Acquisition (Tables)

9 Months Ended

Sep. 30, 2019

Finite-lived Intangible Assets Amortization Expense [Table Text Block]

The estimated amortization expense related to these intangible assets in future periods is as follows:



	(dollars in thousands)
2019	$	2,227
2020	8,908
2021	2,608
2022	1,775
2023	—
Thereafter	—
	$	15,518

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The table below summarizes the purchase price allocation of net tangible and intangible assets acquired and liabilities assumed as of January 2, 2019:



	(dollars in thousands)
Cash and cash equivalents	$	12,236
Fees receivable	7,269
Fixed assets	1,085
Operating lease right-of-use assets	3,200
Intangible assets	22,200
Other assets	667
Compensation payable	(637		)
Operating lease liabilities	(3,200		)
Due to related parties	(4,750		)
Accounts payable, accrued expenses and other liabilities	(16,257		)
Total identifiable net assets acquired and liabilities assumed	21,813
Goodwill	81,150
Total estimated purchase price	$	102,963

The allocation of the intangible assets is shown within the following table:



	Estimated intangible assets acquired		Estimated average remaining useful lives
	(dollars in thousands)		(in years)
Intangible asset class
Trade name	$	900	3
Customer relationships	7,100		4
Backlog	12,600		2
Proprietary software	1,600		3
Total intangible assets	$	22,200

Business Acquisition, Pro Forma Information



	Three Months Ended September 30, 2018		Nine Months Ended September 30, 2018
	(dollars in thousands, except per share data)
Net revenues	$	206,797	$	661,759
Net income (loss) attributable to Cowen Inc. common stockholders	15,728		35,616

Net income (loss) per common share:
Basic	$	0.51	$	1.16
Diluted	0.49		1.12