Pzena Investment Management : PZENA INVESTMENT MANAGEMENT, INC. REPORTS RESULTS FOR THE SECOND QUARTER OF 2013

   Pzena Investment Management : PZENA INVESTMENT MANAGEMENT, INC. REPORTS
                    RESULTS FOR THE SECOND QUARTER OF 2013

  *Revenue was $22.1 million for the second quarter, operating income was
    $11.3 million.
  *Diluted earnings per share was $0.10 on a GAAP basis and $0.09 on a
    non-GAAP basis.
  *Declared a quarterly dividend of $0.03 per share.

NEW YORK, NEW YORK, July 23, 2013 - Pzena Investment Management, Inc. (NYSE:
PZN) reported the following U.S. GAAP (U.S. Generally Accepted Accounting
Principles) and non-GAAP basic and diluted net income and earnings per share
for the three and six months ended June 30, 2013 and 2012 (in thousands,
except per-share amounts):



                              GAAP Basis               Non-GAAP Basis
                       For the Three Months Ended For the Three Months Ended
                               June 30,                   June 30,
                          2013         2012         2013          2012
                                            (unaudited)
                                                            
Basic Net Income        $ 1,266    $ 614  $ 1,225      $ 745
Basic Earnings Per      $ 0.10   $ 0.06  $ 0.10     $ 0.07
Share
                                                            
Diluted Net Income      $ 6,358    $ 614  $ 6,317      $ 4,464
Diluted Earnings Per    $ 0.10   $ 0.06  $ 0.09     $ 0.07
Share
                                                            
                              GAAP Basis               Non-GAAP Basis
                        For the Six Months Ended   For the Six Months Ended
                               June 30,                   June 30,
                          2013         2012         2013          2012
                                            (unaudited)
                                                            
Basic Net Income        $ 2,435    $ 1,621   $ 2,208      $ 1,656
Basic Earnings Per      $ 0.21   $ 0.15  $ 0.19     $ 0.16
Share
                                                            
Diluted Net Income      $ 12,268    $ 10,032   $ 12,041      $ 10,067
Diluted Earnings Per    $ 0.18   $ 0.15  $ 0.18     $ 0.15
Share

The results for the three and six months ended June 30, 2013 and 2012 include
recurring adjustments related to the Company's tax receivable agreement and
the associated liability to its selling and converting shareholders.
Management believes that these accounting adjustments add a measure of
non-operational complexity which obscures the underlying performance of the
business. In evaluating the financial condition and results of operations,
management also reviews non-GAAP measures of earnings, which exclude these
items. Excluding these adjustments, non-GAAP diluted net income and non-GAAP
diluted net income per share were $6.3 million and $0.09, respectively, for
the three months ended June 30, 2013, and $4.5million and $0.07,
respectively, for the three months ended June 30, 2012. Non-GAAP diluted net
income and non-GAAP diluted net income per share were $12.0 million and $0.18,
respectively, for the six months ended June 30, 2013, and $10.1 million and
$0.15, respectively, for the six months ended June 30, 2012. GAAP and
non-GAAP net income for diluted earnings per share generally assume all
operating company membership units are converted into Company stock at the
beginning of the reporting period, and the resulting change to Company GAAP
and non-GAAP net income associated with its increased interest in the
operating company is taxed at the Company's effective tax rate, exclusive of
the adjustments noted above and other adjustments. When this conversion
results in an increase in earnings per share or a decrease in loss per share,
diluted net income and diluted earnings per share are assumed to be equal to
basic net income and basic earnings per share for the reporting period.

Management uses the non-GAAP measures to assess the strength of the underlying
operations of the business. It believes the non-GAAP measures provide
information to better analyze the Company's operations between periods and
over time. Investors should consider the non-GAAP measures in addition to,
and not as a substitute for, financial measures prepared in accordance with
GAAP.


