Earnings Per Share

6 Months Ended

Jun. 30, 2020

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 June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Numerator:
Common:
Distributed earnings	$	2,593	$	3,338	$	6,052	$	6,725
Undistributed earnings		9,987		2,260		8,211		2,194
Basic		12,580		5,598		14,263		8,919
Class A Common earnings		1,060		448		1,196		749
Diluted	$	13,640	$	6,046	$	15,459	$	9,668

Class A Common:
Distributed earnings	$	215	$	261	$	506	$	560
Undistributed earnings		845		187		690		189
	$	1,060	$	448	$	1,196	$	749
Denominator:
Common:
Weighted average shares outstanding - basic		17,245		18,642		17,353		18,716
Assumed conversion of Class A Common Stock		1,532		1,621		1,532		1,689
Dilutive options, awards and common stock equivalents		208		279		241		318

Total weighted-average diluted Common Stock		18,985		20,542		19,126		20,723

Class A Common:
Weighted average shares outstanding		1,532		1,621		1,532		1,689

Basic earnings per share:
Common Stock	$	0.73	$	0.30	$	0.82	$	0.48
Class A Common Stock	$	0.69	$	0.28	$	0.78	$	0.44

Diluted earnings per share:
Common Stock	$	0.72	$	0.29	$	0.81	$	0.47
Class A Common Stock	$	0.69	$	0.27	$	0.78	$	0.44