##### Table of Contents



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 SECURITIES EXCHANGE ACT OF 1934
 FOR THE QUARTERLY PERIOD ENDED:
 September 30, 2010
 or
 o
    
    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
(State or Other Jurisdiction of 
Incorporation or Organization)
    
    32-0122554
(I.R.S. Employer
Identification No.)2020 Calamos Court, Naperville, Illinois
(Address of Principal Executive Offices)
    
    60563
(Zip Code)
 (630) 245-7200
 
 þ o
 o o
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 o þ




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TABLE OF CONTENTS  PART I  FINANCIAL INFORMATIONItem 1. Financial StatementsItem 2. Managements Discussion and Analysis of Financial Condition and Results of OperationsItem 3. Quantitative and Qualitative Disclosures About Market RiskItem 4. Controls and ProceduresPART II  OTHER INFORMATIONItem 1. Legal ProceedingsItem 6. ExhibitsSIGNATURESEX-31.1EX-31.2EX-32.1EX-32.2    Table of Contents  
 PART I  FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 CALAMOS ASSET MANAGEMENT, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except share data)
 September 30,
    
    
    December 31,2010
    
    
    2009(unaudited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    93,425
    
    
    $
    145,431Receivables:Affiliates and affiliated funds
    
    
    17,205
    
    
    
    17,174Customers
    
    
    9,988
    
    
    
    9,315Investment securities
    
    
    295,454
    
    
    
    207,886Derivative assets
    
    
    706
    
    
    
    1,720Partnership investments, net
    
    
    39,875
    
    
    
    37,549Prepaid expenses
    
    
    2,730
    
    
    
    2,741Deferred tax assets, net
    
    
    9,221
    
    
    
    9,610Other current assets
    
    
    2,365
    
    
    
    2,133Total current assets
    
    
    470,969
    
    
    
    433,559Non-current assets:Deferred tax assets, net
    
    
    70,052
    
    
    
    76,646Deferred sales commissions
    
    
    9,388
    
    
    
    12,705Property and equipment, net of accumulated depreciation ($46,355 at September
30, 2010 and $40,174 at December 31, 2009)
    
    
    27,918
    
    
    
    32,912Other non-current assets
    
    
    1,061
    
    
    
    1,256Total non-current assets
    
    
    108,419
    
    
    
    123,519Total assets
    
    $
    579,388
    
    
    $
    557,078LIABILITIES AND STOCKHOLDERS EQUITYLIABILITIESCurrent liabilities:Payables to brokers
    
    $
    15,257
    
    
    $
    16,102Accrued compensation and benefits
    
    
    16,545
    
    
    
    15,768Current portion of long-term debt
    
    
    32,885
    
    
    
    Interest payable
    
    
    1,968
    
    
    
    3,026Derivative liabilities
    
    
    
    
    
    
    3,450Accrued expenses and other current liabilities
    
    
    3,424
    
    
    
    3,711Total current liabilities
    
    
    70,079
    
    
    
    42,057Long-term liabilities:Long-term debt
    
    
    92,115
    
    
    
    125,000Deferred rent
    
    
    9,447
    
    
    
    9,419Other long-term liabilities
    
    
    808
    
    
    
    776Total long-term liabilities
    
    
    102,370
    
    
    
    135,195Total liabilities
    
    
    172,449
    
    
    
    177,252STOCKHOLDERS EQUITYClass A Common Stock, $0.01 par value; authorized 600,000,000 shares; 23,894,773 shares issued and 19,894,773 shares outstanding at September 30,
2010; 23,668,583 shares issued and 19,668,583 shares outstanding at December 31,
2009
    
    
    239
    
    
    
    237Class B Common Stock, $0.01 par value; authorized 1,000 shares; 100 shares issued
and outstanding at September 30, 2010 and December 31, 2009
    
    
    0
    
    
    
    0Additional paid-in capital
    
    
    211,689
    
    
    
    209,895Retained earnings
    
    
    55,663
    
    
    
    46,035Accumulated other comprehensive income
    
    
    4,501
    
    
    
    4,362Treasury stock at cost; 4,000,000 shares at September 30, 2010 and December 31,
2009
    
    
    (95,215
    )
    
    
    (95,215
    )Calamos Asset Management, Inc. stockholders equity
    
    
    176,877
    
    
    
    165,314Non-controlling interest in Calamos Holdings LLC
    
    
    228,374
    
    
    
    212,887Non-controlling interest in partnership investments
    
    
    1,688
    
    
    
    1,625Total non-controlling interest
    
    
    230,062
    
    
    
    214,512Total stockholders equity
    
    
    406,939
    
    
    
    379,826Total liabilities and stockholders equity
    
    $
    579,388
    
    
    $
    557,078
  -2-




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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three and Nine Months Ended September 30, 2010 and 2009
(in thousands, except share data)
(unaudited)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009REVENUESInvestment management fees
    
    $
    57,572
    
    
    $
    52,868
    
    
    $
    174,609
    
    
    $
    142,362Distribution and underwriting fees
    
    
    20,118
    
    
    
    20,271
    
    
    
    63,217
    
    
    
    56,287Other
    
    
    729
    
    
    
    659
    
    
    
    2,189
    
    
    
    1,797Total revenues
    
    
    78,419
    
    
    
    73,798
    
    
    
    240,015
    
    
    
    200,446EXPENSESEmployee compensation and benefits
    
    
    18,287
    
    
    
    17,686
    
    
    
    57,294
    
    
    
    53,155Distribution expenses
    
    
    15,931
    
    
    
    15,713
    
    
    
    49,175
    
    
    
    42,473Amortization of deferred sales commissions
    
    
    2,198
    
    
    
    2,494
    
    
    
    7,240
    
    
    
    9,710Marketing and sales promotion
    
    
    3,264
    
    
    
    2,627
    
    
    
    9,483
    
    
    
    8,089General and administrative
    
    
    8,128
    
    
    
    7,904
    
    
    
    26,039
    
    
    
