			—			—
Other comprehensive income (loss)	$	(6,977	)	$	(573	)	$	(6,404	)	$	9,545		$	632		$	8,913

Reclassification of realized (gains) losses out of accumulated other comprehensive income (loss) are reported in non-operating income (loss), in investment income (loss), in the consolidated statement of operations. See Note 9, Non-Operating Income (Loss).

(4)Derivative Assets and Liabilities

The Company used exchange-traded option contracts as an economic hedge of price changes in its investment securities portfolio in order to reduce the volatility equity markets have on the fair value of the Company's corporate investment portfolio and that could result in realized or unrealized gains and losses. The Company's investment securities and consolidated funds, net of redeemable non-controlling interest, totaling $220.8 million at June 30, 2016, consist primarily of positions in several Calamos equity and fixed income funds. The equity price risk in the investment portfolio may be hedged using exchange-traded option contracts that correlate most closely with the change in value of the portfolio being hedged. The use of these option contracts are part of a hedge overlay strategy to minimize downside risk in the hedged portfolio. The Company may adjust its hedge position in response to movement and volatility in prices and changes in the composition of the hedged portfolio, but generally is not actively buying and selling contracts.

The Company has elected not to offset its derivative assets with its derivative liabilities even if a right of offset exists. When applicable, the fair value of option contracts is reported on a gross basis in derivative assets and derivative liabilities in the consolidated statements of financial condition. Net gains and losses on these contracts are reported in investment and other income (loss) in the consolidated statements of operations. The Company recorded net losses of $2.3 million and $4.7 million, respectively, on these contracts for the three and six months ended June 30, 2016. The Company did not record a gain or loss for the three and six months ended June 30, 2015. The Company may use these derivatives for risk management purposes but does not designate the contracts as hedges for accounting purposes. The Company had $4.0 million and $4.3 million, respectively, of derivative assets outstanding as of June 30, 2016 and December 31, 2015. As of June 30, 2016 and December 31, 2015, the Company had $9.6 million and $5.5 million, respectively, of derivative liabilities outstanding.

13

CALAMOS ASSET MANAGEMENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(5)Consolidated Funds and Partnership Investments

Presented below are the underlying assets and liabilities of the funds and partnership investments that the Company reports on a consolidated basis, as well as partnership investments that the Company accounts for under the equity method. These investments are presented as consolidated funds and partnership investments and liabilities of consolidated funds and partnership investments, respectively, in its consolidated statements of financial condition as of June 30, 2016 and December 31, 2015.

(in thousands)	June 30, 2016
	Consolidated Funds			Partnership Investments			Total
Assets
Securities owned	$	467,323		$	110,664		$	577,987
Cash and cash equivalents	16,206			7,026			23,232
Receivables for securities sold	19,225			—			19,225
Other current assets	1,779			297			2,076
Exchange-traded option contracts	427			321			748
Total assets of consolidated funds and partnership investments	$	504,960		$	118,308		$	623,268
Liabilities
Payables on redemptions	$	(984	)	$	—		$	(984	)
Payables for securities purchased	(9,485		)	(1,026		)	(10,511		)
Securities sold not yet purchased	(7		)	—			(7		)
Accrued expenses and other current liabilities	(1,233		)	(64		)	(1,297		)
Exchange-traded option contracts	(646		)	—			(646		)
Total liabilities of consolidated funds and partnership investments	$	(12,355	)	$	(1,090	)	$	(13,445	)
Equity method investment in partnerships	$	—		$	20		$	20

(in thousands)	December 31, 2015
	Consolidated Funds		Partnership Investments			Total
Assets
Securities owned	$	—	$	106,667		$	106,667
Cash and cash equivalents	—		5,356			5,356
Other current assets	—		500			500
Exchange-traded option contracts	—		87			87
Total assets of consolidated partnership investments	$	—	$	112,610		$	112,610
Liabilities
Accrued expenses and other current liabilities	—		(75		)	(75		)
Total	$	—	$	(75	)	$	(75	)
Equity method investment in partnerships	$	—	$	30		$	30

The open-end funds included in the Company's consolidated financial statements are generally those products for which it provided initial seed capital at the time of their formation and for which the Company has a controlling interest. The Company's U.S. regulated open-end funds are considered voting interest entities while those regulated outside the U.S. are considered variable interest entities. The Company is required to recognize the valuation changes associated with all underlying investments held by these funds in its consolidated financial statements of operations, and disclose the portion attributable to third party investors as net income attributable to redeemable non-controlling interests.

Calamos Investments, through its wholly-owned subsidiaries and affiliates, is indirectly the general partner and controls the operations of Calamos Global Opportunities Fund LP. This investment is presented as a consolidated partnership in the table above.

14

CALAMOS ASSET MANAGEMENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

Profits and losses are allocated to the general partner and limited partners in proportion to their ownership interests at the beginning of each month. Partners' admissions, additional contributions and withdrawals are permitted on a monthly basis.

(6)Fair Value Measurements

The Company utilizes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1 — observable inputs such as quoted prices for identical assets and liabilities in active markets; Level 2 — inputs, other than the quoted prices in active markets, that are observable either directly or indirectly (including quoted prices of similar securities, interest rates, credit risk, fair value adjustments to quoted foreign securities, etc.); and Level 3 — unobservable inputs in which there is little or no market data, and require the reporting entity to develop its own assumptions. For each period presented, the Company did not have any assets or liabilities measured at fair value using Level 3 measurements. Transfers between levels are measured at the end of the reporting period. The Company had no transfers between levels during the period.

Investments are presented in the consolidated financial statements at fair value in accordance with GAAP. Investments in open-end funds are stated at fair value based on end of day published net asset values of shares owned by the Company. The fair value of investment securities and consolidated funds, net of redeemable non-controlling interest, in open-end funds was $186.1 million and $228.1 million at June 30, 2016 and December 31, 2015, respectively. There are no unfunded commitments related to these investments. These investments may be redeemed daily with a redemption notice period of up to seven days. Investments in securities traded on a national securities exchange are stated at the last reported sales price on the day of valuation. Other securities, including derivatives, traded in the over-the-counter market and listed securities for which no sale was reported on that date are stated at the last quoted bid price. However, short sales positions and call options written are reported at the last quoted ask price. Convertible bonds, fixed income securities and other securities for which quotations are not readily available are valued at fair value based on observable inputs such as market prices for similar instruments as validated by third party pricing agencies and the Company’s prime broker. Debt securities are valued based upon prices received from an independent pricing service or from a dealer or broker who makes markets in such securities. Pricing services utilize various observable market data and as such, debt securities are generally categorized as Level 2.

The following tables provide the hierarchy of inputs used to derive the fair value of the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015, respectively. Foreign currency contracts are carried in the Company's consolidated funds and partnership investments and are presented on a net basis where the right of offset exists, and had an insignificant impact for the periods presented.

15

CALAMOS ASSET MANAGEMENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

				Fair Value Measurements Using
(in thousands) Description	June 30, 2016			Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)
Cash and cash equivalents
Money market funds	$	25,283		$	25,283		$	—
Investment securities (Note 3)
Funds
U.S. Equity	2,294			2,294			—
Global Equity	15,474			15,474			—
Convertible	1,862			1,862			—
Fixed Income	5,699			518			5,181
Alternative	8,220			8,220			—
Multi-Strategy	21,683			21,683			—
Total Funds	55,232			50,051			5,181
Common stock	358			358			—
Total investment securities	55,590			50,409			5,181
Derivative assets (Note 4)
Exchange-traded option contracts	3,991			3,991			—
Securities and derivative assets owned by consolidated funds and partnership investments (Note 5)
Common stocks	332,302			218,946			113,356
Preferred stocks	37,613			34,352			3,261
Convertible bonds	180,418			—			180,418
Corporate bonds	27,654			—			27,654
Money market funds	23,063			23,063			—
Exchange-traded option contracts	748			748			—
Total securities and derivative assets owned by consolidated funds and partnership investments	601,798			277,109			324,689
Derivative liabilities (Note 4)
Exchange-traded option contracts	(9,590		)	(9,590		)	—
Derivative liabilities owned by consolidated funds (Note 5)
Exchange-traded option contracts	(646		)	(646		)	—
Total	$	676,426		$	346,556		$	329,870

16

CALAMOS ASSET MANAGEMENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

				Fair Value Measurements Using
(in thousands) Description	December 31, 2015			Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)
Cash and cash equivalents
Money market funds	$	25,240		$	25,240		$	—
Investment securities (Note 3)
Funds
U.S. Equity	70,425			70,425			—
Global Equity	133,954			133,954			—
Convertible	5,079			5,079			—
Fixed Income	16,965			12,097			4,868
Alternative	14,087			14,087			—
Multi-Strategy	16,225			16,225			—
Total Funds	256,735			251,867			4,868
Common stock	322			322			—
Total investment securities	257,057			252,189			4,868
Derivative assets (Note 4)
Exchange-traded option contracts	4,311			4,311			—
Securities and derivatives owned by partnership investments (Note 5)
Common stocks	53,467			27,899			25,568
Preferred stocks	3,875			3,875			—
Convertible bonds	48,369			—			48,369
Corporate bonds	957			—			957
Money market funds	5,309			5,309			—
Exchange-traded option contracts	87			87			—
Total securities and derivatives owned by partnership investments	112,064			37,170			74,894
Derivative liabilities (Note 4)
Exchange-traded option contracts	(5,475		)	(5,475		)	—
Total	$	393,197		$	313,435		$	79,762

The fair value of the Company’s long-term debt, which has a total carrying value of $46.0 million at June 30, 2016 and December 31, 2015, was approximately $51.5 million and $51.6 million, respectively, calculated using discounted cash flows based on the Company's incremental borrowing rates and market inputs for similar bonds. The fair value of the debt is based on Level 2 inputs within the fair value hierarchy.

The fair value and carrying value of the Company's contingent consideration at June 30, 2016 and December 31, 2015, was $409,000 and $998,000, respectively. This contingent consideration is associated with the Company's purchase of Phineus Partners LP in 2015, reported in other current and non-current liabilities in the consolidated statements of financial condition. For the three months ended June 30, 2016, the change in the fair value of the contingent consideration is not material, and is included in other income in the consolidated statements of operations. The fair value of the contingent consideration is based on Level 3 unobservable inputs within the fair value hierarchy as it is calculated using certain assumptions regarding business performance and probability of payment.

The carrying value of all other financial instruments approximates fair value due to the short maturities of these financial instruments.

(7)Loans Payable

The Company has access to margin loans for the settlement of option liabilities, as well as an additional source of liquidity. The interest rate that can be charged on margin loans is 1.75% per annum, based on the brokerage firm’s lending rate. These loans are due on demand. The Company had no margin loan balances outstanding at June 30, 2016 and December 31, 2015.

17

CALAMOS ASSET MANAGEMENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(8)Stock-Based Compensation

Under the Company’s incentive compensation plan, certain employees of the Company receive stock-based compensation comprised of stock options and restricted stock units (“RSUs”). Historically, RSUs have been settled with newly issued shares so that no cash was used by the Company to settle awards; however, the Company may also use treasury shares upon the exercise of stock options and upon conversion of RSUs. The Company’s Annual Report on Form 10-K for the year ended December 31, 2015 provides details of this plan and its provisions.

During the six months ended June 30, 2016, the Company granted 2,364,892 RSUs and there were 92,948 RSUs forfeited. The RSUs granted in the first six months of 2016, included awards to key investment personnel and officers as part of a strategic plan to promote retention and succession planning. During the same period, the Company granted no stock options and there were 274,904 stock options forfeited.

During the six months ended June 30, 2016, 470,273 RSUs vested with 115,228 units withheld for taxes and 355,045 RSUs converted into an equal number of shares of CAM’s Class A common stock. The total intrinsic value and the fair value of the converted shares was $3.1 million. The total tax benefit realized in connection with the vesting of the RSUs during the six months ended June 30, 2016 was $408,000, as the Company receives tax benefits based upon the portion of Calamos Investments’ expense that it recognizes.

During the six months ended June 30, 2016 and 2015, compensation expense recorded in connection with the RSUs and stock options was $3.9 million and $3.6 million, respectively, of which $860,000 and $792,000, respectively, was credited as additional paid-in capital after giving effect to the non-controlling interests. The amount of deferred tax asset created was $318,000 and $293,000 during the six months ended June 30, 2016 and 2015, respectively. As of June 30, 2016, $23.0 million of total unrecognized compensation expense related to unvested stock option and RSU awards is expected to be recognized over a weighted-average period of 4.1 years.

(9)Non-Operating Income (Loss)

Non-operating income (loss) was comprised of the following components for the three and six months ended June 30, 2016 and 2015:

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2016			2015			2016			2015
Interest income	$	69		$	45		$	136		$	89
Interest expense	(764		)	(766		)	(1,528		)	(1,540		)
Net interest expense	(695		)	(721		)	(1,392		)	(1,451		)
Investment income (loss)	1,749			241			(12,395		)	5,767
Dividend income	623			299			1,058			526
Miscellaneous other income (loss)	(49		)	152			37			136
Investment and other income (loss)	2,323			692			(11,300		)	6,429
Non-operating income (loss)	$	1,628		$	(29	)	$	(12,692	)	$	4,978

18

CALAMOS ASSET MANAGEMENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(10)Income Taxes

Calamos Investments is subject to certain income-based state taxes; therefore, income taxes reflect not only the portion attributed to CAM stockholders but also a portion of income taxes attributable to non-controlling interests.

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
(in thousands)
Income tax provision	$	161		$	1,275		$	919		$	1,740
Income tax provision attributable to non-controlling interest in Calamos Investments	(19		)	(17		)	(35		)	(31		)
Income tax provision attributable to CAM	142			1,258			884			1,709
Net income (loss) attributable to CAM	224			2,033			(1,098		)	2,134
Income (loss) before taxes attributable to CAM	$	366		$	3,291		$	(214	)	$	3,843
CAM’s effective income tax rate	38.8		%	38.2		%	*			44.5		%

________________

* Not meaningful

CAM's effective income tax rate was 38.8% for the second quarter of 2016, compared with 38.2% for the second quarter of 2015. For the first six months of 2016, CAM's income tax provision exceeded income before income tax provision attributable to CAM, resulting in an income tax rate that was not meaningful. The income tax provision for the first six months of 2016 included $964,000 of deferred tax expense related to expired employee stock options and an allowance for employee stock options expected to expire in future periods. As of June 30, 2016, the Company's valuation allowance on this deferred tax asset was $628,000. Excluding the deferred tax valuation allowance and deferred tax expense related to expired employee stock options, CAM's effective income tax rate would be 37.4% for the first six months of 2016. CAM 's effective income tax rate was 44.5% for the first six months of 2015, a result of $238,000 of deferred tax expense related to expired employee options in the prior year.

On January 1, 2016 the Company early adopted Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes, which requires that deferred tax liabilities and assets be classified as non-current on the balance sheet. The Company has applied the requirements of this standard prospectively, which resulted in the reclassification of $8.3 million from current deferred tax assets to non-current deferred tax assets in the consolidated statements of financial condition as of January 1, 2016.

(11)Earnings (Loss) Per Share

The following table reflects the calculation of basic and diluted earnings (loss) per share:

	Three Months Ended   June 30,				Six Months Ended   June 30,
(in thousands, except per share amounts)	2016		2015		2016			2015
Earnings (loss) per share – basic:
Earnings (loss) available to common shareholders	$	224	$	2,033	$	(1,098	)	$	2,134
Weighted average shares outstanding	16,741,990		17,789,931		16,741,045			17,830,916
Earnings (loss) per share – basic	$	0.01	$	0.11	$	(0.07	)	$	0.12
Earnings (loss) per share – diluted:
Earnings (loss) available to common shareholders	$	224	$	2,033	$	(1,098	)	$	2,134
Weighted average shares outstanding	16,741,990		17,789,931		16,741,045			17,830,916
Dilutive impact of restricted stock units	349,633		845,867		—			787,972
Weighted average shares outstanding(1)	17,091,623		18,635,798		16,741,045			18,618,888
Earnings (loss) per share – diluted	$	0.01	$	0.11	$	(0.07	)	$	0.11

________________

⁽¹⁾Dilutive securities are not included in the computation of diluted earnings per share when a company is in a loss position. As such, the numerator and the denominator used in computing both basic and diluted net loss per share for the six months ended June 30, 2016 were the same. Diluted weighted average shares outstanding were 17,098,778 for the six months ended June 30, 2016.

19

CALAMOS ASSET MANAGEMENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

When dilutive, diluted shares outstanding are calculated (a) assuming that Calamos Interests exchanged all of their ownership interest in Calamos Investments and their CAM Class B common stock for shares of CAM’s Class A common stock (the "Exchange") and (b) including the effect of outstanding dilutive equity incentive compensation awards. As of June 30, 2016, and 2015, the impact of the Exchange was anti-dilutive and, therefore, excluded from the calculation of diluted earnings per share.

The Company uses the treasury stock method to reflect the dilutive effect of unvested RSUs and unexercised stock options on diluted earnings (loss) per share. Under the treasury stock method, if the average market price of common stock increases above the option’s exercise price, the proceeds that would be assumed to be realized from the exercise of the option would be used to acquire outstanding shares of common stock. However, the awards may be anti-dilutive even when the market price of the underlying stock exceeds the option’s exercise price. This result is possible because compensation cost attributed to future services and not yet recognized is included as a component of the assumed proceeds upon exercise. The dilutive effect of such options and RSUs would increase the weighted average number of shares used in the calculation of diluted earnings per share.

The Company amended its certificate of incorporation requiring that the Exchange be based on a fair value approach (details of the amendment are set forth in the Company’s Schedule 14C filed with the Securities and Exchange Commission on January 12, 2009). The amendment results in the same or fewer shares of Class A common stock being issuable at the time of the Exchange.

The shares issuable upon the Exchange as presented are estimated solely on the formula as described in Schedule 14C that does not necessarily reflect all inputs used in a fair valuation. It is critical to note that this formula does not incorporate certain economic factors and as such, in the event of an actual Exchange, the majority of the Company’s independent directors may determine the fair market value of CAM’s net assets and its ownership in Calamos Investments. For example, premiums and/or discounts for control and marketability as well as a different discount rate for future cash flows may be applied. Therefore, the directors’ valuation may result in the actual number of shares being materially different from the shares presented. Further, based upon currently available information, the Company believes it is unlikely that any Exchange would transpire without a fair market valuation of CAM’s net assets and possibly an agreement by Calamos Interests to Exchange, based upon that fair market valuation.

The following table shows the number of shares which were excluded from the computation of diluted earnings (loss) per share as they were anti-dilutive:

	Three Months Ended   June 30,		Six Months Ended   June 30,
	2016	2015	2016	2015
Shares of Class A common stock issuable upon an Exchange of Calamos Interests’ ownership in Calamos Investments*	—	23,495,196	—	23,495,196
Restricted stock units	2,864,277	5,250	1,978,675	11,874
Stock options	873,581	1,177,361	873,581	1,177,361
Total	3,737,858	24,677,807	2,852,256	24,684,431

* Number of shares calculated with the value of Calamos Investments determined by using the closing price of our shares as of June 30, 2016 ($7.31) and June 30, 2015 ($12.25) as well as assuming said closing prices fully reflect all of CAM's assets; including the application of a 12% discount rate to certain deferred tax assets at each of June 30, 2016 and 2015. The value of Calamos Investments is then multiplied by Calamos Interests' percentage ownership in Calamos Investments, with the result divided by the applicable period-end closing price. See Note 2, Summary of Significant Accounting Policies - Principles of Consolidation, for a description of certain assets owned by CAM.

(12)Commitments and Contingencies

In the normal course of business, the Company may be party to various legal proceedings from time to time. Management believes that a current complaint filed against CAL and CFS, alleging breaches of fiduciary duties with respect to the receipt of advisory, distribution and servicing fees paid by an open-end investment company advised by CAL, is without merit and CAL and CFS intend to defend themselves vigorously against the allegations. Currently, management believes that the ultimate resolution of this complaint will not materially affect the Company’s business, financial position or results of operations and that the likelihood of a material adverse impact is remote.

(13)Recently Issued Accounting Pronouncements

The Company has reviewed all newly issued accounting pronouncements that are applicable to its business and to the preparation of its consolidated financial statements, including those not yet required to be adopted. Accounting guidance that will become effective in future years, with respect to the Company’s consolidated financial statements, is described below:

20

CALAMOS ASSET MANAGEMENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

In March 2016, the Financial Accounting Standards Board ("FASB") issued an accounting update related to employee share-based payment accounting. The amendment includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements, including: income tax effects of share-based payments, minimum statutory tax withholding requirements and forfeitures. The amendment is effective for annual and interim periods beginning after December 15, 2016. The provisions may be applied using various transition approaches, including prospective, retrospective and modified retrospective. The Company is evaluating the impact that the adoption of this standard will have on its consolidated financial statements.

In February 2016, the FASB issued an accounting update related to the accounting for leases. Under the new guidance, lessees will be required to recognize a right-of-use asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term, and a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis. This guidance is effective for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company is evaluating the effect of adopting this new accounting guidance on its results of operations, cash flows and financial position.

In January 2016, the FASB issued an accounting update that addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The new guidance will require the change in fair value of equity instruments with readily determinable fair values to be recognized through the statements of operations. This guidance is effective for annual and interim periods beginning after December 15, 2017, and requires a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. Early adoption is not permitted. The Company is currently evaluating the full impact of the standard, however, upon adoption the change in the fair value of available-for-sale securities will be recognized in the consolidated statements of operations instead of accumulated other comprehensive income on the statements of financial position.

In May 2014, the FASB issued new guidance on revenue from contracts with customers. The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB decided to defer the effective date of the new revenue guidance by one year to annual reporting periods beginning after December 15, 2017, with early adoption being permitted for annual periods beginning after December 15, 2016. The Company's effective date is January 1, 2018. The Company is evaluating the effect of adopting this new accounting guidance but does not expect adoption will have a material impact on its results of operations, cash flows or financial position.

(14)Subsequent Events

On July 28, 2016, Calamos Investments repaid $46.0 million of its long-term debt outstanding and incurred a make-whole payment of approximately $4.9 million. The notes were repaid out of cash on hand and the proceeds from an increase in the short term, interest-bearing loan from CAM. As a result of the transactions subsequent to June 30, 2016, the balance of the loan from CAM was $70.0 million. The effects of this transaction are not reflected in the June 30, 2016 consolidated financial statements.

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

We are a firm of 337 full-time associates that primarily provides investment advisory services to institutions and individuals, managing and servicing $20.1 billion and $24.4 billion in assets under management as of June 30, 2016 and 2015, respectively. Assets under management do not include assets under advisement of $478 million and $680 million as of June 30, 2016 and 2015, respectively, for which the Company provides model portfolio design and oversight.

Our operating results fluctuate primarily due to changes in the total value and composition of our assets under management. The value and composition of our assets under management are, and will continue to be, influenced by a variety of factors including: purchases and redemptions of shares of open-end funds; net inflows into and withdrawals from separate accounts that we manage; fluctuations in the financial markets around the world that result in appreciation or depreciation of assets under management; and the number and types of our investment strategies and products.

We market our investment strategies to our clients through a variety of products designed to suit their investment needs. We currently categorize the portfolios that we manage within four investment product types captured in our funds and separate accounts. The following table lists our assets under management by product as of June 30, 2016 and 2015.

21

	June 30,
(in millions)	2016		2015
Funds
Open-end funds	$	11,221	$	13,863
Closed-end funds	6,062		6,977
Total funds	17,283		20,840
Separate Accounts
Institutional accounts	1,729		2,583
Managed accounts	1,137		1,009
Total separate accounts	2,866		3,592
Total assets under management	$	20,149	$	24,432

Our revenues are substantially comprised of investment management fees earned under contracts with funds and separate accounts that we manage or service. Our revenues are also comprised of distribution and underwriting fees, including asset-based distribution and/or service fees received pursuant to Rule 12b-1 plans. Investment management fees and distribution and underwriting fees may fluctuate based on a number of factors including: the total value and composition of our assets under management; market appreciation and depreciation on investments; the level of net inflows and outflows, which represent the sum of new and existing client funding, withdrawals and terminations; and purchases and redemptions of open-end fund shares. The mix of assets under management among our investment products impacts our revenues as our fee schedules vary by product.

Our largest operating expenses are typically related to: employee compensation and benefits expenses, which include salaries, incentive compensation and related benefits costs; distribution expenses, which include open-end funds distribution costs (such as Rule 12b-1 payments) and amortization of deferred sales commissions; and marketing and sales promotion expenses, which include expenses necessary to market products offered by us. Operating expenses may fluctuate due to a number of factors including variations in staffing and compensation, changes in distribution expense as a result of fluctuations in open-end fund net sales and market appreciation or depreciation, and marketing-related expenses that include supplemental distribution payments.

Operating Results

Second Quarter and Six Months EndedJune 30, 2016 Compared with Second Quarterand Six Months EndedJune 30, 2015

Assets Under Management

Assets under management were $20.1 billion and $24.4 billion as of June 30, 2016 and 2015, respectively, and consisted of 86% funds and 14% separate accounts as of June 30, 2016, and 85% funds and 15% separate accounts as of June 30, 2015.

22

	Three Months Ended June 30,										Six Months Ended June 30,
							Change										Change
(in millions)	2016			2015			Amount			Percent	2016			2015			Amount			Percent
Open-end Funds
Beginning assets under management	$	11,598		$	14,334		$	(2,736	)	(19)%	$	12,172		$	14,790		$	(2,618	)	(18)%
Sales	574			575			(1		)	—	1,243			1,299			(56		)	(4)
Redemptions	(1,062		)	(1,148		)	86			7	(2,097		)	(2,646		)	549			21
Market appreciation (depreciation)	111			102			9			9	(97		)	420			(517		)	*
Ending assets under management	11,221			13,863			(2,642		)	(19)	11,221			13,863			(2,642		)	(19)
Average assets under management	11,433			14,253			(2,820		)	(20)	11,427			14,404			(2,977		)	(21)
Closed-end Funds
Beginning assets under management	6,032			6,758			(726		)	(11)	6,346			6,211			135			2
Sales	—			262			(262		)	*	—			795			(795		)	*
Redemptions	—			—			—			*	(166		)	—			(166		)	*
Market appreciation (depreciation)	30			(43		)	73			*	(118		)	(29		)	(89		)	*
Ending assets under management	6,062			6,977			(915		)	(13)	6,062			6,977			(915		)	(13)
Average assets under management	6,055			7,027			(972		)	(14)	6,003			6,635			(632		)	(10)
Institutional Accounts
Beginning assets under management	2,279			2,406			(127		)	(5)	2,309			1,576			733			47
Sales	3			302			(299		)	(99)	181			1,153			(972		)	(84)
Redemptions	(553		)	(146		)	(407		)	*	(659		)	(228		)	(431		)	*
Market appreciation (depreciation)	—			21			(21		)	*	(102		)	82			(184		)	*
Ending assets under management	1,729			2,583			(854		)	(33)	1,729			2,583			(854		)	(33)
Average assets under management	2,014			2,491			(477		)	(19)	2,079			2,177			(98		)	(5)
Managed Accounts
Beginning assets under management	1,111			978			133			14	1,081			929			152			16
Sales	68			65			3			5	141			141			—			—
Redemptions	(42		)	(32		)	(10		)	(31)	(81		)	(80		)	(1		)	(1)
Market (depreciation) appreciation	—			(2		)	2			*	(4		)	19			(23		)	*
Ending assets under management	1,137			1,009			128			13	1,137			1,009			128			13
Average assets under management	1,120			992			128			13	1,090			976			114			12
Total Assets Under Management
Beginning assets under management	21,020			24,476			(3,456		)	(14)	21,908			23,506			(1,598		)	(7)
Sales	645			1,204			(559		)	(46)	1,565			3,388			(1,823		)	(54)
Redemptions	(1,657		)	(1,326		)	(331		)	(25)	(3,003		)	(2,954		)	(49		)	(2)
Market appreciation (depreciation)	141			78			63			81	(321		)	492			(813		)	*
Ending assets under management	20,149			24,432			(4,283		)	(18)	20,149			24,432			(4,283		)	(18)
Average assets under management	$	20,622		$	24,763		$	(4,141	)	(17)%	$	20,599		$	24,192		$	(3,593	)	(15)%

________________

* Not meaningful

Fund sales in the second quarter and first six months of 2016 were primarily due to our alternative, global equity, and U.S. equity strategies, but were not sufficient to overcome the aggregate outflows sustained from redemptions in our alternative, U.S. equity, and global equity strategies. Net redemptions in our funds were $488 million in the second quarter of 2016, compared with net redemptions of $311 million in the second quarter of 2015. Market appreciation was $141 million in the second quarter of 2016, compared with $59 million in the second quarter of 2015. Net redemptions of $1.0 billion for the first six months of 2016 represent an unfavorable change of $468 million from net redemptions of $552 million for the first six months of 2015. Market depreciation in all of our funds totaled $215 million in the first six months of 2016, compared with appreciation of $391 million in the first six months of 2015.

Separate accounts, which represent accounts we manage for both institutions and individuals, combined net redemptions were $524 million in the second quarter of 2016, compared with net sales of $189 million in the second quarter of 2015. Institutional

23

net redemptions were $550 million in the second quarter of 2016, driven primarily from U.S. equity strategies, compared with net sales of $156 million in the second quarter of 2015. Managed account net sales were $26 million in the second quarter of 2016, compared with net sales of $33 million in the second quarter of 2015. Separate account combined depreciation in the second quarter of 2016 was not significant, compared with appreciation of $19 million in the second quarter of 2015.

Separate account net redemptions in the first six months of 2016 were $418 million, compared with net sales of $986 million in the first six months of 2015. Institutional net redemptions were $478 million in the first six months of 2016, compared with net sales of $925 million in the first six months of 2015. Managed account net sales were $60 million in the first six months of 2016, compared with net sales of $61 million in the first six months of 2015. Separate account combined depreciation in the first six months of 2016 was $106 million, compared with appreciation of $101 million in the first six months of 2015.

Financial Overview

	Three Months Ended June 30,											Six Months Ended June 30,
							Change											Change
	2016			2015			Amount			Percent		2016			2015			Amount			Percent
(in thousands, except margin)
Operating income	$	2,518		$	14,092		$	(11,574	)	(82	)%	$	6,806		$	12,587		$	(5,781	)	(46	)%
Operating margin	5.2		%	23.4		%	(18.2		)%	(78	)%	7.0		%	10.7		%	(3.7		)%	(35	)%
Net income (loss) attributable to Calamos Asset Management, Inc.	$	224		$	2,033		$	(1,809	)	(89	)%	$	(1,098	)	$	2,134		$	(3,232	)	*

________________

* Not meaningful

Operating income for the second quarter of 2016 was $2.5 million, compared with $14.1 million for the second quarter of 2015. Operating margin for the second quarter of 2016 decreased to 5.2% from 23.4% for the second quarter of 2015. The decrease in both operating income and operating margin for the second quarter of 2016 was primarily due to the decrease in investment management fees. Operating income for the first six months of 2016 decreased to $6.8 million from $12.6 million for the same period a year ago. Operating margin was 7.0% for the first six months of 2016, compared with 10.7% for the first six months of 2015. The decrease in both operating income and operating margin for the first six months of 2016 was primarily attributable to the decrease in investment management fees, partially offset by the closed-end fund launch expenses of $11.5 million in the prior year.

Revenues

Total revenues decreased by $12.1 million, or 20%, to $48.3 million for the second quarter of 2016 from $60.4 million for the second quarter of 2015. Total revenues decreased by $21.0 million, or 18% , to $96.8 million for the first six months of 2016, from $117.8 million for the first six months of 2015. The decrease was primarily due to lower investment management fees and distribution and underwriting fees.

	Three Months Ended June 30,									Six Months Ended June 30,
					Change									Change
(in thousands)	2016		2015		Amount			Percent		2016		2015		Amount			Percent
Investment management fees	$	39,452	$	48,962	$	(9,510	)	(19	)%	$	79,000	$	94,910	$	(15,910	)	(17	)%
Distribution and underwriting fees	8,288		10,747		(2,459		)	(23	)%	16,709		21,594		(4,885		)	(23	)%
Other	534		642		(108		)	(17	)%	1,066		1,264		(198		)	(16	)%
Total revenues	$	48,274	$	60,351	$	(12,077	)	(20	)%	$	96,775	$	117,768	$	(20,993	)	(18	)%

Investment management fees decreased by 19% in the second quarter of 2016 compared with the second quarter of 2015, which was primarily due to a $4.1 billion, or 17%, decrease in average assets under management for the same period. Investment management fees from open-end funds decreased by 23% to $20.9 million for the second quarter of 2016, from $27.3 million for the second quarter of 2015, driven by a 20% decrease in average open-end fund assets. Investment management fees from our closed-end funds decreased by 14% to $14.0 million for the second quarter of 2016, from $16.2 million for the second quarter of 2015, due to a 14% decrease in average closed-end fund assets. Investment management fees from our separately managed accounts decreased by 16% to $4.1 million for the second quarter of 2016, from $5.0 million for the second quarter of 2015, due to a 10% decrease in average separately managed accounts assets under management. Investment management fees that we earned as a percentage of average assets under management for the second quarter of 2016 and 2015 were 0.78%. Investment management

24

fees from assets under advisement for which we provide model portfolio design and oversight were $425,000 for the second quarter of 2016, compared with $527,000 for the second quarter of 2015. Investment management fees that we earned for assets under advisement for the second quarter of 2016 and 2015 were 0.30%.

Investment management fees decreased by 17% in the first six months of 2016 compared with the first six months of 2015, which was primarily due to a $3.6 billion, or 15%, decrease in average assets under management for the same period. Investment management fees from open-end funds decreased by 24% to $41.8 million for the first six months of 2016, from $54.8 million for the first six months of 2015, driven by a 21% decrease in average open-end fund assets. Investment management fees from our closed-end funds decreased by 9% to $27.7 million for the first six months of 2016, from $30.3 million for the first six months of 2015, due to a 10% decrease in average closed-end fund assets. Investment management fees from our separately managed accounts decreased by 2% to $8.7 million for the first six months of 2016, from $8.8 million for the first six months of 2015, as average separately managed accounts assets under management were unchanged. Investment management fees that we earned as a percentage of average assets under management for the first six months of 2016 and 2015 were 0.78%. Investment management fees from assets under advisement for which we provide model portfolio design and oversight were $848,000 for the first six months of 2016, compared with $1.1 million for the first six months of 2015. Investment management fees that we earned for assets under advisement for the first six months of 2016 and 2015 were 0.30%.