Assets Under Management (unaudited)                             
($ billions)                                                    
                                        Three Months Ended    Twelve Months
                                                                     Ended
                                       June   March  June   June   June
                                          30,     31,     30,     30,     30,
                                       2013   2013   2012   2013   2012
                                                               
Institutional Accounts                                          
 Assets                                                        
 Beginning of Period              $  12.2 $  11.2 $  12.2 $  10.9 $  12.9
 Inflows                         0.1    0.4    0.3    0.8    1.4
 Outflows                      (0.4)  (0.5)  (0.7)  (2.2)  (2.5)
 Net Flows                     (0.3)  (0.1)  (0.4)  (1.4)  (1.1)
 Market                          0.7    1.1  (0.9)    3.1  (0.9)
Appreciation/(Depreciation)
 End of Period                    $  12.6 $  12.2 $  10.9 $  12.6 $  10.9
                                                                   
Retail Accounts                                                     
 Assets                                                            
 Beginning of Period Assets        $   7.3 $   5.9 $   2.5 $   2.2 $   3.0
 Inflows                         0.3    0.8    0.1    4.8    0.7
 Outflows                      (0.4)  (0.2)  (0.2)  (1.1)  (1.3)
 Net Flows                     (0.1)    0.6  (0.1)    3.7  (0.6)
 Market                          0.5    0.8  (0.2)    1.8  (0.2)
Appreciation/(Depreciation)
 End of Period                    $   7.7 $   7.3 $   2.2 $   7.7 $   2.2
                                                                   
Total                                                               
 Assets                                                            
 Beginning of Period              $  19.5 $  17.1 $  14.7 $  13.1 $  15.9
 Inflows                         0.4    1.2    0.4    5.6    2.1
 Outflows                      (0.8)  (0.7)  (0.9)  (3.3)  (3.8)
 Net Flows                     (0.4)    0.5  (0.5)    2.3  (1.7)
 Market                          1.2    1.9  (1.1)    4.9  (1.1)
Appreciation/(Depreciation)
 End of Period                    $  20.3 $  19.5 $  13.1 $  20.3 $  13.1

Financial Discussion

Revenue (unaudited)                                        
($ thousands)                                              
                                         Three Months Ended
                           June 30,         March 31,          June 30,
                             2013              2013              2012
                                                          
Institutional         $        $        $ 
Accounts                 17,411             16,540             16,019
Retail Accounts                            
                          4,721              4,302              2,320
 Total             $        $        $ 
                          22,132             20,842             18,339
                                                          
                                                          
                                                 Six Months Ended
                                            June 30,          June 30,
                                              2013              2012
                                                          
Institutional                          $        $ 
Accounts                                    33,951             33,369
Retail Accounts                                    
                                             9,023              4,738
 Total                              $        $ 
                                             42,974             38,107

Revenue was $22.1 million for the second quarter of 2013, an increase of 6.2%
from $20.8 million for the first quarter of 2013, and an increase of 20.7%
from $18.3 million for the second quarter of 2012.

Average assets under management for the second quarter of 2013 was $20.1
billion, an increase of 8.6% from $18.5 billion for the first quarter of 2013,
and an increase of 46.7% from $13.7 billion for the second quarter of 2012.
The increase from the first quarter of 2013 was due to market appreciation
partially offset by net outflows. The increase from the second quarter of
2012 was due to market appreciation and net inflows.

The weighted average fee rate was 0.441% for the second quarter of 2013,
decreasing from 0.450% for the first quarter of 2013, and from 0.537% for the
second quarter of 2012. The decrease from the first quarter of 2013 was
primarily due to the increase in average assets under management during the
second quarter of 2013. Our tiered fee schedules typically charge lower rates
as account size increases. The decrease from the second quarter of 2012 was
also driven by the increase in weighted average assets under management
primarily associated with the large inflow representing the Company's
assignment to manage 28% of the Vanguard Windsor Fund as of the beginning of
August 2012.

The weighted average fee rate for institutional accounts was 0.556% for the
second quarter of 2013, decreasing from 0.558% for the first quarter of 2013,
and from 0.566% for the second quarter of 2012. The decrease from the first
quarter of 2013 and from the second quarter of 2012 was primarily due to an
increase in average assets under management during the second quarter of
2013.

The weighted average fee rate for retail accounts was 0.250% for the second
quarter of 2013, decreasing from 0.258% for the first quarter of 2013, and
from 0.394% for the second quarter of 2012. The decrease from the first
quarter of 2013 was primarily due to an increase in average assets under
management during the second quarter of 2013. The decrease from the second
quarter of 2012 was primarily due to the impact of the Vanguard assignment.

