XML 102 R55.htm IDEA: XBRL DOCUMENT v3.20.1
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2019
EARNINGS PER SHARE  
Earnings Per Share and Diluted Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

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

    

2019

    

2018

    

2017

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

91,699

 

$

77,852

 

$

45,632

 

Dividends declared on Common Stock:

 

 

 

 

 

 

 

 

 

 

Class A Shares

 

 

(19,771)

 

 

(18,076)

 

 

(16,158)

 

Class B Shares

 

 

(2,121)

 

 

(1,955)

 

 

(1,773)

 

Undistributed net income for basic earnings per share

 

 

69,807

 

 

57,821

 

 

27,701

 

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

 

 

(118)

 

 

(102)

 

 

(75)

 

Undistributed net income for diluted earnings per share

 

$

69,689

 

$

57,719

 

$

27,626

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

Class A Shares

 

 

18,813

 

 

18,736

 

 

18,678

 

Class B Shares

 

 

2,210

 

 

2,224

 

 

2,243

 

Effect of dilutive securities on Class A Shares outstanding

 

 

112

 

 

105

 

 

86

 

Weighted average shares outstanding including dilutive securities

 

 

21,135

 

 

21,065

 

 

21,007

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

 

 

 

 

 

Class A Common Stock:

 

 

 

 

 

 

 

 

 

 

Per share dividends distributed

 

$

1.06

 

$

0.97

 

$

0.87

 

Undistributed earnings per share*

 

 

3.35

 

 

2.79

 

 

1.34

 

Total basic earnings per share - Class A Common Stock

 

$

4.41

 

$

3.76

 

$

2.21

 

 

 

 

 

 

 

 

 

 

 

 

Class B Common Stock:

 

 

 

 

 

 

 

 

 

 

Per share dividends distributed

 

$

0.96

 

$

0.88

 

$

0.79

 

Undistributed earnings per share*

 

 

3.05

 

 

2.53

 

 

1.22

 

Total basic earnings per share - Class B Common Stock

 

$

4.01

 

$

3.41

 

$

2.01

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

Class A Common Stock:

 

 

 

 

 

 

 

 

 

 

Per share dividends distributed

 

$

1.06

 

$

0.97

 

$

0.87

 

Undistributed earnings per share*

 

 

3.33

 

 

2.77

 

 

1.33

 

Total diluted earnings per share - Class A Common Stock

 

$

4.39

 

$

3.74

 

$

2.20

 

 

 

 

 

 

 

 

 

 

 

 

Class B Common Stock:

 

 

 

 

 

 

 

 

 

 

Per share dividends distributed

 

$

0.96

 

$

0.88

 

$

0.79

 

Undistributed earnings per share*

 

 

3.03

 

 

2.52

 

 

1.21

 

Total diluted earnings per share - Class B Common Stock

 

$

3.99

 

$

3.40

 

$

2.00

 

*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.

Antidilutive Stock Options

 

 

 

 

 

 

 

 

December 31,

 

2019

    

2018

    

2017

 

 

 

 

 

 

 

 

 

Antidilutive stock options

 

154,750

 

165,000

 

4,500

 

Average antidilutive stock options

 

151,260

 

47,712

 

2,375