NEW YORK, July 29, 2016 /PRNewswire/ - Oppenheimer
Holdings Inc. (NYSE: OPY) today reported net income of $5.2 million or $0.39 basic earnings per share for the second
quarter of 2016 compared with net income of $295,000 or $0.02
basic earnings per share for the second quarter of 2015. Loss
before income taxes from continuing operations was $5.2 million for the second quarter of 2016
compared with loss before income taxes of $1.1 million for the second quarter of
2015. Net income from discontinued operations was
$9.3 million for the second quarter
of 2016 compared with net income from discontinued operations of
$2.1 million for the second quarter
of 2015. Revenue from continuing operations for the second
quarter of 2016 was $212.1 million
compared with revenue from continuing operations of $228.0 million for the second quarter of 2015, a
decrease of 7.0%.
|
Summary Operating
Results
(Unaudited)
|
('000s, except Earnings
(Loss) Per Share and Book Value Per
Share)
|
|
|
|
|
|
|
|
|
|
For the 3-Months
Ended
|
|
For the 6-Months
Ended
|
|
|
|
6/30/2016
|
|
6/30/2015
(2)
|
|
%
Change
|
|
|
6/30/2016
|
|
6/30/2015
(2)
|
|
%
Change
|
Revenue
|
|
$
|
212,074
|
|
|
$
|
227,959
|
|
|
(7.0)
|
|
|
$
|
427,030
|
|
|
$
|
465,134
|
|
|
(8.2)
|
Expenses
|
|
217,320
|
|
|
229,060
|
|
|
(5.1)
|
|
|
439,616
|
|
|
460,421
|
|
|
(4.5)
|
Income (Loss) Before Income
Taxes
|
|
(5,246)
|
|
|
(1,101)
|
|
|
376.5
|
|
|
(12,586)
|
|
|
4,713
|
|
|
*
|
Income
Taxes
|
|
(2,627)
|
|
|
400
|
|
|
*
|
|
|
(6,439)
|
|
|
2,555
|
|
|
*
|
Net Income (Loss) from
Continuing
Operations
|
|
(2,619)
|
|
|
(1,501)
|
|
|
74.5
|
|
|
(6,147)
|
|
|
2,158
|
|
|
*
|
Net Income from
Discontinued
Operations
|
|
9,330
|
|
|
2,146
|
|
|
334.8
|
|
|
8,949
|
|
|
4,608
|
|
|
94.2
|
Net
Income
|
|
6,711
|
|
|
645
|
|
|
940.5
|
|
|
2,802
|
|
|
6,766
|
|
|
(58.6)
|
Less Net Income
Attributable to Non-Controlling
Interest
|
|
1,523
|
|
|
350
|
|
|
335.1
|
|
|
1,461
|
|
|
752
|
|
|
94.3
|
Net Income Attributable to
Oppenheimer Holdings
Inc.
|
|
$
|
5,188
|
|
|
$
|
295
|
|
|
1,658.6
|
|
|
$
|
1,341
|
|
|
$
|
6,014
|
|
|
(77.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings (Loss)
Per Share
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
Operations
|
|
$
|
(0.20)
|
|
|
$
|
(0.11)
|
|
|
81.8
|
|
|
$
|
(0.46)
|
|
|
$
|
0.16
|
|
|
*
|
|
Discontinued
Operations
|
|
0.59
|
|
|
0.13
|
|
|
353.8
|
|
|
0.56
|
|
|
0.28
|
|
|
100.0
|
|
Net Earnings Per
Share
|
|
$
|
0.39
|
|
|
$
|
0.02
|
|
|
1,850.0
|
|
|
$
|
0.10
|
|
|
$
|
0.44
|
|
|
(77.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings (Loss)
Per Share
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
Operations
|
|
$
|
(0.20)
|
|
|
$
|
(0.11)
|
|
|
81.8
|
|
|
$
|
(0.46)
|
|
|
$
|
0.15
|
|
|
*
|
|
Discontinued
Operations
|
|
0.59
|
|
|
0.13
|
|
|
353.8
|
|
|
0.56
|
|
|
0.27
|
|
|
107.4
|
|
Net Earnings Per
Share
|
|
$
|
0.39
|
|
|
$
|
0.02
|
|
|
1,850.0
|
|
|
$
|
0.10
|
|
|
$
|
0.42
|
|
|
(76.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Number
of Common Shares
Outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
|
13,367
|
|
|
13,746
|
|
|
(2.8)
|
|
|
13,374
|
|
|
13,725
|
|
|
(2.6)
|
|
Diluted
|
|
13,367
|
|
|
13,746
|
|
|
(2.8)
|
|
|
13,374
|
|
|
14,342
|
|
|
(6.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of
|
|
As
of
|
|
|
|
6/30/2016
|
|
6/30/2015
|
|
%
Change
|
|
6/30/2016
|
|
12/31/2015
|
|
%
Change
|
Book Value Per
Share
|
|
$
|
38.45
|
|
|
$
|
38.68
|
|
|
(0.6)
|
|
|
$
|
38.45
|
|
|
$
|
38.84
|
|
|
(1.0)
|
Tangible Book Value Per
Share
|
|
$
|
25.75
|
|
|
$
|
26.34
|
|
|
(2.2)
|
|
|
$
|
25.75
|
|
|
$
|
26.13
|
|
|
(1.5)
|
(1)
|
Attributable to Oppenheimer
Holdings
Inc.
