Note 12 - Earnings Per Share

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

12. EARNINGS PER SHARE:

Basic earnings per share (“EPS”) were computed by dividing income from continuing operations by the weighted average number of shares of common stock outstanding during the period. Diluted EPS differs from basic EPS due to the assumed conversions of potentially dilutive options, restricted shares awards and restricted stock unit awards that were outstanding during the period.

Each share of Class A Common Stock ranks equal to each share of Class B Common Stock with respect to receipt of any dividends or distributions declared on shares of common stock and the right to receive proceeds on liquidation or dissolution of the Company after payment of its indebtedness and liquidation preference payments to holders of any preferred shares. However, holders of Class A Common Stock have 1/20th of one vote per share on all matters requiring a shareholder vote, while holders of Class B Common Stock have one full vote per share.

The following is a reconciliation of the numerators and the denominators of the basic and diluted per share computations for income from continuing operations (in thousands, except per share amounts):

	2019		2018		2017
Numerator-
Numerator for basic and diluted earnings per share −
Net income available to common shareholders	$	141,583	$	139,062	$	172,129
Denominator-
Denominator for basic earnings per share – weighted average shares outstanding		36,659		39,223		39,627
Effect of dilutive securities−
Employee and director stock options and restricted share awards		912		1,070		1,353
Denominator for diluted earnings per share − adjusted weighted average shares outstanding and assumed conversions		37,571		40,293		40,980
Basic earnings per common share	$	3.86	$	3.55	$	4.34
Diluted earnings per common share and common share equivalents	$	3.77	$	3.45	$	4.20

Options to purchase shares of common stock that were outstanding for the years ended December 31, 2019, 2018 and 2017 that were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive are as follows (in thousands):

	2019		2018		2017
Anti-dilutive options – weighted average		1,108		513		449