Earnings Per Share

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Numerator:
Common:
Distributed earnings	$	4,261	$	2,593	$	7,978	$	6,052
Undistributed earnings		17,042		9,987		31,295		8,211
Basic		21,303		12,580		39,273		14,263
Class A Common earnings		1,555		1,060		2,991		1,196
Diluted	$	22,858	$	13,640	$	42,264	$	15,459

Class A Common:
Distributed earnings	$	301	$	215	$	571	$	506
Undistributed earnings		1,254		845		2,420		690
	$	1,555	$	1,060	$	2,991	$	1,196
Denominator:
Common:
Weighted average shares outstanding - basic		16,997		17,245		16,895		17,353
Assumed conversion of Class A Common Stock		1,313		1,532		1,372		1,532
Dilutive options, awards and common stock equivalents		532		208		520		241

Total weighted-average diluted Common Stock		18,842		18,985		18,787		19,126

Class A Common:
Weighted average shares outstanding		1,313		1,532		1,372		1,532

Basic earnings per share:
Common Stock	$	1.25	$	0.73	$	2.32	$	0.82
Class A Common Stock	$	1.18	$	0.69	$	2.18	$	0.78

Diluted earnings per share:
Common Stock	$	1.21	$	0.72	$	2.25	$	0.81
Class A Common Stock	$	1.16	$	0.69	$	2.13	$	0.78