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Supplemental Financial Information
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Supplemental Financial Information
Supplemental Financial Information
The following table presents unaudited quarterly results of operations for 2017 and 2016. These quarterly results reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results. Revenues and net income (loss) can vary significantly from quarter to quarter due to the nature of the Company's business activities.
Cowen Inc.
Quarterly Financial Information (Unaudited)
 
Quarter Ended
 
March 31, 2017
 
June 30, 2017
 
September 30, 2017
 
December 31, 2017
 
(dollars in thousands, except per share data)
Total revenues
$
114,971

 
$
160,530

 
$
178,830

 
$
204,450

Income (loss) before income taxes
14,000

 
27,800

 
12,109

 
(46,947
)
Income tax expense (benefit)
1,911

 
(785
)
 
2,281

 
40,646

Net income (loss) from continuing operations
12,089

 
28,585

 
9,828

 
(87,593
)
Net income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries and funds
9,105

 
21,145

 
5,162

 
(11,621
)
Net income (loss) attributable to Cowen Inc.
2,984

 
7,440

 
4,666

 
(75,972
)
Preferred stock dividends
1,698

 
1,698

 
1,698

 
1,698

Net income (loss) attributable to Cowen Inc. common stockholders
$
1,286

 
$
5,742

 
$
2,968

 
$
(77,670
)
Earnings (loss) per share:
 
 
 
 
 
 
 
Basic
$
0.05

 
$
0.20

 
$
0.09

 
$
(2.51
)
Diluted
$
0.05

 
$
0.19

 
$
0.09

 
$
(2.51
)
Weighted average number of common shares:
 
 
 
 
 
 
 
Basic
27,061

 
28,634

 
31,271

 
30,934

Diluted
28,401

 
29,474

 
32,246

 
30,934

 
Quarter Ended
 
March 31, 2016
 
June 30, 2016
 
September 30, 2016
 
December 31, 2016
 
(dollars in thousands, except per share data)
Total revenues
$
101,039

 
$
117,231

 
$
131,027

 
$
122,268

Income (loss) before income taxes
(11,315
)
 
(39,153
)
 
24,018

 
(5,037
)
Income tax expense (benefit)
(3,320
)
 
(11,992
)
 
8,759

 
(12,539
)
Net income (loss) from continuing operations
(7,995
)
 
(27,161
)
 
15,259

 
7,502

Net income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries and funds
(4,297
)
 
(16,705
)
 
18,478

 
9,406

Net income (loss) attributable to Cowen Inc.
(3,698
)
 
(10,456
)
 
(3,219
)
 
(1,904
)
Preferred stock dividends
1,698

 
1,698

 
1,698

 
1,698

Net income (loss) attributable to Cowen Inc. common stockholders
$
(5,396
)
 
$
(12,154
)
 
$
(4,917
)
 
$
(3,602
)
Earnings (loss) per share:
 
 
 
 
 
 
 
Basic (a)
$
(0.20
)
 
$
(0.45
)
 
$
(0.18
)
 
$
(0.13
)
Diluted (a)
$
(0.20
)
 
$
(0.45
)
 
$
(0.18
)
 
$
(0.13
)
Weighted average number of common shares:
 
 
 
 
 
 
 
Basic (a)
26,591

 
26,867

 
26,993

 
26,973

Diluted (a)
26,591

 
26,867

 
26,993

 
26,973



(a) Share and per share amounts have been retroactively updated to reflect the one-for-four reverse stock split effective as of December 5, 2016.