Earnings Per Share

3 Months Ended

Mar. 31, 2021

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 March 31,
	2021		2019
Numerator:
Common:
Distributed earnings	$	3,717	$	3,459
Undistributed earnings		14,262		(1,782	)
Basic		17,979		1,677
Class A Common earnings		1,427		142
Diluted	$	19,406	$	1,819

Class A Common:
Distributed earnings	$	270	$	291
Undistributed earnings		1,157		(149	)
	$	1,427	$	142
Denominator:
Common:
Weighted average shares outstanding - basic		16,793		17,460
Assumed conversion of Class A Common Stock		1,431		1,532
Dilutive options, awards and common stock equivalents		507		274

Total weighted-average diluted Common Stock		18,731		19,266

Class A Common:
Weighted average shares outstanding		1,431		1,532

Basic earnings per share:
Common Stock	$	1.07	$	0.10
Class A Common Stock	$	1.00	$	0.09

Diluted earnings per share:
Common Stock	$	1.04	$	0.09
Class A Common Stock	$	0.98	$	0.09