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,
	2018			2017		2016
Basic weighted average number of shares outstanding	13,248,876			13,246,423		13,368,768
Net dilutive effect of share-based awards, treasury method ⁽¹⁾	812,493			426,938		—
Diluted weighted average number of shares outstanding	14,061,369			13,673,361		13,368,768

Net income (loss) from continuing operations	$	28,876		$	21,870	$	(9,630	)
Net income from discontinued operations	—			1,130		10,121
Net income	28,876			23,000		491
Net income (loss) attributable to non-controlling interest, net of tax	(16		)	184		1,652
Net income (loss) attributable to Oppenheimer Holdings Inc.	$	28,892		$	22,816	$	(1,161	)

Basic net income (loss) per share attributable to Oppenheimer Holdings Inc.
Continuing operations	$	2.18		$	1.65	$	(0.72	)
Discontinued operations ⁽²⁾	—			0.07		0.63
Net income (loss) per share	$	2.18		$	1.72	$	(0.09	)

Diluted net income (loss) per share attributable to Oppenheimer Holdings Inc.
Continuing operations	$	2.05		$	1.60	$	(0.72	)
Discontinued operations ⁽²⁾	—			0.07		0.63
Net income (loss) per share	$	2.05		$	1.67	$	(0.09	)


(1)	For the year ended December 31, 2018, the diluted net income per share computation does not include the anti-dilutive effect of 4,050 shares of Class A Stock granted under share-based compensation arrangements (10,592 and 1,237,134 shares for the years ended December 31, 2017 and 2016, respectively).


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