Distribution and underwriting fees decreased by 23%, or $2.5 million to $8.3 million for the second quarter of 2016. Distribution and underwriting fees decreased by 23%, or $4.9 million to $16.7 million for the first six months of 2016, compared with the first six months of 2015. The decrease was primarily due to a shift in open-end fund assets from Class A, B and C shares to Class I shares. More open-end fund investors are choosing to compensate their financial advisors through fee-based models, increasing the demand for and a shift towards our Class I shares. Because we do not collect distribution fees from Class I shares, our distribution revenue has decreased with this shift in assets. For the second quarter and first six months of 2016, average open-end fund assets decreased by 20% and 21%, respectively, across most share classes, compared with the second quarter and first six months of 2015. The decrease in average open-end fund assets when compared with the prior year period is largely due to net redemptions in our U.S. equity and alternative strategies.

Operating Expenses

Operating expenses decreased by $503,000 and $15.2 million for the second quarter and first six months of 2016, from the second quarter and first six months of 2015. For the second quarter of 2016, decreases in distribution expenses, marketing and sales promotion expenses, and general and administrative expenses, were offset by an increase in employee compensation and benefits expenses. The first six months of 2016 reflected decreases in marketing and sales promotion expenses, distribution expenses, and general and administrative expenses, offset by an increase in employee compensation and benefits expenses. The first six months of 2015 included $11.5 million of expenses related to the launch of a new closed-end fund, comprised of $10.0 million of marketing and sales promotion expenses and $1.5 million of employee compensation and benefits expenses.

	Three Months Ended June 30,								Six Months Ended June 30,
					Change								Change
(in thousands)	2016		2015		Amount			Percent	2016		2015		Amount			Percent
Employee compensation and benefits	$	25,000	$	21,848	$	3,152		14%	$	49,417	$	46,722	$	2,695		6%
Distribution expenses	8,295		10,489		(2,194		)	(21)%	16,752		21,006		(4,254		)	(20)%
Marketing and sales promotion	3,216		4,330		(1,114		)	(26)%	5,911		17,735		(11,824		)	(67)%
General and administrative	9,245		9,592		(347		)	(4)%	17,889		19,718		(1,829		)	(9)%
Total operating expenses	$	45,756	$	46,259	$	(503	)	(1)%	$	89,969	$	105,181	$	(15,212	)	(14)%

Employee compensation and benefits expenses increased by $3.2 million and $2.7 million for the second quarter and first six months of 2016, respectively, when compared with the second quarter and first six months of 2015. The increase in the second quarter and first six months of 2016 is primarily due to increases in equity compensation expenses, salary and related benefits expenses and incentive compensation expenses. The increase in equity compensation expenses for the second quarter and first six months of 2016 is primarily a result of short-term and long-term equity awards to key investment personnel and officers. These awards are part of a strategic plan to promote retention and succession planning. The first six months of 2015 included incentive compensation expenses related to the launch of a new closed-end fund.

Distribution expenses decreased by $2.2 million and $4.3 million for the second quarter and first six months of 2016, respectively, when compared with the second quarter and first six months of 2015. The decreases were primarily due to a shift of average open-end fund assets to Class I shares which do not result in distribution expenses.

25

Marketing and sales promotion expenses decreased by $1.1 million and $11.8 million for the second quarter and first six months of 2016, respectively, when compared with the second quarter and first six months of 2015. The decrease in the second quarter of 2016 was primarily due to lower reimbursements of fund operating expenses that are above the expense cap, and lower supplemental distribution payments to distribution intermediaries. The decrease in the first six months of 2016 is largely the result of the launch of a new closed-end fund in the first quarter of 2015, lower reimbursements of fund operating expenses that are above the expense cap, and lower supplemental distribution payments to distribution intermediaries.

General and administrative expenses decreased by $347,000 and $1.8 million for the second quarter and first six months of 2016, respectively, when compared with the second quarter and first six months of 2015. Many offsetting factors gave rise to the net decreases in expenses during the second quarter of 2016; however the main drivers were reductions in depreciation expenses, occupancy-related costs, and travel and entertainment expenses, offset by higher professional services expenses. The main drivers to the decrease for the first six months of 2016 were reductions in travel and entertainment expenses, occupancy-related costs, and depreciation expenses.

Non-Operating Activities, Net of Redeemable Non-controlling Interest in Consolidated Funds and Partnership Investments

Non-operating income (loss), net of redeemable non-controlling interest in consolidated funds and partnership investments decreased by $1.7 million and $10.9 million for the second quarter and first six months of 2016, respectively, when compared with the second quarter and first six months of 2015. The decrease in the second quarter of 2016 included an increase in investment income of $1.5 million offset by a decrease in net losses attributable to redeemable non-controlling interest in consolidated funds and partnership investments of $3.4 million. The decrease in the first six months of 2016 was due to a decrease in investment income of $18.2 million when compared with the first six months of 2015. The decrease in investment income (loss) for the six months ended June 30, 2016, when compared with the same period in 2015, was mainly due to the consolidation of funds from the adoption of a new accounting pronouncement and realized and unrealized losses from investment securities and option contracts within the Company's investment portfolio.

The following table summarizes our non-operating activities, net of redeemable non-controlling interest in consolidated funds and partnership investments for the second quarter and six months ended June 30, 2016 and 2015:

	Three Months Ended June 30,									Six Months Ended June 30,
(in thousands)	2016			2015			Change			2016			2015			Change
Interest income	$	69		$	45		$	24		$	136		$	89		$	47
Interest expense	(764		)	(766		)	2			(1,528		)	(1,540		)	12
Net interest expense	(695		)	(721		)	26			(1,392		)	(1,451		)	59
Investment income (loss)	1,749			241			1,508			(12,395		)	5,767			(18,162		)
Dividend income	623			299			324			1,058			526			532
Miscellaneous other income (loss)	(49		)	152			(201		)	37			136			(99		)
Investment and other income (loss)	2,323			692			1,631			(11,300		)	6,429			(17,729		)
Non-operating income (loss), GAAP basis	1,628			(29		)	1,657			(12,692		)	4,978			(17,670		)
Net (income) loss attributable to redeemable non-controlling interest in consolidated funds and partnership investments	(2,858		)	494			(3,352		)	4,220			(2,554		)	6,774
Non-operating income (loss), net of redeemable non-controlling interest in consolidated funds and partnership investments, non-GAAP basis (1)	$	(1,230	)	$	465		$	(1,695	)	$	(8,472	)	$	2,424		$	(10,896	)

________________

⁽¹⁾ Non-operating income (loss), net of redeemable non-controlling interest in consolidated funds and partnership investments is a non-GAAP financial measure. Management believes this measure provides comparability of this information among reporting periods and is an effective measure for reviewing the Company’s non-operating contribution to its results.

The following table provides a summary of the returns that we generated from our corporate investment portfolio. This table combines the investment and dividend income as reported in our consolidated statements of operations with the change in fair value of our investment securities that are recorded in accumulated other comprehensive income (loss), a component of equity, for the second quarter and six months ended June 30, 2016:

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	Three Months Ended   June 30, 2016											Six Months Ended   June 30, 2016
(in thousands)	Non-Operating Income (Loss), net			Change in Accumulated Other Comprehensive Income (Loss)			Change in Retained Earnings due to Consolidation of Funds		Total			Non-Operating Income (Loss), net			Change in Accumulated Other Comprehensive Income (Loss)			Change in Retained Earnings due to Consolidation of Funds		Total
Funds and common stock	$	2,644		$	1,414		$	662	$	4,720		$	(7,475	)	$	(6,977	)	$	8,476	$	(5,976	)
Partnership investments	1,416			—			—		1,416			(241		)	—			—		(241		)
Equity option contracts	(2,311		)	—			—		(2,311		)	(4,679		)	—			—		(4,679		)
Investment income (loss)	1,749			1,414			662		3,825			(12,395		)	(6,977		)	8,476		(10,896		)
Dividend income	623								623			1,058								1,058
Redeemable non-controlling interest in consolidated funds and partnership investments	(2,858		)						(2,858		)	4,220								4,220
Investment portfolio results	$	(486	)						$	1,590		$	(7,117	)						$	(5,618	)
Less: Non-controlling interest in Calamos Investments LLC				(1,100		)									5,428
Deferred income taxes				(116		)									573
Change in accumulated other comprehensive income (loss)				$	198										$	(976	)

Our investment portfolio returned $1.6 million, or 0.6%, and lost $5.6 million, or 2.0%, in the second quarter and first six months of 2016, respectively. For the second quarter of 2016, the results reflect unrealized gains from investment securities offset with option contract losses. The results for the first six months of 2016 reflect realized and unrealized losses from investment securities and option contracts within the Company's investment portfolio. Retained earnings was impacted by the consolidation of funds related to the adoption of a new accounting pronouncement, resulting in a $662,000 and $8.5 million change in accumulated other comprehensive income (loss) for the second quarter and first six months of 2016, respectively, which was adjusted in the table above when computing investment portfolio results.

Income Tax Provision

Calamos Investments LLC (“Calamos Investments”) is subject to certain income-based state taxes; therefore, income taxes reflect not only the portion attributed to us but also income taxes attributable to non-controlling interests. CAM's effective income tax rate for the second quarter of 2016 was approximately 38.8%, compared with 38.2% for the second quarter of 2015. CAM's income tax provision for the first six months of 2016 exceeded income tax provision attributable to CAM, resulting in an income tax rate that was not meaningful. The income tax provision for the first six months of 2016 included $964,000 of deferred tax expense related to expired employee stock options and an allowance for employee stock options expected to expire in future periods. As of June 30, 2016, the Company's valuation allowance on this deferred tax asset was $628,000. Excluding the deferred tax valuation allowance and deferred tax expense related to expired employee stock options, CAM's effective income tax rate would be 37.4% for the first six months of 2016. CAM's income tax rate was 44.5% for the first six months of 2015, a result of $238,000 of deferred tax expense related to expired employee stock options in the prior year.

On January 1, 2016 the Company early adopted Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes, which requires that deferred tax liabilities and assets be classified as non-current on the balance sheet. The Company has applied the requirements of this standard prospectively, which resulted in the reclassification of $8.3 million from current deferred tax assets to non-current deferred tax assets in the consolidated statements of financial condition as of January 1, 2016.

Net income (loss)

Net income attributable to CAM was $224,000 for the second quarter of 2016, compared with $2.0 million for the second quarter of 2015. Net loss attributable to CAM was $1.1 million for the first six months of 2016, compared with net income of $2.1 million for the first six months of 2015. Non-GAAP net income attributable to CAM was $2.3 million and $3.9 million for the second quarter and first six months of 2016, respectively, compared with $3.9 million and $7.0 million for the second quarter and first

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six months of 2015. See "Supplemental Non-GAAP Financial Measures" below for descriptions of non-GAAP financial measures and a reconciliation of non-GAAP financial measures to GAAP financial measures.

Supplemental Non-GAAP Financial Measures

We provide investors with certain adjusted, non-GAAP financial measures including non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributable to CAM and non-GAAP diluted earnings per share. These non-GAAP financial measures are provided to supplement the consolidated financial statements presented on a GAAP basis. These non-GAAP financial measures adjust GAAP financial measures to include the tax benefit from the amortization of deferred taxes on intangible assets, and to exclude closed-end fund launch expenses, net of taxes, and CAM’s non-operating income, net of taxes. We believe these adjustments are appropriate to enhance an overall understanding of our operating financial performance, as well as to facilitate comparisons with our historical earnings results. These adjustments to our GAAP results are made with the intent of providing investors a more complete understanding of our underlying earnings results and trends and our marketplace performance. In addition, these non-GAAP financial measures are among the primary indicators management uses as a basis of managing our business.

The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Investors should review the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables below:

	Three Months Ended   June 30,						Six Months Ended   June 30,
	2016			2015			2016			2015
(in thousands)
GAAP operating income	$	2,518		$	14,092		$	6,806		$	12,587
Adjustment:
Closed-end fund launch expenses	—			—			—			11,544
Non-GAAP operating income	$	2,518		$	14,092		$	6,806		$	24,131
Total revenues	$	48,274		$	60,351		$	96,775		$	117,768
GAAP operating margin	5.2		%	23.4		%	7.0		%	10.7		%
Non-GAAP operating margin	5.2		%	23.4		%	7.0		%	20.5		%

	Three Months Ended   June 30,					Six Months Ended   June 30,
	2016		2015			2016			2015
(in thousands, except per share data)
GAAP net income (loss) attributable to CAM	$	224	$	2,033		$	(1,098	)	$	2,134
Adjustments:
Deferred tax amortization on intangible assets(1)	1,979		1,979			3,958			3,958
Closed-end fund launch expenses, net of taxes(2)	—		—			—			1,615
Non-operating (income) loss, net of taxes	122		(101		)	1,087			(659		)
Non-GAAP net income attributable to CAM	$	2,325	$	3,911		$	3,947		$	7,048
Diluted - Weighted average shares outstanding	17,091,623		18,635,798			16,741,045			18,618,888
Non-GAAP diluted - Weighted average shares outstanding	17,091,623		18,635,798			17,098,778			18,618,888
Diluted earnings (loss) per share	$	0.01	$	0.11		$	(0.07	)	$	0.11
Non-GAAP diluted earnings per share	$	0.14	$	0.21		$	0.23		$	0.38

________________

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⁽¹⁾For the first six months of 2016, the deferred tax amortization on intangible assets, the realization of which is not reflected in our consolidated statements of operations, resulted in cash savings of approximately $880,000 during the period and the creation of a federal net operating loss carryforward benefit of approximately $3.1 million which can be utilized in future years, to the extent of net income, to offset the Company's income taxes payable. See Note 17, Income Taxes, to the audited consolidated financial statements included in Item 8., Financial Statements and Supplemental Data included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015.

⁽²⁾Closed-end fund launch expenses are shown net of the non-controlling interest in Calamos Investments and income taxes.

Non-GAAP operating income is calculated by adjusting for the closed-end fund launch expenses from GAAP operating income. Non-GAAP operating margin is calculated by dividing non-GAAP operating income by total revenues.

Non-GAAP net income attributable to CAM is calculated by adjusting the following items from GAAP net income attributable to CAM:

(i) amortization of deferred taxes on intangible assets associated with the election under section 754 of the Internal Revenue Code of 1986, as amended (Section 754 election);

(ii) closed-end fund launch expenses, net of taxes; and

(iii) non-operating income, net of taxes.

Non-GAAP diluted earnings per share is calculated by dividing non-GAAP net income attributable to CAM by diluted weighted average shares outstanding.

The deferred tax assets from the Section 754 election allows for a quarterly reduction of $2.0 million in current and future income taxes owed by us, to the extent that a tax payable exists during the quarter. To the extent that the deferred tax asset exceeds net income, a federal net operating loss carryforward is created. The cash savings and any resulting net operating loss carryforward accrue solely for the benefit of the shareholders of CAM’s common stock. We believe that adjusting this item from the calculation of the above non-GAAP items can be a useful measure in allowing investors to see our performance. Closed-end fund launch expenses, net of taxes, are excluded because revenue associated with these expenses will not fully impact results until future periods. Non-operating income is excluded from the above non-GAAP items as it can distort comparisons between periods. As noted above, we believe that measures excluding these items are useful in analyzing operating trends and allows for more comparability between periods, which may be useful to investors.

We believe that non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributable to CAM and non-GAAP diluted earnings per share are useful measures of performance and may be useful to investors, because they provide measures of our core business activities adjusting for items that are non-cash and costs that may distort comparisons between periods. These measures are provided in addition to our operating income, operating margin, net income attributable to CAM and diluted earnings per share calculated under GAAP, but are not substitutes for those calculations.

Liquidity and Capital Resources

We manage our liquidity position to ensure adequate resources are available to fund ongoing operations of the business, provide seed capital for new funds, provide conservative levels of capital for the Company’s regulated subsidiaries, fund our stock repurchase program, and invest in other corporate strategic initiatives. Our principal sources of liquidity are cash flows from operating activities and our corporate investment portfolio, which is comprised of cash and cash equivalents, investment securities, derivatives and partnership investments and consolidated funds. Investment securities are principally comprised of Company-sponsored funds. In addition, the individual securities held within our partnership investments are typically highly liquid.

We believe cash generated from operations, investing and financing activities will be sufficient over the foreseeable future to meet our working capital requirements and liquidity needs with respect to the foregoing activities, as well as to support future growth.

The following table summarizes our principal sources of liquidity as of June 30, 2016 and December 31, 2015:

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(in thousands)	June 30, 2016			December 31, 2015			Increase (Decrease)
Cash and cash equivalents	$	102,570		$	104,717		$	(2,147	)
Investment securities	55,590			257,057			(201,467		)
Derivatives, net	(5,599		)	(1,164		)	(4,435		)
Consolidated funds and partnership investments, net of liabilities and redeemable non-controlling interests	199,935			34,730			165,205
Total corporate investment portfolio	$	352,496		$	395,340		$	(42,844	)

We utilize a hedging strategy using exchange-traded equity option contracts as an economic hedge to reduce downside risk and price volatility of the total portfolio value. This strategy allows us the flexibility to continue to provide seed capital for the development of new products when necessary, while seeking to help reduce risk.

Calamos Investments is the borrower of our $46.0 million in long-term debt. Calamos Investments was in compliance with its financial debt covenants as of June 30, 2016, and December 31, 2015. On July 28, 2016, Calamos Investments repaid this long-term debt and incurred a make-whole payment of approximately $4.9 million. The notes were repaid out of cash on hand and the proceeds from an increase in the short term, interest-bearing loan from CAM.

As of June 30, 2016, Calamos Investments had a $23.0 million short-term, interest-bearing loan from CAM to fund new seed investments and to provide excess liquidity. On July 28, 2016, Calamos Investments increased its loan from CAM to repay $46.0 million of long-term debt outstanding. As a result of the transactions subsequent to June 30, 2016, the balance of the loan from CAM was $70.0 million.

The following is a summary of covenant compliance of Calamos Investments as of June 30, 2016 with the terms and covenants having the same meanings set forth under our amended note purchase agreements:

Covenant	June 30, 2016
EBITDA/interest expense - not less than 3.0	9.74
Debt/EBITDA - not more than 2.75	2.22
Investment coverage ratio - not less than 1.175	3.95
Net worth - not less than $160 million	$247.7 million

The following table summarizes key data relating to our liquidity and capital resources:

(in thousands)	June 30, 2016		December 31, 2015
Statements of financial condition data:
Cash and cash equivalents	$	102,570	$	104,717
Receivables	15,289		17,767
Investment securities and derivatives, net	49,991		255,893
Consolidated funds and partnership investments, net of liabilities and redeemable non-controlling interests	199,935		34,730
Deferred tax assets, net	37,934		38,304
Long-term debt	45,955		45,955

The deferred tax assets above include an annual reduction of $7.9 million in future income taxes owed by us through 2019. This reduction results from our election under Section 754 of the Internal Revenue Code, whereby we stepped up the tax basis in certain intangible assets to their fair market value. These assets are amortized over fifteen years on CAM’s tax return. As a result, this cash savings will accrue solely for the benefit of the Company.

Cash flows for the six months ended June 30, 2016 and 2015 are shown below.

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	Six Months Ended June 30,
(in thousands)	2016			2015
Cash flow data:
Net cash provided by operating activities	$	1,256		$	4,405
Net cash provided by investing activities	30,220			95,140
Net cash used in financing activities	(33,623		)	(44,812		)

Net cash provided by operating activities totaled $1.3 million for the six months ended June 30, 2016. These net cash flows are primarily attributable to investment management and distribution and underwriting fees generated by core business activities, partially offset by staff, distribution, and other operating expenses.

Net cash provided by investing activities totaled $30.2 million for the six months ended June 30, 2016. The net cash used in investing activities primarily represents net cash inflows as a result of proceeds from sales of investments of $33.5 million, and distributions from consolidated funds and partnership investments of $23.5 million, partially offset by cash outflows of $15.1 million of seed capital to help expand our product offering, $7.9 million of contributions to consolidated funds and partnership investments, and $4.4 million related to the purchase of common shares of a Calamos-sponsored closed-end fund.

Net cash used in financing activities totaled $33.6 million for the six months ended June 30, 2016, and largely represents pro rata equity and income tax distributions paid by Calamos Investments to our non-controlling interests of $23.8 million. Net cash used in financing activities was also due to cash dividends paid to common stockholders of $5.0 million, and Calamos Investments' repurchase of $4.7 million in Class A common stock as a result of our stock repurchase program. Finally, we expect cash flows from financing activities to change with tax distributions based on the levels of income that the Company generates.

Recently Issued Accounting Pronouncements

The Company has reviewed all newly issued accounting pronouncements that are applicable to its business and to the preparation of its consolidated financial statements, including those not yet required to be adopted. Accounting guidance that will become effective in future years, with respect to the Company’s consolidated financial statements, is described below:

In March 2016, the Financial Accounting Standards Board ("FASB") issued an accounting update related to employee share-based payment accounting. The amendment includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements, including: income tax effects of share-based payments, minimum statutory tax withholding requirements and forfeitures. The amendment is effective for annual and interim periods beginning after December 15, 2016. The provisions may be applied using various transition approaches, including prospective, retrospective and modified retrospective. The Company is evaluating the impact that the adoption of this standard will have on its consolidated financial statements.

In February 2016, the FASB issued an accounting update related to the accounting for leases. Under the new guidance, lessees will be required to recognize a right-of-use asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term, and a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis. This guidance is effective for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company is evaluating the effect of adopting this new accounting guidance on its results of operations, cash flows and financial position.

In January 2016, the FASB issued an accounting update that addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The new guidance will require the change in fair value of equity instruments with readily determinable fair values to be recognized through the statements of operations. This guidance is effective for annual and interim periods beginning after December 15, 2017, and requires a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. Early adoption is not permitted. The Company is currently evaluating the full impact of the standard, however, upon adoption the change in the fair value of available-for-sale securities will be recognized in the consolidated statements of operations instead of accumulated other comprehensive income on the statements of financial position.

In May 2014, the FASB issued new guidance on revenue from contracts with customers. The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB decided to defer the effective date of the new revenue guidance by one year to annual reporting periods beginning after

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December 15, 2017, with early adoption being permitted for annual periods beginning after December 15, 2016. The Company's effective date is January 1, 2018. The Company is evaluating the effect of adopting this new accounting guidance but does not expect adoption will have a material impact on its results of operations, cash flows or financial position.

Critical Accounting Policies and Estimates

Our significant accounting policies are summarized in note 2 of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2015. A complete discussion of critical accounting policies is included in Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2015. Given the impact the implementation of the new consolidation accounting guidance on January 1, 2016 has had on our consolidated financial statements, we now consider our consolidation policy one of the policies that are most critical to the preparation and understanding of our consolidated financial statements. Our consolidation policy is discussed in Note 2, Summary of Significant Accounting Policies. There were no other significant changes in our significant accounting policies or critical accounting policies during the six months ended June 30, 2016.

Other Information - Market Capitalization

Calamos Investments is owned (a) 22.2% by CAM, and (b) 77.8% by Calamos Interests. As of June 30, 2016, CAM holds two groups of assets: (1) CAM’s 22.2% ownership interest in Calamos Investments and (2) primarily cash and cash equivalents, investment securities, income tax receivables, net deferred tax assets, and a loan receivable from Calamos Investments. CAM presents the entire operations of Calamos Investments with its own in the consolidated financial statements. Calamos Interests’ 77.8% ownership in Calamos Investments is presented as a non-controlling interest in the consolidated financial statements. Prior to March 1, 2009, we added approximately 77 million shares to the Class A common shares outstanding so our number of fully diluted shares would reflect Calamos Interests’ ownership in Calamos Investments. The resulting share count of approximately 97 million provided a reasonable proxy for the number of shares used in determining the market capitalization of the fully consolidated company.

CAM’s certificate of incorporation provides that ownership in Calamos Investments is exchangeable into Class A shares of CAM on a fair value basis. As a result, the reported market capitalization of CAM only reflects CAM’s 22.2% interest in Calamos Investments, rather than the full value of Calamos Investments.

Forward-Looking Information

This report and other documents or statements made or filed by us contain certain 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. These forward-looking statements may include, without limitation: statements regarding proposed new products; results of operations or liquidity; projections, predictions, expectations, estimates or forecasts of our business; financial and operating results and future economic performance; market capitalization; management's goals and objectives; payment of dividends; and other similar expressions concerning matters that are not historical facts.

Forward-looking statements may sometimes be identified by words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “future,” “intend,” “may,” “opportunity,” “potential,” “predict,” “seek,” “should,” “trend,” “will,” “would,” and similar expressions.

Forward-looking statements are not a guarantee of future performance or results, or of the date of such performance or results, if achieved. Forward-looking statements are based on information available and known at the time those statements are made as well as management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements, including risks not otherwise listed or described in this report.

Important factors that could cause such differences include, but are not limited to: changes in applicable laws, rules or regulations; downward fee pressures and increased industry competition; risks inherent to the investment management business; the loss of revenues due to contract terminations and redemptions; unsatisfactory service levels by third-party vendors; the inability to maintain compliance with financial covenants; the performance of our investment strategies and corporate investment portfolio; our ownership and organizational structure; general and prolonged declines in the prices of securities; realization of deferred income tax assets; significant changes in market conditions and the economy that require a modification to our business plan; catastrophic or unpredictable events; the loss of key personnel, including executives, portfolio managers, and corporate officers; the unavailability, consolidation and elimination of third-party retail distribution channels; increased costs of and timing of payments related to distribution; failure to recruit and retain qualified personnel; a loss of assets, and thus revenues; fluctuation in the level of our expenses; fluctuation in foreign currency exchange rates with respect to our global operations and business; changes in

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accounting estimates; poor performance of our largest funds; damage to our reputation; the extent and timing of any share repurchases; and the variability of any exchanges of interests in Calamos Investments into shares of CAM's Class A common stock.

Further, the value and composition of our assets under management are, and will continue to be, influenced by a variety of factors including, among other things: purchases and redemptions of shares of the open-end funds and other investment products; fluctuation in both the underlying value and liquidity of the financial markets around the world that result in appreciation or depreciation of assets under management; open-end fund capital gain distributions; our ability to access capital markets; our introduction of new investment strategies, products and programs; our ability to educate our clients about our investment philosophy and provide them with best-in-class service; the relative investment performance of our products as compared to competing offerings and market indices; competitive conditions in the pooled fund, asset management and broader financial services sectors; investor sentiment and confidence; our decision to open or close products and strategies; and our ability to execute on our strategic plan to expand the business. Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2015 discusses some of these and other important factors in detail under the caption “Risk Factors.”

Forward-looking statements speak only as of the date the statements are made. Readers should not place undue reliance on any forward-looking statements when deciding whether to buy, sell or hold our securities. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

An analysis of our market risk was included in our Annual Report on Form 10-K for the year ended December 31, 2015. There were no material changes to the Company’s market risk during the six months ended June 30, 2016.

Item 4. Controls and Procedures

Our management, including our principal executive and principal financial officers, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended) as of June 30, 2016, and has concluded that such disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

There were no changes in the Company’s internal control over financial reporting that occurred during the second quarter of 2016 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II — OTHER INFORMATION

Item 1. Legal Proceedings

As previously reported in the Company's periodic reports, Calamos Advisors LLC and Calamos Financial Services LLC were named as defendants in a complaint captioned Chill v. Calamos Advisors LLC, et at. The complaint relates to investment advisory and distribution fees paid by an open-end investment company managed by Calamos Advisors LLC. The defendants believe that the complaint is without merit and intend to defend themselves vigorously against the allegations.

In the normal course of business, the Company may be a party to various legal proceedings and other regulatory matters. Currently, there is no such litigation or matters that management believes would have a material effect on our consolidated financial position or results of operations.

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

ISSUER PURCHASES OF EQUITY SECURITIES

	(a) Total Number of Shares Purchased	(b) Average Price Paid Per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number of Shares that May be Purchased Under the Plans or Programs
April 1 - April 30, 2016	4,884	$	8.50	4,884	1,065,510

On November 13, 2014, the Company announced a repurchase of up to an additional 3 million shares of the Company's outstanding Class A Common Stock primarily to continue to manage the dilution from share issuances under the Company’s incentive compensation plan. Common stock purchased under the share repurchase program are by Calamos Investments LLC and not directly for the individual, personal accounts of John P. Calamos, Sr.

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Item 6. Exhibits

Exhibit Number	Description of Exhibit
3(i)(a)	Second Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3(i) to the Registrant’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 13, 2009 File No. 000-51003).
3(i)(b)	Amendment of the Second Amended and Restated Certificate of Incorporation of the Registrant.
3(ii)	Third Amended and Restated By-laws of the Registrant (incorporated by reference to Exhibit 3(ii) to the Registrant’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 11, 2016).
4.1	Stockholders’ Agreement, dated as of October 28, 2004, among John P. Calamos, Sr., Nick P. Calamos and John P. Calamos, Jr., certain trusts controlled by them, Calamos Family Partners, Inc. and the Registrant (incorporated by reference to Exhibit 4.1 to the Registrant’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on December 3, 2004 File No. 000-51003).
4.2	Amendment to Stockholders' Agreement, dated as of July 26, 2016, by Registrant.
4.3	Registration Rights Agreement, dated as of November 2, 2004, between Calamos Family Partners, Inc., John P. Calamos, Sr. and the Registrant (incorporated by reference to Exhibit 4.2 to the Registrant’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on December 3, 2004 File No. 000-51003).
4.4	Note Purchase Agreement, dated as of July 13, 2007, by and among Calamos Investments LLC and various institutional investors (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 18, 2007 File No. 000-51003).
4.5	Waiver and First Amendment to 2007 Note Purchase Agreement, dated as of December 22, 2008, between Calamos Investments LLC and various institutional investors (incorporated by reference to Exhibit 4.5 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 29, 2008 File No. 000-51003).
10.1	Amendment to the Fourth Amended and Restated Limited Liability Company Agreement of Calamos Investments LLC, dated July 26, 2016, by and among Registrant, Calamos Family Partners, Inc. and John P. Calamos, Sr.
10.2	Employment Agreement, effective April 4, 2016, by and among Registrant, Calamos Investments LLC, Calamos Advisors LLC and John S. Koudounis.
10.3	Confidentiality and Restrictive Covenants Agreement, effective April 4, 2016, by and among Registrant, Calamos Investments LLC, Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Financial Services LLC, certain subsidiaries and affiliates, and John S. Koudounis.
10.4	Calamos Partners Deferred Bonus Award Statement, effective April 4, 2016, for John S. Koudounis.
10.5	Conditional Offer of Employment Letter, dated June 9, 2016, by and among Registrant, Calamos Investments LLC, Calamos Advisors LLC and Thomas E. Herman.
10.6	Termination Letter Agreement, dated June 17, 2016, by and among Calamos Advisors LLC, its affiliates and Nimish S. Bhatt.
10.7	Side Letter Agreement, dated June 17, 2016, by and among Calamos Advisors LLC, its affiliates and Nimish S. Bhatt.
10.8	Form of Calamos Partners Deferred Bonus Award Statement.
10.9	Form of Calamos Partners Equity Award Statement.

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31.1	Certification of Principal Executive Officer pursuant to Rule 13a-14(a).
31.2	Certification of Principal Financial Officer pursuant to Rule 13a-14(a).
32.1	Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350.
32.2	Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350.
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document

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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.

CALAMOS ASSET MANAGEMENT, INC.

(Registrant)

Date:	August 8, 2016	By: /s/ Thomas E. Herman
		Name: Thomas E. Herman
		Title: Senior Vice President and Chief Financial Officer
		(Duly Authorized Officer and Principal Financial Officer)

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EX-3.(I)(B)

Exhibit 3(i)(b)

CERTIFICATE OF AMENDMENT

OF THE

SECOND AMENDED AND RESTATED CERTIFICATE OF INCORPORATION

OF

CALAMOS ASSET MANAGEMENT, INC.

Calamos Asset Management, Inc., a corporation duly organized and existing under the General Corporation Law of the State of Delaware (“Corporation”), does hereby certify:

FIRST: That the Board of Directors of the Corporation, at a meeting held on March 3, 2016, adopted resolutions setting forth and declaring the advisability of a proposed amendment to the Second Amended and Restated Certificate of Incorporation of the Corporation, subject to the approval of stockholders of the Corporation at the 2016 Annual Meeting of Stockholders, to replace Section 1 of Article V in its entirety with the revised text of such Section as set forth below:

Section 1. Removal of Directors. Any director (other than a Class B Director) may be removed from office at any time, with or without cause, by the affirmative vote of the holders of record of outstanding shares representing at least a majority of the voting power of the Common Stock and the Preferred Stock, voting together as a single class. Any Class B Director may be removed from office at any time, with or without cause, by the affirmative vote of the holders of record of outstanding shares of Class B Common Stock representing at least a majority of the voting power of the Class B Common Stock, voting separately as a class.

SECOND: That the stockholders of the Corporation were given notice of the proposed amendment to the Second Amended and Restated Certificate of Incorporation in accordance with the requirements of Section 222 of the General Corporation Law of the State of Delaware, the Second Amended and Restated Certificate of Incorporation of the Corporation and the Third Amended and Restated By-Laws of the Corporation, and duly adopted the amendment to the Second Amended and Restated Certificate of Incorporation in accordance with the requirements of the General Corporation Law of the State of Delaware, the Second Amended and Restated Certificate of Incorporation of the Corporation and the Third Amended and Restated By-Laws of the Corporation.

THIRD: That such amendment was duly adopted in accordance with the applicable provisions of Section 242 of the General Corporation Law of the State of Delaware.

IN WITNESS WHEREOF, Calamos Asset Management, Inc. has caused this certificate to be signed by J. Christopher Jackson, its Senior Vice President, General Counsel, Secretary and Authorized Officer, this 23rd day of June, 2016.

Calamos Asset Management, Inc.

By: /s/ J. Christopher Jackson

J. Christopher Jackson

Senior Vice President, General Counsel,

Secretary and Authorized Officer

EX-4.2

Exhibit 4.2

AMENDMENT

TO

STOCKHOLDERS' AGREEMENT

This Amendment to Stockholders’ Agreement is entered into by Calamos Asset Management, Inc., a Delaware corporation (the “Company”), as of this 26th day of July, 2016 (this “Amendment”).

WHEREAS, reference is hereby made to that certain Stockholders’ Agreement dated as of October 28, 2004 by and among the Company, Calamos Investments LLC, a Delaware limited liability company (f/k/a Calamos Holdings LLC), Calamos Family Partners, Inc., a Delaware corporation, John P. Calamos, Sr., Nick P. Calamos, John P. Calamos, Jr. and the other parties thereto (as amended, the “Original Agreement”);

WHEREAS, in accordance with Section 5.03 of the Original Agreement, the Company wishes to amend the Original Agreement as set forth herein;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

1. AMENDMENTS.

1.1Definitions.

