EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2016

13. 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)	2016		2015		2016		2015

Net income	$	9,828	$	5,640	$	35,903	$	27,748

Weighted average shares outstanding		20,925		20,848		20,946		20,856
Effect of dilutive securities		13		86		11		80
Average shares outstanding including dilutive securities		20,938		20,934		20,957		20,936

Basic earnings per share:
Class A Common Stock	$	0.47	$	0.27	$	1.73	$	1.34
Class B Common Stock		0.43		0.25		1.58		1.22

Diluted earnings per share:
Class A Common Stock	$	0.47	$	0.27	$	1.73	$	1.34
Class B Common Stock		0.43		0.25		1.57		1.22

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,
	2016	2015	2016	2015

Antidilutive stock options	5,000	23,000	7,500	323,100
Average antidilutive stock options	2,500	20,300	5,000	186,969