NEW YORK, Oct. 28, 2016 /CNW/ - Oppenheimer Holdings
Inc. (NYSE: OPY) today reported a net loss of $712,000 or $0.05
basic loss per share for the third quarter of 2016 compared with a
net loss of $908,000 or $0.07 basic loss per share for the third quarter
of 2015. Loss before income taxes from continuing operations
was $1.8 million for the third
quarter of 2016 compared with a loss before income taxes of
$2.6 million for the third quarter of
2015. Net income from discontinued operations was
$413,000 for the third quarter of
2016 compared with net income from discontinued operations of
$359,000 for the third quarter of
2015. Revenue from continuing operations for the third
quarter of 2016 was $211.8 million
compared with revenue from continuing operations of $207.5 million for the third quarter of 2015, an
increase of 2.1%.
|
Summary Operating
Results (Unaudited)
|
('000s, except
Earnings (Loss) Per Share and Book Value Per Share)
|
|
For the 3-Months
Ended
|
|
For the 9-Months
Ended
|
|
9/30/2016
|
|
9/30/2015
(2)
|
|
%
Change
|
|
9/30/2016
|
|
9/30/2015
(2)
|
|
%
Change
|
Revenue
|
$
|
211,804
|
|
$
|
207,478
|
|
2.1
|
|
$
|
638,834
|
|
$
|
672,612
|
|
(5.0)
|
Expenses
|
213,614
|
|
210,051
|
|
1.7
|
|
653,230
|
|
670,472
|
|
(2.6)
|
Income (Loss) Before
Income Taxes
|
(1,810)
|
|
(2,573)
|
|
(29.7)
|
|
(14,396)
|
|
2,140
|
|
*
|
Income
Taxes
|
(751)
|
|
(1,437)
|
|
(47.7)
|
|
(7,190)
|
|
1,118
|
|
*
|
Net Income (Loss)
from Continuing Operations
|
(1,059)
|
|
(1,136)
|
|
(6.8)
|
|
(7,206)
|
|
1,022
|
|
*
|
Net Income from
Discontinued Operations
|
413
|
|
359
|
|
15.0
|
|
9,362
|
|
4,967
|
|
88.5
|
Net Income
(Loss)
|
(646)
|
|
(777)
|
|
(16.9)
|
|
2,156
|
|
5,989
|
|
(64.0)
|
Less Net Income
Attributable to Non-Controlling Interest
|
66
|
|
131
|
|
(49.6)
|
|
1,527
|
|
883
|
|
72.9
|
Net Income (Loss)
Attributable to Oppenheimer Holdings Inc.
|
$
|
(712)
|
|
$
|
(908)
|
|
(21.6)
|
|
$
|
629
|
|
$
|
5,106
|
|
(87.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings
(Loss) Per Share (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
Operations
|
$
|
(0.08)
|
|
$
|
(0.08)
|
|
—
|
|
$
|
(0.54)
|
|
$
|
0.07
|
|
*
|
|
Discontinued
Operations
|
0.03
|
|
0.01
|
|
200.0
|
|
0.59
|
|
0.30
|
|
96.7
|
|
Net Earnings (Loss)
Per Share
|
$
|
(0.05)
|
|
$
|
(0.07)
|
|
(28.6)
|
|
$
|
0.05
|
|
$
|
0.37
|
|
(86.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings
(Loss) Per Share (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
Operations
|
$
|
(0.08)
|
|
$
|
(0.08)
|
|
—
|
|
$
|
(0.54)
|
|
$
|
0.07
|
|
*
|
|
Discontinued
Operations
|
0.03
|
|
0.01
|
|
200.0
|
|
0.59
|
|
0.29
|
|
103.4
|
|
Net Earnings (Loss)
Per Share
|
$
|
(0.05)
|
|
$
|
(0.07)
|
|
(28.6)
|
|
$
|
0.05
|
|
$
|
0.36
|
|
(86.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Number of Common Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
13,367
|
|
13,691
|
|
(2.4)
|
|
13,371
|
|
13,714
|
|
(2.5)
|
|
Diluted
|
13,367
|
|
13,691
|
|
(2.4)
|
|
13,371
|
|
14,339
|
|
(6.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of
|
|
As
of
|
|
|
9/30/2016
|
|
9/30/2015
|
|
%
Change
|
|
9/30/2016
|
|
12/31/2015
|
|
%
Change
|
Book Value Per
Share
|
$
|
38.41
|
|
$
|
38.92
|
|
(1.3)
|
|
$
|
38.41
|
|
$
|
38.84
|
|
(1.1)
|
Tangible Book Value
Per Share
|
$
|
25.73
|
|
$
|
26.29
|
|
(2.1)
|
|
$
|
25.73
|
|
$
|
26.13
|
|
(1.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Attributable to
Oppenheimer Holdings Inc.
|
|
|
|
|
|
|
|
(2)
|
Amounts have been
recast for discontinued operations.
|
|
|
|
|
|
|
*
|
Not
comparable
|
|
|
|
|
|
|
|
|
|
The U.S. equities markets performed well during the third
quarter of 2016 with the S&P 500 returning 3.3%. Much of
the gains during the quarter came in July following the market
reaction in response to the Brexit vote.
