EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2013

EARNINGS PER SHARE

EARNINGS PER SHARE

10. EARNINGS PER SHARE

Class A and Class B shares participate equally in undistributed earnings. The difference in earnings per share between the two classes of common stock results solely from the 10% per share cash dividend premium paid on Class A Common Stock over that paid on Class B Common Stock.

A reconciliation of the combined Class A and Class B Common Stock numerators and denominators of the earnings per share and diluted earnings per share computations is presented below:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands, except per share data)	2013		2012		2013		2012
Net income	$	6,119	$	9,578	$	19,475	$	92,050
Weighted average shares outstanding	20,782		20,958		20,823		20,957
Effect of dilutive securities	76		59		72		77
Average shares outstanding including dilutive securities	20,858		21,017		20,895		21,034
Basic earnings per share:
Class A Common Share	$	0.30	$	0.46	$	0.94	$	4.40
Class B Common Share	0.28		0.44		0.91		4.37
Diluted earnings per share:
Class A Common Share	$	0.30	$	0.46	$	0.94	$	4.38
Class B Common Share	0.28		0.44		0.90		4.35

Stock options excluded from the detailed earnings per share calculation because their impact was antidilutive are as follows:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2013	2012	2013	2012
Antidilutive stock options	122,450	232,550	128,450	220,550