NEW YORK, Oct. 27, 2017 /PRNewswire/ - Oppenheimer Holdings
Inc. (NYSE: OPY) today reported net income of $7.8 million or $0.59 basic net income per share for the third
quarter of 2017 compared with a net loss of $712,000 or $0.05
basic net loss per share for the third quarter of 2016.
Income before income taxes from continuing operations was
$11.8 million for the third quarter
of 2017 compared with a loss before income taxes from continuing
operations of $1.8 million for the
third quarter of 2016. Net income from discontinued
operations was $461,000 for the third
quarter of 2017 compared with net income from discontinued
operations of $413,000 for the third
quarter of 2016. Revenue from continuing operations for the
third quarter of 2017 was $226.2
million compared with revenue from continuing operations of
$211.8 million for the third quarter
of 2016, an increase of 6.8%. Revenue from discontinued
operations for the third quarter of 2017 was $785,000 compared with revenue from discontinued
operations of $1.8 million for the
third quarter of 2016.
|
Summary Operating
Results (Unaudited)
|
('000s, except Per
Share Amounts)
|
|
|
|
|
|
|
For the 3-Months
Ended
|
|
For the 9-Months
Ended
|
|
|
9/30/2017
|
|
9/30/2016
|
|
%
Change
|
|
9/30/2017
|
|
9/30/2016
|
|
%
Change
|
Revenue
|
$
|
226,220
|
|
$
|
211,804
|
|
6.8
|
|
$
|
655,365
|
|
$
|
638,834
|
|
2.6
|
Expenses
|
214,392
|
|
213,614
|
|
0.4
|
|
652,199
|
|
653,230
|
|
(0.2)
|
Income (Loss) Before
Income Taxes from Continuing Operations
|
11,828
|
|
(1,810)
|
|
*
|
|
3,166
|
|
(14,396)
|
|
*
|
Income
Taxes
|
4,425
|
|
(751)
|
|
*
|
|
2,464
|
|
(7,190)
|
|
*
|
Net Income (Loss)
from Continuing Operations
|
7,403
|
|
(1,059)
|
|
*
|
|
702
|
|
(7,206)
|
|
*
|
Net Income from
Discontinued Operations
|
461
|
|
413
|
|
11.6
|
|
1,101
|
|
9,362
|
|
(88.2)
|
Net Income (Loss
)
|
7,864
|
|
(646)
|
|
*
|
|
1,803
|
|
2,156
|
|
(16.4)
|
Less Net Income
Attributable to Non-Controlling Interest, Net of Tax
|
75
|
|
66
|
|
13.6
|
|
180
|
|
1,527
|
|
(88.2)
|
Net Income (Loss)
Attributable to Oppenheimer Holdings Inc.
|
$
|
7,789
|
|
$
|
(712)
|
|
*
|
|
$
|
1,623
|
|
$
|
629
|
|
158.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Net Income
(Loss) Per Share (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
Operations
|
$
|
0.56
|
|
$
|
(0.08)
|
|
*
|
|
$
|
0.05
|
|
$
|
(0.54)
|
|
*
|
|
Discontinued
Operations
|
0.03
|
|
0.03
|
|
—
|
|
0.07
|
|
0.59
|
|
(88.1)
|
|
Net Income (Loss) Per
Share
|
$
|
0.59
|
|
$
|
(0.05)
|
|
*
|
|
$
|
0.12
|
|
$
|
0.05
|
|
140.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Net Income
(Loss) Per Share (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
Operations
|
$
|
0.54
|
|
$
|
(0.08)
|
|
*
|
|
$
|
0.05
|
|
$
|
(0.54)
|
|
(109.3)
|
|
Discontinued
Operations
|
0.03
|
|
0.03
|
|
—
|
|
0.07
|
|
0.59
|
|
(88.1)
|
|
Net Income (Loss) Per
Share
|
$
|
0.57
|
|
$
|
(0.05)
|
|
*
|
|
$
|
0.12
|
|
$
|
0.05
|
|
140.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Number of Common Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
13,213
|
|
13,367
|
|
(1.2)
|
|
13,290
|
|
13,371
|
|
(0.6)
|
|
Diluted
|
13,764
|
|
13,367
|
|
3.0
|
|
13,790
|
|
13,371
|
|
3.1
|
|
|
As
of
|
|
As
of
|
|
|
9/30/2017
|
|
9/30/2016
|
|
%
Change
|
|
9/30/2017
|
|
12/31/2016
|
|
%
Change
|
Book Value Per
Share
|
$
|
38.48
|
|
$
|
38.41
|
|
0.2
|
|
$
|
38.48
|
|
$
|
38.22
|
|
0.7
|
Tangible Book Value
Per Share
|
$
|
25.54
|
|
$
|
25.73
|
|
(0.7)
|
|
$
|
25.54
|
|
$
|
25.53
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Percentage not
meaningful.
