Earnings Per Share ("EPS")

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share ("EPS")

14. Earnings Per Share (“EPS”)

Class A and Class B shares participate equally in undistributed earnings. Under the Company’s Articles of Organization, the holders of Class A Common Stock are entitled to receive dividends per share equal to at least 200% of dividends paid, if any, from time to time, on each share of Class B Common Stock.

Diluted EPS includes the dilutive effect of common stock equivalents; basic EPS excludes all common stock equivalents. There were no common stock equivalents for 2019, 2018 and 2017, respectively.

The following table is a reconciliation of basic EPS and diluted EPS:

Year Ended December 31,	2019		2018		2017
(in thousands except share and per share data)
BASIC EPS COMPUTATION
Numerator:
Net income, Class A	$	31,351	$	28,479	$	17,526
Net income, Class B		8,348		7,734		4,775
Denominator:
Weighted average shares outstanding, Class A		3,633,044		3,608,179		3,604,029
Weighted average shares outstanding, Class B		1,934,865		1,959,730		1,963,880
Basic EPS, Class A	$	8.63	$	7.89	$	4.86
Basic EPS, Class B	$	4.31	$	3.95	$	2.43
DILUTED EPS COMPUTATION
Numerator:
Net income, Class A	$	31,351	$	28,479	$	17,526
Net income, Class B		8,348		7,734		4,775
Total net income, for diluted EPS, Class A computation		39,699		36,213		22,301
Denominator:
Weighted average shares outstanding, basic, Class A		3,633,044		3,608,179		3,604,029
Weighted average shares outstanding, Class B		1,934,865		1,959,730		1,963,880
Weighted average shares outstanding diluted, Class A		5,567,909		5,567,909		5,567,909
Weighted average shares outstanding, Class B		1,934,865		1,959,730		1,963,880
Diluted EPS, Class A	$	7.13	$	6.50	$	4.01
Diluted EPS, Class B	$	4.31	$	3.95	$	2.43