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EARNINGS PER SHARE (Tables) | 12 Months Ended
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Dec. 31, 2023
EARNINGS PER SHARE |
Earnings per share and diluted earnings per share | ​
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Years Ended December 31, (in thousands, except per share data) |  | 2023 |  | 2022 |  | 2021
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Net income | ​ | $ | 90,374 | ​ | $ | 91,106 | ​ | $ | 87,611
Dividends declared on Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class A Shares | ​ | ​ | (26,002) | ​ | ​ | (24,122) | ​ | ​ | (22,451)
Class B Shares | ​ | ​ | (2,933) | ​ | ​ | (2,679) | ​ | ​ | (2,435)
Undistributed net income for basic earnings per share | ​ | ​ | 61,439 | ​ | ​ | 64,305 | ​ | ​ | 62,725
Weighted average potential dividends on Class A shares upon exercise of dilutive options | ​ | ​ | (92) | ​ | ​ | (87) | ​ | ​ | (100)
Undistributed net income for diluted earnings per share | ​ | $ | 61,347 | ​ | $ | 64,218 | ​ | $ | 62,625
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Weighted average shares outstanding: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class A Shares | ​ |  | 17,634 | ​ |  | 17,876 | ​ |  | 18,497
Class B Shares | ​ | ​ | 2,158 | ​ | ​ | 2,161 | ​ | ​ | 2,178
Effect of dilutive securities on Class A Shares outstanding | ​ |  | 61 | ​ |  | 64 | ​ |  | 82
Weighted average shares outstanding including dilutive securities | ​ |  | 19,853 | ​ |  | 20,101 | ​ |  | 20,757
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Basic earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class A Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Per share dividends distributed | ​ | $ | 1.50 | ​ | $ | 1.36 | ​ | $ | 1.23
Undistributed earnings per share* | ​ | ​ | 3.14 | ​ | ​ | 3.24 | ​ | ​ | 3.06
Total basic earnings per share - Class A Common Stock | ​ | $ | 4.64 | ​ | $ | 4.60 | ​ | $ | 4.29
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Class B Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Per share dividends distributed | ​ | $ | 1.36 | ​ | $ | 1.240 | ​ | $ | 1.12
Undistributed earnings per share* | ​ | ​ | 2.85 | ​ | ​ | 2.95 | ​ | ​ | 2.78
Total basic earnings per share - Class B Common Stock | ​ | $ | 4.21 | ​ | $ | 4.19 | ​ | $ | 3.90
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Diluted earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class A Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Per share dividends distributed | ​ | $ | 1.50 | ​ | $ | 1.36 | ​ | $ | 1.23
Undistributed earnings per share* | ​ | ​ | 3.12 | ​ | ​ | 3.23 | ​ | ​ | 3.05
Total diluted earnings per share - Class A Common Stock | ​ | $ | 4.62 | ​ | $ | 4.59 | ​ | $ | 4.28
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Class B Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Per share dividends distributed | ​ | $ | 1.36 | ​ | $ | 1.240 | ​ | $ | 1.12
Undistributed earnings per share* | ​ | ​ | 2.84 | ​ | ​ | 2.93 | ​ | ​ | 2.77
Total diluted earnings per share - Class B Common Stock | ​ | $ | 4.20 | ​ | $ | 4.17 | ​ | $ | 3.89
*To arrive at undistributed earnings per share, undistributed net income is first pro rated 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 | ​
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Years Ended December 31, |  | ​ | 2023 |  | 2022 |  | 2021
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Antidilutive stock options |  | ​ | 149,169 |  | 178,000 |  | 144,000
Average antidilutive stock options |  | ​ | 145,809 |  | 128,000 |  | 142,625
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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 + Details
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