EARNINGS PER SHARE

9 Months Ended

Sep. 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				Nine Months Ended
	September 30,				September 30,
(in thousands, except per share data)	2017		2016		2017		2016

Net income	$	10,706	$	9,828	$	40,794	$	35,903

Weighted average shares outstanding		21,153		20,925		20,921		20,946
Effect of dilutive securities		83		13		79		11
Average shares outstanding including dilutive securities		21,236		20,938		21,000		20,957

Basic earnings per share:
Class A Common Stock	$	0.51	$	0.47	$	1.97	$	1.73
Class B Common Stock		0.47		0.43		1.79		1.58

Diluted earnings per share:
Class A Common Stock	$	0.51	$	0.47	$	1.96	$	1.73
Class B Common Stock		0.47		0.43		1.78		1.57

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,
	2017	2016	2017	2016

Antidilutive stock options	4,500	5,000	4,500	7,500
Average antidilutive stock options	3,833	2,500	1,667	5,000