v3.25.4

Note 26 - Earnings (Loss) Per Common Share | 12 Months Ended
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Dec. 31, 2025
Notes to Financial Statements |
Earnings Per Share [Text Block] | 26. EARNINGS / (LOSS) PER COMMON SHARE ﻿ The following table presents a reconciliation of basic and diluted earnings / (loss) per common share for the periods indicated.﻿
EARNINGS / (LOSS) PER COMMON SHARE
(Dollars in Thousands, except share or per share information)
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Net income / (loss) attributable to Cohen & Company Inc. |  | $ | 14,431 |  |  | $ | (129 | ) |  | $ | (5,113 | )
Add/ (deduct): Income / (loss) attributable to non-controlling interest attributable to Operating LLC membership (1) |  |  | 27,616 |  |  |  | (357 | ) |  |  | - |
Add / (deduct): Adjustment (2) |  |  | (16,022 | ) |  |  | 33 |  |  |  | - |
Net income / (loss) on a fully converted basis |  | $ | 26,025 |  |  | $ | (453 | ) |  | $ | (5,113 | )
Weighted average common shares outstanding - Basic |  |  | 1,731,957 |  |  |  | 1,614,897 |  |  |  | 1,513,469 |
Unrestricted Operating LLC units of membership interests exchangeable into Cohen & Company Inc. shares (1) |  |  | 4,122,929 |  |  |  | 4,060,719 |  |  |  | - |
Restricted units or shares |  |  | 129,064 |  |  |  | - |  |  |  | - |
Weighted average common shares outstanding - Diluted |  |  | 5,983,950 |  |  |  | 5,675,616 |  |  |  | 1,513,469 |
Net income / (loss) per common share - Basic |  | $ | 8.33 |  |  | $ | (0.08 | ) |  | $ | (3.38 | )
Net income / (loss) per common share - Diluted (3) |  | $ | 4.35 |  |  | $ | (0.08 | ) |  | $ | (3.38 | )
(1) | The Operating LLC units of membership interests not held by Cohen & Company Inc. (that is, those held by the non-controlling interest) may be redeemed and exchanged into shares of the Company on a ten-for-one basis. The Operating LLC units of membership interests not held by Cohen & Company Inc. are redeemable, at the member’s option at any time, for (i) cash in an amount equal to the average of the per share closing prices of the Common Stock for the ten consecutive trading days immediately preceding the date the Company receives the member’s redemption notice, or (ii) at the Company’s option, one tenth of a share of the Common Stock, subject, in each case, to appropriate adjustment upon the occurrence of an issuance of additional shares of the Common Stock as a dividend or other distribution on the outstanding Common Stock, or a further subdivision or combination of the outstanding shares of the Common Stock. These units are not included in the computation of basic earnings per share. These units enter into the computation of diluted net income (loss) per common share when the effect is not anti-dilutive using the if-converted method.
(2) | An adjustment is included to estimate the impact on net income based on what the income tax expense (benefit) would have been had all of the outstanding Operating LLC membership units had been converted at the beginning of the period.
(3) | Potentially diluted securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Restricted Common Stock |  |  | - |  |  |  | 59,655 |  |  |  | 9,060 |
Restricted Operating LLC units |  |  | - |  |  |  | 22,977 |  |  |  | 4,010,179 |
|  |  | - |  |  |  | 82,632 |  |  |  | 4,019,239 |

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