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Earnings Per Share
 3 Months Ended
Mar. 31, 2014
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 have been calculated as follows:

 

(Expressed in thousands, except number of shares and per share amounts)            
    For the Three Months Ended  
    March 31,  
    2014     2013  

Basic weighted average number of shares outstanding

     13,536,805        13,607,998   

Net dilutive effect of warrant, treasury method (1)

     —          —     

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

     578,152        420,717   
 

 

 

    

 

 

  

Diluted weighted average number of shares outstanding

     14,114,957        14,028,715   
 

 

 

    

 

 

  

Net income for the period

   $ 3,420      $ 3,893   

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

     196        230   
 

 

 

    

 

 

  

Net income attributable to Oppenheimer Holdings Inc.

   $ 3,224      $ 3,663   
 

 

 

    

 

 

  

Basic earnings per share

   $ 0.24      $ 0.27   

Diluted earnings per share

   $ 0.23      $ 0.26   

 

(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 months ended March 31, 2013, the effect of the warrants was anti-dilutive.
(2) For the three months ended March 31, 2014, the diluted earnings per share computation does not include the anti-dilutive effect of 55,309 shares of Class A Stock granted under share-based compensation arrangements (1,057,573 shares of Class A Stock granted under share-based compensation arrangements together with the warrant described in (1) for the three months ended March 31, 2013).