EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2019

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)	2019		2018		2019		2018
Net income	$	18,408	$	17,411	$	65,931	$	60,546
Dividends declared on Common Stock:
Class A Shares		(4,961)		(4,517)		(14,826)		(13,552)
Class B Shares		(530)		(487)		(1,591)		(1,468)
Undistributed net income for basic earnings per share		12,917		12,407		49,514		45,526
Weighted average potential dividends on Class A shares upon exercise of dilutive options		(27)		(38)		(93)		(103)
Undistributed net income for diluted earnings per share	$	12,890	$	12,369	$	49,421	$	45,423
Weighted average shares outstanding:
Class A Shares		18,828		18,748		18,803		18,722
Class B Shares		2,208		2,214		2,211		2,228
Effect of dilutive securities on Class A Shares outstanding		101		158		118		143
Weighted average shares outstanding including dilutive securities		21,137		21,120		21,132		21,093
Basic earnings per share:
Class A Common Stock:
Per share dividends distributed	$	0.26	$	0.24	$	0.79	$	0.73
Undistributed earnings per share*		0.62		0.60		2.38		2.19
Total basic earnings per share - Class A Common Stock	$	0.88	$	0.84	$	3.17	$	2.92
Class B Common Stock:
Per share dividends distributed	$	0.24	$	0.22	$	0.72	$	0.66
Undistributed earnings per share*		0.56		0.54		2.16		1.99
Total basic earnings per share - Class B Common Stock	$	0.80	$	0.76	$	2.88	$	2.65
Diluted earnings per share:
Class A Common Stock:
Per share dividends distributed	$	0.26	$	0.24	$	0.79	$	0.73
Undistributed earnings per share*		0.62		0.59		2.36		2.17
Total diluted earnings per share - Class A Common Stock	$	0.88	$	0.83	$	3.15	$	2.90
Class B Common Stock:
Per share dividends distributed	$	0.24	$	0.22	$	0.72	$	0.66
Undistributed earnings per share*		0.56		0.54		2.15		1.98
Total diluted earnings per share - Class B Common Stock	$	0.80	$	0.76	$	2.87	$	2.64

*To arrive at undistributed earnings per share, undistributed net income is first prorated 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. 

Antidilutive Stock Options

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2019	2018	2019	2018
Antidilutive stock options	158,000	161,000	160,000	161,000
Average antidilutive stock options	157,000	29,000	156,000	10,000