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Condensed Consolidating Financial Information | 3 Months Ended
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Mar. 31, 2014
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] |
Condensed Consolidating Financial Information |
16. | Condensed consolidating financial information
The Company’s Notes are jointly and severally and fully and unconditionally guaranteed on a senior basis by E.A. Viner International Co. and Viner Finance Inc. (together, the “Guarantors”), unless released as described below. Each of the Guarantors is 100% owned by the Company. The indenture for the Notes contains covenants with restrictions which are discussed in Note 9. The following consolidating financial statements present the financial position, results of operations and cash flows of the Company (referred to as “Parent” for purposes of this note only), the Guarantor subsidiaries, the Non-Guarantor subsidiaries and elimination entries necessary to consolidate the Company. Investments in subsidiaries are accounted for using the equity method for purposes of the consolidated presentation. Each Guarantor will be automatically and unconditionally released and discharged upon: the sale, exchange or transfer of the capital stock of a Guarantor and the Guarantor ceasing to be a direct or indirect subsidiary of the Company if such sale does not constitute an asset sale under the indenture for the Notes or does not constitute an asset sale effected in compliance with the asset sale and merger covenants of the debenture for the Notes; a Guarantor being dissolved or liquidated; a Guarantor being designated unrestricted in compliance with the applicable provisions of the Notes; or the exercise by the Company of its legal defeasance option or covenant defeasance option or the discharge of the Company’s obligations under the indenture for the Notes in accordance with the terms of such indenture. OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF MARCH 31, 2014
(Expressed in thousands) |  | Parent |  |  | Guarantor subsidiaries |  |  | Non-guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 598 |  |  | $ | 58,197 |  |  | $ | 64,247 |  |  | $ | — |  |  | $ | 123,042 |
Cash and securities segregated for regulatory and other purposes |  |  | — |  |  |  | — |  |  |  | 36,281 |  |  |  | — |  |  |  | 36,281 |
Deposits with clearing organizations |  |  | — |  |  |  | — |  |  |  | 31,435 |  |  |  | — |  |  |  | 31,435 |
Receivable from brokers, dealers and clearing organizations |  |  | — |  |  |  | — |  |  |  | 330,363 |  |  |  | — |  |  |  | 330,363 |
Receivable from customers, net of allowance for credit losses of $2,441 |  |  | — |  |  |  | — |  |  |  | 954,650 |  |  |  | — |  |  |  | 954,650 |
Income tax receivable |  |  | 21,287 |  |  |  | 27,505 |  |  |  | (700 | ) |  |  | (37,307 | ) |  |  | 10,785 |
Securities purchased under agreements to resell |  |  | — |  |  |  | — |  |  |  | 250,548 |  |  |  | — |  |  |  | 250,548 |
Securities owned, including amounts pledged of $483,347, at fair value |  |  | — |  |  |  | 1,856 |  |  |  | 934,160 |  |  |  | — |  |  |  | 936,016 |
Subordinated loan receivable |  |  | — |  |  |  | 112,558 |  |  |  | — |  |  |  | (112,558 | ) |  |  | — |
Notes receivable, net |  |  | — |  |  |  | — |  |  |  | 38,832 |  |  |  | — |  |  |  | 38,832 |
Office facilities, net |  |  | — |  |  |  | 20,923 |  |  |  | 11,472 |  |  |  | — |  |  |  | 32,395 |
Deferred tax assets, net |  |  | 796 |  |  |  | 309 |  |  |  | 23,826 |  |  |  | (24,931 | ) |  |  | — |
