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EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2026

EARNINGS PER SHARE

EARNINGS PER SHARE

12.EARNINGS PER SHARE

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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:

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​	​	​	​	​	​	​
​	​	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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- References

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/260/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-3

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