(a)The definition of “CFP Permitted Transferee” set forth in Section 1.01 of the Original LLC Agreement is hereby amended and restated in full as set forth below:

“CFP Permitted Transferee” means (i) any Calamos Family Member, (ii) any entity Controlled by one or more Calamos Family Members, (iii) any trustee of a trust (or such trust) for the primary benefit of (or any entity similar to a trust the beneficial interests in which shall be primarily held by) one or more Calamos Family members, (iv) the executor or administrator of the estate of any deceased Calamos Family Member, (v) the guardian or conservator of the estate of any disabled Calamos Family Member, (vi) the trustee of the estate of any bankrupt or insolvent Calamos Family Member or (vii) John S. Koudounis, solely in the event of the death or Permanent Disability of John P. Calamos, Sr., and further provided (A) a majority of the economic and voting control of the Class A-2 Common Units of Calamos Partners LLC, a Delaware limited liability, are owned by Mr. Koudounis and (B) Mr. Koudounis is the Chief Executive Officer of Calamos LLC.

(b)The definition of “Permanent Disability” set forth below is added to Section 1.01 of the Original LLC Agreement:

“Permanent Disability” means that John P. Calamos, Sr. is unable to substantially perform his duties as a manager of Calamos Partners LLC, a Delaware limited liability company, with reasonable accommodation as a result of becoming permanently disabled within the definition of Calamos LLC’s then-current long-term disability plan or program.

2. MISCELLANEOUS.

2.1Severability. If any provision of this Amendment or the application of any such provision to any person or circumstance shall be held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision hereof.

2.2Governing Law. This Amendment shall be construed and interpreted according to the internal laws and decisions of the State of Illinois, excluding any choice of law rules that may direct the application of laws of another jurisdiction.

2.3Original Agreement. Other than as expressly set forth herein, the Original Agreement shall continue in full force and effect in accordance with its terms.

[signature page follows]

IN WITNESS WHEREOF, the undersigned have executed this Amendment to Stockholders’ Agreement as of the date first written above.

CALAMOS ASSET MANAGEMENT, INC.
By:	/s/ John P. Calamos, Sr.
Name:	John P. Calamos, Sr.
Title:	Chairman & Global Chief Investment Officer

EX-10.1

Exhibit 10.1

AMENDMENT

TO

FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY

AGREEMENT

OF

CALAMOS INVESTMENTS LLC

(F/K/A CALAMOS HOLDINGS LLC)

This Amendment to Fourth Amended and Restated Limited Liability Company Agreement (this “Amendment”) of Calamos Investments LLC, a Delaware limited liability company (f/k/a Calamos Holdings LLC) (the “Company”) is entered into this 26th day of July, 2016 by and among the Company, Calamos Asset Management, Inc., a Delaware corporation (“CAM”), Calamos Family Partners, Inc., a Delaware corporation (“CFP”), and John P. Calamos, Sr., an individual (“Mr. Calamos”).

WHEREAS, reference is hereby made to that certain Fourth Amended and Restated Limited Liability Company Agreement of the Company dated as of February 9, 2010 by and among the Company, CAM, CFP and Mr. Calamos (as amended, the “Original LLC Agreement”);

WHEREAS, the parties hereto wish to amend the Original LLC Agreement as set forth herein;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

1. AMENDMENTS.

1.1Definitions.

(a)The definition of “CFP Permitted Transferee” set forth in Section 1.01 of the Original LLC Agreement is hereby amended and restated in full as set forth below:

“CFP Permitted Transferee” means (i) any Calamos Family Member, (ii) any entity Controlled by one or more Calamos Family Members, (iii) any trustee of a trust (or such trust) for the primary benefit of (or any entity similar to a trust the beneficial interests in which shall be primarily held by) one or more Calamos Family members, (iv) the executor or administrator of the estate of any deceased Calamos Family Member, (v) the guardian or conservator of the estate of any disabled Calamos Family Member, (vi) the trustee of the estate of any bankrupt or insolvent Calamos Family Member or (vii) John S. Koudounis, solely in the event of the death or Permanent Disability of John P. Calamos, Sr., and further provided (A) a majority of the economic and voting control of the Class A-2 Common Units of Calamos Partners LLC, a Delaware limited liability company, are owned by Mr. Koudounis and (B) Mr. Koudounis is the Chief Executive Officer of the Company.

(b)The definition of “Permanent Disability” set forth below is added to Section 1.01 of the Original LLC Agreement:

“Permanent Disability” means that John P. Calamos, Sr. is unable to substantially perform his duties as a manager of Calamos Partners LLC, a Delaware limited liability company, with reasonable accommodation as a result of becoming permanently disabled within the definition of the Company’s then-current long-term disability plan or program.

1.2Section 8.05. Section 8.05 is hereby deleted and replaced in its entirety by the following:

“(a)     At any time CAM issues a share of Class A Common pursuant to an Incentive Plan (whether pursuant to the exercise of a stock option or the grant or restricted stock or otherwise), the following shall be deemed to occur, notwithstanding anything to the contrary contained herein: (i) CAM shall be deemed to have transferred such share of Class A Common Stock to the Company as a capital contribution; (ii) the value of the capital contribution shall be deemed equal to the fair market value of the share of Class A Common Stock contributed that is attributable to the Company; (iii) the Class A Common Stock shall be deemed transferred to the appropriate employee pursuant to the Incentive Plan; and (iv) the net proceeds of such issuance of stock shall remain with the Company.

(b)     At any time CFP pays any amounts to an employee or other service provider of the Company or any of its subsidiaries that are treated as compensation paid to employee or other service provider for income tax purposes (whether such amounts are paid in cash or other property), the following shall be deemed to occur, notwithstanding anything to the contrary contained herein: (i) CFP shall be deemed to have transferred such amount to the Company as a capital contribution; (ii) the value of the capital contribution shall equal the amount of cash or fair market value of the property deemed contributed; and (iii) the amount shall be deemed compensation paid by the Company to the appropriate employee or service provider of the Company or its subsidiary.

(c)    CFP shall promptly reimburse the Company for the employer portion of any payroll taxes (or other reasonable out of pocket cost) incurred by the Company or any Subsidiary with respect to any compensation deemed paid by the Company under Section 8.05(b) and such amount shall be deemed to be a capital contribution by CFP to the Company.

(d)    To the extent that the Company realizes any item of deduction included in Net Profit or Net Loss as a result of the transaction contemplated by Section 8.05(b), or for any taxes or other costs that the Company or any subsidiary incurred with respect to such transaction that are paid by CFP, notwithstanding any other provision hereof, such item (and any corresponding income tax deduction) shall be allocated exclusively to CFP and the corresponding income tax deduction allocated to CFP shall be ignored for purposes of computing the Tax Amount for the relevant Fiscal Year(s).”     

2. MISCELLANEOUS.

2.2Severability. If any provision of this Amendment or the application of any such provision to any person or circumstance shall be held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision hereof.

2.2Governing Law. This Amendment shall be construed and interpreted according to the internal laws and decisions of the State of Delaware, excluding any choice of law rules that may direct the application of laws of another jurisdiction.

2.3Original LLC Agreement. Other than as expressly set forth herein, the Original LLC Agreement shall continue in full force and effect in accordance with its terms.

[signature page follows]

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first written above.

CALAMOS ASSET MANAGEMENT, INC.
By:	/s/ John P. Calamos, Sr.
Name:	John P. Calamos, Sr.
Title:	Chairman & Global Chief Investment Officer

CALAMOS FAMILY PARTNERS, INC.
By:	/s/ John P. Calamos, Sr.
Name:	John P. Calamos, Sr.
Title:	President
	/s/ John P. Calamos, Sr.
	John P. Calamos, Sr.

EX-10.2

Exhibit 10.2

EXECUTIVE EMPLOYMENT AGREEMENT

THIS EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is entered into effective as of April 4, 2016, by and among Calamos Asset Management, Inc., a Delaware corporation (“CAM”), Calamos Advisors LLC, a Delaware limited liability company (“Advisors”) and wholly owned subsidiary of its sole managing member, Calamos Investments LLC (“CILLC”), and CILLC (together with each of their respective successors and assigns permitted under this Agreement sometimes referred to herein as the “Company”), and John S. Koudounis (the “Executive”).

RECITALS

WHEREAS, the Company desires to employ Executive, and Executive desires to serve, as Chief Executive Officer of the Company;

NOW THEREFORE, the parties agree as follows:

1.Term. The Executive’s employment under this Agreement shall commence on April 4, 2016 (the “Effective Date”). The term of this Agreement (the “Term”) shall begin as of the Effective Date and shall continue until the fifth (5th) anniversary of the Effective Date, provided that upon such fifth anniversary and each anniversary thereafter the Term shall automatically renew for successive periods of one (1) year unless the Board of Directors (the “Board”) of CAM, and the Chairman of the Board of the Company (the “Chairman”), gives written notice to Executive or Executive gives written notice to the Company and the Chairman, in accordance with Section 18(c), below at least sixty (60) days prior to the commencement of any such one (1) year renewal period that the Term shall not be further extended. The portion of the Term during which Executive is actually employed by the Company shall be hereinafter referred to as the “Employment Period.”

2.Duties.

(a)Executive’s Position and Title. During the Employment Period, Executive’s position and title shall be Chief Executive Officer of each of CAM, Advisors and CILLC.

(b)Executive’s Duties. Executive shall have the power and authority to act for and in the name of the Company, shall have general and active management and control of the business and affairs of the Company, subject to the control of the Board and Chairman, and shall include the performance of such lawful and reasonable duties and responsibilities as the Board and/or the Chairman may from time to time assign to Executive consistent with Executive’s position as Chief Executive Officer. Executive recognizes that during the period of Executive’s employment hereunder, Executive owes an undivided duty of loyalty to the Company, and Executive will use Executive’s good faith efforts to promote and develop the business of the Company. The Company recognizes that during the period of Executive’s employment hereunder, Executive may maintain an investment or ownership interest in, and provide certain services to, (i) Calamos Family Partners, Inc., any entity established by Calamos Family Partners, Inc. to facilitate such investment or the provision of such services or any subsidiary of Calamos Family Partners, Inc. (which for purposes of this Agreement shall not include CAM, Advisors, CILLC or any of their subsidiaries) (Calamos Family Partners, Inc. and each such entity and subsidiary as referred to herein as “CFP”), (ii) Calamos Property Holdings LLC, any entity established by Calamos Property Holdings LLC to facilitate such investment or the providing of such services and any subsidiary of Calamos Property Holdings LLC (which for purposes of this Agreement shall not include CAM, Advisors, CILLC or any of their subsidiaries) (Calamos Property Holdings LLC, and each such entity and subsidiary referred to herein as “CPH”) and (iii) Exin Group,

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including its subsidiaries and affiliates including Exin Re. The Company acknowledges and agrees that Executive’s provision of such services and maintaining any such investment or ownership interests shall not be in breach of this Agreement so long as the provision of such services and maintaining of such investment (A) do not interfere materially with Executive’s primary duties and responsibilities hereunder and (B) do not breach Executive’s obligations under the CRCA (as defined in Section 12 below) (each such service and investment a “Permitted Activity”). Recognizing and acknowledging that it is essential for the protection and enhancement of the name and business of the Company and the goodwill pertaining thereto, Executive shall perform his duties under this Agreement in accordance with the applicable laws, rules and regulations. Executive will not perform any duties for any other business, other than a Permitted Activity, without the prior written consent of the Chairman and/or the Board, but may engage in charitable, civic or community activities; provided that such duties or activities do not materially interfere with the proper performance of Executive’s duties under this Agreement. Executive shall be subject to the Company’s written code of ethics as well as all applicable written Company policies and procedures, copies of which have been provided to Executive.

(c)Board Service. Executive has been appointed to the Board as a Class B Director, effective as of the Effective Date, to serve as provided in CAM’s Second Amended and Restated Certificate of Incorporation and Third Amended and Restated By-laws. The Company agrees to propose to the Nominating and Corporate Governance Committee of the Board that, at each annual meeting of stockholders during the Employment Period at which he is up for election, Executive shall be nominated for reelection as a member of the Board. If so elected, Executive agrees that he will serve as a member of the Board, and, if appointed, serve on the board of directors or managers, as applicable, of any of its subsidiaries and affiliates, in each case without additional compensation.

(d)Resignation from Positions. On or after the delivery of a Notice of Termination by the Company or the Executive pursuant to Section 5(g) or the last day of the Employment Period, the Executive shall resign, in writing, from the Board and any or all offices, directorships and fiduciary positions of the Company and its affiliates in which Executive is serving, as the Company may request.

(e)No Conflict with Prior Agreements. The Executive represents and warrants to the Company that the Executive’s execution of this Agreement, the Executive’s employment with the Company and the performance of the Executive’s proposed duties for the Company will not violate any obligations the Executive may have to his prior employer or other party. In the Executive’s work for the Company, the Executive will be expected not to make any unauthorized disclosure or use, and the Executive will not disclose or make use, of any information in violation of any agreements with or rights of such prior employer or other party. The Executive represents and warrants that the Executive will not possess or bring to the premises of the Company confidential or proprietary information, in tangible or electronic format, arising out of prior employment, consulting, or other third party relationship, which possession is in violation of any agreement with or rights of such prior employer or other party.

3.Compensation and Benefits.

(a)Base Salary. During the Employment Period, Executive shall receive a base salary (“Base Salary”), paid in accordance with the normal payroll practices (currently bi-monthly) of the Company, at an annual rate of $800,000, less applicable deductions. The Base Salary shall be reviewed from time to time in accordance with the Company’s policies and practices, but no less frequently than once annually and may be increased (but not decreased), at any time and from time to time by action of the Board and the Chairman or the Compensation Committee. The term “Base Salary” shall include any such increase to the Base Salary from time to time.

(b)Short Term Incentive (Annual Bonus) Compensation. In respect of each fiscal year of the Company that ends during the Employment Period, in supplement to the Base Salary, Executive shall

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participate in such annual discretionary short-term incentive (bonus) plans and programs as may be in effect from time to time in accordance with the Company’s compensation practices and the terms and provisions of any such plans or programs (“Annual Bonus Program”); provided, however, that the annual bonus paid to Executive with respect to each calendar year ending within the Employment Period shall not be less than $2,600,000. The annual bonus under this Section 3(b) shall be paid to Executive in cash at such time as annual bonuses are paid to other senior executive officers of the Company under the Annual Bonus Program, but no later than March 15 following the calendar year to which such bonus relates.

(c)Long Term Incentive Program. In supplement to the Base Salary and participation in the Annual Bonus Program, Executive shall participate during the Employment Period in the Calamos Asset Management Inc. Incentive Compensation Plan, or any similar or successor plan (“Long Term Incentive Program”), as may be in effect from time to time in accordance with the Company’s compensation practices and the terms and provisions of any such plans or programs. Commencing with the first quarter of 2017, and during the first quarter of each subsequent calendar year ending within the Employment Period, Executive shall receive annual Long Term Incentive Program awards with an aggregate value of $1,600,000, plus such additional awards, if any, as the Compensation Committee may grant in its sole discretion based upon the Company’s and Executive’s performance. The Long Term Incentive Program awards will be awarded at such time, in such form(s) and subject to such terms and conditions generally applicable to the awards made to other senior executive officers under the Long-Term Incentive Program.

(d)Retirement and Welfare Benefit Plans. During the Employment Period, Executive and Executive’s dependents, as the case may be, shall participate in all retirement and similar benefit plans (qualified, non-qualified and supplemental), profit sharing, 401(k), medical and dental, disability, group and executive life, accidental death and travel accident insurance, and other similar welfare benefit plans and programs of the Company, subject to the terms and conditions thereof, as in effect from time to time.

(e)Perquisites. During the Employment Period, Executive shall be entitled to participate in perquisite programs on a basis no less favorable to Executive than the perquisite programs applicable to the Company’s Chairman or as such are made available to senior executive officers of the Company.

(f)Expenses. During the Employment Period, Executive shall be entitled to receive prompt reimbursement for all reasonable business expenses incurred by him in accordance with the policies and practices of the Company as in effect from time to time.

(g)Vacation. During the Employment Period, Executive shall be entitled to paid vacation in accordance with the policies and practices of the Company as in effect from time to time with respect to senior executive officers employed by the Company, but in no event shall such vacation time be less than twenty-five (25) business days per calendar year.

(h)Certain Amendments. Nothing herein shall be construed to prevent the Company from amending, altering, eliminating or reducing any plans, benefits or programs so long as Executive continues to receive compensation and benefits consistent with Sections 3(a) through (g) above.

4.Sign-On Award. In addition to the compensation and benefits described in Section 3 above, on or within thirty (30) days after the Effective Date, Executive shall receive a cash-based incentive award (“Cash-Based Award”)in the amount of $1,250,000. The terms and conditions applicable to the Cash-Based Award shall be as set forth in the Deferred Bonus Award Statement delivered to Executive with this Agreement.

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5.Termination.

(a)Permanent Disability. Either Executive or the Company may terminate Executive’s employment, by giving notice of his or its intention to terminate Executive’s employment, after having established Executive is unable to substantially perform his duties even with a reasonable accommodation as a result of becoming permanently disabled within the definition of the Company’s then current long-term disability plan or program (whether employer or employee paid) (“Permanent Disability”).

(b)Cause.

(i)The Company may terminate Executive’s employment for “Cause” following the occurrence of any of the following events:

(A)Executive is convicted of, or has pled guilty or nolo contendere to any felony, other than a traffic related felony;

(B)Executive is found to have willfully and wrongfully misappropriated (1) money, assets or other property of the Company or its affiliates, in any such case representing more than a de minimis amount, or (2) any amount of money, assets or other property of a client of the Company or its affiliates;

(C)Executive or the Company or any of its affiliates are censured by the Securities and Exchange Commission (the “SEC”) pursuant to Section 203(e) or 203(f) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), or Section 9(b) of the Investment Company Act of 1940 (the “Investment Company Act”), as amended, because Executive’s willful action(s) or failure(s) to act was (were) material to the censure by the SEC pursuant to Section 203(e) or 203(f) of the Advisers Act or Section 9(b) of the Investment Company Act;

(D)Executive has acted with gross negligence in the performance of his duties under this Agreement, or has engaged in acts of gross moral turpitude which result in material harm, or can reasonably be expected to result in material harm, to the Company or its affiliates;

(E)Executive’s willful material breach of any term of this Agreement which results in material harm, or can reasonably be expected to result in material harm, to the Company or its affiliates;

(F)Executive’s continued and willful failure to substantially perform his duties as reasonably directed by the Chairman and/or the Board;

(G)Executive’s failure to maintain such licenses as are required for the performance of his duties;

(H)Executive’s material breach of the CRCA (as defined in Section 12 below); or

(I)Executive’s willful and material breach of his representations or obligations set forth in Section 2(e) above.

(ii)Provided that the applicable conditions in Section 5(b)(iii) are met, if the Company desires to terminate Executive’s employment for Cause, the Company’s cessation of Executive’s employment shall not be deemed to be for Cause by the Company unless and until there shall have been delivered to Executive a copy of a resolution duly adopted by the Board (not including

4

Executive) at a meeting of the Board called and held for such purpose in good faith to which Executive and his counsel are invited to attend, finding that Executive’s conduct gives rise to “Cause” as described in Section 5(b)(i) above.

(iii)Cause may not be found under Section 5(b)(i)(C), where Executive has acted or failed to act based on the direction of the Board, the Chairman or legal counsel of the Company or its affiliates, or Executive has acted or failed to act based upon the failure of the Board, Chairman or the legal counsel of the Company or its affiliates to provide direction in response to Executive’s request for direction. Cause may not be found under Section 5(b)(i)(E),  (F) or (H), unless Executive has first been provided with written notice specifying the Cause condition in reasonable detail such that Executive can cure such Cause condition, if capable of being cured, and Executive has not substantially cured such Cause condition after being given a reasonable opportunity to cure. Cause may not be found under Section 5(b)(i)(G), unless Executive has first been provided with written notice of the Company’s intention to terminate his employment for Cause due to the licensure issue, and a reasonable opportunity to cure the licensure issue and such assistance as is reasonable to provide.

(iv)For purposes of this Section 5(b), no act or failure to act, on the part of Executive, shall be considered willful if it was done, or omitted to be done, by him in good faith and with a reasonable belief that his action or omission was in the best interests of the Company.

(c)Good Reason.

(i)Executive shall have the right to terminate his employment upon thirty (30) days’ written notice to the Board for “Good Reason” in the event of any of the following Good Reason conditions occurring without his consent and continuing for thirty (30) days after Executive’s written notice to the Board specifying , in reasonable detail, such Good Reason condition such that the Board can cure such Good Reason condition; provided that Executive provides such written notice of the condition constituting Good Reason within ninety (90) days after Executive has actual knowledge of the occurrence of the condition constituting Good Reason, the Company fails to cure such condition within thirty (30) days after receipt of such written notice and Executive terminates his employment within thirty (30) days following end of the thirty (30) day cure period:

(1)any material breach by the Company of this Agreement (including any reduction in Executive’s Base Salary, or failure to pay or provide annual bonus compensation contemplated by Section 3(b) or annual long-term incentive awards contemplated by Section 3(c));

(2)any material adverse change in the status, position or responsibilities of Executive, including a change in Executive’s reporting relationship so that he no longer reports directly to either the Chairman and/or the Board or the removal from or failure to re-elect Executive as a member of the Board;

(3)assignment of duties to Executive that are materially inconsistent with Executive’s position and responsibilities described in this Agreement;

(4)after a Change in Control (as defined in the Long Term Incentive Program), Executive is not the Chief Executive Officer of the ultimate parent entity, if any, of the Company or its successor;

5

(5)the failure of the Company to assign this Agreement to a successor to the Company or failure of a successor to the Company to explicitly assume and agree to be bound by this Agreement; or

(6)requiring Executive to be principally based at any office or location more than forty (40) miles from the current offices of the Company in Naperville, Illinois.

(d)Termination by Executive without Good Reason. Executive may, at any time without Good Reason, by at least ninety (90) days’ prior written notice, voluntarily terminate his employment without liability.

(e)Termination by the Company without Cause. The Company may terminate this Agreement and Executive’s employment hereunder at any time without Cause.

(f)Expiration of Agreement. Upon expiration of the Term, Executive’s employment shall automatically terminate. For purposes of Section 6, such termination shall be treated as a termination by the Company without Cause if such expiration is by reason of the Company having provided Executive with a notice of non-renewal pursuant to Section 1, and shall be treated as a termination by Executive without Good Reason if such expiration is by reason of Executive having provided the Company with a notice of non-renewal pursuant to Section 1.

(g)Notice of Termination. Any termination of Executive’s employment by the Company for Permanent Disability or with or without Cause, or by Executive for Permanent Disability or with or without Good Reason, shall be communicated by a Notice of Termination to the other party hereto given in accordance with Section 18(c). For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific termination provision in this Agreement relied upon; (ii) in the case of termination by the Company for Permanent Disability or Cause, or by the Executive for Permanent Disability or Good Reason, sets forth in reasonable detail the circumstances claimed to provide a basis for the termination of Executive’s employment under the provision so indicated; and (iii) specifies the Date of Termination (defined below); provided, such Notice of Termination may be conditional if coupled with a notice of the Board’s consideration of “Cause” or Executive’s intention to resign for “Good Reason,” as the case may be, as provided above. The failure by Executive or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not constitute a waiver of any right of Executive or the Company, respectively, hereunder or preclude Executive or the Company, respectively, from asserting such fact or circumstance in enforcing Executive’s or the Company’s rights hereunder.

(h)Date of Termination. “Date of Termination” means the date Notice of Termination is given pursuant to Section 18(c) or any later date specified therein; provided, (i) any Notice of Termination by the Company or Executive due to Disability pursuant to Section 5(a) shall be effective not more than ninety (90) days after the date given, (ii) any Notice of Termination by the Company for Cause pursuant to Section 5(b) shall be effective as of the date set forth therein, (iii) any Notice of Termination by Executive for Good Reason pursuant to Section 5(c) shall be effective not less than thirty (30) nor more than sixty (60) days after the date given, (iv) any Notice of Termination by Executive without Good Reason pursuant to Section 5(d) shall be effective not less than ninety (90) days after the date given, or such other date as may be necessary to comply with any required notice period under the CRCA, and (v) any Notice of Termination by the Company without Cause pursuant to Section 5(e) shall be effective not less than ninety (90) days after the date given. The period from the date of the Notice of Termination given pursuant to Section 5(g) to the Date of Termination as determined under this Section 5(h) is the “Notice Period”. At any time during the Notice Period, the Company may, in its sole discretion, request resignations pursuant to Section 2(d), elect

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to reduce or remove Executive from Executive’s duties, place Executive on a leave of absence, or accelerate the Executive’s Date of Termination and such actions shall not be deemed a termination of employment by the Company for any purpose or create a condition constituting Good Reason. In the event of Executive’s death during the Term, the Date of Termination shall be the date of his death. In the event of expiration of the Term, the Date of Termination shall be the day following the last day of the Term.

6.Obligations of the Company and Executive upon Termination. Executive’s entitlements upon termination of employment are set forth below. Except to the extent otherwise provided in this Agreement, the disposition of Executive’s awards under the Long Term Incentive Program upon the termination of Executive’s employment shall be determined pursuant to the terms and provisions of the plan, arrangement and/or agreement applicable to such awards. For purposes of this Section 6, the term “Accrued Obligations” shall mean, as of the Date of Termination, (i) Executive’s full Base Salary through the Date of Termination, at the rate in effect at the time Notice of Termination is given (disregarding any reduction constituting Good Reason), to the extent not theretofore paid, (ii) the amount of any bonus, incentive compensation, deferred compensation and other cash compensation earned and vested as of the Date of Termination to the extent not theretofore paid, (iii) any benefits payable under the terms and conditions of the retirement and welfare benefit plans described in Section 3(d) above, and (iv) any accrued vacation pay, expense reimbursements and other cash entitlements to which Executive is entitled as of the Date of Termination to the extent not theretofore paid. For purposes of determining an Accrued Obligation under this Section 6, no discretionary compensation shall be deemed awarded, earned or vested unless it is specifically approved by the Board or the Compensation Committee in accordance with the applicable plan, program or policy.

(a)Death. If Executive’s employment is terminated by reason of Executive’s death, then this Agreement shall terminate without further obligations by the Company to Executive’s legal representatives under this Agreement, except as set forth in this Section 6(a) or as contained in an applicable Company plan or program which takes effect at the date of his death:

(i)Executive’s Accrued Obligations not theretofore paid, paid within thirty (30) days following the Date of Termination or such other date as provided in the applicable Company plan or program; and

(ii)A lump sum cash payment equal to the annual bonus that Executive would have been entitled to receive under Section 3(b) for the calendar year in which the Date of Termination occurs, multiplied by a fraction, the numerator of which is the number of days in the calendar year prior to the Date of Termination, and the denominator of which is 365. Such pro-rated annual bonus amount shall be paid when annual bonuses are paid to non-terminated employee participants in the applicable Annual Bonus Program, but in no event shall such payment occur later than March 15 of the calendar year following the year in which the Date of Termination occurs).

(b)Permanent Disability. If Executive’s employment is terminated by reason of Executive’s Permanent Disability, then this Agreement shall terminate without further obligations by the Company, except that Executive shall be entitled to receive:

(i)Executive’s Accrued Obligations not theretofore paid, paid within thirty (30) days following the Date of Termination or such other date as provided in the applicable Company plan or program; and

(ii)A lump sum cash payment equal to the annual bonus that Executive would have been entitled to receive under Section 3(b) for the calendar year in which the Date of Termination occurs, multiplied by a fraction, the numerator of which is the number of days in the calendar year prior to the Date of Termination, and the denominator of which is 365. Such pro-rated annual bonus

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amount shall be paid when annual bonuses are paid to non-terminated employee participants in the applicable Annual Bonus Program, but in no event shall such payment occur later than March 15 of the calendar year following the year in which the Date of Termination occurs).

(c)By the Company for Cause or by Executive Without Good Reason. If Executive’s employment is terminated for Cause by the Company or if Executive terminates Executive’s employment without Good Reason, then this Agreement shall terminate without any further obligations by the Company, except that Executive shall be entitled to receive the Accrued Obligations not theretofore paid, paid within thirty (30) days following the Date of Termination or such other date as provided in the applicable Company plan or program.

(d)By the Company Other than for Cause or by Executive for Good Reason. If the Company terminates Executive’s employment during the Term other than for Cause, or, if Executive terminates Executive’s employment for Good Reason, then this Agreement shall terminate without further obligations by the Company, except that the Executive shall be entitled to receive:

(i)Executive’s Accrued Obligations not theretofore paid, paid within thirty (30) days following the Date of Termination or such other date as provided in the applicable Company plan or program;

(ii)Cash severance equal to the cash severance amount determined under clause (A) or (B) below, payable in twenty-four (24) equal monthly installments commencing with the month following the Date of Termination (such twenty-four month period, the “Salary Continuation Period”):

(A)If such termination occurs prior to the fourth (4^th) anniversary of the Effective Date, a cash severance amount equal to the difference, if any, between (1) the sum of the Base Salary, minimum payments under the Annual Bonus Program and the minimum value of Long Term Incentive Program awards to be received by Executive during the five-year initial Term of this Agreement pursuant to Sections 3(a), (b) and (c), and (2) the sum of (I) all payments, and the value as of the respective dates of the awards of all awards (other than forfeited Long Term Incentive Program Awards), theretofore actually received by Executive pursuant to such Sections 3(a), (b) and (c), and (II) all amounts payable to Executive by reason of such termination pursuant to Sections 6(d)(i), (iii), and (iv); or

(B)If such termination occurs on or after the fourth (4th) anniversary of the Effective Date, a cash severance amount of $6,800,000;

(iii)For a period of up to eighteen (18) months of the Salary Continuation Period, if Executive timely elects continued coverage under COBRA, the Company will reimburse Executive for the monthly COBRA cost of continued health and dental coverage paid by Executive under health and dental plans of the Company pursuant to Section 4980B of the Code, less the amount that Executive would be required to contribute for health and dental coverage if Executive were an active employee of the Company. These reimbursements will commence within sixty (60) days following the Date of Termination and will be paid on the first payroll date of each month, provided that such payments shall cease if Executive’s applicable COBRA coverage ceases; and

(iv)A lump sum cash payment equal to the annual bonus that Executive would have been entitled to receive under Section 3(b) for the calendar year in which the Date of Termination occurs, multiplied by a fraction, the numerator of which is the number of days in the calendar year prior to the Date of Termination, and the denominator of which is 365. Such pro-rated annual bonus amount shall be paid when annual bonuses are paid to non-terminated employee participants in the

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applicable Annual Bonus Program, but in no event shall such payment occur later than March 15 of the calendar year following the year in which the Date of Termination occurs.

(v)The compensation and benefits described in this Section 6(d) shall be in lieu of compensation and benefits provided under any severance plan or agreement of the Company, and Executive shall not be entitled to any severance benefits upon a termination of employment except as provided for herein.

(e)General Release and Compliance with CRCA. Executive acknowledges and agrees that Executive’s right to receive severance pay and other benefits pursuant to Section 6(d) of this Agreement (other than his Accrued Obligations) is contingent upon Executive’s compliance with theCRCA andExecutive’s execution and acceptance of the terms and conditions of, and the effectiveness of, a general release in a form substantially similar to that attached hereto as Exhibit A with such changes as may be necessary under then-existing law (the “Release”). If Executive fails to comply with theCRCA or if Executive fails to execute the Release or revokes the Release during the seven (7)-day period following his execution of the Release, then Executive shall not be entitled to any severance payments or other benefits to which Executive would otherwise be entitled under Section 6(d).

7.Limitation on Change in Control Payments. Notwithstanding anything in this Agreement to the contrary, in the event that it is determined by an independent accounting firm chosen by the Company (the “Accounting Firm”) that any economic benefit, payment or distribution by the Company to or for the benefit of Executive, whether paid, payable, distributed or distributable pursuant to the terms of this Agreement, the plans or programs referred to herein, or otherwise (a “Payment”), would be subject to the excise tax imposed by Section 4999 of the Code (such excise tax referred to in this Agreement as the “Excise Tax”), then the value of any such Payments (the “Agreement Payments”) which constitute “parachute payments” under Section 280G(b)(2) of the Code, as determined by the Accounting Firm, will be reduced so that the present value of all Payments (calculated in accordance with Section 280G of the Code and the regulations thereunder), in the aggregate, is equal to 2.99 times Executive’s “base amount,” within the meaning of Section 280G(b)(3) of the Code (the “Reduced Amount”). Notwithstanding the foregoing, the Agreement Payments shall be reduced to the Reduced Amount only if the Accounting Firm determines that Executive would have a greater “Net After-Tax Receipt” of aggregate Payments if the Executive’s Agreement Payments were reduced to the Reduced Amount. If such Accounting Firm determines that the Payments shall be reduced, then such reduction shall be made first by reducing cash payments due under this Agreement, then cash payments under other agreements, plans or programs, and then non-cash benefits, in each case in the reverse order in which they are due, until the present value of the Payments is reduced to the Reduced Amount. “Net After Tax-Receipt” shall mean the present value (as determined in accordance with Section 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on Executive with respect thereto under Sections 1 and 4999 of the Code and under applicable state and local laws (and including any employment, social security or Medicare taxes, and other taxes (including any other excise taxes)), determined by applying the highest marginal rate under Section 1 of the Code and under state and local laws which applied to the Executive’s taxable income for the tax year in which the change in ownership or control (within the meaning of Section 280G of the Code) giving rise to the Excise Tax occurs, or such other rate(s) as the Accounting Firm determines to be likely to apply to Executive in the relevant tax year(s) in which any Payment is expected to be made.

8.Non-exclusivity of Rights. Nothing in this Agreement shall prevent or limit Executive’s continuing or future participation in any benefit, bonus, incentive or other plan or program provided by the Company and for which Executive may qualify, nor shall anything herein limit or otherwise affect such rights as Executive may have under any stock option, restricted shares or other agreement with the Company or any of its affiliated companies. Except as otherwise provided herein, amounts and benefits which are vested

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benefits or which Executive is otherwise entitled to receive under any plan, program, agreement or arrangement of the Company at or subsequent to the Date of Termination shall be payable in accordance with such plan or program.

9.No Set-Off; No Mitigation. Except as provided in this Agreement or in any agreement, plan or program referred to herein, the Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including any set-off, counterclaim, recoupment, defense or other right which the Company may have against Executive or others. In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement, and such amounts shall not be reduced whether or not Executive obtains other employment.

10.Governing Law; Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois (except Section 15 which shall be governed by the laws of the State of Delaware) in accordance with choice of law provisions thereof, without reference to principles of conflict of laws. Any suit, action or proceeding arising out of or relating to this Agreement against any of the parties hereto or any of the assets of any of such parties shall be brought in any courts located in DuPage County or in the U.S. District Court for the Northern District, Eastern Division of Illinois, and each of the parties hereto hereby irrevocably and unconditionally submits to the exclusive jurisdiction of such courts over the subject matter of any such suit, action or proceeding. Each of the parties hereto each irrevocably waives and agrees not to raise any objection it might now or hereafter have to any such suit, action or proceeding in any such court including, without limitation, any objection that the place where such court is located is an inconvenient forum or that there is any other suit, action or proceeding in any other place relating in whole or in part to the same subject matter.