    25,071Total operating expenses
    
    
    47,808
    
    
    
    46,424
    
    
    
    149,231
    
    
    
    138,498Operating income
    
    
    30,611
    
    
    
    27,374
    
    
    
    90,784
    
    
    
    61,948NON-OPERATING INCOME (LOSS)Net interest expense
    
    
    (1,852
    )
    
    
    (1,764
    )
    
    
    (5,544
    )
    
    
    (5,284
    )Investment and other income (loss)
    
    
    5,467
    
    
    
    (6,208
    )
    
    
    20,732
    
    
    
    1,669Total non-operating income (loss)
    
    
    3,615
    
    
    
    (7,972
    )
    
    
    15,188
    
    
    
    (3,615
    )Income before income tax provision
    
    
    34,226
    
    
    
    19,402
    
    
    
    105,972
    
    
    
    58,333Income tax provision
    
    
    2,598
    
    
    
    1,670
    
    
    
    8,840
    
    
    
    5,096Net income
    
    
    31,628
    
    
    
    17,732
    
    
    
    97,132
    
    
    
    53,237Net income attributable to non-controlling
interest in Calamos Holdings LLC
    
    
    (26,883
    )
    
    
    (15,001
    )
    
    
    (82,895
    )
    
    
    (45,178
    )Net income attributable to non-controlling
interest in partnership investments
    
    
    (52
    )
    
    
    (141
    )
    
    
    (63
    )
    
    
    (330
    )Net income attributable to Calamos Asset
Management, Inc.
    
    $
    4,693
    
    
    $
    2,590
    
    
    $
    14,174
    
    
    $
    7,729Earnings per share:Basic
    
    $
    0.24
    
    
    $
    0.13
    
    
    $
    0.71
    
    
    $
    0.39Diluted
    
    $
    0.23
    
    
    $
    0.13
    
    
    $
    0.70
    
    
    $
    0.39Weighted average shares outstanding:Basic
    
    
    19,894,637
    
    
    
    19,621,137
    
    
    
    19,869,974
    
    
    
    19,616,455Diluted
    
    
    20,143,747
    
    
    
    20,090,555
    
    
    
    20,153,369
    
    
    
    19,948,616Cash dividends per share
    
    $
    0.075
    
    
    $
    0.055
    
    
    $
    0.225
    
    
    $
    0.165
  -3-




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CALAMOS ASSET MANAGEMENT, INC.
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY
Nine Months Ended September 30, 2010
(in thousands, except share data)
(unaudited)
 Non-CALAMOS ASSET MANAGEMENT, INC. STOCKHOLDERS
    
    
    controlling
    
    
    Non-Accumulated
    
    
    
    
    
    
    Interest in
    
    
    controllingAdditional
    
    
    
    
    
    
    Other
    
    
    
    
    
    
    Calamos
    
    
    Interest inCommon
    
    
    Paid-in
    
    
    Retained
    
    
    Comprehensive
    
    
    Treasury
    
    
    Holdings
    
    
    PartnershipStock
    
    
    Capital
    
    
    Earnings
    
    
    Income
    
    
    Stock
    
    
    LLC
    
    
    Investments
    
    
    TotalBalance at Dec. 31, 2009
    
    $
    237
    
    
    $
    209,895
    
    
    $
    46,035
    
    
    $
    4,362
    
    
    $
    (95,215
    )
    
    $
    212,887
    
    
    $
    1,625
    
    
    $
    379,826Net income
    
    
    
    
    
    
    
    
    
    
    14,174
    
    
    
    
    
    
    
    
    
    
    
    82,895
    
    
    
    63
    
    
    
    97,132Changes in unrealized gains
on available-for-sale
securities, net of income
taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,854
    
    
    
    
    
    
    
    11,783
    
    
    
    
    
    
    
    13,637Reclassification adjustment
for realized gains on
available-for-sale
securities included in
income, net of income tax
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,779
    )
    
    
    
    
    
    
    (13,088
    )
    
    
    
    
    
    
    (14,867
    )Total comprehensive
income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    95,902Issuance of common stock
(226,190 Class A common
shares)
    
    
    2
    
    
    
    (2
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Cumulative impact of
changes in ownership of
Calamos Holdings LLC
    
    
    
    
    
    
    278
    
    
    
    (3
    )
    
    
    64
    
    
    
    
    
    
    
    (1,401
    )
    
    
    
    
    
    
    (1,062
    )Compensation expense
recognized under stock
incentive plans
    
    
    
    
    
    
    1,518
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,493
    
    
    
    
    
    
    
    7,011Dividend equivalent accrued
under stock incentive plans
    
    
    
    
    
    
    
    
    
    
    (78
    )
    
    
    
    
    
    
    
    
    
    
    (280
    )
    
    
    
    
    
    
    (358
    )Distribution to
non-controlling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (69,915
    )
    
    
    
    
    
    
    (69,915
    )Dividends declared
    
    
    
    
    
    
    
    
    
    
    (4,465
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,465
    )Balance at Sept. 30, 2010
    
    $
    239
    
    
    $
    211,689
    
    
    $
    55,663
    
    
    $
    4,501
    
    
    $
    (95,215
    )
    
    $
    228,374
    
    
    $
    1,688
    
    
    $
    406,939
  -4-




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CALAMOS ASSET MANAGEMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September 30, 2010 and 2009
(in thousands)
(unaudited)
 2010
    
    
    2009Cash and cash equivalents at beginning of period
    
    $
    145,431
    
    
    $
    59,425Cash flows provided by operating activities:Net income
    
    
    97,132
    
    
    
    53,237Adjustments to reconcile net income to net cash provided by
operating activities:Amortization of deferred sales commissions
    
    
    7,240
    
    
    
    9,710Other depreciation and amortization
    
    
    6,457
    
    
    
    7,823Loss on write-off of property and equipment
    
    
    119
    
    
    
    Deferred rent
    
    
    28
    
    
    
