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Earnings Per Share
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
The Company calculates its basic and diluted earnings per share in accordance with US GAAP. Basic earnings per common share is calculated by dividing net income attributable to the Company's stockholders by the weighted average number of common shares outstanding for the period. As of December 31, 2013, there were 115,026,633 shares outstanding. The Company has included 482,522 fully vested, unissued restricted stock units in its calculation of basic earnings per share.
Diluted earnings per common share are calculated by adjusting the weighted average outstanding shares to assume conversion of all potentially dilutive nonvested restricted stock and stock options. The Company uses the treasury stock method to reflect the potential dilutive effect of the unvested restricted shares, restricted stock units and unexercised stock options and SAR's. In calculating the number of dilutive shares outstanding, the shares of common stock underlying unvested restricted shares and restricted stock units are assumed to have been delivered, and options are assumed to have been exercised, on the grant date. The assumed proceeds from the assumed vesting, delivery and exercising were calculated as the sum of (a) the amount of compensation cost attributed to future services and not yet recognized and (b) the amount of tax benefit that would be credited to additional paid-in capital assuming vesting and delivery of the restricted stock. The tax benefit is the amount resulting from a tax deduction for compensation in excess of compensation expense recognized for financial statement reporting purposes. All outstanding stock options were not included in the computation of diluted net income (loss) per common share for the years ended December 31, 2013, 2012 and 2011, respectively, as their inclusion would have been anti-dilutive.
The computation of earnings per share is as follows:
 
Year Ended December 31,
 
2013
 
2012
 
2011
 
(dollars in thousands, except per share data)
Net income (loss)
$
17,840

 
$
(23,957
)
 
$
(78,537
)
Net income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries and funds
13,193

 
(72
)
 
5,827

Net income (loss) attributable to Cowen Group, Inc. stockholders
4,647

 
(23,885
)
 
(84,364
)
 
 
 
 
 
 
Net income (loss) from discontinued operations, net of tax
—

 
—

 
(23,646
)
 
 
 
 
 
 
Shares for basic and diluted calculations:
 
 
 
 
 
Weighted average shares used in basic computation
116,703

 
114,400

 
95,532

Stock options
—

 
—

 
—

Stock appreciation rights
306

 
—

 
—

Restricted stock
4,108

 
—

 
—

Weighted average shares used in diluted computation
121,117

 
114,400

 
95,532

Earnings (loss) per share:
 
 
 
 
 
Basic
 
 
 
 
 
Income (loss) from continued operations
$
0.04

 
$
(0.21
)
 
$
(0.88
)
Income (loss) from discontinued operations
—

 
—

 
(0.25
)
Diluted
 
 
 
 
 
Income (loss) from continued operations
$
0.04

 
$
(0.21
)
 
$
(0.88
)
Income (loss) from discontinued operations
—

 
—

 
(0.25
)