Uncertainty continues around global economic growth, China's economy, and the upcoming elections in
the U.S. The 10-Year U.S. Treasury yield ended the period at
1.59% up from 1.49% at the end of the second quarter of 2016,
reflecting an increased 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 environment. These
challenges included uncertainty around global economic growth, the
implications of Brexit, as well as the domestic political
environment which collectively weighed on investor
confidence. Closer to home, the financial services industry
and the Company are facing changes in investor behavior and the
accelerating transition from a transaction-based commission model
to a fee-based model. The Company is well prepared for this
transition as it has offered a fee-based alternative for over a
decade. Asset management fees were approximately 55% of our
Wealth Management revenues for the nine-month period ended
September 30, 2016. The
reduction in transaction-based commissions has had a negative
impact on the Company's operating results in recent quarters.
The lackluster environment also was reflected in lower equity
underwriting activities during the period. M&A activity
increased during the quarter in both our U.S. and European banking
businesses with the pipeline of business looking promising for the
fourth quarter of 2016.
During the quarter we continued the build out of our technology
platform in our managed product business as well as other
technology initiatives that will result in better information and
control over our business as the compliance requirements for the
investment community continue to evolve. The Company believes that
its readiness efforts around implementing the new Department of
Labor Fiduciary Rules will position it well as the first phase of
the rules go into effect in the second quarter of 2017.
During the quarter, the Company also substantially completed the
sale of assets of its Oppenheimer Multifamily Housing and
Healthcare Finance Inc. business."
Financial Highlights
- Commission revenue was $90.0
million for the third quarter of 2016, a decrease of 11.1%
compared with $101.2 million for the
third quarter of 2015 due to reduced transaction volumes from
retail investors and a lower financial adviser headcount during the
third quarter of 2016.
- Advisory fees were $67.5 million
for the third quarter of 2016, a decrease of 3.0% compared with
$69.6 million for the third quarter
of 2015 due to a lower level of client assets under management.
- Investment banking revenue increased 22.6% to $20.3 million for the third quarter of 2016
compared with $16.5 million for the
third quarter of 2015 due to higher merger and acquisition advisory
fees offset by lower equity underwriting income during the third
quarter of 2016.
- Principal transactions revenue increased 113.2% to $4.9 million during the third quarter of 2016
compared with $2.3 million for the
third quarter of 2015 as increases in corporate bonds, equities,
and firm investments were offset by decreases in municipal and
agency bonds as well as the change in the value of auction rate
securities.
|
Business Segment
Results (Unaudited)
|
('000s)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 3-Months
Ended
|
|
For the 9-Months
Ended
|
|
|
|
9/30/2016
|
|
9/30/2015
|
|
%
Change
|
|
9/30/2016
|
|
9/30/2015
|
|
%
Change
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private
Client
|
|
$
|
127,835
|
|
$
|
122,324
|
|
4.5
|
|
$
|
376,737
|
|
$
|
396,039
|
|
(4.9)
|
|
Asset
Management
|
|
23,234
|
|
23,849
|
|
(2.6)
|
|
68,978
|
|
73,654
|
|
(6.3)
|
|
Capital
Markets
|
|
60,703
|
|
60,585
|
|
0.2
|
|
187,292
|
|
202,282
|
|
(7.4)
|
|
Corporate/Other
|
|
32
|
|
720
|
|
(95.6)
|
|
5,827
|
|
637
|
|
814.8
|
|
|
|
211,804
|
|
207,478
|
|
2.1
|
|
638,834
|
|
672,612
|
|
(5.0)
|
Income (Loss)
Before Income Taxes from Continuing Operations
|
|
|
|
|
|
Private
Client
|
|
20,137
|
|
14,905
|
|
35.1
|
|
50,799
|
|
45,064
|
|
12.7
|
|
Asset
Management
|
|
9,380
|
|
7,563
|
|
24.0
|
|
21,851
|
|
23,250
|
|
(6.0)
|
|
Capital
Markets
|
|
(1,103)
|
|
(2,016)
|
|
(45.3)
|
|
(3,856)
|
|
8,342
|
|
*
|
|
Corporate/Other
|
|
(30,224)
|
|
(23,025)
|
|
31.3
|
|
(83,190)
|
|
(74,516)
|
|
11.6
|
|
|
|
$
|
(1,810)
|
|
$
|
(2,573)
|
|
(29.7)
|
|
$
|
(14,396)
|
|
$
|
2,140
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Not
comparable
|
|
|
|
|
|
|
|
|
|
|
|
|
Private Client
Private Client reported revenue of $127.8
million for the third quarter of 2016, 4.5% higher than the
third quarter of 2015 due to higher fees earned on client deposits
in the FDIC-insured bank deposit program and positive changes in
the cash surrender value of Company-owned life insurance offset by
lower retail commissions during the third quarter of 2016.
