NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE

3 Months Ended

Mar. 31, 2014

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

NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE

NOTE 5 - 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 Three Months
	Ended March 31,
	2014		2013
	(in thousands)
Weighted average common shares outstanding during the period for Basic computation		8,845		8,725
Dilutive effect of employee stock options		54		69
Weighted average common shares outstanding during the period for Diluted computation		8,899		8,794

For the three months ended March 31, 2014, employee stock options to purchase 33,750  shares of common stock were excluded from the calculations of diluted net income per share, 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 authorized shares of Class B Stock.  As of March 31, 2014, 7,982,317 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding.  As of March 31, 2013, 7,859,027 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 three months ended March 31, 2014 and March 31, 2013, the Company issued 33,748 and 30,191 shares of Class A Stock, respectively.

Equity per common share was $13.88 and $13.89 at March 31, 2014 and December 31, 2013, respectively. These amounts were computed by dividing common stockholders' equity by the number of weighted average shares of common stock outstanding on March 31, 2014 and December 31, 2013, respectively.