EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2025

EARNINGS PER SHARE

EARNINGS PER SHARE

12. 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)	2025		2024
Net income	$	47,268	$	30,606
Dividends declared on Common Stock:
Class A Shares		(7,799)		(6,986)
Class B Shares		(882)		(796)
Undistributed net income for basic earnings per share		38,587		22,824
Weighted average potential dividends on Class A shares upon exercise of dilutive options		(39)		(36)
Undistributed net income for diluted earnings per share	$	38,548	$	22,788
Weighted average shares outstanding:
Class A Shares		17,561		17,456
Class B Shares		2,150		2,151
Effect of dilutive securities on Class A Shares outstanding		86		87
Weighted average shares outstanding including dilutive securities		19,797		19,694
Basic earnings per share:
Class A Common Stock:
Per share dividends distributed	$	0.45	$	0.41
Undistributed earnings per share*		1.98		1.18
Total basic earnings per share - Class A Common Stock	$	2.43	$	1.59
Class B Common Stock:
Per share dividends distributed	$	0.41	$	0.37
Undistributed earnings per share*		1.80		1.07
Total basic earnings per share - Class B Common Stock	$	2.21	$	1.44
Diluted earnings per share:
Class A Common Stock:
Per share dividends distributed	$	0.45	$	0.41
Undistributed earnings per share*		1.97		1.17
Total diluted earnings per share - Class A Common Stock	$	2.42	$	1.58
Class B Common Stock:
Per share dividends distributed	$	0.41	$	0.37
Undistributed earnings per share*		1.79		1.06
Total diluted earnings per share - Class B Common Stock	$	2.20	$	1.43

* 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,
	2025	2024
Antidilutive stock options	43,612	52,781
Average antidilutive stock options	35,218	52,781