Total operating expenses were $10.9 million in the second quarter of 2013,
decreasing from $11.4 million in the first quarter of 2013 and increasing from
$9.9 million for the second quarter of 2012. The decrease from the first
quarter of 2013 is primarily due to an expense of $0.6 million associated with
severance charges recognized during the first quarter of 2013. The increase
from the second quarter of 2012 represents increases in the Company's
discretionary bonus accruals. Details of operating expenses are shown below:


                                                            
Operating Expenses
(unaudited)
($ thousands)                                              
                                        Three Months Ended
                           June 30,         March 31,        June 30,
                             2013             2013             2012
                                                         
Compensation and         $      $      $ 
Benefits Expense             8,914             9,608             8,012
General and                                 
Administrative Expense       1,943             1,809             1,916
 Operating Expenses   $       $       $ 
                             10,857            11,417            9,928
                                                         
                                                Six Months Ended
                                           June 30,         June 30,
                                             2013             2012
                                                         
Compensation and                         $       $ 
Benefits Expense                               18,522            16,185
General and                                         
Administrative Expense                         3,752             3,619
 Operating Expenses                   $       $ 
                                               22,274            19,804


As of June 30, 2013, employee headcount was 70, down from 71 at March 31, 2013
and up from 67 at June 30, 2012.

The operating margin was 50.9% for the second quarter of 2013, compared to
45.2% for the first quarter of 2013, and 45.9% for the second quarter of
2012.

Other income/(expense) was income of $0.3 million for the second quarter of
2013, an expense of $0.2 million for the first quarter of 2013, and income of
$0.1 million for the second quarter of 2012. Other income/(expense) includes
the net realized and unrealized gain/(loss) recognized by the Company on its
direct investments, as well as those recognized by the Company's external
investors on their investments in investment partnerships that the Company is
required to consolidate. A portion of realized and unrealized gain/(loss)
associated with the investments of the Company's outside interests are offset
in net income attributable to non-controlling interests. For the second
quarter 2013, other income/(expense) also includes an expense of $0.2 million
associated with an increase in the Company's liability to its selling and
converting shareholders resulting from changes in the realizability of its
related deferred tax asset. Such adjustments generated an expense of $1.0
million and income of $0.3 million in the first quarter of 2013 and the
second quarter of 2012, respectively. Details of other income/(expense), as
well as a reconciliation of the related GAAP and non-GAAP measures, are shown
below:

Other Income/(Expense) (unaudited)                                                                                                        
($ thousands)                                                                                                                             
                                                                                                           Three Months Ended
                                                                                       June 30,                            March 31,          June 30,
                                                                                         2013                                 2013              2012
                                                                                                                                         
Net Interest and Dividend Income                                $                            114              $    $ 
                                                                                                                                        56                 75
Net Realized and Unrealized Gain from Investments                                           414                        
                                                                                                                                       851              (189)
Change in Liability to Selling and Converting Shareholders¹                                (229)                           
                                                                                                                                   (1,039)                315
Other (Expense)                                                                           (48)                     
                                                                                                                                      (40)               (72)
 GAAP Other Income/ (Expense)                                                            251                        
                                                                                                                                     (172)                129
Change in Liability to Selling and Converting Shareholders¹                                 229                           
                                                                                                                                     1,039              (315)
Outside Interests of Investment Partnerships²                                              (311)                        
                                                                                                                                     (408)                116
 Non-GAAP Other Income/ (Expense), Net of Outside Interests  $                          169            $    $  
                                                                                                                                       459               (70)
                                                                                                                                         
                                                                                                                                Six Months Ended
                                                                                                                           June 30,          June 30,
                                                                                                                             2013              2012
                                                                                                                                         
Net Interest and Dividend Income                                                                           $                   $   
                                                                                                                                       170                127
Net Realized and Unrealized Gain/(Loss) from Investments                                                                            
                                                                                                                                     1,265                666
Change in Liability to Selling and Converting Shareholders¹                                                                           
                                                                                                                                   (1,268)              (658)
Other (Expense)/ Income                                                                                                       
                                                                                                                                      (88)                 33
 GAAP Other Income/ (Expense)                                                                                               
                                                                                                                                        79                168
Change in Liability to Selling and Converting Shareholders¹                                                                         
                                                                                                                                     1,268                658
Outside Interests of Investment Partnerships²                                                                                      
                                                                                                                                     (719)              (353)
 Non-GAAP Other Income, Net of Outside Interests                                                        $               $   
                                                                                                                                       628                473
                  
                                                                                                                                         
 1 Reflects the change in the liability to the Company's selling and converting shareholders associated with
 the deferred tax asset generated by the Company's initial public offering and subsequent unit conversions.
                                                                                                                                         
 2 Represents the non-controlling interest allocation of the loss/(income) of the Company's consolidated
 investment partnerships to its external investors.