|
|
|
|
|
|
|
|
|
|
|
(1) Attributable to Oppenheimer Holdings Inc.
|
|
|
|
|
|
|
|
|
|
|
The S&P 500 index increased 4.0% during the third quarter of
2017 driven by improving economic conditions, low interest rates,
and improved corporate earnings. Despite geopolitical issues around
the world (North Korea,
Syria, and South China Sea) and
destructive hurricanes hitting the U.S. mainland, the U.S. Virgin Islands and Puerto Rico, market volatility remained at
historic lows during the period. Expectations of another
increase in short-term interest rates by the Federal Reserve in
December 2017, the unwinding of the
Federal Reserve's balance sheet, and the prospects of tax reform
resulted in a stronger U.S. dollar and an increase in U.S. Treasury
yields. The 10-Year Treasury yield ended the quarter at 2.33%.
Albert G. Lowenthal, Chairman and
CEO commented, "Results from continuing operations improved
significantly over the comparable period last year driven by
increased investment banking activity, higher fee-based revenues
from investment management, as well as higher fees from the
FDIC-insured bank deposit program. Investment banking results
were positively impacted by increased participations in equities
and debt underwritings. The fee-based business
continued to perform well driven by strong equity markets and the
continued adoption of fee-based strategies by our wealth management
clients propelling assets under management to record highs.
Trading activity and transaction revenues continued to decline as
retail and institutional investor activity levels continued their
long-term decline amid record low levels of volatility.
Spreads increased on our interest rate sensitive assets as we began
to see the full benefit of the June
2017 increase in short-term interest rates."
Financial Highlights
- Commission revenue was $77.6
million for the third quarter of 2017, a decrease of 13.8%
compared with $90.0 million for the
third quarter of 2016 due to reduced transaction volumes from
retail and institutional investors and a lower financial adviser
headcount during the third quarter of 2017.
- Advisory fees were $74.3 million
for the third quarter of 2017, an increase of 10.2% compared with
$67.5 million for the third quarter
of 2016 due to a higher level of client assets under
management.
- Investment banking revenue increased 18.0% to $23.9 million for the third quarter of 2017
compared with $20.3 million for the
third quarter of 2016 due to higher equity and debt underwriting
fees partially offset by lower merger and acquisition advisory fees
during the third quarter of 2017.
- Principal transactions revenue increased 4.3% to $5.1 million for the third quarter of 2017
compared with $4.9 million for the
third quarter of 2016 due to higher income from fixed income
trading during the third quarter of 2017.
