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EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2018
EARNINGS PER SHARE  
Earnings Per Share and Diluted Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

    

 

Three Months Ended

 

 

 

 

 

March 31, 

 

(in thousands, except per share data)

 

    

    

2018

    

2017

    

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

$

27,469

 

$

20,017

 

Dividends declared on Common Stock:

 

 

 

 

 

 

 

 

 

Class A Shares

 

 

 

 

(4,517)

 

 

(3,891)

 

Class B Shares

 

 

 

 

(494)

 

 

(427)

 

Undistributed net income for basic earnings per share

 

 

 

 

22,458

 

 

15,699

 

Weighted average potential dividends on Class A shares upon exercise of dilutive options

 

 

 

 

(24)

 

 

(17)

 

Undistributed net income for diluted earnings per share

 

 

 

$

22,434

 

$

15,682

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

Class A Shares

 

 

 

 

18,677

 

 

18,671

 

Class B Shares

 

 

 

 

2,243

 

 

2,244

 

Effect of dilutive securities on Class A Shares outstanding

 

 

 

 

98

 

 

81

 

Weighted average shares outstanding including dilutive securities

 

 

 

 

21,018

 

 

20,996

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

 

 

 

 

Class A Common Stock:

 

 

 

 

 

 

 

 

 

Per share dividends distributed

 

 

 

$

0.24

 

$

0.21

 

Undistributed earnings per share*

 

 

 

 

1.08

 

 

0.76

 

Total basic earnings per share - Class A Common Stock

 

 

 

$

1.32

 

$

0.97

 

 

 

 

 

 

 

 

 

 

 

Class B Common Stock

 

 

 

 

 

 

 

 

 

Per share dividends distributed

 

 

 

$

0.22

 

$

0.19

 

Undistributed earnings per share*

 

 

 

 

0.99

 

 

0.69

 

Total basic earnings per share - Class B Common Stock

 

 

 

$

1.21

 

$

0.88

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

Class A Common Stock:

 

 

 

 

 

 

 

 

 

Per share dividends distributed

 

 

 

$

0.24

 

$

0.21

 

Undistributed earnings per share*

 

 

 

 

1.08

 

 

0.75

 

Total diluted earnings per share - Class A Common Stock

 

 

 

$

1.32

 

$

0.96

 

 

 

 

 

 

 

 

 

 

 

Class B Common Stock:

 

 

 

 

 

 

 

 

 

Per share dividends distributed

 

 

 

$

0.22

 

$

0.19

 

Undistributed earnings per share*

 

 

 

 

0.98

 

 

0.69

 

Total diluted earnings per share - Class B Common Stock

 

 

 

$

1.20

 

$

0.88

 

*To arrive at undistributed earnings per share, undistributed net income is first pro rated between Class A and Class B Common Shares, with Class A Common Shares receiving a 10% premium. The resulting pro-rated, undistributed net income for each class is then divided by the weighted average shares for each class. 

Stock Option

 

 

 

 

 

 

 

 

    

 

Three Months Ended

 

 

 

 

March 31, 

 

 

    

    

2018

    

2017

 

 

 

 

 

 

 

 

Antidilutive stock options

 

 

4,500

 

 —

 

Average antidilutive stock options

 

 

4,500

 

 —