Net Income Per Share of Class A and Class B Common Stock (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Earnings Per Share, Basic and Diluted

Following is a reconciliation of net income and weighted average shares used for our basic earnings per share (“EPS”) and diluted EPS (in thousands, except per share amounts):



Year Ended December 31,	2017					2016					2015
(in thousands, except per share data)	Class A		Class B			Class A		Class B			Class A		Class B
Net income applicable to common stockholders - basic	$	233,399	$	11,818		$	182,369	$	14,689		$	165,172	$	17,827
Reallocation of distributed net income as a result of conversion of dilutive stock options	4		(4		)	8		(8		)	15		(15		)
Reallocation of distributed net income due to conversion of Class B to Class A common shares outstanding	1,275		—			1,791		—			1,932		—
Conversion of Class B common shares into Class A common shares	10,505		—			12,833		—			15,760		—
Effect of dilutive stock options on net income	34		(34		)	57		(57		)	120		(120		)
Net income applicable to common stockholders - diluted	$	245,217	$	11,780		$	197,058	$	14,624		$	182,999	$	17,692

Weighted average common shares outstanding – basic	23,857		1,208			23,515		1,894			23,729		2,561
Conversion of Class B common shares into Class A common shares	1,208		—			1,894		—			2,561		—
Effect of employee stock purchases and restricted stock units on weighted average common shares	80		—			112		—			200		—
Weighted average common shares outstanding – diluted	25,145		1,208			25,521		1,894			26,490		2,561

Net income per common share - basic	$	9.78	$	9.78		$	7.76	$	7.76		$	6.96	$	6.96
Net income per common share - diluted	$	9.75	$	9.75		$	7.72	$	7.72		$	6.91	$	6.91

Antidilutive Securities
Shares issuable pursuant to employee stock purchases not included since they were antidulutive	12		—			—		—			16		—