13. EARNINGS PER SHARE

The Company calculates earnings per share under the two-class method. Under the two-class method, earnings available to common shareholders for the period are allocated between Class A Common Stock and Class B Common Stock according to dividends declared (or accumulated) and participation rights in undistributed earnings. The difference in earnings per share between the two classes of common stock results 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
	March 31,
(in thousands, except per share data)	2020		2019

Net income	$	26,697	$	29,516
Dividends declared on Common Stock:
Class A Shares		(5,358)		(4,933)
Class B Shares		(572)		(531)
Undistributed net income for basic earnings per share		20,767		24,052
Weighted average potential dividends on Class A shares upon exercise of dilutive options		(17)		(35)
Undistributed net income for diluted earnings per share	$	20,750	$	24,017

Weighted average shares outstanding:
Class A Shares		18,831		18,761
Class B Shares		2,204		2,212
Effect of dilutive securities on Class A Shares outstanding		59		133
Weighted average shares outstanding including dilutive securities		21,094		21,106

Basic earnings per share:
Class A Common Stock:
Per share dividends distributed	$	0.29	$	0.26
Undistributed earnings per share*		1.00		1.16
Total basic earnings per share - Class A Common Stock	$	1.29	$	1.42

Class B Common Stock:
Per share dividends distributed	$	0.26	$	0.24
Undistributed earnings per share*		0.91		1.05
Total basic earnings per share - Class B Common Stock	$	1.17	$	1.29

Diluted earnings per share:
Class A Common Stock:
Per share dividends distributed	$	0.29	$	0.26
Undistributed earnings per share*		0.99		1.15
Total diluted earnings per share - Class A Common Stock	$	1.28	$	1.41

Class B Common Stock:
Per share dividends distributed	$	0.26	$	0.24
Undistributed earnings per share*		0.90		1.04
Total diluted earnings per share - Class B Common Stock	$	1.16	$	1.28

*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.

Stock options excluded from the detailed earnings per share calculation because their impact was antidilutive are as follows:


	Three Months Ended
	March 31,
	2020	2019

Antidilutive stock options	175,000	163,000
Average antidilutive stock options	159,000	162,000