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Note 11 - Net Income Per Share of Class A and Class B Common Stock | 9 Months Ended
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Sep. 30, 2015
Notes to Financial Statements |
Earnings Per Share [Text Block] | Note 11. Net Income Per Share of Class A and Class B Common Stock We compute net income per share of Class A and Class B common stock using the two-class method. Under this method, basic net income per share is computed using the weighted average number of common shares outstanding during the period excluding unvested common shares subject to repurchase or cancellation. Diluted net income per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the common shares issuable upon the net exercise of stock options and unvested restricted stock units and is reflected in diluted earnings per share by application of the treasury stock method. The computation of the diluted net income per share of Class A common stock assumes the conversion of Class B common stock, while the diluted net income per share of Class B common stock does not assume the conversion of those shares. Except with respect to voting and transfer rights, the rights of the holders of our Class A and Class B common stock are identical. Under our Articles of Incorporation, the Class A and Class B common stock share equally in any dividends, liquidation proceeds or other distribution with respect to our common stock and the Articles of Incorporation can only be amended by a vote of the shareholders. Additionally, Oregon law provides that amendments to our Articles of Incorporation that would adversely alter the rights, powers or preferences of a given class of stock, must be approved by the class of stock adversely affected by the proposed amendment. As a result, the undistributed earnings for each year are allocated based on the contractual participation rights of the Class A and Class B common shares as if the earnings for the year had been distributed. Because the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. Following is a reconciliation of the income from continuing operations and weighted average shares used for our basic earnings per share (“EPS”) and diluted EPS (in thousands, except per share amounts):
Three Months Ended September 30 , |  | 2015 |  |  | 2014 |
Basic EPS from Continuing Operations |  | Class A |  |  | Class B |  |  | Class A |  |  | Class B |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations applicable to common stockholders |  | $ | 39,162 |  |  | $ | 4,229 |  |  | $ | 31,149 |  |  | $ | 3,388 |
Distributed income applicable to common stockholders |  |  | (4,745 | ) |  |  | (512 | ) |  |  | (3,765 | ) |  |  | (409 | )
Basic undistributed income from continuing operations applicable to common stockholders |  | $ | 34,417 |  |  | $ | 3,717 |  |  | $ | 27,384 |  |  | $ | 2,979 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average number of shares outstanding used to calculate basic income per share |  |  | 23,727 |  |  |  | 2,562 |  |  |  | 23,556 |  |  |  | 2,562 |
Basic income per share from continuing operations applicable to common stockholders |  | $ | 1.65 |  |  | $ | 1.65 |  |  | $ | 1.32 |  |  | $ | 1.32 |
Basic distributed income per share from continuing operations applicable to common stockholders |  |  | (0.20 | ) |  |  | (0.20 | ) |  |  | (0.16 | ) |  |  | (0.16 | )
Basic undistributed income per share from continuing operations applicable to common stockholders |  | $ | 1.45 |  |  | $ | 1.45 |  |  | $ | 1.16 |  |  | $ | 1.16 |
Three Months Ended September 30 , |  | 2015 |  |  | 2014 |
Diluted EPS from Continuing Operations |  | Class A |  |  | Class B |  |  | Class A |  |  | Class B |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distributed income applicable to common stockholders |  | $ | 4,745 |  |  | $ | 512 |  |  | $ | 3,765 |  |  | $ | 409 |
Reallocation of distributed income as a result of conversion of dilutive stock options |  |  | 3 |  |  |  | (3 | ) |  |  | 3 |  |  |  | (3 | )
Reallocation of distributed income due to conversion of Class B to Class A common shares outstanding |  |  | 509 |  |  |  | - |  |  |  | 406 |  |  |  | - |
Diluted distributed income applicable to common stockholders |  | $ | 5,257 |  |  | $ | 509 |  |  | $ | 4,174 |  |  | $ | 406 |
Undistributed income from continuing operations applicable to common stockholders |  | $ | 34,417 |  |  | $ | 3,717 |  |  | $ | 27,384 |  |  | $ | 2,979 |
Reallocation of undistributed income as a result of conversion of dilutive stock options |  |  | 27 |  |  |  | (27 | ) |  |  | 28 |  |  |  | (28 | )
Reallocation of undistributed income due to conversion of Class B to Class A |  |  | 3,690 |  |  |  | - |  |  |  | 2,951 |  |  |  | - |
Diluted undistributed income from continuing operations applicable to common stockholders |  | $ | 38,134 |  |  | $ | 3,690 |  |  | $ | 30,363 |  |  | $ | 2,951 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average number of shares outstanding used to calculate basic income per share from continuing operations |  | 23,727 |  |  | 2,562 |  |  | 23,556 |  |  | 2,562 |
Weighted average number of shares from stock options |  | 191 |  |  | - |  |  | 241 |  |  | - |