|
Business Segment
Results (Unaudited)
|
('000s)
|
|
|
|
|
|
|
|
|
|
|
|
For the 3-Months
Ended
|
|
For the 9-Months
Ended
|
|
|
9/30/2017
|
|
9/30/2016
|
|
%
Change
|
|
9/30/2017
|
|
9/30/2016
|
|
%
Change
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
Private Client
(1)
|
$
|
147,428
|
|
$
|
127,835
|
|
15.3
|
|
$
|
425,069
|
|
$
|
376,737
|
|
12.8
|
|
Asset Management
(1)
|
19,277
|
|
23,234
|
|
(17.0)
|
|
57,247
|
|
68,978
|
|
(17.0)
|
|
Capital
Markets
|
58,808
|
|
60,703
|
|
(3.1)
|
|
168,418
|
|
187,292
|
|
(10.1)
|
|
Corporate/Other
|
707
|
|
32
|
|
2,109.4
|
|
4,631
|
|
5,827
|
|
(20.5)
|
|
|
226,220
|
|
211,804
|
|
6.8
|
|
655,365
|
|
638,834
|
|
2.6
|
Income (Loss)
Before Income Taxes from Continuing Operations
|
|
|
|
|
|
|
|
|
Private
Client(1)
|
36,950
|
|
20,137
|
|
83.5
|
|
93,763
|
|
50,799
|
|
84.6
|
|
Asset
Management(1)
|
3,338
|
|
9,380
|
|
(64.4)
|
|
11,130
|
|
21,851
|
|
(49.1)
|
|
Capital
Markets
|
(1,639)
|
|
(1,103)
|
|
48.6
|
|
(25,235)
|
|
(3,856)
|
|
554.4
|
|
Corporate/Other
|
(26,821)
|
|
(30,224)
|
|
(11.3)
|
|
(76,492)
|
|
(83,190)
|
|
(8.1)
|
|
|
$
|
11,828
|
|
$
|
(1,810)
|
|
(753.5)
|
|
$
|
3,166
|
|
$
|
(14,396)
|
|
(122.0)
|
|
(1)
Effective January 1, 2017, the allocation
of advisory fees between Private Client and Asset Management
changed from 77.5% and 22.5% to 90.0% and 10.0%,
respectively.
|
Private Client
Private Client reported revenue of $147.4
million for the third quarter of 2017, 15.3% higher than the
third quarter of 2016 due to increased advisory fee revenue from
higher client assets under management, changes in the revenue
allocation with the Asset Management segment (see below) and higher
fees earned on client deposits in the FDIC-insured bank deposit
program offset by lower retail commissions during the third quarter
of 2017. The third quarter of 2017 was also positively
impacted by an arbitration award and insurance proceeds, totaling
$4.1 million. Income before
income taxes was $37.0 million for
the third quarter of 2017, an increase of 83.5% compared with the
third quarter of 2016 due to the increases in revenue referred to
above during the third quarter of 2017.
- Client assets under administration were $82.8 billion at September
30, 2017 compared with $77.2
billion at December 31, 2016,
an increase of 7.3%.
- Financial adviser headcount was 1,117 at the end of the third
quarter of 2017, down from 1,177 at the end of the third quarter of
2016. The decline in financial adviser headcount since the third
quarter of 2016 has resulted from the Company's attention to
adviser productivity leading to attrition for less productive
financial advisers. The decline in headcount also has been impacted
by retirements and normal attrition.
- Retail commissions were $48.1
million for the third quarter of 2017, a decrease of 11.6%
from the third quarter of 2016 due to reduced transaction volumes
from retail investors and a lower financial adviser headcount
during the third quarter of 2017.
- Advisory fee revenue on traditional and alternative managed
products was $55.2 million for the
third quarter of 2017, an increase of 22.1% from the third quarter
of 2016 (see Asset Management below for further information). The
increase in advisory fees was due to the increase in the value of
client assets under management ("AUM") and the change in the
allocation of advisory fees between the Private Client and Asset
Management segments, effective January 1,
2017, which contributed to an increase of $5.6 million in revenue in the Private Client
segment.
- Fees earned on client cash deposits in the FDIC-insured bank
deposit program were $21.1 million
during the third quarter of 2017 versus $9.6
million for the third quarter of 2016. The increase was due
primarily to higher short-term interest rates during the third
quarter of 2017.
Asset Management
Asset Management reported revenue of $19.3 million for the third quarter of 2017,
17.0% lower than the third quarter of 2016 primarily due to the
change in revenue allocation (see below). Income before
income taxes was $3.3 million for the
third quarter of 2017, a decrease of 64.4% compared with the third
quarter of 2016.
