Earnings Per Share

6 Months Ended

Jun. 30, 2013

NOTE J – Earnings Per Share

We report our earnings per share using the two-class method. The income per share for each class of common stock is calculated assuming 100% of our earnings are distributed as dividends to each class of common stock based on their contractual rights.

The Common Stock of the Company has a preferential dividend rate of at least 105% of the dividend paid on the Class A Common Stock. The Class A Common Stock, which has ten votes per share as opposed to one vote per share for the Common Stock (on all matters other than the election of directors), may be converted at any time on a one-for-one basis into Common Stock at the option of the holder of the Class A Common Stock.

The following is a reconciliation of the earnings and number of shares used in calculating the diluted earnings per share for Common Stock and Class A Common Stock (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Numerator:
Common:
Distributed earnings	$	797	$	762	$	1,577	$	762
Undistributed earnings		3,497		1,293		10,013		3,421
Basic		4,294		2,055		11,590		4,183
Class A Common earnings		536		306		1,500		635
Diluted	$	4,830	$	2,361	$	13,090	$	4,818

Class A Common:
Distributed earnings	$	96	$	113	$	199	$	113
Undistributed earnings		440		193		1,301		522
	$	536	$	306	$	1,500	$	635
Denominator:
Common:
Weighted average shares outstanding - basic		19,807		19,023		19,654		18,944
Assumed conversion of Class A Common Stock		2,614		2,989		2,682		3,037
Dilutive options, awards and common stock equivalents		370		301		418		311

Total weighted-average diluted Common Stock		22,791		22,313		22,754		22,292

Class A Common:
Weighted average shares outstanding		2,614		2,989		2,682		3,037
Antidilutive shares excluded from the denominator due to the options’ exercise prices being greater than the average market price		—		292		—		292

- Definition

The entire disclosure for earnings per share.

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