Intangible assets |  |  | — |  |  |  | — |  |  |  | 31,700 |  |  |  | — |  |  |  | 31,700 |
Goodwill |  |  | — |  |  |  | — |  |  |  | 137,889 |  |  |  | — |  |  |  | 137,889 |
Loans held for sale |  |  | — |  |  |  | — |  |  |  | 9,438 |  |  |  | — |  |  |  | 9,438 |
Mortgage servicing rights |  |  | — |  |  |  | — |  |  |  | 29,226 |  |  |  | — |  |  |  | 29,226 |
Other assets |  |  | 2,702 |  |  |  | 27,023 |  |  |  | 100,789 |  |  |  | — |  |  |  | 130,514 |
Investment in subsidiaries |  |  | 553,042 |  |  |  | 892,633 |  |  |  | (183,614 | ) |  |  | (1,262,061 | ) |  |  | — |
Intercompany receivables |  |  | 152,219 |  |  |  | (72,068 | ) |  |  | (15,650 | ) |  |  | (64,501 | ) |  |  | — |
Total assets |  | $ | 730,644 |  |  | $ | 1,068,936 |  |  | $ | 2,784,892 |  |  | $ | (1,501,358 | ) |  | $ | 3,083,114 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Drafts payable |  | $ | — |  |  | $ | — |  |  | $ | 41,306 |  |  | $ | — |  |  | $ | 41,306 |
Bank call loans |  |  | — |  |  |  | — |  |  |  | 197,000 |  |  |  | — |  |  |  | 197,000 |
Payable to brokers, dealers and clearing organizations |  |  | — |  |  |  | — |  |  |  | 375,504 |  |  |  | — |  |  |  | 375,504 |
Payable to customers |  |  | — |  |  |  | — |  |  |  | 629,564 |  |  |  | — |  |  |  | 629,564 |
Securities sold under agreements to repurchase |  |  | — |  |  |  | — |  |  |  | 705,727 |  |  |  | — |  |  |  | 705,727 |
Securities sold, but not yet purchased, at fair value |  |  | — |  |  |  | — |  |  |  | 143,453 |  |  |  | — |  |  |  | 143,453 |
Accrued compensation |  |  | — |  |  |  | — |  |  |  | 106,512 |  |  |  | — |  |  |  | 106,512 |
Accounts payable and other liabilities |  |  | 8,171 |  |  |  | 58,799 |  |  |  | 78,950 |  |  |  | — |  |  |  | 145,920 |
Income tax payable |  |  | 2,440 |  |  |  | 22,189 |  |  |  | 12,678 |  |  |  | (37,307 | ) |  |  | — |
Senior secured notes |  |  | 195,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 195,000 |
Subordinated indebtedness |  |  | — |  |  |  | — |  |  |  | 112,558 |  |  |  | (112,558 | ) |  |  | — |
Deferred tax liabilities, net |  |  | — |  |  |  | — |  |  |  | 37,477 |  |  |  | (24,931 | ) |  |  | 12,546 |
Intercompany payables |  |  | — |  |  |  | 64,501 |  |  |  | — |  |  |  | (64,501 | ) |  |  | — |
Total liabilities |  |  | 205,611 |  |  |  | 145,489 |  |  |  | 2,440,729 |  |  |  | (239,297 | ) |  |  | 2,552,532 |
Stockholders’ equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity attributable to Oppenheimer Holdings Inc. |  |  | 525,033 |  |  |  | 923,447 |  |  |  | 338,614 |  |  |  | (1,262,061 | ) |  |  | 525,033 |
Non-controlling interest |  |  | — |  |  |  | — |  |  |  | 5,549 |  |  |  | — |  |  |  | 5,549 |
Total stockholders’ equity |  |  | 525,033 |  |  |  | 923,447 |  |  |  | 344,163 |  |  |  | (1,262,061 | ) |  |  | 530,582 |
Total liabilities and stockholders’ equity |  | $ | 730,644 |  |  | $ | 1,068,936 |  |  | $ | 2,784,892 |  |  | $ | (1,501,358 | ) |  | $ | 3,083,114 |
OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2013
(Expressed in thousands) |  | Parent |  |  | Guarantor subsidiaries |  |  | Non-guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 448 |  |  | $ | 30,901 |  |  | $ | 66,945 |  |  | $ | — |  |  | $ | 98,294 |
Cash and securities segregated for regulatory and other purposes |  |  | — |  |  |  | — |  |  |  | 36,323 |  |  |  | — |  |  |  | 36,323 |
Deposits with clearing organizations |  |  | — |  |  |  | — |  |  |  | 23,679 |  |  |  | — |  |  |  | 23,679 |
Receivable from brokers, dealers and clearing organizations |  |  | — |  |  |  | — |  |  |  | 364,873 |  |  |  | — |  |  |  | 364,873 |