- Advisory fee revenue on traditional and alternative managed
products was $19.1 million for the
third quarter of 2017, a decrease of 14.3% from the third quarter
of 2016. Advisory fees are calculated based on the value of AUM at
the end of the prior quarter which totaled $26.1 billion at June 30,
2017 ($24.3 billion at
June 30, 2016) and are allocated to
the Private Client and Asset Management business segments. Advisory
fees decreased $5.6 million due to
the change in the allocation of advisory fees between the Private
Client and Asset Management segments which became effective
January 1, 2017.
- At September 30, 2017, AUM hit a
record high of $27.2 billion, an
increase of 10.6% compared with $24.6
billion at September 30, 2016.
AUM at September 30, 2017 is the
basis for advisory fee billings for the fourth quarter of 2017. The
increase in AUM was comprised of asset appreciation of $1.7 billion and net contributions of assets of
$0.9 billion.
Capital Markets
Capital Markets reported revenue of $58.8
million for the third quarter of 2017, 3.1% lower than the
third quarter of 2016 due to lower institutional equities and fixed
income commissions offset by higher fees from investment banking
activities during the third quarter of 2017. Loss before
income taxes was $1.6 million for the
third quarter of 2017, compared with a loss before income taxes of
$1.1 million for the third quarter of
2016 due to the decreases in revenue referred to above offset by
lower salaries and production-related compensation expenses during
the third quarter of 2017.
- Institutional equities commissions decreased 14.0% to
$21.5 million for the third quarter
of 2017 compared with the third quarter of 2016 due to lower
volatility and trading volumes in the equity markets.
- Advisory fees from investment banking activities decreased
47.7% to $6.8 million in the third
quarter of 2017 compared with the third quarter of 2016 due to
lower fees earned on completed mergers and acquisitions
transactions during the third quarter of 2017.
- Equity underwriting fees increased 234.3% to $11.7 million for the third quarter of 2017
compared with the third quarter of 2016 due to the Company's
increased focus on equity issuance and penetration in the
healthcare and technology sectors leading to higher equity
underwriting activity during the period.
- Revenue from Taxable Fixed Income decreased 7.6% to
$13.3 million for the third quarter
of 2017 compared with the third quarter of 2016 due to low
volatility which led to decreased institutional fixed income
activity during the third quarter of 2017.
- Public Finance and Municipal Trading revenue increased 16.7% to
$3.5 million for the third quarter of
2017 compared with the third quarter of 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
$142.1 million during the third
quarter of 2017, roughly flat compared with the third quarter of
2016. Lower production-related expenses were offset by higher
incentive and share-based compensation costs during the third
quarter of 2017. Compensation and related expenses as a percentage
of revenue was 62.8% during the third quarter of 2017 compared with
67.2% during the third quarter of 2016.
Non-Compensation Expenses
Non-compensation expenses were $72.3
million during the third quarter of 2017, an increase of
1.4% compared with $71.3 million
during the third quarter of 2016 due to higher interest and
external portfolio manager expenses partially offset by lower legal
and regulatory costs during the third quarter of 2017.
Income Taxes
The effective income tax rate from continuing operations for the
third quarter of 2017 was 37.4% compared with 41.5% for the third
quarter of 2016 and reflects the Company's estimate of the annual
effective tax rate adjusted for certain discrete items.
