Earnings per share
Basic earnings per share is computed by dividing net income over 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 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 Years Ended December 31,
 202520242023
Basic weighted average number of shares outstanding10,502,853 10,349,803 10,736,166 
Net dilutive effect of share-based awards, treasury stock method (1)
880,387 880,204 909,542 
Diluted weighted average number of shares outstanding11,383,240 11,230,007 11,645,708 
Net income attributable to Oppenheimer Holdings Inc.$148,403 $71,557 $30,179 
Earnings per share attributable to Oppenheimer Holdings Inc.
Basic$14.13 $6.91 $2.81 
Diluted $13.04 $6.37 $2.59 
(1)For the year ended December 31, 2025, the diluted net income per share computation did not include the anti-dilutive effect of 6,500 shares of Class A Stock granted under share-based compensation arrangements. For the year ended December 31, 2024, there were no shares of Class A Stock with an anti-dilutive effect granted under share-based compensation arrangements. For the year ended December 31, 2023, the diluted net income per share computation did not include the anti-dilutive effect of 115,950 shares of Class A Stock granted under share-based compensation arrangements.

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 27, 2025
2023Mar 1, 2024
2022Feb 28, 2023
2021Feb 28, 2022
2020Mar 1, 2021
2019Mar 2, 2020
2018Mar 1, 2019
2017Mar 2, 2018
2016Mar 3, 2017
2015Mar 4, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.