Earnings per share

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
Basic weighted average number of shares outstanding	12,642,306		12,642,576		12,904,397
Net dilutive effect of share-based awards, treasury method (1)	940,522		574,759		947,435
Diluted weighted average number of shares outstanding	13,582,828		13,217,335		13,851,832

Net income	$	158,964	$	122,986	$	52,953

Earnings per share
Basic	$	12.57	$	9.73	$	4.10
Diluted	$	11.70	$	9.30	$	3.82

(1)For the year ended December 31, 2021, there was no Class A Stock granted under share-based compensation arrangements that were anti-dilutive. For the years ended December 31, 2020 and 2019, the diluted net income per share computation did not include the anti-dilutive effect of 10,770 and 7,628 shares of Class A Stock granted under share-based compensation arrangements, respectively.