NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE

12 Months Ended

Dec. 31, 2013

NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE [Abstract]

NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE

NOTE 13

NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE

Basic net income per share is based on the weighted average number of common shares outstanding.  Diluted net income per share is based on the weighted average number of common shares outstanding and the potentially dilutive effect of employee stock options.  The following table summarizes the shares used in computing basic and diluted net income per share:

	For the Year
	Ended December 31,
	2013		2012		2011
	(in thousands)
Weighted average common shares outstanding during the period for Basic computation		8,774		8,666		8,122
Dilutive effect of employee stock options		62		51		38
Weighted average common shares outstanding during the period for Diluted computation		8,836		8,717		8,160

For the years ended December 31, 2013 and December 31, 2012, employee stock options to purchase 33,750 and 60,750 shares of common stock were excluded from the calculations of diluted net income per share, respectively, as the calculated proceeds from the options' exercise were greater than the average market price of the Company's common stock during this period.

The Company has 15,000,000 authorized shares of Class A Stock, and 1,040,000 shares of Class B Stock.  As of December 31, 2013, 7,948,569 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding.  As of December 31, 2012, 7,828,836 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding.  As of December 31, 2011, 7,729,506 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding.  The par value for both classes is $1.00 per share.  For the years ended December 31, 2013, December 31, 2012 and December 31, 2011, the Company issued 119,733, 99,330 and 85,600 shares of Class A Stock, respectively.

Equity per common share was $13.89, $13.64 and $13.91 at December 31, 2013, December 31, 2012 and December 31, 2011, respectively.  These amounts were computed by dividing common stockholders' equity by the number of weighted average shares of common stock outstanding on December 31, 2013, December 31, 2012 and December 31, 2011, respectively.