EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2017

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				Six Months Ended
	June 30,				June 30,
(in thousands, except per share data)	2017		2016		2017		2016

Net income	$	10,071	$	8,340	$	30,088	$	26,075

Weighted average shares outstanding		21,151		20,947		20,918		20,956
Effect of dilutive securities		79		11		78		10
Average shares outstanding including dilutive securities		21,230		20,958		20,996		20,966

Basic earnings per share:
Class A Common Stock	$	0.48	$	0.40	$	1.45	$	1.26
Class B Common Stock		0.44		0.37		1.32		1.14

Diluted earnings per share:
Class A Common Stock	$	0.48	$	0.40	$	1.45	$	1.26
Class B Common Stock		0.44		0.37		1.32		1.14

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,
	2017	2016	2017	2016

Antidilutive stock options	2,500	10,000	2,500	10,000
Average antidilutive stock options	1,166	7,500	584	8,150