Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share, Basic and Diluted

The computation of earnings per share is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(dollars and share data in thousands, except per share data)
Net income (loss)	$	32,865	$	29,516	$	244,009	104,353
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries and investment funds	(4,938)		9,232		13,379		(19,843)
Net income (loss) attributable to Cowen Inc.	37,803		20,284		230,630		124,196
Preferred stock dividends	1,698		1,698		5,094		5,094
Net income (loss) attributable to Cowen Inc. common stockholders	$	36,105	$	18,586	$	225,536	$	119,102
Shares for basic and diluted calculations:
Weighted average shares used in basic computation	28,864		27,663		27,718		28,078
Performance based restricted stock	869		—		694		—
Contingently issuable common stock in connection with an acquisition	32		22		16		22
December 2022 Convertible Notes	—		—		1,880		—
Restricted stock	2,959		2,285		2,956		1,546
Weighted average shares used in diluted computation	32,724		29,970		33,264		29,646
Earnings (loss) per share:
Basic	$	1.25	$	0.67	$	8.14	$	4.24
Diluted	$	1.10	$	0.62	$	6.78	$	4.02