NET INCOME PER COMMON SHARE AND EQUITY PER COMMON SHARE

3 Months Ended

Mar. 31, 2016

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,
	2016	2015
	(in thousands)
Weighted average common shares outstanding during the period for Basic computation	9,066	8,917
Dilutive effect of employee stock options	64	38
Weighted average common shares outstanding during the period for Diluted computation	9,130	8,955

For the three months ended March 31, 2016, no shares of employee stock options 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, 2016, 8,191,397 shares of Class A Stock and 881,452 shares of Class B Stock were issued and outstanding. As of March 31, 2015, 8,038,721 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, 2016 and March 31, 2015, the Company issued 15,184 and 8,044 shares of Class A Stock, respectively.

Equity per common share was $14.73 and $14.77 at March 31, 2016 and December 31, 2015 respectively. These amounts were computed by dividing common stockholders' equity by the number of weighted average shares of common stock outstanding on March 31, 2016 and December 31, 2015, respectively.