EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2015

EARNINGS PER SHARE

EARNINGS PER SHARE

15.EARNINGS PER SHARE

ClassA and ClassB 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 ClassA Common Stock over that paid on ClassB Common Stock. See Footnote 16, “Stockholders’ Equity and Regulatory Capital Matters” of this section of the filing.

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

Years Ended December 31,  (in thousands, except per share data)	2015		2014		2013
Net income	$	35,166	$	28,787	$	25,423
Weighted average shares outstanding		20,861		20,804		20,807
Effect of dilutive securities		81		95		97
Average shares outstanding including dilutive securities		20,942		20,899		20,904
Basic earnings per share:
Class A Common Stock	$	1.70	$	1.39	$	1.23
Class B Common Stock	$	1.55	$	1.32	$	1.17
Diluted earnings per share:
Class A Common Stock	$	1.70	$	1.38	$	1.22
Class B Common Stock	$	1.54	$	1.32	$	1.16

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

December 31,	2015	2014	2013
Antidilutive stock options	318,400	16,250	18,000
Average antidilutive stock options	216,621	15,419	15,667