EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2017

EARNINGS PER SHARE

EARNINGS PER SHARE

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
	March 31,
(in thousands, except per share data)	2017		2016
Net income	$	20,017	$	17,735
Weighted average shares outstanding		20,915		20,904
Effect of dilutive securities		81		105
Average shares outstanding including dilutive securities		20,996		21,009
Basic earnings per share:
Class A Common Stock	$	0.97	$	0.86
Class B Common Stock		0.88		0.78
Diluted earnings per share:
Class A Common Stock	$	0.96	$	0.85
Class B Common Stock		0.88		0.77

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

	Three Months Ended
	March 31,
	2017	2016
Antidilutive stock options	—	10,500
Average antidilutive stock options	—	10,500