EXHIBIT 12

Oppenheimer Holdings Inc.

Computation of Ratio of Earnings to Fixed Charges⁽¹⁾

Expressed in thousands of dollars.	2008			2009		2010		2011		2012
Profit (Loss) Before Income Taxes	$	(36,566	)	$	37,067	$	67,991	$	17,848	$	(527	)
Add Fixed Charges:
Interest Expense(2)		39,137			21,429		25,750		38,026		35,086
Amortization of Debt Issuance Costs		1,227			1,164		643		986		639
Appropriate Portion of Rentals Representative of the Interest Factor(3)		15,687			16,853		16,793		16,994		17,075
Total Fixed Charges	$	56,051		$	39,446	$	43,186	$	56,006	$	52,800
Earnings	$	19,485		$	76,513	$	111,177	$	73,854	$	52,273
Ratio of Earnings to Fixed Charges(4)		—			1.9		2.6		1.3		—

Notes:

(1) The ratio of earnings to fixed charges is computed by dividing earnings, which is the sum of profit (loss) before income taxes and fixed charges, by fixed charges. Fixed charges represent interest expense, amortization of debt issuance costs, and an appropriate portion of rentals representative of the interest factor.

(2) In addition to interest expense on long-term debt, also includes interest expenses on short-term borrowings including bank call loans, securities lending, and repurchase agreements which generally have a corresponding asset that generates interest income that substantially offsets or exceeds the aforementioned interest expense.

(3) The percent of rent included in the computation is a reasonable approximation of the interest factor.

(4) Due to the Company’s pre-tax loss in the years ended December 31, 2008 and December 31, 2012 the ratio coverage was less than 1:1 in these periods. The Company would have needed to generate additional earnings of $36.6 million and $527,000 in 2008 and 2012, respectively to achieve a coverage of 1:1