Earnings Per Share

9 Months Ended

Sep. 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 September 30,					Nine Months Ended September 30,
	2014			2013		2014			2013
Numerator:
Common:
Distributed earnings	$	22,181		$	1,603	$	25,434		$	3,180
Undistributed earnings		(15,057	)		6,901		(8,330	)		16,900
Basic		7,124			8,504		17,104			20,080
Class A Common earnings		700			990		1,677			2,504
Diluted	$	7,824		$	9,494	$	18,781		$	22,584

Class A Common:
Distributed earnings	$	2,202		$	185	$	2,542		$	384
Undistributed earnings		(1,502	)		805		(865	)		2,120
	$	700		$	990	$	1,677		$	2,504
Denominator:
Common:
Weighted average shares outstanding - basic		20,535			20,047		20,383			19,786
Assumed conversion of Class A Common Stock		2,151			2,455		2,223			2,606
Dilutive options, awards and common stock equivalents		253			353		330			391

Total weighted-average diluted Common Stock		22,939			22,855		22,936			22,783

Class A Common:
Weighted average shares outstanding		2,151			2,455		2,223			2,606

- Definition

The entire disclosure for earnings per share.

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