Cowen Inc.'s board has approved a $23.6 million increase in the company's share repurchase program, boosting the total amount available for buybacks up to $25.0 million.

The company posted a fourth-quarter 2017 economic loss of $9.4 million, or 30 cents per share, compared with a year-ago economic loss of $12.9 million, or 48 cents per share.

The company reported a fourth-quarter 2017 net loss attributable to the company's common stockholders of $77.7 million, or $2.51 per share, versus a loss of $3.6 million, or 13 cents per share, in the prior-year quarter.