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EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

EARNINGS PER SHARE

EARNINGS PER SHARE

19. EARNINGS PER SHARE

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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. See Footnote 13, “Stockholders’ Equity and Regulatory Capital Matters” of this section of the filing.

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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:

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​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
Years Ended December 31, (in thousands, except per share data)		2023			2022			2021
​	​	​	​	​	​	​	​	​	​
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
​	​	​	​	​	​	​	​	​	​
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
​	​	​	​	​	​	​	​	​	​
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
​	​	​	​	​	​	​	​	​	​
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
​	​	​	​	​	​	​	​	​	​
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
​	​	​	​	​	​	​	​	​	​
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.

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Stock options excluded from the detailed earnings per share calculation because their impact was antidilutive are as follows:

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​	​	​	​	​	​	​	​
​		​	​	​	​	​	​
​	​	​	​	​	​	​	​
Years Ended December 31,		​	2023		2022		2021
​	​	​	​	​	​	​	​
Antidilutive stock options		​	149,169		178,000		144,000
Average antidilutive stock options		​	145,809		128,000		142,625

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//260/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-3

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