Earnings Per Share

12 Months Ended

Dec. 31, 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 Years Ended December 31,
	2020		2019		2018
Basic weighted average number of shares outstanding	12,642,576		12,904,397		13,248,876
Net dilutive effect of share-based awards, treasury method (1)	574,759		947,435		812,493
Diluted weighted average number of shares outstanding	13,217,335		13,851,832		14,061,369

Net income	$	122,986	$	52,953	$	28,892

Earnings per share
Basic	$	9.73	$	4.10	$	2.18
Diluted	$	9.30	$	3.82	$	2.05

(1)For the year ended December 31, 2020, the diluted net income 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 and 4,050 shares for the years ended December 31, 2019 and 2018, respectively).