? ? ? SEGMENT INFORMATION ? Statement of Operations Information ? For the Year Ended December 31, 2018 ? (Dollars in Thousands) ? ? Capital Asset Principal Segment Unallocated ? Markets Management Investing Total (1) Total ? Net trading $ 29,298 $ - $ - $ 29,298 $ - $ 29,298 ? Asset management - 12,536 - 12,536 - 12,536 ? New issue and advisory 2,979 - - 2,979 - 2,979 ? Principal transactions and other income 39 678 3,856 4,573 - 4,573 ? Total revenues 32,316 13,214 3,856 49,386 - 49,386 ? Total operating expenses 29,949 8,371 712 39,032 6,695 45,727 ? Operating income / (loss) 2,367 4,843 3,144 10,354 (6,695) 3,659 ? Other non-operating income / (expense) (111) (97) - (208) (8,279) (8,487) ? Income / (loss) before income taxes 2,256 4,746 3,144 10,146 (14,974) (4,828) ? Income tax expense / (benefit) - - - - (841) (841) ? Net income / (loss) 2,256 4,746 3,144 10,146 (14,133) (3,987) ? Less: Net income / (loss) attributable to the ? non-controlling interest - - - - (1,524) (1,524) ? Net income / (loss) attributable to Cohen &amp; Company Inc. $ 2,256 $ 4,746 $ 3,144 $ 10,146 $ (12,609) $ (2,463) ? ? Other statement of operations data ? Depreciation and amortization (included in ? total operating expense) $ 48 $ 4 $ - $ 52 $ 209 $ 261 ? ? ? ? ? ? ? ? SEGMENT INFORMATION ? Statement of Operations Information ? For the Year Ended December 31, 2017 ? (Dollars in Thousands) ? ? Capital Asset Principal Segment Unallocated ? Markets Management Investing Total (1) Total ? Net trading $ 26,909 $ - $ - $ 26,909 $ - $ 26,909 ? Asset management - 7,897 - 7,897 - 7,897 ? New issue and advisory 6,340 - - 6,340 - 6,340 ? Principal transactions and other income 5 5,619 772 6,396 - 6,396 ? Total revenues 33,254 13,516 772 47,542 - 47,542 ? Total operating expenses 27,324 4,929 383 32,636 7,504 40,140 ? Operating income / (loss) 5,930 8,587 389 14,906 (7,504) 7,402 ? Other non-operating income / (expense) - - - - (6,178) (6,178) ? Income / (loss) before income taxes 5,930 8,587 389 14,906 (13,682) 1,224 ? Income tax expense / (benefit) - - - - (1,211) (1,211) ? Net income / (loss) 5,930 8,587 389 14,906 (12,471) 2,435 ? Less: Net income / (loss) attributable to the ? non-controlling interest - - - - 371 371 ? Net income / (loss) attributable to Cohen &amp; Company Inc. $ 5,930 $ 8,587 $ 389 $ 14,906 $ (12,842) $ 2,064 ? ? Other statement of operations data ? Depreciation and amortization (included in ? total operating expense) $ 67 $ 4 $ - $ 71 $ 178 $ 249 ? ? ? ? ? SEGMENT INFORMATION ? Statement of Operations Information ? For the Year Ended December 31, 2016 ? (Dollars in Thousands) ? ? Capital Asset Principal Segment Unallocated ? Markets Management Investing Total (1) Total ? Net trading $ 39,105 $ - $ - $ 39,105 $ - $ 39,105 ? Asset management - 8,594 - 8,594 - 8,594 ? New issue and advisory 2,982 - - 2,982 - 2,982 ? Principal transactions and other income 121 2,925 1,621 4,667 - 4,667 ? Total revenues 42,208 11,519 1,621 55,348 - 55,348 ? Total operating expenses 34,481 3,386 480 38,347 8,415 46,762 ? Operating income / (loss) 7,727 8,133 1,141 17,001 (8,415) 8,586 ? Other non-operating income / (expense) - - - - (4,735) (4,735) ? Income / (loss) before income taxes 7,727 8,133 1,141 17,001 (13,150) 3,851 ? Income tax expense / (benefit) - - - - 422 422 ? Net income / (loss) 7,727 8,133 1,141 17,001 (13,572) 3,429 ? Less: Net income / (loss) attributable to the ? non-controlling interest - - - - 1,162 1,162 ? Net income / (loss) attributable to Cohen &amp; Company Inc. $ 7,727 $ 8,133 $ 1,141 $ 17,001 $ (14,734) $ 2,267 ? ? Other statement of operations data ? Depreciation and amortization (included in ? total operating expense) $ 110 $ 2 $ - $ 112 $ 179 $ 291 ? (1) Unallocated includes certain expenses incurred by indirect overhead and support departments (such as the executive, finance, legal, information technology, human resources, risk, compliance and other similar overhead and support departments). Some of the items not allocated include: (1) operating expenses (such as cash compensation and benefits, equity-based compensation expense, professional fees, travel and entertainment, consulting fees, and rent) related to support departments excluding certain departments that directly support the Capital Markets business segment; (2) interest expense on debt; and (3) income taxes. Management does not consider these items necessary for an understanding of the operating results of these business segments and such amounts are excluded in business segment reporting to the chief operating decision maker.