Receivable from customers, net of allowance for credit losses of $2,423 |  |  | — |  |  |  | — |  |  |  | 868,869 |  |  |  | — |  |  |  | 868,869 |
Income tax receivable |  |  | 19,494 |  |  |  | 27,589 |  |  |  | (817 | ) |  |  | (39,704 | ) |  |  | 6,562 |
Securities purchased under agreements to resell |  |  | — |  |  |  | — |  |  |  | 184,825 |  |  |  | — |  |  |  | 184,825 |
Securities owned, including amounts pledged of $586,625, at fair value |  |  | — |  |  |  | 2,225 |  |  |  | 853,863 |  |  |  | — |  |  |  | 856,088 |
Subordinated loan receivable |  |  | — |  |  |  | 112,558 |  |  |  | — |  |  |  | (112,558 | ) |  |  | — |
Notes receivable, net |  |  | — |  |  |  | — |  |  |  | 40,751 |  |  |  | — |  |  |  | 40,751 |
Office facilities, net |  |  | — |  |  |  | 21,250 |  |  |  | 11,689 |  |  |  | — |  |  |  | 32,939 |
Deferred tax assets, net |  |  | 678 |  |  |  | 309 |  |  |  | 29,496 |  |  |  | (30,483 | ) |  |  | — |
Intangible assets |  |  | — |  |  |  | — |  |  |  | 31,700 |  |  |  | — |  |  |  | 31,700 |
Goodwill |  |  | — |  |  |  | — |  |  |  | 137,889 |  |  |  | — |  |  |  | 137,889 |
Loans held for sale |  |  | — |  |  |  | — |  |  |  | 75,989 |  |  |  | — |  |  |  | 75,989 |
Mortgage servicing rights |  |  | — |  |  |  | — |  |  |  | 28,879 |  |  |  | — |  |  |  | 28,879 |
Other assets |  |  | 2,797 |  |  |  | 27,113 |  |  |  | 135,150 |  |  |  | — |  |  |  | 165,060 |
Investment in subsidiaries |  |  | 546,755 |  |  |  | 910,230 |  |  |  | (182,625 | ) |  |  | (1,274,360 | ) |  |  | — |
Intercompany receivables |  |  | 153,528 |  |  |  | (68,920 | ) |  |  | (20,107 | ) |  |  | (64,501 | ) |  |  | — |
Total assets |  | $ | 723,700 |  |  | $ | 1,063,255 |  |  | $ | 2,687,371 |  |  | $ | (1,521,606 | ) |  | $ | 2,952,720 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Drafts payable |  | $ | — |  |  | $ | — |  |  | $ | 48,198 |  |  | $ | — |  |  | $ | 48,198 |
Bank call loans |  |  | — |  |  |  | — |  |  |  | 118,200 |  |  |  | — |  |  |  | 118,200 |
Payable to brokers, dealers and clearing organizations |  |  | — |  |  |  | — |  |  |  | 223,315 |  |  |  | — |  |  |  | 223,315 |
Payable to customers |  |  | — |  |  |  | — |  |  |  | 626,564 |  |  |  | — |  |  |  | 626,564 |
Securities sold under agreements to repurchase |  |  | — |  |  |  | — |  |  |  | 757,491 |  |  |  | — |  |  |  | 757,491 |
Securities sold, but not yet purchased, at fair value |  |  | — |  |  |  | — |  |  |  | 76,314 |  |  |  | — |  |  |  | 76,314 |
Accrued compensation |  |  | — |  |  |  | — |  |  |  | 180,119 |  |  |  | — |  |  |  | 180,119 |
Accounts payable and other liabilities |  |  | 3,742 |  |  |  | 59,289 |  |  |  | 129,609 |  |  |  | (88 | ) |  |  | 192,552 |
Income tax payable |  |  | 2,440 |  |  |  | 22,189 |  |  |  | 15,075 |  |  |  | (39,704 | ) |  |  | — |
Senior secured notes |  |  | 195,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 195,000 |
Subordinated indebtedness |  |  | — |  |  |  | — |  |  |  | 112,558 |  |  |  | (112,558 | ) |  |  | — |
Deferred tax liabilities, net |  |  | — |  |  |  | — |  |  |  | 37,579 |  |  |  | (30,483 | ) |  |  | 7,096 |
Intercompany payables |  |  | — |  |  |  | 64,501 |  |  |  | — |  |  |  | (64,501 | ) |  |  | — |
Total liabilities |  |  | 201,182 |  |  |  | 145,979 |  |  |  | 2,325,022 |  |  |  | (247,334 | ) |  |  | 2,424,849 |
Stockholders’ equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity attributable to Oppenheimer Holdings Inc. |  |  | 522,518 |  |  |  | 917,276 |  |  |  | 356,996 |  |  |  | (1,274,272 | ) |  |  | 522,518 |
Non-controlling interest |  |  | — |  |  |  | — |  |  |  | 5,353 |  |  |  | — |  |  |  | 5,353 |
