Profit Per Share

9 Months Ended

Sep. 30, 2011

Profit Per Share [Abstract]

Profit per share

4. Profit per share

Profit per share was computed by dividing net profit 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 profit per share includes the weighted average Class A and Class B Stock outstanding and the effects of warrants issued and Class A Stock granted under share-based compensation arrangements using the treasury stock method, if dilutive.

Profit per share has been calculated as follows:

Expressed in thousands of dollars, except share and per share amounts

	Three months ended				Nine months ended
	September 30,				September 30,
	2011		2010		2011		2010
Basic weighted average number of shares outstanding		13,670,604		13,355,468		13,627,122		13,334,214
Net dilutive effect of warrant, treasury method (1)		—		—		—		—
Net dilutive effect of share-based awards, treasury method (2)		245,294		601,243		295,515		586,511
Diluted weighted average number of shares outstanding		13,915,897		13,956,711		13,922,637		13,920,725
Net profit for the period	$	2,459	$	4,249	$	8,658	$	21,874
Net profit attributable to non-controlling interests		353		595		1,775		1,505
Net profit attributable to Oppenheimer Holdings Inc.	$	2,106	$	3,654	$	6,883	$	20,369
Basic profit per share	$	0.15	$	0.27	$	0.51	$	1.53
Diluted profit per share	$	0.15	$	0.26	$	0.49	$	1.46

(1)

As part of the consideration for the 2008 acquisition of a portion of CIBC World Markets Corp.’s U.S. capital markets businesses, the Company issued a warrant 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. For the three and nine months ended September 30, 2011 and 2010, the effect of the warrant is anti-dilutive.

(2)

For the three and nine months ended September 30, 2011, the diluted profit per share computations do not include the anti-dilutive effect of 1,139,695 and 1,142,028 shares of Class A Stock granted under share-based compensation arrangements together with the warrant described in (1) (1,273,416 shares of Class A Stock for both the three and nine months ended September 30, 2010).