EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2015

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
	March 31,
(in thousands, except per share data)	2015		2014
Net income	$	13,788	$	11,984
Weighted average shares outstanding	20,859		20,796
Effect of dilutive securities	77		97
Average shares outstanding including dilutive securities	20,936		20,893
Basic earnings per share:
Class A Common Stock	$	0.66	$	0.58
Class B Common Stock	$	0.65	$	0.56
Diluted earnings per share:
Class A Common Stock	$	0.66	$	0.58
Class B Common Stock	$	0.64	$	0.56

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

	Three Months Ended
	March 31,
	2015	2014
Antidilutive stock options	14,250	15,500
Average antidilutive stock options	14,250	15,500