Total stockholders’ equity |  |  | 522,518 |  |  |  | 917,276 |  |  |  | 362,349 |  |  |  | (1,274,272 | ) |  |  | 527,871 |
Total liabilities and stockholders’ equity |  | $ | 723,700 |  |  | $ | 1,063,255 |  |  | $ | 2,687,371 |  |  | $ | (1,521,606 | ) |  | $ | 2,952,720 |
OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2014
(Expressed in thousands) |  | Parent |  |  | Guarantor subsidiaries |  |  | Non-guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
REVENUES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | — |  |  | $ | — |  |  | $ | 122,138 |  |  | $ | — |  |  | $ | 122,138 |
Advisory fees |  |  | — |  |  |  | — |  |  |  | 68,575 |  |  |  | (370 | ) |  |  | 68,205 |
Investment banking |  |  | — |  |  |  | — |  |  |  | 33,524 |  |  |  | — |  |  |  | 33,524 |
Interest |  |  | — |  |  |  | 2,733 |  |  |  | 12,367 |  |  |  | (2,710 | ) |  |  | 12,390 |
Principal transactions, net |  |  | — |  |  |  | 40 |  |  |  | 8,777 |  |  |  | — |  |  |  | 8,817 |
Other |  |  | — |  |  |  | 216 |  |  |  | 10,094 |  |  |  | (216 | ) |  |  | 10,094 |
Total revenue |  |  | — |  |  |  | 2,989 |  |  |  | 255,475 |  |  |  | (3,296 | ) |  |  | 255,168 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and related expenses |  |  | 315 |  |  |  | — |  |  |  | 171,635 |  |  |  | — |  |  |  | 171,950 |
Communications and technology |  |  | 27 |  |  |  | — |  |  |  | 16,707 |  |  |  | — |  |  |  | 16,734 |
Occupancy and equipment costs |  |  | — |  |  |  | — |  |  |  | 15,613 |  |  |  | (216 | ) |  |  | 15,397 |
Clearing and exchange fees |  |  | — |  |  |  | — |  |  |  | 5,892 |  |  |  | — |  |  |  | 5,892 |
Interest |  |  | 4,375 |  |  |  | — |  |  |  | 3,499 |  |  |  | (2,710 | ) |  |  | 5,164 |
Other |  |  | 344 |  |  |  | 2 |  |  |  | 34,946 |  |  |  | (370 | ) |  |  | 34,922 |
Total expenses |  |  | 5,061 |  |  |  | 2 |  |  |  | 248,292 |  |  |  | (3,296 | ) |  |  | 250,059 |
Income (loss) before income taxes |  |  | (5,061 | ) |  |  | 2,987 |  |  |  | 7,183 |  |  |  | — |  |  |  | 5,109 |
Income tax provision (benefit) |  |  | (1,911 | ) |  |  | (138 | ) |  |  | 3,738 |  |  |  | — |  |  |  | 1,689 |
Net income (loss) for the period |  |  | (3,150 | ) |  |  | 3,125 |  |  |  | 3,445 |  |  |  | — |  |  |  | 3,420 |
Less net income attributable to non-controlling interest, net of tax |  |  | — |  |  |  | — |  |  |  | 196 |  |  |  | — |  |  |  | 196 |
Equity in subsidiaries |  |  | 6,374 |  |  |  | — |  |  |  | — |  |  |  | (6,374 | ) |  |  | — |
Net income attributable to Oppenheimer Holdings Inc. |  |  | 3,224 |  |  |  | 3,125 |  |  |  | 3,249 |  |  |  | (6,374 | ) |  |  | 3,224 |
Other comprehensive loss |  |  | — |  |  |  | — |  |  |  | (87 | ) |  |  | — |  |  |  | (87 | )
Total comprehensive income |  | $ | 3,224 |  |  | $ | 3,125 |  |  | $ | 3,162 |  |  | $ | (6,374 | ) |  | $ | 3,137 |
OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2013
(Expressed in thousands) |  | Parent |  |  | Guarantor subsidiaries |  |  | Non-guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
REVENUES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | — |  |  | $ | — |  |  | $ | 119,580 |  |  | $ | — |  |  | $ | 119,580 |
Advisory fees |  |  | — |  |  |  | — |  |  |  | 57,360 |  |  |  | (640 | ) |  |  | 56,720 |
Investment banking |  |  | — |  |  |  | — |  |  |  | 18,448 |  |  |  | — |  |  |  | 18,448 |
Principal transactions, net |  |  | — |  |  |  | 73 |  |  |  | 15,644 |  |  |  | — |  |  |  | 15,717 |
Interest |  |  | 5 |  |  |  | 2,788 |  |  |  | 12,296 |  |  |  | (2,718 | ) |  |  | 12,371 |
