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Selected Quarterly Financial Results (Unaudited) | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Quarterly Financial Information [Text Block] | COHEN & COMPANY INC. SELECTED QUARTERLY FINANCIAL RESULTS (Unaudited) (Dollars in thousands, except share and per share information) The following tables present our unaudited consolidated statements of operations data for the eight quarters ended 2020 and should be read in conjunction with our consolidated financial statements and the notes thereto included elsewhere in this Annual Report on Form 10 -K.
|  | Dec 2020 |  |  | Sep 2020 |  |  | Jun 2020 |  |  | Mar 2020 |  |  | Dec 2019 |  |  | Sep 2019 |  |  | Jun 2019 |  |  | Mar 2019 |
Total revenues |  |  | 66,365 |  |  | $ | 21,856 |  |  | $ | 24,119 |  |  | $ | 17,770 |  |  | $ | 16,090 |  |  | $ | 11,267 |  |  | $ | 11,169 |  |  | $ | 11,140 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  |  | 23,479 |  |  |  | 10,965 |  |  |  | 11,324 |  |  |  | 14,134 |  |  |  | 6,159 |  |  |  | 7,017 |  |  |  | 6,432 |  |  |  | 6,364 |
Business development, occupancy, equipment |  |  | 671 |  |  |  | 641 |  |  |  | 640 |  |  |  | 756 |  |  |  | 926 |  |  |  | 770 |  |  |  | 895 |  |  |  | 811 |
Subscriptions, clearing, and execution |  |  | 2,517 |  |  |  | 2,242 |  |  |  | 2,548 |  |  |  | 2,580 |  |  |  | 2,950 |  |  |  | 2,403 |  |  |  | 2,056 |  |  |  | 2,273 |
Professional fee and other operating |  |  | 1,838 |  |  |  | 1,851 |  |  |  | 1,597 |  |  |  | 1,782 |  |  |  | 1,942 |  |  |  | 1,440 |  |  |  | 1,190 |  |  |  | 1,679 |
Depreciation and amortization |  |  | 85 |  |  |  | 85 |  |  |  | 84 |  |  |  | 80 |  |  |  | 79 |  |  |  | 80 |  |  |  | 78 |  |  |  | 81 |
Impairment of goodwill |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 7,883 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total operating expenses |  |  | 28,590 |  |  |  | 15,784 |  |  |  | 16,193 |  |  |  | 27,215 |  |  |  | 12,056 |  |  |  | 11,710 |  |  |  | 10,651 |  |  |  | 11,208 |
Operating income / (loss) |  |  | 37,775 |  |  |  | 6,072 |  |  |  | 7,926 |  |  |  | (9,445 | ) |  |  | 4,034 |  |  |  | (443 | ) |  |  | 518 |  |  |  | (68 | )
Non-operating income / (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income (expense) |  |  | (1,951 | ) |  |  | (1,952 | ) |  |  | (3,081 | ) |  |  | (2,605 | ) |  |  | (2,255 | ) |  |  | (1,536 | ) |  |  | (1,939 | ) |  |  | (1,854 | )
Income / (loss) from equity method affiliates |  |  | (244 | ) |  |  | (1,371 | ) |  |  | (1,233 | ) |  |  | (107 | ) |  |  | (188 | ) |  |  | (109 | ) |  |  | (248 | ) |  |  | (8 | )
Income/(loss) before income taxes |  |  | 35,580 |  |  |  | 2,749 |  |  |  | 3,612 |  |  |  | (12,157 | ) |  |  | 1,591 |  |  |  | (2,088 | ) |  |  | (1,669 | ) |  |  | (1,930 | )
Income tax expense / (benefit) |  |  | (8,046 | ) |  |  | (594 | ) |  |  | 343 |  |  |  | (372 | ) |  |  | 394 |  |  |  | (170 | ) |  |  | (641 | ) |  |  | (106 | )
Net income / (loss) |  |  | 43,626 |  |  |  | 3,343 |  |  |  | 3,269 |  |  |  | (11,785 | ) |  |  | 1,197 |  |  |  | (1,918 | ) |  |  | (1,028 | ) |  |  | (1,824 | )
Less: Net income / (loss) attributable to the non-controlling interest |  |  | 28,875 |  |  |  | 1,688 |  |  |  | 2,368 |  |  |  | (8,683 | ) |  |  | 423 |  |  |  | (702 | ) |  |  | (618 | ) |  |  | (622 | )
Net income / (loss) attributable to Cohen & Company Inc. |  | $ | 14,751 |  |  | $ | 1,655 |  |  | $ | 901 |  |  | $ | (3,102 | ) |  | $ | 774 |  |  | $ | (1,216 | ) |  | $ | (410 | ) |  | $ | (1,202 | )
Earnings / (loss) per common share — basic |  | $ | 13.78 |  |  | $ | 1.44 |  |  | $ | 0.78 |  |  | $ | (2.70 | ) |  | $ | 0.69 |  |  | $ | (1.06 | ) |  | $ | (0.36 | ) |  | $ | (1.06 | )
Weighted average common shares outstanding — basic |  |  | 1,070,377 |  |  |  | 1,146,941 |  |  |  | 1,160,144 |  |  |  | 1,146,879 |  |  |  | 1,125,311 |  |  |  | 1,143,909 |  |  |  | 1,143,909 |  |  |  | 1,133,166 |
Earnings / (loss) per common share — diluted |  | $ | 7.64 |  |  | $ | 1.19 |  |  | $ | 0.69 |  |  | $ | (2.70 | ) |  | $ | 0.56 |  |  | $ | (1.06 | ) |  | $ | (0.36 | ) |  | $ | (1.06 | )
Weighted average common shares outstanding — diluted |  |  | 5,207,263 |  |  |  | 5,115,583 |  |  |  | 5,020,453 |  |  |  | 3,940,677 |  |  |  | 2,757,194 |  |  |  | 1,676,318 |  |  |  | 1,676,318 |  |  |  | 1,665,575 |
We have derived the unaudited consolidated statements of income data from our unaudited financial statements, which are not included in this Annual Report on Form 10 -K. The quarterly financial results include all adjustments, consisting of normal recurring adjustments that we consider necessary for a fair presentation of our operating results for the quarters presented. Historical operating information may not be indicative of our future performance. Computation of earnings / (loss) per common share for each quarter are made independently of earnings / (loss) per common share for the year. Due to transactions affecting the weighted average number of shares outstanding in each quarter, the sum of the quarterly results per share does not equal the earnings / (loss) per common share for the year.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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