Three Months Ended

Nine Months Ended

September 30,

(in thousands, except per share data)

2023

2022

2023

2022

Net income

$

21,571

$

19,896

$

70,715

$

72,593

Dividends declared on Common Stock:

Class A Shares

(6,456)

(5,995)

(19,574)

(18,123)

Class B Shares

(733)

(669)

(2,200)

(2,010)

Undistributed net income for basic earnings per share

14,382

13,232

48,941

52,460

Weighted average potential dividends on Class A shares upon exercise of dilutive options

(25)

(21)

(62)

(70)

Undistributed net income for diluted earnings per share

$

14,357

$

13,211

$

48,879

$

52,390

Weighted average shares outstanding:

Class A Shares

17,549

17,759

17,697

17,904

Class B Shares

2,157

2,160

2,158

2,162

Effect of dilutive securities on Class A Shares outstanding

68

62

55

68

Weighted average shares outstanding including dilutive securities

19,774

19,981

19,910

20,134

Basic earnings per share:

Class A Common Stock:

Per share dividends distributed

$

0.37

$

0.34

$

1.12

$

1.02

Undistributed earnings per share*

0.74

0.67

2.49

2.64

Total basic earnings per share - Class A Common Stock

$

1.11

$

1.01

$

3.61

$

3.66

Class B Common Stock:

Per share dividends distributed

$

0.34

$

0.31

$

1.02

$

0.93

Undistributed earnings per share*

0.67

0.61

2.26

2.40

Total basic earnings per share - Class B Common Stock

$

1.01

$

0.92

$

3.28

$

3.33

Diluted earnings per share:

Class A Common Stock:

Per share dividends distributed

$

0.37

$

0.34

$

1.12

$

1.02

Undistributed earnings per share*

0.73

0.67

2.48

2.63

Total diluted earnings per share - Class A Common Stock

$

1.10

$

1.01

$

3.60

$

3.65

Class B Common Stock:

Per share dividends distributed

$

0.34

$

0.31

$

1.02

$

0.93

Undistributed earnings per share*

0.67

0.61

2.25

2.39

Total diluted earnings per share - Class B Common Stock

$

1.01

$

0.92

$

3.27

$

3.32