Other |  |  | — |  |  |  | 42 |  |  |  | 16,310 |  |  |  | (42 | ) |  |  | 16,310 |
Total revenue |  |  | 5 |  |  |  | 2,903 |  |  |  | 239,638 |  |  |  | (3,400 | ) |  |  | 239,146 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and related expenses |  |  | 441 |  |  |  | — |  |  |  | 158,768 |  |  |  | — |  |  |  | 159,209 |
Occupancy and equipment costs |  |  | — |  |  |  | — |  |  |  | 17,607 |  |  |  | (42 | ) |  |  | 17,565 |
Communications and technology |  |  | 23 |  |  |  | — |  |  |  | 15,841 |  |  |  | — |  |  |  | 15,864 |
Interest |  |  | 4,375 |  |  |  | — |  |  |  | 5,205 |  |  |  | (2,718 | ) |  |  | 6,862 |
Clearing and exchange fees |  |  | — |  |  |  | — |  |  |  | 6,042 |  |  |  | — |  |  |  | 6,042 |
Other |  |  | 437 |  |  |  | 3 |  |  |  | 27,091 |  |  |  | (640 | ) |  |  | 26,891 |
Total expenses |  |  | 5,276 |  |  |  | 3 |  |  |  | 230,554 |  |  |  | (3,400 | ) |  |  | 232,433 |
Income (loss) before income taxes |  |  | (5,271 | ) |  |  | 2,900 |  |  |  | 9,084 |  |  |  | — |  |  |  | 6,713 |
Income tax provision (benefit) |  |  | (2,032 | ) |  |  | 679 |  |  |  | 4,173 |  |  |  | — |  |  |  | 2,820 |
Net income (loss) for the period |  |  | (3,239 | ) |  |  | 2,221 |  |  |  | 4,911 |  |  |  | — |  |  |  | 3,893 |
Less net income attributable to non-controlling interest, net of tax |  |  | — |  |  |  | — |  |  |  | 230 |  |  |  | — |  |  |  | 230 |
Equity in subsidiaries |  |  | 6,902 |  |  |  | — |  |  |  | — |  |  |  | (6,902 | ) |  |  | — |
Net income attributable to Oppenheimer Holdings Inc. |  |  | 3,663 |  |  |  | 2,221 |  |  |  | 4,681 |  |  |  | (6,902 | ) |  |  | 3,663 |
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | 451 |  |  |  | — |  |  |  | 451 |
Total comprehensive income |  | $ | 3,663 |  |  | $ | 2,221 |  |  | $ | 5,132 |  |  | $ | (6,902 | ) |  | $ | 4,114 |
OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2014
(Expressed in thousands) |  | Parent |  |  | Guarantor subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Cash flows from operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) for the period |  | $ | (3,150 | ) |  | $ | 3,125 |  |  | $ | 3,445 |  |  | $ | — |  |  | $ | 3,420 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization of office facilities and leasehold improvements |  |  | — |  |  |  | — |  |  |  | 1,941 |  |  |  | — |  |  |  | 1,941 |
Deferred income taxes |  |  | — |  |  |  | — |  |  |  | 5,450 |  |  |  | — |  |  |  | 5,450 |
Amortization of notes receivable |  |  | — |  |  |  | — |  |  |  | 4,491 |  |  |  | — |  |  |  | 4,491 |
Amortization of debt issuance costs |  |  | 160 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 160 |
Amortization of mortgage servicing rights |  |  | — |  |  |  | — |  |  |  | 656 |  |  |  | — |  |  |  | 656 |
Provision for credit losses |  |  | — |  |  |  | — |  |  |  | 18 |  |  |  | — |  |  |  | 18 |
Share-based compensation expense |  |  | 122 |  |  |  | — |  |  |  | 3,712 |  |  |  | — |  |  |  | 3,834 |
Payment of taxes due for share-based awards |  |  | (2,074 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,074 | )
Changes in operating assets and liabilities |  |  | 5,151 |  |  |  | 24,171 |  |  |  | (99,814 | ) |  |  | — |  |  |  | (70,492 | )
Cash provided by (used in) continuing operations |  |  | 209 |  |  |  | 27,296 |  |  |  | (80,101 | ) |  |  | — |  |  |  | (52,596 | )
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of office facilities |  |  | — |  |  |  | — |  |  |  | (1,397 | ) |  |  | — |  |  |  | (1,397 | )
