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Earnings Per Share
 9 Months Ended
Sep. 30, 2016
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 share is calculated by dividing net income attributable to the Company's common stockholders by the weighted average number of common shares outstanding for the period. As of September 30, 2016, there were 107,314,157 shares outstanding. The Company has included 648,704 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 items. The Company uses the treasury stock method to reflect the potential dilutive effect of the warrants (see Note 5(a)), unexercised stock options, unvested restricted shares, restricted stock units, 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 shares. 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, SAR's, unvested restricted shares and warrants were not included in the computation of diluted net income (loss) per common share for the three and nine months ended September 30, 2016 as their inclusion would have been anti-dilutive. The Company can elect to settle the Series A Convertible Preferred Stock in shares, cash, or a combination of both. The Company's intent is to settle in cash and, based on current and projected liquidity needs, the Company has the ability to do so.
The computation of earnings per share is as follows:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2016
 
2015
 
2016
 
2015
 
(dollars in thousands, except per share data)
Net income (loss)
$
15,259

 
$
(6,002
)
 
$
(19,897
)
 
$
24,048

Net income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries and funds
18,478

 
4,344

 
(2,524
)
 
10,980

Net income (loss) attributable to Cowen Group, Inc.
(3,219
)
 
(10,346
)
 
(17,373
)
 
13,068

Preferred stock dividends
1,698

 
1,603

 
5,094

 
2,358

Net income (loss) attributable to Cowen Group, Inc. common stockholders
$
(4,917
)
 
$
(11,949
)
 
$
(22,467
)
 
$
10,710

 
 
 
 
 
 
 
 
Shares for basic and diluted calculations:
 
 
 
 
 
 
 
Weighted average shares used in basic computation
107,974

 
109,191

 
107,272

 
111,050

Stock options
—

 
—

 
—

 
19

Performance based restricted stock
—

 
—

 
—

 
266

Stock appreciation rights
—

 
—

 
—

 
152

Restricted stock
—

 
—

 
—

 
5,762

Weighted average shares used in diluted computation
107,974

 
109,191

 
107,272

 
117,249

Earnings (loss) per share:
 
 
 
 
 
 
 
Basic
$
(0.05
)
 
$
(0.11
)
 
$
(0.21
)
 
$
0.10

Diluted
$
(0.05
)
 
$
(0.11
)
 
$
(0.21
)
 
$
0.09