Earnings Per Share

9 Months Ended

Sep. 30, 2011

EARNINGS PER SHARE

Basic earnings per share of common stock are computed by dividing net income by the weighted-average basic common shares outstanding during the period. Diluted earnings per share assumes the issuance of common shares applicable to stock options in the denominator.



	Three Months Ended September 30,
	2011				2010
	Class A			Class B	Class A		Class B
	(In thousands except per share amounts)

Numerator for Basic and Diluted Earnings Per Share:
Net income	$	19,265			13,439
Dividends - Class A shares	(1,235		)		(1,235	)
Dividends - Class B shares	(36		)		(36	)

Undistributed income	$	17,994			12,168

Allocation of net income:
Dividends	$	1,235		36	1,235		36
Allocation of undistributed income	17,485			509	11,823		345

Net income	$	18,720		545	13,058		381

Denominator:
Basic earnings per share - weighted-average shares	3,435			200	3,427		200
Effect of dilutive stock options	1			—	5		—

Diluted earnings per share - adjusted weighted-average shares for assumed conversions	3,436			200	3,432		200

Basic Earnings Per Share	$	5.45		2.73	3.81		1.90

Diluted Earnings Per Share	$	5.45		2.73	3.81		1.90



	Nine Months Ended September 30,
	2011				2010
	Class A			Class B	Class A		Class B
	(In thousands except per share amounts)

Numerator for Basic and Diluted Earnings Per Share:
Net income	$	51,265			52,659
Dividends - Class A shares	(1,235		)		(1,235	)
Dividends - Class B shares	(36		)		(36	)

Undistributed income	$	49,994			51,388

Allocation of net income:
Dividends	$	1,235		36	1,235		36
Allocation of undistributed income	48,580			1,414	49,931		1,457

Net income	$	49,815		1,450	51,166		1,493

Denominator:
Basic earnings per share - weighted-average shares	3,433			200	3,426		200
Effect of dilutive stock options	4			—	11		—

Diluted earnings per share - adjusted weighted-average shares for assumed conversions	3,437			200	3,437		200

Basic Earnings Per Share	$	14.51		7.25	14.93		7.46

Diluted Earnings Per Share	$	14.49		7.25	14.89		7.46