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EARNINGS PER SHARE | 6 Months Ended
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Jun. 30, 2025
EARNINGS PER SHARE |
EARNINGS PER SHARE | 12. EARNINGS PER SHARE ​ The Company calculates EPS 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 EPS 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. ​ A reconciliation of the combined Class A and Class B Common Stock numerators and denominators of the basic and diluted EPS computations is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended | ​ | Six Months Ended
​ | June 30, | ​ | June 30,
(in thousands, except per share data) | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | $ | 31,484 | ​ | $ | 25,206 | ​ | $ | 78,752 | ​ | $ | 55,812
Dividends declared on Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class A Shares | ​ | (7,803) | ​ | ​ | (6,996) | ​ | ​ | (15,602) | ​ | ​ | (13,982)
Class B Shares | ​ | (881) | ​ | ​ | (796) | ​ | ​ | (1,763) | ​ | ​ | (1,592)
Undistributed net income for basic earnings per share | ​ | 22,800 | ​ | ​ | 17,414 | ​ | ​ | 61,387 | ​ | ​ | 40,238
Weighted average potential dividends on Class A shares upon exercise of dilutive options | ​ | (28) | ​ | ​ | (33) | ​ | ​ | (67) | ​ | ​ | (56)
Undistributed net income for diluted earnings per share | $ | 22,772 | ​ | $ | 17,381 | ​ | $ | 61,320 | ​ | $ | 40,182
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average shares outstanding: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class A Shares |  | 17,571 | ​ |  | 17,483 | ​ |  | 17,571 | ​ |  | 17,475
Class B Shares | ​ | 2,150 | ​ | ​ | 2,150 | ​ | ​ | 2,150 | ​ | ​ | 2,151
Effect of dilutive securities on Class A Shares outstanding |  | 63 | ​ |  | 81 | ​ |  | 74 | ​ |  | 71
Weighted average shares outstanding including dilutive securities |  | 19,784 | ​ |  | 19,714 | ​ |  | 19,795 | ​ |  | 19,697
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class A Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Per share dividends distributed | $ | 0.45 | ​ | $ | 0.41 | ​ | $ | 0.90 | ​ | $ | 0.81
Undistributed earnings per share* | ​ | 1.17 | ​ | ​ | 0.90 | ​ | ​ | 3.14 | ​ | ​ | 2.07
Total basic earnings per share - Class A Common Stock | $ | 1.62 | ​ | $ | 1.31 | ​ | $ | 4.04 | ​ | $ | 2.88
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class B Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Per share dividends distributed | $ | 0.41 | ​ | $ | 0.37 | ​ | $ | 0.82 | ​ | $ | 0.74
Undistributed earnings per share* | ​ | 1.06 | ​ | ​ | 0.81 | ​ | ​ | 2.86 | ​ | ​ | 1.88
Total basic earnings per share - Class B Common Stock | $ | 1.47 | ​ | $ | 1.18 | ​ | $ | 3.68 | ​ | $ | 2.62
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class A Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Per share dividends distributed | $ | 0.45 | ​ | $ | 0.41 | ​ | $ | 0.90 | ​ | $ | 0.81
Undistributed earnings per share* | ​ | 1.16 | ​ | ​ | 0.89 | ​ | ​ | 3.13 | ​ | ​ | 2.06
Total diluted earnings per share - Class A Common Stock | $ | 1.61 | ​ | $ | 1.30 | ​ | $ | 4.03 | ​ | $ | 2.87
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class B Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Per share dividends distributed | $ | 0.41 | ​ | $ | 0.37 | ​ | $ | 0.82 | ​ | $ | 0.74
Undistributed earnings per share* | ​ | 1.06 | ​ | ​ | 0.81 | ​ | ​ | 2.84 | ​ | ​ | 1.87
Total diluted earnings per share - Class B Common Stock | $ | 1.47 | ​ | $ | 1.18 | ​ | $ | 3.66 | ​ | $ | 2.61
* | 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.
​ Stock options excluded from the detailed EPS calculation because their impact was antidilutive are as follows: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended | ​ | Six Months Ended | ​ | ​
​ | June 30, | ​ | June 30, | ​ | ​
​ | 2025 |  | 2024 |  | 2025 |  | 2024 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Antidilutive stock options | 39,395 |  | 71,169 |  | 37,145 | ​ | 72,669 | ​ | ​
Average antidilutive stock options | 39,395 |  | 71,169 |  | 34,050 | ​ | 72,669 | ​ | ​
​

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