Earnings Per Share

9 Months Ended

Sep. 30, 2015

NOTE K – 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,
	2015		2014			2015		2014
Numerator:
Common:
Distributed earnings	$	2,051	$	22,181		$	5,348	$	25,434
Undistributed earnings		4,935		(15,057	)		11,633		(8,330	)
Basic		6,986		7,124			16,981		17,104
Class A Common earnings		669		700			1,626		1,677
Diluted	$	7,655	$	7,824		$	18,607	$	18,781

Class A Common:
Distributed earnings	$	195	$	2,202		$	507	$	2,542
Undistributed earnings		474		(1,502	)		1,119		(865	)
	$	669	$	700		$	1,626	$	1,677
Denominator:
Common:
Weighted average shares outstanding - basic		20,448		20,535			20,538		20,383
Assumed conversion of Class A Common Stock		2,061		2,151			2,074		2,223
Dilutive options, awards and common stock equivalents		282		253			295		330

Total weighted-average diluted Common Stock		22,791		22,939			22,907		22,936

Class A Common:
Weighted average shares outstanding		2,061		2,151			2,074		2,223