Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2014

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,
	2014		2013		2012
Basic weighted average number of shares outstanding	13,604,258		13,577,725		13,602,205
Net dilutive effect of warrant, treasury method ⁽¹⁾	—		—		—
Net dilutive effect of share-based awards, treasury method ⁽²⁾	646,405		546,335		—
Diluted weighted average number of shares outstanding	14,250,663		14,124,060		13,602,205
Net income (loss) for the year	$	9,561	$	26,153	$	(851	)
Net income attributable to non-controlling interest, net of tax	735		1,092		2,762
Net income (loss) attributable to Oppenheimer Holdings Inc.	$	8,826	$	25,061	$	(3,613	)
Basic earnings per share	$	0.65	$	1.85	$	(0.27	)
Diluted earnings per share	$	0.62	$	1.77	$	(0.27	)

(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 year ended December 31, 2012, the effect of the warrants was anti-dilutive.

(2)

For the year ended December 31, 2014, the diluted earnings per share computation does not include the anti-dilutive effect of 43,008 shares of Class A Stock granted under share-based compensation arrangements (57,573 and 1,936,871 shares of Class A Stock granted under share-based compensation arrangements together with the warrant described in (1) for the years ended December 31, 2013 and 2012, respectively).