    163Change in unrealized gains on trading securities,
derivative assets, derivative liabilities and partnership
investments, net
    
    
    (1,550
    )
    
    
    (17,396
    )Net realized (gain) loss on sale of investment
securities, derivative assets and derivative liabilities
    
    
    (16,074
    )
    
    
    18,565Deferred taxes
    
    
    6,849
    
    
    
    4,518Stock-based compensation
    
    
    7,011
    
    
    
    6,248Employee taxes paid on vesting under stock incentive plans
    
    
    (1,021
    )
    
    
    (175
    )(Increase) decrease in assets:Receivables:Affiliates and affiliated funds, net
    
    
    (31
    )
    
    
    (2,190
    )Customers
    
    
    (673
    )
    
    
    (1,507
    )Deferred sales commissions
    
    
    (3,923
    )
    
    
    (4,918
    )Other assets
    
    
    (102
    )
    
    
    4,347Increase (decrease) in liabilities:Payables to brokers
    
    
    (845
    )
    
    
    1,407Accrued compensation and benefits
    
    
    777
    
    
    
    3,930Accrued expenses and other liabilities
    
    
    (1,613
    )
    
    
    (2,298
    )Net cash provided by operating activities
    
    
    99,781
    
    
    
    81,464Cash flows provided by (used in) investing activities:Net additions to property and equipment
    
    
    (1,489
    )
    
    
    (2,069
    )Purchase of investment securities
    
    
    (361,360
    )
    
    
    (2,358
    )Proceeds from sale of investment securities
    
    
    295,512
    
    
    
    15,073Net (purchases) sales of derivatives
    
    
    (9,776
    )
    
    
    1,405Net changes in partnership investments
    
    
    (235
    )
    
    
    (241
    )Net cash provided by (used in) investing activities
    
    
    (77,348
    )
    
    
    11,810Cash flows used in financing activities:Excess tax liability on vesting under stock incentive plans
    
    
    (59
    )
    
    
    (136
    )Distributions paid to non-controlling interests
    
    
    (69,915
    )
    
    
    (19,858
    )Dividends paid to common stockholders
    
    
    (4,465
    )
    
    
    (3,236
    )Net cash used in financing activities
    
    
    (74,439
    )
    
    
    (23,230
    )Net increase (decrease) in cash
    
    
    (52,006
    )
    
    
    70,044Cash and cash equivalents at end of period
    
    $
    93,425
    
    
    $
    129,469Supplemental disclosure of cash flow information:Cash paid for:Income taxes
    
    $
    2,691
    
    
    $
    206Interest
    
    $
    6,816
    
    
    $
    6,816
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CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
 (1) Organization and Description of Business
  (2) Basis of Presentation
       -6-




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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
 (3) Investment Securities
  September 30, 2010TotalAvailable-for-
    
    
    CFS
    
    
    Investment(in thousands)
    
    Sale
    
    
    Securities
    
    
    SecuritiesMutual FundsEquity
    
    $
    146,950
    
    
    $
    3,300
    
    
    $
    150,250Fixed income
    
    
    89,080
    
    
    
    
    
    
    
    89,080Defensive equity
    
    
    54,679
    
    
    
    
    
    
    
    54,679Other
    
    
    1,342
    
    
    
    
    
    
    
    1,342Total mutual funds
    
    
    292,051
    
    
    
    3,300
    
    
    
    295,351Common stock
    
    
    
    
    
    
    103
    
    
    
    103Total
    
    $
    292,051
    
    
    $
    3,403
    
    
    $
    295,454
 December 31, 2009TotalAvailable-for-
    
    
    CFS
    
    
    Investment(in thousands)
    
    Sale
    
    
    Securities
    
    
    SecuritiesMutual FundsEquity
    
    $
    67,981
    
    
    $
    27,938
    
    
    $
    95,919Fixed income
    
    
    81,908
    
    
    
    
    
    
    
    81,908Defensive equity
    
    
    28,736
    
    
    
    
    
    
    
    28,736Other
    
    
    1,218
    
    
    
    
    
    
    
    1,218Total mutual funds
    
    
    179,843
    
    
    
    27,938
    
    
    
    207,781Common stock
    
    
    
    
    
    
    105
    
    
    
    105Total
    
    $
    179,843
    
    
    $
    28,043
    
    
    $
    207,886
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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,(in thousands)
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009Available-for-sale securities:Proceeds from sale
    
    $
    147,771
    
    
    $
    
    
    
    $
    295,512
    
    
    $
    Gross realized gains on sales
    
    $
    5,078
    
    
    $
    
    
    
    $
    21,292
    
    
    $
    Unrealized gains
    
    $
    22,197
    
    
    $
    16,648
    
    
    $
    15,051
    
    
    $
    30,638Net gains reclassified out of accumulated other
comprehensive income to earnings
    
    $
    1,845
    
    
    $
    
    
    
    $
    16,205
    
    
    $
    CFS securities:Unrealized gains
    
    $
    369
    
    
    $
    4,151
    
    
    $
    298
    
    
    $
    8,361
  September 30,
    
    
    December 31,(in thousands)
    
    2010
    
    
    2009Total cumulative unrealized gains on available-for-sale securities
with net gains:Equity
    
    $
    23,617
    
    
    $
    21,965Fixed income
    
    
    1,001
    
    
    
    6,581Defensive equity
    
    
    10,353
    
    
    
    7,669Other
    
    
    45
    
    
    
    32Total gains
    
    
    35,016
    
    
    
    36,247Total cumulative unrealized losses on available-for-sale securities
with net losses:Equity
    
    
    (19
    )
    
    
    (26
    )Fixed income
    
    
    
    
    
    
    (16
    )Defensive equity
    
    
    (16
    )
    
    
    (24
    )Other
    
    
    (254
    )
    
    
    (300
    )Total losses
    
    
    (289
    )
    
    
    (366
    )Total cumulative net unrealized gains on
available-for-sale securities
    
    $
    34,727
    
    
    $
    35,881
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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
 (4) Derivative Assets and Liabilities
   (5) Partnership Investments
  September 30,
    
