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,
	2019		2018
Basic weighted average number of shares outstanding	13,020,344		13,239,628
Net dilutive effect of share-based awards, treasury method ⁽¹⁾	830,977		737,864
Diluted weighted average number of shares outstanding	13,851,321		13,977,492

Net income	$	11,194	$	6,705

Net income per share
Basic	$	0.86	$	0.51
Diluted	$	0.81	$	0.48


(1)	For the three months ended March 31, 2019, the diluted net income per share computation does not

include the anti-dilutive effect of 7,628 shares of Class A Stock granted under share-based

compensation arrangements (4,050 shares for three months ended March 31, 2018).