Income before income taxes was $20.1
million for the third quarter of 2016, an increase of 35.1%
compared with the third quarter of 2015 due to the aforementioned
FDIC-insured bank deposit fees during the third quarter of
2016.
- Client assets under administration were $79.7 billion at September
30, 2016 compared to $78.7
billion at December 31, 2015,
an increase of 1.3%.
- Financial adviser headcount was 1,177 at the end of the third
quarter of 2016 (1,199 at the end of the second quarter of 2016),
down from 1,262 at the end of the third quarter of 2015. The
decline in financial adviser headcount has been a result of the
Company's attention to productivity and compliance leading to
attrition for less productive financial advisers and the
elimination of financial advisers who could lead to future
compliance-related issues. The decline in headcount has been
also related to retirements and normal attrition. The Company
expects a further reduction in headcount as the Company addresses
the Department of Labor's new overtime rules for exempt employees
which go into effect in the fourth quarter of 2016.
- Retail commissions were $54.4
million for the third quarter of 2016, a decrease of 9.0%
from the third quarter of 2015 due to reduced transaction volumes
from retail investors and a lower financial adviser headcount
during the third quarter of 2016.
- Advisory fee revenue on traditional and alternative managed
products was $45.2 million for the
third quarter of 2016, a decrease of 4.0% over the third quarter of
2015 (see Asset Management below for further information).
- Fees earned on client cash deposits in the FDIC-insured bank
deposit program were $9.6 million
during the third quarter of 2016 versus $3.3
million for the third quarter of 2015. The increase
primarily was due to higher short-term interest rates during the
third quarter of 2016.
Asset Management
Asset Management reported revenue of $23.2 million for the third quarter of 2016, 2.6%
lower than the third quarter of 2015. Income before income
taxes was $9.4 million for the third
quarter of 2016, an increase of 24.0% compared with the third
quarter of 2015.
- Advisory fee revenue on traditional and alternative managed
products was $22.3 million for the
third quarter of 2016, a decrease of 0.4% over the third 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 $24.3 billion
at June 30, 2016 ($25.6 billion at June 30,
2015) and are allocated to the Private Client and Asset
Management business segments.
- AUM increased 3.8% to $24.6
billion at September 30, 2016
compared to $23.7 billion at
September 30, 2015, which is the
basis for advisory fee billings for the fourth quarter of
2016. The increase in AUM was comprised of asset appreciation
of $1.2 billion and net redemption of
assets of $0.3 billion.
Capital Markets
Capital Markets reported revenue of $60.7
million for the third quarter of 2016, relatively flat
compared with the third quarter of 2015. Loss before income
taxes was $1.1 million for the third
quarter of 2016, a decrease of 45.3% compared with a loss before
income taxes of $2.0 million for the
third quarter of 2015.
- Institutional equities commissions decreased 14.7% to
$25.0 million for the third quarter
of 2016 compared with the third quarter of 2015 due to lower levels
of portfolio activity by institutional clients.
- Advisory fees from investment banking activities increased
170.8% to $13.0 million in the third
quarter of 2016 compared with the prior year quarter due to an
increase in completed mergers and acquisitions activity during the
third quarter of 2016.
- Equity underwriting fees decreased 46.2% to $3.5 million for the third quarter of 2016
compared with the prior year quarter due to a significant decrease
in equity issuances leading to reduced equity underwriting activity
during the third quarter of 2016.
- Revenue from Taxable Fixed Income was $14.4 million for the third quarter of 2016,
relatively flat compared with the third quarter of 2015.
- Public Finance and Municipal Trading revenue decreased 46.4% to
$3.0 million for the third quarter of
2016 compared with the third quarter of 2015.
