Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share, Basic and Diluted

The computation of earnings per share is as follows:

	Year Ended December 31,
	2022		2021		2020
	(dollars and share data in thousands, except per share data)
Net income (loss)	$	65,855	$	303,991	$	207,064
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries and investment funds	(10,603)		8,380		(9,299)
Net income (loss) attributable to Cowen Inc.	76,458		295,611		216,363
Preferred stock dividends	6,792		6,792		6,792
Net income (loss) attributable to Cowen Inc. common stockholders for basic earnings per share	69,666		288,819		$	209,571
Change in fair value of contingently issuable shares	55		—		—
Net income (loss) attributable to Cowen Inc. common stockholders for diluted earnings per share	$	69,721	$	288,819	$	209,571
Shares for basic and diluted calculations:
Weighted average shares used in basic computation	28,183		27,721		27,790
Performance based restricted stock	430		755		—
Contingently issuable common stock in connection with acquisitions	50		—		85
December 2022 Convertible Notes	—		1,404		—
Series A Convertible Preferred Stock	949		—		—
Restricted stock	1,932		2,748		1,644
Weighted average shares used in diluted computation	31,544		32,628		29,519
Earnings (loss) per share:
Basic	$	2.47	$	10.42	$	7.54
Diluted	$	2.21	$	8.85	$	7.10