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EARNINGS PER SHARE | 3 Months Ended
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Mar. 31, 2026
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
​ | ​ | March 31,
(in thousands, except per share data) | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 42,569 | ​ | $ | 47,268
Dividends declared on Common Stock: | ​ | ​ | ​ | ​ | ​ | ​
Class A Shares | ​ | ​ | (8,603) | ​ | ​ | (7,799)
Class B Shares | ​ | ​ | (967) | ​ | ​ | (882)
Undistributed net income for basic earnings per share | ​ | ​ | 32,999 | ​ | ​ | 38,587
Weighted average potential dividends on Class A Shares upon exercise of dilutive options | ​ | ​ | (17) | ​ | ​ | (39)
Undistributed net income for diluted earnings per share | ​ | $ | 32,982 | ​ | $ | 38,548
​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average shares outstanding: | ​ | ​ | ​ | ​ | ​ | ​
Class A Shares | ​ |  | 17,647 | ​ |  | 17,561
Class B Shares | ​ | ​ | 2,148 | ​ | ​ | 2,150
Effect of dilutive securities on Class A Shares outstanding | ​ |  | 35 | ​ |  | 86
Weighted average shares outstanding including dilutive securities | ​ |  | 19,830 | ​ |  | 19,797
​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per share: | ​ | ​ | ​ | ​ | ​ | ​
Class A Common Stock: | ​ | ​ | ​ | ​ | ​ | ​
Per share dividends distributed | ​ | $ | 0.50 | ​ | $ | 0.45
Undistributed earnings per share* | ​ | ​ | 1.68 | ​ | ​ | 1.98
Total basic earnings per share - Class A Common Stock | ​ | $ | 2.18 | ​ | $ | 2.43
​ | ​ | ​ | ​ | ​ | ​ | ​
Class B Common Stock: | ​ | ​ | ​ | ​ | ​ | ​
Per share dividends distributed | ​ | $ | 0.45 | ​ | $ | 0.41
Undistributed earnings per share* | ​ | ​ | 1.53 | ​ | ​ | 1.80
Total basic earnings per share - Class B Common Stock | ​ | $ | 1.98 | ​ | $ | 2.21
​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted earnings per share: | ​ | ​ | ​ | ​ | ​ | ​
Class A Common Stock: | ​ | ​ | ​ | ​ | ​ | ​
Per share dividends distributed | ​ | $ | 0.50 | ​ | $ | 0.45
Undistributed earnings per share* | ​ | ​ | 1.68 | ​ | ​ | 1.97
Total diluted earnings per share - Class A Common Stock | ​ | $ | 2.18 | ​ | $ | 2.42
​ | ​ | ​ | ​ | ​ | ​ | ​
Class B Common Stock: | ​ | ​ | ​ | ​ | ​ | ​
Per share dividends distributed | ​ | $ | 0.45 | ​ | $ | 0.41
Undistributed earnings per share* | ​ | ​ | 1.53 | ​ | ​ | 1.79
Total diluted earnings per share - Class B Common Stock | ​ | $ | 1.98 | ​ | $ | 2.20
* | 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 | ​
​ | ​ | March 31, | ​
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​
​ | ​ | ​ | ​ | ​ | ​
Antidilutive stock options |  | 62,480 | ​ | 43,612 | ​
Average antidilutive stock options |  | 55,787 | ​ | 35,218 | ​
​

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