Discontinued Operations
During the second and third quarter of 2016, the Company
substantially completed the dissolution of its Oppenheimer
Multifamily Housing and Healthcare Finance Inc. subsidiary.
The following table is a summary of revenue and expenses from
discontinued operations for the three and nine months ended
September 30, 2016 and 2015:
|
|
|
|
|
|
|
For the 3-Months
Ended
|
|
For the 9-Months
Ended
|
(Expressed in
thousands)
|
9/30/2016
|
|
9/30/2015
|
|
9/30/2016
|
|
9/30/2015
|
Revenue
|
|
|
|
|
|
|
|
|
Interest
|
$
|
112
|
|
$
|
625
|
|
$
|
921
|
|
$
|
1,674
|
|
Principal
transactions, net
|
(2,380)
|
|
(5,648)
|
|
(9,008)
|
|
2,579
|
|
Other
|
4,073
|
|
11,081
|
|
31,547
|
|
21,160
|
|
Total
revenue
|
1,805
|
|
6,058
|
|
23,460
|
|
25,413
|
Expenses
|
|
|
|
|
|
|
|
Compensation and
related expenses
|
573
|
|
3,432
|
|
4,225
|
|
10,108
|
|
Communications and
technology
|
40
|
|
79
|
|
201
|
|
275
|
|
Occupancy and
equipment costs
|
37
|
|
75
|
|
399
|
|
225
|
|
Interest
|
28
|
|
313
|
|
408
|
|
853
|
|
Other
|
239
|
|
1,113
|
|
2,630
|
|
5,138
|
|
Total
expenses
|
917
|
|
5,012
|
|
7,863
|
|
16,599
|
Income before income
taxes
|
888
|
|
1,046
|
|
15,597
|
|
8,814
|
Income
taxes
|
475
|
|
687
|
|
6,235
|
|
3,847
|
Net income from
discontinued operations
|
$
|
413
|
|
$
|
359
|
|
$
|
9,362
|
|
$
|
4,967
|
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
$142.3 million during the third
quarter of 2016, an increase of 2.1% compared to the third quarter
of 2015. The increase was due to higher incentive,
share-based compensation, and deferred compensation expenses offset
by lower production-related expenses during the third quarter of
2016. Compensation and related expenses as a percentage of
revenue was 67.2% during the third quarter of 2016 compared to
67.1% during the third quarter of 2015.
Non-Compensation Expenses
Non-compensation expenses were $71.3
million during the third quarter of 2016, an increase of
0.8% compared to the same period in 2015 as higher communications
and technology costs were offset by lower occupancy and equipment
costs during the third quarter of 2016.
Income Taxes
The effective income tax rate from continuing operations for the
third quarter of 2016 was 41.5% compared with 55.8% for the third
quarter of 2015. The effective income tax rate during the
third quarter of 2016 was impacted by the valuation allowance
established on deferred tax assets related to net operating losses
of a foreign subsidiary offset by the release of reserves taken on
uncertain tax positions.
Balance Sheet and Liquidity
- At September 30, 2016, total
equity was $516.0
million compared with $525.1
million at December 31,
2015.
- At September 30, 2016, book value
per share was $38.41 (compared with
$38.84 at December 31, 2015) and tangible book value per
share was $25.73 (compared with
$26.13 at December 31, 2015).
- The Company's level 3 assets, primarily auction rate
securities, were $91.2 million at
September 30, 2016 (compared with
$96.2 million at December 31, 2015). The decrease in level 3
assets was primarily due to decreases in interest rate lock
commitments offset by increases in auction rate securities.
