NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE

6 Months Ended

Jun. 30, 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				For the Six Months
	Ended June 30,				Ended June 30,
	2014		2013		2014		2013
	(in thousands)				(in thousands)
Weighted average common shares outstanding during the period for Basic computation		8,884		8,761		8,865		8,743
Dilutive effect of employee stock options		44		68		49		71
Weighted average common shares outstanding during the period for Diluted computation		8,928		8,829		8,914		8,814

For the three and six months ended June 30, 2014, employee stock options to purchase 67,500 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 authorized shares of Class B Stock.  As of June 30, 2014, 8,010,191 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding.  As of June 30, 2013, 7,900,190 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 June 30, 2014 and June 30, 2013, the Company issued 27,874 and 41,163 shares of Class A Stock, respectively.  For the six months ended June 30, 2014 and June 30, 2013, the Company issued 61,622 and 71,354 shares of Class A stock.

Equity per common share was $13.92 and $13.89 at June 30, 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 June 30, 2014 and December 31, 2013, respectively.