Earnings Per Share

9 Months Ended

Sep. 30, 2021

NOTE K – Earnings Per Share

We report our earnings per share using the two-class method. The income per share for each class of common stock is calculated assuming 100% of our earnings are distributed as dividends to each class of common stock based on their contractual rights.

The Common Stock of the Company has a preferential dividend rate of at least 105% of the dividend paid on the Class A Common Stock. The Class A Common Stock, which has ten votes per share as opposed to one vote per share for the Common Stock (on all matters other than the election of directors), may be converted at any time on a one-for-one basis into Common Stock at the option of the holder of the Class A Common Stock.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Numerator:
Common:
Distributed earnings	$	4,164	$	3,423	$	12,142	$	9,475
Undistributed earnings		18,424		13,408		49,713		21,624
Basic		22,588		16,831		61,855		31,099
Class A Common earnings		1,645		1,430		4,642		2,621
Diluted	$	24,233	$	18,261	$	66,497	$	33,720

Class A Common:
Distributed earnings	$	297	$	290	$	868	$	796
Undistributed earnings		1,348		1,140		3,774		1,825
	$	1,645	$	1,430	$	4,642	$	2,621
Denominator:
Common:
Weighted average shares outstanding - basic		16,794		17,098		16,862		17,267
Assumed conversion of Class A Common Stock		1,290		1,526		1,344		1,530
Dilutive options, awards and common stock equivalents		478		240		506		241

Total weighted-average diluted Common Stock		18,562		18,864		18,712		19,038

Class A Common:
Weighted average shares outstanding		1,290		1,526		1,344		1,530

Basic earnings per share:
Common Stock	$	1.35	$	0.98	$	3.67	$	1.80
Class A Common Stock	$	1.28	$	0.94	$	3.45	$	1.71

Diluted earnings per share:
Common Stock	$	1.31	$	0.97	$	3.55	$	1.77
Class A Common Stock	$	1.25	$	0.93	$	3.38	$	1.70