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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2012

Earnings per share has been calculated as follows:

Expressed in thousands of dollars, except share and per share amounts.


	Three months ended June 30,					Six months ended June 30,
	2012		2011			2012			2011
Basic weighted average number of shares outstanding		13,588,842		13,658,720			13,593,496			13,605,020
Net dilutive effect of warrant, treasury method (1)		—		—			—			—
Net dilutive effect of share-based awards, treasury method (2)		420,803		—			—			324,501

Diluted weighted average number of shares outstanding		14,009,645		13,658,720			13,593,496			13,929,521


Net profit (loss) for the period	$	3,375	$	438		$	(508	)	$	6,199
Net profit attributable to non-controlling interests		953		747			1,727			1,422

Net profit (loss) attributable to Oppenheimer Holdings Inc.	$	2,422	($	309	)	$	(2,235	)	$	4,777


Basic profit (loss) per share	$	0.18	($	0.02	)	$	(0.16	)	$	0.35
Diluted profit (loss) per share	$	0.17	($	0.02	)	$	(0.16	)	$	0.34

(1)

As part of the consideration for the 2008 acquisition of certain businesses from CIBC World Markets Corp., the Company issued a warrant to CIBC to purchase 1 million shares of Class A Stock of the Company at $48.62 per share exercisable five years from the January 14, 2008 acquisition date. For the three and six months ended June 30, 2012 and 2011, the effect of the warrant is anti-dilutive.

(2)

For the both the three and six months ended June 30, 2012, the diluted earnings per share computations do not include the anti-dilutive effect of 1,059,638 shares of Class A Stock granted under share-based compensation arrangements together with the warrant described in (1) (1,139,695 and 1,142,028 shares of Class A Stock, respectively, for the three and six months ended June 30, 2011).