EACH PARTY HERETO HEREBY ABSOLUTELY, IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREIN, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR PARTIES, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE. EACH OF THE PARTIES HERETO AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS PARAGRAPH AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR ANY PROVISION HEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.

11.Entire Agreement. Executive acknowledges and agrees that this Agreement (including the CRCA and the plans, programs and other agreements referred to herein) constitutes the entire agreement and understanding between the parties and supersedes any prior agreements, written or oral, with respect to the subject matter hereof, including the termination of Executive’s employment during the Term and all amounts to which Executive shall be entitled whether during the Term or thereafter.

12.Confidentiality and Restrictive Covenants. Contemporaneously with the execution of this Agreement, the Executive shall enter into a Confidentiality and Restrictive Covenant Agreement, in the form delivered to Executive with this Agreement. The Executive agrees to be subject to and bound by all terms

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and conditions of the CRCA, and any similar, successor or supplemental agreement thereto, during the Employment Period and, to the extent provided therein, thereafter, as if such terms and conditions were set forth in full herein and made a part of this Agreement. Such Confidentiality and Restrictive Covenant Agreement and any similar successor or supplemental agreement thereto are collectively referred to herein as the “CRCA.”

13.Section 409A.

(a)This Agreement is intended to comply with Section 409A of the Code and its corresponding regulations, or an exemption, and payments may only be made under this Agreement upon an event and in a manner permitted by Section 409A of the Code, to the extent applicable. Severance benefits under the Agreement are intended to be exempt from Section 409A of the Code under the “short-term deferral” exception, to the maximum extent applicable, and then under the “separation pay” exception, to the maximum extent applicable. Notwithstanding anything in this Agreement to the contrary, if required by Section 409A of the Code, if Executive is considered a “specified employee” for purposes of Section 409A of the Code and if payment of any amounts under this Agreement is required to be delayed for a period of six (6) months after separation from service pursuant to Section 409A of the Code, payment of such amounts shall be delayed as required by Section 409A of the Code, and the accumulated amounts shall be paid in a lump sum payment within ten (10) days after the end of the six (6) month period. If Executive dies during the postponement period prior to the payment of benefits, the amounts withheld on account of Section 409A of the Code shall be paid to the personal representative of Executive’s estate within sixty (60) days after the date of Executive’s death.

(b)All payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service” under Section 409A of the Code. For purposes of Section 409A of the Code, each payment shall be treated as a separate payment and the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments. In no event may Executive, directly or indirectly, designate the calendar year of a payment. All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the period of time specified in this Agreement, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

(c)If the sixty (60) day period following the Date of Termination begins in one calendar year and ends in a second calendar year (a “Crossover 60-Day Period”) and if there are any payments due to the Executive that are (i) nonqualified deferred compensation subject to Code Section 409A, (ii) conditioned on the Executive signing and not revoking the Release and (iii) otherwise due to be paid during the portion of the Crossover 60-Day Period that falls within the first calendar year, then such payments will be delayed and such payments shall commence in the second calendar year.

14.Cooperation. During the Employment Period and thereafter, Executive shall cooperate with the Company and its affiliates, upon the Company’s reasonable request, with respect to any internal investigation or administrative, regulatory or judicial proceeding involving matters within the scope of Executive’s duties and responsibilities to the Company and any of its affiliates during the Employment Period (including, without limitation, Executive being available to the Company upon reasonable notice for interviews and factual investigations, appearing at the Company’s reasonable request to give testimony without requiring service of a subpoena or other legal process, and turning over to the Company all relevant

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documents of the Company or any of its affiliates, which are or may come into Executive’s possession during the Employment Period). The Company agrees that it will promptly advance and, if needed, reimburse the Executive for his reasonable and documented expenses for his rendering assistance and/or cooperation under this Section 14, upon his presentation of documentation for such expenses, provided that the Company’s obligation to advance and reimburse Executive for the reasonable fees for independent legal advice shall be subject to the Company’s prior approval of such fees with such approval not to be unreasonably withheld.

15.Indemnification. The Company agrees that if Executive is made a party to or involved in, or is threatened to be made a party to or otherwise to be involved in, any action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”), by reason of the fact that he is or was a director, officer or employee of the Company or any of its subsidiaries, Executive shall be indemnified and held harmless by the Company against any and all liabilities, losses, expenses, judgments, penalties, fines and amounts reasonably paid in settlement in connection therewith, and shall be advanced reasonable expenses (including attorneys’ fees) as and when incurred in connection therewith, to the fullest extent legally permitted or authorized by the Company’s By-laws or, if greater, by the laws of the State of Delaware, as may be in effect from time to time. The rights conferred on Executive by this Section 15 shall not be exclusive of any other rights which Executive may have or hereafter acquire under any statute, the By-laws, agreement, vote of stockholders or disinterested directors or otherwise. The indemnification and advancement of expenses provided for by this Section 15 shall continue as to Executive after he ceases to be a director, officer or employee, and shall inure to the benefit of his heirs, executors and administrators.

16.Successors.

(a)This Agreement is personal to Executive and, without the prior written consent of the Company, shall not be assignable by Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by Executive’s legal representatives.

(b)This Agreement shall inure to the benefit of and be binding upon the Company and its successors. It shall not be assignable by the Company or its successors except in connection with the sale or other disposition of all or substantially all the assets or business of the Company. The Company shall require any successor to all or substantially all of the business or assets of the Company, whether direct or indirect, by purchase, merger, consolidation, acquisition of stock or otherwise, by an agreement in form and substance reasonably satisfactory to Executive, expressly to assume and agree to perform this Agreement in the same manner and to the same extent as the Company would be required to perform if no such succession had taken place.

17.Amendment; Waiver. This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and may be amended, modified or changed only by a written instrument executed by Executive and the Company. No provision of this Agreement may be waived except by a writing executed and delivered by the party sought to be charged. Any such written waiver will be effective only with respect to the event or circumstance described therein and not with respect to any other event or circumstance, unless such waiver expressly provides to the contrary.

18.Miscellaneous.

(a)The provisions of Section 2(d) (Resignation from Positions), Section 6 (Obligations of the Company and the Executive upon Termination), Section 7 (Limitation on Change in Control Payments), Section 8 (Non-exclusivity of Rights), Section  9 (No Set-Off; No Mitigation), Section 10 (Governing Law, Jurisdiction Waiver of Jury Trial), Section 12 (Confidentiality and Restrictive Covenants), Section 13 (Section 409A), Section 14 (Cooperation), Section 15 (Indemnification), Section 16 (Successors), Section 17 (Amendment; Waiver) and this Section 18 shall survive the termination of Executive’s

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employment with the Company for any reason, or the expiration of the Term of the Agreement pursuant to Section 1, and shall thereafter remain in full force and effect.

(b)In the event of any inconsistency between this Agreement and any other agreement, plan, program, policy or practice (collectively, “Other Provision”) of the Company, the terms of this Agreement shall control unless such Other Provision provides otherwise by a specific reference to this Section 18(b).

(c)All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been duly given (i) the following business day after deposit from within the United States with a reputable express courier service (charges prepaid), (ii) three (3) days after mailing by certified or registered mail, return receipt requested and postage prepaid, or (iii) upon receipt in all other cases. Such notices, demands and other communications shall be sent to the addresses indicated below:

If to the Company:

Calamos Asset Management, Inc.

Calamos Investments LLC

Calamos Advisors LLC

2020 E. Calamos Court

Naperville, IL 60563

Attn: General Counsel

If to Executive:

Address per the Company records

or to such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party.

(d)Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction will, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction will not invalidate or render unenforceable such provision in any other jurisdiction.

(e)All compensation payable to Executive from the Company shall be subject to all applicable withholding taxes, normal payroll withholding and any other amounts required by law to be withheld.

(f)Executive acknowledges and agrees that Executive will be subject to any compensation clawback, recoupment and/or anti-hedging policies as may be adopted by the Company, or as may be required by applicable law.

(g)All Company affiliates are intended third party beneficiaries of this Agreement with the authority to enforce the provisions of this Agreement for the benefit of the Company and its affiliates as if they were parties hereto.

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(h)This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same Agreement.

(i)The descriptive headings in this Agreement are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than by limitation.

(j)The language used in this Agreement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party hereto. Neither Executive nor the Company shall be entitled to any presumption in connection with any determination made hereunder in connection with any arbitration, judicial or administrative proceeding relating to or arising under this Agreement.

[Signature Page Follows]

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IN WITNESS WHEREOF, each of the parties hereto has duly executed this Executive Employment Agreement as of the date and year first set forth above.

CALAMOS ADVISORS LLC

By: Calamos Investments LLC,

its Manager

By: Calamos Asset Management, Inc.,

its Manager

/s/ John P. Calamos, Sr.

By: John P. Calamos, Sr.

Chairman and Global Co-Chief Investment Officer

CALAMOS INVESTMENTS LLC

By: Calamos Asset Management, Inc.,

its Manager

/s/ John P. Calamos, Sr.

By: John P. Calamos, Sr.

Chairman and Global Co-Chief Investment Officer

CALAMOS ASSET MANAGEMENT, INC.

/s/ John P. Calamos, Sr.

By: John P. Calamos, Sr.

Chairman and Global Co-Chief Investment Officer

EXECUTIVE

  /s/ John S. Koudounis

John S. Koudounis

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Exhibit A

GENERAL RELEASE OF ALL CLAIMS

1.For valuable consideration, including without limitation the severance pay and other benefits pursuant to Section 6(d) of the Executive Employment Agreement between Calamos Asset Management, Inc., Calamos Investments LLC, and Calamos Advisors, LLC (collectively “Company”), and the undersigned (“Executive”), dated effective as of April 4, 2016, as amended from time to time (the “Employment Agreement”) the adequacy of which is hereby acknowledged, Executive for himself, his spouse, heirs, administrators, children, representatives, executors, successors, assigns, and all other persons claiming through Executive, if any (collectively, “Releasers”), does hereby release, waive, and forever discharge the Company and its affiliates and its and their Subsidiaries, parents, affiliates, related organizations, employees, officers, directors, attorneys, successors, and assigns (collectively, the “Releasees”) from, and does fully waive any obligations of Releasees to Releasers for, any and all liability, actions, charges, causes of action, demands, damages, or claims for relief, remuneration, sums of money, accounts or expenses (including attorneys’ fees and costs) of any kind whatsoever, whether known or unknown or contingent or absolute, which heretofore has been or which hereafter may be suffered or sustained, directly or indirectly, by Releasers in consequence of, arising out of, or in any way relating to Executive’s employment with Company or any of its affiliates and the termination of Executive’s employment. The foregoing release and discharge, waiver and covenant not to sue includes, but is not limited to, all claims and any obligations or causes of action arising from such claims, under common law including wrongful or retaliatory discharge, breach of contract (including but not limited to any claims under the Employment Agreement and any claims under any long-term or other incentive award agreements between Executive and the Company) and any action arising in tort including libel, slander, defamation or intentional infliction of emotional distress, and claims under any federal, state or local statute including Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e et seq.; 42 U.S.C. §§ 1981, 1983, 1985, 1986; the Age Discrimination in Employment Act (ADEA), as amended, 29 U.S.C. § 621 et seq.; the Americans with Disabilities Act (ADA), as amended, 42 U.S.C. § 12101 et seq.; the Fair Labor Standards Act (FLSA), as amended, 29 U.S.C. § 201 et seq.; the Family Medical Leave Act (FMLA), 29 U.S.C. § 2601 et seq.; the Employee Retirement Income Security Act of 1974 (ERISA), as amended, 29 U.S.C. § 1001 et seq. This General Release also includes a release by Executive of any claims for breach of contract, wrongful discharge and all claims for alleged physical or personal injury, emotional distress relating to or arising out of Executive’s employment with Company or the termination of that employment; and any claims under the WARN Act or any similar law, which requires, among other things, that advance notice be given of certain work force reductions. This release and waiver does not apply to any claims or rights that may arise after the date Executive signs this General Release. This General Release does not apply to (a) any claims or rights for the Accrued Obligations, severance pay, benefits, indemnification and any other surviving rights now existing under the Employment Agreement, the organization documents of the Company or any other agreement providing for indemnification regardless of when any claim is filed, (b) any claims or rights for under directors and officers liability insurance, or (c) any claims against CFP or CPH (each as defined in the Employment Agreement).

2.Excluded from this release and waiver are any claims which cannot be waived by law, including but not limited to the right to participate in an investigation conducted by certain government agencies. Executive does, however, waive Executive’s right to any monetary recovery should any agency (such as the Equal Employment Opportunity Commission) pursue any claims on Executive’s behalf. Executive represents

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and warrants that Executive has not filed any complaint, charge, or lawsuit against the Releasees with any government agency or any court.

3.Executive agrees never to sue Releasees in any forum for any claim covered by the above waiver and release language, except that Executive may bring a claim under the ADEA to challenge this General Release. If Executive violates this General Release by suing Releasees, other than under the ADEA or as otherwise set forth in Section 1 hereof, Executive shall be liable to the Company for its reasonable attorneys’ fees and other litigation costs incurred in defending against such a suit. Nothing in this General Release is intended to reflect any party’s belief that Executive’s waiver of claims under ADEA is invalid or unenforceable, it being the interest of the parties that such claims are waived.

4.Executive acknowledges and recites that:

(a)Executive has executed this General Release knowingly and voluntarily;

(b)Executive has read and understands this General Release in its entirety;

(c)Executive has been advised and directed orally and in writing (and this subparagraph (c) constitutes such written direction) to seek legal counsel and any other advice he wishes with respect to the terms of this General Release before executing it;

(d)Executive’s execution of this General Release has not been forced by any employee or agent of the Company, and Executive has had an opportunity to negotiate about the terms of this General Release; and

(e)Executive has been offered twenty-one (21) calendar days after receipt of this General Release to consider its terms before executing it.

5.This General Release shall be governed by the internal laws (and not the choice of laws) of the State of Illinois, except for the application of preemptive federal law.

6.Executive shall have seven (7) days from the date hereof to revoke this General Release by providing written notice of the revocation to the Company, as provided in Section 18(c) of the Employment Agreement, in which event this General Release shall be unenforceable and null and void.

PLEASE READ THIS AGREEMENT CAREFULLY. IT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

Date: Executive:

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EX-10.3

Exhibit 10.3

CONFIDENTIALITY AND RESTRICTIVE COVENANTS AGREEMENT

This Agreement is made by and between John S. Koudounis (“Employee”) and Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Financial Services LLC, Calamos Investments LLC, and Calamos Asset Management, Inc. (each of the foregoing, together with their respective subsidiaries and affiliates, excluding CFP and CPH (each as defined below), are individually and collectively referred to herein as the “Company”).

As a condition to and in consideration of Employee’s employment or continued employment by the Company and/or receipt of a long-term incentive award under the Calamos Asset Management, Inc. Incentive Compensation Plan or under any successor, replacement or other incentive compensation plan of the Company (collectively, the “Incentive Plan”), the parties agree to the following:

1. EMPLOYEE’S AND COMPANY’S ACKNOWLEDGEMENTS

1.1Company’s Interest. Employee agrees and acknowledges that the Company has a legitimate interest in protecting its goodwill, confidential information and business relationships and the value of the Business and that, to ensure such protection, it is necessary that Employee not utilize special knowledge of the Business and its relationships with clients to compete with the Company.

1.2Definitions. For purposes of this Agreement,

a.“Business” means the provision of investment management, investment advisory, portfolio management, financial analysis, research or similar services relating to investments in Funds and the direct and indirect (such as through Intermediaries) sale and/or distribution of equity interests in the Funds.

b.“CFP” and “CPH” each has the meaning ascribed to such term in the Employment Contract.

c.“Company Funds” means Funds offered or managed by the Company.

d.“Competing Activity” or “Competing Activities” means directly or indirectly engaging in the Business.

e.“Employment Contract” means Employee’s Executive Employment Agreement, effective as of April 4, 2016.

f.“Funds” means investments in international or domestic equity, debt or alternative securities or other activities or services of the type provided by the Company to its clients on a worldwide basis including, without limitation, open-end and closed-end, registered and unregistered investment companies, hedge funds, limited partnerships, trusts, master feeder funds, separate accounts or other entities or accounts for collective investment in transferable securities, as well as separate accounts for investment by clients on a non-collective basis and retail wrap accounts.

g.“Intermediaries” means wholesalers, brokers, dealers, registered investment advisors, family offices, consultants, solicitors, marketers, platforms or other providers who engage in the sale and/or distribution of Funds.

h.“Proprietary Property” means designs, ideas, discoveries, inventions, improvements, trade secrets, techniques, methods, know-how, technical and non-technical data, works of authorship, computer programs, mathematical models, drawings, trademarks and the goodwill symbolized by the

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trademarks, copyrights, patents and all other matters that are legally protectable or recognized as forms of protected intellectual property, whether or not reduced to practice or to a writing.

i.“Permitted Activity” has the meaning ascribed to such term in the Employment Contract.

1.3Employee’s Position. Employee agrees and acknowledges that the Company has a legitimate business interest in protecting the Company’s property, confidential information, client and employee relationships and other protectable interests. Employee further acknowledges that:

a.the Company has been, is and/or will be engaged in the Business before, during and after Employee’s employment;

b.Employee has and/or will occupy a position of trust and confidence with the Company, and during Employee’s employment, Employee has, had and/or will have access to the Company’s trade secrets and other proprietary and Confidential Information concerning the Company and the Business;

c.the agreements and covenants contained in this Agreement are essential to protect the Company, its investment in near-permanent client relationships and the goodwill of the Business, and compliance with such agreements and covenants will not unduly impair Employee’s ability to procure subsequent and comparable employment;

d.Employee’s employment with the Company has special, unique, and extraordinary value to the Company and the Company would be irreparably damaged if Employee were to provide services to any person or entity in violation of the provisions of this Agreement; and

e.Employee agrees and acknowledges that the investment performance of the Company Funds and the Company’s relationships with its clients and employees are extremely valuable and are the result of the expenditure of substantial time, effort and resources by the Company.

1.4Coordination with Employment Contract. This Agreement is the Confidentiality and Restrictive Covenants Agreement described in Section 12 of the Employment Contract. To the extent of any inconsistency between this Agreement and the Employment Contract, the applicable provision in the Employment Contract shall control.

2. CONFIDENTIAL INFORMATION

2.1Disclosure or Use. Employee agrees and acknowledges that by virtue of his or her employment with the Company, he or she has learned or will learn or develop Confidential Information (as that term is defined herein). Employee further acknowledges that unauthorized disclosure or use of such Confidential Information, other than in discharge of his or her duties for the Company, will cause the Company irreparable harm. Accordingly, during the term of his or her employment and thereafter, Employee agrees to comply with all Company policies, procedures and practices pertaining to Confidential Information and not to use any Confidential Information except in furtherance of his or her duties for the Company, nor to disclose any Confidential Information except: (i) as required by law; (ii) to officers or other employees of the Company when it is necessary, in the ordinary course of business, to do so; or (iii) as necessary for the Employee to seek legal advice from an attorney at law regarding his duties, rights and responsibilities. Upon termination of employment with the Company for any reason, Employee shall not, directly or indirectly, disclose, publish, communicate or use on his or her behalf or another’s behalf, any Confidential Information except as required by law or in accordance with the provisions of Section 2.2 below. Employee acknowledges that the Company operates and competes internationally, and that the Company will be harmed by unauthorized disclosure or use of Confidential Information, regardless of where such disclosure or use occurs, and that therefore this confidentiality obligation is not limited to any single state, country or jurisdiction. To the extent applicable

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law requires a finite duration on the restrictions on disclosure or use set forth in this Section 2.1, the restriction on disclosure or use of Confidential Information that is not a trade secret and is not client or other third party information shall apply at all times during Employee’s employment and for a period of three (3) years following termination of Employee’s employment for any reason.

2.2Preservation of Certain Rights. Nothing in this Agreement, any prior agreement between Employee and the Company, or any Company policy prohibits or restricts Employee from reporting possible violations of federal, state, or local law or regulation to, or discussing any such possible violations with, any governmental agency or entity or self-regulatory organization, including by seeking legal advice whether to or by initiating communications directly with, responding to any inquiry from, or providing testimony before any federal, state, or local regulatory authority or agency or self-regulatory organization, including without limitation the Securities and Exchange Commission, the Equal Employment Opportunity Commission, FINRA, and the Occupational Safety and Health Administration, or making any other disclosures that are protected by the whistleblower provisions of any federal, state, or local law or regulation.

2.3Confidential Information. For purposes of this Agreement, “Confidential Information” shall mean trade secrets and other proprietary information concerning the products, processes or services of the Company, which information (a) has not been made generally available to the public, and is useful or of value to the Company’s current or anticipated business activities or those of any client of the Company; or (b) has been identified to Employee as confidential, either orally or in writing. “Confidential Information” shall include, without limitation, computer programs; research and other statistical data and analyses; marketing, organizational or other research and development, or business plans; personnel information, including the identity of other employees of the Company, their responsibilities, competence, abilities, and compensation; financial, accounting and similar records of the Company and/or any Company Funds (as defined in Section 1.2(c) above); current and prospective client lists and information on clients and their employees; client investment objectives, the nature of their investment portfolios and contractual agreements with the Company; information concerning planned or pending investment products, acquisitions or divestitures; and information concerning the marketing and/or sale or distribution of equity interests in the Company Funds. Confidential Information shall not include information which: (i) is in or hereafter enters the public domain through no fault of Employee; (ii) is obtained by Employee from a third party having the legal right to use and disclose the same; or (iii) is in the possession of Employee prior to receipt from the Company (as evidenced by Employee’s written records pre-dating the date of employment).

2.4    Notice of Immunity from Liability for Confidential Disclosure of a Trade Secret to the Government or in a Court Filing. Notwithstanding anything in this Agreement to the contrary, under the Federal Defend Trade Secrets Act of 2016, an individual may not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (a) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding if the individual files any document containing the trade secret under seal and does not disclose the trade secret except pursuant to court order. Nothing herein is intended, or should be construed, to affect the immunities created by the Defend Trade Secrets Act of 2016.

3. COMPANY PROPERTY

All notes, reports, plans, published memoranda or other documents created, developed, generated or held by Employee during employment, concerning or related to the Company’s business, and whether containing or relating to Confidential Information or not, and all tangible personal property of the Company

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entrusted to Employee or in Employee’s direct or indirect possession or control, are the property of the Company, and will be promptly delivered to the Company and not thereafter used by Employee upon termination of Employee’s employment for any reason whatsoever. Employee shall satisfy delivery by delivering such Company property to Employee’s supervisor or the Head of Human Resources of the Company.

4. NON-COMPETITION

4.1While Employed. During the term of Employee’s employment with the Company (including any Notice Period under Section 8.1 below), and other than in connection with performance of his or her duties for the Company or to the extent provided below, a Permitted Activity, Employee shall not, directly or indirectly, engage in the Business, or own or control any interest in, or act as or become an officer, director, employee, consultant, advisor of, to or for any person, firm, corporation, institution, business or entity (each an “Entity”) directly or indirectly engaged in the Business. A Permitted Activity with an Entity directly or indirectly engaged in the Business will not be a breach of Employee’s obligations under this Section 4.1 so long as the circumstances of such Entity’s engaging in the Business (a) were disclosed to or known by the Board (or an appropriate committee thereof) prior to Employee’s engaging in the Permitted Activity, or (b) arise or first become known to Employee after initiation of the Permitted Activity and such circumstances are promptly disclosed by Employee to the Board (or appropriate committee) and the Board (or committee) consents to continuation of the Permitted Activity, or if requested by the Board (or committee), Employee disengages from the Permitted Activity after being provided a reasonable period to do so.

4.2After Employment. Employee agrees that during the Post-Employment Non-Compete Period defined below, Employee shall not, directly or indirectly, engage in the Business or own or control any interest in, or act as or become an officer, director, employee, consultant, or advisor of, to or for any Entity directly or indirectly engaged in the Business anywhere in the world where, at the time Employee’s employment terminates, the Company is engaged in the Business or has plans to engage in the Business, as reflected by the substantial investment of time, effort and resources by the Company in furtherance of such plans. For purposes of this Section 4.2, the “Post-Employment Non-Compete Period” shall be six (6) months following Employee’s last day of employment with the Company.

4.3Exception for Ownership of Publicly-Traded Stock. The restrictions set forth in Sections 4.1, 4.2 and 5(e) shall not be construed to prohibit the ownership by Employee of not more than two percent (2%) of any class of equity securities registered pursuant to the Securities Exchange Act of 1934 that are publicly owned and regularly traded on any national securities exchange or over the counter market if such ownership represents a personal investment and Employee does not directly or indirectly in any way manage or exercise control of any such corporation, guarantee any of its financial obligations or otherwise take part in its business. Any such ownership remains subject to the provisions of the Company’s Code of Ethics and Insider Trading Policy.

5. PROTECTION OF THE COMPANY’S NAME, BUSINESS RELATIONSHIPS AND EMPLOYEES

Employee agrees and acknowledges that the Company’s relationships with its clients, prospective clients and employees, the Company’s name, the names of the Company Funds, and the investment performance of any Company Fund are extremely valuable and are the result of the expenditure of substantial time, effort and resources by the Company. Therefore, during the period of Employee’s employment and the Post-Employment Non-Compete Period, or in the case of clause (c) below, for a one-year period, after termination of such employment, Employee agrees that he or she will not, directly or indirectly, on his or her behalf or on behalf of any Entity:

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(a)solicit or do business with clients with whom the Company has (or within the prior twelve months had) a business relationship, or prospective clients who have been engaged in the preceding six months in active and substantive communication regarding a possible business relationship with the Company, in either case with respect to services or products of the kind generally offered or provided by the Company, or otherwise cause or encourage any such client to divert, withdraw or take away any funds with respect to which the Company is providing or could provide such services or products; or

(b)solicit or do business with Intermediaries with whom the Company has (or within the prior twelve months had) a business relationship, or clients or prospective clients introduced through such Intermediaries, in each case to the extent Employee had contact with or learned or developed Confidential Information regarding such Intermediary during the preceding two years in connection with his or her employment by the Company, with respect to services or products of the kind generally offered or provided by the Company, or otherwise cause or encourage any Intermediary to divert, withdraw or take away any funds with respect to which the Company is providing or could provide such services or products, or cause or encourage any Intermediary to cause or encourage such Intermediary’s clients to divert, withdraw or take away such funds; or

(c)solicit, induce or encourage any person who is or within the preceding six months was an employee of the Company to leave his or her employment, agency or office with the Company, or hire or employ any such person or persons, for the purpose of providing or offering to provide, services or products of the kind generally offered by the Company; or

(d)refer to any Company Fund or the investment performance thereof in any public filing or statement, including without limitation social media, or in the advertisement or marketing of any service or product which is a Competing Activity, except that Employee may accurately refer in biographical information (such as a resume or social media listing) to the fact that Employee was employed by the Company, to Employee’s title, job responsibilities or duties during such employment, or to the name of a Company Fund for which Employee provided services, provided that no event shall such information include the track record or other information relating to the investment performance of any Company Fund; or

(e)own or control any interest in, or act as an officer, director, employee, consultant, or advisor of, to or for any Entity directly or indirectly engaged in the Business which refers to any Company Fund or the investment performance thereof, in any public filing or statement, including without limitation social media, or in the advertisement or marketing of any service or product which is a Competing Activity, except to the extent such Entity accurately refers in biographical information to the fact that Employee was employed by the Company, to Employee’s title, job responsibilities or duties during such employment, or to the name of a Company Fund for which Employee provided services, provided that no event shall such information include the track record or other information relating to the investment performance of any Company Fund.

6. NON-DISPARAGEMENT

Employee and the Company mutually agree and acknowledge that their respective reputations are extremely valuable and are the result of their respective expenditure of substantial time, effort, and resources. Therefore, during the period of employment and thereafter, except as permitted under Section 2.2 above, each will not, directly or indirectly, criticize, disparage, or otherwise demean in any way, or cause or encourage others to make any critical, disparaging or demeaning comments about the other including any of the Company’s directors, officers, members, employees, products or services, or the Company Funds.

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7. COOPERATION

Employee agrees that, both during and after the termination of his or her employment with the Company, Employee will cooperate with the Company and its counsel in connection with any investigation, administrative proceeding or litigation relating to any matter that occurred during Employee’s employment in which Employee was involved or of which Employee has knowledge, and will cooperate with and assist the Company in effecting a transition of Employee’s responsibilities and to ensure the Company is aware of all matters being handled by Employee. The Company agrees to advance Employee for reasonable, documented expenses incurred in connection with such cooperation.

8. TERMINATION OF EMPLOYMENT; NOTICE TO FUTURE EMPLOYER

8.1Notice Period for Resignation of Employment by Employee. In the event Employee resigns from employment for any reason, except for Good Reason as defined in the Employment Contract, in order to permit the Company to safeguard its business and goodwill, including by arranging for transition of duties, responsibilities and relationships in an orderly manner, Employee agrees to give 90 days’ prior written notice (the “Notice Period”) of the effective date of such resignation. Employee shall provide such notice in writing in accordance with the Employment Contract. During the Notice Period, the Company may, in its sole discretion, (a) require Employee to perform Employee’s duties in the normal course of business at the Company; (b) require Employee to remain away from the Company’s premises; (c) require Employee not to perform any duties on behalf of the Company; (d) require Employee to perform other duties and/or functions consistent with his position prior to his giving notice; (e) require Employee not to contact individuals or Entities that were clients, prospective clients or Intermediaries of the Company during Employee’s employment at the Company; (f) withdraw any powers vested in, or duties assigned to, Employee; or (g) require Employee to use any untaken vacation entitlement accrued or likely to accrue up to Employee’s termination date; (h) accelerate the effective date of Employee’s resignation from Employment and the termination of the Notice Period. For the duration of the Notice Period, Employee shall remain an employee of the Company, continue to receive compensation and benefits in accordance with the Employment Contract, and continue to be subject to the Company’s employment policies, code of conduct, code of ethics and other policies and this Agreement. During the Notice Period, Employee must not directly or indirectly perform any duties for any other person or Entity, whether as an employee, independent contractor or otherwise except for Permitted Activities under the Employment Contract.

8.2Termination by the Company. The Company may terminate Employee’s employment by giving notice in accordance with the Employment Contract. Such termination shall be effective as set forth in such notice.

8.3Notice to New Employer. Prior to commencing a relationship with an Entity engaged in the Business, Employee shall advise such Entity of Employee’s obligations under this Agreement, including without limitation by providing a copy of this Agreement to such Entity. Employee hereby authorizes the Company to advise any such Entity of Employee’s post-employment obligations set forth in this Agreement and/or in any other agreement between Employee and the Company.

9. PROPRIETARY PROPERTY

9.1Assignment of Proprietary Property to the Company. Employee hereby agrees to assign, transfer and set over, and does hereby assign, transfer and set over, to the Company, without further compensation, all of his or her rights, title and interest in and to any and all Proprietary Property, if any, that he or she, either solely or jointly with others, has conceived, made or suggested or may hereafter conceive, make or suggest, during or in the course of Employee’s employment or other relationship with the Company, except that the provisions of this Section 9 shall not apply to any Proprietary Property for which no equipment,

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supplies, facilities or Confidential Information of the Company was used and which was developed entirely on Employee’s own time, unless (a) the invention related to the business of the Company or to the Company’s actual or anticipated research or development or (b) the invention resulted from work performed by Employee for the Company. The assignment of Proprietary Property hereunder includes without limitation all rights of paternity, integrity, disclosure and withdrawal and any other rights that may be known as or referred to as moral rights and the like (“Moral Rights”). To the extent that such Moral Rights cannot be assigned under applicable law and to the extent the following is allowed under applicable law, Employee hereby waives such Moral Rights and consents to any action of the Company or any third party that would violate such Moral Rights in the absence of such consent. Employee also will endeavor to facilitate such use of any such Moral Rights as the Company shall reasonably instruct, including confirming any such waivers and consents from time to time as requested by the Company.

9.2Works for Hire. Employee acknowledges that all original works of authorship or other creative works, if any, made by Employee (whether solely or jointly with others) within the scope of his or her employment by the Company, and that are protectable by copyright, are “works made for hire” pursuant to United States Copyright Act (17 U.S.C. § 101). To the extent such original works of authorship or other creative works are not works made for hire, Employee hereby assigns all of his or her rights, title and interest in and to such works of authorship to the Company, including, without limitation, all copyrights thereto.

9.3Disclosure of Proprietary Property and Execution of Documents. Employee further agrees to promptly disclose to the Company any and all Proprietary Property that Employee has assigned, transferred and set over and agrees to execute, acknowledge and deliver to the Company any and all instruments reasonably requested, and, at the Company’s expense, to do any and all other lawful acts that, in the reasonable judgment of the Company or its attorneys may be required or desirable in order to vest in the Company all property rights with respect to such Proprietary Property.

9.4Enforcement of Proprietary Property. Employee agrees that he or she will, at the Company’s expense, (i) assist the Company in every proper way to obtain, and from time to time enforce, trade secret, trademark, copyright, mask work, patent and other protected intellectual property rights relating to Proprietary Property and (ii) execute, verify and deliver such documents and perform such other acts (including appearances as a witness) as the Company may reasonably request for use in applying for, obtaining, perfecting, evidencing, sustaining and enforcing such Proprietary Property and the assignment thereof. In the event the Company is for any reason unable to obtain such assistance from Employee, after reasonable effort to do so, Employee hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as agent and attorney-in-fact, which appointment is coupled with an interest, to act for and on behalf of Employee to execute, verify and file any such documents and to do all other lawfully permitted acts to further the purposes of the preceding paragraph with the same legal force and effect as if executed by Employee. Employee hereby waives and quitclaims to the Company any and all claims, of any nature whatsoever, that he has or may hereafter have for infringement, misappropriation or other violation of any Proprietary Property assigned hereunder, including the right to recover and retain damages for past, present or future infringement, misappropriation or other violation by any Entity.

10. MISCELLANEOUS

10.1Acknowledgment; Remedies; Forfeiture. In executing this Agreement, Employee does not rely on any inducements, promises or representations of the Company, or its officers or directors, other than the terms and conditions specifically set forth in this Agreement, the Employment Contract, and in any other agreements signed by the Employee and the Company or any of the Company’s subsidiaries or affiliates (including entities with shared ownership). Employee further acknowledges that the statements herein are true and correct; that Employee has read and understands all of the terms of this Agreement; that the Company’s offer of employment or continuing employment and/or receipt of the compensation and other consideration

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provided to Employee under the Employment Contract and other agreements made with the Company or any of the Company’s subsidiaries or affiliates (including entities with shared ownership) constitutes adequate consideration for Employee’s obligations hereunder and for the covenants set forth above. Employee acknowledges that failure to comply with this Agreement will cause irreparable damage to the Company. Therefore, Employee agrees that, in addition to any other remedies at law or in equity available to the Company for Employee’s breach or threatened breach of this Agreement, the Company is entitled to specific performance or injunctive relief against Employee to prevent such damage or breach, without bond. In addition, and without limiting the Company’s right to specific performance, all unvested long-term incentive awards granted to Employee under the Incentive Plan shall immediately lapse and be forfeited in the event Employee materially breaches or violates any of the covenants or provisions of this Agreement and such breach or violation, if curable, is not remedied within a reasonable period of time after notice of such breach or violation is given to Employee by the Company.

