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EARNINGS PER SHARE (Tables)

12 Months Ended

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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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
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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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