Earnings Per Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Numerator:
Common:
Distributed earnings	$	1,603	$	766	$	3,180	$	1,528
Undistributed earnings		6,901		2,134		16,900		5,552
Basic		8,504		2,900		20,080		7,080
Class A Common earnings		990		414		2,504		1,052
Diluted	$	9,494	$	3,314	$	22,584	$	8,132

Class A Common:
Distributed earnings	$	185	$	108	$	384	$	222
Undistributed earnings		805		306		2,120		830
	$	990	$	414	$	2,504	$	1,052
Denominator:
Common:
Weighted average shares outstanding - basic		20,047		19,163		19,786		19,018
Assumed conversion of Class A Common Stock		2,455		2,887		2,606		2,986
Dilutive options, awards and common stock equivalents		353		321		391		315

Total weighted-average diluted Common Stock		22,855		22,371		22,783		22,319

Class A Common:
Weighted average shares outstanding		2,455		2,887		2,606		2,986
Antidilutive shares excluded from the denominator due to the options' exercise prices being greater than the average market price		—		291		—		292

- Definition

The entire disclosure for earnings per share.

+ References+ Details