    
    December 31,(in thousands)
    
    2010
    
    
    2009Calamos Market Neutral Opportunities Fund LP:Deposits with broker
    
    $
    9,483
    
    
    $
    8,008Securities owned
    
    
    17,011
    
    
    
    21,976Securities sold but not yet purchased
    
    
    (6,309
    )
    
    
    (10,934
    )Accrued expenses and other current liabilities
    
    
    (1,094
    )
    
    
    (112
    )Other current assets
    
    
    951
    
    
    
    214Calamos Market Neutral Opportunities Fund LP, net
    
    
    20,042
    
    
    
    19,152Investment in other partnerships
    
    
    19,833
    
    
    
    18,397Partnership investments, net
    
    $
    39,875
    
    
    $
    37,549
  (6) Fair Value Measurements
  -9-




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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
  Fair Value Measurements UsingQuotedPrices inActive
    
    
    SignificantMarkets for
    
    
    OtherIdentical
    
    
    Observable(in thousands)
    
    September 30,
    
    
    Assets
    
    
    InputsDescription
    
    2010
    
    
    (Level 1)
    
    
    (Level 2)Investment securities (Note 3)Mutual FundsEquity
    
    $
    150,250
    
    
    $
    150,250
    
    
    
    Fixed income
    
    
    89,080
    
    
    
    89,080
    
    
    
    Defensive
equity
    
    
    54,679
    
    
    
    54,679
    
    
    
    Other
    
    
    1,342
    
    
    
    1,342
    
    
    
    Total mutual funds
    
    
    295,351
    
    
    
    295,351
    
    
    
    Common stock
    
    
    103
    
    
    
    103
    
    
    
    295,454
    
    
    
    295,454
    
    
    
    Derivative assets (Note 4)Exchange-traded put option
contracts
    
    
    706
    
    
    
    706
    
    
    
    Securities and derivatives owned by the
Partnership (Note 5)Purchased options
    
    
    187
    
    
    
    187
    
    
    
    Convertible bonds
    
    
    16,516
    
    
    
    
    
    
    
    16,516Corporate bonds
    
    
    308
    
    
    
    
    
    
    
    30817,011
    
    
    
    187
    
    
    
    16,824Securities sold but not yet purchased
and derivative liabilities of the
Partnership (Note 5)Common stocks
    
    
    (6,297
    )
    
    
    (6,297
    )
    
    
    Exchange-traded call option
contracts
    
    
    (12
    )
    
    
    (12
    )
    
    
    (6,309
    )
    
    
    (6,309
    )
    
    
    Total
    
    $
    306,862
    
    
    $
    290,038
    
    
    $
    16,824
 -10-




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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
 Fair Value Measurements UsingQuoted Prices
    
    
    Significantin Active
    
    
    OtherMarkets for
    
    
    Observable(in thousands)
    
    December 31,
    
    
    Identical Assets
    
    
    InputsDescription
    
    2009
    
    
    (Level 1)
    
    
    (Level 2)Investment securities (Note 3)Mutual FundsEquity
    
    $
    95,919
    
    
    $
    95,919
    
    
    
    Fixed income
    
    
    81,908
    
    
    
    81,908
    
    
    
    Defensive
equity
    
    
    28,736
    
    
    
    28,736
    
    
    
    Other
    
    
    1,218
    
    
    
    1,218
    
    
    
    Total mutual
funds
    
    
    207,781
    
    
    
    207,781
    
    
    
    Common stock
    
    
    105
    
    
    
    105
    
    
    
    207,886
    
    
    
    207,886
    
    
    
    Derivative assets (Note 4)Exchange-traded put option
contracts
    
    
    1,720
    
    
    
    1,720
    
    
    
    Derivative liabilities (Note 4)Exchange-traded call option
contracts
    
    
    (3,450
    )
    
    
    (3,450
    )
    
    
    Securities and derivatives owned by the
Partnership (Note 5)Common stocks
    
    
    532
    
    
    
    532
    
    
    
    Convertible preferred stocks
    
    
    1,767
    
    
    
    660
    
    
    $
    1,107Purchased options
    
    
    179
    
    
    
    179
    
    
    
    Convertible bonds
    
    
    18,798
    
    
    
    
    
    
    
    18,798Corporate bonds
    
    
    700
    
    
    
    
    
    
    
    70021,976
    
    
    
    1,371
    
    
    
    20,605Securities sold but not yet purchased
and derivative liabilities of the
Partnership (Note 5)Common stocks
    
    
    (10,893
    )
    
    
    (10,893
    )
    
    
    Exchange-traded call option
contracts
    
    
    (41
    )
    
    
    (41
    )
    
    
    (10,934
    )
    
    
    (10,934
    )
    
    
    Total
    
    $
    217,198
    
    
    $
    196,593
    
    
    $
    20,605
 (7) Fair Value of Financial Instruments
   -11-




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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
 (8) Earnings Per Share
  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,(in thousands, except per share data)
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009Earnings per share  basicEarnings available to common
shareholders
    
    $
    4,693
    
    
    $
    2,590
    
    
    $
    14,174
    
    
    $
    7,729Weighted average shares
outstanding
    
    
    19,895
    
    
    
    19,621
    
    
    
    19,870
    
    
    
    19,616Earnings per share  basic
    
    $
    0.24
    
    
    $
    0.13
    
    
    $
    0.71
    
    
    $
    0.39Earnings per share  dilutedEarnings available to common
shareholders
    
    $
    4,693
    
    
    $
    2,590
    
    
    $
    14,174
    
    
    $
    7,729Weighted average shares
outstanding
    
    
    19,895
    
    
    
    19,621
    
    
    
    19,870
    
    
    
    19,616Dilutive impact of restricted stock
units
    
    
    249
    
    
    
    470
    
    
    
    283
    
    
    
    333Weighted average diluted shares
outstanding
    
    
    20,144
    
    
    