The Company recognized a $1.2 million income tax expense for the second
quarter of 2013, a $0.4 million income tax benefit for the first quarter of
2013, and a $1.5 million income tax expense for the second quarter of 2012.
Second quarter 2013 income taxes included a $0.6 million income tax benefit
associated with a decrease to the valuation allowance recorded against the
Company's deferred tax asset related to the basis step ups associated with
operating company unit exchanges. Such adjustments generated a $1.2 million
income tax benefit in the first quarter of 2013 and a $0.4 million income tax
expense in the second quarter of 2012. The Company also recognized a $0.3
million income tax expense during the second quarter 2013 representing the net
impact of the change in the Company's deferred tax asset and valuation
allowance assessed against the deferred tax asset associated with a change in
the Company's effective tax rate. Details of the income tax expense/
(benefit), as well as a reconciliation of the related GAAP and non-GAAP
measures, are shown below:

Income Tax
(Benefit)/Expense                                          
(unaudited)
($ thousands)                                               
                                         Three Months Ended
                           June 30,          March 31,         June 30,
                             2013              2013              2012
                                                           
Corporate Income Tax  $    $     $  
Expense                              834                 733               537
Unincorporated                       
Business Tax Expense¹                670                  54               551
 Non-GAAP Income           1,504          787         1,088
Tax Expense
 Change in           (556)          (1,225)        446
Valuation Allowance^2
 Net
Adjustment to                 286        -      -
Deferred Tax Asset^3
GAAP Income Tax       $       $      $     
Expense/(Benefit)                  1,234               (438)             1,534
                                                           
                                                           
                                                 Six Months Ended
                                            June 30,          June 30,
                                              2013              2012
                                                           
Corporate Income Tax                   $  1,567 $     
Expense                                                                  1,219
Unincorporated                                       
Business Tax Expense¹                                    724             1,184
 Non-GAAP Income                             2,291         2,403
Tax Expense
 Change in                              (1,781)       (623)
Valuation Allowance^2
 Net
Adjustment to                                   286      -
Deferred Tax Asset^3
GAAP Income Tax                        $     $     
Expense                                                  796             1,780
                                                                       
                                                           
                                                           
                                                           

 1 Includes a $0.6 million tax benefit recognized in the    
first quarter of 2013 associated with
 the amendment of prior year tax returns to change the   
methodology for state and local receipts.
                                                           
 2 Reflects the change in the valuation allowance assessed against the
deferred tax asset established
 as part of the Company's initial public offering       
and subsequent unit conversions.
                                                           
 3 Reflects the net impact of the change in the Company's deferred tax
asset and valuation allowance
 assessed against the deferred tax asset associated with a change in
the Company's effective tax rate.

Details ofnet income attributable to non-controlling interests of the
Company's operating company and consolidated subsidiaries, as well as a
reconciliation of the related GAAP and non-GAAP measures, are shown below:

Non-Controlling                                            
Interests (unaudited)
($ thousands)                                              
                                                            
                                          Three Months Ended
                            June 30,        March 31,          June 30,
                             2013           2013            2012
                                                          
Operating Company      $     $       $      
Allocation                        8,715              8,114              6,508
Outside Interests of                      
Investment                          311               408             (116)
Partnerships^1
GAAP Net Income
Attributable to         $     $       $      
Non-Controlling                    9,026              8,522              6,392
Interests
                                                                       
                                                 Six Months Ended
                                            June 30,          June 30,
                                             2013            2012
                                                                       
Operating Company                     $  16,829 $  14,717
Allocation
Outside Interests of                                 
Investment                                           719               353
Partnerships^1
GAAP Net Income
Attributable to                        $  17,548 $  15,070
Non-Controlling
Interests
                                                          
                                                          
 1 Represents the non-controlling interest allocation of the loss/(income)
of the Company's consolidated
 investment partnerships to its external investors.

On July 16, 2013, the Company's Board of Directors approved a quarterly
dividend of $0.03 per share of its Class A common stock to be declared on July
23, 2013. The following dates apply to the dividend:

Record Date: August 15, 2013

Payment Date: August 29, 2013

During the last twelve months, inclusive of the dividend noted above, the
Company declared total dividends of $0.25 per share of its Class A common
stock.

Second Quarter 2013 Earnings Call Information

Pzena Investment Management, Inc. (NYSE: PZN) will hold a conference call to
discuss the Company's financial results and outlook at 10:00 a.m. ET,
Wednesday, July 24, 2013. The call will be open to the public.

