Basic and Diluted Earnings per Share

12 Months Ended

Dec. 31, 2015

(13) Basic and Diluted Earnings per Share

Potential shares of common stock are included in the diluted earnings per share calculation when dilutive. Potential shares of common stock, consisting of common stock issuable upon exercise of outstanding employee stock options, are calculated using the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data) for the periods indicated:


	Years Ended December 31,
	2015		2014		2013
Numerator:
Income from:
Continuing operations, net of tax	$	105,931	$	5,035	$	26,550
Discontinued operations, net of tax		0		0		56,782

Net income	$	105,931	$	5,035	$	83,332


Denominator:
Weighted average common shares of class A common stock		9,320		9,246		9,073
Weighted average common shares of class B common stock		2,035		2,055		2,227

Total weighted average common stock shares outstanding		11,355		11,301		11,300
Effect of dilutive securities:
Employee stock options		184		55		1

Adjusted weighted average shares		11,539		11,356		11,301


Earnings per share:
Basic earnings per share
From continuing operations	$	9.33	$	0.45	$	2.35
From discontinued operations		0		0		5.02

Basic earnings per share	$	9.33	$	0.45	$	7.37

Diluted earnings per share:
From continuing operations	$	9.18	$	0.44	$	2.35
From discontinued operations		0		0		5.02

Diluted earnings per share	$	9.18	$	0.44	$	7.37

For the years ended December 31, 2015, 2014, and 2013, stock options issued under the 2013 Equity Plan to purchase a weighted average of approximately 262,000, 445,000, and 194,000 shares of class A common stock, respectively, were excluded from the diluted earnings per share calculation because their impact would have been anti-dilutive.