XML 26 R16.htm IDEA: XBRL DOCUMENT v3.23.2
Earnings Per Share
6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Earnings Per Share 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 the contractual rights of the classes.
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. Holders of the Class A Common Stock have greater voting rights which include voting as a separate class for the election of up to 75% of the total number of directors whereas holders of the Common Stock vote as a separate class for the election of at least 25% of the total number of directors. On all other matters subject to shareholder vote, holders of the Class A Common Stock have ten votes per share as opposed to holders of the Common Stock receiving one vote per share. Class A Common Stock 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
June 30,
Six Months Ended
June 30,
2023202220232022
Numerator:
Common:
Distributed earnings$4,527 $4,225 $8,721 $8,189 
Undistributed earnings6,387 15,884 13,637 29,893 
Basic10,914 20,109 22,358 38,082 
Class A Common earnings878 1,599 1,806 2,988 
Diluted$11,792 $21,708 $24,164 $41,070 
Class A Common:
Distributed earnings$359 $333 $693 $630 
Undistributed earnings519 1,266 1,113 2,358 
$878 $1,599 $1,806 $2,988 
Denominator:
Common:
Weighted average shares outstanding - basic15,046 15,327 14,977 15,516 
Assumed conversion of Class A Common Stock1,283 1,283 1,283 1,285 
Dilutive options, awards and common stock equivalents417 482 506 501 
Total weighted-average diluted Common Stock16,746 17,092 16,766 17,302 
Class A Common:
Weighted average shares outstanding1,283 1,283 1,283 1,285 
Basic earnings per share:
Common Stock$0.73 $1.31 $1.49 $2.45 
Class A Common Stock$0.68 $1.25 $1.41 $2.33 
Diluted earnings per share:
Common Stock$0.70 $1.27 $1.44 $2.37 
Class A Common Stock$0.67 $1.22 $1.38 $2.27