Webcast Instructions: To gain access to the webcast, which will be
"listen-only," go to the Events page in the Investor Relations area of the
Company's website, www.pzena.com.

Teleconference Instructions: To gain access to the conference call via
telephone, U.S./Canada callers should dial 800-322-2803; international callers
should dial 617-614-4925. The conference ID number is 91663983.

Replay: The conference call will be available for replay through August 10,
2013, on the web using the information given above.

About Pzena Investment Management

Pzena Investment Management, LLC, the firm's operating company, is a
value-oriented investment management firm. Founded in 1995, Pzena Investment
Management has built a diverse, global client base. More firm and stock
information is posted at www.pzena.com.

Forward-Looking Statements

This press release may contain, in addition to historical information,
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are based on
the Company's current assumptions, expectations and projections about future
events. Words like "believe," "anticipate," "intend," "estimate," "expect,"
"project," and similar expressions are used to identify forward-looking
statements, although not all forward-looking statements contain these words.
These forward-looking statements are necessarily estimates reflecting the best
judgment of the Company's management and involve a number of risks,
uncertainties and assumptions that could cause actual results to differ
materially from those expressed or implied by the forward-looking statements.

Among the factors that could cause actual results to differ from those
expressed or implied by a forward-looking statement are those described in the
sections entitled "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in the Company's Annual Report
on Form 10-K, as filed with the SEC on March 12, 2013 and in the Company's
Quarterly Reports on Form 10-Q as filed with the SEC. In light of these risks,
uncertainties, assumptions, and factors, actual results could differ
materially from those expressed or implied in the forward-looking statements.

You are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date stated, or if no date is stated,
as of the date of this release.

The Company is not under any obligation and does not intend to make publicly
available any update or other revisions to any forward-looking statements to
reflect circumstances existing after the date of this release or to reflect
the occurrence of future events even if experience or future events make it
clear that any expected results expressed or implied by those forward-looking
statements will not be realized.

Contact: Gary Bachman, 212-355-1600 or bachman@pzena.com



                     PZENA INVESTMENT MANAGEMENT, INC.
                                      
               CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                               (in thousands)
                                                  
                                              As of
                                June 30,                December 31,
                                 2013                    2012
                         (unaudited)             
ASSETS                                             
  Cash and Cash        $   25,675 $   32,645
   Equivalents
  Restricted Cash         1,031     1,030
  Due from Broker                
                                                 85                         22
  Advisory Fees             18,374      14,626
   Receivable
  Investments, at Fair     8,323     5,170
   Value
  Prepaid Expenses and     1,333       
   Other Assets                                                           719
   Deferred Tax Asset,
  Net of Valuation                                                       
   Allowance
     of $58,185 and
   $59,917,                 10,372     9,688
     respectively
  Property and                                                          
   Equipment, Net
   of Accumulated                                                      
     Depreciation of
   $2,772 and $2,695,              
     respectively                              707                        779
    TOTAL ASSETS $   65,900 $   64,679
                                                                       
LIABILITIES AND EQUITY                                                  
  Liabilities:                                                         
     Accounts Payable
   and Accrued         $   10,059 $  4,305
     Expenses
   Due to Broker                
                                                 68                         23
     Liability to
   Selling and             9,602     9,656
     Converting
     Shareholders
   Lease Liability              1,203
                                                991
     Deferred
   Compensation            1,039     1,327
     Liability
   Other Liabilities              
                                                146                        199
    TOTAL              21,905      16,713
     LIABILITIES
                                                                       
  Equity:                                                              
     Total Pzena
   Investment               14,044      14,569
     Management, Inc.'s
     Equity
   Non-Controlling         29,951      33,397
     Interests
    TOTAL EQUITY      43,995      47,966
      TOTAL
   LIABILITIES AND     $   65,900 $   64,679
     EQUITY



                           PZENA INVESTMENT MANAGEMENT, INC.
                                                                        
                    UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
                  (in thousands, except share and per-share amounts)
                                                                  
                                                                  
                      Three Months Ended                   Six Months Ended
                           June 30,                            June 30,
                   2013           2012            2013            2012
                                                                  
REVENUE       $      $      $        $     
                           22,132            18,339              42,974            38,107
                                                                              
EXPENSES                                                                       
Compensation                                      
and Benefits               8,914            8,012             18,522           16,185
Expense
General and                                     
Administrative             1,943            1,916              3,752            3,619
Expense
  TOTAL                                            
 OPERATING               10,857            9,928             22,274           19,804
  EXPENSES
Operating                                      
Income                    11,275             8,411              20,700            18,303
                                                                              
