EARNINGS PER SHARE

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30,				June 30,
(in thousands, except per share data)	2015		2014		2015		2014
Net income	$	8,320	$	6,322	$	22,108	$	18,306
Weighted average shares outstanding	20,860		20,793		20,859		20,795
Effect of dilutive securities	81		95		80		96
Average shares outstanding including dilutive securities	20,941		20,888		20,939		20,891
Basic earnings per share:
Class A Common Stock	$	0.40	$	0.31	$	1.07	$	0.88
Class B Common Stock	$	0.37	$	0.29	$	0.97	$	0.85
Diluted earnings per share:
Class A Common Stock	$	0.40	$	0.30	$	1.07	$	0.88
Class B Common Stock	$	0.36	$	0.29	$	0.97	$	0.85

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,
	2015	2014	2015	2014
Antidilutive stock options	330,150	15,500	332,150	15,500
Average antidilutive stock options	237,118	15,500	126,684	15,500