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EARNINGS PER SHARE | 6 Months Ended
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Jun. 30, 2023
EARNINGS PER SHARE |
EARNINGS PER SHARE | 14. EARNINGS PER SHARE ​ The Company calculates earnings per share under the two-class method. Under the two-class method, earnings available to common shareholders for the period are allocated between Class A Common Stock and Class B Common Stock according to dividends declared (or accumulated) and participation rights in undistributed earnings. The difference in earnings per share between the two classes of common stock results from the 10% per share cash dividend premium paid on Class A Common Stock over that paid on Class B Common Stock. ​ A reconciliation of the combined Class A and Class B Common Stock numerators and denominators of the earnings per share and diluted earnings per share computations is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
(in thousands, except per share data) |  | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 21,052 | ​ | $ | 24,347 | ​ | $ | 49,144 | ​ | $ | 52,697
Dividends declared on Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class A Shares | ​ | ​ | (6,537) | ​ | ​ | (6,047) | ​ | ​ | (13,118) | ​ | ​ | (12,128)
Class B Shares | ​ | ​ | (733) | ​ | ​ | (670) | ​ | ​ | (1,467) | ​ | ​ | (1,341)
Undistributed net income for basic earnings per share | ​ | ​ | 13,782 | ​ | ​ | 17,630 | ​ | ​ | 34,559 | ​ | ​ | 39,228
Weighted average potential dividends on Class A shares upon exercise of dilutive options | ​ | ​ | (8) | ​ | ​ | (21) | ​ | ​ | (39) | ​ | ​ | (49)
Undistributed net income for diluted earnings per share | ​ | $ | 13,774 | ​ | $ | 17,609 | ​ | $ | 34,520 | ​ | $ | 39,179
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average shares outstanding: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class A Shares | ​ |  | 17,726 | ​ |  | 17,946 | ​ |  | 17,750 | ​ |  | 17,968
Class B Shares | ​ | ​ | 2,158 | ​ | ​ | 2,161 | ​ | ​ | 2,159 | ​ | ​ | 2,163
Effect of dilutive securities on Class A Shares outstanding | ​ |  | 22 | ​ |  | 62 | ​ |  | 52 | ​ |  | 71
Weighted average shares outstanding including dilutive securities | ​ |  | 19,906 | ​ |  | 20,169 | ​ |  | 19,961 | ​ |  | 20,202
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class A Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Per share dividends distributed | ​ | $ | 0.37 | ​ | $ | 0.34 | ​ | $ | 0.75 | ​ | $ | 0.68
Undistributed earnings per share* | ​ | ​ | 0.70 | ​ | ​ | 0.89 | ​ | ​ | 1.75 | ​ | ​ | 1.97
Total basic earnings per share - Class A Common Stock | ​ | $ | 1.07 | ​ | $ | 1.23 | ​ | $ | 2.50 | ​ | $ | 2.65
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class B Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Per share dividends distributed | ​ | $ | 0.34 | ​ | $ | 0.31 | ​ | $ | 0.68 | ​ | $ | 0.62
Undistributed earnings per share* | ​ | ​ | 0.64 | ​ | ​ | 0.81 | ​ | ​ | 1.59 | ​ | ​ | 1.79
Total basic earnings per share - Class B Common Stock | ​ | $ | 0.98 | ​ | $ | 1.12 | ​ | $ | 2.27 | ​ | $ | 2.41
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class A Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Per share dividends distributed | ​ | $ | 0.37 | ​ | $ | 0.34 | ​ | $ | 0.75 | ​ | $ | 0.68
Undistributed earnings per share* | ​ | ​ | 0.70 | ​ | ​ | 0.88 | ​ | ​ | 1.75 | ​ | ​ | 1.96
Total diluted earnings per share - Class A Common Stock | ​ | $ | 1.07 | ​ | $ | 1.22 | ​ | $ | 2.50 | ​ | $ | 2.64
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class B Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Per share dividends distributed | ​ | $ | 0.34 | ​ | $ | 0.31 | ​ | $ | 0.68 | ​ | $ | 0.62
Undistributed earnings per share* | ​ | ​ | 0.64 | ​ | ​ | 0.80 | ​ | ​ | 1.59 | ​ | ​ | 1.78
Total diluted earnings per share - Class B Common Stock | ​ | $ | 0.98 | ​ | $ | 1.11 | ​ | $ | 2.27 | ​ | $ | 2.40
* | To arrive at undistributed earnings per share, undistributed net income is first prorated between Class A and Class B Common Shares, with Class A Common Shares receiving a 10% premium. The resulting pro-rated, undistributed net income for each class is then divided by the weighted average shares for each class.
​ Stock options excluded from the detailed earnings per share calculation because their impact was antidilutive are as follows: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Antidilutive stock options |  | 245,148 |  | 187,000 |  | 245,898 | ​ | 186,000 | ​
Average antidilutive stock options |  | 120,682 |  | 184,000 |  | 245,565 | ​ | 178,000 | ​
​

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