Earnings per share has been calculated as follows:


	Three months ended March 31,
(expressed in thousands of dollars, except share and per share amounts)	2013		2012
Basic weighted average number of shares outstanding		13,607,998		13,597,330
Net dilutive effect of warrant, treasury method (1)		—		—
Net dilutive effect of share-based awards, treasury method (2)		420,717		—

Diluted weighted average number of shares outstanding		14,028,715		13,597,330

Net income (loss) for the period	$	3,893	$	(3,883	)
Net income attributable to non-controlling interest, net of tax		230		774

Net income (loss) attributable to Oppenheimer Holdings Inc.	$	3,663	$	(4,657	)

Basic profit (loss) per share	$	0.27	$	(0.34	)
Diluted profit (loss) per share	$	0.26	$	(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. The warrants expire on April 13, 2013. For the three months ended March 31, 2013 and 2012, the effect of the warrants is anti-dilutive.

(2)

For the three months ended March 31, 2013, the diluted earnings per share computation does not include the anti-dilutive effect of 1,057,573 shares of Class A Stock granted under share-based compensation arrangements together with the warrant described in (1) above (1,058,048 shares for the three months ended March 31, 2012).