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Earnings Per Share
 9 Months Ended
Sep. 30, 2012
Earnings Per Share

4. Earnings Per Share

Basic earnings per share was computed by dividing net profit by the weighted average number of shares of Class A and Class B Stock outstanding. Diluted earnings per share includes the weighted average number of shares of Class A and Class B Stock outstanding and the effects of the warrant using the if converted method and options to purchase the Class A Stock and restricted stock awards of Class A Stock using the treasury stock method.

 

Earnings per share has been calculated as follows:

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

 

    

Three months ended

September 30,

     

Nine months ended

September 30,

  
     2012      2011      2012      2011  

Basic weighted average number of shares outstanding

      13,610,991         13,670,604         13,599,431         13,627,122   

Net dilutive effect of warrant, treasury method (1)

      —           —           —           —     

Net dilutive effect of share-based awards, treasury method (2)

      550,266         245,294         337,585         295,515   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted weighted average number of shares outstanding

      14,161,257         13,915,897         13,937,016         13,922,637   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net profit for the period

    $ 3,024       $ 2,459       $ 2,516       $ 8,658   

Net profit attributable to non-controlling interests

      702         353         2,429         1,775   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net profit attributable to Oppenheimer Holdings Inc.

    $ 2,322       $ 2,106       $ 87       $ 6,883   
  

 

 

     

 

 

     

 

 

     

 

 

  

Basic profit per share

    $ 0.17       $ 0.15       $ 0.01       $ 0.51   

Diluted profit per share

    $ 0.16       $ 0.15       $ 0.01       $ 0.49   

 

(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 nine months ended September 30, 2012 and 2011, the effect of the warrant is anti-dilutive.
(2) For the both the three and nine months ended September 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) above (1,139,695 and 1,142,028 shares of Class A Stock, respectively, for the three and nine months ended September 30, 2011).