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Earnings Per Share
 9 Months Ended
Sep. 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:

(Expressed in thousands, except number of shares and per share amounts)

 

     For the Three months Ended September 30,      For the Nine Months Ended September 30,  
     2013      2012      2013      2012  

Basic weighted average number of shares outstanding

      13,604,276         13,610,991         13,606,527         13,599,431   

Net dilutive effect of warrant, treasury method (1)

      —           —           —           —     

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

      567,526         550,266         503,604         337,585   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted weighted average number of shares outstanding

      14,171,802         14,161,257         14,110,131         13,937,016   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income for the period

    $ 5,508       $ 3,024       $ 12,467       $ 2,516   

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

      271         702         719         2,429   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income attributable to Oppenheimer Holdings Inc.

    $ 5,237       $ 2,322       $ 11,748       $ 87   
  

 

 

     

 

 

     

 

 

     

 

 

  

Basic earnings per share

    $ 0.38       $ 0.17       $ 0.86       $ 0.01   

Diluted earnings per share

    $ 0.37       $ 0.16       $ 0.83       $ 0.01   

 

(1) As part of the consideration for the 2008 acquisition of certain businesses from CIBC World Markets Corp. (“CIBC”), 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 nine months ended September 30, 2012, the effect of the warrants was anti-dilutive.
(2) For both the three and nine months ended September 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 nine months ended September 30, 2012).