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EARNINGS PER SHARE | 9 Months Ended
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Sep. 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 follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
(in thousands, except per share data) |  | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 29,744 | ​ | $ | 26,543 | ​ | $ | 108,496 | ​ | $ | 82,355
Dividends declared on Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class A Shares | ​ | ​ | (7,802) | ​ | ​ | (7,007) | ​ | ​ | (23,404) | ​ | ​ | (20,989)
Class B Shares | ​ | ​ | (881) | ​ | ​ | (796) | ​ | ​ | (2,644) | ​ | ​ | (2,388)
Undistributed net income for basic earnings per share | ​ | ​ | 21,061 | ​ | ​ | 18,740 | ​ | ​ | 82,448 | ​ | ​ | 58,978
Weighted average potential dividends on Class A shares upon exercise of dilutive options | ​ | ​ | (26) | ​ | ​ | (33) | ​ | ​ | (94) | ​ | ​ | (88)
Undistributed net income for diluted earnings per share | ​ | $ | 21,035 | ​ | $ | 18,707 | ​ | $ | 82,354 | ​ | $ | 58,890
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average shares outstanding: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class A Shares | ​ |  | 17,583 | ​ |  | 17,504 | ​ |  | 17,584 | ​ |  | 17,487
Class B Shares | ​ | ​ | 2,150 | ​ | ​ | 2,150 | ​ | ​ | 2,150 | ​ | ​ | 2,150
Effect of dilutive securities on Class A Shares outstanding | ​ |  | 58 | ​ |  | 81 | ​ |  | 69 | ​ |  | 72
Weighted average shares outstanding including dilutive securities | ​ |  | 19,791 | ​ |  | 19,735 | ​ |  | 19,803 | ​ |  | 19,709
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class A Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Per share dividends distributed | ​ | $ | 0.45 | ​ | $ | 0.41 | ​ | $ | 1.35 | ​ | $ | 1.22
Undistributed earnings per share* | ​ | ​ | 1.08 | ​ | ​ | 0.96 | ​ | ​ | 4.22 | ​ | ​ | 3.03
Total basic earnings per share - Class A Common Stock | ​ | $ | 1.53 | ​ | $ | 1.37 | ​ | $ | 5.57 | ​ | $ | 4.25
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class B Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Per share dividends distributed | ​ | $ | 0.41 | ​ | $ | 0.37 | ​ | $ | 1.23 | ​ | $ | 1.11
Undistributed earnings per share* | ​ | ​ | 0.98 | ​ | ​ | 0.88 | ​ | ​ | 3.84 | ​ | ​ | 2.76
Total basic earnings per share - Class B Common Stock | ​ | $ | 1.39 | ​ | $ | 1.25 | ​ | $ | 5.07 | ​ | $ | 3.87
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class A Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Per share dividends distributed | ​ | $ | 0.45 | ​ | $ | 0.41 | ​ | $ | 1.35 | ​ | $ | 1.22
Undistributed earnings per share* | ​ | ​ | 1.07 | ​ | ​ | 0.96 | ​ | ​ | 4.20 | ​ | ​ | 3.02
Total diluted earnings per share - Class A Common Stock | ​ | $ | 1.52 | ​ | $ | 1.37 | ​ | $ | 5.55 | ​ | $ | 4.24
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class B Common Stock: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Per share dividends distributed | ​ | $ | 0.41 | ​ | $ | 0.37 | ​ | $ | 1.23 | ​ | $ | 1.11
Undistributed earnings per share* | ​ | ​ | 0.98 | ​ | ​ | 0.87 | ​ | ​ | 3.82 | ​ | ​ | 2.74
Total diluted earnings per share - Class B Common Stock | ​ | $ | 1.39 | ​ | $ | 1.24 | ​ | $ | 5.05 | ​ | $ | 3.85
* | 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 | ​ | Nine Months Ended | ​ | ​
​ | September 30, | ​ | September 30, | ​ | ​
​ | 2025 |  | 2024 |  | 2025 |  | 2024 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Antidilutive stock options | 38,422 |  | — |  | 38,422 | ​ | 22,388 | ​ | ​
Average antidilutive stock options | 38,422 |  | — |  | 35,912 | ​ | 22,388 | ​ | ​
​

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