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.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Numerator:
Common:
Distributed earnings	$	3,617	$	3,451	$	10,342	$	10,436
Undistributed earnings		2,025		4,230		4,216		8,777
Basic		5,642		7,681		14,558		19,213
Class A Common earnings		455		671		1,207		1,666
Diluted	$	6,097	$	8,352	$	15,765	$	20,879

Class A Common:
Distributed earnings	$	292	$	300	$	852	$	901
Undistributed earnings		163		371		355		765
	$	455	$	671	$	1,207	$	1,666
Denominator:
Common:
Weighted average shares outstanding - basic		18,116		19,138		18,514		19,288
Assumed conversion of Class A Common Stock		1,536		1,765		1,637		1,766
Dilutive options, awards and common stock equivalents		241		327		293		354

Total weighted-average diluted Common Stock		19,893		21,230		20,444		21,408

Class A Common:
Weighted average shares outstanding		1,536		1,765		1,637		1,766

Basic earnings per share:
Common Stock	$	0.31	$	0.40	$	0.79	$	1.00
Class A Common Stock	$	0.30	$	0.38	$	0.74	$	0.94

Diluted earnings per share:
Common Stock	$	0.31	$	0.39	$	0.77	$	0.98
Class A Common Stock	$	0.30	$	0.38	$	0.73	$	0.94