Earnings Per Share

3 Months Ended

Mar. 31, 2015

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 March 31,
	2015		2014
Numerator:
Common:
Distributed earnings	$	1,646	$	1,610
Undistributed earnings		3,938		3,905
Basic		5,584		5,515
Class A Common earnings		535		614
Diluted	$	6,119	$	6,129

Class A Common:
Distributed earnings	$	156	$	179
Undistributed earnings		379		435
	$	535	$	614
Denominator:
Common:
Weighted average shares outstanding - basic		20,569		20,157
Assumed conversion of Class A Common Stock		2,081		2,358
Dilutive options, awards and common stock equivalents		327		413

Total weighted-average diluted Common Stock		22,977		22,928

Class A Common:
Weighted average shares outstanding		2,081		2,358

- Definition

The entire disclosure for earnings per share.

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