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Earnings Per Share
 12 Months Ended
Dec. 31, 2014
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, 2014, there were 111,691,199 shares outstanding. The Company has included 424,479 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, unexercised stock options, warrants 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 and warrants 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 and warrants were not included in the computation of diluted net income (loss) per common share for the years ended December 31, 2014, 2013, and 2012, respectively, as their inclusion would have been anti-dilutive.
The computation of earnings per share is as follows:
 
Year Ended December 31,
 
2014
 
2013
 
2012
 
(dollars in thousands, except per share data)
Net income (loss)
$
182,780

 
$
17,840

 
$
(23,957
)
Net income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries and funds
15,564

 
13,193

 
(72
)
Net income (loss) attributable to Cowen Group, Inc. stockholders
$
167,216

 
$
4,647

 
(23,885
)
 
 
 
 
 
 
Shares for basic and diluted calculations:
 
 
 
 
 
Weighted average shares used in basic computation
114,926

 
116,703

 
114,400

Warrants
—

 
—

 
—

Stock options
—

 
—

 
—

Stock appreciation rights
60

 
306

 
—

Restricted stock
4,500

 
4,108

 
—

Weighted average shares used in diluted computation
119,486

 
121,117

 
114,400

Earnings (loss) per share:
 
 
 
 
 
Basic
$
1.45

 
$
0.04

 
$
(0.21
)
Diluted
$
1.40

 
$
0.04

 
$
(0.21
)