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Earnings Per Share
 9 Months Ended
Sep. 30, 2017
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, 2017, there were 31,087,458 shares outstanding. The Company has included 191,962 fully vested, unissued restricted stock units in its calculation of basic earnings per share. As of December 5, 2016, share and per share amounts have been retroactively updated to reflect the one-for-four reverse stock split.
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 6(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, for the entire period being presented. The assumed proceeds from the assumed vesting, delivery and exercising were calculated as the amount of compensation cost attributed to future services and not yet recognized.
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,
 
2017
 
2016
 
2017
 
2016
 
(dollars in thousands, except per share data)
Net income (loss)
$
9,828

 
$
15,259

 
$
50,502

 
$
(19,897
)
Net income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries and funds
5,162

 
18,478

 
35,412

 
(2,524
)
Net income (loss) attributable to Cowen Inc.
4,666

 
(3,219
)
 
15,090

 
(17,373
)
Preferred stock dividends
1,698

 
1,698

 
5,094

 
5,094

Net income (loss) attributable to Cowen Inc. common stockholders
$
2,968

 
$
(4,917
)
 
$
9,996

 
$
(22,467
)
 
 
 
 
 
 
 
 
Shares for basic and diluted calculations:
 
 
 
 
 
 
 
Weighted average shares used in basic computation
31,271

 
26,993

 
29,004

 
26,818

Performance based restricted stock
—

 
—

 
—

 
—

Stock appreciation rights
20

 
—

 
15

 
—

Restricted stock
955

 
—

 
992

 
—

Weighted average shares used in diluted computation
32,246

 
26,993

 
30,011

 
26,818

Earnings (loss) per share:
 
 
 
 
 
 
 
Basic
$
0.09

 
$
(0.18
)
 
$
0.34

 
$
(0.84
)
Diluted
$
0.09

 
$
(0.18
)
 
$
0.33

 
$
(0.84
)