EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2014

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				Nine Months Ended
	September 30,				September 30,
(in thousands, except per share data)	2014		2013		2014		2013
Net income	$	5,246	$	4,603	$	23,552	$	24,078
Weighted average shares outstanding	20,797		20,787		20,795		20,811
Effect of dilutive securities	94		140		96		94
Average shares outstanding including dilutive securities	20,891		20,927		20,891		20,905
Basic earnings per share:
Class A Common Share	$	0.25	$	0.22	$	1.14	$	1.16
Class B Common Share	$	0.24	$	0.21	$	1.09	$	1.12
Diluted earnings per share:
Class A Common Share	$	0.25	$	0.22	$	1.13	$	1.16
Class B Common Share	$	0.24	$	0.21	$	1.08	$	1.11

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

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(in thousands)	2014	2013	2014	2013
Antidilutive stock options	16	14	16	113
Average antidilutive stock options	16	10	15	110