|
(2)
|
Amounts have been recast
for discontinued
operations.
|
*
|
Not
comparable
|
Weak investor confidence and low levels of engagement continued
to impact business conditions in the second quarter of 2016.
Volatility in the debt and equity markets and low volumes
significantly weighed on operating results for the period.
The S&P 500 increased 1.9% despite a significant pullback in
response to the June 24th "Brexit"
vote including a rebound during the final trading days of the
quarter. The surprise results of the Brexit vote impacted
volatility with the CBOE Volatility Index ("VIX") hitting a high
for the quarter of 25.76 on June 24th
before declining to 15.63 to close the quarter. Uncertainty
around global economic growth, China's economy, Brexit, and the domestic
political environment resulted in difficult business conditions
during the quarter in both retail transactions and capital markets
activity. The 10-year U.S. Treasury yield ended the period at
1.49% down from 2.27% at year end reflecting the continued global
economic uncertainty and flight to safety after the Brexit vote,
further reducing the likelihood of the Federal Reserve increasing
short-term interest rates by year end.
Albert G. Lowenthal, Chairman and
CEO, commented, "Operating results for the period continued to
reflect the extremely challenging business environment.
Market turbulence and economic uncertainty negatively impacted
retail client transactions as well as M&A and equity
underwriting activities during the period. Despite the
ongoing uncertainty, we continue to offer up objective advice to
clients, both institutional and retail, in order to aid them in
navigating the uncertain pathway of ultra-low interest rates and
volatile equity markets. During the quarter, we completed the
sale of substantially all of the assets of the Commercial Mortgage
Banking business with the balance expected to be liquidated in the
upcoming quarter. The business, which we launched over 15
years ago, was a strong contributor to our financial results and I
would like to thank Jim Moore,
President of the Company's Oppenheimer Multifamily Housing and
Healthcare Finance Inc. subsidiary ("OMHHF"), for his leadership
and many years of service to that business. The Company will
look to redeploy proceeds from the sale of this business to our
core businesses of wealth management and institutional and
corporate capital market businesses."
Financial Highlights
- During the second quarter of 2016, the Company recorded a net
gain of $14.9 million on the sale of
its permanent mortgage loan portfolio including the associated
mortgage servicing rights from its Commercial Mortgage Banking
business.
- Commission revenue was $92.6
million for the second quarter of 2016, a decrease of 10.6%
compared with $103.6 million for the
second quarter of 2015, due to a lower financial adviser headcount
and reduced transaction volumes from retail investors during the
second quarter of 2016.
- Advisory fees were $66.1 million
for the second quarter of 2016, a decrease of 8.5% compared with
$72.2 million for the second quarter
of 2015, due to lower client assets under management.
- Investment banking revenue decreased 34.9% to $18.9 million for the second quarter of 2016
compared with $29.0 million for the
second quarter of 2015 due to lower merger and acquisition advisory
fees and equity underwriting income during the second quarter of
2016.