In the event of a breach or a violation by Employee of any of the covenants and provisions of this Agreement, the periods of restriction set forth in Section 4.2 and Section 5, shall be tolled during the period of the continuance of any actual breach or violation thereof.

Employee agrees and acknowledges that any award granted under the Incentive Plan also shall be subject to the terms and conditions of such Incentive Plan and the equity award statement or grant agreement issued in connection with such award, including without limitation any such provisions regarding forfeiture or recoupment of such award or any portion thereof.

10.2Notices. Except when actual receipt is expressly required by the terms hereof, notice is considered given either (i) when delivered in person, (ii) when sent by Federal Express or comparable overnight night mail service, or (iii) two business days after deposit in the United States mail in a sealed envelope or container by either registered or certified mail with return receipt requested and postage prepaid and, in the case of (ii) and (iii) above, addressed to Employee at the address set forth on the signature page hereof or the Company at 2020 Calamos Court, Naperville, Illinois 60653, attn.: General Counsel. Either party may require, by notice given at any time or from time to time, subsequent notices to a different address; provided, however, that a P.O. Box shall not be considered to be an address for purposes of this Agreement. Notices given before actual receipt of notice of change shall not be invalidated by the change.

10.3Waiver, Modification and Interpretation. Except as set forth herein, no provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in a writing signed by both of the parties hereto, and, in the case of the Company, such waiver, modification or discharge has been authorized or approved by the Board of Directors of the Company, its Chairman or its Compensation Committee. Any waiver by any party hereto of any breach of any kind or character whatsoever by any other party shall not be construed as a continuing waiver of, or consent to, any subsequent breach of this Agreement on the part of the other party or parties.

10.4Choice of Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Illinois applicable to contracts made and to be performed in Illinois, without giving effect to the conflict of law principles thereof. Employee further agrees that the state and federal courts located in the State of Illinois shall have exclusive jurisdiction in any action, suit or proceedings based on or arising out of this Agreement, and Employee submits to the personal jurisdiction of such courts, consents to service of process, and waives any objection to jurisdiction, venue or service of process.

10.5Headings. The headings used in this Agreement are for convenience only and are not part of its operative language. They shall not be used to affect the construction of any provisions hereof.

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10.6Severability. The provisions of this Agreement are severable and should any provision hereof be void, voidable or unenforceable under any applicable law, such void, voidable or unenforceable provision shall not affect or invalidate any other provision of this Agreement, which shall continue to govern the relative rights and duties of the parties as though the void, voidable or unenforceable provision were not a part hereof. In addition, if any provision is held to be overbroad, the parties hereby request that the reviewing court modify that provision to the extent necessary to make the provision enforceable, and enforce the provision as modified. It is the intention and agreement of the parties that all of the terms and conditions hereof be enforced to the fullest extent permitted by law.

10.7Effect of Agreement. This Agreement supplements and does not limit, amend or replace any other obligations Employee may have under Company policies, applicable law, or any other agreement or understanding with the Company. References to a Confidentiality and Restrictive Covenant Agreement or similar agreement in the Incentive Plan or any long-term incentive award agreement shall be deemed to refer to this Agreement.

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10.8Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors and assigns.

CALAMOS ASSET MANAGEMENT, INC.		JOHN S. KOUDOUNIS
for itself and its affiliates
By:	/s/ John P. Calamos, Sr.	/s/ John Koudounis
	Signature	Employee Signature
Date:	Effective as of April 4, 2016	John Koudounis
		Employee Name (Please Print)
		(Address on file with Company)
		Address
		City, State and Zip Code
		Date:	Effective as of April 4, 2016

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EX-10.4

Exhibit 10.4

CALAMOS ASSET MANAGEMENT, INC.

Calamos Partners Deferred Bonus Award

Calamos Partners Deferred Bonus Award Statement for John S. Koudounis

Congratulations! The following summarizes your Calamos Partners Deferred Bonus Award (“Deferred Bonus Award”):

Deferred Bonus (“Deferred Bonus”)

Grant date: April 4, 2016

Amount of Deferred Bonus: $1.25 Million

Vesting date: June 30, 2017*

*Subject to earlier vesting as set forth in the accompanying Terms of Calamos Partners Deferred Bonus Award (the “Award Terms”).

Your Deferred Bonus Award is issued under the Calamos Asset Management, Inc. Incentive Compensation Plan (the “Plan”) and is governed by the terms and conditions of the Plan and this Calamos Partners Deferred Bonus Award Statement (“Award Statement”), which includes the accompanying Award Terms. A copy of the Plan is available by request from the Human Resources Department.

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Calamos Asset Management, Inc.

Incentive Compensation Plan

Calamos Partners Deferred Bonus Award

Terms of Calamos Partners Deferred Bonus Award

1. Description of Award:	Deferred bonus (“Deferred Bonus”). The amount of your Deferred Bonus will be paid to you in cash as provided in Paragraph 4.
2.Deferred Bonus Vesting:	The Deferred Bonus Award will vest on June 30, 2017 (the “Vesting Date”), provided that you have remained in the continuous employ of the Company (a defined below) through such date. If prior to the Vesting Date your employment is terminated due your death, as a result of your disability (as defined below), by the Company without Cause, or by you for Good Reason (both Cause and Good Reason as defined below), the Deferred Bonus will continue to vest and be paid to you or your beneficiary, as the case may be, as if your employment had not terminated. If prior to the Vesting Date, your employment is terminated by the Company for Cause or by you without Good Reason, the Deferred Bonus will be immediately forfeited and cancelled and you will cease to have any rights with respect to the Deferred Bonus. For termination due to disability, we will use the definition of disability as defined in the Associate Handbook. We will use the respective definitions of Company, Cause and Good Reason in your employment agreement with the Company, dated as of April 4, 2016 (the “Employment Contract”).
3. Payment of Deferred Bonus:	Provided the Deferred Bonus is payable pursuant to the provisions of Section 2 above, the Company will pay the Deferred Bonus to you or to your beneficiary, as the case may be, on the Vesting Date. The Deferred Bonus shall be paid in cash.
4. Transferability:	The Deferred Bonus may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution.
5. Unfunded and Unsecured Rights:	The Deferred Bonus will at all times be unfunded and no provision will at any time be made with respect to segregating any assets of the Company for payment of the Deferred Bonus. Your right or that of your beneficiary to receive the Deferred Bonus shall be an unsecured claim against the general assets of the Company. Neither you nor your estate (or beneficiary) shall have any rights in or against any specific assets of the Company.
6. Tax Withholding:	An aggregate amount of cash equal to the amount sufficient to satisfy the minimum statutory Federal, state and local tax withholding (including the FICA and Medicare tax obligations) required by law with respect to the payment of the Deferred Bonus (or such greater amount as may be requested by you), will be withheld from the distribution of the Deferred Bonus to you.
7. No Rights to Continued Employment:	Nothing contained in this Award Statement will be construed to confer on you any right to continue in the employ of the Company or any of its affiliates, or affect in any way the right of the Company or any of its affiliates to terminate your employment at any time.

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8. Code Section 409A:

The Deferred Bonus Award is intended to be exempt from or to satisfy the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and will be interpreted and construed in a manner consistent with that intent. In the event that any payment due you or your beneficiary under the Deferred Bonus Award could cause the application of an acceleration or additional tax under Section 409A, such payment shall be deferred if deferral will make such payment compliant under Section 409A. If an amount payable under the Deferred Bonus Award as a result of your separation of service (other than due to death) constitutes a deferral compensation subject to Section 409A and you are a “specified employee” (as defined in Section 409A) at the time of your separation of service, then payment of such amount shall not occur until six (6) months and one day after the date of your separation from service except as permitted under Section 409A.

9. Confidentiality and Restrictive Covenants Agreement:

As a condition to the receipt of your Deferred Bonus Award, you must execute the separate Confidentiality and Restrictive Covenants Agreement as required by your Employment Contract (the “Covenants Agreement”) and maintain compliance with the Covenants Agreement. The failure to enter into the Covenants Agreement or any material breach the Covenants Agreement which, if curable, is not cured within a reasonable time after written notice by the Company to you, shall cause your Deferred Bonus Award to be cancelled, forfeited and of no further force or effect as of the date of such failure or breach.

10. Clawback: As a condition to the receipt of your Deferred Bonus Award, you acknowledge and agree that the Deferred Bonus Award and your receipt of the Deferred Bonus shall be subject to cancellation, forfeiture and, if applicable, repayment to the Company (clawback) in the event: - prior to the Vesting Date, your employment is terminated for Cause pursuant to the Employment Contract; - prior to the Vesting Date, circumstances existed which, if known to the Company, would have been the basis for termination for Cause under the Employment Contract; or - your material breach of the Covenants Agreement which, if curable, is not cured within a reasonable time after written notice by the Company to you. In addition to the foregoing, all incentive compensation awards granted or paid to you by the Company shall be subject to the provisions of any clawback policy implemented by the Company, to the extent set forth in any written agreement between the Company and you consistent with the Employment Contract which shall govern in the event of any inconsistency. If any of the foregoing circumstances arise, the Committee shall determine the extent of any such cancellation, forfeiture and/or repayment (clawback) obligation and you will be advised of such determination.

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Acknowledgement:

I have read and understand the terms of the Award Statement. I acknowledge that the receipt of my Deferred Bonus Award is subject to me executing or having executed, and maintaining compliance with, the applicable Covenants Agreement. Failure by me to execute this Award Statement within thirty (30) days of the grant date, or any breach of the Covenants Agreement that, if curable, is not cured by me within a reasonable time after notice of such material breach is given to me by the Company, shall cause my Deferred Bonus Award to be cancelled, forfeited, subject to repayment to the Company (clawback) and/or of no further force or effect as of the date of such failure or breach.

Signature: /s/ John Koudounis Date: Eff 4/4/16

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EX-10.5

Exhibit 10.5

June 9, 2016

Mr. Thomas E. Herman

824 S. Kenilworth Ave.

Oak Park, IL 60304

Dear Mr. Herman:

This letter will confirm our conditional offer of employment open until June 10, 2016 for the position; Senior Vice President, Chief Financial Officer with Calamos Asset Management, Inc. (“CLMS”) and Calamos Investments LLC (“CILLC”), and Calamos Advisors, LLC (“CAL, and together with CLMS and CILLC, collectively, the “Company”) each reporting to John S. Koudounis.

Your base salary would be at an annual rate of $300,000 per year, which would be payable semi-monthly at the rate of $12,500.00 before any deductions and withholding for federal and state taxes.

Your eligibility to participate in the Company’s short-term corporate incentive program and any short-term incentive compensation is discretionary and subject to the sole discretion of the Company on an annual basis. Your short-term incentive compensation range of opportunity would be 0 - 250% of your earned base salary. For calendar year 2016 only, we would guarantee your short-term incentive compensation at a minimum amount of $250,000. This guarantee only applies to calendar year 2016 and would be subject to the “Good Standing” condition below. There would be no guarantees of any short-term incentive compensation for any year after 2016. Annual incentives, if any, are typically paid by March 15th of the subsequent year but could be later.

Your eligibility to participate in the Company’s long-term corporate incentive program and any long-term incentive (“LTI”) compensation is discretionary and subject to the sole discretion of the Company on an annual basis. Your long-term incentive compensation range of opportunity would be 0 - 250% of your earned base salary. Historically, LTI awards, if any, have been granted on an annual basis, typically in the first quarter of the year but could be later. Subject to CLMS Compensation Committee approval, for the year 2016 only, we will guarantee your LTI compensation at a minimum of $150,000. Subject to change, we anticipate that this award would be be comprised of restricted stock units and the vesting schedule would be: 25% at the end of year 2, 25% at the end of year 3, and 50% at the end of year 4. This guarantee only applies to calendar year 2016. There would be no guarantees of any LTI compensation for any year after 2016. This and all LTI awards are subject to the terms of our LTI program, which also includes you signing a Confidentiality and Restrictive Covenants Agreement that may contain, among other restrictions, a non-compete, non-solicit and notice provisions.

NOTWITHSTANDING ANY LANGUAGE TO THE CONTRARY, YOUR OVERALL COMPENSATION ARRANGEMENT, INCLUDING THIS LETTER AND ANY LTI AWARDS, ARE SUBJECT TO THE REVIEW AND APPROVAL BY THE COMPENSATION COMMITTEE OF THE CLMS BOARD IN ITS SOLE DISCRETION AND TO BE ELIGIBLE TO RECEIVE ANY INCENTIVE COMPENSATION PAYMENTS, INCLUDING THE 2016 GUARANTEED SHORT-TERM AND LONG-TERM INCENTIVE COMPENSATION REFERENCED ABOVE, YOU MUST BE AN EMPLOYEE IN “GOOD STANDING” (AS DEFINED IN THE COMPANY’S ASSOCIATE HANDBOOK (“HANDBOOK”) WHICH MAY BE AMENDED AND A CURRENT COPY

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ACCOMPANIES THIS LETTER), AT THE TIME INCENTIVE COMPENSATION PAYMENTS ARE MADE.

If your employment at the Company is terminated (i) by the Company without “Cause” (as defined below); or (ii) by you for “Good Reason” (as defined below), you will be eligible to receive (a) severance payment in an amount equal to one (1) year of your annual base salary paid over the next consecutive twelve (12) months in equal monthly installments subject to any applicable statutes or regulations and (b) a lump sum equal to one (1) year’s cost of COBRA health insurance payable within thirty (30) days of termination.Your entitlement to the severance and lump sum payments will be subject to your timely execution and non-revocation of a customary release of claims.

“Cause” shall include any of the following:

a. Your conviction of any felony or other serious crime(s);

b. Misappropriation by you of any money, assets or other property of the Company or any of our clients;

c. You being subject to censure by a Federal, State, Local Government or agency, including but not limited to the U.S. Securities and Exchange Commission (“SEC”),

d. You being subject to any investigation, charge (including receipt of a Wells notice from the SEC), legal or regulatory proceeding, order (administrative or otherwise) or any civil or criminal lawsuit (as well as any resulting judgments, sanctions, penalties, fines or settlements) that in any way, directly or indirectly, restricts, impedes or impairs: (i) the Company’s business or reputation, or (ii) your reputation or ability to effectively and efficiently perform your duties and responsibilities;

e. You or the Company or any of its affiliates are censured by the SEC pursuant to Section 203(e) or 203(f) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), or Section 9(b) of the Investment Company Act of 1940 (the “Investment Company Act”), as amended, because of your willful action(s) or failure(s) to act was (were) material to the censure by the SEC pursuant to Section 203(e) or 203(f) of the Advisers Act or Section 9(b) of the Investment Company Act;

f. A breach of your fiduciary duty to the Company;

g. Your failure to fulfill your obligations to the Company and abide by all your existing obligations and duties with any current or former employers;

h. A material violation of the Company’s policies and procedures by you; and/or

i. Your failure to perform the duties and responsibilities of your position in a manner that meets or exceeds the Company’s expectations.

“Good Reason” shall mean the occurrence of any of the following circumstances without your consent:

a) Any material diminution in contractual compensation as described in this letter;

b) A material diminution in your title, duties, responsibilities and authority;

c) The removal of your reporting line to the Chief Executive Officer; or

d) A material weakness in the Company’s internal financial controls which is not substantially corrected by the time the Form 10-Q for the quarterly period ended September 30, 2016 is filed with the SEC;

provided, in any such case of (a), (b), (c) and/or (d), you have provided written notice of such circumstances to the Company within 10 business days of its first occurrence and the Company has failed to cure such circumstances within 30 days after receipt of such written notice.

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In addition, you would also be eligible to participate in our employee benefit programs, subject to the terms of the applicable programs. These programs include medical, dental, vision, life, short and long-term disability insurance. Coverage for these benefits would be effective your first day of employment. There are three components to the Calamos 401(k) and Profit Sharing Plan: your individual contributions, the Company’s 401(k) matching contributions and, if applicable, the Company’s profit sharing contributions. You would be eligible for the first two components as soon as administratively possible after your first day of employment. Your eligibility to participate in the third component would begin after 6 months of employment. Also, you would be eligible for 5 weeks of vacation per year, based on the accrual rate of 16.67 hours per month, five sick days and holidays as observed by the New York Stock Exchange. Although the Company has no present intention to do so, it necessarily reserves the right to terminate, amend or modify all Company policies and benefit programs’ including those described in this letter, without notice. Please see the Summary of Associate Benefits and the Handbook for more information including vesting information.

This offer is further contingent upon: your successful completion of a pre-employment drug screen; verification of your references and credentials, which includes taking your fingerprints; your entering into the Associate Patent and Confidential Information Agreement (“Confidentiality Agreement”); and your written acknowledgment regarding the receipt and understanding of the Associate Handbook and Code of Ethics and Insider Trading Policy (“Code of Ethics”). Please carefully read and review these materials in advance as you are expected to execute these documents on the first day of your employment. As an employee of the Company your employment is “at will” and can be terminated by either party, with or without notice, at any time, subject to the terms addressed herein.

Please note the following: as is the case with the Handbook and Code of Ethics, the enclosed Confidentiality Agreement is the current version; however, your continued employment is subject to the adherence, acknowledgment and/or execution of any updated version of these documents which may contain different terms.

The Department of Homeland Security, U.S. Citizenship and Immigration Services, requires that employers verify the eligibility of individuals for employment to preclude unlawful hiring. As a result, you will be required to produce proof of your ability to work legally in the United States on your first day of employment. Included with this letter is information on the documentation you must present to satisfy this requirement.

This letter supersedes all prior or contemporaneous discussions and agreements, whether verbal or written. This letter may not be amended except in writing and signed by both parties. This letter shall be governed, construed and enforced in accordance with the laws of the State of Illinois without regard to conflict of laws principles. Any action brought by any party to this letter shall be brought and maintained exclusively in the DuPage County, Illinois Court and the parties consent and submit themselves to the exclusive venue and personal jurisdiction of said Court with respect to all such disputes and controversies.

We expect and you agree at all times to abide by all your existing obligations and duties with any current or former employers; including, but not limited to, any notice, confidentiality, non-compete, non-disclosure and non-solicitation obligations and duties. You shall seek your own, private legal counsel with respect to guidance and interpretation on these matters. Further, you shall not use, bring or disclose to Calamos any information, documents or intellectual property of a current or former employer; specifically including any materials that are considered confidential in nature or trade secrets; including, but not limited to, client lists and sales data. Failure to comply with your obligations or these restrictions may

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lead to disciplinary measures, including termination of your employment with the Company and such termination shall be deemed within the meaning of Cause.

Please indicate your acceptance of the terms of this offer and confirm your anticipated start date by signing and returning one copy of this letter to me. Feel free to call Bethanne Panos if you have any questions about the specifics of this offer at 630-245-6723.

Sincerely,

/s/ John S. Koudounis

John S. Koudounis

Chief Executive Officer

I knowingly and voluntarily accept this conditional offer of employment extended to me with Calamos Asset Management, Inc., Calamos Investments LLC and Calamos Advisors LLC and agree with the terms of this letter.

/s/ Thomas E. Herman

Thomas E. Herman

6/10/2016

Date

6/30/2016

Anticipated Start Date

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EX-10.6

Exhibit 10.6

June 17, 2016

Via Email (nbhatt@calamos.com)

Mr. Nimish S. Bhatt

2431 Fawn Lake Cir

Naperville, IL 60564

Dear Nimish:

This letter agreement (“Agreement”) outlines the terms related to your voluntary resignation of employment from Calamos Advisor LLC and its affiliates (“Company”). This Agreement, that certain side letter of even date (“Side Letter”) amending the Confidentiality and Restrictive Covenants Agreement signed by you on April 21, 2015 (“CRCA”), and a special payment to you of $50,000 (“Special Payment”) are contingent upon you executing and not revoking this Agreement, the Side Letter as well as the attached General Release.

1. Employment: You voluntarily resigned from your employment with the Company effective July 1, 2016 (“Termination Date”) and will be paid your regular salary through the Termination Date. You will no longer be allowed on Company premises or at Company functions and you shall not interfere with Company business.

2. Special Payment: Subject to Paragraph 4, the Special Payment will be paid on the first regular payroll date which falls at least five (5) business days after the “Effective Date” (defined below).

3. No Additional Entitlements; Cancellation of Equity Awards: You understand and acknowledge that after the Termination Date you have no further entitlements, other than those included in this Agreement and except with respect to rights, if any, that have vested or accrued as of the Termination Date under the Company’s retirement or welfare plans. For avoidance of doubt, you understand and agree that after the Termination Date you are not entitled to any base salary, bonus, guaranteed payments, severance or other payments, compensation or awards under any incentive program. Any stock options, restricted stock units or other awards held by you will be cancelled and forfeited as of the Termination Date and shall not thereafter vest or become exercisable.

4. Withholding: All payments required to be made by the Company to you shall be subject to withholding of taxes and other applicable withholdings as the Company reasonably determines it should withhold pursuant to any applicable law, regulation or previous election by you.

5. Confidential Information: You represent and warrant that you have and will continue to abide by the terms of the CRCA. Nothing in this Agreement or the CRCA prohibits you from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. You further agree that you and your agents, representatives, and attorneys of record will keep the existence and terms of this Agreement, the General Release, the CRCA, the Side Letter and any other information regarding the separation of your employment strictly confidential and will not communicate the existence and terms of these documents orally or in writing to any third party (including, but not limited to, current or former employees of the Company or its affiliates at any location), other than (a) members of your immediate family, (b) your legal,

accounting, and tax advisors to the extent necessary for them to provide services to you or other members of your immediate family; and (c) as required by law or legal process. In the event that the existence and/or the terms of this Agreement, the General Release, the CRCA, the Side Letter or other separation information are divulged by you, other than as stated above, you will forfeit the right to all the terms outlined in this Agreement and action will be taken by the Company to recover the Special Payment provided under Paragraph 2 of this Agreement.

6. Defend Trade Secrets Act of 2016: Notwithstanding anything herein to the contrary, under the Federal Defend Trade Secrets Act of 2016, you are hereby notified that an individual may not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding if the individual files any document containing the trade secret under seal and does not disclose the trade secret except pursuant to court order. Nothing herein is intended, or should be construed, to affect the immunities created by the Defend Trade Secrets Act of 2016.

7. Cooperation: You will (i) provide reasonable assistance and cooperation to the Company and its affiliates in activities related to open work matters and the prosecution or defense of any pending or future lawsuits, arbitrations, other proceedings or claims involving the Company or its affiliates ("CALAMOS Litigation"); (ii) make yourself available to the Company and its affiliates on reasonable notice and without the need for issuance of any subpoena or similar process to testify or assist in any CALAMOS Litigation; and (iii) refrain from providing any information related to any claim or potential CALAMOS Litigation to any non-Calamos representatives unless you shall (a) have first obtained the consent of the Chief Executive Officer or General Counsel of the Company or (b) are required to provide testimony pursuant to legal process in which case you will consult with and permit the Company's legal counsel to be present at such testimony. The Company shall pay the reasonable expenses, including attorneys’ fees and travel (air fare, lodging, meals and surface transportation), incurred by you in connection with any such participation and/or cooperation upon presentation of receipts; and shall pay a per diem of $825 with respect to any full day onsite at the Company premises after the Termination Date on which you provided assistance and cooperation pursuant to this Paragraph 7.

8. Non-Disparagement: You shall not make any negative or disparaging comments, or cause or encourage others to make any negative or disparaging comments, about the Company and its affiliates; including, where applicable, their directors, officers, members, employees, affiliates, products, or services. Nothing in this paragraph shall prevent you from filing a good-faith complaint with, or cooperating in an investigation conducted by, a government regulatory agency.

9. Acknowledgement: You acknowledge that the aforementioned Special Payment and revisions to the CRCA constitute consideration in exchange for executing this Agreement and General Release, in that you would not otherwise been entitled to this consideration had you not signed these documents.

10. Disclosure: You acknowledge that you are not aware of any matters for which you were responsible or which came to your attention as an employee of the Company reflecting illegal conduct or regulatory violation by the Company.

11. Breach of Agreement: If either party brings a claim for breach of the terms of this Agreement, the prevailing party shall be entitled to its reasonable attorneys’ fees and expenses incurred in prosecuting or defending such an action.

12. Binding Effect: This Agreement shall be binding upon and inure to the benefit of you and the Company, and where applicable, their officers, directors, employees, agents, legal counsel, heirs, successors and assigns.

13. Governing Law: This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Illinois. Any action brought by any party to this Agreement shall be brought and maintained exclusively in the Circuit Court of Cook or DuPage County, Illinois and the parties consent and submit themselves to the exclusive venue and personal jurisdiction in the Circuit Court of Cook or DuPage County, Illinois with respect to all such disputes and controversies.

14. Integration Clause: This Agreement and Side Letter contain the entire agreement between the parties respecting the above-mentioned matters, supersede any prior oral or written agreement of the parties regarding the same, and shall not be modified or altered except by a subsequent written agreement signed by both parties; provided, however, this provision shall not apply to any other agreements concerning confidentiality or similar obligations.

15. Conflict with Other Agreements: In the event of any conflict between this Agreement (or any portion thereof) and any other agreement now existing between you and the Company or its affiliates, the terms of this Agreement shall prevail. In the event of any conflict between the CRCA as amended (or any portion thereof) and any agreement other than this Agreement, the terms of the CRCA as amended shall prevail.

16. Severability: If any part, term or provision of this Agreement or the Side Letter is determined to be invalid and/or unenforceable, this Agreement and Side Letter shall be considered null and void and you shall return the entire Special Payment to the Company within two business days of an entry of judgment rendering any part, term or provision unenforceable and that execution of this Paragraph shall not be stayed by an action taken to challenge said judgment.

You have twenty-one (21) calendar days after the date you received the Side Letter, this Agreement and General Release within which to review and consider these documents, to discuss this matter with your attorney, and to decide whether or not to sign these documents; provided however, you should not sign the General Release earlier than your Termination Date. After this 21-day review period, you will forfeit all rights to the above-described benefits other than those legally mandated. You and the Company agree that any changes made to the Side Letter, this Agreement or the General Release, whether material or immaterial, do not restart the running of this 21-day review period. We advise you to consult with your attorney prior to executing the General Release. If you sign the Side Letter and this Agreement before the expiration of this 21-day consideration period, you do so voluntarily and waive your right to use the full 21 days to consider signing this Agreement. In addition, for the period of seven (7) calendar days after you sign the General Release, you may revoke these documents by delivering a written notice of revocation to me by facsimile or e-mail transmission (and retaining proof of successful transmission), or by overnight mail postmarked within this seven-day period, to me. The Side Letter, this Agreement and General Release will not become effective and enforceable until the eighth day after the date you signed the General Release (“Effective Date”), provided that you did not revoke the same during the 7-day revocation period.

Warmest Regards,

/s/ John S. Koudounis

John S. Koudounis

Chief Executive Officer

Accepted and Agreed to

This 17th day of June, 2016

/s/ Nimish S. Bhatt

Nimish S. Bhatt

EX-10.7

Exhibit 10.7

June 17, 2016

Via Email (nbhatt@calamos.com)

Mr. Nimish S. Bhatt

2431 Fawn Lake Cir

Naperville, IL 60564

Dear Nimish:

For good and valuable consideration, this side letter agreement amends that certain Confidentiality and Restrictive Covenants Agreement signed by you on April 21, 2015 (“CRCA”) as follows:

Sections 5(c) and 5(d) of the CRCA are replaced as follows:

“(c)refer to any Fund offered or managed by the Company (“Company Fund”) or the investment performance thereof in any public filing or statement, including without limitation social media, or in the advertisement or marketing of any service or product which is a Competing Activity, except that Employee may accurately refer in biographical information (such as a resume or social media listing) to the fact that Employee was employed by the Company, to Employee’s title, job responsibilities or duties during such employment, or to the name of a Company Fund for which Employee provided services, provided that no event shall such information include the track record or other information relating to the investment performance of any Company Fund; or;” and

“(d)own or control any interest in, or act as an officer, director, employee, consultant, or advisor of, to or for any Entity directly or indirectly engaged in the Business which refers to any Company Fund or the investment performance thereof, in any public filing or statement, including without limitation social media, or in the advertisement or marketing of any service or product which is a Competing Activity, except to the extent such Entity accurately refers in biographical information to the fact that Employee was employed by the Company, to Employee’s title, job responsibilities or duties during such employment, or to the name of a Company Fund for which Employee provided services, provided that no event shall such information include the track record or other information relating to the investment performance of any Company Fund.”

The CRCA as amended by this side letter, including all unchanged provisions, shall remain in full force and effect. Please indicate your acceptance of the terms of this side letter by signing and returning one copy of this document to me.

Warmest Regards,

/s/ John S. Koudounis

John S. Koudounis

Chief Executive Officer

Accepted and Agreed to

This 17th day of June, 2016

/s/ Nimish S. Bhatt

Nimish S. Bhatt

EX-10.8

Exhibit 10.8

CALAMOS ASSET MANAGEMENT, INC.

Calamos Partners Deferred Bonus Award

Calamos Partners Deferred Bonus Award Statement for ______________

Congratulations! The following summarizes your Calamos Partners Deferred Bonus Award (“Deferred Bonus Award”):

Deferred Bonus (“Deferred Bonus”)

Grant date: March 3, 2016

Amount of Deferred Bonus: $____ Million

Vesting date: June 30, 2017*

*Subject to earlier vesting as set forth in the accompanying Terms of Calamos Partners Deferred Bonus Award (the “Award Terms”).

Your Deferred Bonus Award is issued under the Calamos Asset Management, Inc. Incentive Compensation Plan (the “Plan”) and is governed by the terms and conditions of the Plan and this Calamos Partners Deferred Bonus Award Statement (“Award Statement”), which includes the accompanying Award Terms. A copy of the Plan is available by request from the Human Resources Department.

[This Calamos Partners Deferred Bonus Award Statement, including the accompanying Terms of Calamos Partners Deferred Bonus Award, may constitute part of a prospectus covering securities that have been registered under the Securities Act of 1933, as amended.]

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Calamos Asset Management, Inc.

Incentive Compensation Plan

Calamos Partners Deferred Bonus Award

Terms of Calamos Partners Deferred Bonus Award

1. Description of Award:	Deferred bonus (“Deferred Bonus”). The amount of your Deferred Bonus will be paid to you in cash as provide in Paragraph 4.
2.Deferred Bonus Vesting:	The Award will vest on June 30, 2017 (the “Vesting Date”), provided that you have remained in the continuous employ of the Company through such date. If prior to the Vesting Date your employment is terminated due your death, as a result of your disability (as defined below)) or by the Company without cause (as defined below), the Deferred Bonus will continue to vest and be paid to you or your beneficiary, as the case may be, as if your employment had not terminated. If prior to the Vesting Date, your employment is terminated for any reason other than your death, as a result of your disability or by the Company without cause, the Deferred Bonus will be immediately forfeited and cancelled and you will cease to have any rights with respect to the Deferred Bonus. For termination due to disability, we will use the definition of disability as defined in the Associate Handbook. We will use the definition of cause in your employment agreement with the Company, or if you do not have an employment agreement which defines cause, cause will mean the occurrence of any of the following events: (i) you have engaged in acts of gross moral turpitude or are convicted of, or have pled guilty or nolo contendere to any felony; (ii) you are found to have misappropriated money, assets, or other property of the Company or a Subsidiary (as defined in the Plan) or affiliate or of a client of the Company; (iii) you are found to have acted with gross negligence, or engaged in acts of gross misconduct; (iv) your breach of any of the terms of any agreement with the Company which adversely affects the Company; (v) your willful failure to substantially perform your duties as reasonably directed by the Company; (vi) you violate or otherwise materially breach your obligations under any code of ethics, code of conduct, or trading or other employment-related policy applicable to you; or (vii) your failure to maintain such licenses as are required for the performance of your duties.
3.Special Bookkeeping Account:	A special bookkeeping account (the “Account”) will be established, and maintained by the Company to reflect the amount of the Deferred Bonus. The Account will be credited with the initial amount of the Deferred Bonus.
4. Payment of Balance:	The Company will pay you or your beneficiary, as the case may be, the balance of the Account as of the Measurement Date (as defined below) upon or shortly after the Vesting Date. The “Measurement Date” means the last day of the month immediately preceding the Vesting Date or such other date as the Committee may determine. The Company will pay the balance of the Account to you in cash.

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5. Committee Determinations Final:	All determinations made to with respect to your Deferred Bonus shall be made by the Committee in its sole discretion and such determinations shall be binding and conclusive on you and any party having or claiming any rights through you.
6. Transferability:	The Deferred Bonus may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution.
7. Unfunded and Unsecured Rights:	The Deferred Bonus will at all times be unfunded and no provision will at any time be made with respect to segregating any assets of the Company for payment of the Deferred Bonus. Your right or that of your beneficiary to receive payments under this Award Statement shall be an unsecured claim against the general assets of the Company. Neither you nor your estate (or beneficiary) shall have any rights in or against any specific assets of the Company.
8. Tax Withholding:	An aggregate amount of cash equal to the amount sufficient to satisfy the minimum statutory Federal, state and local tax (including the FICA and Medicare tax obligation) withholding required by law with respect to the distribution of the Deferred Bonus, (or such greater amount as may be requested by you and approved by the Committee, provided such greater withholding amount does not create an adverse accounting consequence to the Company), will be withheld from the distribution of the Deferred Bonus to you.
9. Federal Income Tax Considerations:	The following discussion is a summary of certain current U.S. Federal income tax consequences relating to the Deferred Bonus Award. This discussion does not purport to be complete, and does not cover, among other things, foreign, state and local tax treatment. Upon the distribution of the Deferred Bonus, ordinary income equal to the sum of the cash distributed and the amount withheld is recognized.
10. No Rights to Continued Employment:	Nothing contained in this Award Statement will be construed to confer on you any right to continue in the employ of the Company or any of its affiliates, or affect in any way the right of the Company or any of its affiliates to terminate your employment at any time.
11. Code Section 409A:	The Deferred Bonus Award is intended to be exempt from or to satisfy the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and will be interpreted and construed in a manner consistent with that intent. In the event that any payment due you or your beneficiary under the Deferred Bonus Award could cause the application of an acceleration or additional tax under Section 409A, such payment shall be deferred if deferral will make such payment compliant under Section 409A. If an amount payable under the Deferred Bonus Award as a result of your separation of service (other than due to death) constitutes a deferral compensation subject to Section 409A and you are a “specified employee” (as defined in Section 409A) at the time of your separation of service, then payment of such amount shall not occur until six (6) months and one day after the date of your separation from service except as permitted under Section 409A.

