Earnings per share has been calculated as follows:


(Expressed in thousands, except number of shares and per share amounts)
	For the Year Ended December 31,
	2013		2012			2011
Basic weighted average number of shares outstanding		13,577,725		13,602,205			13,638,087
Net dilutive effect of warrant, treasury method ⁽¹⁾		—		—			—
Net dilutive effect of share-based awards, treasury method ⁽²⁾		546,335		—			298,646

Diluted weighted average number of shares outstanding		14,124,060		13,602,205			13,936,733

Net income (loss) for the year	$	26,153	$	(851	)	$	12,617
Net income attributable to non-controlling interest, net of tax		1,092		2,762			2,301

Net income (loss) attributable to Oppenheimer Holdings Inc.	$	25,061	$	(3,613	)	$	10,316


Basic earnings per share	$	1.85	$	(0.27	)	$	0.76
Diluted earnings per share	$	1.77	$	(0.27	)	$	0.74

(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 worthless on April 13, 2013. For the years ended December 31, 2012 and 2011, the effect of the warrants was anti-dilutive.

(2)

For the year ended December 31, 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 (1,936,871 and 1,142,028 shares of Class A Stock granted under share-based compensation arrangements together with the warrant described in (1) for the years ended December 31, 2012 and 2011, respectively).