Discontinued Operations
During 2016, the Company completed the sales of substantially
all of the assets of its Oppenheimer Multifamily Housing and
Healthcare Finance Inc. ("OMHHF") subsidiary. The following
table is a summary of revenue and expenses from discontinued
operations for the three and nine months ended September 30, 2017 and 2016:
|
|
|
|
('000s)
|
|
|
|
|
|
For the 3-Months
Ended
|
|
For the 9-Months
Ended
|
|
|
9/30/2017
|
|
9/30/2016
|
|
9/30/2017
|
|
9/30/2016
|
Revenue
|
|
|
|
|
|
|
|
|
Interest
|
$
|
2
|
|
$
|
112
|
|
$
|
7
|
|
$
|
921
|
|
Principal
transactions, net
|
—
|
|
(2,380)
|
|
—
|
|
(9,008)
|
|
Other
(1)
|
783
|
|
4,073
|
|
1,887
|
|
31,547
|
|
Total
revenue
|
785
|
|
1,805
|
|
1,894
|
|
23,460
|
Expenses
|
|
|
|
|
|
|
|
|
Compensation and
related expenses
|
1
|
|
573
|
|
18
|
|
4,225
|
|
Communications and
technology
|
8
|
|
40
|
|
20
|
|
201
|
|
Occupancy and
equipment costs
|
—
|
|
37
|
|
—
|
|
399
|
|
Interest
|
7
|
|
28
|
|
7
|
|
408
|
|
Other
|
—
|
|
239
|
|
15
|
|
2,630
|
|
Total
expenses
|
16
|
|
917
|
|
60
|
|
7,863
|
Income before income
taxes
|
769
|
|
888
|
|
1,834
|
|
15,597
|
Income
taxes
|
308
|
|
475
|
|
733
|
|
6,235
|
Net income from
discontinued operations
|
$
|
461
|
|
$
|
413
|
|
$
|
1,101
|
|
$
|
9,362
|
|
(1) Other revenue for the three
and nine months ended September 30, 2017 was primarily due to an
earn-out from the sale of OMHHF's pipeline of business in 2016.
|
Balance Sheet and Liquidity
- At September 30, 2017, total
equity was $504.8 million compared
with $513.3 million at December 31, 2016.
- At September 30, 2017, book value
per share was $38.48 (compared with
$38.22 at December 31, 2016) and tangible book value per
share was $25.54 (compared with
$25.53 at December 31, 2016).
- The Company's level 3 assets, primarily auction rate
securities, were $107.0 million at
September 30, 2017 (compared with
$86.0 million at December 31, 2016). The increase in level 3
assets was primarily due to the purchase of auction rate securities
during the nine-month period ended September
30, 2017 pursuant to regulatory and legal settlements.
Dividend Announcement
The Company today announced a quarterly dividend in the amount
of $0.11 per share payable on
November 24, 2017 to holders of Class
A non-voting and Class B voting common stock of record on
November 10, 2017.
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 93 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 Exhibit 99.1 – Risk Factors in the
Company's Current Report on Form 8-K filed with the SEC on
June 7, 2017.
|
Oppenheimer
Holdings Inc.
|
Consolidated
Statements of Operations (unaudited)
|
('000s, except Per
Share Amounts)
|
|
|
|
|
|
|
|
|
|
|
|
For the 3-Months
Ended
|
|
For the 9-Months
Ended
|
|
|
9/30/2017
|
|
9/30/2016
|
|
%
Change
|
|
9/30/2017
|
|
9/30/2016
|
|
%
Change
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions
|
$
|
77,635
|
|
$
|
90,023
|
|
(13.8)
|
|
$
|
248,204
|
|
$
|
286,447
|
|
(13.4)
|
|
Advisory
fees
|
74,329
|
|
67,452
|
|
10.2
|
|
216,521
|
|
199,582
|
|
8.5
|
|
Investment
banking
|
23,940