Conversion of Class B to Class A common shares outstanding |  | 2,562 |  |  | - |  |  | 2,562 |  |  | - |
Weighted average number of shares outstanding used to calculate diluted income per share from continuing operations |  | 26,480 |  |  | 2,562 |  |  | 26,359 |  |  | 2,562 |
Diluted income per share from continuing operations applicable to common stockholders | $ | 1.64 |  | $ | 1.64 |  | $ | 1.31 |  | $ | 1.31 |
Diluted distributed income per share from continuing operations applicable to common stockholders |  | (0.20 | ) |  | (0.20 | ) |  | (0.16 | ) |  | (0.16 | )
Diluted undistributed income per share from continuing operations applicable to common stockholders | $ | 1.44 |  | $ | 1.44 |  | $ | 1.15 |  | $ | 1.15 |
Three Months Ended September 30 , |  | 2015 |  |  | 2014 |
Diluted EPS |  | Class A |  |  | Class B |  |  | Class A |  |  | Class B |
Antidilutive Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shares issuable pursuant to stock options not included since they were antidilutive |  |  | 18 |  |  |  | - |  |  |  | 13 |  |  |  | - |
Nine Months Ended September 30 , |  | 2015 |  |  | 2014 |
Basic EPS from Continuing Operations |  | Class A |  |  | Class B |  |  | Class A |  |  | Class B |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations applicable to common stockholders |  | $ | 122,092 |  |  | $ | 13,175 |  |  | $ | 85,124 |  |  | $ | 9,277 |
Distributed income applicable to common stockholders |  |  | (13,303 | ) |  |  | (1,436 | ) |  |  | (10,578 | ) |  |  | (1,153 | )
Basic undistributed income from continuing operations applicable to common stockholders |  | $ | 108,789 |  |  | $ | 11,739 |  |  | $ | 74,546 |  |  | $ | 8,124 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average number of shares outstanding used to calculate basic income per share |  |  | 23,742 |  |  |  | 2,562 |  |  |  | 23,509 |  |  |  | 2,562 |
Basic income per share from continuing operations applicable to common stockholders |  | $ | 5.14 |  |  | $ | 5.14 |  |  | $ | 3.62 |  |  | $ | 3.62 |
Basic distributed income per share from continuing operations applicable to common stockholders |  |  | (0.56 | ) |  |  | (0.56 | ) |  |  | (0.45 | ) |  |  | (0.45 | )
Basic undistributed income per share from continuing operations applicable to common stockholders |  | $ | 4.58 |  |  | $ | 4.58 |  |  | $ | 3.17 |  |  | $ | 3.17 |
Nine Months Ended September 30 , |  | 2015 |  |  | 2014 |
Diluted EPS from Continuing Operations |  | Class A |  |  | Class B |  |  | Class A |  |  | Class B |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distributed income applicable to common stockholders |  | $ | 13,303 |  |  | $ | 1,436 |  |  | $ | 10,578 |  |  | $ | 1,153 |
Reallocation of distributed income as a result of conversion of dilutive stock options |  |  | 11 |  |  |  | (11 | ) |  |  | 12 |  |  |  | (12 | )
Reallocation of distributed income due to conversion of Class B to Class A common shares outstanding |  |  | 1,425 |  |  |  | - |  |  |  | 1,141 |  |  |  | - |
Diluted distributed income applicable to common stockholders |  | $ | 14,739 |  |  | $ | 1,425 |  |  | $ | 11,731 |  |  | $ | 1,141 |
Undistributed income from continuing operations applicable to common stockholders |  | $ | 108,789 |  |  | $ | 11,739 |  |  | $ | 74,546 |  |  | $ | 8,124 |
Reallocation of undistributed income as a result of conversion of dilutive stock options |  |  | 86 |  |  |  | (86 | ) |  |  | 82 |  |  |  | (82 | )
Reallocation of undistributed income due to conversion of Class B to Class A |  |  | 11,653 |  |  |  | - |  |  |  | 8,042 |  |  |  | - |
Diluted undistributed income from continuing operations applicable to common stockholders |  | $ | 120,528 |  |  | $ | 11,653 |  |  | $ | 82,670 |  |  | $ | 8,042 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average number of shares outstanding used to calculate basic income per share from continuing operations |  |  | 23,742 |  |  |  | 2,562 |  |  |  | 23,509 |  |  |  | 2,562 |
Weighted average number of shares from stock options |  |  | 196 |  |  |  | - |  |  |  | 266 |  |  |  | - |
Conversion of Class B to Class A common shares outstanding |  |  | 2,562 |  |  |  | - |  |  |  | 2,562 |  |  |  | - |
Weighted average number of shares outstanding used to calculate diluted income per share from continuing operations |  |  | 26,500 |  |  |  | 2,562 |  |  |  | 26,337 |  |  |  | 2,562 |
Diluted income per share from continuing operations applicable to common stockholders |  | $ | 5.10 |  |  | $ | 5.10 |  |  | $ | 3.58 |  |  | $ | 3.58 |
Diluted distributed income per share from continuing operations applicable to common stockholders |  |  | (0.56 | ) |  |  | (0.56 | ) |  |  | (0.45 | ) |  |  | (0.45 | )
Diluted undistributed income per share from continuing operations applicable to common stockholders |  | $ | 4.54 |  |  | $ | 4.54 |  |  | $ | 3.13 |  |  | $ | 3.13 |
Nine Months Ended September 30 , |  | 2015 |  |  | 2014 |
Diluted EPS |  | Class A |  |  | Class B |  |  | Class A |  |  | Class B |
Antidilutive Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shares issuable pursuant to stock options not included since they were antidilutive |  |  | 17 |  |  |  | - |  |  |  | 13 |  |  |  | - |

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