    20,091
    
    
    
    20,153
    
    
    
    19,949Earnings per share 
diluted
    
    $
    0.23
    
    
    $
    0.13
    
    
    $
    0.70
    
    
    $
    0.39
     Three Months Ended
    
    Nine Months EndedSeptember 30,
    
    September 30,2010
    
    2009
    
    2010
    
    2009Exchange of Calamos Interests ownership in Holdings
for shares of Class A common stock
    
    
    45,948,392
    
    
    
    53,894,411
    
    
    
    45,948,392
    
    
    
    53,894,411Restricted stock units
    
    
    814,695
    
    
    
    290,699
    
    
    
    561,598
    
    
    
    797,813Stock options
    
    
    2,438,926
    
    
    
    2,472,381
    
    
    
    2,438,926
    
    
    
    2,472,381Total
    
    
    49,202,013
    
    
    
    56,657,491
    
    
    
    48,948,916
    
    
    
    57,164,605
 -12-




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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
 (9) Stock Based Compensation
     (10) Income Taxes
  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,(in thousands)
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009Income tax provision
    
    $
    2,598
    
    
    $
    1,670
    
    
    $
    8,840
    
    
    $
    5,096Income tax (provision) benefit attributable
to non-controlling interest in Calamos
Holdings LLC
    
    
    144
    
    
    
    (99
    )
    
    
    (396
    )
    
    
    (357
    )Income tax provision attributable
to CAM
    
    
    2,742
    
    
    
    1,571
    
    
    
    8,444
    
    
    
    4,739Net income attributable to CAM
    
    
    4,693
    
    
    
    2,590
    
    
    
    14,174
    
    
    
    7,729Income before taxes attributable to CAM
    
    $
    7,435
    
    
    $
    4,161
    
    
    $
    22,618
    
    
    $
    12,468CAMs effective income tax rate
    
    
    36.9
    %
    
    
    37.8
    %
    
    
    37.3
    %
    
    
    38.0
    %
 -13-




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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
 (11) Non-operating Income (Loss)
  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,(in thousands)
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009Interest income
    
    $
    98
    
    
    $
    186
    
    
    $
    306
    
    
    $
    566Interest expense
    
    
    (1,950
    )
    
    
    (1,950
    )
    
    
    (5,850
    )
    
    
    (5,850
    )Net interest expense
    
    
    (1,852
    )
    
    
    (1,764
    )
    
    
    (5,544
    )
    
    
    (5,284
    )Investment income (loss)
    
    
    5,399
    
    
    
    (6,060
    )
    
    
    20,348
    
    
    
    1,452Miscellaneous other income (loss)
    
    
    68
    
    
    
    (148
    )
    
    
    384
    
    
    
    217Investment and other income (loss)
    
    
    5,467
    
    
    
    (6,208
    )
    
    
    20,732
    
    
    
    1,669Non-operating income (loss)
    
    $
    3,615
    
    
    $
    (7,972
    )
    
    $
    15,188
    
    
    $
    (3,615
    )
 (12) Recently Issued Accounting Pronouncements
  Consolidation,
Amendments for Certain Investment Funds,
 Subsequent Events, Amendments to Certain
Recognition and Disclosure Requirements,
 Technical Corrections to Various Topics,
 Fair Value Measurements and Disclosures,
 -14-




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##### Table of Contents



Item 2. Managements Discussion and Analysis of Financial Condition and Results of
Operations
   September 30,(in millions)
    
    2010
    
    
    2009Mutual FundsOpen-end funds
    
    $
    20,088
    
    
    $
    18,092Closed-end funds
    
    
    5,088
    
    
    
    4,764Total mutual funds
    
    
    25,176
    
    
    
    22,856Separate AccountsInstitutional accounts
    
    
    5,110
    
    
    
    4,219Managed accounts
    
    
    2,278
    
    
    
    3,468Total separate accounts
    
    
    7,388
    
    
    
    7,687Total assets under management
    
    $
    32,564
    
    
    $
    30,543
   -15-




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##### Table of Contents



Operating Results
 Third Quarter and Nine Months Ended September 30, 2010 Compared to Third Quarter and Nine Months
Ended September 30, 2009
 Assets Under Management
  Three Months Ended September 30,
    
    
    Nine Months Ended September 30,Change
    
    
    
    
    
    
    
    
    
    
    Change(in millions)
    
    2010
    
    
    2009
    
    
    Amount
    
    
    Percent
    
    
    2010
    
    
    2009
    
    
    Amount
    
    
    PercentTotal Mutual FundsBeginning assets under management
    
    $
    23,142
    
    
    $
    20,003
    
    
    $
    3,139
    
    
    
    16
    %
    
    $
    24,480
    
    
    $
    17,498
    
    
    $
    6,982
    
    
    
    40
    %Net purchases (redemptions)
    
    
    (141
    )
    
    
    21
    
    
    
    (162
    )
    
    
    *
    
    
    
    (301
    )
    
    
    95
    
    
    
    (396
    )
    
    
    *Market appreciation
    
    
    2,175
    
    
    
    2,832
    
    
    
    (657
    )
    
    
    (23
    )
    
    
    997
    
    
    
    5,263
    
    
    
    (4,266
    )
    
    
    (81
    )Ending assets under management
    
    
    25,176
    
    
    
    22,856
    
    
    
    2,320
    
    
    
    10
    
    
    
    25,176
    
    
    
    22,856
    
    
    
    2,320
    
    
    
    10Average assets under management
    
    
    23,997
    
    
    
    21,382
    
    
    
    2,615
    
    
    
    12
    
    
    
    24,239
    
    
    
    19,092
    
    
    
    5,147
    
    
    
    27Institutional AccountsBeginning assets under management
    
    
    4,710
    
    
    
    3,898
    
    
    
    812
    
    
    
    21
    
    
    
    4,619
    
    
    
    3,498
    
    
    
    1,121
    
    
    
    32Net purchases (redemptions)
    
