Earnings Per Share

12 Months Ended

Dec. 31, 2015

Shares of Class B common stock, participating and convertible into Class A common stock, are entitled to receive dividends in an amount equal to the dividends declared on each share of Class A common stock if, and when, authorized and declared by the Board of Directors. Following the provisions of FASB ASC 260, the Class B common stock is included in the computation of basic EPS using the two-class method, and consequently is presented separately from Class A common stock. Shares of Class B common stock are not included in the computation of diluted Class A EPS as the conditions for conversion to Class A common stock were not met at December 31, 2015 and 2014.

Shares of Class C common stock are not included in the basic EPS computation as these shares do not have participation rights. Shares of Class C common stock are not included in the computation of diluted Class A EPS as the conditions for conversion to Class A common stock were not met at December 31, 2015 and 2014.

The Company has dividend eligible stock incentive plan shares that were outstanding during the years ended December 31, 2015 and 2014. The basic and diluted per share computations include these unvested incentive plan shares if there is income available to Class A common stock, as they have dividend participation rights. The stock incentive plan shares have no contractual obligation to share in losses. Since there is no such obligation, the incentive plan shares would not be included in the basic and diluted EPS computations when no income is available to Class A common stock even though they are considered participating securities.

The table below reconciles the numerators and denominators of the basic and diluted EPS.

(in thousands, except per-share information)
				2015		2014
Basic and diluted EPS per Class A common share:
Income attributable to Class A common shares:
	Basic and diluted		$	59,079	$	7,725
Weighted average common shares:
	Class A common shares outstanding at the balance sheet date			12,373		12,324
	Unvested dividend-eligible share based compensation
		outstanding at the balance sheet date		78		32
	Effect of weighting			(65)		(158)
Weighted average shares-basic and diluted				12,386		12,198
Income per Class A common share:
	Basic and diluted		$	4.77	$	0.63

(in thousands, except per-share information)
			2015		2014
Basic and diluted EPS per Class B common share:
Income attributable to Class B common shares:
	Basic and diluted	$	152	$	20
Weighted average common shares:
	Class B common shares outstanding at the balance sheet date		32		32
	Effect of weighting		-		-
Weighted average shares-basic and diluted			32		32
Income per Class B common share:
	Basic and diluted	$	4.77	$	0.63