- Principal transactions revenue increased 114.0% to $7.6 million during the second quarter of 2016
compared with $3.5 million for the
second quarter of 2015 due primarily to mark-to-market volatility
in equities trading and in the valuation allowance for auction rate
securities.
|
Business Segment Results
(Unaudited)
|
('000s)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 3-Months
Ended
|
|
For the 6-Months
Ended
|
|
|
|
6/30/2016
|
|
6/30/2015
|
|
%
Change
|
|
6/30/2016
|
|
6/30/2015
|
|
%
Change
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private
Client
|
|
$
|
121,358
|
|
|
$
|
133,783
|
|
|
(9.3)
|
|
$
|
248,902
|
|
|
$
|
273,715
|
|
|
(9.1)
|
|
Asset
Management
|
|
22,770
|
|
|
25,344
|
|
|
(10.2)
|
|
45,744
|
|
|
49,805
|
|
|
(8.2)
|
|
Capital
Markets
|
|
65,524
|
|
|
69,531
|
|
|
(5.8)
|
|
126,589
|
|
|
141,697
|
|
|
(10.7)
|
|
Corporate/Other
|
|
2,422
|
|
|
(699)
|
|
|
*
|
|
5,795
|
|
|
(83)
|
|
|
*
|
|
|
|
212,074
|
|
|
227,959
|
|
|
(7.0)
|
|
427,030
|
|
|
465,134
|
|
|
(8.2)
|
Income (Loss) Before
Income Taxes from Continuing
Operations
|
|
|
|
|
|
Private
Client
|
|
14,345
|
|
|
13,402
|
|
|
7.0
|
|
30,662
|
|
|
30,159
|
|
|
1.7
|
|
Asset
Management
|
|
5,703
|
|
|
7,801
|
|
|
(26.9)
|
|
12,471
|
|
|
15,687
|
|
|
(20.5)
|
|
Capital
Markets
|
|
4,045
|
|
|
3,623
|
|
|
11.6
|
|
(2,753)
|
|
|
10,358
|
|
|
*
|
|
Corporate/Other
|
|
(29,339)
|
|
|
(25,927)
|
|
|
13.2
|
|
(52,966)
|
|
|
(51,491)
|
|
|
2.9
|
|
|
|
$
|
(5,246)
|
|
|
$
|
(1,101)
|
|
|
376.5
|
|
$
|
(12,586)
|
|
|
$
|
4,713
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Not
comparable
|
|
|
|
|
|
|
|
|
|
|
|
|
Private Client
Private Client reported revenue of $121.4
million for the second quarter of 2016, 9.3% lower than the
second quarter of 2015, due to lower levels of transaction-based
business during the second quarter of 2016. Income before
income taxes was $14.3 million for
the second quarter of 2016, an increase of 7.0% compared with the
second quarter of 2015, due to lower legal and regulatory costs
attributed to Private Client during the second quarter of 2016.
- Client assets under administration were $78.7 billion at both June
30, 2016 and December 31,
2015.
- Financial adviser headcount was 1,199 at the end of the second
quarter of 2016 (1,223 at the end of the first quarter of 2016),
down from 1,273 at the end of the second quarter of 2015.
- Retail commissions were $51.9
million for the second quarter of 2016, a decrease of 17.5%
from the second quarter of 2015.
- Advisory fee revenue on traditional and alternative managed
products was $44.5 million for the
second quarter of 2016, a decrease of 7.6% over the second quarter
of 2015 (see Asset Management below for further information).
- Fees earned on client cash deposits in the FDIC-insured bank
deposit program were $8.4 million
during the second quarter of 2016 versus $3.0 million for the second quarter of 2015. The
increase was due to higher short-term interest rates as well as to
the discontinued offering of retail money market funds to clients
and the transfer of these balances into the FDIC-insured bank
deposit program during the second quarter of 2015.
Asset Management
Asset Management reported revenue of $22.8 million for the second quarter of 2016,
10.2% lower than the second quarter of 2015. Income before
income taxes was $5.7 million for the
second quarter of 2016, a decrease of 26.9% compared with the
second quarter of 2015.
- Advisory fee revenue on traditional and alternative managed
products was $21.6 million for the
second quarter of 2016, a decrease of 10.3% over the second quarter
of 2015. Advisory fees are calculated based on the value of
client assets under management ("AUM") at the end of the prior
quarter which totaled $23.7 billion
at March 31, 2016 ($26.6 billion at March 31,
2015) and are allocated to the Private Client and Asset
Management business segments.
- AUM decreased 5.1% to $24.3
billion at June 30, 2016
compared to $25.6 billion at
June 30, 2015, which is the basis for
advisory fee billings for the third quarter of 2016. The
decrease in AUM was comprised of asset depreciation of $0.9 billion and net redemption of assets of
$0.4 billion.
