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Earnings Per Share
 6 Months Ended
Jun. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Share

3. Earnings per share

Basic earnings per share was computed by dividing net income attributable to Oppenheimer Holdings Inc. by the weighted average number of shares of Class A non-voting common stock (“Class A Stock”) and Class B voting common stock (“Class B Stock”) outstanding. Diluted earnings per share includes the weighted average number of shares of Class A Stock and Class B Stock outstanding and the effects of the warrants, 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:

 

 

     For the Three months Ended June 30,      For the Six Months Ended June 30,  
(Expressed in thousands, except number of shares and per share amounts)    2013      2012      2013      2012  

Basic weighted average number of shares outstanding

      13,607,348         13,588,842         13,607,671         13,593,496   

Net dilutive effect of warrant, treasury method (1)

      —           —           —           —     

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

      461,020         420,803         461,108         —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted weighted average number of shares outstanding

      14,068,368         14,009,645         14,068,779         13,593,496   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income (loss) for the period

    $ 3,066       $ 3,375       $ 6,959       $ (508 ) 

Net income attributable to non-controlling interest, net of tax

      218         953         448         1,727   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income (loss) attributable to Oppenheimer Holdings Inc.

    $ 2,848       $ 2,422       $ 6,511       $ (2,235 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Basic earnings (loss) per share

    $ 0.21       $ 0.18       $ 0.48       $ (0.16 ) 

Diluted earnings (loss) per share

    $ 0.20       $ 0.17       $ 0.46       $ (0.16 ) 

 

(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 expired on April 13, 2013. For the three and six months ended June 30, 2012, the effect of the warrants was anti-dilutive.
(2) For both the three and six months ended June 30, 2013, the diluted earnings per share computation does not include the anti-dilutive effect of 57,573 shares of Class A Stock granted under share-based compensation arrangements (1,059,638 shares of Class A Stock granted under share-based compensation arrangements together with the warrant described in (1) for the three and six months ended June 30, 2012).