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12. Confidentiality and Restrictive Covenants Agreement:

As a condition to the receipt of your Deferred Bonus Award, you must execute the Confidentiality and Restrictive Covenants Agreement (the “Covenants Agreement”) attached hereto as Exhibit A and maintain compliance with the Covenants Agreement. Failure to have entered into the Covenants Agreement within thirty (30) days of the grant date, or any breach the Covenants Agreement, shall cause your Deferred Bonus Award and all other awards under the Plan to be cancelled, forfeited and of no further force or effect as of the date of such failure or breach.

13. Clawback:

As a condition to the receipt of your Deferred Bonus Award, you acknowledge and agree that your Deferred Bonus Award and your receipt of the distributions under your Deferred Bonus Award shall be subject to cancellation, forfeiture and repayment (clawback) in the event: - you breach your obligations under the Covenants Agreement, - you violate or otherwise materially breach your obligations under any code of ethics, code of conduct, trading or other employment-related policy applicable to you, - your employment is terminated for cause,  -you cease to be retired from the investment management industry (as determined by the Committee), - you fail, after written request from the Committee, to affirm in writing that you have not violated or breached your obligations under the Covenants Agreement or under any code of ethics, code of conduct, trading or other employment-related policy applicable to you or that you remain retired, and/or - as may be required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, any other applicable law or regulation, any exchange listing requirement to which the Company is subject or any Company policy which may be adopted in furtherance thereof. In addition to the foregoing, all incentive compensation awards granted or paid to you by the Company shall be subject to the provisions of any clawback policy implemented by the Company, to the extent set forth in such clawback policy and/or in the applicable grant agreement. If any of the foregoing circumstances arise, the Committee shall determine the extent of any such cancellation, forfeiture and/or repayment (clawback) obligation and you will be advised of such determination.

[Acknowledgement Page Follows]

4

Acknowledgement:

I have read and understand the terms of the Award Statement. I acknowledge that the receipt of my Deferred Bonus Award is subject to me executing or having executed, and maintaining compliance with, the applicable Covenants Agreement. Failure by me to execute this Award Statement within thirty (30) days of the grant date, or any breach of the Covenants Agreement, shall cause my Deferred Bonus Award and all other awards granted to me under the Plan to be cancelled, forfeited, subject to repayment (clawback) and/or of no further force or effect as of the date of such failure or breach.

Signature:

5

EX-10.9

Exhibit 10.9

CALAMOS ASSET MANAGEMENT, INC.

Calamos Partners Equity Award

Equity Award Statement for ______________

Congratulations! The following summarizes your Calamos Partners Equity Award (“Equity Award”):

Restricted Stock Units (“RSUs”)

Grant date: March 15, 2016

Total number of RSUs granted: _________

Grant date value: $___________

Vesting schedule: The specified percentage of your RSUs vest

on the following dates:

20% on March 15, 2019*

20% on March 15, 2020*

20% on March 15, 2021*

20% on March 15, 2022*

20% on March 15, 2023*

*Subject to earlier vesting as set forth in the accompanying Award Terms of the Calamos Partners Equity Award (the “Award Terms”).

Your Equity Award is issued under the Calamos Asset Management, Inc. Incentive Compensation Plan (the “Plan”) and is governed by the terms and conditions of the Plan and this Calamos Partners Equity Award Statement (“Award Statement”), which includes the accompanying Award Terms. A copy of the Plan is available by request from the Human Resources Department.

This Equity Award Statement, including the accompanying Terms of Calamos Partners Equity Award, constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933, as amended.

1

Calamos Asset Management, Inc.

Incentive Compensation Plan

Calamos Partners Equity Award

Terms of Calamos Partners Equity Award

1. Description of Award:	Restricted stock units (“RSUs”). When vested, each RSU entitles the holder to receive one (1) share of CLMS Class A common stock (“Common Stock”) or, in the Committee’s sole discretion, cash in an amount equal to the fair market value of a share of Common Stock.
2. RSU Vesting:	The date(s) upon which the RSUs vest are set forth on the Award Statement. In the event of termination of employment due to death or disability, a portion (or all) of the unvested RSUs will vest as of the date of such termination of employment, as provided below. For termination due to disability, we will use the definition of disability as defined in the Associate Handbook. The portion that will vest will be determined as follows: - If any portion of the RSUs has vested prior to the date of termination, then the vesting of those RSUs scheduled to vest on the next following vesting date will be accelerated to the date of such termination of employment. - If the termination occurs prior to any vesting of the RSUs, then a pro rata portion will vest based on the number of whole months elapsed in the period from the grant date to the date of termination, divided by the number of whole months in the period from the grant date to the date the grant was to become 100% vested; provided that if the number of RSUs scheduled to vest on the first vesting date is greater than such pro rata portion, the greater number of RSUs will vest. In the event of termination of employment by the Company without cause (as defined below), then the vesting of those RSUs scheduled to vest on the next following vesting date will be accelerated to the date of such termination of employment and the other RSUs will be forfeited and cancelled. We will use the definition of cause in your employment agreement with the Company, or if you do not have an employment agreement which defines cause, cause will mean the occurrence of any of the following events: (i) you have engaged in acts of gross moral turpitude or are convicted of, or have pled guilty or nolo contendere to any felony; (ii) you are found to have misappropriated money, assets, or other property of the Company or a Subsidiary (as defined in the Plan) or affiliate or of a client of the Company; (iii) you are found to have acted with gross negligence, or engaged in acts of gross misconduct; (iv) your breach of any of the terms of any agreement with the Company which adversely affects the Company; (v) your willful failure to substantially perform your duties as reasonably directed by the Company; (vi) you violate or otherwise materially breach your obligations under any code of ethics, code of conduct, or trading or other employment-related policy applicable to you; or (vii) your failure to maintain such licenses as are required for the performance of your duties. Upon termination of employment after attainment of age 62 and at least ten (10) continuous years of service within the Calamos organization, for any reason other than for cause, you will be deemed for purposes of this Award to have terminated your employment due to “retirement.” In the event of retirement, your RSUs will remain outstanding and continue to vest as if your employment had not terminated, so long as you remain retired from the investment management industry (as determined by the Committee) and do not breach the Covenants Agreement (as defined in Paragraph 12). In the event you should cease to be retired, then your employment will be deemed to terminate as of that date and any unvested RSUs will be forfeited and cancelled. Upon a Change in Control (as defined in the Plan), the RSUs then outstanding will become fully vested.
3. Exercise Price/Delivery of Shares:	No exercise price is required to be paid with respect to RSUs. One (1) share of Common Stock or, in the Committee’s sole discretion, cash in an amount equal to the fair market value of a share of Common Stock will be delivered to you for each vested RSU on or shortly after the date on which the RSU vests.

2

4. No Rights to Dividends, Dividend Equivalents or other Rights as Shareholder:	You shall not become the beneficial owner of the shares of Common Stock underlying the RSUs, nor have any rights to dividends (regular, special or of any kind) or dividend equivalents, rights to vote or other rights as a shareholder with respect to any such shares of Common Stock, until after such shares of Common Stock have been actually issued to you.
5. Effect of Termination of Employment:	Except as provided in Paragraph 2 above for a termination due to death or disability, without cause or due to retirement, no further vesting of RSUs will occur after termination of employment, and all unvested RSUs will be forfeited and cancelled.
6. Transferability:	RSUs may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution.
7. Tax Withholding:	An aggregate amount of cash and/or number of shares of Common Stock having a fair market value equal to the amount sufficient to satisfy the minimum statutory Federal, state and local tax (including the FICA and Medicare tax obligation) withholding required by law with respect to the distribution of shares (or such greater amount as may be requested by you and approved by the Committee, provided such greater withholding amount does not create an adverse accounting consequence to the Company) and/or cash payment made under or a result of the Equity Award, may, at the discretion of the Committee, be deducted or withheld from shares of Common Stock issuable upon the vesting of RSUs and/or from any cash payable with respect to such award or any other amounts payable to you.
8. Federal Income Tax Considerations:	The following discussion is a summary of certain current U.S. Federal income tax consequences relating to the Equity Award. This discussion does not purport to be complete, and does not cover, among other things, foreign, state and local tax treatment. Upon issuance of shares of Common Stock after the vesting of the RSUs, ordinary income equal to the fair market value of such shares issued is recognized. The capital gain or loss holding period for the shares received under the Equity Award will begin when ordinary income is recognized, and any subsequent capital gain or loss will be measured by the difference between the ordinary income recognized and the amount received upon sale or exchange of the shares. If cash is delivered to you upon the vesting of the RSUs, such cash will be recognized as ordinary income.
9. Replacement of Equity Award:	Notwithstanding anything herein to the contrary, prior to the vesting of all of RSUs, the Committee may replace the Equity Award with respect to all or a portion of the unvested RSUs, with a new award providing a different form of equity payment upon vesting, provided such new award provides you with substantially equivalent value and would not violate Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).
10. No Rights to Continued Employment:	Nothing contained in this Award Statement will be construed to confer on you any right to continue in the employ of the Company or any of its affiliates, or affect in any way the right of the Company or any of its affiliates to terminate your employment at any time.
11. Code Section 409A:	The Equity Award is intended to be exempt from or to satisfy the requirements of Section 409A of the Code and will be interpreted and construed in a manner consistent with that intent.
12. Confidentiality and Restrictive Covenants Agreement:	As a condition to the receipt of your Equity Award, you must execute the Confidentiality and Restrictive Covenants Agreement (the “Covenants Agreement”) attached hereto as Exhibit A and maintain compliance with the Covenants Agreement. Failure to have entered into the Covenants Agreement within thirty (30) days of the grant date, or any breach the Covenants Agreement, shall cause your Equity Award and all other awards under the Plan to be cancelled, forfeited and of no further force or effect as of the date of such failure or breach.

3

13. Clawback: As a condition to the receipt of your Equity Award, you acknowledge and agree that your receipt of the RSUs and shares of Common Stock under your Equity Award shall be subject to cancellation, forfeiture and repayment (clawback) in the event: - you breach your obligations under the Covenants Agreement, - you violate or otherwise materially breach your obligations under any code of ethics, code of conduct, trading or other employment-related policy applicable to you, - your employment is terminated for cause, - you cease to be retired from the investment management industry (as determined by the Committee), - you fail, after written request from the Committee, to affirm in writing that you have not violated or breached your obligations under the Covenants Agreement or under any code of ethics, code of conduct, trading or other employment-related policy applicable to you or that you remain retired, and/or - as may be required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, any other applicable law or regulation, any exchange listing requirement to which the Company is subject or any Company policy which may be adopted in furtherance thereof. In addition to the foregoing, all incentive compensation awards granted or paid to you by the Company shall be subject to the provisions of any clawback policy implemented by the Company, to the extent set forth in such clawback policy and/or in the applicable grant agreement. If any of the foregoing circumstances arise, the Committee shall determine the extent of any such cancellation, forfeiture and/or repayment (clawback) obligation and you will be advised of such determination.

Acknowledgement:

I have read and understand the terms of the Award Statement. I acknowledge that the receipt of my Equity Award is subject to me executing or having executed, and maintaining compliance with, the applicable Covenants Agreement. Failure by me to execute this Award Statement within thirty (30) days of the grant date, or any breach the Covenants Agreement, shall cause my Equity Award and all other awards granted to me under the Plan to be cancelled, forfeited and of no further force or effect as of the date of such failure or breach.

Signature:

4

EX-31.1

Exhibit 31.1 

Certification of Principal Executive Officer

I, John S. Koudounis, certify that: 

1.	I have reviewed this Quarterly Report on Form 10-Q of Calamos Asset Management, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
	(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

August 8, 2016

/s/ John S. Koudounis

 John S. Koudounis

Chief Executive Officer

(Principal Executive Officer)

EX-31.2

Exhibit 31.2

Certification of Principal Executive Officer

I, Thomas E. Herman, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Calamos Asset Management, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
	(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

August 8, 2016

/s/ Thomas E. Herman

Thomas E. Herman

Senior Vice President and Chief Financial Officer

(Principal Financial Officer)

EX-32.1

Exhibit 32.1 

Certifications

Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Calamos Asset Management, Inc. (“Company”) on Form 10-Q for the quarter ended June 30, 2016 (the “Report”), the undersigned officer of the Company certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained and incorporated by reference in the Report fairly presents, in all material respects, the financial condition and results of operations of Calamos Asset Management, Inc.

August 8, 2016

/s/ John S. Koudounis

John S. Koudounis

Chief Executive Officer

(Principal Executive Officer)

A signed original of this written statement has been provided to Calamos Asset Management, Inc. and will be retained by Calamos Asset Management, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

Certifications

Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Calamos Asset Management, Inc. (“Company”) on Form 10-Q for the quarter ended June 30, 2016 (the “Report”), the undersigned officer of the Company certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the officer’s knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained and incorporated by reference in the Report fairly presents, in all material respects, the financial condition and results of operations of Calamos Asset Management, Inc.

August 8, 2016

/s/ Thomas E. Herman

Thomas E. Herman

Senior Vice President and Chief Financial Officer

(Principal Financial Officer)

A signed original of this written statement has been provided to Calamos Asset Management, Inc. and will be retained by Calamos Asset Management, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 29, 2016
Entity Information [Line Items]
Entity Registrant Name	Calamos Asset Management, Inc. /DE/
Entity Central Index Key	0001299033
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2016
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		20,530,571
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		100

XML

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 102,570	$ 104,717
Receivables:
Affiliates and affiliated funds	12,109	13,891
Customers	3,180	3,876
Investment securities	55,590	257,057
Derivative assets	3,991	4,311
Consolidated funds and partnership investments	623,288	112,640
Prepaid expenses	4,345	3,709
Deferred tax assets, net	0	8,294
Other current assets	911	631
Total current assets	805,984	509,126
Non-current assets:
Deferred tax assets, net	37,934
Deferred tax assets, net		30,010
Goodwill and intangible assets, net	7,202	7,301
Property and equipment, net of accumulated depreciation and amortization ($62,404 at June 30, 2016 and $60,713 at December 31, 2015)	13,451	13,308
Other non-current assets	1,617	1,717
Total non-current assets	60,204	52,336
Total assets	866,188	561,462
Current liabilities:
Distribution fees payable	6,733	7,641
Accrued compensation and benefits	15,915	28,583
Interest payable	1,390	1,390
Derivative liabilities	9,590	5,475
Liabilities of consolidated funds and partnership investments	13,445	75
Accrued expenses and other current liabilities	4,279	5,118
Total current liabilities	51,352	48,282
Non-current liabilities:
Long-term debt	45,955	45,955
Deferred rent	8,559	8,788
Other non-current liabilities	3,833	2,043
Total non-current liabilities	58,347	56,786
Total liabilities	109,699	105,068
Redeemable non-controlling interest in consolidated funds and partnership investments	409,908	77,835
EQUITY
Additional paid-in capital	226,872	224,065
Retained earnings	77,477	81,881
Accumulated other comprehensive income	134	1,110
Treasury stock; 8,934,490 shares at June 30, 2016 and 8,409,162 shares at December 31, 2015	(117,748)	(113,579)
Calamos Asset Management, Inc. stockholders’ equity	186,992	193,730
Non-controlling interest in Calamos Investments LLC (Calamos Interests)	159,589	184,829
Total equity	346,581	378,559
Total liabilities and equity	866,188	561,462
Class A Common Stock
EQUITY
Common Stock	257	253
Class B Common Stock
EQUITY
Common Stock	$ 0	$ 0

XML

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Non-current assets:
Property and equipment, accumulated depreciation and amortization	$ 62,404	$ 60,713
EQUITY
Treasury stock (in shares)	8,934,490	8,409,162
Class A Common Stock
EQUITY
Common Stock, par value (in dollar per share)	$ 0.01	$ 0.01
Common Stock, authorized (in shares)	600,000,000	600,000,000
Common Stock, shares issued (in shares)	25,681,567	25,326,522
Common Stock, shares outstanding (in shares)	16,747,077	16,917,360
Class B Common Stock
EQUITY
Common Stock, par value (in dollar per share)	$ 0.01	$ 0.01
Common Stock, authorized (in shares)	1,000	1,000
Common Stock, shares issued (in shares)	100	100
Common Stock, shares outstanding (in shares)	100	100

XML

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
REVENUES
Investment management fees	$ 39,452	$ 48,962	$ 79,000	$ 94,910
Distribution and underwriting fees	8,288	10,747	16,709	21,594
Other	534	642	1,066	1,264
Total revenues	48,274	60,351	96,775	117,768
EXPENSES
Employee compensation and benefits	25,000	21,848	49,417	46,722
Distribution expenses	8,295	10,489	16,752	21,006
Marketing and sales promotion	3,216	4,330	5,911	17,735
General and administrative	9,245	9,592	17,889	19,718
Total operating expenses	45,756	46,259	89,969	105,181
Operating income	2,518	14,092	6,806	12,587
NON-OPERATING INCOME (LOSS)
Net interest expense	(695)	(721)	(1,392)	(1,451)
Investment and other income (loss)	2,323	692	(11,300)	6,429
Total non-operating income (loss)	1,628	(29)	(12,692)	4,978
Income (loss) before income taxes	4,146	14,063	(5,886)	17,565
Income tax provision	161	1,275	919	1,740
Net income (loss)	3,985	12,788	(6,805)	15,825
Net (income) loss attributable to non-controlling interest in Calamos Investments LLC (Calamos Interests)	(903)	(11,249)	1,487	(11,137)
Net (income) loss attributable to redeemable non-controlling interest in consolidated funds and partnership investments	(2,858)	494	4,220	(2,554)
Net income (loss) attributable to Calamos Asset Management, Inc.	$ 224	$ 2,033	$ (1,098)	$ 2,134
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.01	$ 0.11	$ (0.07)	$ 0.12
Diluted (in dollars per share)	$ 0.01	$ 0.11	$ (0.07)	$ 0.11
Weighted average shares outstanding:
Basic (in shares)	16,741,990	17,789,931	16,741,045	17,830,916
Diluted (in shares)	17,091,623	18,635,798	16,741,045	18,618,888
Cash dividends declared per share (in dollars per share)	$ 0.15	$ 0.15	$ 0.3	$ 0.3

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 3,985	$ 12,788	$ (6,805)	$ 15,825
Unrealized gains (losses) on available-for-sale securities:
Unrealized gains (losses)	1,414	3,039	(7,594)	12,055
Reclassification adjustment for realized (gains) losses included in net income (loss)	0	(1,657)	617	(2,510)
Other comprehensive income (loss), before income tax provision (benefit)	1,414	1,382	(6,977)	9,545
Income tax provision (benefit) related to other comprehensive income (loss)	116	184	(573)	632
Other comprehensive income (loss), after income tax provision (benefit)	1,298	1,198	(6,404)	8,913
Comprehensive income (loss)	5,283	13,986	(13,209)	24,738
Comprehensive (income) loss attributable to non-controlling interest in Calamos Investments LLC (Calamos Interests)	(2,003)	(12,134)	6,915	(18,973)
Comprehensive (income) loss attributable to redeemable non-controlling interest in consolidated funds and partnership investments	(2,858)	494	4,220	(2,554)
Comprehensive income (loss) attributable to Calamos Asset Management, Inc.	$ 422	$ 2,346	$ (2,074)	$ 3,211

XML

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Non-controlling Interest in Calamos Investments LLC (Calamos Interests)	Total
Beginning balance at Dec. 31, 2014		$ 250	$ 221,208	$ 89,311	$ 1,297	$ (107,129)	$ 216,982	$ 421,919
Increase (Decrease) in Stockholders' Equity
Net income (loss)	$ 15,825			2,134			11,137	13,271
Other comprehensive income (loss)					1,077		7,836	8,913
Repurchase of common stock by Calamos Investments LLC (Class A common shares)						(1,498)	(5,246)	(6,744)
Issuance of common stock (Class A common shares)		2	(2)
Impact of the redemption of common stock from Calamos Investments LLC by Calamos Asset Management, Inc. (Class A common shares)			2,202			(2,202)
Shares withheld for taxes under stock incentive plans and other cumulative impact of changes in ownership of Calamos Investments LLC			(108)				(566)	(674)
Compensation expense recognized under stock incentive plans			792				2,776	3,568
Impact on non-controlling interests as a result of dividends paid to Calamos Investments LLC on repurchased common stock			(629)				629
Dividend equivalent accrued under stock incentive plans				(124)			(435)	(559)
Equity and tax distributions paid to non-controlling interests in Calamos Investments LLC (Calamos Interests)							(32,773)	(32,773)
Dividends declared				(5,351)				(5,351)
Ending balance at Jun. 30, 2015		252	223,463	85,970	2,374	(110,829)	200,340	401,570
Beginning balance at Dec. 31, 2014	76,167
Increase (Decrease) in Redeemable Non-controlling Interest in Consolidated Funds and Partnership Investments
Net income (loss)	2,554
Ending balance at Jun. 30, 2015	78,721
Increase (Decrease) in Stockholders' Equity
Consolidation of funds upon adoption of new accounting pronouncement on January 1, 2016				1,882			6,594	8,476
Increase (Decrease) in Redeemable Non-controlling Interest in Consolidated Funds and Partnership Investments
Consolidation of funds upon adoption of new accounting pronouncement on January 1, 2016	318,154
Beginning balance at Dec. 31, 2015	378,559	253	224,065	81,881	1,110	(113,579)	184,829	378,559
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(6,805)			(1,098)			(1,487)	(2,585)
Other comprehensive income (loss)					(976)		(5,428)	(6,404)
Repurchase of common stock by Calamos Investments LLC (Class A common shares)						(1,050)	(3,650)	(4,700)
Issuance of common stock (Class A common shares)		4	(4)
Impact of the redemption of common stock from Calamos Investments LLC by Calamos Asset Management, Inc. (Class A common shares)			3,119			(3,119)
Shares withheld for taxes under stock incentive plans and other cumulative impact of changes in ownership of Calamos Investments LLC			(287)				(769)	(1,056)
Compensation expense recognized under stock incentive plans			860				3,014	3,874
Impact on non-controlling interests as a result of dividends paid to Calamos Investments LLC on repurchased common stock			(881)				881
Dividend equivalent accrued under stock incentive plans				(162)			(566)	(728)
Equity and tax distributions paid to non-controlling interests in Calamos Investments LLC (Calamos Interests)							(23,829)	(23,829)
Dividends declared				(5,026)				(5,026)
Ending balance at Jun. 30, 2016	346,581	$ 257	$ 226,872	$ 77,477	$ 134	$ (117,748)	$ 159,589	$ 346,581
Beginning balance at Dec. 31, 2015	77,835
Increase (Decrease) in Redeemable Non-controlling Interest in Consolidated Funds and Partnership Investments
Net income (loss)	(4,220)
Consolidation (deconsolidation) of funds during period	48,694
Net purchase (sales) of redeemable non-controlling interest in consolidated funds and partnership investments	(30,555)
Ending balance at Jun. 30, 2016	$ 409,908

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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - Class A Common Stock - shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Repurchase of common stock (in shares)	525,328	548,035
Issuance of common stock (in shares)	355,045	240,886
Redemption of common stock (in shares)	355,045	240,886

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Statement of Cash Flows [Abstract]
Cash and cash equivalents at beginning of period	$ 104,717	$ 35,285
Cash flows provided by operating activities:
Net income (loss)	(6,805)	15,825
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of deferred sales commissions	582	950
Other depreciation and amortization	1,803	2,204
Loss on disposal of property and equipment	0	71
Deferred rent	(229)	32
Change in unrealized (gains) losses on trading securities, derivative assets, derivative liabilities, consolidated funds and partnership investments, net	11,543	(8,331)
Net realized losses on sale of investment securities, derivative assets, derivative liabilities, consolidated funds and partnership investments, net	2,818	2,566
Change in deferred tax asset valuation allowance	628	0
Deferred taxes, net	(232)	2,989
Stock-based compensation	3,874	3,568
Employee taxes paid on vesting under stock incentive plans	(987)	(730)
Receivables:
Affiliates and affiliated funds, net	1,782	703
Customers	696	(1,221)
Other assets	(932)	(2,595)
Decrease in liabilities:
Distribution fees payable	(908)	(2,402)
Accrued compensation and benefits	(12,668)	(9,691)
Accrued expenses and other liabilities	291	467
Net cash provided by operating activities	1,256	4,405
Cash flows provided by investing activities:
Net additions to property and equipment	(1,835)	(1,600)
Purchases of investment securities	(16,822)	(7,068)
Proceeds from sale of investment securities	33,486	80,669
Net purchases of derivatives	(244)	0
Contributions to consolidated funds and partnership investments	(7,865)	0
Distributions from consolidated funds and partnership investments	23,500	23,139
Net cash provided by investing activities	30,220	95,140
Cash flows used in financing activities:
Deferred tax benefit (expense) on vesting under stock incentive plans	(68)	56
Repurchase of common stock by Calamos Investments LLC (525,328 at June 30, 2016, and 548,035 at June 30, 2015 Class A common shares)	(4,700)	(6,744)
Equity distributions paid to non-controlling interests (Calamos Interests)	(15,559)	(23,338)
Tax distributions paid to non-controlling interests (Calamos Interests)	(8,270)	(9,435)
Cash dividends paid to common stockholders	(5,026)	(5,351)
Net cash used in financing activities	(33,623)	(44,812)
Net (decrease) increase in cash and cash equivalents	(2,147)	54,733
Cash and cash equivalents at end of period	102,570	90,018
Cash paid (refunded) for:
Income taxes, net	(20)	62
Interest	$ 1,516	$ 1,516

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Class A Common Stock
Repurchase of common stock (in shares)	525,328	548,035

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Organization and Description of Business

6 Months Ended

Jun. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of Business

Organization and Description of Business

Calamos Asset Management, Inc. (“CAM”), representing the public shares outstanding, as of June 30, 2016, owned 22.2% of the operating company, Calamos Investments LLC (“Calamos Investments”), with the remaining 77.8% privately owned by Calamos Family Partners, Inc. (“CFP”), a Delaware corporation, and John P. Calamos, Sr., the Founder, Chairman and Global Chief Investment Officer of CAM. CAM, together with Calamos Investments and Calamos Investments’ subsidiaries (the “Company”), operates the investment advisory and distribution services businesses reported within these consolidated financial statements. CAM operates and is the sole manager, and thus controls all of the business and affairs of Calamos Investments and, as a result of this control, consolidates the financial results of Calamos Investments with its own financial results. CFP 's and John P. Calamos, Sr.'s (collectively "Calamos Interests") ownership interest, in accordance with applicable accounting guidance, is reflected and referred to within these consolidated financial statements as "non-controlling interest in Calamos Investments LLC". As shown in the diagram below, CFP also owns all of CAM’s outstanding Class B common stock, which represents 97.4% of the combined voting power of all classes of CAM’s voting stock. The graphic below illustrates our organizational and ownership structure as of June 30, 2016:

(1) Represents combined economic interest of Calamos Family Partners, Inc. and John P. Calamos, Sr. who is also a member of Calamos Investments LLC.

(2) Represents combined economic interest of all public stockholders, including John P. Calamos, Sr. and John P. Calamos, Jr.’s combined 20.69% ownership interest of Class A common stock. The calculation of ownership interest includes options and restricted stock units ("RSUs") that vest within 60 days, as well as CFP’s indirect ownership interest in Class A common stock purchased by Calamos Investments LLC, pursuant to the Company’s share repurchase plan.

The Company primarily provides investment advisory services to individuals and institutional investors through a number of investment products that include open-end funds, an exchange-traded fund and closed-end funds (the “Funds”), separate accounts, and partnerships, as well as provides model portfolio design and oversight for separately managed accounts. The subsidiaries through which the Company provides these services include: Calamos Advisors LLC (“CAL”), a Delaware limited liability company and registered investment advisor; Calamos Financial Services LLC (“CFS”), a Delaware limited liability company and registered broker-dealer; Calamos Wealth Management LLC, a Delaware limited liability company and registered investment advisor; and Calamos Investments LLP, a United Kingdom limited liability partnership, registered investment advisor with the Financial Conduct Authority in the United Kingdom, and a global distributor of the offshore funds and Company products. For reporting purposes, the offshore funds are included within the open-end funds.

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Management believes the accounting estimates are appropriate and reasonably stated; however, due to the inherent uncertainties in making estimates, actual amounts could differ from these estimates.

The consolidated financial statements as of June 30, 2016 and for the three and six months ended June 30, 2016, and 2015 have not been audited by the Company’s independent registered public accounting firm. In the opinion of management, these statements contain all adjustments, including those of a normal recurring nature, necessary for fair presentation of the financial condition and results of operations. The results for the interim periods presented are not necessarily indicative of the results to be obtained for a full fiscal year. This Form 10-Q filing should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

New Accounting Guidance

The Company implemented Accounting Standards Update No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which amended the consolidation requirements under GAAP, on January 1, 2016, using the modified retrospective method. The modified retrospective method did not require the restatement of prior year periods. In connection with the adoption of this guidance, the Company reevaluated all of its investments for consolidation, including its investments in open-end funds. The adoption of the guidance resulted in open-end funds regulated outside the U.S. previously accounted for as voting interest entities ("VOE") to be evaluated as variable interest entities ("VIE") and led to the consolidation of five open-end funds that were previously accounted for as available-for-sale securities. The adoption also resulted in the consolidation of four U.S. regulated open-end funds that were previously accounted for as available-for-sale securities. The impact to the consolidated statements of financial condition upon adoption was the consolidation of $333.6 million of assets, $15.4 million of liabilities, and $318.2 million of redeemable non-controlling interests. In connection with the adoption, the Company reclassified $1.9 million and $6.6 million, respectively, in accumulated other comprehensive income (loss) to retained earnings and non-controlling interest in Calamos Investments LLC. Additional disclosures related to consolidated voting interest entities and variable interest entities, and the impact the new accounting guidance has had on the quarter are included in Note 5, Consolidated Funds and Partnership Investments.

Principles of Consolidation

The consolidated financial statements include the financial statements of CAM, Calamos Investments, Calamos Investments’ wholly-owned subsidiaries, the Company’s partnerships and open-end funds in which it has a controlling financial interest or operating control. The equity method of accounting is used for investments in which the Company has significant influence, but less than a 50% controlling interest. All significant intercompany balances and transactions have been eliminated.

The Calamos Interests’ combined 77.8% interest in Calamos Investments at June 30, 2016 and December 31, 2015, is represented as a non-controlling interest in Calamos Investments LLC in the Company’s consolidated financial statements. The non-controlling interest in Calamos Investments is derived by multiplying the historical equity of Calamos Investments by the Calamos Interests’ aggregate ownership percentage for the periods presented. Issuances and repurchases of CAM’s common stock may result in changes to CAM’s ownership percentage and to the non-controlling interests’ ownership percentage of Calamos Investments with resulting changes reflected in the consolidated statements of changes in equity. Income is allocated based on the average ownership interest during the period in which the income is earned.

The Company consolidates investments in which the Company’s controlling interest exceeds 50% or in which the Company operates and controls the business and affairs of the entity or is deemed to be the primary beneficiary. In order to make this determination, an analysis is performed to determine if the investment in an affiliate, partnership or open-end fund is a VOE or VIE. The analysis involves judgment and considers several factors, including an entity’s legal organization, capital structure, the rights of the equity investment holders, the Company's ownership interest in the entity, and its contractual involvement with the entity. The Company continually reviews and reconsiders its previously reached VIE or VOE conclusions upon the occurrence of certain events, such as changes to its ownership interest, changes to an entity’s organization and legal structure, or amendments to governing documents.

CAM owns certain assets to which it has exclusive economic rights. As of June 30, 2016, these assets included cash and cash equivalents of $80.2 million, net non-current deferred tax assets of $37.9 million, net current income taxes receivable of $347,000, and a loan receivable from Calamos Investments of $23.0 million. As of December 31, 2015, these assets included cash, cash equivalents and investment securities of $77.3 million, net current and non-current deferred tax assets of $38.3 million, net current income taxes receivable of $355,000, and a loan receivable from Calamos Investments of $25.0 million. These assets are reported together with Calamos Investments’ consolidated assets in the consolidated statements of financial condition. Additionally, loss before income taxes of $5.9 million, and income before income taxes of $17.6 million for the six months ended June 30, 2016 and 2015, respectively, each included $201,000 and $654,000, respectively, of interest income and realized gains and losses on cash and cash equivalents held solely by CAM. These portions of CAM’s income and expense are not affected by non-controlling interests.

The open-end funds that the Company consolidates in its consolidated financial statements are generally those products to which it provided initial seed capital at the time of their formation and has a controlling interest. The Company's U.S. regulated open-end funds are considered VOEs while those regulated outside the U.S. are considered VIEs. VIEs are entities that, by design (i) lack sufficient equity to permit the entity to finance its activities independently, or (ii) have equity holders that do not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, the obligation to absorb the entity’s losses, or the rights to receive the entity’s residual returns. The Company consolidates a VIE when it is the primary beneficiary, which is the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the VIE that could potentially be significant. For the periods the funds and partnerships are consolidated, the assets and liabilities of the funds and partnerships are presented as consolidated funds and partnership investments and liabilities of consolidated funds and partnership investments, respectively, in the consolidated statements of financial condition. The net income for these funds and partnerships is included in investment and other income in the consolidated statements of operations, and the change in funds and partnership investments is included in contributions to or distributions from consolidated funds and partnership investments in the consolidated statements of cash flows. The combined interests of all of the consolidated funds and partnerships not owned by the Company and that are redeemable at the option of the holder, are presented as redeemable non-controlling interest in consolidated funds and partnership investments in the Company’s consolidated financial statements for the periods those funds and partnerships were consolidated. See Note 5, Consolidated Funds and Partnership Investments, for more discussion regarding these funds.

Calamos Investments, through its wholly-owned subsidiaries and affiliates, is indirectly the general partner and controls the operations of Calamos Global Opportunities Fund LP. The results of this partnership are included in the Company's consolidated financial statements.

The Company holds non-controlling interests in certain other partnership investments that are included in partnership investments and consolidated funds in the consolidated statements of financial condition. These other partnership investments are accounted for under the equity method.

Restricted Cash

The Company has a $430,000 security deposit related to a property lease that is restricted from the Company’s general corporate use and is being reported in other non-current assets in the consolidated statements of financial condition.

Treasury Stock

On November 13, 2014, the Company announced a repurchase of up to an additional 3 million shares of the Company's outstanding Class A Common Stock primarily to continue to manage the dilution from share issuances under the Company’s incentive compensation plan. During the six months ended June 30, 2016, Calamos Investments repurchased 525,328 shares of Class A common stock, at an average purchase price of $8.95 and a total cost of $4.7 million under this repurchase program. As Calamos Investments is consolidated with CAM, the repurchased shares are reported as treasury shares. As such, CAM’s 22.2% ownership interest in these shares totaling $1.0 million is reported in treasury stock, with Calamos Interests’ 77.8% ownership interest in these shares totaling $3.7 million reported in non-controlling interest in the consolidated statements of financial condition. The total shares repurchased are not included in the calculation of basic and diluted earnings per share in accordance with GAAP.