Cash used in investing activities |  |  | — |  |  |  | — |  |  |  | (1,397 | ) |  |  | — |  |  |  | (1,397 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid on Class A non-voting and Class B voting common stock |  |  | (1,486 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,486 | )
Issuance of Class A non-voting common stock |  |  | 185 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 185 |
Tax benefit from share-based awards |  |  | 1,242 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,242 |
Other financing activities |  |  | — |  |  |  | — |  |  |  | 78,800 |  |  |  | — |  |  |  | 78,800 |
Cash flow provided by (used in) financing activities |  |  | (59 | ) |  |  | — |  |  |  | 78,800 |  |  |  | — |  |  |  | 78,741 |
Net increase (decrease) in cash and cash equivalents |  |  | 150 |  |  |  | 27,296 |  |  |  | (2,698 | ) |  |  | — |  |  |  | 24,748 |
Cash and cash equivalents, beginning of the period |  |  | 448 |  |  |  | 30,901 |  |  |  | 66,945 |  |  |  | — |  |  |  | 98,294 |
Cash and cash equivalents, end of the period |  | $ | 598 |  |  | $ | 58,197 |  |  | $ | 64,247 |  |  | $ | — |  |  | $ | 123,042 |
OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2013
(Expressed in thousands) |  | Parent |  |  | Guarantor subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Cash flows from operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) for the period |  | $ | (3,239 | ) |  | $ | 2,221 |  |  | $ | 4,911 |  |  | $ | — |  |  | $ | 3,893 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization of office facilities and leasehold improvements |  |  | — |  |  |  | — |  |  |  | 2,514 |  |  |  | — |  |  |  | 2,514 |
Deferred income taxes |  |  | — |  |  |  | — |  |  |  | 14,560 |  |  |  | — |  |  |  | 14,560 |
Amortization of notes receivable |  |  | — |  |  |  | — |  |  |  | 4,739 |  |  |  | — |  |  |  | 4,739 |
Amortization of debt issuance costs |  |  | 160 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 160 |
Amortization of mortgage servicing rights |  |  | — |  |  |  | — |  |  |  | 640 |  |  |  | — |  |  |  | 640 |
Provision for (reversal of) credit losses |  |  | — |  |  |  | — |  |  |  | (17 | ) |  |  | — |  |  |  | (17 | )
Share-based compensation expense |  |  | — |  |  |  | — |  |  |  | 1,879 |  |  |  | — |  |  |  | 1,879 |
Changes in operating assets and liabilities |  |  | 4,581 |  |  |  | (11,485 | ) |  |  | (127,135 | ) |  |  | — |  |  |  | (134,039 | )
Cash provided by (used in) continuing operations |  |  | 1,502 |  |  |  | (9,264 | ) |  |  | (97,909 | ) |  |  | — |  |  |  | (105,671 | )
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of office facilities |  |  | — |  |  |  | — |  |  |  | (5,120 | ) |  |  | — |  |  |  | (5,120 | )
Cash used in investing activities |  |  | — |  |  |  | — |  |  |  | (5,120 | ) |  |  | — |  |  |  | (5,120 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid on Class A non-voting and Class B voting common stock |  |  | (1,497 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,497 | )
Other financing activities |  |  | — |  |  |  | — |  |  |  | 75,700 |  |  |  | — |  |  |  | 75,700 |
Cash flow provided by (used in) financing activities |  |  | (1,497 | ) |  |  | — |  |  |  | 75,700 |  |  |  | — |  |  |  | 74,203 |
Net increase (decrease) in cash and cash equivalents |  |  | 5 |  |  |  | (9,264 | ) |  |  | (27,329 | ) |  |  | — |  |  |  | (36,588 | )
Cash and cash equivalents, beginning of the period |  |  | 35 |  |  |  | 40,658 |  |  |  | 94,673 |  |  |  | — |  |  |  | 135,366 |
Cash and cash equivalents, end of the period |  | $ | 40 |  |  | $ | 31,394 |  |  | $ | 67,344 |  |  | $ | — |  |  | $ | 98,778 |

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