Dividend Announcement
The Company today announced a quarterly dividend in the amount
of $0.11 per share payable on
November 25, 2016 to holders of Class
A non-voting and Class B voting common stock of record on
November 11, 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 92 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
Statements of Operations (unaudited)
|
('000s, except
EPS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 3-Months
Ended
|
|
For the 9-Months
Ended
|
|
|
|
9/30/2016
|
|
9/30/2015
|
|
%
Change
|
|
9/30/2016
|
|
9/30/2015
|
|
%
Change
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions
|
|
$
|
90,023
|
|
$
|
101,243
|
|
(11.1)
|
|
$
|
286,447
|
|
$
|
314,494
|
|
(8.9)
|
|
Advisory
fees
|
|
67,452
|
|
69,557
|
|
(3.0)
|
|
199,582
|
|
212,766
|
|
(6.2)
|
|
Investment
banking
|
|
20,280
|
|
16,548
|
|
22.6
|
|
51,544
|
|
72,873
|
|
(29.3)
|
|
Interest
|
|
11,291
|
|
13,759
|
|
(17.9)
|
|
36,340
|
|
35,775
|
|
1.6
|
|
Principal
transactions, net
|
|
4,922
|
|
2,309
|
|
113.2
|
|
19,117
|
|
14,347
|
|
33.2
|
|
Other
|
|
17,836
|
|
4,062
|
|
339.1
|
|
45,804
|
|
22,357
|
|
104.9
|
|
Total
revenue
|
|
211,804
|
|
207,478
|
|
2.1
|
|
638,834
|
|
672,612
|
|
(5.0)
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
related expenses
|
|
142,308
|
|
139,314
|
|
2.1
|
|
432,524
|
|
453,943
|
|
(4.7)
|
|
Communications and
technology
|
|
17,201
|
|
16,396
|
|
4.9
|
|
52,519
|
|
49,775
|
|
5.5
|
|
Occupancy and
equipment costs
|
|
14,909
|
|
16,083
|
|
(7.3)
|
|
44,796
|
|
47,695
|
|
(6.1)
|
|
Clearing and exchange
fees
|
|
5,886
|
|
6,909
|
|
(14.8)
|
|
19,006
|
|
19,542
|
|
(2.7)
|
|
Interest
|
|
4,687
|
|
4,228
|
|
10.9
|
|
14,526
|
|
12,103
|
|
20.0
|
|
Other
|
|
28,623
|
|
27,121
|
|
5.5
|
|
89,859
|
|
87,414
|
|
2.8
|
|
Total
expenses
|
|
213,614
|
|
210,051
|
|
1.7
|
|
653,230
|
|
670,472
|
|
(2.6)
|
Income (loss) before
income taxes
|
|
(1,810)
|
|
(2,573)
|
|
(29.7)
|
|
(14,396)
|
|
2,140
|
|
*
|
Income
taxes
|
|
(751)
|
|
(1,437)
|
|
(47.7)
|
|
(7,190)
|
|
1,118
|
|
*
|
Net income (loss)
from continuing operations
|
|
(1,059)
|
|
(1,136)
|
|
(6.8)
|
|
(7,206)
|
|
1,022
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
discontinued operations
|
|
888
|
|
1,046
|
|
(15.1)
|
|
15,597
|
|
8,814
|
|
77.0
|
Income
taxes
|
|
475
|
|
687
|
|
(30.9)
|
|
6,235
|
|
3,847
|
|
62.1
|
Net income from
discontinued operations
|
|
413
|
|
359
|
|
15.0
|
|
9,362
|
|
4,967
|
|
88.5
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
(646)
|
|
(777)
|
|
(16.9)
|
|
2,156
|
|
5,989
|
|
(64.0)
|
Less net income
attributable to non-controlling interest, net of tax
|
|
66
|
|
131
|
|
(49.6)
|
|
1,527
|
|
883
|
|
72.9
|
Net income (loss)
attributable to Oppenheimer Holdings Inc.
|
|
$
|
(712)
|
|
$
|
(908)
|
|
(21.6)
|
|
$
|
629
|
|
$
|
5,106
|
|
(87.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings
(loss) per share attributable to Oppenheimer Holdings
Inc.
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
(0.08)
|
|
$
|
(0.08)
|
|
—
|
|
$
|
(0.54)
|
|
$
|
0.07
|
|
*
|
|
Discontinued
operations
|
|
0.03
|
|
0.01
|
|
200.0
|
|
0.59
|
|
0.30
|
|
96.7
|
|
Net earnings (loss)
per share
|
|
$
|
(0.05)
|
|
$
|
(0.07)
|
|
(28.6)
|
|
$
|
0.05
|
|
$
|
0.37
|
|
(86.5)
|
Diluted earnings
(loss) per share attributable to Oppenheimer Holdings
Inc.
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
(0.08)
|
|
$
|
(0.08)
|
|
—
|
|
$
|
(0.54)
|
|
$
|
0.07
|
|
*
|
|
Discontinued
operations
|
|
0.03
|
|
0.01
|
|
200.0
|
|
0.59
|
|
0.29
|
|
103.4
|
|
Net earnings (loss)
per share
|
|
$
|
(0.05)
|
|
$
|
(0.07)
|
|
(28.6)
|
|
$
|
0.05
|
|
$
|
0.36
|
|
(86.1)
|
Weighted Average
Number of Common Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
13,367
|
|
13,691
|
|
(2.4)
|
|
13,371
|
|
13,714
|
|
(2.5)
|
|
Diluted
|
|
13,367
|
|
13,691
|
|
(2.4)
|
|
13,371
|
|
14,339
|
|
(6.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Not comparable
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Oppenheimer Holdings Inc.