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EARNINGS PER SHARE (Tables) | 6 Months Ended
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Jun. 30, 2023
EARNINGS PER SHARE |
Earnings Per Share and Diluted Earnings Per Share | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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.
​
Antidilutive Stock Options | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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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