During the three and six months ended June 30, 2016, CAM redeemed 22,573 and 355,045, respectively, Class A common shares from Calamos Investments for a value of $254,000 and $4.0 million, respectively, which represents the fair value of the shares on the date of redemption. As Calamos Investments is consolidated with CAM, the impact of the distribution reflecting the non-controlling interest is $197,000 and $3.1 million, respectively. 

During the three and six months ended June 30, 2016, dividends on shares held by Calamos Investments totaled $568,000 and $1.1 million, respectively. The payment of these dividends increased Calamos Investments' equity by $442,000 for the second quarter of 2016, and $881,000 for the six months ended June 30, 2016, from additional paid in capital to non-controlling interest in Calamos Investments LLC in the consolidated statement of changes in equity. Those amounts represent Calamos Interests' ownership interest in those dividend payments.

For a comprehensive disclosure of the Company's significant accounting policies, see the Company's Annual Report on Form 10-K for the year ended December 31, 2015.

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Investment Securities

6 Months Ended

Jun. 30, 2016

Investments [Abstract]

Investment Securities

Investment Securities

The Company carries all investment securities it owns at fair value and records all changes in fair value in current earnings. As such, unrealized gains and losses on trading securities, as well as realized gains and losses on all investment securities, are included in investment and other income in the consolidated statements of operations. Unrealized gains and losses on available-for-sale securities are reported, net of CAM's deferred income tax, as a separate component of accumulated other comprehensive income (loss) in equity until realized.

The following table provides a summary of investment securities as of June 30, 2016 and December 31, 2015:

(in thousands)
June 30, 2016	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Available-for-sale securities:
Funds
U.S. Equity	$	54	$	—	$	(2	)	$	52
Global Equity	9,943		757		(13		)	10,687
Convertible	34		—		(3		)	31
Fixed Income	5,376		269		—			5,645
Alternative	52		—		(2		)	50
Multi-Strategy	20,236		1,463		(16		)	21,683
Total Funds	35,695		2,489		(36		)	38,148
Common stock	141		217		—			358
Total available-for-sale securities	$	35,836	$	2,706	$	(36	)	$	38,506
Trading securities:
Funds
U.S. Equity	$	2,219	$	23	$	—		$	2,242
Global Equity	4,733		54		—			4,787
Convertible	1,796		35		—			1,831
Fixed Income	53		1		—			54
Alternative	8,675		14		(519		)	8,170
Total trading securities	$	17,476	$	127	$	(519	)	$	17,084
Total investment securities								$	55,590

(in thousands)
December 31, 2015	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Available-for-sale securities:
Funds
U.S. Equity	$	62,839	$	2,914	$	(44	)	$	65,709
Global Equity	124,929		6,606		(46		)	131,489
Convertible	5,093		—		(14		)	5,079
Fixed Income	16,922		58		(15		)	16,965
Alternative	14,153		125		(191		)	14,087
Multi-Strategy	16,150		208		(133		)	16,225
Total Funds	240,086		9,911		(443		)	249,554
Common stock	141		181		—			322
Total available-for-sale securities	$	240,227	$	10,092	$	(443	)	$	249,876
Trading securities:
Funds
U.S. Equity	$	5,194	$	—	$	(478	)	$	4,716
Global Equity	2,500		—		(35		)	2,465
Total trading securities	$	7,694	$	—	$	(513	)	$	7,181
Total investment securities								$	257,057

The investments in Funds at June 30, 2016 and December 31, 2015 of $55.2 million and $256.7 million, respectively, were invested in affiliated funds that are not consolidated and accounts that are separately managed. In connection with the adoption of the new consolidation accounting guidance on January 1, 2016, the Company reevaluated all of its investments for consolidation, including its investments in open-end funds. The Company determined that its interests in certain available-for-sale securities with a fair value of $197.5 million at December 31, 2015, were deemed controlling interests under the new accounting guidance and resulted in these open-end funds being consolidated on January 1, 2016.

The aggregate fair value of available-for-sale investment securities that were in an unrealized loss position at June 30, 2016 and December 31, 2015 was $986,000 and $12.5 million, respectively. As of June 30, 2016 and December 31, 2015, the Company had no investment securities that had been in a continuous loss position for 12 months or longer.

The Company recorded other-than-temporary impairment charges of $68,000 and $319,000, respectively, for the three and six months ended June 30, 2016 on certain available-for-sale securities with unrealized losses. Other-than-temporary impairment charges recorded for the three and six months ended June 30, 2015 were $811,000. The other-than-temporary impairment charges were reported in non-operating income (loss), in the consolidated statements of operations.

As of June 30, 2016 and December 31, 2015, the Company believes that the remaining $36,000 and $443,000, respectively, in unrealized losses on certain available-for-sale securities are only temporary in nature, as these losses are a result of short-term declines in the net asset value of the funds. Further, the Company has the intent and ability to hold these securities for a period of time sufficient to allow for recovery of the fair value. The Company also considered current market conditions and the nature of the securities held when determining the recoverability of those securities' fair value.

The following table provides a summary of changes in investment securities for the three and six months ended June 30, 2016 and 2015:

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2016			2015			2016			2015
Available-for-sale securities:
Proceeds from sales	$	2,413		$	25,572		$	17,043		$	40,572
Gross realized gains (losses) on sales	$	84		$	2,013		$	(223	)	$	2,558
Trading securities:
Changes in unrealized gains (losses)	$	(65	)	$	(605	)	$	(3,788	)	$	7,215

The table below summarizes the tax provision (benefit) on unrealized gains (losses) and (gains) losses reclassified out of accumulated other comprehensive income (loss) on available-for-sale securities for the three and six months ended June 30, 2016 and 2015:

	Three Months Ended   June 30, 2016									Three Months Ended   June 30, 2015
(in thousands)	Before-Tax Amount			Tax Provision (Benefit)			After-Tax Amount			Before-Tax Amount			Tax Provision (Benefit)			After-Tax Amount
Available-for-sale securities:
Changes in unrealized gains	$	2,076		$	170		$	1,906		$	3,039		$	320		$	2,719
Reclassification adjustment for realized gains included in income	—			—			—			(1,657		)	(136		)	(1,521		)
Unrealized gains on consolidation of funds upon adoption of new accounting pronouncement	(662		)	(54		)	(608		)	—			—			—
Other comprehensive income	$	1,414		$	116		$	1,298		$	1,382		$	184		$	1,198

	Six Months Ended June 30, 2016									Six Months Ended June 30, 2015
(in thousands)	Before-Tax Amount			Tax Provision (Benefit)			After-Tax Amount			Before-Tax Amount			Tax Provision (Benefit)			After-Tax Amount
Available-for-sale securities:
Changes in unrealized gains	$	882		$	72		$	810		$	12,055		$	1,084		$	10,971
Reclassification adjustment for realized (gains) losses included in income	617			51			566			(2,510		)	(452		)	(2,058		)
Unrealized gains on consolidation of funds upon adoption of new accounting pronouncement	(8,476		)	(696		)	(7,780		)	—			—			—
Other comprehensive income (loss)	$	(6,977	)	$	(573	)	$	(6,404	)	$	9,545		$	632		$	8,913

Reclassification of realized (gains) losses out of accumulated other comprehensive income (loss) are reported in non-operating income (loss), in investment income (loss), in the consolidated statement of operations. See Note 9, Non-Operating Income (Loss).

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Derivative Assets and Liabilities

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Assets and Liabilities

Derivative Assets and Liabilities

The Company used exchange-traded option contracts as an economic hedge of price changes in its investment securities portfolio in order to reduce the volatility equity markets have on the fair value of the Company's corporate investment portfolio and that could result in realized or unrealized gains and losses. The Company's investment securities and consolidated funds, net of redeemable non-controlling interest, totaling $220.8 million at June 30, 2016, consist primarily of positions in several Calamos equity and fixed income funds. The equity price risk in the investment portfolio may be hedged using exchange-traded option contracts that correlate most closely with the change in value of the portfolio being hedged. The use of these option contracts are part of a hedge overlay strategy to minimize downside risk in the hedged portfolio. The Company may adjust its hedge position in response to movement and volatility in prices and changes in the composition of the hedged portfolio, but generally is not actively buying and selling contracts.

The Company has elected not to offset its derivative assets with its derivative liabilities even if a right of offset exists. When applicable, the fair value of option contracts is reported on a gross basis in derivative assets and derivative liabilities in the consolidated statements of financial condition. Net gains and losses on these contracts are reported in investment and other income (loss) in the consolidated statements of operations. The Company recorded net losses of $2.3 million and $4.7 million, respectively, on these contracts for the three and six months ended June 30, 2016. The Company did not record a gain or loss for the three and six months ended June 30, 2015. The Company may use these derivatives for risk management purposes but does not designate the contracts as hedges for accounting purposes. The Company had $4.0 million and $4.3 million, respectively, of derivative assets outstanding as of June 30, 2016 and December 31, 2015. As of June 30, 2016 and December 31, 2015, the Company had $9.6 million and $5.5 million, respectively, of derivative liabilities outstanding.

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Consolidated Funds and Partnership Investments

6 Months Ended

Jun. 30, 2016

Partnership Investments [Abstract]

Consolidated Funds and Partnership Investments

Consolidated Funds and Partnership Investments

Presented below are the underlying assets and liabilities of the funds and partnership investments that the Company reports on a consolidated basis, as well as partnership investments that the Company accounts for under the equity method. These investments are presented as consolidated funds and partnership investments and liabilities of consolidated funds and partnership investments, respectively, in its consolidated statements of financial condition as of June 30, 2016 and December 31, 2015.

(in thousands)	June 30, 2016
	Consolidated Funds			Partnership Investments			Total
Assets
Securities owned	$	467,323		$	110,664		$	577,987
Cash and cash equivalents	16,206			7,026			23,232
Receivables for securities sold	19,225			—			19,225
Other current assets	1,779			297			2,076
Exchange-traded option contracts	427			321			748
Total assets of consolidated funds and partnership investments	$	504,960		$	118,308		$	623,268
Liabilities
Payables on redemptions	$	(984	)	$	—		$	(984	)
Payables for securities purchased	(9,485		)	(1,026		)	(10,511		)
Securities sold not yet purchased	(7		)	—			(7		)
Accrued expenses and other current liabilities	(1,233		)	(64		)	(1,297		)
Exchange-traded option contracts	(646		)	—			(646		)
Total liabilities of consolidated funds and partnership investments	$	(12,355	)	$	(1,090	)	$	(13,445	)
Equity method investment in partnerships	$	—		$	20		$	20

(in thousands)	December 31, 2015
	Consolidated Funds		Partnership Investments			Total
Assets
Securities owned	$	—	$	106,667		$	106,667
Cash and cash equivalents	—		5,356			5,356
Other current assets	—		500			500
Exchange-traded option contracts	—		87			87
Total assets of consolidated partnership investments	$	—	$	112,610		$	112,610
Liabilities
Accrued expenses and other current liabilities	—		(75		)	(75		)
Total	$	—	$	(75	)	$	(75	)
Equity method investment in partnerships	$	—	$	30		$	30

The open-end funds included in the Company's consolidated financial statements are generally those products for which it provided initial seed capital at the time of their formation and for which the Company has a controlling interest. The Company's U.S. regulated open-end funds are considered voting interest entities while those regulated outside the U.S. are considered variable interest entities. The Company is required to recognize the valuation changes associated with all underlying investments held by these funds in its consolidated financial statements of operations, and disclose the portion attributable to third party investors as net income attributable to redeemable non-controlling interests.

Calamos Investments, through its wholly-owned subsidiaries and affiliates, is indirectly the general partner and controls the operations of Calamos Global Opportunities Fund LP. This investment is presented as a consolidated partnership in the table above. Profits and losses are allocated to the general partner and limited partners in proportion to their ownership interests at the beginning of each month. Partners' admissions, additional contributions and withdrawals are permitted on a monthly basis.

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Fair Value Measurements

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The Company utilizes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1 — observable inputs such as quoted prices for identical assets and liabilities in active markets; Level 2 — inputs, other than the quoted prices in active markets, that are observable either directly or indirectly (including quoted prices of similar securities, interest rates, credit risk, fair value adjustments to quoted foreign securities, etc.); and Level 3 — unobservable inputs in which there is little or no market data, and require the reporting entity to develop its own assumptions. For each period presented, the Company did not have any assets or liabilities measured at fair value using Level 3 measurements. Transfers between levels are measured at the end of the reporting period. The Company had no transfers between levels during the period.

Investments are presented in the consolidated financial statements at fair value in accordance with GAAP. Investments in open-end funds are stated at fair value based on end of day published net asset values of shares owned by the Company. The fair value of investment securities and consolidated funds, net of redeemable non-controlling interest, in open-end funds was $186.1 million and $228.1 million at June 30, 2016 and December 31, 2015, respectively. There are no unfunded commitments related to these investments. These investments may be redeemed daily with a redemption notice period of up to seven days. Investments in securities traded on a national securities exchange are stated at the last reported sales price on the day of valuation. Other securities, including derivatives, traded in the over-the-counter market and listed securities for which no sale was reported on that date are stated at the last quoted bid price. However, short sales positions and call options written are reported at the last quoted ask price. Convertible bonds, fixed income securities and other securities for which quotations are not readily available are valued at fair value based on observable inputs such as market prices for similar instruments as validated by third party pricing agencies and the Company’s prime broker. Debt securities are valued based upon prices received from an independent pricing service or from a dealer or broker who makes markets in such securities. Pricing services utilize various observable market data and as such, debt securities are generally categorized as Level 2.

The following tables provide the hierarchy of inputs used to derive the fair value of the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015, respectively. Foreign currency contracts are carried in the Company's consolidated funds and partnership investments and are presented on a net basis where the right of offset exists, and had an insignificant impact for the periods presented.

				Fair Value Measurements Using
(in thousands) Description	June 30, 2016			Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)
Cash and cash equivalents
Money market funds	$	25,283		$	25,283		$	—
Investment securities (Note 3)
Funds
U.S. Equity	2,294			2,294			—
Global Equity	15,474			15,474			—
Convertible	1,862			1,862			—
Fixed Income	5,699			518			5,181
Alternative	8,220			8,220			—
Multi-Strategy	21,683			21,683			—
Total Funds	55,232			50,051			5,181
Common stock	358			358			—
Total investment securities	55,590			50,409			5,181
Derivative assets (Note 4)
Exchange-traded option contracts	3,991			3,991			—
Securities and derivative assets owned by consolidated funds and partnership investments (Note 5)
Common stocks	332,302			218,946			113,356
Preferred stocks	37,613			34,352			3,261
Convertible bonds	180,418			—			180,418
Corporate bonds	27,654			—			27,654
Money market funds	23,063			23,063			—
Exchange-traded option contracts	748			748			—
Total securities and derivative assets owned by consolidated funds and partnership investments	601,798			277,109			324,689
Derivative liabilities (Note 4)
Exchange-traded option contracts	(9,590		)	(9,590		)	—
Derivative liabilities owned by consolidated funds (Note 5)
Exchange-traded option contracts	(646		)	(646		)	—
Total	$	676,426		$	346,556		$	329,870

				Fair Value Measurements Using
(in thousands) Description	December 31, 2015			Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)
Cash and cash equivalents
Money market funds	$	25,240		$	25,240		$	—
Investment securities (Note 3)
Funds
U.S. Equity	70,425			70,425			—
Global Equity	133,954			133,954			—
Convertible	5,079			5,079			—
Fixed Income	16,965			12,097			4,868
Alternative	14,087			14,087			—
Multi-Strategy	16,225			16,225			—
Total Funds	256,735			251,867			4,868
Common stock	322			322			—
Total investment securities	257,057			252,189			4,868
Derivative assets (Note 4)
Exchange-traded option contracts	4,311			4,311			—
Securities and derivatives owned by partnership investments (Note 5)
Common stocks	53,467			27,899			25,568
Preferred stocks	3,875			3,875			—
Convertible bonds	48,369			—			48,369
Corporate bonds	957			—			957
Money market funds	5,309			5,309			—
Exchange-traded option contracts	87			87			—
Total securities and derivatives owned by partnership investments	112,064			37,170			74,894
Derivative liabilities (Note 4)
Exchange-traded option contracts	(5,475		)	(5,475		)	—
Total	$	393,197		$	313,435		$	79,762

The fair value of the Company’s long-term debt, which has a total carrying value of $46.0 million at June 30, 2016 and December 31, 2015, was approximately $51.5 million and $51.6 million, respectively, calculated using discounted cash flows based on the Company's incremental borrowing rates and market inputs for similar bonds. The fair value of the debt is based on Level 2 inputs within the fair value hierarchy.

The fair value and carrying value of the Company's contingent consideration at June 30, 2016 and December 31, 2015, was $409,000 and $998,000, respectively. This contingent consideration is associated with the Company's purchase of Phineus Partners LP in 2015, reported in other current and non-current liabilities in the consolidated statements of financial condition. For the three months ended June 30, 2016, the change in the fair value of the contingent consideration is not material, and is included in other income in the consolidated statements of operations. The fair value of the contingent consideration is based on Level 3 unobservable inputs within the fair value hierarchy as it is calculated using certain assumptions regarding business performance and probability of payment.

The carrying value of all other financial instruments approximates fair value due to the short maturities of these financial instruments.

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Loans Payable

6 Months Ended

Jun. 30, 2016

Loans Payable [Abstract]

Loans Payable

Loans Payable

The Company has access to margin loans for the settlement of option liabilities, as well as an additional source of liquidity. The interest rate that can be charged on margin loans is 1.75% per annum, based on the brokerage firm’s lending rate. These loans are due on demand. The Company had no margin loan balances outstanding at June 30, 2016 and December 31, 2015.

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Stock-Based Compensation

6 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

Stock-Based Compensation

Under the Company’s incentive compensation plan, certain employees of the Company receive stock-based compensation comprised of stock options and restricted stock units (“RSUs”). Historically, RSUs have been settled with newly issued shares so that no cash was used by the Company to settle awards; however, the Company may also use treasury shares upon the exercise of stock options and upon conversion of RSUs. The Company’s Annual Report on Form 10-K for the year ended December 31, 2015 provides details of this plan and its provisions.

During the six months ended June 30, 2016, the Company granted 2,364,892 RSUs and there were 92,948 RSUs forfeited. The RSUs granted in the first six months of 2016, included awards to key investment personnel and officers as part of a strategic plan to promote retention and succession planning. During the same period, the Company granted no stock options and there were 274,904 stock options forfeited.

During the six months ended June 30, 2016, 470,273 RSUs vested with 115,228 units withheld for taxes and 355,045 RSUs converted into an equal number of shares of CAM’s Class A common stock. The total intrinsic value and the fair value of the converted shares was $3.1 million. The total tax benefit realized in connection with the vesting of the RSUs during the six months ended June 30, 2016 was $408,000, as the Company receives tax benefits based upon the portion of Calamos Investments’ expense that it recognizes.

During the six months ended June 30, 2016 and 2015, compensation expense recorded in connection with the RSUs and stock options was $3.9 million and $3.6 million, respectively, of which $860,000 and $792,000, respectively, was credited as additional paid-in capital after giving effect to the non-controlling interests. The amount of deferred tax asset created was $318,000 and $293,000 during the six months ended June 30, 2016 and 2015, respectively. As of June 30, 2016, $23.0 million of total unrecognized compensation expense related to unvested stock option and RSU awards is expected to be recognized over a weighted-average period of 4.1 years.

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Non-Operating Income (Loss)

6 Months Ended

Jun. 30, 2016

Other Income and Expenses [Abstract]

Non-Operating Income (Loss)

Non-Operating Income (Loss)

Non-operating income (loss) was comprised of the following components for the three and six months ended June 30, 2016 and 2015:

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2016			2015			2016			2015
Interest income	$	69		$	45		$	136		$	89
Interest expense	(764		)	(766		)	(1,528		)	(1,540		)
Net interest expense	(695		)	(721		)	(1,392		)	(1,451		)
Investment income (loss)	1,749			241			(12,395		)	5,767
Dividend income	623			299			1,058			526
Miscellaneous other income (loss)	(49		)	152			37			136
Investment and other income (loss)	2,323			692			(11,300		)	6,429
Non-operating income (loss)	$	1,628		$	(29	)	$	(12,692	)	$	4,978

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Income Taxes

6 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Calamos Investments is subject to certain income-based state taxes; therefore, income taxes reflect not only the portion attributed to CAM stockholders but also a portion of income taxes attributable to non-controlling interests.

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
(in thousands)
Income tax provision	$	161		$	1,275		$	919		$	1,740
Income tax provision attributable to non-controlling interest in Calamos Investments	(19		)	(17		)	(35		)	(31		)
Income tax provision attributable to CAM	142			1,258			884			1,709
Net income (loss) attributable to CAM	224			2,033			(1,098		)	2,134
Income (loss) before taxes attributable to CAM	$	366		$	3,291		$	(214	)	$	3,843
CAM’s effective income tax rate	38.8		%	38.2		%	*			44.5		%

________________

* Not meaningful

CAM's effective income tax rate was 38.8% for the second quarter of 2016, compared with 38.2% for the second quarter of 2015. For the first six months of 2016, CAM's income tax provision exceeded income before income tax provision attributable to CAM, resulting in an income tax rate that was not meaningful. The income tax provision for the first six months of 2016 included $964,000 of deferred tax expense related to expired employee stock options and an allowance for employee stock options expected to expire in future periods. As of June 30, 2016, the Company's valuation allowance on this deferred tax asset was $628,000. Excluding the deferred tax valuation allowance and deferred tax expense related to expired employee stock options, CAM's effective income tax rate would be 37.4% for the first six months of 2016. CAM 's effective income tax rate was 44.5% for the first six months of 2015, a result of $238,000 of deferred tax expense related to expired employee options in the prior year.

On January 1, 2016 the Company early adopted Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes, which requires that deferred tax liabilities and assets be classified as non-current on the balance sheet. The Company has applied the requirements of this standard prospectively, which resulted in the reclassification of $8.3 million from current deferred tax assets to non-current deferred tax assets in the consolidated statements of financial condition as of January 1, 2016.

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Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Earnings (Loss) Per Share

The following table reflects the calculation of basic and diluted earnings (loss) per share:

	Three Months Ended   June 30,				Six Months Ended   June 30,
(in thousands, except per share amounts)	2016		2015		2016			2015
Earnings (loss) per share – basic:
Earnings (loss) available to common shareholders	$	224	$	2,033	$	(1,098	)	$	2,134
Weighted average shares outstanding	16,741,990		17,789,931		16,741,045			17,830,916
Earnings (loss) per share – basic	$	0.01	$	0.11	$	(0.07	)	$	0.12
Earnings (loss) per share – diluted:
Earnings (loss) available to common shareholders	$	224	$	2,033	$	(1,098	)	$	2,134
Weighted average shares outstanding	16,741,990		17,789,931		16,741,045			17,830,916
Dilutive impact of restricted stock units	349,633		845,867		—			787,972
Weighted average shares outstanding(1)	17,091,623		18,635,798		16,741,045			18,618,888
Earnings (loss) per share – diluted	$	0.01	$	0.11	$	(0.07	)	$	0.11

________________

⁽¹⁾Dilutive securities are not included in the computation of diluted earnings per share when a company is in a loss position. As such, the numerator and the denominator used in computing both basic and diluted net loss per share for the six months ended June 30, 2016 were the same. Diluted weighted average shares outstanding were 17,098,778 for the six months ended June 30, 2016.

When dilutive, diluted shares outstanding are calculated (a) assuming that Calamos Interests exchanged all of their ownership interest in Calamos Investments and their CAM Class B common stock for shares of CAM’s Class A common stock (the "Exchange") and (b) including the effect of outstanding dilutive equity incentive compensation awards. As of June 30, 2016, and 2015, the impact of the Exchange was anti-dilutive and, therefore, excluded from the calculation of diluted earnings per share.

The Company uses the treasury stock method to reflect the dilutive effect of unvested RSUs and unexercised stock options on diluted earnings (loss) per share. Under the treasury stock method, if the average market price of common stock increases above the option’s exercise price, the proceeds that would be assumed to be realized from the exercise of the option would be used to acquire outstanding shares of common stock. However, the awards may be anti-dilutive even when the market price of the underlying stock exceeds the option’s exercise price. This result is possible because compensation cost attributed to future services and not yet recognized is included as a component of the assumed proceeds upon exercise. The dilutive effect of such options and RSUs would increase the weighted average number of shares used in the calculation of diluted earnings per share.

The Company amended its certificate of incorporation requiring that the Exchange be based on a fair value approach (details of the amendment are set forth in the Company’s Schedule 14C filed with the Securities and Exchange Commission on January 12, 2009). The amendment results in the same or fewer shares of Class A common stock being issuable at the time of the Exchange.

The shares issuable upon the Exchange as presented are estimated solely on the formula as described in Schedule 14C that does not necessarily reflect all inputs used in a fair valuation. It is critical to note that this formula does not incorporate certain economic factors and as such, in the event of an actual Exchange, the majority of the Company’s independent directors may determine the fair market value of CAM’s net assets and its ownership in Calamos Investments. For example, premiums and/or discounts for control and marketability as well as a different discount rate for future cash flows may be applied. Therefore, the directors’ valuation may result in the actual number of shares being materially different from the shares presented. Further, based upon currently available information, the Company believes it is unlikely that any Exchange would transpire without a fair market valuation of CAM’s net assets and possibly an agreement by Calamos Interests to Exchange, based upon that fair market valuation.

The following table shows the number of shares which were excluded from the computation of diluted earnings (loss) per share as they were anti-dilutive:

	Three Months Ended   June 30,		Six Months Ended   June 30,
	2016	2015	2016	2015
Shares of Class A common stock issuable upon an Exchange of Calamos Interests’ ownership in Calamos Investments*	—	23,495,196	—	23,495,196
Restricted stock units	2,864,277	5,250	1,978,675	11,874
Stock options	873,581	1,177,361	873,581	1,177,361
Total	3,737,858	24,677,807	2,852,256	24,684,431

* Number of shares calculated with the value of Calamos Investments determined by using the closing price of our shares as of June 30, 2016 ($7.31) and June 30, 2015 ($12.25) as well as assuming said closing prices fully reflect all of CAM's assets; including the application of a 12% discount rate to certain deferred tax assets at each of June 30, 2016 and 2015. The value of Calamos Investments is then multiplied by Calamos Interests' percentage ownership in Calamos Investments, with the result divided by the applicable period-end closing price. See Note 2, Summary of Significant Accounting Policies - Principles of Consolidation, for a description of certain assets owned by CAM.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

In the normal course of business, the Company may be party to various legal proceedings from time to time. Management believes that a current complaint filed against CAL and CFS, alleging breaches of fiduciary duties with respect to the receipt of advisory, distribution and servicing fees paid by an open-end investment company advised by CAL, is without merit and CAL and CFS intend to defend themselves vigorously against the allegations. Currently, management believes that the ultimate resolution of this complaint will not materially affect the Company’s business, financial position or results of operations and that the likelihood of a material adverse impact is remote.

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Recently Issued Accounting Pronouncements

6 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

The Company has reviewed all newly issued accounting pronouncements that are applicable to its business and to the preparation of its consolidated financial statements, including those not yet required to be adopted. Accounting guidance that will become effective in future years, with respect to the Company’s consolidated financial statements, is described below:

In March 2016, the Financial Accounting Standards Board ("FASB") issued an accounting update related to employee share-based payment accounting. The amendment includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements, including: income tax effects of share-based payments, minimum statutory tax withholding requirements and forfeitures. The amendment is effective for annual and interim periods beginning after December 15, 2016. The provisions may be applied using various transition approaches, including prospective, retrospective and modified retrospective. The Company is evaluating the impact that the adoption of this standard will have on its consolidated financial statements.

In February 2016, the FASB issued an accounting update related to the accounting for leases. Under the new guidance, lessees will be required to recognize a right-of-use asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term, and a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis. This guidance is effective for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company is evaluating the effect of adopting this new accounting guidance on its results of operations, cash flows and financial position.

In January 2016, the FASB issued an accounting update that addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The new guidance will require the change in fair value of equity instruments with readily determinable fair values to be recognized through the statements of operations. This guidance is effective for annual and interim periods beginning after December 15, 2017, and requires a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. Early adoption is not permitted. The Company is currently evaluating the full impact of the standard, however, upon adoption the change in the fair value of available-for-sale securities will be recognized in the consolidated statements of operations instead of accumulated other comprehensive income on the statements of financial position.

In May 2014, the FASB issued new guidance on revenue from contracts with customers. The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB decided to defer the effective date of the new revenue guidance by one year to annual reporting periods beginning after December 15, 2017, with early adoption being permitted for annual periods beginning after December 15, 2016. The Company's effective date is January 1, 2018. The Company is evaluating the effect of adopting this new accounting guidance but does not expect adoption will have a material impact on its results of operations, cash flows or financial position.

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Subsequent Event

6 Months Ended

Jun. 30, 2016

Subsequent Events [Abstract]

Subsequent Event

Subsequent Events

On July 28, 2016, Calamos Investments repaid $46.0 million of its long-term debt outstanding and incurred a make-whole payment of approximately $4.9 million. The notes were repaid out of cash on hand and the proceeds from an increase in the short term, interest-bearing loan from CAM. As a result of the transactions subsequent to June 30, 2016, the balance of the loan from CAM was $70.0 million. The effects of this transaction are not reflected in the June 30, 2016 consolidated financial statements.

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Management believes the accounting estimates are appropriate and reasonably stated; however, due to the inherent uncertainties in making estimates, actual amounts could differ from these estimates.

New Accounting Guidance and Recently Issued Accounting Pronouncements

New Accounting Guidance

The Company implemented Accounting Standards Update No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which amended the consolidation requirements under GAAP, on January 1, 2016, using the modified retrospective method. The modified retrospective method did not require the restatement of prior year periods. In connection with the adoption of this guidance, the Company reevaluated all of its investments for consolidation, including its investments in open-end funds. The adoption of the guidance resulted in open-end funds regulated outside the U.S. previously accounted for as voting interest entities ("VOE") to be evaluated as variable interest entities ("VIE") and led to the consolidation of five open-end funds that were previously accounted for as available-for-sale securities. The adoption also resulted in the consolidation of four U.S. regulated open-end funds that were previously accounted for as available-for-sale securities.

Recently Issued Accounting Pronouncements

The Company has reviewed all newly issued accounting pronouncements that are applicable to its business and to the preparation of its consolidated financial statements, including those not yet required to be adopted. Accounting guidance that will become effective in future years, with respect to the Company’s consolidated financial statements, is described below:

In March 2016, the Financial Accounting Standards Board ("FASB") issued an accounting update related to employee share-based payment accounting. The amendment includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements, including: income tax effects of share-based payments, minimum statutory tax withholding requirements and forfeitures. The amendment is effective for annual and interim periods beginning after December 15, 2016. The provisions may be applied using various transition approaches, including prospective, retrospective and modified retrospective. The Company is evaluating the impact that the adoption of this standard will have on its consolidated financial statements.

In February 2016, the FASB issued an accounting update related to the accounting for leases. Under the new guidance, lessees will be required to recognize a right-of-use asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term, and a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis. This guidance is effective for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company is evaluating the effect of adopting this new accounting guidance on its results of operations, cash flows and financial position.

In January 2016, the FASB issued an accounting update that addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The new guidance will require the change in fair value of equity instruments with readily determinable fair values to be recognized through the statements of operations. This guidance is effective for annual and interim periods beginning after December 15, 2017, and requires a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. Early adoption is not permitted. The Company is currently evaluating the full impact of the standard, however, upon adoption the change in the fair value of available-for-sale securities will be recognized in the consolidated statements of operations instead of accumulated other comprehensive income on the statements of financial position.

In May 2014, the FASB issued new guidance on revenue from contracts with customers. The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB decided to defer the effective date of the new revenue guidance by one year to annual reporting periods beginning after December 15, 2017, with early adoption being permitted for annual periods beginning after December 15, 2016. The Company's effective date is January 1, 2018. The Company is evaluating the effect of adopting this new accounting guidance but does not expect adoption will have a material impact on its results of operations, cash flows or financial position.

Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include the financial statements of CAM, Calamos Investments, Calamos Investments’ wholly-owned subsidiaries, the Company’s partnerships and open-end funds in which it has a controlling financial interest or operating control. The equity method of accounting is used for investments in which the Company has significant influence, but less than a 50% controlling interest. All significant intercompany balances and transactions have been eliminated.

The Calamos Interests’ combined 77.8% interest in Calamos Investments at June 30, 2016 and December 31, 2015, is represented as a non-controlling interest in Calamos Investments LLC in the Company’s consolidated financial statements. The non-controlling interest in Calamos Investments is derived by multiplying the historical equity of Calamos Investments by the Calamos Interests’ aggregate ownership percentage for the periods presented. Issuances and repurchases of CAM’s common stock may result in changes to CAM’s ownership percentage and to the non-controlling interests’ ownership percentage of Calamos Investments with resulting changes reflected in the consolidated statements of changes in equity. Income is allocated based on the average ownership interest during the period in which the income is earned.

The Company consolidates investments in which the Company’s controlling interest exceeds 50% or in which the Company operates and controls the business and affairs of the entity or is deemed to be the primary beneficiary. In order to make this determination, an analysis is performed to determine if the investment in an affiliate, partnership or open-end fund is a VOE or VIE. The analysis involves judgment and considers several factors, including an entity’s legal organization, capital structure, the rights of the equity investment holders, the Company's ownership interest in the entity, and its contractual involvement with the entity. The Company continually reviews and reconsiders its previously reached VIE or VOE conclusions upon the occurrence of certain events, such as changes to its ownership interest, changes to an entity’s organization and legal structure, or amendments to governing documents.

CAM owns certain assets to which it has exclusive economic rights. As of June 30, 2016, these assets included cash and cash equivalents of $80.2 million, net non-current deferred tax assets of $37.9 million, net current income taxes receivable of $347,000, and a loan receivable from Calamos Investments of $23.0 million. As of December 31, 2015, these assets included cash, cash equivalents and investment securities of $77.3 million, net current and non-current deferred tax assets of $38.3 million, net current income taxes receivable of $355,000, and a loan receivable from Calamos Investments of $25.0 million. These assets are reported together with Calamos Investments’ consolidated assets in the consolidated statements of financial condition. Additionally, loss before income taxes of $5.9 million, and income before income taxes of $17.6 million for the six months ended June 30, 2016 and 2015, respectively, each included $201,000 and $654,000, respectively, of interest income and realized gains and losses on cash and cash equivalents held solely by CAM. These portions of CAM’s income and expense are not affected by non-controlling interests.

