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EARNINGS PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2018
EARNINGS PER SHARE  
Earnings Per Share and Diluted Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Three Months Ended

 

Nine Months Ended

 

 

 

 

September 30, 

 

September 30, 

 

(in thousands, except per share data)

 

    

2018

    

2017

    

2018

    

2017

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

$

17,411

 

$

10,706

 

$

60,546

 

$

40,794

 

Dividends declared on Common Stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A Shares

 

 

 

(4,517)

 

 

(4,096)

 

 

(13,552)

 

 

(12,082)

 

Class B Shares

 

 

 

(487)

 

 

(448)

 

 

(1,468)

 

 

(1,324)

 

Undistributed net income for basic earnings per share

 

 

 

12,407

 

 

6,162

 

 

45,526

 

 

27,388

 

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

 

 

 

(38)

 

 

(18)

 

 

(103)

 

 

(51)

 

Undistributed net income for diluted earnings per share

 

 

$

12,369

 

$

6,144

 

$

45,423

 

$

27,337

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A Shares

 

 

 

18,748

 

 

18,885

 

 

18,722

 

 

18,678

 

Class B Shares

 

 

 

2,214

 

 

2,268

 

 

2,228

 

 

2,243

 

Effect of dilutive securities on Class A Shares outstanding

 

 

 

158

 

 

83

 

 

143

 

 

79

 

Weighted average shares outstanding including dilutive securities

 

 

 

21,120

 

 

21,236

 

 

21,093

 

 

21,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A Common Stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share dividends distributed

 

 

$

0.24

 

$

0.22

 

$

0.73

 

$

0.65

 

Undistributed earnings per share*

 

 

 

0.60

 

 

0.29

 

 

2.19

 

 

1.32

 

Total basic earnings per share - Class A Common Stock

 

 

$

0.84

 

$

0.51

 

$

2.92

 

$

1.97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class B Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share dividends distributed

 

 

$

0.22

 

$

0.20

 

$

0.66

 

$

0.59

 

Undistributed earnings per share*

 

 

 

0.54

 

 

0.27

 

 

1.99

 

 

1.20

 

Total basic earnings per share - Class B Common Stock

 

 

$

0.76

 

$

0.47

 

$

2.65

 

$

1.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A Common Stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share dividends distributed

 

 

$

0.24

 

$

0.22

 

$

0.73

 

$

0.65

 

Undistributed earnings per share*

 

 

 

0.59

 

 

0.29

 

 

2.17

 

 

1.31

 

Total diluted earnings per share - Class A Common Stock

 

 

$

0.83

 

$

0.51

 

$

2.90

 

$

1.96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class B Common Stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share dividends distributed

 

 

$

0.22

 

$

0.20

 

$

0.66

 

$

0.59

 

Undistributed earnings per share*

 

 

 

0.54

 

 

0.27

 

 

1.98

 

 

1.19

 

Total diluted earnings per share - Class B Common Stock

 

 

$

0.76

 

$

0.47

 

$

2.64

 

$

1.78

 

*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

 

 

 

 

 

 

 

 

 

 

 

    

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 

 

September 30, 

 

 

    

2018

    

2017

    

2018

    

2017

 

 

 

 

 

 

 

 

 

 

 

Antidilutive stock options

 

161,000

 

4,500

 

161,000

 

4,500

 

Average antidilutive stock options

 

29,033

 

3,833

 

9,811

 

1,667