    
    (155
    )
    
    
    (217
    )
    
    
    62
    
    
    
    29
    
    
    
    119
    
    
    
    (274
    )
    
    
    393
    
    
    
    *Market appreciation
    
    
    555
    
    
    
    538
    
    
    
    17
    
    
    
    3
    
    
    
    372
    
    
    
    995
    
    
    
    (623
    )
    
    
    (63
    )Ending assets under management
    
    
    5,110
    
    
    
    4,219
    
    
    
    891
    
    
    
    21
    
    
    
    5,110
    
    
    
    4,219
    
    
    
    891
    
    
    
    21Average assets under management
    
    
    4,854
    
    
    
    4,044
    
    
    
    810
    
    
    
    20
    
    
    
    4,812
    
    
    
    3,774
    
    
    
    1,038
    
    
    
    28Managed AccountsBeginning assets under management
    
    
    2,061
    
    
    
    3,131
    
    
    
    (1,070
    )
    
    
    (34
    )
    
    
    3,615
    
    
    
    3,044
    
    
    
    571
    
    
    
    19Net redemptions
    
    
    (103
    )
    
    
    (85
    )
    
    
    (18
    )
    
    
    (21
    )
    
    
    (1,475
    )
    
    
    (436
    )
    
    
    (1,039
    )
    
    
    (238
    )Market appreciation
    
    
    320
    
    
    
    422
    
    
    
    (102
    )
    
    
    (24
    )
    
    
    138
    
    
    
    860
    
    
    
    (722
    )
    
    
    (84
    )Ending assets under management
    
    
    2,278
    
    
    
    3,468
    
    
    
    (1,190
    )
    
    
    (34
    )
    
    
    2,278
    
    
    
    3,468
    
    
    
    (1,190
    )
    
    
    (34
    )Average assets under management
    
    
    2,144
    
    
    
    3,295
    
    
    
    (1,151
    )
    
    
    (35
    )
    
    
    2,628
    
    
    
    3,085
    
    
    
    (457
    )
    
    
    (15
    )Total Assets Under ManagementBeginning assets under management
    
    
    29,913
    
    
    
    27,032
    
    
    
    2,881
    
    
    
    11
    
    
    
    32,714
    
    
    
    24,040
    
    
    
    8,674
    
    
    
    36Net redemptions
    
    
    (399
    )
    
    
    (281
    )
    
    
    (118
    )
    
    
    (42
    )
    
    
    (1,657
    )
    
    
    (615
    )
    
    
    (1,042
    )
    
    
    (169
    )Market appreciation
    
    
    3,050
    
    
    
    3,792
    
    
    
    (742
    )
    
    
    (20
    )
    
    
    1,507
    
    
    
    7,118
    
    
    
    (5,611
    )
    
    
    (79
    )Ending assets under management
    
    $
    32,564
    
    
    $
    30,543
    
    
    $
    2,021
    
    
    
    7
    
    
    $
    32,564
    
    
    $
    30,543
    
    
    $
    2,021
    
    
    
    7Average assets under management
    
    $
    30,995
    
    
    $
    28,721
    
    
    $
    2,274
    
    
    
    8
    %
    
    $
    31,679
    
    
    $
    25,951
    
    
    $
    5,728
    
    
    
    22
    %
 
 *
    
    Not meaningful.    -16-




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##### Table of Contents



Financial Overview
 Three Months Ended September 30,
    
    
    Nine Months Ended September 30,Change
    
    
    
    
    
    
    
    
    
    
    Change(in thousands)
    
    2010
    
    
    2009
    
    
    Amount
    
    
    Percent
    
    
    2010
    
    
    2009
    
    
    Amount
    
    
    PercentOperating income
    
    $
    30,611
    
    
    $
    27,374
    
    
    $
    3,237
    
    
    
    12
    %
    
    $
    90,784
    
    
    $
    61,948
    
    
    $
    28,836
    
    
    
    47
    %Operating margin
    
    
    39.0
    %
    
    
    37.1
    %
    
    
    1.9
    %
    
    
    5
    %
    
    
    37.8
    %
    
    
    30.9
    %
    
    
    6.9
    %
    
    
    22
    %Net income
attributable to
Calamos Asset
Management, Inc.
    
    $
    4,693
    
    
    $
    2,590
    
    
    $
    2,103
    
    
    
    81
    %
    
    $
    14,174
    
    
    $
    7,729
    
    
    $
    6,445
    
    
    
    83
    %
   Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,(in thousands)
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009Distribution and underwriting fees
    
    $
    20,118
    
    
    $
    20,271
    
    
    $
    63,217
    
    
    $
    56,287Distribution expenses
    
    
    15,931
    
    
    
    15,713
    
    
    
    49,175
    
    
    
    42,473Amortization of deferred sales commissions
    
    
    2,198
    
    
    
    2,494
    
    
    
    7,240
    
    
    
    9,710Net distribution fees
    
    
    1,989
    
    
    $
    2,064
    
    
    
    6,802
    
    
    $
    4,104Net distribution fee margin
    
    
    10
    %
    
    
    10
    %
    
    
    11
    %
    
    
    7
    %
   -17-




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##### Table of Contents



Revenues
  Three Months Ended September 30,
    
    
    Nine Months Ended September 30,Change
    
    
    
    
    
    
    
    
    
    
    Change(in thousands)
    
    2010
    
    
    2009
    
    
    Amount
    
    
    Percent
    
    
    2010
    
    
    2009
    
    
    Amount
    
    
    PercentInvestment management fees
    
    $
    57,572
    
    
    $
    52,868
    
    
    $
    4,704
    
    
    
    9
    %
    
    $
    174,609
    
    
    $
    142,362
    
    
    $
    32,247
    
    
    
    23
    %Distribution and
underwriting fees
    
    
    20,118
    
    
    
    20,271
    
    
    
    (153
    )
    
    
    (1
    )
    
    
    63,217
    
    
    
    56,287
    
    
    
    6,930
    
    
    
