EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2025

EARNINGS PER SHARE

EARNINGS PER SHARE

12. EARNINGS PER SHARE

The Company calculates EPS 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 EPS 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 basic and diluted EPS computations is presented below:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands, except per share data)	2025		2024		2025		2024
Net income	$	31,484	$	25,206	$	78,752	$	55,812
Dividends declared on Common Stock:
Class A Shares		(7,803)		(6,996)		(15,602)		(13,982)
Class B Shares		(881)		(796)		(1,763)		(1,592)
Undistributed net income for basic earnings per share		22,800		17,414		61,387		40,238
Weighted average potential dividends on Class A shares upon exercise of dilutive options		(28)		(33)		(67)		(56)
Undistributed net income for diluted earnings per share	$	22,772	$	17,381	$	61,320	$	40,182
Weighted average shares outstanding:
Class A Shares		17,571		17,483		17,571		17,475
Class B Shares		2,150		2,150		2,150		2,151
Effect of dilutive securities on Class A Shares outstanding		63		81		74		71
Weighted average shares outstanding including dilutive securities		19,784		19,714		19,795		19,697
Basic earnings per share:
Class A Common Stock:
Per share dividends distributed	$	0.45	$	0.41	$	0.90	$	0.81
Undistributed earnings per share*		1.17		0.90		3.14		2.07
Total basic earnings per share - Class A Common Stock	$	1.62	$	1.31	$	4.04	$	2.88
Class B Common Stock:
Per share dividends distributed	$	0.41	$	0.37	$	0.82	$	0.74
Undistributed earnings per share*		1.06		0.81		2.86		1.88
Total basic earnings per share - Class B Common Stock	$	1.47	$	1.18	$	3.68	$	2.62
Diluted earnings per share:
Class A Common Stock:
Per share dividends distributed	$	0.45	$	0.41	$	0.90	$	0.81
Undistributed earnings per share*		1.16		0.89		3.13		2.06
Total diluted earnings per share - Class A Common Stock	$	1.61	$	1.30	$	4.03	$	2.87
Class B Common Stock:
Per share dividends distributed	$	0.41	$	0.37	$	0.82	$	0.74
Undistributed earnings per share*		1.06		0.81		2.84		1.87
Total diluted earnings per share - Class B Common Stock	$	1.47	$	1.18	$	3.66	$	2.61

* 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 EPS calculation because their impact was antidilutive are as follows:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2025	2024	2025	2024
Antidilutive stock options	39,395	71,169	37,145	72,669
Average antidilutive stock options	39,395	71,169	34,050	72,669