Capital Markets
Capital Markets reported revenue of $65.5
million for the second quarter of 2016, 5.8% lower than the
second quarter of 2015, primarily due to lower merger and
acquisition advisory fees and equity underwriting income during the
second quarter of 2016. Income before income taxes was
$4.0 million for the second quarter
of 2016, an increase of 11.6% compared with income before income
taxes of $3.6 million for the second
quarter of 2015 due to lower incentive compensation costs during
the second quarter of 2016.
- Institutional equities commissions decreased 2.4% to
$26.9 million for the second quarter
of 2016 compared with the second quarter of 2015.
- Advisory fees from investment banking activities decreased
28.8% to $7.2 million in the second
quarter of 2016 compared with the prior year quarter due to a
decrease in completed mergers and acquisitions activity during the
second quarter of 2016.
- Equity underwriting fees decreased 47.5% to $5.4 million for the second quarter of 2016
compared with the prior year quarter due to a significant decrease
in equity underwriting activity during the second quarter of
2016.
- Revenue from Taxable Fixed Income increased 15.0% to
$18.0 million for the second quarter
of 2016 compared with the second quarter of 2015 due to increases
in debt capital markets activity during the period.
- Public Finance and Municipal Trading revenue increased 2.8% to
$6.1 million for the second quarter
of 2016 compared with the second quarter of 2015.
Discontinued Operations
On June 2, 2016, OMHHF entered
into a definitive agreement to sell OMHHF's entire portfolio of
permanent mortgage loans (consisting of over 480 permanent loans
insured by the U.S. Department of Housing and Urban Development),
including the associated mortgage servicing rights, to Walker &
Dunlop, LLC. On June 20, 2016,
OMHHF completed the transaction for cash consideration of
approximately $45.0 million. An
amount equal to $1.4 million was
withheld from the purchase price until such time as one loan in the
mortgage loan portfolio becomes current or is modified. The
Company recorded a net gain of $14.9
million related to this transaction. During the second
quarter of 2016, the Company also sold its business pipeline of
mortgage loans for approximately $1.5
million. The sale of the remainder of OMHHF's
operating assets (of which the Company owns 83.68%), primarily its
portfolio of construction mortgage loans including the associated
servicing rights, is expected to be completed in the next reporting
period at which time the Company intends to substantially complete
the wind down of the OMHHF business.
The following table is a summary of revenue and expenses from
discontinued operations for the three and six months ended
June 30, 2016 and 2015:
|
|
|
|
|
For the 3-Months
Ended
|
|
For the 6-Months
Ended
|
(Expressed in
thousands)
|
6/30/2016
|
|
6/30/2015
|
|
6/30/2016
|
|
6/30/2015
|
Revenue
|
|
Interest
|
$
|
472
|
|
$
|
717
|
|
$
|
809
|
|
$
|
1,049
|
|
Principal transactions,
net
|
(1,541)
|
|
(1,831)
|
|
(6,628)
|
|
8,226
|
|
Other
*
|
18,986
|
|
12,082
|
|
27,474
|
|
10,079
|
|
Total
revenue
|
17,917
|
|
10,968
|
|
21,655
|
|
19,354
|
Expenses
|
|
|
|
Compensation and related
expenses
|
735
|
|
4,409
|
|
3,652
|
|
6,676
|
|
Communications and
technology
|
59
|
|
100
|
|
161
|
|
196
|
|
Occupancy and equipment
costs
|
286
|
|
74
|
|
362
|
|
150
|
|
Interest
|
159
|
|
399
|
|
380
|
|
540
|
|
Other
|
1,312
|
|
2,255
|
|
2,391
|
|
4,024
|
|
Total
expenses
|
2,551
|
|
7,237
|
|
6,946
|
|
11,586
|
Income before income
taxes
|
15,366
|
|
3,731
|
|
14,709
|
|
7,768
|
Income
taxes
|
6,036
|
|
1,585
|
|
5,760
|
|
3,160
|
Net income from
discontinued
operations
|
$
|
9,330
|
|
$
|
2,146
|
|
$
|
8,949
|
|
$
|
4,608
|
|
|
*
|
Includes net gain of $14.9
million on the sale of portfolio of permanent mortgage loans
including the associated mortgage servicing rights during the
three-month period ended June 30,
2016.
|
Compensation and Related Expenses
Compensation and related expenses (including salaries,
production and incentive compensation, share-based compensation,
deferred compensation, and other benefit-related items) totaled
$141.7 million during the second
quarter of 2016, a decrease of 7.9% compared to the second quarter
of 2015. The decrease was due to lower production, incentive,
and share-based compensation expenses during the second quarter of
2016. Compensation and related expenses as a percentage of
revenue was 66.8% during the second quarter of 2016 compared to
67.5% during the second quarter of 2015.
