Earnings Per Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Numerator:
Common:
Distributed earnings	$	3,423	$	3,617	$	9,475	$	10,342
Undistributed earnings		13,408		2,025		21,624		4,216
Basic		16,831		5,642		31,099		14,558
Class A Common earnings		1,430		455		2,621		1,207
Diluted	$	18,261	$	6,097	$	33,720	$	15,765

Class A Common:
Distributed earnings	$	290	$	292	$	796	$	852
Undistributed earnings		1,140		163		1,825		355
	$	1,430	$	455	$	2,621	$	1,207
Denominator:
Common:
Weighted average shares outstanding - basic		17,098		18,116		17,267		18,514
Assumed conversion of Class A Common Stock		1,526		1,536		1,530		1,637
Dilutive options, awards and common stock equivalents		240		241		241		293

Total weighted-average diluted Common Stock		18,864		19,893		19,038		20,444

Class A Common:
Weighted average shares outstanding		1,526		1,536		1,530		1,637

Basic earnings per share:
Common Stock	$	0.98	$	0.31	$	1.80	$	0.79
Class A Common Stock	$	0.94	$	0.30	$	1.71	$	0.74

Diluted earnings per share:
Common Stock	$	0.97	$	0.31	$	1.77	$	0.77
Class A Common Stock	$	0.93	$	0.30	$	1.70	$	0.73