Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

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 June 30,
	2012			2011
	Class A		Class B	Class A	Class B
	(In thousands except per share amounts)
Numerator for Basic and Diluted Earnings Per Share:
Net income	$	23,246		13,790
Dividends - Class A shares	—			—
Dividends - Class B shares	—			—
Undistributed income	$	23,246		13,790
Allocation of net income:
Dividends	$	—	—	—	—
Allocation of undistributed income	22,589		658	13,400	390
Net income	$	22,589	658	13,400	390
Denominator:
Basic earnings per share - weighted-average shares	3,435		200	3,434	200
Effect of dilutive stock options	—		—	3	—
Diluted earnings per share - adjusted weighted-average shares for assumed conversions	3,435		200	3,437	200
Basic Earnings Per Share	$	6.58	3.29	3.90	1.95
Diluted Earnings Per Share	$	6.58	3.29	3.90	1.95

	Six Months Ended June 30,
	2012			2011
	Class A		Class B	Class A	Class B
	(In thousands except per share amounts)
Numerator for Basic and Diluted Earnings Per Share:
Net income	$	42,987		32,001
Dividends - Class A shares	—			—
Dividends - Class B shares	—			—
Undistributed income	$	42,987		32,001
Allocation of net income:
Dividends	$	—	—	—	—
Allocation of undistributed income	41,771		1,216	31,096	905
Net income	$	41,771	1,216	31,096	905
Denominator:
Basic earnings per share - weighted-average shares	3,435		200	3,432	200
Effect of dilutive stock options	—		—	6	—
Diluted earnings per share - adjusted weighted-average shares for assumed conversions	3,435		200	3,438	200
Basic Earnings Per Share	$	12.16	6.08	9.06	4.53
Diluted Earnings Per Share	$	12.16	6.08	9.04	4.53

For the three and six month per share calculations as of June 30, 2012, the exercise price of all outstanding stock options is above the market price of the Company's Class A common shares as of that date. Accordingly, there is no dilutive impact for stock options upon earnings per share during these periods.