The open-end funds that the Company consolidates in its consolidated financial statements are generally those products to which it provided initial seed capital at the time of their formation and has a controlling interest. The Company's U.S. regulated open-end funds are considered VOEs while those regulated outside the U.S. are considered VIEs. VIEs are entities that, by design (i) lack sufficient equity to permit the entity to finance its activities independently, or (ii) have equity holders that do not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, the obligation to absorb the entity’s losses, or the rights to receive the entity’s residual returns. The Company consolidates a VIE when it is the primary beneficiary, which is the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the VIE that could potentially be significant. For the periods the funds and partnerships are consolidated, the assets and liabilities of the funds and partnerships are presented as consolidated funds and partnership investments and liabilities of consolidated funds and partnership investments, respectively, in the consolidated statements of financial condition. The net income for these funds and partnerships is included in investment and other income in the consolidated statements of operations, and the change in funds and partnership investments is included in contributions to or distributions from consolidated funds and partnership investments in the consolidated statements of cash flows. The combined interests of all of the consolidated funds and partnerships not owned by the Company and that are redeemable at the option of the holder, are presented as redeemable non-controlling interest in consolidated funds and partnership investments in the Company’s consolidated financial statements for the periods those funds and partnerships were consolidated. See Note 5, Consolidated Funds and Partnership Investments, for more discussion regarding these funds.

Calamos Investments, through its wholly-owned subsidiaries and affiliates, is indirectly the general partner and controls the operations of Calamos Global Opportunities Fund LP. The results of this partnership are included in the Company's consolidated financial statements.

The Company holds non-controlling interests in certain other partnership investments that are included in partnership investments and consolidated funds in the consolidated statements of financial condition. These other partnership investments are accounted for under the equity method.

Restricted Cash

Restricted Cash

The Company has a $430,000 security deposit related to a property lease that is restricted from the Company’s general corporate use and is being reported in other non-current assets in the consolidated statements of financial condition.

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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2016

Investments [Abstract]

Summary of Investment Securities

The following table provides a summary of investment securities as of June 30, 2016 and December 31, 2015:

(in thousands)
June 30, 2016	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Available-for-sale securities:
Funds
U.S. Equity	$	54	$	—	$	(2	)	$	52
Global Equity	9,943		757		(13		)	10,687
Convertible	34		—		(3		)	31
Fixed Income	5,376		269		—			5,645
Alternative	52		—		(2		)	50
Multi-Strategy	20,236		1,463		(16		)	21,683
Total Funds	35,695		2,489		(36		)	38,148
Common stock	141		217		—			358
Total available-for-sale securities	$	35,836	$	2,706	$	(36	)	$	38,506
Trading securities:
Funds
U.S. Equity	$	2,219	$	23	$	—		$	2,242
Global Equity	4,733		54		—			4,787
Convertible	1,796		35		—			1,831
Fixed Income	53		1		—			54
Alternative	8,675		14		(519		)	8,170
Total trading securities	$	17,476	$	127	$	(519	)	$	17,084
Total investment securities								$	55,590

(in thousands)
December 31, 2015	Cost		Unrealized Gains		Unrealized Losses			Fair Value
Available-for-sale securities:
Funds
U.S. Equity	$	62,839	$	2,914	$	(44	)	$	65,709
Global Equity	124,929		6,606		(46		)	131,489
Convertible	5,093		—		(14		)	5,079
Fixed Income	16,922		58		(15		)	16,965
Alternative	14,153		125		(191		)	14,087
Multi-Strategy	16,150		208		(133		)	16,225
Total Funds	240,086		9,911		(443		)	249,554
Common stock	141		181		—			322
Total available-for-sale securities	$	240,227	$	10,092	$	(443	)	$	249,876
Trading securities:
Funds
U.S. Equity	$	5,194	$	—	$	(478	)	$	4,716
Global Equity	2,500		—		(35		)	2,465
Total trading securities	$	7,694	$	—	$	(513	)	$	7,181
Total investment securities								$	257,057

Summary of Changes in Investment Securities

The following table provides a summary of changes in investment securities for the three and six months ended June 30, 2016 and 2015:

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2016			2015			2016			2015
Available-for-sale securities:
Proceeds from sales	$	2,413		$	25,572		$	17,043		$	40,572
Gross realized gains (losses) on sales	$	84		$	2,013		$	(223	)	$	2,558
Trading securities:
Changes in unrealized gains (losses)	$	(65	)	$	(605	)	$	(3,788	)	$	7,215

Summary of Tax Provision on Unrealized Gains (Losses) and (Gains) Losses Reclassified Out of Accumulated Other Comprehensive Income (Loss)

The table below summarizes the tax provision (benefit) on unrealized gains (losses) and (gains) losses reclassified out of accumulated other comprehensive income (loss) on available-for-sale securities for the three and six months ended June 30, 2016 and 2015:

	Three Months Ended   June 30, 2016									Three Months Ended   June 30, 2015
(in thousands)	Before-Tax Amount			Tax Provision (Benefit)			After-Tax Amount			Before-Tax Amount			Tax Provision (Benefit)			After-Tax Amount
Available-for-sale securities:
Changes in unrealized gains	$	2,076		$	170		$	1,906		$	3,039		$	320		$	2,719
Reclassification adjustment for realized gains included in income	—			—			—			(1,657		)	(136		)	(1,521		)
Unrealized gains on consolidation of funds upon adoption of new accounting pronouncement	(662		)	(54		)	(608		)	—			—			—
Other comprehensive income	$	1,414		$	116		$	1,298		$	1,382		$	184		$	1,198

	Six Months Ended June 30, 2016									Six Months Ended June 30, 2015
(in thousands)	Before-Tax Amount			Tax Provision (Benefit)			After-Tax Amount			Before-Tax Amount			Tax Provision (Benefit)			After-Tax Amount
Available-for-sale securities:
Changes in unrealized gains	$	882		$	72		$	810		$	12,055		$	1,084		$	10,971
Reclassification adjustment for realized (gains) losses included in income	617			51			566			(2,510		)	(452		)	(2,058		)
Unrealized gains on consolidation of funds upon adoption of new accounting pronouncement	(8,476		)	(696		)	(7,780		)	—			—			—
Other comprehensive income (loss)	$	(6,977	)	$	(573	)	$	(6,404	)	$	9,545		$	632		$	8,913

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Consolidated Funds and Partnership Investments (Tables)

6 Months Ended

Jun. 30, 2016

Partnership Investments [Abstract]

Partnership Investments

These investments are presented as consolidated funds and partnership investments and liabilities of consolidated funds and partnership investments, respectively, in its consolidated statements of financial condition as of June 30, 2016 and December 31, 2015.

(in thousands)	June 30, 2016
	Consolidated Funds			Partnership Investments			Total
Assets
Securities owned	$	467,323		$	110,664		$	577,987
Cash and cash equivalents	16,206			7,026			23,232
Receivables for securities sold	19,225			—			19,225
Other current assets	1,779			297			2,076
Exchange-traded option contracts	427			321			748
Total assets of consolidated funds and partnership investments	$	504,960		$	118,308		$	623,268
Liabilities
Payables on redemptions	$	(984	)	$	—		$	(984	)
Payables for securities purchased	(9,485		)	(1,026		)	(10,511		)
Securities sold not yet purchased	(7		)	—			(7		)
Accrued expenses and other current liabilities	(1,233		)	(64		)	(1,297		)
Exchange-traded option contracts	(646		)	—			(646		)
Total liabilities of consolidated funds and partnership investments	$	(12,355	)	$	(1,090	)	$	(13,445	)
Equity method investment in partnerships	$	—		$	20		$	20

(in thousands)	December 31, 2015
	Consolidated Funds		Partnership Investments			Total
Assets
Securities owned	$	—	$	106,667		$	106,667
Cash and cash equivalents	—		5,356			5,356
Other current assets	—		500			500
Exchange-traded option contracts	—		87			87
Total assets of consolidated partnership investments	$	—	$	112,610		$	112,610
Liabilities
Accrued expenses and other current liabilities	—		(75		)	(75		)
Total	$	—	$	(75	)	$	(75	)
Equity method investment in partnerships	$	—	$	30		$	30

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables provide the hierarchy of inputs used to derive the fair value of the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015, respectively. Foreign currency contracts are carried in the Company's consolidated funds and partnership investments and are presented on a net basis where the right of offset exists, and had an insignificant impact for the periods presented.

				Fair Value Measurements Using
(in thousands) Description	June 30, 2016			Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)
Cash and cash equivalents
Money market funds	$	25,283		$	25,283		$	—
Investment securities (Note 3)
Funds
U.S. Equity	2,294			2,294			—
Global Equity	15,474			15,474			—
Convertible	1,862			1,862			—
Fixed Income	5,699			518			5,181
Alternative	8,220			8,220			—
Multi-Strategy	21,683			21,683			—
Total Funds	55,232			50,051			5,181
Common stock	358			358			—
Total investment securities	55,590			50,409			5,181
Derivative assets (Note 4)
Exchange-traded option contracts	3,991			3,991			—
Securities and derivative assets owned by consolidated funds and partnership investments (Note 5)
Common stocks	332,302			218,946			113,356
Preferred stocks	37,613			34,352			3,261
Convertible bonds	180,418			—			180,418
Corporate bonds	27,654			—			27,654
Money market funds	23,063			23,063			—
Exchange-traded option contracts	748			748			—
Total securities and derivative assets owned by consolidated funds and partnership investments	601,798			277,109			324,689
Derivative liabilities (Note 4)
Exchange-traded option contracts	(9,590		)	(9,590		)	—
Derivative liabilities owned by consolidated funds (Note 5)
Exchange-traded option contracts	(646		)	(646		)	—
Total	$	676,426		$	346,556		$	329,870

				Fair Value Measurements Using
(in thousands) Description	December 31, 2015			Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)
Cash and cash equivalents
Money market funds	$	25,240		$	25,240		$	—
Investment securities (Note 3)
Funds
U.S. Equity	70,425			70,425			—
Global Equity	133,954			133,954			—
Convertible	5,079			5,079			—
Fixed Income	16,965			12,097			4,868
Alternative	14,087			14,087			—
Multi-Strategy	16,225			16,225			—
Total Funds	256,735			251,867			4,868
Common stock	322			322			—
Total investment securities	257,057			252,189			4,868
Derivative assets (Note 4)
Exchange-traded option contracts	4,311			4,311			—
Securities and derivatives owned by partnership investments (Note 5)
Common stocks	53,467			27,899			25,568
Preferred stocks	3,875			3,875			—
Convertible bonds	48,369			—			48,369
Corporate bonds	957			—			957
Money market funds	5,309			5,309			—
Exchange-traded option contracts	87			87			—
Total securities and derivatives owned by partnership investments	112,064			37,170			74,894
Derivative liabilities (Note 4)
Exchange-traded option contracts	(5,475		)	(5,475		)	—
Total	$	393,197		$	313,435		$	79,762

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Non-Operating Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2016

Other Income and Expenses [Abstract]

Non-Operating Income (Loss)

Non-operating income (loss) was comprised of the following components for the three and six months ended June 30, 2016 and 2015:

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2016			2015			2016			2015
Interest income	$	69		$	45		$	136		$	89
Interest expense	(764		)	(766		)	(1,528		)	(1,540		)
Net interest expense	(695		)	(721		)	(1,392		)	(1,451		)
Investment income (loss)	1,749			241			(12,395		)	5,767
Dividend income	623			299			1,058			526
Miscellaneous other income (loss)	(49		)	152			37			136
Investment and other income (loss)	2,323			692			(11,300		)	6,429
Non-operating income (loss)	$	1,628		$	(29	)	$	(12,692	)	$	4,978

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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Calamos Investments is subject to certain income-based state taxes; therefore, income taxes reflect not only the portion attributed to CAM stockholders but also a portion of income taxes attributable to non-controlling interests.

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
(in thousands)
Income tax provision	$	161		$	1,275		$	919		$	1,740
Income tax provision attributable to non-controlling interest in Calamos Investments	(19		)	(17		)	(35		)	(31		)
Income tax provision attributable to CAM	142			1,258			884			1,709
Net income (loss) attributable to CAM	224			2,033			(1,098		)	2,134
Income (loss) before taxes attributable to CAM	$	366		$	3,291		$	(214	)	$	3,843
CAM’s effective income tax rate	38.8		%	38.2		%	*			44.5		%

________________

* Not meaningful

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Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Calculation of Basic and Diluted Earnings (Loss) Per Share

The following table reflects the calculation of basic and diluted earnings (loss) per share:

	Three Months Ended   June 30,				Six Months Ended   June 30,
(in thousands, except per share amounts)	2016		2015		2016			2015
Earnings (loss) per share – basic:
Earnings (loss) available to common shareholders	$	224	$	2,033	$	(1,098	)	$	2,134
Weighted average shares outstanding	16,741,990		17,789,931		16,741,045			17,830,916
Earnings (loss) per share – basic	$	0.01	$	0.11	$	(0.07	)	$	0.12
Earnings (loss) per share – diluted:
Earnings (loss) available to common shareholders	$	224	$	2,033	$	(1,098	)	$	2,134
Weighted average shares outstanding	16,741,990		17,789,931		16,741,045			17,830,916
Dilutive impact of restricted stock units	349,633		845,867		—			787,972
Weighted average shares outstanding(1)	17,091,623		18,635,798		16,741,045			18,618,888
Earnings (loss) per share – diluted	$	0.01	$	0.11	$	(0.07	)	$	0.11

________________

⁽¹⁾Dilutive securities are not included in the computation of diluted earnings per share when a company is in a loss position. As such, the numerator and the denominator used in computing both basic and diluted net loss per share for the six months ended June 30, 2016 were the same. Diluted weighted average shares outstanding were 17,098,778 for the six months ended June 30, 2016.

Number of Shares Excluded from Computation of Earnings (Loss) Per Share

The following table shows the number of shares which were excluded from the computation of diluted earnings (loss) per share as they were anti-dilutive:

	Three Months Ended   June 30,		Six Months Ended   June 30,
	2016	2015	2016	2015
Shares of Class A common stock issuable upon an Exchange of Calamos Interests’ ownership in Calamos Investments*	—	23,495,196	—	23,495,196
Restricted stock units	2,864,277	5,250	1,978,675	11,874
Stock options	873,581	1,177,361	873,581	1,177,361
Total	3,737,858	24,677,807	2,852,256	24,684,431

* Number of shares calculated with the value of Calamos Investments determined by using the closing price of our shares as of June 30, 2016 ($7.31) and June 30, 2015 ($12.25) as well as assuming said closing prices fully reflect all of CAM's assets; including the application of a 12% discount rate to certain deferred tax assets at each of June 30, 2016 and 2015. The value of Calamos Investments is then multiplied by Calamos Interests' percentage ownership in Calamos Investments, with the result divided by the applicable period-end closing price. See Note 2, Summary of Significant Accounting Policies - Principles of Consolidation, for a description of certain assets owned by CAM.

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Organization and Description of Business (Details)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Corporate Structure [Line Items]
Options and RSU awards vesting period	60 days
Calamos Asset Management, Inc.
Corporate Structure [Line Items]
Percentage ownership interest in Calamos Investments LLC		22.20%
Calamos Family Partners, Inc.
Corporate Structure [Line Items]
Percentage ownership interest in Calamos Investments LLC		77.80%	77.80%
Class A Common Stock
Corporate Structure [Line Items]
Percentage of ownership (including vested stock options) by noncontrolling owners	20.69%	20.69%
Class B Common Stock | Calamos Family Partners, Inc.
Corporate Structure [Line Items]
Percentage of voting power owned in Calamos Asset Management	97.40%	97.40%
Percentage of economic interest (less than)	1.00%	1.00%
Public Stockholders | Class A Common Stock
Corporate Structure [Line Items]
Percentage of public shareholders voting power	2.60%	2.60%
Percentage of public shareholders economic interest (greater than)	99.00%	99.00%

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Summary of Significant Accounting Policies (Details) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 01, 2016 USD ($) fund	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Related Party Transaction [Line Items]
Open-end funds consolidated | fund	5
Number of U.S. regulated open-end funds consolidated | fund	4
Assets		$ 866,188		$ 866,188		$ 561,462
Liabilities		109,699		109,699		105,068
Redeemable non-controlling interests						318,154
Cash and cash equivalents		102,570	$ 90,018	102,570	$ 90,018	$ 104,717	$ 35,285
Deferred tax assets, net		37,934		37,934
Interest income, dividend income, and realized gains and losses on cash and cash equivalents		69	$ 45	136	89
Security deposit		430		$ 430
Calamos Family Partners, Inc.
Related Party Transaction [Line Items]
Percentage ownership interest in Calamos Investments LLC				77.80%		77.80%
Calamos Asset Management, Inc.
Related Party Transaction [Line Items]
Percentage ownership interest in Calamos Investments LLC				22.20%
Cash and cash equivalents		80,200		$ 80,200
Deferred tax assets, net		37,900		37,900
Current income taxes receivable, net		347		347
Loan receivable from Calamos Investments		$ 23,000		23,000		$ 25,000
Cash, cash equivalents and investment securities						77,300
Deferred tax assets, net						38,300
Current income taxes receivable, net						355
Net income (loss) before income taxes				(5,900)	17,600
Interest income, dividend income, and realized gains and losses on cash and cash equivalents				$ 201	$ 654
Accounting Standards Update 2015-02
Related Party Transaction [Line Items]
Assets	$ 333,600
Liabilities	$ 15,400
Retained Earnings
Related Party Transaction [Line Items]
Reclassification of accumulated other comprehensive income (loss)						1,882
Non-controlling Interest in Calamos Investments LLC (Calamos Interests)
Related Party Transaction [Line Items]
Reclassification of accumulated other comprehensive income (loss)						$ 6,594

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Summary of Significant Accounting Policies - Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Nov. 13, 2014
Class of Stock [Line Items]
Dividends on shares held	$ 568	$ 1,100
Class A Common Stock
Class of Stock [Line Items]
Number of shares authorized to be repurchased (in shares)					3,000,000
Repurchase of common stock (in shares)		525,328	548,035
Issuance of common stock (in shares)		355,045	240,886
Calamos Asset Management, Inc.
Class of Stock [Line Items]
Percentage ownership interest in Calamos Investments LLC		22.20%
Calamos Asset Management, Inc. | Class A Common Stock
Class of Stock [Line Items]
Issuance of common stock (in shares)	22,573	355,045
Issuance of common stock	$ 254	$ 4,000
Calamos Family Partners, Inc.
Class of Stock [Line Items]
Percentage ownership interest in Calamos Investments LLC		77.80%		77.80%
Non-controlling Interest in Calamos Investments LLC (Calamos Interests)
Class of Stock [Line Items]
Shares repurchased		$ 3,650	$ 5,246
Impact on non-controlling interests as a result of dividends paid to Calamos Investments LLC on repurchased common stock	442	881	629
Treasury Stock
Class of Stock [Line Items]
Shares repurchased		1,050	$ 1,498
Noncontrolling Interest | Calamos Asset Management, Inc. | Class A Common Stock
Class of Stock [Line Items]
Issuance of common stock	$ 197	$ 3,100
2014 Share Repurchase Program | Non-controlling Interest in Calamos Investments LLC | Common Stock
Class of Stock [Line Items]
Repurchase of common stock (in shares)		525,328
Average purchase price of shares (in dollars per share)		$ 8.95
Shares repurchased		$ 4,700

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Investment Securities - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Trading securities:
Total investment securities	$ 55,590	$ 257,057
Available-for-sale Securities
Available-for-sale securities:
Cost	35,836	240,227
Unrealized Gains	2,706	10,092
Unrealized Losses	(36)	(443)
Fair Value	38,506	249,876
Available-for-sale Securities | U.S. Equity
Available-for-sale securities:
Cost	54	62,839
Unrealized Gains	0	2,914
Unrealized Losses	(2)	(44)
Fair Value	52	65,709
Available-for-sale Securities | Global Equity
Available-for-sale securities:
Cost	9,943	124,929
Unrealized Gains	757	6,606
Unrealized Losses	(13)	(46)
Fair Value	10,687	131,489
Available-for-sale Securities | Convertible
Available-for-sale securities:
Cost	34	5,093
Unrealized Gains	0	0
Unrealized Losses	(3)	(14)
Fair Value	31	5,079
Available-for-sale Securities | Fixed Income
Available-for-sale securities:
Cost	5,376	16,922
Unrealized Gains	269	58
Unrealized Losses	0	(15)
Fair Value	5,645	16,965
Available-for-sale Securities | Alternative
Available-for-sale securities:
Cost	52	14,153
Unrealized Gains	0	125
Unrealized Losses	(2)	(191)
Fair Value	50	14,087
Available-for-sale Securities | Multi-Strategy
Available-for-sale securities:
Cost	20,236	16,150
Unrealized Gains	1,463	208
Unrealized Losses	(16)	(133)
Fair Value	21,683	16,225
Available-for-sale Securities | Total Funds
Available-for-sale securities:
Cost	35,695	240,086
Unrealized Gains	2,489	9,911
Unrealized Losses	(36)	(443)
Fair Value	38,148	249,554
Available-for-sale Securities | Common stock
Available-for-sale securities:
Cost	141	141
Unrealized Gains	217	181
Unrealized Losses	0	0
Fair Value	358	322
Trading securities
Trading securities:
Cost	17,476	7,694
Unrealized Gains	127	0
Unrealized Losses	(519)	(513)
Fair Value	17,084	7,181
Trading securities | U.S. Equity
Trading securities:
Cost	2,219	5,194
Unrealized Gains	23	0
Unrealized Losses	0	(478)
Fair Value	2,242	4,716
Trading securities | Global Equity
Trading securities:
Cost	4,733	2,500
Unrealized Gains	54	0
Unrealized Losses	0	(35)
Fair Value	4,787	$ 2,465
Trading securities | Convertible
Trading securities:
Cost	1,796
Unrealized Gains	35
Unrealized Losses	0
Fair Value	1,831
Trading securities | Fixed Income
Trading securities:
Cost	53
Unrealized Gains	1
Unrealized Losses	0
Fair Value	54
Trading securities | Alternative
Trading securities:
Cost	8,675
Unrealized Gains	14
Unrealized Losses	(519)
Fair Value	$ 8,170

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Investment Securities - Changes in Investment Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Available-for-sale securities:
Proceeds from sales	$ 2,413	$ 25,572	$ 17,043	$ 40,572
Gross realized gains (losses) on sales	84	2,013	(223)	2,558
Trading securities:
Changes in unrealized gains (losses)	$ (65)	$ (605)	$ (3,788)	$ 7,215

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Investment Securities - Tax Provision on Unrealized Gains (Losses) and Gains (Losses) Reclassified out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Available-for-sale securities:
Other comprehensive income, before-tax amount	$ 1,414	$ 1,382	$ (6,977)	$ 9,545
Other comprehensive income, tax provision (benefit)	116	184	(573)	632
Other comprehensive income, after-tax amount	1,298	1,198	(6,404)	8,913
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest
Available-for-sale securities:
Reclassification adjustment for realized gains included in income, before-tax amount	0	(1,657)	617	(2,510)
Reclassification adjustment for realized gains included in income, tax provision (benefit)	0	(136)	51	(452)
Reclassification adjustment for realized gains included in income, after-tax amount	0	(1,521)	566	(2,058)
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest | Previous Accounting Guidance
Available-for-sale securities:
Changes in unrealized gains, before-tax amount	2,076	3,039	882	12,055
Changes in unrealized gains, tax provision (benefit)	170	320	72	1,084
Changes in unrealized gains, after-tax amount	1,906	2,719	810	10,971
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest | Accounting Standards Update 2015-02
Available-for-sale securities:
Changes in unrealized gains, before-tax amount	(662)	0	(8,476)	0
Changes in unrealized gains, tax provision (benefit)	(54)	0	(696)	0
Changes in unrealized gains, after-tax amount	$ (608)	$ 0	$ (7,780)	$ 0

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Investment Securities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Investment in funds	$ 55,200		$ 55,200		$ 256,700
Aggregate fair value of available-for-sale securities in unrealized loss position	986		986		12,500
Other-than-temporary impairment charges	68	$ 811,000	319	$ 811
Available-for-sale Securities
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities	38,506		38,506		249,876
Unrealized losses on certain available-for-sale securities	$ 36		$ 36		443
Available-for-sale Securities | Consolidated Funds
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities					$ 197,500

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Derivative Assets and Liabilities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Investment Holdings [Line Items]
Loss on derivatives	$ 2,300,000	$ 0	$ 4,700,000	$ 0
Derivative assets outstanding	3,991,000		3,991,000		$ 4,311,000
Derivative liabilities outstanding	9,590,000		9,590,000		$ 5,475,000
Parent
Investment Holdings [Line Items]
Total investment securities and consolidated funds	$ 220,800,000		$ 220,800,000

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Consolidated Funds and Partnership Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 102,570	$ 104,717	$ 90,018	$ 35,285
Liabilities
Total liabilities of consolidated funds and partnership investments	(109,699)	(105,068)
Consolidated Funds
Assets
Securities owned	467,323	0
Cash and cash equivalents	16,206	0
Receivables for securities sold	19,225
Other current assets	1,779	0
Exchange-traded option contracts	427	0
Total assets of consolidated funds and partnership investments	504,960	0
Liabilities
Payables on redemptions	(984)
Payables for securities purchased	(9,485)
Securities sold not yet purchased	(7)
Accrued expenses and other current liabilities	(1,233)	0
Exchange-traded option contracts	(646)
Total liabilities of consolidated funds and partnership investments	(12,355)	0
Equity method investment in partnerships	0	0
Partnership Investments
Assets
Securities owned	110,664	106,667
Cash and cash equivalents	7,026	5,356
Receivables for securities sold	0
Other current assets	297	500
Exchange-traded option contracts	321	87
Total assets of consolidated funds and partnership investments	118,308	112,610
Liabilities
Payables on redemptions	0
Payables for securities purchased	(1,026)
Securities sold not yet purchased	0
Accrued expenses and other current liabilities	(64)	(75)
Exchange-traded option contracts	0
Total liabilities of consolidated funds and partnership investments	(1,090)	(75)
Equity method investment in partnerships	20	30
Total
Assets
Securities owned	577,987	106,667
Cash and cash equivalents	23,232	5,356
Receivables for securities sold	19,225
Other current assets	2,076	500
Exchange-traded option contracts	748	87
Total assets of consolidated funds and partnership investments	623,268	112,610
Liabilities
Payables on redemptions	(984)
Payables for securities purchased	(10,511)
Securities sold not yet purchased	(7)
Accrued expenses and other current liabilities	(1,297)	(75)
Exchange-traded option contracts	(646)
Total liabilities of consolidated funds and partnership investments	(13,445)	(75)
Equity method investment in partnerships	$ 20	$ 30

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Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments	$ 623,288	$ 112,640
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	25,283	25,240
Investment securities	55,590	257,057
Securities and derivatives owned by partnership investments	601,798	112,064
Total	676,426	393,197
Recurring | U.S. Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	2,294	70,425
Recurring | Global Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	15,474	133,954
Recurring | Convertible
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	1,862	5,079
Recurring | Fixed Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	5,699	16,965
Recurring | Alternative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	8,220	14,087
Recurring | Multi-Strategy
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	21,683	16,225
Recurring | Total Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	55,232	256,735
Recurring | Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	358	322
Securities and derivatives owned by partnership investments	332,302	53,467
Recurring | Preferred stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments	37,613	3,875
Recurring | Convertible bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments	180,418	48,369
Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments	27,654	957
Recurring | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments	23,063	5,309
Recurring | Exchange-traded option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments	748	87
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	25,283	25,240
Investment securities	50,409	252,189
Securities and derivatives owned by partnership investments	277,109	37,170
Total	346,556	313,435
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | U.S. Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	2,294	70,425
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Global Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	15,474	133,954
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Convertible
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	1,862	5,079
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Fixed Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	518	12,097
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Alternative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	8,220	14,087
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Multi-Strategy
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	21,683	16,225
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Total Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	50,051	251,867
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	358	322
Securities and derivatives owned by partnership investments	218,946	27,899
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Preferred stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments	34,352	3,875
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Convertible bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments	0	0
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments	0	0
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments	23,063	5,309
Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Exchange-traded option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments	748	87
Recurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Investment securities	5,181	4,868
Securities and derivatives owned by partnership investments	324,689	74,894
Total	329,870	79,762
Recurring | Significant Other Observable Inputs (Level 2) | U.S. Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	0	0
Recurring | Significant Other Observable Inputs (Level 2) | Global Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	0	0
Recurring | Significant Other Observable Inputs (Level 2) | Convertible
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	0	0
Recurring | Significant Other Observable Inputs (Level 2) | Fixed Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	5,181	4,868
Recurring | Significant Other Observable Inputs (Level 2) | Alternative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	0	0
Recurring | Significant Other Observable Inputs (Level 2) | Multi-Strategy
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	0	0
Recurring | Significant Other Observable Inputs (Level 2) | Total Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	5,181	4,868
Recurring | Significant Other Observable Inputs (Level 2) | Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	0	0
Securities and derivatives owned by partnership investments	113,356	25,568
Recurring | Significant Other Observable Inputs (Level 2) | Preferred stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments	3,261	0
Recurring | Significant Other Observable Inputs (Level 2) | Convertible bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments	180,418	48,369
Recurring | Significant Other Observable Inputs (Level 2) | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments	27,654	957
Recurring | Significant Other Observable Inputs (Level 2) | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments	0	0
Recurring | Significant Other Observable Inputs (Level 2) | Exchange-traded option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities and derivatives owned by partnership investments	0	0
Exchange Traded Options | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	3,991	4,311
Exchange-traded option contracts	(9,590)	(5,475)
Exchange Traded Options | Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	3,991	4,311
Exchange-traded option contracts	(9,590)	(5,475)
Exchange Traded Options | Recurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0
Exchange-traded option contracts	0	$ 0
Consolidated Funds | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exchange-traded option contracts	(646)
Consolidated Funds | Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exchange-traded option contracts	(646)
Consolidated Funds | Recurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exchange-traded option contracts	$ 0

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Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open-end funds	$ 186,100	$ 228,100
Redemption period	7 days
Carrying value of long-term debt	$ 46,000	46,000
Long-term debt fair value	51,500	51,600
Phineus Partners LP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 409	$ 998

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Loans Payable (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Short-term Debt [Line Items]
Margin loans	$ 0	$ 0
Margin Loan
Short-term Debt [Line Items]
Margin loan interest rate	1.75%

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Stock-Based Compensation (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense recorded in connection with RSUs and stock options	$ 3,874	$ 3,568
Deferred tax assets created	318	293
Total unrecognized compensation expense	$ 23,000
Unrecognized compensation expense, expected weighted-average period to be recognized	4 years 1 month
Additional Paid-in capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense recognized under stock incentive plans credited to additional paid-in capital	$ 860	$ 792
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	2,364,892
Forfeitures in period (in shares)	92,948
Vested in period (in shares)	470,273
Withheld for taxes (in shares)	115,228
Number converted on a one-for-one basis for shares of company's Class A common stock (in shares)	355,045
Total intrinsic value and fair value of converted shares	$ 3,100
Total tax benefit realized in connection with vesting	$ 408
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	0
Forfeitures in period (in shares)	274,904

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Non-Operating Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Other Income and Expenses [Abstract]
Interest income	$ 69	$ 45	$ 136	$ 89
Interest expense	(764)	(766)	(1,528)	(1,540)
Net interest expense	(695)	(721)	(1,392)	(1,451)
Investment income (loss)	1,749	241	(12,395)	5,767
Dividend income	623	299	1,058	526
Miscellaneous other income (loss)	(49)	152	37	136
Investment and other income (loss)	2,323	692	(11,300)	6,429
Total non-operating income (loss)	$ 1,628	$ (29)	$ (12,692)	$ 4,978

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Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income tax expense (benefit) [Abstract]
Income tax provision	$ 161	$ 1,275	$ 919	$ 1,740
Net income (loss) attributable to CAM	224	2,033	(1,098)	2,134
Income (loss) before taxes attributable to CAM	$ 366	$ 3,291	$ (214)	$ 3,843
CAM’s effective income tax rate	38.80%	38.20%	37.40%	44.50%
Non-controlling Interest in Calamos Investments LLC
Income tax expense (benefit) [Abstract]
Income tax provision	$ 19	$ 17	$ 35	$ 31
Parent
Income tax expense (benefit) [Abstract]
Income tax provision	$ 142	$ 1,258	$ 884	$ 1,709

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Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jan. 01, 2016	Dec. 31, 2015
Disclosures Related to Income Tax Expense (Benefit) [Line Items]
CAM’s effective income tax rate	38.80%	38.20%	37.40%	44.50%
Deferred tax expense, expired employee stock options	$ 964	$ 238	$ 964	$ 238
Deferred tax assets, valuation allowance	628		628
Reclassification to non-current deferred tax assets	37,934		37,934
Reclassification from current deferred tax assets	$ 0		$ 0			$ 8,294
Accounting Standards Update 2015-17
Disclosures Related to Income Tax Expense (Benefit) [Line Items]
Reclassification to non-current deferred tax assets					$ 8,300
Reclassification from current deferred tax assets					$ (8,300)

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Earnings (Loss) Per Share - Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings (loss) per share – basic:
Earnings (loss) available to common shareholders	$ 224	$ 2,033	$ (1,098)	$ 2,134
Weighted average shares outstanding (in shares)	16,741,990	17,789,931	16,741,045	17,830,916
Earnings (loss) per share – basic (in dollars per share)	$ 0.01	$ 0.11	$ (0.07)	$ 0.12
Earnings (loss) per share – diluted:
Earnings (loss) available to common shareholders	$ 224	$ 2,033	$ (1,098)	$ 2,134
Weighted average shares outstanding (in shares)	16,741,990	17,789,931	16,741,045	17,830,916
Dilutive impact of restricted stock units (in shares)	349,633	845,867	0	787,972
Weighted average shares outstanding (in shares)	17,091,623	18,635,798	16,741,045	18,618,888
Earnings (loss) per share – diluted (in dollars per share)	$ 0.01	$ 0.11	$ (0.07)	$ 0.11
Weighted average shares outstanding (in shares)			17,098,778

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Earnings (Loss) Per Share - Antidilutive Shares (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive (in shares)	3,737,858	24,677,807	2,852,256	24,684,431
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive (in shares)	2,864,277	5,250	1,978,675	11,874
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive (in shares)	873,581	1,177,361	873,581	1,177,361
Class A Common Stock | Shares of Class A common stock issuable upon an Exchange of Calamos Interests’ ownership in Calamos Investments
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive (in shares)	0	23,495,196	0	23,495,196
Closing price of shares (in dollars per share)	$ 7.31	$ 12.25	$ 7.31	$ 12.25
Discount rate			12.00%	12.00%

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Subsequent Event (Details) - Subsequent Event - USD ($) $ in Millions	Jul. 28, 2016	Aug. 03, 2016
Subsequent Event [Line Items]
Loan due from related party		$ 70.0
Calamos Investments LLC
Subsequent Event [Line Items]
Repayments of long-term debt	$ 46.0
Repayments of long-term debt, make-whole payment	$ 4.9