Earnings Per Share

6 Months Ended

Jun. 30, 2014

NOTE I – 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,
	2014		2013		2014		2013
Numerator:
Common:
Distributed earnings	$	1,642	$	797	$	3,253	$	1,577
Undistributed earnings		2,748		3,497		6,659		10,013
Basic		4,390		4,294		9,912		11,590
Class A Common earnings		439		536		1,046		1,500
Diluted	$	4,829	$	4,830	$	10,958	$	13,090

Class A Common:
Distributed earnings	$	162	$	96	$	340	$	199
Undistributed earnings		277		440		706		1,301
	$	439	$	536	$	1,046	$	1,500
Denominator:
Common:
Weighted average shares outstanding - basic		20,454		19,807		20,307		19,654
Assumed conversion of Class A Common Stock		2,162		2,614		2,259		2,682
Dilutive options, awards and common stock equivalents		324		370		368		418

Total weighted-average diluted Common Stock		22,940		22,791		22,934		22,754

Class A Common:
Weighted average shares outstanding		2,162		2,614		2,259		2,682

- Definition

The entire disclosure for earnings per share.

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