Earnings per share

Basic earnings per share is computed by dividing net income attributable to Oppenheimer Holdings Inc. by the weighted average number of shares of Class A Stock and 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 options to purchase the Class A Stock and unvested 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 Year Ended December 31,
	2017		2016			2015
Basic weighted average number of shares outstanding	13,246,423		13,368,768			13,640,610
Net dilutive effect of share-based awards, treasury method ⁽¹⁾	426,938		—			—
Diluted weighted average number of shares outstanding	13,673,361		13,368,768			13,640,610

Net income (loss) from continuing operations	$	21,870	$	(9,630	)	$	(2,834	)
Net income from discontinued operations	1,130		10,121			5,732
Net income	23,000		491			2,898
Net income attributable to noncontrolling interest, net of tax	184		1,652			936
Net income (loss) attributable to Oppenheimer Holdings Inc.	$	22,816	$	(1,161	)	$	1,962

Basic net income (loss) per share attributable to Oppenheimer Holdings Inc.
Continuing operations	$	1.65	$	(0.72	)	$	(0.21	)
Discontinued operations ⁽²⁾	0.07		0.63			0.35
Net income (loss) per share	$	1.72	$	(0.09	)	$	0.14

Diluted net income (loss) per share attributable to Oppenheimer Holdings Inc.
Continuing operations	$	1.60	$	(0.72	)	$	(0.21	)
Discontinued operations ⁽²⁾	0.07		0.63			0.35
Net income (loss) per share	$	1.67	$	(0.09	)	$	0.14


(1)	For the year ended December 31, 2017, the diluted earnings per share computation does not include the anti-dilutive effect of 10,592 shares of Class A Stock granted under share-based compensation arrangements (1,237,134 and 1,269,585 shares for the years ended December 31, 2016 and 2015, respectively).


(2)	Represents net income from discontinued operations less net income attributable to noncontrolling interest, net of tax divided by weighted average number of shares outstanding.