Earnings per share has been calculated as follows:

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


	Year ended December 31,
	2012			2011		2010
Basic weighted average number of shares outstanding		13,602,205			13,638,087		13,340,846
Net dilutive effect of warrants, treasury method (1)		—			—		—
Net dilutive effect of share-based awards, treasury method (2)		—			298,646		556,415

Diluted common shares		13,602,205			13,936,733		13,897,261

Net profit (loss), for the year	$	(851	)	$	12,617	$	40,780
Net profit attributable to non-controlling interests		2,762			2,301		2,248

Net profit available to Oppenheimer Holdings Inc. stockholders and assumed conversions	$	(3,613	)	$	10,316	$	38,532

Basic earnings per share	$	(0.27	)	$	0.76	$	2.89
Diluted earnings per share	$	(0.27	)	$	0.74	$	2.77

(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. The warrants expire on April 13, 2013. For the years ended December 31, 2012, 2011 and 2010, the effect of the warrants is anti-dilutive.

(2)	The diluted earnings per share computations do not include the antidilutive effect of the following items:


	Year ended December 31,
	2012		2011		2010
Number of antidilutive warrants, options and restricted shares, for the year		1,936,871		1,142,028		1,254,279