XML 13 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2012
EARNINGS PER SHARE [Abstract]  
EARNINGS PER SHARE
2.  
EARNINGS PER SHARE

The Company utilizes the two-class method to report its earnings per share.  The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared and participation rights in undistributed earnings.  The Company's Certificate of Incorporation, as amended, states that Class B common shares are entitled to dividends at least 5% greater than dividends paid on Class A common shares, resulting in the two-class method of computing earnings per share.  In computing earnings per share, the Company has allocated dividends declared to Class A and Class B based on amounts actually declared for each class of stock and 5% more of the undistributed earnings has been allocated to Class B shares than to the Class A shares on a per share basis.  Basic earnings per common share is computed by dividing net earnings by the weighted-average number of common shares outstanding during the period.  Diluted earnings per common share, for each class of common stock, is computed by dividing net earnings by the weighted-average number of common shares and potential common shares outstanding during the period.  There were no potential common shares outstanding during the three months ended March 31, 2012 or 2011 which would have had a dilutive effect on earnings per share.

 
The earnings and weighted-average shares outstanding used in the computation of basic and diluted earnings per share are as follows (dollars in thousands, except share and per share data):

   
Three Months Ended
 
   
March 31,
 
   
2012
  
2011
 
        
Numerator:
      
Net earnings
 $876  $3,244 
Less Dividends:
        
     Class A
  130   130 
     Class B
  675   667 
Undistributed earnings
 $71  $2,447 
          
Undistributed earnings allocation - basic and diluted:
        
     Class A undistributed earnings
 $13  $437 
     Class B undistributed earnings
  58   2,010 
     Total undistributed earnings
 $71  $2,447 
          
Net earnings allocation - basic and diluted:
        
     Class A allocated earnings
 $143  $567 
     Class B allocated earnings
  733   2,677 
     Net earnings
 $876  $3,244 
          
Denominator:
        
Weighted-average shares outstanding:
        
     Class A common share - basic and diluted
  2,174,912   2,174,912 
     Class B common share - basic and diluted
  9,631,805   9,525,785 
          
Earnings per share:
        
     Class A common share - basic and diluted
 $0.07  $0.26 
     Class B common share - basic and diluted
 $0.08  $0.28