Non-Compensation Expenses
Non-compensation expenses were $75.6
million during the second quarter of 2016, roughly flat
compared to the same period in 2015, as higher communications and
technology costs were offset by lower occupancy and equipment costs
during the second quarter of 2016.
Income Taxes
The effective income tax rate from continuing operations for the
second quarter of 2016 was 50.1% (benefit) compared with 36.3%
(expense) for the second quarter of 2015. The elevated income
tax benefit during the second quarter of 2016 was primarily due to
book-to-tax return adjustments recorded during the period partially
offset by non-deductible regulatory charges. The effective
income tax rate from continuing operations for the second quarter
of 2015 was negatively impacted due to increases in reserves taken
on tax positions, non-deductible regulatory charges, as well as
lower operating results of the international businesses (which
benefit from lower tax rates) and by the size of these factors
relative to loss before income taxes.
Balance Sheet and Liquidity
- At June 30, 2016, total equity
was $522.1 million compared with
$525.1 million at December 31, 2015.
- At June 30, 2016, book value per
share was $38.45 (compared with
$38.84 at December 31, 2015) and tangible book value per
share was $25.75 (compared with
$26.13 at December 31, 2015).
- The Company's level 3 assets, primarily auction rate
securities, were $103.6 million at
June 30, 2016 (compared with
$96.2 million at December 31, 2015). The increase in level 3
assets was primarily due to increases in auction rate securities
and interest rate lock commitments.
Dividend Announcement
The Company today announced a quarterly dividend in the amount
of $0.11 per share payable on
August 26, 2016 to holders of Class A
non-voting and Class B voting common stock of record on
August 12, 2016.
Company Information
Oppenheimer Holdings Inc., through its operating subsidiaries,
is a leading middle market investment bank and full service
broker-dealer that provides a wide range of financial services
including retail securities brokerage, institutional sales and
trading, investment banking (both corporate and public finance),
research, market-making, trust, and investment management.
With roots tracing back to 1881, the firm is headquartered in
New York and has 94 offices in 24
states and 5 foreign jurisdictions.
Forward-Looking Statements
This press release includes certain "forward-looking statements"
relating to anticipated future performance. For a discussion
of the factors that could cause future performance to be different
than anticipated, reference is made to Factors Affecting
"Forward-Looking Statements" and Part 1A – Risk Factors in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2015.
|
Oppenheimer Holdings
Inc.
|
Consolidated Income
Statement
(unaudited)
|
('000s, except
EPS)
|
|
|
For the 3-Months
Ended
|
|
For the 6-Months
Ended
|
|
|
|
6/30/2016
|
|
6/30/2015
|
|
%
Change
|
|
6/30/2016
|
|
6/30/2015
|
|
%
Change
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions
|
|
$
|
92,591
|
|
$
|
103,556
|
|
(10.6)
|
|
$
|
196,424
|
|
$
|
213,251
|
|
(7.9)
|
|
Advisory
fees
|
|
66,104
|
|
72,243
|
|
(8.5)
|
|
|
132,130
|
|
|
143,209
|
|
(7.7)
|
|
Investment