    12Other
    
    
    729
    
    
    
    659
    
    
    
    70
    
    
    
    11
    
    
    
    2,189
    
    
    
    1,797
    
    
    
    392
    
    
    
    22Total revenues
    
    $
    78,419
    
    
    $
    73,798
    
    
    $
    4,621
    
    
    
    6
    
    
    $
    240,015
    
    
    $
    200,446
    
    
    $
    39,569
    
    
    
    20
    -18-




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##### Table of Contents



Operating Expenses
  Three Months Ended September 30,
    
    
    Nine Months Ended September 30,Change
    
    
    
    
    
    
    
    
    
    
    Change(in thousands)
    
    2010
    
    
    2009
    
    
    Amount
    
    
    Percent
    
    
    2010
    
    
    2009
    
    
    Amount
    
    
    PercentEmployee compensation and benefits
    
    $
    18,287
    
    
    $
    17,686
    
    
    $
    601
    
    
    
    3
    %
    
    $
    57,294
    
    
    $
    53,155
    
    
    $
    4,139
    
    
    
    8
    %Distribution expenses
    
    
    15,931
    
    
    
    15,713
    
    
    
    218
    
    
    
    1
    
    
    
    49,175
    
    
    
    42,473
    
    
    
    6,702
    
    
    
    16Amortization of deferred sales
commissions
    
    
    2,198
    
    
    
    2,494
    
    
    
    (296
    )
    
    
    (12
    )
    
    
    7,240
    
    
    
    9,710
    
    
    
    (2,470
    )
    
    
    (25
    )Marketing and sales promotion
    
    
    3,264
    
    
    
    2,627
    
    
    
    637
    
    
    
    24
    
    
    
    9,483
    
    
    
    8,089
    
    
    
    1,394
    
    
    
    17General and administrative
    
    
    8,128
    
    
    
    7,904
    
    
    
    224
    
    
    
    3
    
    
    
    26,039
    
    
    
    25,071
    
    
    
    968
    
    
    
    4Total operating expenses
    
    $
    47,808
    
    
    $
    46,424
    
    
    $
    1,384
    
    
    
    3
    %
    
    $
    149,231
    
    
    $
    138,498
    
    
    $
    10,733
    
    
    
    8
    %
       -19-




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##### Table of Contents



Non-operating Activities, Net of Non-controlling Interest in Partnership Investments
  Three Months Ended September 30,
    
    
    Nine Months Ended September 30,(in thousands)
    
    2010
    
    
    2009
    
    
    Change
    
    
    2010
    
    
    2009
    
    
    ChangeInterest income
    
    $
    98
    
    
    $
    186
    
    
    $
    (88
    )
    
    $
    306
    
    
    $
    566
    
    
    $
    (260
    )Interest expense
    
    
    (1,950
    )
    
    
    (1,950
    )
    
    
    
    
    
    
    (5,850
    )
    
    
    (5,850
    )
    
    
    Net interest expense
    
    
    (1,852
    )
    
    
    (1,764
    )
    
    
    (88
    )
    
    
    (5,544
    )
    
    
    (5,284
    )
    
    
    (260
    )Investment income (loss)
    
    
    5,399
    
    
    
    (6,060
    )
    
    
    11,459
    
    
    
    20,348
    
    
    
    1,452
    
    
    
    18,896Miscellaneous other income (loss)
    
    
    68
    
    
    
    (148
    )
    
    
    216
    
    
    
    384
    
    
    
    217
    
    
    
    167Investment and other income (loss)
    
    
    5,467
    
    
    
    (6,208
    )
    
    
    11,675
    
    
    
    20,732
    
    
    
    1,669
    
    
    
    19,063Non-operating income (loss)
    
    
    3,615
    
    
    
    (7,972
    )
    
    
    11,587
    
    
    
    15,188
    
    
    
    (3,615
    )
    
    
    18,803Net income attributable to non-controlling
interest in partnership investments
    
    
    (52
    )
    
    
    (141
    )
    
    
    89
    
    
    
    (63
    )
    
    
    (330
    )
    
    
    267Non-operating income (loss), net of non-
controlling interest in partnership
investments
    
    $
    3,563
    
    
    $
    (8,113
    )
    
    $
    11,676
    
    
    $
    15,125
    
    
    $
    (3,945
    )
    
    $
    19,070
   Three Months Ended September 30, 2010
    
    
    Nine Months Ended September 30, 2010Change in
    
    
    
    
    
    
    
    
    
    
    Change inAccumulated
    
    
    
    
    
    
    
    
    
    
    AccumulatedNon-
    
    
    Other
    
    
    
    
    
    
    Non-
    
    
    OtherOperating
    
    
    Comprehensive
    
    
    
    
    
    
    Operating
    
    
    Comprehensive(in thousands)
    
    Income
    
    
    Income
    
    
    Total
    
    
    Income
    
    
    Income
    
    
    TotalMutual funds and common stock
    
    $
    6,287
    
    
    $
    20,352
    
    
    $
    26,639
    
    
    $
    25,348
    
    
    $
    (1,155
    )
    
    $
    24,193Partnership investments
    
    
    2,937
    
    
    
    
    
    
    
    2,937
    
    
    
    2,342
    
    
    
    
    
    
    
    2,342Equity option contracts
    
    
    (3,825
    )
    
    
    
    
    
    
    (3,825
    )
    
    
    (7,342
    )
    
    
    
    
    
    
    (7,342
    )Investment income
    
    
    5,399
    
    
    
    20,352
    
    
    
    25,751
    
    
    
    20,348
    
    
    
    (1,155
    )
    
    
    19,193Non-controlling interest in
partnership investments
    
    
    (52
    )
    
    
    
    
    
    
    (52
    )
    
    
    (63
    )
    
    
    
    
    
    
    (63
    )Investment portfolio results
    
    $
    5,347
    
    
    
    
    
    
    $
    25,699
    
    
    $
    20,285
    
    
    
    
    
