XML 78 R52.htm IDEA: XBRL DOCUMENT v3.8.0.1
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2017
EARNINGS PER SHARE  
Earnings Per Share and Diluted Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31, (in thousands, except per share data)

    

2017

    

2016

    

2015

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

45,632

 

$

45,903

 

$

35,166

 

Dividends declared on Common Stock:

 

 

 

 

 

 

 

 

 

 

Class A Shares

 

 

(16,158)

 

 

(15,359)

 

 

(14,531)

 

Class B Shares

 

 

(1,773)

 

 

(1,685)

 

 

(1,594)

 

Undistributed net income for basic earnings per share

 

 

27,701

 

 

28,859

 

 

19,041

 

Weighted average potential dividends on Class A shares upon exercise of dilutive options

 

 

(75)

 

 

(10)

 

 

(63)

 

Undistributed net income for diluted earnings per share

 

$

27,626

 

$

28,849

 

$

18,978

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

Class A Shares

 

 

18,678

 

 

18,697

 

 

18,616

 

Class B Shares

 

 

2,243

 

 

2,245

 

 

2,245

 

Effect of dilutive securities on Class A Shares outstanding

 

 

86

 

 

12

 

 

81

 

Weighted average shares outstanding including dilutive securities

 

 

21,007

 

 

20,954

 

 

20,942

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

 

 

 

 

 

Class A Common Stock:

 

 

 

 

 

 

 

 

 

 

Per share dividends distributed

 

$

0.87

 

$

0.83

 

$

0.78

 

Undistributed earnings per share*

 

 

1.34

 

 

1.39

 

 

0.92

 

Total basic earnings per share - Class A Common Stock

 

$

2.21

 

$

2.22

 

$

1.70

 

 

 

 

 

 

 

 

 

 

 

 

Class B Common Stock

 

 

 

 

 

 

 

 

 

 

Per share dividends distributed

 

$

0.79

 

$

0.75

 

$

0.71

 

Undistributed earnings per share*

 

 

1.22

 

 

1.27

 

 

0.84

 

Total basic earnings per share - Class B Common Stock

 

$

2.01

 

$

2.02

 

$

1.55

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

Class A Common Stock:

 

 

 

 

 

 

 

 

 

 

Per share dividends distributed

 

$

0.87

 

$

0.83

 

$

0.78

 

Undistributed earnings per share*

 

 

1.33

 

 

1.39

 

 

0.92

 

Total diluted earnings per share - Class A Common Stock

 

$

2.20

 

$

2.22

 

$

1.70

 

 

 

 

 

 

 

 

 

 

 

 

Class B Common Stock:

 

 

 

 

 

 

 

 

 

 

Per share dividends distributed

 

$

0.79

 

$

0.75

 

$

0.71

 

Undistributed earnings per share*

 

 

1.21

 

 

1.26

 

 

0.83

 

Total diluted earnings per share - Class B Common Stock

 

$

2.00

 

$

2.01

 

$

1.54

 

*To arrive at undistributed earnings per share, undistributed net income is first pro rated between Class A and Class B Common Shares, with Class A Common Shares receiving a 10% premium.  The resulting pro-rated, undistributed net income for each class is then divided by the weighted average shares for each class. 

Stock Option

 

 

 

 

 

 

 

 

 

 

2017

    

2016

    

2015

 

 

 

 

 

 

 

 

 

Antidilutive stock options

 

4,500

 

5,000

 

318,400

 

Average antidilutive stock options

 

2,375

 

3,125

 

216,621