Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings per share

Basic earnings per share is computed by dividing net income over the weighted average number of shares of Class A non-voting common stock ("Class A Stock") and Class B voting common stock ("Class B Stock") outstanding. Diluted earnings per share includes the weighted average number of shares of Class A Stock and Class B Stock outstanding and options to purchase Class A Stock and unvested restricted stock awards of Class A Stock using the treasury stock method.

Earnings per share have been calculated as follows:


(Expressed in thousands, except number of shares and per share amounts)
	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Basic weighted average number of shares outstanding	12,553,802		12,825,944		12,696,143		12,940,129
Net dilutive effect of share-based awards, treasury method (1)	592,784		1,007,050		498,291		906,010
Diluted weighted average number of shares outstanding	13,146,586		13,832,994		13,194,434		13,846,139

Net income	$	15,639	$	3,949	$	41,106	$	27,518

Earnings per share
Basic	$	1.25	$	0.31	$	3.24	$	2.13
Diluted	$	1.19	$	0.29	$	3.12	$	1.99

(1) For both the three and nine months ended September 30, 2020, the diluted earnings per share

computation does not include the anti-dilutive effect of 10,770 shares of Class A Stock granted under

share-based compensation arrangements (7,628 shares for both the three and nine months ended

September 30, 2019).