    
    $
    19,130Less: Non-controlling interest in
Calamos Holdings LLC
    
    
    
    
    
    
    (15,943
    )
    
    
    
    
    
    
    
    
    
    
    1,369Change in accumulated other
comprehensive income due to
stock issuances
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (64
    )Deferred income taxes
    
    
    
    
    
    
    (1,631
    )
    
    
    
    
    
    
    
    
    
    
    (75
    )Change in accumulated other
comprehensive income
    
    
    
    
    
    $
    2,778
    
    
    
    
    
    
    
    
    
    
    $
    75
  -20-




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##### Table of Contents



Income Taxes
  Net Income
     Liquidity and Capital Resources
   Increase(in thousands)
    
    September 30, 2010
    
    
    December 31, 2009
    
    
    (Decrease)Cash and cash equivalents
    
    $
    93,425
    
    
    $
    145,431
    
    
    $
    (52,006
    )Investment securities
    
    
    295,454
    
    
    
    207,886
    
    
    
    87,568Derivatives, net
    
    
    706
    
    
    
    (1,730
    )
    
    
    2,436Partnership investments, net of non-controlling interests
    
    
    38,187
    
    
    
    35,924
    
    
    
    2,263Total corporate investment portfolio
    
    $
    427,772
    
    
    $
    387,511
    
    
    $
    40,261
 -21-




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##### Table of Contents



Results as ofCovenant  Requirement
    
    September 30, 2010EBITDA/interest expense  not less than 3.0
    
    
    18.63Debt/EBITDA  not more than 3.0
    
    
    0.86Investment coverage ratio  not less than 1.175
    
    
    2.92Net worth (in millions)  not less than $160
    
    $
    292
   September 30,
    
    December 31,(in thousands)
    
    2010
    
    2009Statements of financial condition data:Cash and cash equivalents
    
    $
    93,425
    
    
    $
    145,431Receivables
    
    
    27,193
    
    
    
    26,489Investment securities and derivatives, net
    
    
    296,160
    
    
    
    206,156Partnership investments, net
    
    
    38,187
    
    
    
    35,924Deferred tax assets, net
    
    
    79,273
    
    
    
    86,256Deferred sales commissions
    
    
    9,388
    
    
    
    12,705Long-term debt, including current portion
    
    
    125,000
    
    
    
    125,000
  September 30,(in thousands)
    
    2010
    
    2009Cash flow data:Net cash provided by operating activities
    
    $
    99,781
    
    
    $
    81,464Net cash provided by (used in) investing
activities
    
    
    (77,348
    )
    
    
    11,810Net cash used in financing activities
    
    
    (74,439
    )
    
    
    (23,230
    )
    -22-




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##### Table of Contents



Recently Issued Accounting Pronouncements
  Critical Accounting Policies
  Other Information
      -23-




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##### Table of Contents



No Recognition of CAMs
    
    
    Full Recognition of CAMsOther Assets
    
    
    Other AssetsOwnership in
    
    
    
    
    
    
    Ownership inCalamos
    
    
    Other
    
    
    Calamos
    
    
    Other(in thousands, except share data)
    
    Holdings LLC
    
    
    Assets
    
    
    Holdings LLC
    
    
    AssetsDivide:Discounted value of CAMs Other Assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    80,620Class A shares outstanding at September 30, 2010
    
    
    
    
    
    
    19,894,773
    
    
    
    
    
    
    
    19,894,773Discounted value per share of CAMs
Other Assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    4.05Multiply:Share price attributed to assets
    
    $
    11.50
    
    
    
    
    
    
    $
    7.45
    
    
    $
    4.05Class A shares outstanding at September 30, 2010
    
    
    19,894,773
    
    
    
    19,894,773
    
    
    
    19,894,773
    
    
    
    19,894,773Market capitalization of outstanding shares
    
    $
    228,790
    
    
    
    
    
    
    $
    148,170
    
    
    $
    80,620Divide by:CAMs percentage ownership
    
    
    21.7
    %
    
    
    100
    %
    
    
    21.7
    %
    
    
    100
    %Market capitalization associated with CAMs assets
    
    $
    1,056,010
    
    
    
    
    
    
    $
    683,899
    
    
    $
    80,620Fully consolidated market capitalization
    

    $1,056,010
    
    $764,519
 Forward-Looking Information
      -24-




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##### Table of Contents



Risk Factors
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
  
 Item 4. Controls and Procedures
   -25-




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##### Table of Contents



PART II  OTHER INFORMATION
 
 Item 1. Legal Proceedings
     -26-




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##### Table of Contents



Item 6. Exhibits
 3(i)
    
    Second Amended and Restated Certificate of Incorporation of the Registrant
(incorporated by reference to Exhibit 3.1 to the Registrants Annual Report on
Form 10-K filed with the Securities and Exchange Commission on March 13,
2009).3(ii)
    
    Second Amended and Restated By-Laws of the Registrant (incorporated by
reference to Exhibit 3.2 to the Registrants Annual Report on Form 10-K filed
with the Securities and Exchange Commission on March 13, 2009).4.1
    
    Stockholders Agreement 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).4.2
    
    Registration Rights Agreement 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).10.1
    
    Calamos Asset Management, Inc. Incentive Compensation Plan, as amended
effective May 22, 2009 (incorporated by reference to Exhibit 10.1 to the
Registrants Current Report on Form 8-K filed with the Securities and Exchange
Commission on May 27, 2009).31.1
    
    Certification pursuant to Rules 13a-14(a) and 15d-14(a) of the Exchange Act.31.2
    
    Certification pursuant to Rules 13a-14(a) and 15d-14(a) of the Exchange Act.32.1
    
    Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.32.2
    
    Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.
 -27-




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##### Table of Contents



SIGNATURES
  CALAMOS ASSET MANAGEMENT, INC.
          (Registrant)Date:  November 4, 2010
    By:
    /s/ Cristina WasiakCristina WasiakChief Financial Officer
(Principal Financial Officer) -28-