Earnings Per Share

6 Months Ended

Jun. 30, 2020

EARNINGS PER SHARE

Basic earnings per share of common stock are computed by dividing net earnings available to each class of common stockholders on an as if distributed basis by the weighted-average number of common shares outstanding for the period. Diluted earnings per share, by definition, reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock, that then shared in the distributed earnings of each class of common stock. U.S. GAAP requires a two-class presentation for the Company's two classes of common stock. The Company currently has no share-based compensation awards outstanding that could be redeemed for shares of common stock.

Net earnings for the periods shown below is allocated between Class A shares and Class B shares based upon (1) the proportionate number of shares issued and outstanding as of the end of the period, and (2) the per share dividend rights of the two classes under the Company's Restated Certificate of Incorporation (the Class B dividend per share is equal to one-half the Class A dividend per share).


	Three Months Ended June 30,
	2020				2019
	Class A		Class B	Class A	Class B
	(In thousands except per share amounts)

Numerator for Basic and Diluted Earnings Per Share:
Net earnings	$	48,413		33,696
Dividends - Class A shares	—			—
Dividends - Class B shares	—			—

Undistributed earnings	$	48,413		33,696

Allocation of net earnings:
Dividends	$	—	—	—	—
Allocation of undistributed earnings	47,044		1,369	32,743	953

Net earnings	$	47,044	1,369	32,743	953

Denominator:
Basic earnings per share - weighted-average shares	3,436		200	3,436	200
Effect of dilutive stock options	—		—	—	—

Diluted earnings per share - adjusted weighted-average shares for assumed conversions	3,436		200	3,436	200

Basic earnings per share	$	13.69	6.85	9.53	4.76

Diluted earnings per share	$	13.69	6.85	9.53	4.76


	Six Months Ended June 30,
	2020				2019
	Class A		Class B	Class A	Class B
	(In thousands except per share amounts)

Numerator for Basic and Diluted Earnings Per Share:
Net earnings	$	46,351		73,894
Dividends - Class A shares	—			—
Dividends - Class B shares	—			—

Undistributed earnings	$	46,351		73,894

Allocation of net earnings:
Dividends	$	—	—	—	—
Allocation of undistributed earnings	45,040		1,311	71,804	2,090

Net earnings	$	45,040	1,311	71,804	2,090

Denominator:
Basic earnings per share - weighted-average shares	3,436		200	3,436	200
Effect of dilutive stock options	—		—	—	—

Diluted earnings per share - adjusted weighted-average shares for assumed conversions	3,436		200	3,436	200

Basic Earnings Per Share	$	13.11	6.55	20.90	10.45

Diluted Earnings Per Share	$	13.11	6.55	20.90	10.45