Other Income                 
                              251               129                  79               168
                                                                              
Income Before                                  
Taxes                     11,526             8,540              20,779            18,471
                                                                              
Income Tax                               
Expense                    1,234             1,534                 796             1,780
Consolidated                                   
Net Income                10,292             7,006              19,983            16,691
                                                                              
Less: Net
Income                                             
Attributable to            9,026            6,392             17,548           15,070
Non-Controlling
Interests
                                                                              
Net Income
Attributable to                                                                  
Pzena
    Investment                               
  Management, $         1,266 $           614 $           2,435 $         1,621
    Inc.
                                                                              
Earnings per
Share - Basic
and Diluted                                                                      
Attributable
to
Pzena
Investment
Management,                                                                      
Inc. Common
Stockholders:
                                                                              
Net Income for                               
Basic Earnings  $         1,266 $           614 $           2,435 $         1,621
per Share
Basic Earnings $   $   $     $  
per Share                   0.10              0.06                0.21              0.15
Basic Weighted
Average Shares      12,315,065     10,565,406       11,793,983     10,570,247
Outstanding
                                                                              
Net Income for
Diluted         $     $  $        $     
Earnings per                6,358               614              12,268            10,032
Share
Diluted                                 
Earnings per    $          0.10 $          0.06 $            0.18 $          0.15
Share
Diluted
Weighted            66,562,823     10,565,406       66,550,266     65,395,327
Average Shares
Outstanding



                            PZENA INVESTMENT MANAGEMENT, INC.
                                                                         
                UNAUDITED NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
                   (in thousands, except share and per-share amounts)
                                                                         
                                                                         
                          Non-GAAP Basis                       Non-GAAP Basis
                        Three Months Ended                    Six Months Ended
                             June 30,                             June 30,
                    2013             2012           2013            2012
                                                                   
REVENUE       $        $       $      $      
                             22,132             18,339            42,974             38,107
                                                                                
EXPENSES                                                                         
Compensation                                        
and Benefits                 8,914             8,012           18,522            16,185
Expense
General and                                       
Administrative               1,943             1,916            3,752             3,619
Expense
  TOTAL                                              
 OPERATING                 10,857             9,928           22,274            19,804
  EXPENSES
Operating                                        
Income                      11,275              8,411            20,700             18,303
                                                                                
Other Income/
(Expense), Net                    
of Outside                      169               (70)               628                473
Interests
                                                                                
Income Before
Taxes and                                             
Operating                   11,444             8,341           21,328            18,776
Company
Allocation
                                                                                
Unincorporated                           
Business Tax                   670               551              724             1,184
Expense
Allocable                                        
Income                      10,774              7,790            20,604             17,592
                                                                                
Operating                                           
Company                      8,715             6,508           16,829            14,717
Allocation
Income Before                                     
Corporate                    2,059             1,282            3,775             2,875
Income Taxes
                                                                                
Corporate                                   
Income Tax                     834               537            1,567             1,219
Expense
Non-GAAP Net   $       $   $     $     
Income                       1,225                745             2,208              1,656
Tax Receivable
Agreement                        
Income/ (Loss),                  41              (131)               227               (35)
Net of Taxes
GAAP Net       $       $   $     $     
Income                       1,266                614             2,435              1,621
                                                                                
Earnings Per
Share - Basic
and Diluted                                                                        
Attributable
to
Pzena Investment
Management, Inc.                                                                    
Common
Stockholders:
                                                                                
  Net Income
 for Basic     $       $   $     $     
  Earnings per                1,225                745             2,208              1,656
  Share
  Basic                                   
 Earnings per  $            0.10 $           0.07 $          0.19 $           0.16
  Share
  Basic
  Weighted
 Average             12,315,065      10,565,406     11,793,983      10,570,247
  Shares
  Outstanding
                                                                                
  Net Income
 for Diluted   $       $      $      $      
  Earnings per                6,317              4,464            12,041             10,067
  Share
  Diluted                                 
 Earnings per  $            0.09 $           0.07 $          0.18 $           0.15
  Share
  Diluted
  Weighted
 Average             66,562,823      65,426,774     66,550,266      65,395,327
  Shares
  Outstanding

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Source: Pzena Investment Management via Thomson Reuters ONE
HUG#1718125
 
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