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EARNINGS PER SHARE (Tables) | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share |
Earnings per share and diluted earnings per share | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
Years Ended December 31, (in thousands, except per share data) |  | 2024 |  | 2023 |  | 2024 |  | 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 25,206 | ​ | $ | 21,052 | ​ | $ | 55,812 | ​ | $ | 49,144
Dividends declared on Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class A Shares | ​ | ​ | (6,996) | ​ | ​ | (6,537) | ​ | ​ | (13,982) | ​ | ​ | (13,118)
Class B Shares | ​ | ​ | (796) | ​ | ​ | (733) | ​ | ​ | (1,592) | ​ | ​ | (1,467)
Undistributed net income for basic earnings per share | ​ | ​ | 17,414 | ​ | ​ | 13,782 | ​ | ​ | 40,238 | ​ | ​ | 34,559
Weighted average potential dividends on Class A shares upon exercise of dilutive options | ​ | ​ | (33) | ​ | ​ | (8) | ​ | ​ | (56) | ​ | ​ | (39)
Undistributed net income for diluted earnings per share | ​ | $ | 17,381 | ​ | $ | 13,774 | ​ | $ | 40,182 | ​ | $ | 34,520
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average shares outstanding: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class A Shares | ​ |  | 17,483 | ​ |  | 17,726 | ​ |  | 17,475 | ​ |  | 17,750
Class B Shares | ​ | ​ | 2,150 | ​ | ​ | 2,158 | ​ | ​ | 2,151 | ​ | ​ | 2,159
Effect of dilutive securities on Class A Shares outstanding | ​ |  | 81 | ​ |  | 22 | ​ |  | 71 | ​ |  | 52
Weighted average shares outstanding including dilutive securities | ​ |  | 19,714 | ​ |  | 19,906 | ​ |  | 19,697 | ​ |  | 19,961
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class A Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Per share dividends distributed | ​ | $ | 0.41 | ​ | $ | 0.37 | ​ | $ | 0.81 | ​ | $ | 0.75
Undistributed earnings per share* | ​ | ​ | 0.90 | ​ | ​ | 0.70 | ​ | ​ | 2.07 | ​ | ​ | 1.75
Total basic earnings per share - Class A Common Stock | ​ | $ | 1.31 | ​ | $ | 1.07 | ​ | $ | 2.88 | ​ | $ | 2.50
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class B Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Per share dividends distributed | ​ | $ | 0.37 | ​ | $ | 0.34 | ​ | $ | 0.74 | ​ | $ | 0.68
Undistributed earnings per share* | ​ | ​ | 0.81 | ​ | ​ | 0.64 | ​ | ​ | 1.88 | ​ | ​ | 1.59
Total basic earnings per share - Class B Common Stock | ​ | $ | 1.18 | ​ | $ | 0.98 | ​ | $ | 2.62 | ​ | $ | 2.27
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class A Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Per share dividends distributed | ​ | $ | 0.41 | ​ | $ | 0.37 | ​ | $ | 0.81 | ​ | $ | 0.75
Undistributed earnings per share* | ​ | ​ | 0.89 | ​ | ​ | 0.70 | ​ | ​ | 2.06 | ​ | ​ | 1.75
Total diluted earnings per share - Class A Common Stock | ​ | $ | 1.30 | ​ | $ | 1.07 | ​ | $ | 2.87 | ​ | $ | 2.50
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class B Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Per share dividends distributed | ​ | $ | 0.37 | ​ | $ | 0.34 | ​ | $ | 0.74 | ​ | $ | 0.68
Undistributed earnings per share* | ​ | ​ | 0.81 | ​ | ​ | 0.64 | ​ | ​ | 1.87 | ​ | ​ | 1.59
Total diluted earnings per share - Class B Common Stock | ​ | $ | 1.18 | ​ | $ | 0.98 | ​ | $ | 2.61 | ​ | $ | 2.27
* | 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, | ​
​ | 2024 |  | 2023 |  | 2024 |  | 2023 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Antidilutive stock options | 71,169 |  | 245,148 |  | 72,669 | ​ | 245,898 | ​
Average antidilutive stock options | 71,169 |  | 120,682 |  | 72,669 | ​ | 245,565 | ​
​

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