|
|
20,280
|
|
18.0
|
|
57,347
|
|
51,544
|
|
11.3
|
|
Interest
|
12,952
|
|
11,291
|
|
14.7
|
|
36,346
|
|
36,340
|
|
—
|
|
Principal
transactions, net
|
5,135
|
|
4,922
|
|
4.3
|
|
15,810
|
|
19,117
|
|
(17.3)
|
|
Other
|
32,229
|
|
17,836
|
|
80.7
|
|
81,137
|
|
45,804
|
|
77.1
|
|
Total
revenue
|
226,220
|
|
211,804
|
|
6.8
|
|
655,365
|
|
638,834
|
|
2.6
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
related expenses
|
142,090
|
|
142,308
|
|
(0.2)
|
|
428,625
|
|
432,524
|
|
(0.9)
|
|
Communications and
technology
|
17,781
|
|
17,201
|
|
3.4
|
|
53,886
|
|
52,519
|
|
2.6
|
|
Occupancy and
equipment costs
|
15,288
|
|
14,909
|
|
2.5
|
|
45,721
|
|
44,796
|
|
2.1
|
|
Clearing and exchange
fees
|
5,622
|
|
5,886
|
|
(4.5)
|
|
17,392
|
|
19,006
|
|
(8.5)
|
|
Interest
|
6,500
|
|
4,687
|
|
38.7
|
|
18,710
|
|
14,526
|
|
28.8
|
|
Other
|
27,111
|
|
28,623
|
|
(5.3)
|
|
87,865
|
|
89,859
|
|
(2.2)
|
|
Total
expenses
|
214,392
|
|
213,614
|
|
0.4
|
|
652,199
|
|
653,230
|
|
(0.2)
|
Income (Loss) before
income taxes from continuing operations
|
11,828
|
|
(1,810)
|
|
*
|
|
3,166
|
|
(14,396)
|
|
*
|
Income
taxes
|
4,425
|
|
(751)
|
|
*
|
|
2,464
|
|
(7,190)
|
|
*
|
Net income (loss)
from continuing operations
|
7,403
|
|
(1,059)
|
|
*
|
|
702
|
|
(7,206)
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations
|
|
|
|
|
|
|
|
|
|
|
|
Income from
discontinued operations
|
769
|
|
888
|
|
(13.4)
|
|
1,834
|
|
15,597
|
|
(88.2)
|
Income
taxes
|
308
|
|
475
|
|
(35.2)
|
|
733
|
|
6,235
|
|
(88.2)
|
Net income from
discontinued operations
|
461
|
|
413
|
|
11.6
|
|
1,101
|
|
9,362
|
|
(88.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
7,864
|
|
(646)
|
|
*
|
|
1,803
|
|
2,156
|
|
(16.4)
|
Less net income
attributable to non-controlling interest, net of tax
|
75
|
|
66
|
|
13.6
|
|
180
|
|
1,527
|
|
(88.2)
|
Net income (loss)
attributable to Oppenheimer Holdings Inc.
|
$
|
7,789
|
|
$
|
(712)
|
|
*
|
|
$
|
1,623
|
|
$
|
629
|
|
158.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
(loss) per share attributable to Oppenheimer Holdings
Inc.
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
0.56
|
|
$
|
(0.08)
|
|
*
|
|
$
|
0.05
|
|
$
|
(0.54)
|
|
*
|
|
Discontinued
operations
|
0.03
|
|
0.03
|
|
—
|
|
0.07
|
|
0.59
|
|
(88.1)
|
|
Net income (loss) per
share
|
$
|
0.59
|
|
$
|
(0.05)
|
|
*
|
|
$
|
0.12
|
|
$
|
0.05
|
|
140.0
|
Diluted net income
(loss) per share attributable to Oppenheimer Holdings
Inc.
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
0.54
|
|
$
|
(0.08)
|
|
*
|
|
$
|
0.05
|
|
$
|
(0.54)
|
|
(109.3)
|
|
Discontinued
operations
|
0.03
|
|
0.03
|
|
—
|
|
0.07
|
|
0.59
|
|
(88.1)
|
|
Net income (loss) per
share
|
$
|
0.57
|
|
$
|
(0.05)
|
|
*
|
|
$
|
0.12
|
|
$
|
0.05
|
|
140.0
|
Weighted Average
Number of Common Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic
|
13,213
|
|
13,367
|
|
(1.2)
|
|
13,290
|
|
13,371
|
|
(0.6)
|
|
Diluted
|
13,764
|
|
13,367
|
|
3.0
|
|
13,790
|
|
13,371
|
|
3.1
|
|
|
|
|
|
|
|
|
|
|
|
* Percentage not meaningful.
|
|
|
|
|
|
|
|
|
|
|
SOURCE Oppenheimer Holdings Inc.