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 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 options to purchase 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 Three Months Ended March 31,
	2020		2019
Basic weighted average number of shares outstanding	12,895,729		13,020,344
Net dilutive effect of share-based awards, treasury method ⁽¹⁾	560,504		830,977
Diluted weighted average number of shares outstanding	13,456,233		13,851,321

Net income	$	7,818	$	11,194

Net income per share
Basic	$	0.61	$	0.86
Diluted	$	0.58	$	0.81

(1) For the three months ended March 31, 2020, the diluted net income per share computation does not

include the anti-dilutive effect of 10,770 shares of Class A Stock granted under share-based compensation

arrangements (7,628 shares for the three months ended March 31, 2019).