banking
|
|
18,881
|
|
29,020
|
|
(34.9)
|
|
|
31,264
|
|
|
56,325
|
|
(44.5)
|
|
Interest
|
|
12,007
|
|
11,313
|
|
6.1
|
|
|
25,049
|
|
|
22,016
|
|
13.8
|
|
Principal transactions,
net
|
|
7,577
|
|
3,541
|
|
114.0
|
|
|
14,195
|
|
|
12,038
|
|
17.9
|
|
Other
|
|
14,914
|
|
8,286
|
|
80.0
|
|
|
27,968
|
|
|
18,295
|
|
52.9
|
|
Total
revenue
|
|
212,074
|
|
227,959
|
|
(7.0)
|
|
|
427,030
|
|
|
465,134
|
|
(8.2)
|
EXPENSES
|
|
|
|
|
|
|
|
Compensation and related
expenses
|
|
141,721
|
|
153,805
|
|
(7.9)
|
|
|
290,216
|
|
|
314,629
|
|
(7.8)
|
|
Communications and
technology
|
|
17,638
|
|
16,307
|
|
8.2
|
|
|
35,318
|
|
|
33,379
|
|
5.8
|
|
Occupancy and equipment
costs
|
|
14,984
|
|
15,911
|
|
(5.8)
|
|
|
29,887
|
|
|
31,612
|
|
(5.5)
|
|
Clearing and exchange
fees
|
|
6,199
|
|
6,231
|
|
(0.5)
|
|
|
13,120
|
|
|
12,633
|
|
3.9
|
|
Interest
|
|
4,972
|
|
4,105
|
|
21.1
|
|
|
9,839
|
|
|
7,875
|
|
24.9
|
|
Other
|
|
31,806
|
|
32,701
|
|
(2.7)
|
|
|
61,236
|
|
|
60,293
|
|
1.6
|
|
Total
expenses
|
|
217,320
|
|
229,060
|
|
(5.1)
|
|
|
439,616
|
|
|
460,421
|
|
(4.5)
|
Income (loss) before income
taxes
|
|
(5,246)
|
|
(1,101)
|
|
376.5
|
|
|
(12,586)
|
|
|
4,713
|
|
*
|
Income
taxes
|
|
(2,627)
|
|
400
|
|
*
|
|
(6,439
|
|
|
2,555
|
|
*
|
Net income (loss) from
continuing
operations
|
|
(2,619)
|
|
(1,501)
|
|
74.5
|
|
|
(6,147)
|
|
|
2,158
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued
operations
|
|
15,366
|
|
3,731
|
|
311.8
|
|
|
14,709
|
|
|
7,768
|
|
89.4
|
Income
taxes
|
|
6,036
|
|
1,585
|
|
280.8
|
|
|
5,760
|
|
|
3,160
|
|
82.3
|
Net income from
discontinued
operations
|
|
9,330
|
|
2,146
|
|
334.8
|
|
|
8,949
|
|
|
4,608
|
|
94.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
6,711
|
|
645
|
|
940.5
|
|
|
2,802
|
|
6,766
|
|
(58.6)
|
Less net income
attributable to non-controlling interest, net of
tax
|
|
1,523
|
|
350
|
|
335.1
|
|
|
1,461
|
|
752
|
|
94.3
|
Net income attributable
to Oppenheimer Holdings
Inc.
|
|
$
|
5,188
|
|
$
|
295
|
|
1,658.6
|
|
$
|
1,341
|
|
$
|
6,014
|
|
(77.7)
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share attributable to Oppenheimer Holdings
Inc.
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
(0.20)
|
|
$
|
(0.11)
|
|
81.8
|
|
$
|
(0.46)
|
|
$
|
0.16
|
|
*
|
|
Discontinued
operations
|
|
0.59
|
|
0.13
|
|
353.8
|
|
|
0.56
|
|
0.28
|
|
100.0
|
|
Net earnings per share
attributable to Oppenheimer Holdings
Inc.
|
|
$
|
0.39
|
|
$
|
0.02
|
|
1,850.0
|
|
$
|
0.10
|
|
$
|
0.44
|
|
(77.3)
|
Diluted earnings (loss)
per share attributable to Oppenheimer Holdings
Inc.
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
(0.20)
|
|
$
|
(0.11)
|
|
81.8
|
|
$
|
(0.46)
|
|
$
|
0.15
|
|
*
|
|
Discontinued
operations
|
|
0.59
|
|
0.13
|
|
353.8
|
|
|
0.56
|
|
0.27
|
|
107.4
|
|
Net earnings per share
attributable to Oppenheimer Holdings
Inc.
|
|
$
|
0.39
|
|
$
|
0.02
|
|
1,850.0
|
|
$
|
0.10
|
|
$
|
0.42
|
|
(76.2)
|
Weighted Average Number
of Common Shares
Outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
13,367
|
|
13,746
|
|
(2.8)
|
|
|
13,374
|
|
13,725
|
|
(2.6)
|
|
Diluted
|
|
13,367
|
|
13,746
|
|
(2.8)
|
|
|
13,374
|
|
14,342
|
|
(6.7)
|
|
|
|
|
|
|
|
|
|
|
*
|
Not
comparable
|
|
|
|
|
|
|
|
|
SOURCE Oppenheimer Holdings Inc.